Monday, January 15,
2018 11.28AM / Colin Bennett
The cryptocurrency market
was on a tear in 2017, and 2018 looks like it will be even bigger. Blockchain
tech has made its way into the mainstream, even though the only people who use
it are drug dealers and traffickers.
It has gained its
notoriety through Bitcoin, the largest of the cryptocurrencies that use this
underlying technology. Ethereum, the second-biggest cryptocurrency, has been on
a tear lately, eating into the market share of Bitcoin. Mainstream adoption has
included coworkers sending me Dilbert cartoons about blockchain implementation
and the editors of Dilbert actually creating the cartoon.
Variations of the technology have created an ICO bubble, with too many
competing tokens, coins, and currencies.
The staggering market
capitalization of the crypto world is over $700 billion at the time of writing,
and the exponential growth in 2018 should continue with many of the utility
tokens coming to market.
Many of these companies
will be releasing their products around March. I suspect we will have industry
disruption this year, and it couldn’t happen at a better time. Several
companies have released their products already, and the use cases are
overwhelming. There are many of these companies out there, but one that I am an
investor in is Propy.
I participated in the ICO because Propy is a company that
allows you to buy and locate real estate on the blockchain from around the
globe. The PRO token allows you to buy and sell property all over the world in
cryptocurrency and Bitcoin. Propy has been featured
in The Wall Street Journal, Forbes, several Dubai editorials, and a host of
other mainstream publications. It was recently launched on Huobi, an exchange
centered around the Asian markets, which took the average volume from 1 million
to around 28 million.
The newest technology that
I see entering the ICO and blockchain world is in companies that specialize in
decentralized, peer-to-peer exchanges. What we saw with Coinbase and many of
these centralized exchanges is that insiders still have the ability to front
run markets. Look
for these peer-to-peer exchanges to make major runs in 2018.
This will hopefully mend the mismanagement of this new space and fix the
problems that we face in the regular financial market, where market makers buy
options and slam stop losses to get volatility.
Banks and financial markets will stop at nothing to keep
this market contained, as evidenced by several major crypto companies owning
10+ bank accounts in an attempt to move money around. Banks suspend accounts, locking people out from playing this game and
trying to slow down the momentus growth.
Unfortunately, in the
crypto space, fiat for crypto and paying taxes in fiat are weak links.
The banks still control
fiat, which gives them control over this new industry. This has recently
happened in Australia, where several banks have shut down user accounts that
were associated with cryptocurrencies. Australian banks include Northern Australia
Bank, ANZ, the Commonwealth Bank of Australia, and Westpac.
The user agreements stated
that they did not allow international money transfers to destination accounts
that were connected to fraud. Other banks are willing to do cryptocurrency
transactions, but they do freeze accounts on occasion to verify money was not
I believe that the world is changing, the big institutions
see what’s happening, and they will end up being open to what’s happening
because they will not be able to control the mass change forever.
Gain Immediate Access To ‘Crush-the-news’ wide-range
of Reports HERE!
- Securities Commission
Malaysia Issues Cease And Desist Order To CopyCash Foundation
- ProShares Files For
Bitcoin ETF, And One To Bet Against It
- Bitcoin Futures,
- People buying bitcoin
should be prepared to lose their money, according to a senior UK regulator
- Santa Is Putting
Christmas On The Blockchain And Saving Billions
- Drivers and Risks of the
- Bitcoin Drops to $13k in
Red Day for Crypto Markets
- Meet The World''s Most
Powerful Bitcoin Backers
- Structuring an ICO
through the Cayman Islands
- Bitcoin Price Gains
Continue with Record High Just Shy of $7,000
- Potentially Unlawful
Promotion of Initial Coin Offerings and Other Investments by Celebrities