Cryptocurrency’s Rollercoaster Ride
The cryptocurrency world has been on quite a rollercoaster. From a high-flying ride at the end of 2017, where coins like Bitcoin and Ethereum were rockstars, to a 2018 that can only be described as a spectacular downward spiral. Bitcoin, once the ‘King of Crypto,’ saw its value drop by an astonishing 74 percent. Ethereum and Ripple didn’t fare much better, tumbling down by 84 percent. Ouch!
2019: A Year of Reflection
As the calendar turned, January 2019 felt a lot like a family gathering where everyone’s trying to dodge the drama. It wasn’t just a hangover from the 2018 crash; major players like BTC, ETH, and XRP were nursing their wounds, clocking in monthly losses of 9.5 percent, 22 percent, and 15.5 percent, respectively. But according to Andy Bromberg, the CEO of CoinList, this collective hangover could be a blessing in disguise.
Building, Not Betting: The Future of Cryptocurrency
Bromberg told Yahoo Finance that 2019 might be a quieter year for trading and speculating, but it’s the perfect time for innovation. He compared it to ancient Mesopotamia, suggesting that we’re at a ‘cradle of civilization’ moment. If you squint hard enough, you might just see the birth of new empires and awesome projects brewing in developer workshops across the globe. This new focus on building rather than merely trading has the potential to reshape the crypto landscape.
The ICO Bust: What Went Wrong?
Let’s talk about the ICO bubble, which burst louder than your Aunt’s laughter during Thanksgiving dinner. While some projects were innovative, many turned out to be duds or downright scams. Bromberg welcomed this reality check, suggesting that the fallout has led to a more careful approach in the crypto space — one where projects are vetted more rigorously. CoinList is leading the charge here, listing only the most promising tokens and ensuring they cater to accredited investors.
The Road Ahead: Challenges in Product Development
Even with a renewed focus on product development, Bromberg acknowledges the road ahead is challenging. “Building consumer products is really hard. The developer tool kit isn’t there,” he explains. This sentiment resonates with many in the industry, as transforming groundbreaking technology into practical products for everyday people is easier said than done. But isn’t that the magic of innovation? Building castles from sand and then upgrading to concrete!
