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Bancor Co-Founder Compares Blockchain to the Early Internet

Mon, 04/22/2019 - 17:36
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Alex Dovbnya
If Amazon managed to recover from its 98% drop and become the world’s biggest company, there is no reason to write off Blockchain so soon
Bancor Co-Founder Compares Blockchain to the Early Internet
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The downfall of Bancor didn’t make Eyal Hertzog, the co-founder of the Israeli startup, lose faith in Blockchain and crypto. The entrepreneur, who also got burned during the dot-com crash, now compares Blockchain to the Internet.  

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Bancor’s fall from grace   

Bancor, the biggest decentralized exchange in the world, was the darling of ICO investors with a record-breaking $153 mln raised in less than three hours. Despite being the biggest ICO in history at that time, Tim Draper-backed Bancor didn’t stand the test of time with its price suffering since its very debut (the $23.5 mln hack that took place back in July also didn’t help).

That, however, doesn’t stop Hertzog from believing in the future of Blockchain. He was forced to shut down his company called Contact Networks Inc. at the age 26 after the dot-com bubble painfully collapsed.

“The hype was even greater, and the crash was, in a way, almost more complete. And since it hit the global stock markets, the damage was in trillions of dollars,” Hertzog describes the dot-com crash.

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Déjà vu

Hertzog further compares Blockchain to the Internet since there was a similar feeling of a groundbreaking technology ‘that could change everything’. That explains why many investors were blinded by the disruptive potential of Blockchain and rode the bullish wave without foreseeing an imminent downfall.

At the same time, Hertzog is not that enthusiastic about Bitcoin. He thinks that crypto will work, but BTC will never be a viable replacement to fiat money due to its speculative nature.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at