Connect with us

Criptomonedas

Moneyconf 2018: Crypto Wallet CEOs on Why Decentralization Matters

Published

on

At a panel hosted this week at fintech conference Moneyconf, executives from LedgerBlockchain.info, and VC firms Mosaic Ventures and FuturePerfect Ventures discussed if and why decentralized systems are truly necessary.

Crypto Wallet CEOs Speak at Moneyconf 2018

Moderator Joon Ian Wong referred the panelists to a survey indicating that given the hypothetical choice to have a paid version of Facebook that doesn’t harvest data or display ads, the majority of people would opt to use the free version and trade their data instead.

Wong put it to the panel that perhaps people don’t really want decentralized platforms after all. The panelists all had a lot to say, with founding partner Jalak Jobanputra of VC capital firm FuturePerfect Ventures citing lack of public understanding as the reason for the lack of mainstream interest, referring to election fraud and identity theft as major problems stemming from centralized data systems.

“I have a fund invested in several companies that are building decentralized identity platforms and once that becomes the norm we’ll wonder why we gave all our data away for free and allowed ourselves to be exposed in such ways.”

Toby Coppel of Mosaic Ventures pointed out that the inability of centralized leadership to arbitrarily change rules and alter agreements made decentralized platforms hugely attractive to investors.

Éric Larchevêque, Ledger CEO, pointed out that censorship was a major use case for decentralized platforms while Blockchain CEO Nick Cary said that opaque business practices, trade manipulation, and corruption were all factors in supporting decentralization.

Why Decentralization Matters

blockchain
Source: Shutterstock

While the panel each had a different answer ready to go for that question, the next one left them all a bit stumped: how will decentralized systems make money?

There was a big pause from the panel over this question, with no one seeming to want to take it on first. The investors seemed to agree that at this time the jury’s still out on how exactly these platforms will generate revenue, although they did refer to the fat protocol theory as well as layering solutions that could work for revenue generation as well as advertising, etc.

Larchevêque boldly stated that speculation was currently the method used by decentralized projects to generate revenue.“The biggest investment model of decentralization right now is speculation. I’m not saying it’s a bad thing, but it’s very early. A lot of the money is done by mining and an ICO is the objective… for that to work, you need infrastructure and then you have a few business models which are really working.”

“I think it may be a while before we see the real business model of the use cases for the platforms that are being built now,” he added.

Nick Cary of Blockchain agreed, saying that the ability to invest in project tokens, as well as the businesses themselves, was a valuable aspect of the crowdfunding market, although he did have some choice words to say about ICOs.“Just because you do an ICO tomorrow and raise a tonne of money does not mean you will inevitably have some sort of incredible business. In fact, it may misalign your incentives to grind through the challenges in the early days.”

Cary went on to clarify that building infrastructure and hiring talented people costs money and that the model allowing people to invest in tokens and businesses was an interesting and useful one, agreeing with Larchevêque that the final business model allowing for decentralized revenue generation may be as of yet undecided, saying that the decentralized platforms pose a huge threat to their centralized platform.

“If I were to try to kill Facebook, what I would do is launch a social network with tokens that would allow all people that participate to earn income from the ad sales,” he concluded. “There’s some clever entrepreneur out there that’s going to figure this out.”

Advertisement

Bitcoin

Cardano [ADA/USD] Technical Analysis: Interim bullish push imminent; bears yet to show mercy on long haul

Published

on

Cardano [ADA] seems to be getting a bullish push in the short-term, even as the bearish trend in the medium to long-term seems to not fade away. There seems to be no respite from the bear attack in the long-term as the downward trend in price is still going strong.

ADA, the ninth largest cryptocurrency in the world, is currently trading at $0.0759, after going down at -1.19% over the last day. It has a market cap of $1.97 billion, with a 24-hour trade volume of $18.02 million.

1-hour:

Source: Trading View

Source: Trading View

On the one-hour graph, a strong downtrend can be seen from $0.0827 to $0.0806, and then further to $0.0788 between October 15 to October 21, 2018. Another downward movement can be seen from $0.0786 to $0.0774 on October 22, 2018.

An upward drift in prices can be seen from October 16 to October 22, 2018, from $0.0749 to $0.0787. A short-term upward trend was seen on October 22, 2018, from $0.0770 to $0.0773.

The Awesome Oscillator chart shows green bars emerging after a string of red bars. This is a clear indicator of a bullish market.

The Parabolic SAR chart shows the dots aligned under the candlesticks, indicating a bullish market.

The RSI chart shows the token recovering from an oversold position slowly, with the buying and selling pressure evening each other out.

1-day:

Source: Trading View

Source: Trading View

According to the one-day graph, the strong downtrend in the long-term seems to be robust between June 4 to October 22, 2018, from $0.226 to $0.181, further to $0.078.

An upward trend is seen from September 18 to October 7, 2018, from $0.063 to $0.081, and between October 15 to October 22, 2018, from $0.071 to $0.077.

The Fisher Transform chart shows the Fisher line moving uphill, crossing the trigger line. This indicates a bullish trend.

The MACD chart shows the moving average line on a downward drift, crossing the trigger line. This indicates a bearish market.

The Chaikin Money Flow chart shows the current value at -0.118. This indicates that money is flowing out of the market. This is a clear indicator of a bearish market.

However, an upwards drift seems to be emerging, pointing at a temporary bullish trend.

Conclusion:

In the short-term, if the prices are to move up as indicated by Parabolic SAR and Awesome Oscillator, the immediate resistance will be $0.078. If it is broken, the next resistance will be at $0.0806.

If the prices move down as predicted by RSI, the supports will be at $0.0767 and $0.0759.

In the long-term, if the prices are to go down as predicted by MACD and Chaikin Money Flow, the supports will be at $0.070 and $0.063.

Continue Reading

Bitcoin

Litecoin [LTC/USD] Technical Analysis: The bear continues to plunder the market

Published

on

Litecoin [LTC], the 7th largest cryptocurrency that was created by Charlie Lee to provide compatibility and support to Bitcoin has not been doing well in the market, of late. The coin was booming earlier this year but has now slumped lower than ever to move sideways.

At the time of writing, LTC dumped by 1.77% in the cryptocurrency market. It is trading at $52.34 with a market cap of over $3 billion and a 24-hour trading volume of $267.4 million.

1-hour:

LTCUSD 1-hour candlesticks | Source: tradingview

LTCUSD 1-hour candlesticks | Source: tradingview

In the timeframe of 1-hour LTC candlesticks, the support is set at $53.02. The downtrend line from $60.7 to $53.9 is likely to form a descending triangle with the support. Hence, the market for Litecoin appears to be downwards.

The MA line in the MACD indicator touched the signal for a bullish crossover but strung back down to run underneath it. This is suggestive of a slump in the LTC price trend.

Next, the RSI is also betting on a bear market for the cryptocurrency, currently taking a downhill walk to flash warning for a drop in price.

The Klinger Oscillator made a bullish crossover a while back but is currently crashing, suggesting a bad price trend for Litecoin.

1-day:

LTCUSD 1-day candlesticks | Source: tradingview

LTCUSD 1-day candlesticks | Source: tradingview

In the 1-day scenario, the candlesticks appear to be experiencing a downward trend in the Litecoin market. Since May, the coin has broken multiple supports, including one at $53.3 and another at $51.7. Currently, the support is set at $53.2 and might act as the baseline for the descending triangle likely to be formed by the resistance line ranging from $179.1 to $54.3.

The Parabolic SAR is bullish on the LTC market wherein the dots are currently dancing below the candlesticks, uplifting the price trend of the coin.

The Chaikin Money Flow was in a balanced space for a while but is currently below the 0-line, crashing further down.

The Awesome Oscillator is also in the red-zone, flashing a danger sign for the cryptocurrency.

Conclusion:

The technical analysis can be concluded by assuming a bearish trend for the Litecoin market since most of the indicators are evident in siding with a negative prediction. However, the Parabolic SAR in the 1-day timeframe looks positive of the situation, against all odds.

Continue Reading

Bitcoin

Bitcoin [BTC] can disrupt centralized banking and financial institutions, says Andreas M Antonopoulos

Published

on

During a Q&A session, Andreas M Antonopoulos, the Author of Mastering Bitcoin and a well-known Bitcoin influencer, spoke about whether Bitcoin [BTC]’s price plays a significant role in its adoption. He also spoke about whether Bitcoin can disrupt the governments, financial system and reduce corruption if the cryptocurrency’s value does not greatly increase in value relative to goods and services including fiat currencies.

Antonopoulos stated that cryptocurrencies can disrupt centralized banking and financial institutions. This is because of the “mere fact” that cryptocurrencies exist as an exit system, a “safety vault” and as a “safe haven”, he said. Moreover, he said that the increase in Bitcoin’s price is not going to be the prominent player in bringing about the change. Whereas, Bitcoin being used by people in order to escape from oppressive governments who are stealing their citizen’s money will be a catalyst to bring about the change.

The author said:

“…it’s not values that makes it useful it’s utility that makes it valuable. So it’s the other way around so Bitcoin will increase in value if it’s useful and it doesn’t need to increase in value in order to be useful that’s confusing cause and effect”

Antonopoulos further spoke about Bitcoin’s real-world use-case for the unbanked. The author was questioned about why there were only 4 billion people using banks around the globe; whether it was due to improper identity proof, people’s lack of trust in the current financial system or if it was cost-effective for banks to not have branched in rural areas.

The Bitcoin influencer stated it was because of all the 3 above-mentioned reasons – lack of identity proof, access to banking facilities and distrust in the financial system. He further added that the total number of people around the world who do not have the ability to open a bank account was quite “shocking”. He went on to say that even if these people had access to the financial systems they would end up facing several restrictions, including the withdrawal and deposit limit.

Antonopoulos said:

“So even though the numbers are somewhere between two and a half billion and four billion people who have zero access to banking so cash based entirely, there’s also another two billion people who have access to banking but that access is severely restricted so they have access to perhaps one currency with very few choices they can’t change currencies…”

He further added:

“so it’s not really their money so all of this great sum of people who are either unbanked completely or under banked is one of the things that I think we may be able to solve with Bitcoin and other cryptocurrencies in the long run”

Continue Reading
Advertisement
Advertisement
Open

Close