Irrational Optimism in Cryptocurrency Gathering – Consensus Convention

Maheen Hernandez By Maheen Hernandez May 17, 2019 Off
consensus convention

The cryptocurrency industry has been looking to gain mainstream adoption in the retail industry for several times. 

Several retailers are not willing to discuss any prospective cryptocurrency payment system until they come across its real-time application.  They are not willing to comment on it until they learn how people will use it.

Several merchants have attempted to accept cryptocurrency payments in the past; however, it was at a too early stage. 

Irrational optimism is seen in a crypto gathering at the consensus convention.  The attentiveness of the audience was reported to be poor in this gathering.  Several boyish founders announced their founding related to exchanges, wallet services, and blockchain startups.

With an increase in the numbers of smartphone users, the numbers of mobile apps have as well increased.  The adoption and usage rates have been decreasing in the regular Google Pay and Apple Pay networks.

Large and small organizations are moving into the world of cryptocurrency banking.  Samsung provides the S10 phone in which cold storage is included as a standard.  The Exodus 1 phone marketed as buyable only with Bitcoin can run a full Bitcoin Node.  Newer innovators are coming up with mobile applications and virtual debit cards.

Danial Daychopan, when talking about the banking issues related to cryptocurrency, stated, “Firstly, ease-of-use. Cryptocurrencies are heavily associated with the tech-savvy, and this is a strong deterrent for newcomers.”  He also said, “Secondly, the unreasonable fees. As an emerging market, there are minimal reputable and secure exchanges that provide reasonable fees for buying and selling crypto (especially for UK customers) – some charge as much as 4% with further hidden costs…”

Revolut, a cryptocurrency meets fiat banking solution faces a range of accusations after Telegraph, a UK newspaper published “AML lapses and poor working conditions.“

At the Consensus Conference held in New York this week, it was stated that Chinese investors are looking to exchange Yuan for other kinds of assets like the Bitcoin, USD, etc.  The Chinese are into a belief that the Yuan will continue to drop.

Philippe Bekhazi, CEO of XBTO, stated, “I’ve talked to a bunch of traders on the ground in Hong Kong. There’s a booming business in stable coins because people are getting money out of China and Hong Kong.”

Gary Shilling, the former chief economist at Merrill Lynch, stated, “They’ve been very stringent on moving money out of the country.”