Is This How to Positively Improve the Bitcoin and Cryptocurrency Market?
James Greaves, the co-founder of Glyph, wrote an article in which he gives a few advice about how an improved virtual currency space should look like in 2019. He started by saying in a provoking way that he sold all his Bitcoins and that he does not have a stake in the market right now.
He explains that there are several cryptocurrency promoters that believe that investors should always hold their Bitcoins no matter what. This proposal is known as HODL and it has been implemented by several individuals since the market started to plummet earlier this year.
Those proponents believe that the best is to hold Bitcoin rather than selling it to the market when it falls. But it seems that Mr. Greaves is not so convinced about this strategy. He says that he hopes 2019 will change the crypto market and allow people to question the norms that most of the investors are holding onto and that are not goods for the space.
He went on saying that he wanted to use virtual currencies for his everyday life. That means that he wanted to replace fiat currencies with Bitcoin and stop depending on centralized fiat currencies. However, he said that as a store of value he did not find Bitcoin and cryptocurrencies useful, something that several individuals feel and not only him.
The author of the article says that during all the year he has been hearing how institutions and real players are going to start using the technology and entering the market. However, this did not happen.
About It, Mr. Greaves Mentioned:
“If I hear one more ‘investor’ tell me I need to pay them and they will ‘coach me’ and then introduce me to their Chinese friends, I’m going to lose my mind. Yes, it happened all the time this year.”
He said that he received several proposals in which he had to pay to receive an investment service but that did not seem worth. For example, an individual said that Greaves should give $1 million upfront if he wanted to raise $10 million without guarantees.
In the article, he explains that the industry is both culturally inspiring and culturally broken. To show this, he says that cryptocurrencies are open and revolutionary but at the same time the space is dishonest and illegal in many cases.
Greaves talked about the Initial Coin Offering (ICO) industry stating that the industry has been focused on speculating, raising coins quickly and trying to make some funds. However, it forgot to pay attention to real development.
Although ICO teams did not have any experience in similar projects, ICOs were able to be successful to raise funds and disrupt VC. He says that he believes that the ICO model still holds promise but in a more mature way. Although ICOs did not replace VC, they could be a good option to raise funds for the future.
He puts the example of his company, how Glyph is building KYC and accredited investor tools to help the blockchain community. He says that for the future the space needs more companies that help blockchain ventures scale their management teams, pay staff in crypto and form strategic partnerships.
For the next year, he hopes to see people evaluating companies related to the results they deliver not on their white papers, more companies providing tools and insights for others to build on top of them.
“It’s still early days. There’s a lot more to come. There’s so much happening that is so positive,”