Cryptos Are Similar to the Dotcom Bubble – But Why is that Positive?

It has been discussed in the last years whether cryptocurrencies and crypto startups are like the dotcom bubble back in the 90s. And this is a very valid relationship that allow us to think how can we prepare for the future.


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Are Cryptos Like the Dotcom Bubble?

According to the CEO of eToro, Yoni Assia, over 95% of the startups that people is funding right now, will not exist anymore. At the moment, eToro is supporting a wide range of virtual currencies, including Bitcoin, Ethereum and EOS.

But similar comments have been made by Joseph Lubin, co-founder of Ethereum. He compared the cryptocurrency boom to the dotcom bubble.

During a press conference at MoneyConf hosted in Dublin he said:

“If you look at the dotcom boom and bust, there were so many of the same issues back then. SO much money invested, lots of money lost, lots of failing projects.”

And the list of figures commenting about different virtual currency projects in this way is not over. Dominik Schiener, creator of the IOTA cryptocurrency, said that in the future, less than 10 of the more than 1,600 cryptocurrencies in the market will survive.

It is important to mention that the projects that will be able to survive, will be giving to the world an important value that before was inexistent. During the process an important number of projects will not be able to keep growing and working. But this is part of a wider process of creation that will see a few projects succeed and change the world as we know it today.

Assia commented about the possibility that several projects have nowadays:

“You have something that you’ve never had before, not even in the dotcom bubble: if you have a genius idea now and you put a whitepaper on it and suddenly you have 100,000 millionaires reading it and saying ‘hmm, that’s a really good idea.’ If 1,000 put in $10,000 – which is not a lot of money for those 100,000 – you just raised $10 million for your ICO. That scale has never happened before.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author:  Carlos Terenzi
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Santander have bigger plans for ripple’s technology

Spanish banking giant Santander says it plans to expand its use of Ripple’s xCurrent technology to a huge pool of potential customers.
Earlier this month, Santander announced the development of OnePay FX, the first blockchain-based international money transfer service across multiple countries built on Ripple’s xCurrent. In a new Q&A session with FT, executive chairman Ana Botín says, in the long run, its new partnership with Ripple is not just for people who have bank accounts with Santander.

Here are excerpts from the interview:

Financial Times: Now, currently this service is only going to be available to Santander customers in one of the countries that you mentioned, but you’re considering maybe splitting it out of something broader based as a separate app for all-comers.

Ana Botín: Absolutely, yes… We’re working, as you say, to make this also, at some point – I don’t have a timing for that – a separate app so it’s open market payments and so we’re very excited about the potential.”

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The move will allow Santander to become a direct competitor with payment platforms such as TransferWise.
Botín also highlighted the robust capacity of Ripple’s xCurrent, saying the technology is more than powerful enough to handle its foreign exchange payments system.

Financial Times: One of the drawbacks of blockchain, as it’s currently being developed, is that it’s capacity-limited, isn’t it? So how much of a drawback is that for you?
Ana Botín: For exchange payments, given the volumes we have, that is not a limitation. So actually, with this new initiative that is already in place, we’re actually covering 50% of all the FX payments that the Santander Group does annually, and it works really well, because the rails that we’re using – which, as you say, we’ve collaborated with Ripple – we’ve been testing those for two years, actually with our own employees. And it works. It’s safe. It’s fully compliant, and obviously we’ve made sure we comply with all local regulations. So you’re in safe hands.

The full interview depicts a significant shift in the way banks do business and shows Santander recognizes what lies ahead, and how the bank is positioning itself as a major international payment processing leader in the blockchain-based digital economy. A new report from Citigroup estimates European banks alone could lose more than a third of their revenue to disruptive payment models by 2025.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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