Some Reflections on the Bear Market
The past year has been filled with high-flying euphoria followed quickly by brutal reality with many people struggling to make heads or tails of it. The market movements have certainly been a surprise to many and have caused a plethora of different emotions to come out with many calling into question the fundamental merits and viability of cryptocurrencies and blockchain based platforms.
Taking a step back, however, the success experienced by crypto over the less than 10 years that it has been in existence is unequivocally impressive. At Ethos, we view the movements that markets have been making as healthy shift away from the unhealthy attitudes that existed during the irrational exuberance of 2017 and as an opportunity to build something revolutionary with the pieces that lie before us.
Downturns are Opportunities
Whenever an industry crashes and is declared “dead” by outsiders, it provides a massive opportunity for those who are still inside of it and still believe in it to build powerful new use cases. We saw this in the tech giants that were spawned out of the revolutionary new “internet technology” that was declared dead in 2001 after the dot.com bubble popped.
This downturn is an opportunity because it provides reputable companies like Ethos the time to build, measure and learn in order to build the best possible product. It also lets us prepare for the next hype cycle as while others will be rushing to capitalize, we will already be there with a polished, mass-adoption-ready platform.
Hype Shakeouts are Important for Reputable Players
At Ethos we have spent a lot of time building up a reputable organization and brand which is honestly rather rare for this industry. Many of our peers are not in this industry because of their philosophy around financial independence or even to build a decent product, but rather are here simply to cash in on valuations and make a quick buck at the expense of the individual and the industry. This is not who we are.
A hype shakeout, like we are seeing now, which flushes out the untrustworthy players is important because it provides the foundation for real, substantial organizations to take hold and build something powerful and new.
Focus on Fundamentals
Something that I have always told people internally and externally is to look at Ethos as if we were an early-stage tech company. Look at the technology we have build, the products we have shipped and the traction we are driving.
- Technology — We have built a revolutionary new approach to wallet, address management, transaction state handling, blockchain abstraction and data that have applications across the consumer and enterprise arena.
- Products — We have shipped two products, the Universal Wallet and Ethos Bedrock which have both seen a stunning amount of demand and positive feedback.
- Traction — We are adding thousands of new users a day to these platform, new clients who want to use the Bedrock platform and new partnerships with crypto and traditional institutions to drive powerful use-cases within the Ethos Ecosystem.
Ethos is Growing Faster than Ever:
- Over 10,000 New Universal Wallet Users in the Last 48-Hours
- Ethos and ShapeShift Partner to Deepen Liquidity and Advance Enterprise Cryptocurrency Exchange (https://www.ethos.io/2018/08/09/ethos-and-shapeshift-partner-to-deepen-liquidity-and-advance-enterprise-cryptocurrency-exchange)
- Ethos Announces Simplex Agreement — Accelerating Phase I of Fiat Gateway (https://www.ethos.io/ethos-announces-simplex-agreement-accelerating-phase-i-of-fiat-gateway)
- Focus on App Performance & Coin Integrations
- Ethos Bedrock APis for Business
While the markets may be disheartening for people, we are driving all the traditional success metrics that point towards a successful organization.
Remember the Ecosystem
Every new partner, every new client and every new customer adds additional value to the Ethos Ecosystem. This is what we are focusing on every day at Ethos.
I gave a presentation about a week ago about where we see Ethos going along with a live Q&A. You can see the slides here: https://www.slideshare.net/ShingoLavine/shingo-strategy-presentation-august-2018/ShingoLavine/shingo-strategy-presentation-august-2018
Join the discussion in telegram here: https://t.me/ethos_io
Founder & CEO