Cryptocurrencies are booming beyond belief. Bitcoin is up sevenfold, to $2,500, in the last year. Three weeks ago the redoubtable Vinay Gupta, who led Ethereum’s initial release, published an essay entitled “What Does Ether At $100 Mean?” Since then it has doubled. Too many altcoins to name have skyrocketed in value along with the Big Two. ICOs are raking in money hand over fist over bicep. What the hell is going on?
I just spent four days at two of the most important conferences in the emerging blockchain/crypto-currency space.
One was Consensus. The other Token Summit.
I had about 100 conversations with people who are at the epicenter of the blockchain wave, including one of the approximately 35 people in the world who make up the Bitcoin Core team that’s responsible for the protocol’s upkeep.
In 2014, we wrote that “Bitcoin is more than money, and more than a protocol. It’s a model and platform for true crowdfunding — open, distributed, and liquid all the way.”
That new model is here, and it’s based on the idea of an appcoin or token: a scarce digital asset based on underlying technology inspired by Bitcoin.
This is the first of a series on the set of technologies loosely referenced as “Web 3.0”. In particular, it takes a deep dive into the often overlooked multichain Polkadot paper released back in late 2016, highlighting its significance within an increasingly complex set of heterogenous environments.
All cryptocurrencies went through a rollercoaster on Friday and Saturday. Most well-known cryptocurrencies lost up to 40 percent in just 48 hours, only to recover on Sunday. Most cryptocurrency holders had a hard time digesting this.
How to handle this extreme volatility? Is this the end of the bullish cycle in cryptocurrencies, and, in particular, Ethereum? Is a bullish Ethereum price forecast of $550 still intact after this week’s price drop?