Everyone’s talking about it. There are now more than 1800 cryptocurrencies and the number is growing. Traded volume of coins worldwide exceeds 4 billion USD daily. The hype is building up, but the masters, seasoned in the world of crypto investments, are on their toes. Nothing simply lasts for ever and the ride we’ve had so far is no exception. At least that’s what the sceptics say and what I used to think. Up until recently.
Due to the crowdsale-centred financing model of the vast majority of new cryptocurrencies, it may be hard to distinguish, where innovation ends and the proverbial bubble begins. And in the misty mountains of any business prenatal development stages, during which most of the projects ask for investment capital through ICOs, the weather changes quickly.
The crypto market numbers have been going through the roof. As Kickstarter on steroids, as Balaji Srinivasan puts it in his article. Needless to say, with all its flaws too. At the same time Gartner Inc have provided some quality nightmare material for all the blockchain-futurists out there, positioning blockchain on the Peak of inflated expectations segment of their Technology life cycle curve (here). Long story short, in the dynamic environment of blockchain solutions, one can only be so sure about what will happen next.
And even I, a sworn crypto-optimist, have started to watch the growing list of new-born altcoins with concern. I mean, who wouldn’t, when you can invest in coins that are meant to be used exclusively by LGBTQ community or to finance orphans throughout the world. But there is more. For example, who would say no to investing in the coins bearing names of the first orange president of the United States Donald J. Trump, Russian tsar Vladimir Putin or aquiline-nosed UK PM Theresa May?
Currently, I find myself involved with the great guys of DutyFoundation as we are working on the flagship project called DutyCoin and I couldn’t but take such undesirable acquisitions to the fast-growing altcoin market personally. After all, these guys, pushing their crypto-nonsense on the market, are the ones pointing fingers towards the bubble they helped creating. Somehow, I cannot stop thinking about little kids playing with matches…But then it hit me. In the end it doesn’t matter if there is or isn’t a bubble to burst. One way or another, its end will necessarily sweep away only those who don’t bring anything new to the table. All those altcoins introducing completely new blockchain design, completely new algorithms, security as never seen before, otherwordly encryption…blah blah blah. The future of crypto market I believe in and that makes me care so little about that infamous bubble lies in the token-as-a-service blockchain solutions. Those who don’t strive to innovate will be forgotten. Easy as that. And they are the people, who should be worried about the bubble popping. Because it’s their bubble, not mine.
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