Focusing on the mid June 2022 crypto market crisis - while this would be distressing to most crypto investors – we have not seen much in terms of constructive suggestions from, generally noisy crypto pundits. This is not the end of crypto and not the end of crypto markets but, ignoring lessons would be unwise.
Glitzkoin has been repeatedly urging an end to massive crypto price pumping. These pump scams were earlier focused on #Bitcoin and to an extent #ETH – we saw them spread to #DogeCoin #ApeCoin #XRP and a few more cryptocurrencies. Lack of knowledge among investors, allowed the scammers to become bolder. No signs of crypto laws and the outrageous fraud continues until today.
Big crypto pundits with thousands of followers on Twitter and other social media channels, spun stories about specific crypto prices readying to touch the moon. Mass investor sentiment was stirred and their ‘predictions’ were blindly believed. We reached a point where investors realized that, they were being cheated. The game slowed down and led us, to the mid June 2022 crypto crisis.
Crypto prices will recover, the pumpers will dish out their paid fantasy stories – the law will turn a blind eye. It is clearly up to investors to keep a sharp eye on the games being played out. The market crash proved that, investors are gaining knowledge and this, is a good sign. The kind of mass investor trends seen until a couple of years ago, have been significantly toned down.
It is time to step back and take a fresh look at how, we trade and use cryptocurrency. The importance of increasing crypto usage as a mode of payment, should be stressed. Glitzkoin introduced the concept of a ‘multifaceted’ cryptocurrency since late 2019. The idea is to have a cryptocurrencies trade on crypto exchanges and also, be implemented as an optional modes of payment.
The DiaEx diamond trading platform as part of the Glitzkoin project, designates the Glitzkoin GTN token as the sole mode of payment. The launch of DiaEx which was slated for 2022, was preponed to October 2021. The success of the platform is largely responsible, for the resilience of the Glitzkoin token. Pre-approved diamond traders from across the globe, conduct B2B and B2C trade in diamonds on DiaEx.
A platform similar to DiaEx with multiple cryptocurrencies, configured as optional modes of payment – would go a long way in strengthening crypto trade. While Glitzkoin would not be directly involved in the development of such platforms, the management team would be glad to share information that would be useful to the development.
We cannot end this report without, stressing the importance of effective crypto legislation. Much needs to be done, investors have little or no recourse to the law as things stand today.
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.