Shervin Pishevar discuss the world economy at the early part of 2018. The world was quite different then. Cryptocurrencies were all the rage. ICO (initial coin offerings) were popping up increasingly more frequently. Today, cryptocurrencies rarely make news. Instead of ICO’s, investors are looking for scam-free Security Token Offerings STOs.
Bitcoin remains the top cryptocurrency. It has survived several threats from a variety of opponents. Probably most notable was the scrutiny by the US Security and Exchange Commission. Then there was the squabble with Bitcoin Cash. Actually, the hard fork that established Bitcoin Cash occurred at the beginning of the epic rally during the third and fourth quarters of 2017.
There are other cryptocurrencies that are powerful. Ethereum and its revolutionary smart contract applications held the number two spot by cryptocurrency market cap longer than any other coin. Ripple is seemingly beloved by banks and represents a traditional application with the support of its coin. However, when it comes to global trade, Bitcoin is by far the one worth mentioning.
Shervin Pishevar recognized the issues of this young market. The potential for misuse became clear at the beginning of 2018. Shervin Pishevar was pointing to tech monopolies like Google and Amazon. While Bitcoin dominates its market, it by no means stifles small business crypto innovation. New crypto projects enter the market on a consistent basis even amidst low prices. This type of small business innovation is what Shervin Pishevar hoped the world would get behind. The health of the global economy relies upon minimizing monopolies (especially in the tech sector) and inspiring localized innovation.
Consider the period at the beginning of 2018 when Bitcoin mining was central to the future of cryptocurrencies. At that time, many crypto developers and enthusiasts were burning up the chat rooms about how most Bitcoin mining was done in China. The country simply has very cheap electricity. But, this fact began to centralize mining and innovation was minimal. There were reports of electricity theft. Chinese lawmakers subsequently shut down several operations. Regulation is important here and its impacts are felt on a global scale.