The Bright Side of Disappointment
Disappointment isn’t always a negative force; sometimes it kicks our ambitions into high gear, urging us to strive harder. As we delve into the crypto community’s reflections on 2019, it’s safe to say the year was sprinkled with such disappointments — none more palpable than the unmet promises that had enthusiasts buzzing with anticipation.
Where’s the Excitement?
Despite the ever-looming presence of blockchain tech, we’re still on the edge of our seats waiting for a breakthrough. With industry voices like Nouriel Roubini proclaiming that blockchain’s only application is in cryptocurrencies, the quest for a game-changer continues. Lanre Sarumi of Level Trading Field succinctly put it: “The lack of a groundbreaking project that would have opened the eyes of skeptics is most disappointing.” And while Libra generated some buzz, other projects seemed to have gotten lost in the crypto ether.
Institutions: The Missing Piece
When it comes to institutional adoption, 2019 was a peculiar dance. Notable entries like Fidelity and ICE’s Bakkt stirred a faint glimmer of hope for investors, but a cold shoulder was returned. Sarumi lamented, “Failure to attract institutional investors was certainly disappointing.” It seems the Bakkt futures contract flopped like a soggy pancake, leaving everyone, including prospective investors, wondering what went wrong.
Consumer Adoption Stuck in Neutral
In an era where “being user-friendly” should be the gold standard, crypto platforms still resemble ancient battlefields of technical jargon. A Zage report indicated that 41% of blockchain leaders stressed the need for better user experiences. “Essentially, unless you’ve got a degree in rocket science, using crypto products is a distinct challenge,” Kory Hoang quipped. Stephen Pair of Bitpay wished for more seamless consumer experiences. “Not having to deal with Bitcoin addresses directly could change the game,” he mentioned, highlighting the true frustrations that prevent the masses from diving in.
Compliance: The Ominous Dark Cloud
Regulatory compliance continues to resemble a murky swamp, particularly in the crypto world. A damning CipherTrace report disclosed that 65% of the top 120 exchanges lack robust Know Your Customer policies. The casual “come on in, the water’s fine” vibe isn’t cutting it, especially when it comes to sustaining a reputable industry image. Henri Arslanian emphasizes the urgency: “Launching a crypto exchange in 2019 without considering KYC or AML could threaten the future of the crypto ecosystem.”
Education — A Bridge Needed
Misperceptions regarding cryptocurrencies still reign supreme. In December, Nordea Bank’s restrictions on Bitcoin trading among employees dropped jaws, but it underscored the ongoing need for public education. Nick Saponaro hit the nail on the head: “High prices are keeping out those who would truly benefit from this technology.” Old-school concerns remain; the industry must step up to clarify its mission and reassure the skeptics of its value.
Reflection — The Lost Year?
Instead of pulling out a singular disappointment from 2019, Vinny Lingham suggests looking at the year as a chapter “the crypto community will remember as the lost year.” Sarumi echoes this sentiment, musing about unfulfilled potential and eerie silence despite fervent hope for progress. But just when despair swells, there are hints of icebergs lurking beneath the surface — a simmering potential that might just take a few more years to materialize. As Sarumi put it, “The noise of crickets was quite the compelling disappointment, but fingers crossed for a seismic shift in 2020!”
