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In the midst of the cryptocurrency bloodbath, it appears that digital resources and blockchain technology are losing some of their biggest supporters.
Chinese investors have taken note of the $ 706 billion loss of the cryptocurrency market in the last year and are not happy with it. Indeed, many argue that the blockchain does not have the capacity and power it once boasted and that such statements were fabrications.
Bonnie Cheung – venture partner of 500 startups – describes the current period in which blockchain and cryptocurrencies are considered "disillusionments". Review:
"As much as I am a believer in the long-term destructive power of the blockchain, it can not solve all the problems in the world.You do not know how many times we have read the proposals that claimed to solve all the weaknesses for almost all sectors … do you convert an investment that started as a venture capital agreement to something that ended up almost like a bond? Can you lend this link? These are all interesting questions that will need to be resolved in the future. "
Nothing big happened
It's been ten years since Satoshi Nakamoto released his original white paper on bitcoins. To date, there have been no "killer apps" or even transformation platforms for applications in the real world of blockchain. In addition, bitcoin transactions – where probably blockchain held more land – fell about 80 percent from January to September of this year.
He Ning – COO of QOS – states:
"What has been reported by the media that about 40% of blockchain projects have been closed is too conservative, for any sector, about 20% of startups should fail when the market value of the sector drops by ten percent. of the market collapse that the cryptography market has seen lately, almost all the speculators have left, but it is not enough, I believe that it is necessary to get rid of 99% of cryptographic exchanges and unrealistic projects for the arrival of a new wave of bull market ".
Now it's time to intervene
Despite these and similar cases of darkness and ruin, others look at what is occurring in the industry as a necessary shakedown. Some believe that current circumstances will eliminate the encrypted arena of any fake and bogus and state that it is necessary to get the space back to the blockchain in a healthy position.
Hubery Yuming Yuan – CEO of Huobi China – is one of those figures. He left a position with the Industrial Securities brokerage company to join Huobi last March. He recently commented:
"The blockchain industry has wiped out some poor quality projects, and the access barrier to the industry has increased, which is beneficial for the future growth of the industry. [crypto] the bursting of bubbles has led to a more rationalized industry and we have seen more practical attempts in blockchain applications. Solid public blockchain projects and numerous popular and decentralized apps are gaining momentum. Chinese companies and conglomerates continue to explore new cases of use of blockchains. Unlike steam engines, electricity, computers, artificial intelligence and quantum computing, blockchain is not a productivity revolution. Blockchain is similar with printing, papermaking and the Internet. It can free up productivity even if perhaps it does not represent fundamental technological progress. "
Bitcoin crash continues
Bitcoin has collected a bit of serious breath in recent weeks. The currency initially fell in the $ 5,000 range after trading around $ 6,300 for several weeks in anticipation of the arrival of the bitcoin forex which occurred only a week before Thanksgiving. This hard fork has been the subject of extensive controversy that has challenged many industry leaders (ie Craig Wright and Roger Ver) and led to heavy price drops for the father of the crypt.
Following the fork, bitcoin started to fall further in the $ 4,000 range, and then dropped to less than $ 3,600 during Thanksgiving week. At press time, it traded for just over $ 3,800.
