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‘Dismissing Crypto Is Like Dismissing Internet In 1993’: Leading VC Investor

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According to Benedict Evans who is in the daily cryptocurrency news today, the crypto adoption is here and it is present. The general partner at Andreessen Horowitz (A16Z) which is one of the most successful venture capital firms did not hesitate to show his stance towards the adoption of Bitcoin and other assets.

As he said, the crypto space has seen a large number of failed projects and scams over the past several years. However, if investors focus on the failed projects and fraudulent operations in the growing sector, it would be like dismissing the the internet in 1999 based on the lack of progress of projects such as Usenet, Cuecat and Boo.com.

As Evans noted:

Previously, Ben Horowitz, who is a VC investor and the co-founder of A16Z, also pointed out to the deceptive aspects of emerging technologies like crypto – stating that in the beginning, they seem significantly inferior to existing technologies.

However, it is their discrepancy in efficiency and practicality that makes it easier to dismiss the newly created technologies on the premise that they are dominated scams. Evans, however, explained that as the market matures, there will be more and more mainstream use cases and technologies adopted by projects in the sector.

“Looking at crypto and only seeing the scams is like looking at the internet in 1999 and only seeing the bubble. Looking at crypto and seeing no use cases is like looking at the internet in 1993, when the web was 3% of traffic,” he concluded.

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Altcoin News

Bitcoin Is Close To $4,100 As Tokens Gain 20%

The valuation of the total cryptocurrency market cap has risen to more than $141 billion and is now reaching a new milestone as the market is improving. We are seeing green everywhere in the latest cryptocurrency news - with a focus on the most dominant cryptocurrency, Bitcoin (BTC). Even though Bitcoin has not recorded the biggest rise on the day, it is coming close to the $4,100 mark which is crucial for the cryptocurrency. The gains of 1% to 2% are repetitive for most of the top 10 cryptocurrencies which made sure to rise in terms of value and contribute to the growing market cap. By rising more than $1.5 billion overnight, the market showed that it is led by the Bitcoin price. Based on the global average, BTC has remained above the $4,000 resistance level for more than a week now - and tokens have followed with new surges of up to 20% on the day. Even though Bitcoin was a hot topic over the past couple of months for its inability to break out of the crucial resistance levels set in the $3,000 zone - it now managed to cross the $4,000 mark and is rising as we speak. The sentiment around the market is positive and is expected to improve, too. Earlier this week, some reports suggested that analysts still foresee the Bitcoin price testing its lows in the $3,122 to $3,500 range before a potential accumulation in the upcoming months. Even though we don't need to be so optimistic, the trend line is positive and since mid last year, Bitcoin has shown a pattern of experiencing several months of stability and then dropping largely afterwards. So, if BTC continues to climb up in the $4,000 and $5,000 range, the resistance levels will climb too. According to Anthony Pompliano who is the co-founder and general partner at Morgan Creek Digital, the institutional investors and asset managers that are likely to buy BTC in the long run are committing to the asset class.
"In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry," Pompliano said.
Aside from the greens recorded in the top 20 cryptocurrencies, the best performers on the day include the names of Ontology, Ravencoin, Tezos, Huobi Token, and KuCoin Shares - all recording gains from 12% to 25% on the day.
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Altcoin News

Analyst: 90% Of Smaller Crypto Projects Will Result In Complete Loss

The latest news and headlines on our DC Forecasts crypto news site feature one fundamental analyst who picked up steam in the crypto waters for saying that the majority of the smaller crypto projects and not-known altcoins will result in complete losses. In times when Bitcoin is stabilizing and trading over the $4,100 margin in a slow and steady climb, traders everywhere are rejoicing over the so-called altcoin season that is upon us. Still, before we celebrate the new surge and the start of a new bull run, it is important to see the fundamental statistics. According to the fundamental analyst who is known under the Twitter handle "Wolf of Qtrade.io" - the vast majority of the cryptocurrencies on the market will result in "complete loss" for investors who are playing the role of venture capitalists by funding projects with little to no use in real world. The self-proclaimed crypto trader has taken to Twitter to express his concerns in investing in smaller crypto projects. He also compared crypto investors to venture capitalists who invest in startups with a high rate of failure. https://twitter.com/cryptic_monk/status/1107608278677241857 The trader's concerns are not that much about investing in cryptocurrencies - but more about the fact that uninformed cryptocurrency investors don't appear to understand the risk to reward ratio in investing in crypto projects. The trader also claimed that smaller crypto projects are unproven and often have tiny teams - hence their similarity to startups. https://twitter.com/cryptic_monk/status/1107608271161044992
“No matter how these small projects are financed (via an ICO, premine, fair launch, dev reward, self-funded etc.), they are essentially young startups in a completely unproven technological field. Such startups are known to have an extremely high failure rate of about 90%,” the analyst explained.
The "Wolf of Qtrade.io" also said that only Bitcoin, Ethereum and Monero are the coins that have "traction" and ones that should make up core crypto exposure.
"There’s no denying that there’s a realistic chance that somewhere in the 10% of the projects that survive lies a gem that ends up providing a 10x, 100x, or even 1000x return on investment," he said.
Overall, his thoughts are very much in line with the other traders in the crypto community which now recommend investing only in the cryptocurrencies one can afford to lose and building the portfolio around high-cap coins such as Bitcoin and Ethereum.
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Altcoin News

Mayor Of Chicago: Cryptocurrency Will Save Countries From Financial Crises

A new report featured in Forbes is in the latest digital currency news, outlining the statement of the Chicago Mayor Rahm Emmanuel - who was the former Chief of Staff for the President Barack Obama. As the post unveils, Emmanuel told a writer that the future for cryptocurrencies like Bitcoin is "affirmative." In detail, the Chicago Mayor spoke about the potential that cryptocurrencies have to play a serious role in the debt markets as well as the third world countries - especially where currencies can be unreliable. Even though Emmanuel does not know the entire operation of crypto, he remains positive that it could reshape the financial aspects of society. As he said:
“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”
Emmanuel also noted that the nation states are falling apart while the "city states are emerging." This is why Chicago and other major cities have their own wage laws, some of them even have their own income taxes and many other different regulations. In times when countries like Iran and Venezuela are facing financial embargoes, cryptocurrency can be a possible way to maintain global transactions, according to Emanuel.
"Nation states are falling apart, or receding. City states are emerging, so the political structures we all grew up under are changing. One day, somebody's going to figure out - whether that's Argentina, ten years from now, five years from now - how to use cryptocurrencies to stay alive when their facing a financial crisis, and then you're going to find out that this moment has arrived," he confidently said.
To sum things up, Emanuel said that he believes that "an alternative way of currency dealing with the debt markets is going to happen" at some point in the future.
The trend lines are affirmative for its future. I don't know if that's ten years, and I don't know if that's 20 years, but it's affirmative. I don't know what it is. I know it's an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it's not the top 100 things I would have to learn about," Emanuel concluded.
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Altcoin News

Tech Giant Kakao May Introduce Millions Of People To Crypto

One of the largest social media and technology heavyweight company named Kakao and based in South Korea - is in today's crypto news for joining the fray and taking a place in one of the most forward-thinking companies that are embroiled in crypto. According to the recent push for the adoption of this innovation, Kakao seems interested in the world of Bitcoin and altcoin cryptocurrencies. It has a user base that counts millions of people - in fact 44 million - which could soon become crypto users thanks to a new report and crypto wallet feature. Even though this is not yet confirmed, a media outlet named Financial News (FnNews) recently  reported that Kakao's 44 million user base that are using the popular messaging platform KakaoTalk - will soon be exposed to digital assets such as Bitcoin. Following these news, many industry insiders commented that the Jeju-based company will use a "crypto wallet" and give millions of South Koreans the ability to interact and indulge in a variety of blockchain ecosystems. The report also says that using the application will be easy - or as easy as sending a message. In that manner, users could send or request for cryptocurrencies in a few clicks, reducing the barrier to entry completely. What's interesting is that executives from Kakao are neither denying nor confirming these rumors. One unnamed representative, however, did note that the company is looking into blockchain technologies. From this, it is logical to assume that Kakao at least has some form of a crypto storage prototype technology. And while Kakao is mysterious when it comes to the new things happening at the company, another South Korean technology giant named Samsung - recently revealed the "Blockchain Keystore" feature that is built into its Samsung S10 smartphone lineup which launched last month in order to widespread the hype. According to users, this can store Bitcoin but also work like an Ethereum-centric dApp browser. Per analysts, Kakao should definitely mimic Samsung's move and create something valuable in the crypto world, going in line with the trend and giving its user base something more innovative and more usable to implement. Let's just hope we see an official announcement soon!
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