Consensus 2018 was a dry thunderstorm although the whole community was hoping for a strong, fruitful rain.
Market didn’t react as expected, it even went in the wrong direction and bears established even more dominance.
Crypto enthusiasts with a lot of blowhards among them swarmed the New York City for the biggest event of the year – Consensus 2018. Some of the big names were missing, most distinguished ones including Ethereum co-founder Vitalik Buterin and Charles Hoskinson, Cardano founder and CEO along with IOTA founders – all citing the false and biased reporting of CoinDesk (organizer of the conference) as the reason for skipping the conference.
Nevertheless, well known analysts and experts from the niche were quick to predict market recovery and strong bull rally instigated by the conference-generated enthusiasm.
The event was flashy show off of rented luxury Lambos, yacht party and celebrity rapper but the market reaction to it was crashy – the overall market cap sunk $45 billion since May 11th. The king itself, Bitcoin, fell to just above $8k mark with other altcoins following suit and dipping at even higher pace.
$45 billion meltdown
Sharp market plummets are nothing new in the crypto world, but this one is particularly worrying as it shows that market ignored the big conference which could mean that events of this size are no longer able to move the needle. The market already encompassed early adopters and it needs new blood to reach new highs.
Talks were deemed by many attendees as superficial, and the speakers didn’t seem to know who their audience was. Presenters rehashed cliche after cliche about how bad ICOs are, how they will in 90% of cases fail, instead of delving into the fundamental problems facing crypto (real world usage by the average joe, scalability, centralization).
One Redditor put it nicely:
The whole point of this conference was to say:
“Dear governments and bankers: We surrender. We give you authority to take over our space now that it is mature”
It was like a ceremony of giving govs and bankers the crown of authority.
This week’s losses may have been the result of disappointment and unfulfilled promises surrounding Consensus 2018, said Sunny Lu, the chief executive officer of blockchain-based logistics company VeChain Tech and one of the speakers on the conference.
Bitcoin advocates are quick to emphasize the pending entrance of institutional money which would boost the credibility and capitalization of bitcoin led industry. However, no serious institution will invest its money before the regulators finish their part of the job and the rules of the game are clear enough.
Until then, famous investors like Warren Buffet relish every opportunity to scoff at crypto, most recently, comparing bitcoin with some unusual chemical substances (rat poison) and his sidekick Charlie Munger who was even more creative in his descriptions of bitcoin (selling baby parts on the black market).
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