Challenging year ahead for Crypto currency
While 2017 was a breakout year for crypto currency, 2018 looks to be a challenging year for investors. While the case for crypto currencies has only improved, the continued breakdown of G20 economies and the looming debt crisis looks to ignite demand for crypto currencies. However many issues face the crypto community and perhaps the biggest one is the sheer amount of questionable investments in the space. We have seen pump and dump coins and ponzi schemes as well a general trend for people to pile in to the space with little or no research.
Tactics that worked well in 2017, are likely to cause issues with certain investors. It hasn't gone unnoticed that many investors have bought coins simply for the cheap unit price and could certainly be one of the reasons for Ripples recent performance as well as the fact that Ripple is the bankers coin. Investors will need to take more care moving forward and to invest in the ideas that have genuine utility and solve a genuine business and real world issues.
2018 through to and including 2019 is likely to be the period that many crypto's fail, if the current stalling of the market cap continues. With a lack of new money coming in to the crypto sphere, it is important to not simply follow the herd into overly speculative investments. The recent performance of Tron shows how a fear of missing out has lead investors to invest money at all time highs and with the latest pull back over the last 2 weeks has left many investors exposed to losses.
Bitconect is yet another example of investors failing to do there due diligence in picking investments. As a group we owe it to ourselves and the rest of the community, to spread better knowledge or we face a massive possible backlash from potential government regulations.
Moving forward I urge investors to wait until the market improves and to cash in any overly speculative investments, into crypto investments which have a proven success rate and real world functionality in the now.
Steem is a great example of an investment which already has real world uses as a disruptive technology and is an investment with a very ethical core
Hi @cryptogregz
Thank you for sharing this article about the efficacy of cryptocurrency. If you have the time for it, I'd really be curious what your thoughts are on this brainstorm I've done regarding the potential in blockchains. I was recently inspired by another article that drove me to excitedly go off on a tangent about all the potential in an open protocol system using identity chains (blockchains for individual content).
There is so much I don't understand that I don't know where to begin.
Here are some flow charts illustrating what I imagine and a fictional story illustrating the actions that could be taken on a non-eventful day in that future world: https://steemit.com/fiction/@kdneeley/id-1-0
This is the first iteration of thoughts I had and it links to the article that inspired me: https://steemit.com/blockchain/@kdneeley/what-if
Am I off my rocker? Or is this really possible?
The block-chain is indeed groundbreaking like the internet was 20 yeas ago. The internet can be used to deliver fake news or genuine alternative news. I dont think we have even begun to contemplate the potential for block-chain. I have had similar thoughts that the human genome will be put onto the block-chain and any potential gene editing will be done to a public consensus model where an open source protocol is used to register societies wishes and restrictions for future gene editing.
I could see democracy being put on to the block-chain with smart contracts with much less need for brick and mortar government and the smart contract features would trigger certain responses based on predefined scenarios. The actual block-chain could be built and designed on a block-chain voting system. This could be something amazing but could also be humanities ultimate nightmare. The knowledge of the block-chain protocols will need to be a priority for schools but more importantly the public is going to have to desire the knowledge and seek it out for themselves
Anything is possible with the possibilities for block-chain distributed ledgers. The block-chain's real gift to humanity is the means by which consensus is reached and how we dont have to trust the players involved but trust the protocol and the open source nature of the block-chain. The key to this is to always desire that the consensus is reached in a decentralised manner and is not done by central authorities. The block-chain could easily be used to enslave humanity as well
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