Bitcoin Crashes, and Dow Drops 1,100; Is it Time to Rethink?


#1

Los Angeles, California, February 5, 2018 - ​In today’s market, a free trading place is needed for digitalized stocks and currencies, but this doesn’t mean that they must be reinvented. For ChainBLX.com it means to improve them.

  • Decentralized blockchain technology should be used together with digital-contracts

  • Comply and work together with regulators, banks and governments

  • One should create a real commodity, which is backed by real underlying value such as stock certificates and fiat currencies to reward miners opposed to creating a commodity and calling it a cryptocurrency, which is only based upon the energy cost to create it.

  • Reduce trading cost for all participants and foster worldwide trade and liquidity

  • Increase security within the system to overcome third parties’ wallet hacks

  • Of course, one should always follow sober business models, not exuberant thinking

  • Improve information flow about the digitalized stocks so the market is not taken by surprise is necessary.

Thus, any traded asset, currency or token (digital certificate) has to be backed by real world assets. And this is possible as it is shown in ChainBLX’s project which will launch early this year.

Our cofounder Karl Seelig just spoke in Davos last month before the bitcoin crash, about marketing blockchain before, during and after exuberant market conditions (or what to do when the bubble bursts). He pointed out the validity of blockchain technology and potentials even for ICOs, but warned that a crash will come eventually and as the tide will lift all the ships in the harbor, the reverse will happen when the bubble burst. He strictly warned blockchain companies to not associate their marketing efforts too closely with cryptocurrencies today, to take advantage of the hype for their non-cryptocurrency related blockchain technologies and start-ups.

On February 5th Karl Seelig added: “ Today’s crash was not what I spoke about; Bitcoin has bounced back from similar collapses before during its short but volatile history, and it would hardly be a shock if those claiming the bubble has already burst are surprised by yet another change. Today the whole market went south and a volatile commodity as bitcoin gets hit hard. People are looking for safe havens as the Dow drops 1,100 points and bitcoin is just not one of them.” These volatile market conditions show the necessity of a system like ChainBLX. A system which allows for more diversification in both portfolio and end-users. A broad well informed and self-regulated global investor base with a long-term investment horizon, rather than day traders will add to the stability of the market. Thus, regarding blockchain technology we suggest that any digital traded asset, be it currency, digital certificate or token, has to be backed by a real world asset. This will be possible with the upcoming launch of ChainBLX this year.

Please visit http://community.chainblx.com


#3

#4

#5

So how you explain the Bitcoin is up again?


#6

It’s volatile mate, it’ll see-saw till it comes crashing down.


#7

It seems more and more necessary to have an asset backed cryptocurrency. Bitcoin falls again under $7000


#8

My question is, are asset backed cryptocurrencies ready to take the torch?
I don’t think Bitcoin is going away soon but asset backed currencies should start making a push to compete with Bitcoin and the top crypto currencies.


#9

I think the continuous nature of Bitcoin’s volatility will begin to push people towards asset backed crypto currencies or security tokens. Not everyone, but little by little we will see more of these asset backed cryptos begin to gain more steam.


#10

I would say something like the Petro because it is backed by oil. But how (or if) it is actually backed by oil is anyone’s guess.