As the year draws to a close and with the vast majority of the more than 2,000 tokens trading below their heights or ICO values, the aggregate market losses of 2018 have been absolutely surreal. According to coinmarketcap.com the current market value of the top 100 Cryptocurrencies as of November 2, 2018 is $207 billion – down 75% from the height of $830 billion in January. Translated into “plain speak” – someone lost $623 billion on investments in Crypto currencies this year.
Add in the hundreds of millions of dollars in losses due to this year’s two of the top three Exchange hacks of all time; Coincheck ($500 million) and BitGrait ( $187 million) both occurring this year, and it is safe to say 2018 has been a disastrous year for Crypto Currencies. Yet the promise of the blockchain and decentralized secure – and thus less costly financial services has not been totally shattered. A look at my T-shirt should give you a hint as to where I believe the industry should be moving.