Gresham’s law: Good money drives out the bad. People keep the shiny crisp clean dollar bills, let go off the older ones, similarly, people let go off the bad cryptos keep the good ones that have sentimental and social value. They may want to keep their first crypto reserve and never spend it.
2018 marked a new high for cryptocurrencies. The total number of crypto coins and tokens raised to 2000 plus. When bitcoin first came out, it was the only coin for a good six years, it ruled the market and people obsessed over it. Then six years later, Ethereum showed up. This currency changed the ecosystem and the dynamics. This paved way for several more and it gave bitcoin competition, this led to forks within bitcoin and many more similar consensuses showed up.
So within three years of Ethereum’s coming out the count of cryptos raised from two currencies to two thousand and that is what exponential means. Nothing really compares to the growth of this mass, perhaps the internet startups. Not even them. Everything in tech took too long, too much time to become huge and only cryptos were the really sharp and easy to make ones.
The fact that they have not failed yet means that they are extraordinary in terms of their idea and work.
The boom of cryptos is owed to the nature of the crypto startups. Anybody can start their own currency, and you can have your own token, backed with real fiat notes, have real value and do real sh*t. You can make your own crypto and it will gain popularity, you do not need approvals and it is not hard math or imperfect information.
The permissionless innovation that blockchain allows has made it possible for anyone to do anything they feel needs to be done. This has fueled more businesses than Google or Facebook ever have. This also led to a greater amount of awareness and the nature of these businesses being decentralized and transparent has led them to gain all the relevance they enjoy today.
So when are you starting your own token? If you did, what would that token do? Let us know, we are excited to find out. And perhaps there is already a token in place that does something you want your idea to do? It is a small world after all.
#Welcoming2019 Cheers and A Very Happy New Year To You!