📈 Pricewise Andrew Strogoff

Bitcoin, Ethereum, Ripple, EOS, NEM Go for New Highs, Bulls Becoming Stronger: Price Analysis, July 9

Pricewise
Bitcoin and altcoins develop their bullish trends, major cryptocurrencies still look promising
Bitcoin, Ethereum, Ripple, EOS, NEM Go for New Highs, Bulls Becoming Stronger: Price Analysis, July 9

Bitcoin and other major cryptos continue to rally as they have reached new highs on weekend. General market moods remain positive and cryptos from the top 20 seem to be ready to make new tops. Psychologically, bulls are winning currently as bears have no chances to reverse the situation.

As for the news, there are no drivers in the moment of writing, but we want our readers to pay attention to some interesting facts. European’s ETF giant launches ETN. This is an Exchange trading note, which is similar to Exchange trading fund, but have some specifics. Crypto community, by the way, expects Bitcoin ETF’s in the nearest future.

Another great news comes from Switzerland where local stock exchange owner SIX launches their own crypto exchange. This company promises to traders to give them a full set of opportunities in order to provide clients with high-quality service.

Bitcoin (BTC/USD) price analysis, July 9

BTC/USD had almost nor gains neither losses in the past 24 hours as the currency pair declined for less than one percent. However, in general, the situation is promising as the main cryptocurrency established new highs during the weekend.

BTC/USD 4 Hours chart

Let’s get down to the four hours’ chart to see what’s going on with the cryptocurrency. Bitcoin has tested the supper area at $6,510 during the weekend but failed to develop its decline. We have updated the ascending trend line according to the recent price changes.

Bitcoin went upwards later and BTC price jumped over the resistance area at $6,701. BTC/USD stays above this level currently, but still unable to make any further upside steps. We think that the currency pair is going to grow today again as we have a clear bullish flag pattern on the chart.

The next target for Bitcoin growth lies at $6,943. BTC price is likely to reach this area within one-two days approximately. However, if bulls are more active, they will be able to develop their progress and to reach even higher tops.

As for the alternative scenario, if sellers gain temporary control over the market, they will be able to press the currency pair down towards the support area at $6,510.

Ethereum (ETH/USD) price analysis, July 9

Ethereum makes smooth losses in the past 24 hours, but the currency pair still looks very promising as it established new highs during the weekend. We have adjusted the ascending trend line in order to make it more appropriate to the current situation.

ETH/USD 4 Hours chart

Wha can we see on the four-hour chart? The first thing that is clear is that ETH price goes along the green ascending trend line. This fact indicates the probability of further upside tendency. ETH price reached the trend line on the weekend but jumped over the resistance area at $473.39 and went higher later.

Currently, we have some kind of a flag pattern on the chart, but it is not a classic pattern analysis flag that we used to trade. However, psychologically, this one is a consolidation after a bullish momentum and may lead to another significant price burst in the nearest future.

As for targets for this growth, we think that Ethereum is likely to reach $540.69 in the nearest future. However, the closest target is the resistance area at $500.36.

Is there any alternative scenario? If bulls are unable to drive ETH/USD higher than bears will push it lower. We think that Ethereum will run lower in this case, targeting the support area at $543.29.

Ripple (XRP/USD) price analysis, July 9

Ripple looks less promising than other majors as the crypto failed to establish new highs during the weekend. The currency pair has lost more than two percent in the past 24 hours. The currency pair has broken through the ascending trend line and moved lower. It is hard to say currently whether Ripple is going to resume its uptrend in the nearest future.

XRP/USD 4 Hours chart

The situation on the four-hour chart is neutral as there is no tendency currently. Ripple failed to jump over the resistance area at $0.5088 during the weekend. The currency pair tested the support area at $0.4744 instead.

We have set upper targets for Ripple at $0.5444, but currently, we cannot say that XRP/USD is able to reach them in the nearest future as the uptrend was broken. The lower targets are set at the support area at $0.4495, but Ripple will have to breakout the closest support area at $0.4744 in order to reach it.

EOS (EOS/USD) price analysis, July 9

EOS seems to be neutral on Monday as the currency pair has no clear direction. EOS has lost more than four percent in the past 24 hours. We have readjusted the trend line to make it appropriate to the current situation.

EOS/USD 4 Hours chart

EOS has almost reached the resistance area at $9.03 during the weekend but later the currency pair declined towards the ascending trend line. It stays in the middle of the horizontal channel in the moment of writing.

We think that EOS is going to stop declining there and after meeting the ascending tend line, the currency pair is likely to resume its growth. EOS/USD’s first target is at $9.03. If bulls are able to drive the currency pair higher, EOS is likely to reach the next resistance at $9.56.

As for the alternative scenario, we think that according to the current situation, bears have the same chances to push EOS downwards. The closest support area is at $8.29. As for targets, they may be even lower at the next support area at $7.65.

NEM (XEM/USD) price analysis, July 9

NEM has no clear direction currently, but we think that the currency pair is likely to resume its uptrend according to the chart situation in the moment of writing. We have adjusted the trend line and it shows the situation better in the moment of writing.

XEM/USD 4 Hours chart

There is a bullish pattern on the four-hourchart and we think that bulls have chances to drive the currency pair higher. XEM price is close to the ascending trend line and if it jumps off it, the price is likely to reach the closest resistance area at least.

We have set bullish targets at $0.2121, but the price will have to jump over the closest resistance area at $0.2002 first. However, if this bullish pattern does not work, the bears will regain control and will be able to push the currency pair lower. The closest target for the decline lies at $0.1682.

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Darryn Pollock

BCH Hash War Descends to Dirty Tactics, Clashing with Nakamoto’s True Vision

There are some dirty tactics emerging in the BCH hash war that would clearly be in contrast with what Satoshi Nakamoto would have wanted
BCH Hash War Descends to Dirty Tactics, Clashing with Nakamoto’s True Vision
Contents

Since the 15th of November, an intense hashwar has been raging between two sides of the Bitcoin Cash blockchain following its hard fork. On one side is a man who has claimed to be the creator of Bitcoin — Satoshi Nakamoto — Craig Wright, and the other is a man who calls himself Bitcoin Jesus, Roger Ver.

The hash war has degenerated to a point where some dirty tactics have been used and have come to light. But most concerning is the hypocrisy of the BCH proponents who have enacted the tactics — and the hard fork in general — as it is clear this mess would never have been the intention of Nakamoto when he created Bitcoin 10 years ago.

Bitcoin Cash ABC had a hash burst straight after the fork, but it has emerged via Jimmy Nguyen, the CEO of nChain, that the burst was actually rented or subsidized from the BTC network.

These tactics are clearly not for the benefit of the cryptocurrency ecosystem, with the total market cap tanking soon after this petty hash war kicked off. Furthermore, Bitcoin Cash was hard forked off of the original Bitcoin chain under the guise of maintaining Nakamoto’s vision of a electronic peer-to-peer cash system — yet this latest feud is far from that.

The exposed hash burst

Taking a look at the graph showing the competing networks that forked off the BCH network, it is clear that BCH AC spiked earlier and harder. This hash burst has since been exposed, though.

This hash burst was actually rented — subsidised —  by the BTC network “in order to artificially boost the support for Bitcoin Cash ABC far higher than it had ever been in the days and weeks leading up to the hard fork,” according to Nguyen.

The exposed hash burst

This is clearly a subversive tactic in a war of hash for this chain, and is neither ethical or the right way in which to win this battle. It is also not conducive to what Nakamoto envisioned for blockchain and Bitcoin — something that is supposedly very important to the BCH believers.

Nguyen says it is hypocrisy to move hash for a day or two from the rival network that most of the community do not like and use that to claim victory.

“The whole reason that such hash was available on the BTC network to move onto BCH is because the people who should have fought Bitcoin Core did not, and splintered off to create the Bitcoin Cash network, and allowed BTC to continue on. That’s perfectly fine. But now they’re borrowing hash, renting it, subsidizing it from the very network they so vehemently oppose many of them to try and claim a victory on the BCH network.”

Testing the Nakamoto Consensus

In Bitcoin’s white paper, it states that the cryptocurrency should be a cash-like system, which is a fact the BCH believers hold onto, but the Nakamoto Consensus also states there was supposed to be only one Bitcoin network.

Nguyen adds: “Satoshi Nakamoto could not have envisioned, at the time the white paper was written, that there was going to be some splintered-off network using the same hash algorithm. And with the idea of one CPU equals one vote, or miner hash power equals the vote, it was designed.”

“I’m sure most logical people can agree with it to recognize that the people who have an ongoing continuous invested interest in the network are the ones that should vote on a rule set.”

A philosophical war

While this hard fork started out as a scheduled maintenance, it quickly degraded into a battle between big personalities within a blockchain that was already controversial and hostile. The decisions to go separate ways at this juncture cannot be too surprising, but the outcome of this war will probably not be positive or conducive to a betterment of the cryptocurrency space.

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🎤 Interviews Masha Beetroot

EOS’s Ricky Shi: Could Governments Hold EOS by the Balls? I Don’t Think So

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Could governments hold EOS by the balls? EOS block producer shares his view on the future of the platform
EOS’s Ricky Shi: Could Governments Hold EOS by the Balls? I Don’t Think So

EOS, fondly referred to as Ethereum on Steroids, is tipped to emerge as one of the leading cryptocurrencies in the nearest future.

Ricky Shi, co-founder of EOS Cannon, gave us an exclusive interview touching the base on EOS approach to governance, the role of Block.one, building EOS community and ecosystem,  and the perspectives of  EOS.  

A string of positive news is making EOS and EOS-related tokens a good investment. Founded in 2016 by Brendan Blumer and Daniel Larimer, EOS worked with Michael Novogratz and a known VC investor Christian Angermayer.

Recently Peter Thiel, a business partner of Angermayer and Bitmain’s founder Jihan Wu participated in the new fundraising round of the EOS backbone Block.one.

So far, EOS has been the basis mostly for development tools and some simple games. Nevertheless, the potential of this system is widely regarded as pretty high. For example, KickCoin (KICK), an ERC20 token for a crowdfunding platform, went up the charts when rumors hit the crypto market that the company negotiates with EOS Block Producers its possible migration from Ethereum to EOS.

EOS approach to governance

CryptoComes: Critics often say that EOS is not, in fact, a decentralized network, but subject to control by something akin to a government. They specifically mention the recent decision by the EOS centralized body to ban transactions from the specific 27 wallet addresses. What would you respond to the critics?

Ricky Shi: Well, there is not anything akin to a government, otherwise it won’t take some long and so many community calls to make a collective decision to freeze these accounts.

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CryptoComes: How will you describe the EOS approach to governance, on a scale between a totalitarian state and the complete anarchy?

RS: I would say 6, but right now 4. A few important governance pieces are not yet fully functional.

CryptoComes: Do you have a closed telegram group for 21 block producers or some similar venue for communication and making decisions?

RS: There is a mainnet BP telegram with 415 members if that is what you mean. There are weekly calls among top BPs to discuss and make decisions only related to BP part of duties.

Role of Block.one

CryptoComes: What is the role of Block.one now? What happens if some producers will join forces to challenge the principles ingrained by Block.one into the system?

RS: Block.one is one of the important contributing community members. Anyone can propose different ideas, but you need to get your voice heard, discussed and agreed upon (by vote, not by Block Producers) before there will be a change in the system.

CryptoComes: How big is the community you are working with? How will you describe it?

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RS: 2,000+, a very active elite group with a deep appreciation of EOS principles and are all believers in EOS vision.

CryptoComes: What are your major principles in working with your community?

RS: The principles are simple: community first, tier by proof of stake, free will & free to join, communication & daily coaching.

Preventing losses

CryptoComes: According to recent research, theft in the crypto industry is booming, with the volumes stolen this year times exceeding similar numbers in 2017. Can EOS tactics of fighting them be described by the words “scar them out”?

RS: Not exactly sure about the term. EOS has some design to prevent such loss. As for the EOS Cannon community, we coach our members to use the safest approach and developed our own version of offline wallet tools.

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CryptoComes: Could the principle of the delegated proof of stake and on the whole the EOS consensus mechanism change with time?

RS: IMO, there will be adjustment at implementation level, but not in the principle.

CryptoComes: Are you a pragmatic or a moralist yourself as it comes to the community principles? Moralist means the man or principles, such as decentralization, and pragmatic is a person who may be more flexible if circumstances require immediate action and the principles stand in the way.

RS: I think I am a bit of both. Maybe more towards moralist a bit when a critical situation doesn’t demand an immediate pragmatic approach to resolve.

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Still great experiment

CryptoComes: Nick Szabo insists that the centralized aspect of EOS leaves the project vulnerable to attacks and security holes. Some say that by having or introducing centralized bodies, crypto platforms are bound to become more vulnerable to hostile regulation. What would you say to that?

RS: Then what would he say about the current government system we all live in? As for the more vulnerable part, I think we will see how it goes.

It is a great experiment in mankind history after all.

CryptoComes: Related question: governments now can hold big exchanges by the balls. Could big exchanges, in their turn, could have EOS by the balls? Meaning that governments will eventually control EOS?

RS: Big exchanges are centralized. EOS has dPos and quite dispersed geographically. I don’t think so.

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EOS voting

CryptoComes: What, if anything, needs to be changed in the EOS voting system?

RS: You probably need to be specific on voting for what. Quite a few parallel efforts are carried out related to voting. If you are talking about BP voting, it is currently working, except we need more voters participation. If you are talking about how many votes per EOS, that is still an open discussion as of now.

Dethroning Ethereum

CryptoComes: When do you think EOS will dethrone Ethereum, or it’s not on the current agenda?

RS: I don’t have a comparison or agenda there. Let us stay focus and make EOS better.

CryptoComes: With the lack of regulation, are the smart contract-based platforms simply preposterous for now?

RS: I don’t think so. It is in its infancy and needs time to evolve and mature.

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AI and the future

CryptoComes: What is the place for AI and machine learning in future decentralized networks?

RS: IMO, it will be a natural marriage. But hold onto that idea before we have the supercomputer running at its full speed.

CryptoComes: What do you think of the future of EOS?

RS: Bright, promising and it is just the dawn!

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Darryn Pollock

Cryptocurrency Mining and the Energy Crisis Fallacy

There’s a lot of talk about the cryptocurrency mining crisis, but is there really a problem, or is it all being blown out of proportion?
Cryptocurrency Mining and the Energy Crisis Fallacy

As cryptocurrencies have risen to prominence, so have their mining operations. The act of mining cryptocurrencies means a lot of power is used as processors try and solve difficult mathematical equations. This energy usage has been exploding, to the point where it has been compared to the same usage as places like Denmark and Ireland.

However, it is easy to compare and contrast the electricity usage of Bitcoin mining and comment on its environmental footprint. The issue is, when looking a little deeper into the argument, the amount of energy that is used by Bitcoin mining pales in comparison to other, similar, industries- such as banking.

Well regarded Blockchain expert, Andreas Antonopoulos, has flipped the entire mining energy-thirsty, environmentally damaging argument on its head, but he has also suggested that there is room for proof of stake chains to circle around one major proof of work chain- Bitcoin.

Electricity arbitrage

The first thing to consider when examining the power usage of cryptocurrency miners is how energy works on a global scale, and how energy is sourced by miners. Firstly, when electricity is produced in an area, it is often produced for future usage, creating more supply than demand, and in the case of renewable energy, such as solar, hydro or wind, there is no way to turn it off.

This leads to a lessening of price as the supply outweighs the demand, and in these circumstances, cryptocurrency miners often move in. There have been many cases of mining operations cropping up in rural places where renewable energy is abundant.

“What if you could find a way to turn that [surplus] energy into an alternative store of value? Then instead of paying off the powerplant in five years, you pay it off in one year by using electricity that would otherwise be wasted,” Antonopoulos explained

“Suddenly, Bitcoin is an environmental subsidy to alternative energy all around the world! Because it is causing these projects to be amortized over a year instead of five - Oh! So we are running a green coin all this time!?”

Bitcoin miners are basically operating like electricity arbitrages, they can operate globally wherever there is electricity cost that suits them, and the upshot of that is the most profitable spot for miners is where electricity would be wasted anyway.

So, while mining may be using energy that is equivalent to small European countries, the power it taps into is often renewable, or at least not in demand, and thus available and potentially a money making option for power that would have been wasted anyway.

The banking energy monster

What makes cryptocurrency mining such an obvious target when it comes to criticizing an environmental footprint is its usage can be traced and pinpointed. But, when it comes to other areas of finance and economics, such as banking, their electricity usage is not as obvious, but it is by far much bigger.

“Every time you pull out that little plastic card and you use it to do a transaction you are not aware of the 100,000 square-foot data center that is churning 100,000 servers to do fraud detection or clearing. You are not aware of the tower offices that are lit 24 hours a day, and the trading floors and the bank vaults, and the armored cars and the diesel trucks, etc. All of those costs are mostly hidden, and they are enormous,” Antonopoulos added.

The fact of the matter is that yes, cryptocurrency mining does utilize a lot of power, but on a global scale, it is nothing compared to just the banking sector. There are thousands of banks across the globe, all with their own energy-hungry ecosystems, while Bitcoin is one entity that has one instance of power usage.

A fallacy of an argument

The argument that mining is destroying the environment needs to be taken with a pinch of salt. It is a badly worked argument, and in context, is a total fallacy.

However, even if the mining operation does start to get too big, or there needs to be a change in the operation, cryptocurrencies have the ability to utilize proof of stake over proof of work, something that Antonopoulos also looks into.

“I don't think we can afford two proof of work systems on this planet, but I think we only need one. Maybe everything else could be proof of stake and anchor into the only proof of work we have. We need one planetary proof of work system to offer us true energy dependance immutable, but maybe we can only afford one. Turns out that might be Bitcoins killer app,” he concluded.

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🎤 Interviews Cyril Gilson

Future of Blockchain Series: Vicky Barker on Mass Adoption

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Dacxi’s boss aims to bring more clarity for novice crypto users
Future of Blockchain Series: Vicky Barker on Mass Adoption

Once in a while, an exceptional technology comes to light. As everything else under the sun, those technologies have a certain cycle, almost a fruit like process. That initial seed of an idea turns into a sprout of potential, that becomes a tree giving us sweet and juicy benefits.

Vicky Barker's crypto exchange Dacxi is focused on bringing wonders of Blockchain technology and cryptocurrencies specifically to mainstream audiences.
We touched upon the growth of Blockchain technology, the role of team and the need for clarity for rookie crypto enthusiasts.

Cyril Gilson: Give us a brief story of how you first discovered Blockchain and what it meant for you?

Vicky Barker: I was at a conference in Hong Kong at the end of 2015 and accidentally stumbled into a breakout session that was all about how Blockchain might disrupt the beauty industry. I was really intrigued to hear about how Blockchain might have the potential to solve major issues in the cosmetics industry for both companies and consumers alike. At the time I was a beauty product manufacturer and I realized that Blockchain could be used to stop the counterfeiting of products and also provide supply chain transparency in an industry that is famous for smoke and mirrors.

From there I went down the rabbit hole and started devouring books, Ted-talks and whitepapers. Having lived through the Dotcom revolution, I realized that Blockchain had the same potential to turn the world on its head and I knew I had to get involved. I’m fascinated by the idea that our monetary system could be transformed and so create a fairer world. So my husband, myself and our investors set out to create Dacxi, the world’s first Community Exchange. Our goal is to help solve mainstream adoption of crypto assets.

CG: Tell us about your team. How did they get to the crypto industry?

VB: One of Dacxi’s strengths is our team. We have around 52 team members who are based in four offices in four different countries. They are a fantastically talented and diverse group of people with skills across the board from marketing, acquisition, community building to cryptoanalysts and also our dev and technical team. Some have been in the Blockchain world for years and act as crypto evangelists to any members of the team who are new to crypto!

CG: When in your opinion will mass adoption of Blockchain come?

VB: That’s the big question isn’t it? I think it is going to be like any new technology. At first, adoption is very slow and people question the value of the technology. We’ve seen this already. And then as Blockchain starts to spread it will follow an s-curve adoption cycle and quickly become unstoppable. When a new technology does take hold, it is very hard to stop. I think this will happen with cryptocurrency because of the network effects that strengthen and expand as more people use it. We need digital money for our digital world. That’s one of the first uses cases, and then once the more exotic DAPPs start to come online and scale there will be no looking back!

CG: Do you think your project may significantly influence Blockchain adoption? If yes, why?

VB: Yes, absolutely! Dacxi’s mission is to help solve the mainstream adoption problem. Our goal is to be the number one community exchange brand in crypto. We’re going to onboard the next wave of mainstream retail investors into crypto and that means up to 500 mln new investors and a market worth $1 tln by 2022. We’ll do this by pioneering a new category of crypto exchange, called a Community Exchange. The Dacxi Community Exchange has two key parts to it. Firstly, a user-friendly interface that is simple and intuitive to use. Secondly, it includes a dedicated community platform that provides new mainstream investors with the knowledge, tools, discussion groups and learning resources they need to engage with crypto assets in a safe and responsible way.

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CG: Name the factor that could be a major turnoff as it comes to cryptocurrencies and Blockchain. What can be done about it?

VB: The major turn off for people at the moment is they simply don’t understand it. It takes a while for people to get their heads around what Blockchain and crypto are all about. And of course, the barriers to entry are high. It’s a big challenge for new people to even get their first crypto and most people give up. Current exchanges are very technical and intimidating and not designed for mainstream users. So at Dacxi, we’re removing those barriers to entry, so new mainstream retail investors can get into crypto in a safe and responsible way. We’ll show them what they need to know and how to do it!

CG: The number of hacks is growing today along with the volumes of the sensitive data and the funds were stolen. How will you make sure that very personal user data is not going to be compromised?

VB: Yes, well obviously one of the strengths of Blockchain is that it allows users to take control of their data and keep it out of the hands of big companies that are more likely to be hacked. For us, as a crypto exchange, the security of our systems, assets and user data is one of the core principles upon which our business is built. We have best practice security protocols in place, a secure cold wallet storage facility in a remote location and our team is constantly assessing and testing our systems.

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CG: What major obstacles do you foresee for your project?

VB: One of the challenges for us in 2018 and I’m sure it’s the same for many others in the space, is the current bear market has meant that new investors aren’t ready to enter the market yet. In some ways, this has turned out to be a positive, as it has given us a longer runway to build out the Dacxi ecosystem platforms, so when the market does turn and we enter the next bull cycle we’ll be well positioned for the next wave of new investors.

CG: How big is the community you are working with? How do you describe it?  

VB: Our community is growing fast! I would describe our global crypto community as welcoming, friendly, empowering, inclusive, collaborative, credible, knowledgeable, aspirational, inspirational, entertaining, enthusiastic and positive. Because we’re global, our team is just as global and diverse as the community. We have people from over 20 different countries on the team.

CG: What is the role of women in your company?

VB: We have some great women on our team and it’s very important to me that we help encourage new female crypto people. It’s estimated that less than five percent of crypto investors are women and I find that quite shocking!

I think there are a few reasons why. Firstly, women are more risk-averse than men. And while crypto is becoming more recognized as an emerging new asset class, it has always been seen as risky. Secondly, knowledge or access to information. Bitcoin first became popular in the geekiest, nerdiest corners of the Internet. In those days you did need some technical knowledge to get into crypto, and while things are much easier now, and getting better all the time, it’s still true today.

Too many women think you need to have an economics degree or be a computer coder to be qualified to invest in crypto. That is not true! Also, did you know that woman make better investors than men? It’s true! According to research by Warwick Business School-  women’s returns on their investments were 1.2 percent higher than men. If crypto is going to achieve mainstream adoption, we must welcome more women into the space and I’m certain that we will.

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CG: What are your major principles when working with your community?

VB: We're all about our community. Our members are here to increase their crypto knowledge and learn more about how to take part in the crypto revolution. To help our community members grow in confidence on their crypto journey, we value and respect constructive contributions from anyone, regardless of where they are on their journey. We will all help each other to succeed.

Dacxi.com

Dacxi (Digital Asset Community Exchange International) is a global start-up pioneering a new category of crypto exchange, called a Community Exchange. Dacxi’s mission is to help solve the mainstream adoption problem by removing the barriers to entry that have prevented retail investors from entering the crypto market. Once these barriers to entry are solved, Dacxi estimates that up to 500 mln new retail investors will enter the crypto market by 2022.

The Dacxi Community Exchange has two key parts to it. Firstly, the Dacxi Exchange has a user-friendly interface that is simple and intuitive to use, not technical and intimidating like most existing exchanges.

Secondly, the Community Exchange includes a dedicated community platform that provides new mainstream investors with the knowledge, tools, discussion groups and learning resources they need to engage with crypto assets in a safe and responsible way. Beta versions of Dacxi’s platforms have been launched and can be accessed via dacxi.com

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