After an unprecedented boom in 2017, the price of bitcoin fell by about 65 percent during the month from 6 January to 6 February 2018 and has continued its gradual decline perpetually all through this year.
Since the beginning of November, the crypto market has been typically experiencing exacerbated bloodbath. The crypto space is undergoing significant developments and updates, which undoubtedly created the whole tantrums amongst the cryptizens. A sudden and steep decline by 50% from around $6500 USD to around $3500 USD happened instantly after the BCH Hard fork took place in the mid of November 2018. This is not the sole reason for the downfall.
Other apparent reasons that have been given for this marked decline typically include
• FUD about Korea halting instantly all crypto trading
• China cut off all sources which deal with crypto
• Futures forcing the price of Bitcoin up like crazy and Bitcoin pulling up the unified market. An inevitable correction from the overbought position forced everything down.
Media FUD (Google and other major social media platform announcing banning all cryptocurrency related ads pushing)
• Other Governments spreading negative news about crypto
Possible reasons adduced for the recent steep decline in prices of cryptocurrency include
- Cryptocurrency investors in the United States are selling off their crypto to pay off capital gain tax to offset the capital gains in 2017.
2. The U.S. Securities and Exchange Commission (SEC) has cracked down on the crypto space, in recent weeks, fining two companies last month that hadn’t registered their initial coin offerings as securities.
3. Just recently, news broke in a recent lawsuit from tech development firm United Corp against Bitmain, Bitcoin.com, Roger Ver, and the Kraken Bitcoin Exchange, which alleges the defendants engaged in clever manipulation and unethical practices during the immediate aftermath of the BCH-BSV hard fork.
Also, the head of the SEC said that concern over an apparent lack of investor protections means he is minded not to approve a closely watched bitcoin exchange-traded fund application. A decision from the SEC is expected at the end of December.
Despite the panic in the market, this is a time for seasoned investors to take a deep breath and look at some very promising opportunities in the market. While the historical phenomenon of cryptocurrency crash might not be new, this crash has got to be precisely the worse carefully considering it is coming from its all-time high. Most developed projects have suffered a loss of an average of 80 percent from their ATH.
Cryptocurrency has been gradually maturing since its birth in 2009. The innovative technology has grown more stable and trustworthy, the user interfaces (GUIs, ATMs, hardware wallets for easier secure storage, etc.) typically make the technology accessible to non-engineers, and the network effects continue to grow along with the user base and market liquidity.
Global adoption remains trivial at less than 1%. The entire combined market value of all cryptocurrency is barely half of Facebook’s equity and 1/30th the market value of gold.
Investing in the Internet in 1994 wasn’t easy. Many of the first movers in online commerce went bust. Many of the more ambitious projects were “too early” such that the eventual winners of those niches hadn’t yet been born; you may have wanted to invest in social media, but Facebook wouldn’t be born for another decade. These same problems exist for the cryptocurrency investor presently.
Right now, the market is thinning out the projects that cannot survive. Enterprises that are in it just for the money and not to provide a genuine solution are failing.
Once that’s done, the true projects will remain and start to rise in value.
People generally dread what they do not understand, thus they wouldn’t want to invest. However, humans learn every day and whether you like it or not, the world will keep moving with or without you.
Crypto will gain mass adoption in the future. The technologies in the past prove it.
In the end, the tech-savvy people investing in crypto presently (<1% of the world) will be the most notable winners in the following decade.
Digital assets are going to be used every day, like water, in the future. The price doesn’t matter right now because crypto companies are working their butt off to achieve this reality.
When one decentralized cryptocurrency indeed starts to function as money and smart contract having real-life user case, it would obtain worldwide mass adoption and the subsequent wave of money will flow into these significant projects.
The next wave of capital flooding will flow into the strong, anti-fragile blockchain protocols emerging on these asset classes.
In fact, A lot of projects including those in the top 10 of the cryptocurrency market cap are dead projects already, and I will be attaching a website to check projects that have bitten the dust.
Most of the cryptocurrency projects which actually turned out to be scams. Many of the management was unable to control the risk involved in cryptocurrency projects. This is the reason why the majority of the cryptocurrency tokens have actually turned out to be scams.
The plunge in the cryptocurrency market is weighing on the software-development community that spawned over 1,000 digital coins amid dreams of independence from traditional financial systems and instant wealth.
Many of the companies are suffering because they maintained a portion of their funds in digital assets, whether in tokens they sold through initial coin offerings or in Bitcoin and Ether, which served as the preferred means of exchange in the crypto world. As prices collapsed this year by more than 90 percent in most cases, and their so-called digital wallets thinned out, many developers found they couldn’t raise additional funding.
This has resulted in either the Management of the coin pulling a plug on the project or outrightly exiting into space where nothing is heard of them again.
Many start-ups had trouble getting to a viable product while others business models didn’t hold up, like East Wenatchee, Washington-based GigaWatt, which filed for bankruptcy in November.
The provider of hosting services for people wishing to mine cryptocurrencies couldn’t cover costs when Bitcoin’s price nosedived.
In late November, Steemit Inc., which supports a site that pays content contributors for posts, said in a blog posting that it’s been forced to lay off nearly 70 percent of its employees.
Adult entertainment site SpankChain has downsized from 12 people to eight workers recently, according to a tweet from CEO Ameen Soleimani.
Sirin Labs raised $158 million last year to develop a mobile phone that allows consumers to trade and use crypto. The company, which will ship its first batch of a few thousand phones in December, is now considering abandoning hardware altogether and refocusing on shipping software for other phone makers to use, Chief Executive Moshe Hogeg said in an interview. Sirin presently only has enough funds for six to 12 months of operations, he said.
ETCDEV, the start-up that led development on Ethereum Classic, which is among the top 20 coins with a market capitalization of about $400 million, announced this week that it’s shuttering operations due to a funding crunch. Joseph Lubin’s ConsenSys, one of the largest crypto-related software start-ups based in New York, declared recently that its workforce would be reduced by 13 percent as part of the reorganization.
In November, analysts from North-eastern University and the University of Maryland claimed that the alleged existing lack of diversity in Ethereum smart contracts threatens the whole Ethereum blockchain ecosystem.
The paper entitled “Analyzing Ethereum’s Contract Topology,” claims that most Ethereum smart contracts are “direct- or near-copies of other contracts,” which represents a potential risk if a copied smart contract contains a vulnerable or a buggy code.
To date, Ethereum smart contracts are “three times more likely to be created by other contracts” than by users, the study found.
In mid-October, a security breach of Ethereum smart contracts that caused a loss of around $38,000 for adult entertainment platform SpankChain and its users.
In April 2018, the now second largest crypto exchange by trade volume OKEX suspended all ERC20 token deposits after detecting a “new smart contract bug,” which reportedly allowed hackers to “generate an extremely large amount of tokens, and deposit them into a normal address.”
In addition, delays in their Casper and Plasma in the Ethereum blockchain shows the fundamental problems Ethereum is facing. As an Investor One would be very disappointed and very afraid in the statement of their founder who recently stated, ‘I think ethereum can absolutely survive me spontaneously combusting tomorrow at this point“
The developer appearing to confirm he is “detaching himself” from his creation. Considering he is one of the brightest brains in the space, that call for a lot of concern.
This has led to TRON’s Founder Justin Sun taking a swing at Ethereum and EOS by stating that his project will build a rescue fund ‘to save ETH and EOS developers from the collapse of their platform’.
Sun made his offer with the precondition that the developers “migrate” their decentralized applications (dApps) to the Tron Foundation network.
In the heat of the blistering crypto market crash, one aggrieved commentator immediately quipped, “So we jump from sinking ship to another sinking ship? Sh**, I’m in. When jump, sir?”
EOS New York, purportedly the twitter account for one of the EOS network block producers, responded directly:
“We think we will be just fine given the billion dollars in VC funding for #EOS and #EOSIOprojects that is locked and loaded around the world at Galaxy, SVK Crypto, Tomorrow, etc. Appreciate the offer, though. Best of luck, Justin.”
In early November, decentralized liquidity network Bancor announced it had added support for EOS within its dApp for cross-blockchain token swaps. The dApp, BancorX, allows users to convert between the ETH- and EOS- based tokens without exchanges, in a bid to bridge infrastructures and bring greater interoperability to the industry.
Recently Charlie Lee, the founder of Litecoin, sold all his holdings. In a statement, he stated, “For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.)”
You can imagine what will happen if Warren Buffett or Tim cooks decides to quit Berkshire Hathaway or Apple respectively.
At times like this, we constantly remember memorable quotes like ‘‘Believe in something, even if it means sacrificing everything’: — Colin Kaepernick
With the continuing price drop in the cryptocurrency market Investors have to prepare themselves for the worst as only solid projects will provide the wherewithal to deliver what they promise in their whitepapers
For a comprehensive list of abandoned projects into cryptocurrency space, you can check on this website https://deadcoins.com
HOW DO YOU IDENTIFY PROJECTS THAT WILL SURVIVE THE CRASH?
As investors, we want to focus on three categories:
- Mature technologies achieving rapid adoption and network growth,
2. Next generation technology for which the necessary infrastructure is in place or promptly will be, and
3. “Pick-and-shovel” producers that provide the infrastructure on which future uses depend.
A pick-and-shovel play is an investment strategy that invests in the underlying technology needed to produce a good or service instead of in the final output. It is a way to invest in an industry without having to endure the risks of the market for the final product.
There are VERY FEW cryptocurrencies that will be used long term. In my opinion only one, and likely that one is the real bitcoin — SKYCOIN.
Why? The same reason there is only one Internet.
There used to be many ways of circulating information around the planet. At present, there’s (largely) just the one Internet.
There are currently many ways of moving value around the planet. In the future, there will be (largely) just SKYCOIN
Skycoin Skywire is going to be changing the Internet. When the present Internet was created, a few mistakes were made, they didn’t build privacy into the Internet, they didn’t make payment native to the Internet, the new Internet will be globally decentralized, not owned by any country or company. The new Internet presently will allow a currency that is global, decentralized and not owned or controlled by any government or company and that there is a game changer.
WHY AM I SO CONFIDENT OF SKYCOIN?
The Skycoin ecosystem chain was officially launched to the public on April 10th, 2018 at the Hilton Shanghai Hongqiao in China.
This was way after the market reached its all-time high and ever since then, it has been development upon development in the Skycoin Ecosystem.
In this period, Skycoin has launched
- Skywire testnet, which has over 9,000 nodes more than bitcoin has considering it, was just launched in May of 2018.
In addition, The Skycoin project has been offering members of the community who support Skywire over $250,000 dollars monthly in Skycoin since the launch of the testnet
2. Skycoin has the most software development. If it were possible to measure all of its development across the private repos & the scattered public ones instead of just the obvious one then they’d easily place Skycoin at the forefront of GitHub activities.
3. CX and CXO — its own programming language and immutable object system, providing the foundation for the application logic and data distribution of the Skywire network. This is the CX language and CXO object system.
CX programming language is GO-based and has been tested on various operating systems. Experimental data shows its performance can be comparable to Python.”
CX was created to develop distributed applications, video games, and program FPGA chips. The resulting derivative language package, CX-Game, is a language package developed by Skycoin for game programmers. It is currently developing mini-games and more complex game prototypes
4. Fiber the blockchain platform was completed at this period and it is ready to go.
Fiber platform is precisely a blockchain solution that outperforms Ethereum, allowing start-ups to sufficiently establish their own parallel and independent chain.
Skycoin’s modern Fiber architecture is precisely a transformational, better-than-blockchain solution, which corrects present problems using, distributed ledger technology. Fiber provides the foundation of blockchain 3.0 and can be best described as an infinitely scalable network of blockchains remains alongside, like strands. This is precisely a technological feat that older generation cryptocurrencies like Bitcoin or Ethereum will never be able to realistically achieve, as they were never engineered to scale infinitely.
Bitcoin’s singular blockchain can properly handle 6 completed transactions per second (TPS) and Ethereum’s single blockchain can handle 30 TPS. With Fiber, each blockchain strand can currently handle 300 TPS with a convenient target of 3000 TPS in future implementations. Fiber typically offers outstanding performance and adequate reliability that are unmatched by the other blockchain solutions currently available.
Fiber is way above all platforms in blockchain and the good thing is it is free.
The first generation of private blockchains is very monolithic, and people must typically build a blockchain from scratch. By the second generation of blockchain, we have Ethereum, where you can promptly issue your own ERC tokens and raise funds for any concepts and fundamental ideas through first-time token financing.
The fundamental difference in the third-generation blockchain is the company will have its own blockchain instead of the private blockchain based on Ethereum.
This is extremely attractive for companies that want to explore the blockchain field or issue gift cards. For example, Skycoin will possess a POS system. If you have 60 chain coffee shops, you can introduce the POS system and start issuing gift cards on the blockchain right away
5. Skycoin launched a mobile wallet for iOS and for Android and have three different Hard Wallet, which will be released at the end of this month.
The advantage of these hard wallets is there are a lot cheaper than conventional wallets like Ledger and Trezor and will be priced at $30 and less and contains features that guard against hacking.
They have also developed a terminal hard wallet for institutions.
6. Various hardware products have been launched by Skycoin in potential preparation for the mainnet of Skywire. Apart from the Skyminer, Skycoin has completed the successful development of
• CNC milling machine for Skycoin hardware wallet metal casings.
• Prototype hardware wallet metal casings.
• Skycoin CPU board that will typically power an extensive range of specific devices in the Skycoin hardware ecosystem including second-generation Skyminers and Skycoin Point-of-Sale systems.
• Antenna gain testing for point-to-point Wi-Fi antennas.
PROJECT MANAGEMENT AND DEVELOPERS CONTRIBUTION
These are an extremely significant reason why Skycoin represents the ambitious project to be in right now in the cryptospace.
While other projects have packed up for apparent lack of sufficient funds and developers, the creative Skycoin team which has been in existence since 2011 has carefully managed the funds and allotted them to projects by proper order of essential priority.
The Skycoin project raised several thousand Bitcoins when the price was below $100. Those ample funds were split up and have been used in funding dozens of independent development groups from fiber to CX and from Skywire to Kitty cash.
The Project has funds that can power the developments of these projects for the next 3–4 years.
Due to the continuous availability of funds in the project, it is precisely no surprise that most developers leaving other projects have found employment with Skycoin.
Skycoin typically has over 60 private developers working on different projects and over 300 employees worldwide.
The leading academic publisher in China Tianjin University is publishing the standard CX textbook of Skycoin in China.
The direct result is over three hundred students are going into a University in China taking blockchain development/programming courses on Skycoin platform using Skycoin’s programing language. Eventually, these students are going to go to the local industry and they’re going to lead changes in corporate chains, control change in block transfer, Banks and Government administration.
SKYCOIN MARKETING AND MEDIA PROMOTION
Prior to Skycoin getting to all-time high price for Skycoin of $49.23 on December 29, 2017, there was virtually no marketing or social media influence on the coin. Direct marketing started in Skycoin in April of this year after the ecosystem Launch.
Since then Skycoin has been vigorously been marketing its countless activities on Social Media platforms like Twitter, Facebook, Reedit, YouTube, Forbes Magazine, NASDAQ and organizing conferences all over the world.
This has culminated in the most respected personality and biggest influencer in the cryptoworld, John McAfee openly endorsing the coin and taking it as its official partner for its US presidential campaign under the libertarian party for 2020
Libertarian represents five percent of the American voting population.
He will be getting a lot of media time from CNN News and other big news agency because he is a very amusing and likable person who will always stand for the truth.
He’s naturally going to be enthusiastically promoting Skycoin throughout the whole election, which will typically start like next march, and this will instantly give Skycoin a lot of considerable exposure.
Another major influencer that has joined the Skycoin team is Joe Blackburn. Currently the CEO and Co-founder of Crypto Coin Trader. Joe Blackburn has been involved with many projects within blockchain and the cryptocurrency space.
The explosion of cryptocurrencies since his introduction in 2014 has allowed him to catapult the momentum into the website. Currently, Joe is a team member for Token Magic, a company focused on start-ups and crowdfunding through the “Initial Coin Offering” stage.
He also has a YouTube channel. You can subscribe to it via this link.
The Sky event team has also been very active and are creating a very special telegram room to report all their activities from all nooks and crannies of the world. This private room is precisely responsible for properly introducing local people from all parts of the world to the Skycoin Ecosystem.
With all of the calls of “a bubble,” it’s worth remembering that we’re in the early stages of global adoption as well as the beginning of the development of the technology. With all the fake projects and scams in the cryptocurrency Space, it is actually a very valuable lesson for the cryptocurrency community. With the increased safety as well as precautions, it will be easier for cryptocurrency investors to learn from these mistakes. Moreover, the exchanges will also be able to learn from these mistakes which will ensure that the cryptocurrency community becomes much more secure and easier for them to invest.
During the previous crash, many prominent figures in the blockchain community established their reputations. Before 2014, Vitalik Buterin was known as a developer and writer on Bitcoin. However, it was only after he had published his ‘Colored Coins‘ paper that led him to the founding of Ethereum and widespread success.
Andreas Antonopoulos, one of the largest thought leaders on Blockchain technology, was unknown before the crash. After learning about Bitcoin, he decided he needed to compile a book to explain the technology in detail. The book was published in 2014, right as the crash was starting. It was during these years that Andreas was able to spread his excellent reputation and promptly make a profound impact on the industry.
There are many more who established their businesses and technology during the cryptocurrency crash. These are the few you want to count yourself lucky to have a visionary like Synth.
Despite the entire attempt to generate fear, uncertainty, and doubt during the Kidnap and theft, He has stuck with the project. That would have been a perfect time to exit but he believes in the project and has sacrificed all to make Skycoin the most enviable product in the cryptospace.
He has seen Skycoin rise from 10 cents to $50 dollars and has not done what other founders do which is abandon or quit the project.
Every investor in Skycoin is by now familiar with Synth long-term strategy of capturing market share at the expense of short-term returns. That was a strategy he has had right from the go.
Synth has already prepared Skycoin for the next Bull Run that will attract more money from more people into the fewer successful projects that will be typically left after this crash.
Skycoin’s Skywire, CX, hardware and consensus algorithm will be ready at the start of the next Bull Run.
Skycoin additionally has consensus algorithm, the blockchain, unique ability to launch their own block, have a mobile wallet for IOS, Android and 3 distinct types of hardware wallet al developed at a specific period when most projects were running out of necessary funds and typically disappearing from the space.
Skycoin is the most diverse and advanced project out there and people need to recognize this position.
Skycoin’s hardware R&D is beyond any other project in the space. All these developments provide a baseline for revenue beyond the value of the coin to fund subsequent development & sustain it through future bear markets.
There are precisely old BTC reserves & investors. Additionally, the BTC generated from selling the first generation of official Skyminers is funding development of software & necessary hardware. Instead of looking eagerly to typically sell off Skycoin reserves to typically fund upcoming development, the talented team is actually well funded enough to be looking to buy back up Skycoins if it’s profitable and to also increase economic scarcity to make it doubly ready when the bull run starts.
The market will eventually grow back and break through their original values, all the real coins are accumulating right now. This accumulation can take a month, or it can take 6 months to 1 year but remember the price of an entity is not necessarily the Value.
Skycoin has precisely consensus algorithm, the blockchain, ability to launch their own block, have a mobile wallet for IOS, Android and 3 specific types of hardware wallet.
Remember if you had invested $1,000 during Amazon’s IPO in May 1997, your investment would be worth $1,362,000 as of September 4. Do you want a pump and dump return or an Amazon-like return? The choice is yours.
Don’t accept anything I wrote as a trading or investment recommendation. Do your due diligence
Find out more at https://www.skycoin.net
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