A little over a year ago, the industry was flying in the air. Some might even say it was flying in space, but all good things must come to an end. This year served as a rude awakening as the absolutely brutal bear market shattered a lot of dreams and expectations. However, this might just be the most clear message the industry could have gotten and here’s why:
It’s important to note that almost everyone will be able to run a company in a thriving market with excellent conditions. Everything is going smoothly, money is falling out of the sky at rates that might have people believe they are central bankers. Then comes the bear market and the competition starts to rapidly disappear. Companies are laying of personnel and most have already gone bankrupt in less than 365 days after the big boy parties.
Investment funds cannot invest, blockchain companies, funds and agencies are struggling. This is might all seem like a nightmare, but it’s in fact, survival of the fittest. 2018 was not only a wake-up call, it was also a perfect example of nature’s oldest law: “Only the strong survive.”
2017 saw shady projects raise up to $30 million, but that’s definitely not going to be the case in 2019. The reality has settled in and the clear message states that fiat is still king. Governments and banks are shooting regulations left and right and investors are getting easily scared off. There is also no magical helicopter money from the central banks. Ironically enough though, unlike the financial world, people will actually go to prison for scams, frauds and even “crimes” defined by laws, which by no way define this asset class.
The year’s clear message
Decentralization is also thrown around like an idea which will magically solve all problems. It’s in fact, quite a dangerous ideology with a very clear message. People seem to forget that the whole movement, was started by a simple white paper. Decentralization has always been a proxy war against the government and the other oppressive financial systems and corporations which thrive and prosper like parasites in a debt-burdened society.
2017 was entirely unwarranted. The mass media is doing its best to convince the few remaining people still left consuming it’s “information”, that Bitcoin is done for good. As always, this is not the truth and despite all the mass media’s wishes and endless waves of propaganda, mainstream adoption is growing at a very rapid pace.
The ICO craze however, was something which unfortunately grew out of proportions and was exploited. In fact, the exploitation was so damaging, that people are coming up with PTOs, MNOs, IEOs only to distance themselves from ICOs as much as they can. A lot of people wrote a decorated white paper with a luxuriously looking website and they made a few millions. The reputation of ICOs however, is probably stained well beyond repair.
With the whole ICO craze happening so fast, most regulators didn’t get the opportunity to even consider the creation of a new asset class. Charlie Lee, the creator of litecoin was mocked and ridiculed incredibly after he sold at the very peak, but it’s obvious who’s laughing now.
2019 will be a very interesting year. An ever-increasing amount of funds is still fueled into blockchain R&D and projects. There is not simply just Bitcoin now, there’s an entire race going on for mainstream adoption.
Blockchain projects however, can’t be evaluated in the same way as tradition companies. Bitcoin itself started off as a grassroots movement. A project’s survivability is always determined by its community. No community means no network and no network means no value.
This is why 2018 is one of the most important years for decentralization. A lot of money was lost in scams and money-grabs, people lost a lot of money, but the industry became stronger and most importantly, it’s growing.
“An empire isn’t built in a day.”
Those are very wise words and investors who are in it for the long run should do well to remember them. If people believe it’s too late to get into crypto, they are wrong. This is simply just the beginning and 2019 will keep weeding out the weak and making room for the strong.
You can also check out:
- Yuan-backed Stablecoin Soon to be Issued by Tether - Aug 23, 2019
- Indian Supreme Court Slams the Reserve Bank of India Over Crypto Ban - Aug 23, 2019
- PBoC and its New Currency Can Take Business From Chinese Giants - Aug 22, 2019
- World Bank Raises $33 million for Kangaroo Bond Only Via DLT - Aug 22, 2019
- PlusToken Exit Transactions Totaled 22493 Bitcoins or $2.9 billion - Aug 21, 2019
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