With the massive crypto market rout that has occurred since the beginning of this year, it has become very pertinent for any investor in the cryptocurrency space to ask this question.
The cryptocurrency market rose by 1200 per cent in 2017 setting up a mini-bubble that the market has not recovered from.
The rise of bitcoin from $6,000 to high of $19,343 in late 2017 seems to have created an anomaly in the market.
The rise coincided with when Commodity Futures Trading Commission (CFTC), the US regulator of futures and derivatives markets, authorized forward (futures) contracts. The authorization by the CFTC was seen as a big boost to opening the way to the commercialization of derivative products on cryptos. This was followed by the Chicago Board Options Exchange (CBOE), closely followed by the Chicago Mercantile Exchange (CME) which gave a big boost and in the mind of many the acceptance of cryptocurrency.
However, it is very obvious that these regulatory bodies got involved, a lot of manipulation has been taking place in the market in a centralized way.
In parallel with these futures contracts, ETF issuers are trying to persuade the SEC to create index trackers to replicate the evolution of the popular Bitcoin and Ethereum.
However, the whole process has turned into a “pump and dump” scheme where those with insider’s information hype up the crypto space with the anticipation that the ETF will be approved only for it to be denied on the days these contracts are maturing.
In addition, the threats and beginnings of regulations by some states, from South Korea to China, France, the United States and the United Kingdom have also contributed to the downturn and general apathy the market is currently undergoing.
The question is with everything going on in the market, will skycoin survive the apocalypse?
Nolan Bauerle, research director at CoinDesk, says 90% of cryptocurrencies today will not survive a crash in the markets. Those that survive will dominate the game and boost returns for early investors.
Identifying survivors in the cryptocurrency markets is easier said than done. No single currency has gained mainstream traction or is even close to achieving it. Even bitcoin, the world’s most valuable and popular cryptocurrency, is plagued with scaling issues, such as high transaction fees and slow networks.
Cryptocurrency valuations today are almost entirely based on potential, not actual service. No alt-coin is being used in any significant way in any market or industry. Even the supposed market leader, Bitcoin, is just a drop in the bucket when it comes to actual usage in financial transactions.
Most of the altcoins have dropped way below their price levels this time last year and are 80-90% down from their all-time highs. The truth of the matter is a lot of these coins are dead already and in certain projects, the founders have exited and abandoned the project.
It is quite common for innovations to encounter hesitant starts, and yet bring enormous economic and social benefits and change.
Thirty years ago, or even more recently amid the dot-com collapse, it would be difficult to imagine that there would be a small number of dominant technology companies, notably Google, Apple, Facebook and Amazon (GAFA), bringing such social and economic change. Furthermore, the challenges they are bringing along with these benefits were not always those that would have been imagined.
HOW DO YOU ASSESS IF A CRYPTO WILL SURVIVE A BEAR PERIOD
I will like to take your mind back to 2014 Coinmarket cap (CMC) top 20 coins.
Of the top 20 in 2014, how many are still relevant? How many have you ever heard of?
Only 3 coins survived the great 2014/2015 bear market and still remain in the top 20: Bitcoin, Litecoin, and Ripple.
If we can compare the 2014/2015 market to our current situation, we’d better think long and hard about what shitcoins we’re holding, and whether or not to jettison them because a lot of these coins will fade into the oblivion and some just exist on paper and nothing more.
Just like the Netscape, my space, AOL, most of the coins in the top 20 today will no longer be in existence in another 5 years. While this might sound incredible, I would just say let’s watch the space.
For you to know the right type of project one should be investing in a bear period, you must ask yourself these questions
Is there a real-world problem that this project is trying to solve?
Does the company’s roadmap outline a sound strategy towards achieving their goal?
Is this company the one most likely, amongst its competitors, to succeed at creating a blockchain solution to the problem they’ve identified in other words, Is their technology better than their competitors?
Does the company have any pre-existing businesses, apps or products that you can review and, if so, are they any good ?
Do you believe this project will still exist in 5 years time?
Is the Project supported by China which, in case you haven’t noticed, is becoming the next technological world leader?
Does this project have a strong community?
Has this project been in existence for a long time? (lindy’s effect: The Lindy effect is a concept that the future life expectancy of some non-perishable things like a technology or an idea is proportional to their current age so that every additional period of survival implies a longer remaining life expectancy)
For skycoin, the answer to these entire question is yes and that makes it one of the candidates to survive any bear and will definitely be sitting at the top of the coin market valuation in a few years time.
If you are in any other project and you cannot answer yes to each of these questions, this is a generous invitation to join the skycoin community and find out more for yourself .
You will find that answers to the above questions are readily by visiting the company’s website and compare the information gathered from competitors.
Use Google to Search for anything that you can find on the company. Especially articles, news and interviews. Avoid rumours and pay attention instead to past statements from the team making promises of things to come. Have they missed deadlines? Have they developed any tangible product worth talking about?
Join the community chat at Telegram Chat and ask questions to fill any knowledge gaps.
SkyCoin is a complete ecosystem of blockchain technology, which was launched with an aim to promote the actual use of cryptocurrency and public ledger technology, instead of speculating on its valuation. The platform has been continuously developing for more than 8 years by a group of developers who were earlier involved in Bitcoin and Ethereum.
It uses its own specific distributed consensus algorithm, called Obelisk, instead of other commonly used algorithms like proof of work (POW) and proof of stake (POS). Obelisk uses the concept of ‘web of trust dynamics’, which distributes influence over the network and makes consensus decisions depending upon the influence score of each node. Each node subscribes to a select number of other network nodes, and the density of a node’s network of subscribers determines its influence on the network. The method is non-energy-intensive and does not need high computing power or high stakes like those in POW or POS algorithms.
SkyCoin operates as an ecosystem of blockchain and includes various artefacts that it supports. For instance, a blockchain application called SkyWire is running already as a feature that will not only decentralize the Internet and bandwidth at the hardware level but will also provide for storage and computation in a decentralized manner.
Holding one SkyCoin for an hour in the SkyCoin wallet entitles the holder to one Coin Hour. This is another currency on SkyCoin network that can be used to trade bandwidth and other services within the SkyCoin platform.
SkyCoin operates its own initial coin offering (ICO) platform called Fiber, a decentralized messaging system called Sky-Messenger, a decentralized social media channel called BBS, and its own programming language called Golang.
SkyCoin supports 300 transactions per second (TPS), transaction execution time of fewer than 2 seconds, and offers a secure network that is safe from the 51% attack.
Skycoin has taken its time to develop and master their niche, product and concept and often cautious with too much marketing, as they know that they need the product down to a T before it’s worthwhile in attracting users not only to invest but utilize the product that has been developed.
A big trend that we’ve seen happen over the past few years with the best projects is that they float by for a very long time at a tiny market cap only to absolutely blow up over the course of a few days when a big piece of news comes out about it. Most of these gems were pretty visible with enough time invested in reading the white paper, getting to know the market niche and even doing cautious research on the team developing the product.
The whole history of Apple is that of a company that borrows technology from other companies, improves the user experience a bit, and then markets it ferociously. Apple also happens to be the most valuable company in the world (and one that a lot of Dot-com entrepreneurs in the late 1990’s thought was a dinosaur due for extinction). Solid tech is important; coolest tech is not.
Skycoin has the most solid technology in the crypto space. Their skyminer and skywire interface is some piece of technology that will revolutionize the way people source and store their information on the Internet without any central controlling point.
Skycoin has a strong use case as modern day internet is becoming censored from all angles and because it is highly centralized and leaves the control of everything at the hands of the service providers and government who can decide to restrict or ban out rightly what you ate able to see on your internet.
The skycoin developers are as elite as they can be. Under the able leadership of Synth and Steve, they are not just individuals who churn out the greatest ideas for an ideal cryptocurrency but they are talented enough to make these ideas reality. It’s little wonder everyone listens when Synth speaks.
Skycoin is making strides in making sure they have talented individuals in other areas such as business development, marketing, and project management. Without a strong overall team, the founder might create a superior technology, but the cryptocurrency won’t achieve market adoption. He’ll have the blackberry to another coin’s Apple.
This has culminated in John Otto Peters, CEO and one of the founders of Aionios Inc. and previously CFO of Triple Canopy, Inc joining the skycoin team as an advisor.
Mr Peters is a CPA, a member of the AICPA, and earned his BBA from the Loyola University of Chicago and an MBA from the University of Chicago. Mr Peters works with several charitable institutions. He is a Knight of the Equestrian Order of the Holy Sepulchre of Jerusalem and is a member of the Visiting Committee of the Oriental Institute at the University of Chicago.
The skycoin community is a very vibrant and pro-active community and has been very supportive of the skycoin project with their engagement and participation in the skywire and skyminer.
The followings are some of the achievements of skycoin since its official launch in 2007 to show that the project has got everything going for it.
These achievements of the skycoin project further buttresses the fact that skycoin is here to stay and one of the few projects that will remain when 90 per cent of other crypto projects go under
These include but not limited to
- The skyminer is the most significant piece of hardware ever developed in the crypto space to power the new Internet. It is a show stopper in every blockchain conference leaving people begging and asking skycoin to manufacture them for sale during these conferences.
It’s the fastest VPN ever developed and already second-generation miners are being produced
- Skycoin has successfully launched the skywire testnet and within 3 months of its launch, it already has 8000 nodes running all across the world.
Skywire is a cheaper, faster, democratized Internet, free from prying eyes and bad actors. Skywire is the dawning of a new era with the advancement of Internet 3.0.
Skywire is a mesh network, meaning that it is comprised of thousands of nodes in diverse geographic locations, all connected to each other to transmit Internet traffic
3 The project pays out over 250k US dollars in skycoin every month to the supporters of the skycoin project for supplying their nodes for the skywire testnet
The project just released its first official Android version of our mobile wallet, which can be downloaded from google play, and the IOS version is going final testing before release.
In addition, the hardware or cold wallet is ready and the launch date has been set. Watch out for further announcements concerning. One Guarantee is it can store the top 100 currencies and it is going to cost fewer than 30 dollars
Skycoin has not sold or spent a single coin from skycoin’s reserve fund to reap profits or to manipulate the coin price. Instead, they have chosen to remain completely focused on developing the project and fulfilling milestones as defined in the roadmap.
The Skycoin project raised several thousand Bitcoins when the price was below $100. This is what is been used in funding dozens of independent development groups including Skywire CX, video games on the blockchain, kitty cash, etc.
The skycoin project is actively seeking to build a new location to manufacture its hardware to expedite development either in Isreal, Thailand or California.
In addition to all these achievements, Skycoin is continuously working on its development and second generation skyminers which will have motorized antennas have been produced to be released when mainnet goes live.
Skydex, A decentralized exchange that will trade all skyfiber projects has been finalized and would be released when it gets to its order of priority.
It is pertinent to note a lot of strategic partnerships have been entered with skycoin but again as a project that is more concerned in perfecting its niche market, these partnerships are being kept secret and will be released at the appropriate time.
All these development only points to the fact that the skycoin project is here to stay and I am imploring readers to do their research and take appropriate action.
If you are confident the project will succeed then you will have no real reason to panic when the price dips, which it inevitably will as it is with all investments considering the fact that crypto investing is still very nascent.
The market may be at a very bad state at the moment. To weather the storm, seek out projects with strong communities, obvious product-market fit, relatively long histories, and backing from elite teams with deep pockets.
If you were confident enough to buy the coin in the first place, and the company has done nothing to lose your trust, then leverage that confidence and invest additional amounts during the dips.
Bear markets provide time and space for engineers to build important new developments, and they shake out the weak investors. In other words, we need this downtime to improve the fundamentals and that is exactly what skycoin is doing.
I’ll add to Mr Buffet’s quote by saying “Be fearful when your heart tells you to be greedy, be greedy when your gut tells you to be fearful. Never ignore your common sense.”
If you have skycoin , all i can say is be happy like this skycoin baby
Find out more at https://www.skycoin.net
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