Everybody and their mothers waited shivering the end of Consensus, the biggest crypto-related event of the year, with more than 8,500 attendants this year, because, as happened in the past, this was usually the beginning of a rally. Instead, we got a bit of a sell-off.
Thomas Lee, Fundstrat manager and a long time supporter of crypto, explains in this tweet why he thinks the rally didn't happen (yet).
For those not looking at the fine print: we need a more coherent regulatory framework around cryptos (especially a clearer definition of when and how cryptos can be securities) before institutional money - the biggest and most expected growth driver - will jump in the boat.
It's worth noting, though, that Lee is still optimistic about cryptos, overall.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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The question is who needs who.
Do we need institutional money of institutional money needs us?
They have a trillions in their pockets and best brains in any field. The CAN find a way around any regulatory fence if wanted so.
From what I've been hearing from Consensus attendees, the event sucked ass.
Everyone was complaining about vapid politicians and Wall St. suits ruining the spirit of the event. Not to mention the tackiness of the lambo display on the street.
According to Gardner Hype Cycle, Bitcoin and cryptocurrencies are at the Slope of Enlightenment.
I am not sure if we are still in the Trough of Disillusionment yet but what everyone in the industry has no doubt is that this technology is here to stay and we will end up reaching Plateau of Productivity
I know rally has been delayed but my friend good things take time to come.
Hold for more benefit.
@dragosroua bro I discuss this Sbd situation with steemit followers, he is also an sbd's holder,
He said if sbd is pegged, then I'll never go to an 18$ in the last August. it was pegged but now it is not.
I agree. It's the uncertainty that's causing people to hesitate. Until then, I'm stacking Steem Power.
Been hearing about consensus but never really cared to read about it or know what it was but I now know what's up with it and I am happy it was a success.
Yes i agree with you
I hear about consensus a lot but I'm not sure if I grasp the meaning of it and how it works with crypto... Doesn't consensus mean "All agree on something?" Can someone explain?
Good to know. So when are we likely to see all three (if all three are truly needed to get the ball rolling)? As it is, in the U.S., the most recent regulation we have came through the last spending bill stating that every crypto transaction needs to be tracked so it can be taxed (or something like that). And how does that jive with the intent of crypto in the first place—since it's not location based, it shouldn't be subject to regulation by any governing body? Or is that not what the signup flyer said? :)
#good job
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I think he makes a good point here. A lot of attendees shows a lot of interest, but it'll take more than one conference to win over most of the big-money institutions. This being said, if they keep coming year on year, then I think they'll become more comfortable over time. I'd say aiming 2020 to 2022 is when we'll start seeing some proper instritutional investment.
We always follow the development of crypto.thanks for what you share
Thanks @dragosroua
owo