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Cryptocurrencies to unite the likes of Google, Netflix and Amazon
The Ethereum Classic 2018 summit was held recently between September 12th and September 13th in Seoul. The second day of the summit was started by Tom Lee, a managing partner and head of research at Fundstrat Global Advisors. He is also a skilled Wall Street strategist with over 25 years of stock research experience.
lee he was part of the discussion group and spoke about the similarities between cryptocurrencies and traditional financial instruments such as bonds and shares. He explained that in both cases the branding was corrected with another similar course of action being the amount of time it took for people to understand various details about both raw materials.
Lee stressed that the cryptocurrency asset is something that should be used, unlike traditional commodities that need margins such as receipts and invoices. He participated in the discussion on the fall in prices of cryptocurrencies in the last two weeks stating that price variations in encrypted are very different and surprising unlike other markets as there is no fundamental value. It is the price momentum that plays a much more important role in the cryptic world unlike the traditional financial world.
Developments in Cryptocurrencies
Lee has asserted with confidence that the products and services offered in the cryptocurrency sector are taking giant steps in the developments that will push them to move closer to stock and bond standards in just a few years. Retail investors in cryptocurrencies account for around 90-95% of total investments.
When asked about his theory of linking Metcalfe's law with the cryptocurrency industry, he responded by saying that Metcalfe's law states that the effect of a telecommunications network is proportional to the square of the number of connected users of the system. The idea that value is not a linear function but rather a register function is something that is arbitrary for Bitcoin and its community. Users increase the value, sometimes in terms of many multiples.
Lee pointed out something that was a surprise for many. On some trading platforms, the difference in market capitalization between Ethereum and Ethereum Classic was almost identical to the total difference in market capitalization.
Cryptographic technology is available to everyone, but the rise and fall of values can sometimes be confusing, giving an example of the strong increase in Dogecoin [DOGE] while other coins crash. According to him, the recent incident has shown that the hype of 2017 was out of place. He added that it is necessary to implement an intelligent contract to drive the market and explained that the cryptocurrencies will become part of the FANG [Facebook, Amazon, Netflix, Google] club that guides the technological space.
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