Debates and analysis related to Bitcoin, peaked to a noisy crescendo in mid May 2021. While crypto media drowned itself in what Elon Musk, had apparently done to trigger a market slump, one critical issue was shockingly missed.
Crypto gurus need to explain just how an expanding trillion dollar crypto market, could be brought down to its knees – by the whims and fancies of one single gentleman. That the market did regain ground in the next 24 hours, provides no explanations.
Mini and micro crypto investors who had invested in Bitcoin, were badly hurt. A substantial volume of Bitcoin was dumped, that triggered sales across investor levels and cryptocurrencies. Much has been reported on what followed, we will however focus on another related point.
Irrespective of who did what we now know for sure that, Bitcoin is not invincible. We also know that just one man or a handful of big investors, could make BTC dance to their tune. So let’s take Bitcoin out of our minds for a while. Visualize a crypto world without Bitcoin or a much weaker BTC – can crypto activity survive?
To put it into proper perspective, could we develop crypto markets that are sturdy and resilient – without Bitcoin? Or simply put, can we significantly reduce our reliance on BTC? If the answer is ‘No’, things do not appear to be too promising for cryptocurrency! And if the answer is ‘Yes’, there is a tremendous amount of work to be done.
We will not consider the ‘No’ option here as it implies, doing nothing and letting things drift as they are. A positive reply would require, crypto activity to be spread across a wider range of cryptocurrencies. It would also require, crypto space to evolve and become safer and attractive for investors from all walks of life.
So what we are implying is, expanding the range of cryptocurrencies, that actively trade and expanding the base of crypto investors. While this is easier said than done, it would really test the material that today’s crypto gurus, marketers, influencers and high profile crypto investors are made of.
Glitzkoin Russian Advisor Mikhail Koslov, has something to say on this issue, ‘… the crypto community must, learn its lessons from the May 2021 crash. Time to get out of the Bitcoin comfort zone and, work to build stronger and more resilient crypto markets’.
We have repeatedly stressed that, there are at least 5,000 Altcoins in existence today. It would not be very tough, to pick 200 to 300 Altcoins with good potential and encourage them. Criteria should be logical and not focus solely on, market noise levels made by various Altcoins.
A challenge on hand and we should all, as part of the crypto community - take it up. The long term benefits of any positive action, would be tremendous.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.
Related Resources: [Project Updates]