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Senior researcher David Dawkins tests the sentiment of blockchain's "solutions" ten years from the Bitcoin whitepaper by Satoshi Nakamoto
A true scandal history, a decade in progress. Ten years after the now infamous "Bitcoin: A Peer to Peer Electronic Cash System" white paper changed everything, the initial optimism surrounding the bitcoin seems to fade quickly. With the collapse of the weekend price at $ 3,905 – a total loss of more than 70 percent this year – the idea of cryptocurrency as a store of value ('digital gold'), or as a means of payment suitable for the 21st century has lost traction. Behind the closed doors, the HNW are more and more confident that their initial skepticism was well placed.
Photo by Dave McBee
Where to start with the bad news of bitcoins? Price volatility is one thing, but the signs of displeasure by capital market professionals who have left a good job at working with bitcoins are worrisome for those who invest emotionally and financially. Last week, the FT reported on Mike Novogratz, former member of Goldman Sachs and Fortress hedge fund manager who aims to create "Goldman Sachs of Crypto", in short, "a merchant bank that will invoke institutional money in the unexplored territory of the digital money & # 39; Mr. Novogratz told the newspaper rose: "The 2017 was simply fun, it was almost stupid. This year was a challenge. It sucks to build a business in a bear market ».
Like any true scandalistic history, you build them to reduce them down. The price of Bitcoin and the positive sentiment around its future use are often combined, however, negativity does not tell the full story. The technology of the blockchain, so called by Bitcoin, proceeds slowly and steadily forward.
With the first ten years now behind us, launches of has collected information from three companies hoping to build a business in a bear market, taking advantage of the issues related to the next ten years and what they represent for HNW and the world of private customers.
Worldspectrum photo
Gianluca Massini Rosati, CEO and co-founder of the XRIBA financial accounting solution:
"I'm not a wizard or a futurist, I think the future is not something to predict: it's something to achieve … I think, in 10 years, most governments around the world will create or adopt some form of virtual currency. The currency of the government of the future is inevitably encrypted.
"Compared to the traditional fiat alternative, cryptocurrency is more efficient, offers reduced settlement times and offers greater traceability.The cryptocurrency can also be supported by real assets, similar to the way it was previously converted into fiat currency, ensuring its real real value.
"Next generation blockchain technology will solve many current limitations, such as scalability, privacy controls, tool maturity and interoperability.
"With companies like Uber and AirBnB thriving, the sharing economy is already a proven success, but our current economic system is also based on trust, which requires a third party to implement economic activities. Third parties can be expensive, unreliable and can be subject to security problems (such as data loss), which is where Blockchain comes in. It can basically solve all three issues that the economic system encounters. In fact, we now rely on an intermediary (such as Uber, AirBnB, etc.). By enabling peer-to-peer payments, the blockchain opens the door to direct interaction between the parties – a result of a & # 39; truly decentralized sharing economy.
"Just as few people in the mid-1990s could predict the emergence of Google, Facebook and Uber, we can not predict which blockchain applications will emerge to dominate the decentralized future, but they will surely be destined to upset many of the gatekeeping institutions. which currently dominate our centralized economy.
"Get your popcorn, it will be interesting."
James McManus director of investment, head of ETF research at Nutmeg tells launches of that his clients have generally shown "limited interest in cryptocurrencies", he adds, "during the period of" Bitcoin mania "last year."
He said: "I think it remains an interest in potential future applications for a decentralized currency, but that the problems with the market infrastructure, the proliferation of cryptocurrencies and the extremely volatile market environment for the main cryptocurrency resources are at the center of investor minds when assessing risk-reward dynamics. "
I do not think that regulatory clarity is the panacea for cryptocurrency. Although there is considerable interest in the technological aspects of decentralized currencies, many problems remain with market infrastructures (in particular custody), liquidity and fraud.
Cryptocurrencies remain in their infancy and, in the short term, we expect that most investors will continue to discount the value of their potential future applications due to the level of uncertainty and risk that remains in the asset class.
Dr. Elad Harison, Chief Architect and COO of IAGON tell launches of that the Blockchain has emerged as a technology that has allowed an alternative investment channel and has produced numerous projects, both technologically and financially. However, many projects have disappeared or failed to present value to their investors.
In the future "Blockchain will probably be adopted by governments for the secure confirmation of documents, transactions and financial data (such as real estate) .Other uses in addition to the financial industry will include national security and verification of personal identity, art authentication, supply chain technologies and more.
Art by Adam Dant
Iqbal V Gandham, The UK's chief executive officer of eToro tells launches of that regulatory clarity is crucial as family offices and wealth managers approach the crypt.
"Today, while many high-net-worth investors increasingly recognize the value of the blockchain – the technology behind cryptocurrencies – and are interested in the opportunities that cryptography can offer to diversify their portfolios, there are still many obstacles. they include the unregulated nature of cryptoassets, as well as the lack of long-term results.This is why cryptography is not yet part of the standard range of activities that consultants discuss with their clients.
However, this may start to change and let's see other examples of family offices and asset managers who want to learn more about crypto. With regulatory clarity at the horizon, we believe we will see increasing interest from investors with a high equity.
The last barrier is the question of custody. In our opinion, this will be resolved in 2019 and we will see a significant wave of investment in the sector. I think we will see more partnerships addressing this problem by providing combined custody and storage solutions that could take the form of partnerships between stock exchanges and investment advisors.
Wednesday 31 October, [celebrated] ten years later Satoshi Nakamoto, still unidentified, published the Bitcoin white paper. Ten years later, it is appropriate to recognize the disruptive impact of this article. "
Main photo credit – Icons8_team
Read more – How the crypto revolution is changing asset management
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