What are the Cryptocurrency market’s worst-case scenarios ? Experts answer

 

On October 31, 2008, an unidentified individual or group introducing themselves as Satoshi Nakamoto published a nine-page article discussing a new electronic currency and its counterpart. Called Bitcoin, the new currency offered a model of a completely new payment system. A few years later, the bitcoin fever is now rampant among the people of the world and everyone is looking at it as their savior; but one big concern among many of these people is whether bitcoin may one day lose its value. Alternatively, maybe this digital currency will be completely destroyed in a sudden event and its price will reach zero. The truth is, this is not the only concern about Bitcoin and other digital currencies. These currencies are not yet regulated in many countries of the world and there are no specific regulations for them. Therefore, it is natural for concerns about them to intensify. In this article from CoinmarketSIG, we aim to express the biggest fears of the digital currency world from the language of experts so that we have the opportunity to be acquainted with them and think about their problems. Stay with us.

Alan Chiu

Alan Chiu is the CEO of Enya, a data privacy company that hosts the world’s largest secure and versatile computing platform. Alan Chiu is a member of the Stanford College Alumni Board and one of the university’s entrepreneurs, who co-chairs the board.

Enya’s platform uses Ethereum’s second tier solutions to launch its token called Boba. Ethereum Layer 2 solutions focus on improving scalability and helping developers provide a better experience for their users. Enya is also a key contributor to the OMG Foundation.

My biggest fear is that the day will come when the United States will want to follow China’s policy on digital currencies and get rid of this great innovation. Digital currencies have an eternal life and will last under any circumstances; But by doing so, the United States will be deprived of the wave of innovations resulting from these currencies, the Web 3 and the Dao.

Amanda Keleher

Amanda Keleher’s senior director of human resources at ConsenSys. The company is a community of developers, executives, programmers, journalists, lawyers and other professionals working together to improve Blockchain infrastructure and peer-to-peer networks. Consensus is also a pioneer in Ethereum software development, enabling individuals and companies around the world to build next-generation applications build modern financial infrastructure, and access decentralized Web access. Amanda is also an active member of the Chief Network. Sheff is a private network set up to encourage women to gain more power in communities.

Amanda says:

My biggest concern is to wake up in five years and realize that the digital currency industry, like the old Wall Street system, has become a monopoly industry. Digital currencies are unique opportunities to create an inclusive, global financial ecosystem that helps empower minorities in communities and women. To create this global ecosystem, we must employ the most talented and diverse groups. My fear is precisely that we will not be able to seize this opportunity to make a big, real, impactful and lasting change.

Andrew Levine

Andrew Levine is the CEO of Koinos Group. The company is one of the first pioneers in the blockchain, with leadership experience from Steem and BitShares and many other experiences in network development and architecture. Quinus Group is a team of blockchain veterans who believe that if we want to popularize blockchain technology, the governing space needs a large blockchain company with a real business model.

Andrew Levine says:

My worst nightmare is smart contract platforms that are only suitable for early adopters of digital currencies and treat ordinary people like second-class citizens. What is important for regular users is lower fees, and regular developers are looking to work with languages ​​they have already worked with and love. These people do not care about technical details and do not care how compatible a program is with Ethereum. The only people who care about such issues are those who are currently in the depths of this space. Ordinary people are interested in platforms that are easy, fast, enjoyable and, most importantly, free to use. As long as we continue the current practice and do not change it, there will be no public acceptance.

Caitlin Long

Caitlin Long is the founder and CEO of Avanti Financial Group. Avanti is a digital asset banking company focused on providing legal services for digital assets. Avanti is designed to act as a bridge between digital assets and US dollar-based payment systems. The company also provides digital currency deposit services. Avanti implements the strictest level of asset management standards on an organizational scale and is fighting money laundering in compliance with federal banking regulations.

Caitlin Long says:

My worst nightmare is discovering a bug in the blind bitcoin code and abusing it. With each passing day, this probability decreases; but it will never be zero.

Caitlin Long

Daniela Barbosa

Danila Barbosa is the CEO of Hyperledger and the Director General of Blockchain, Health and Identity of the Linux Foundation. HyperLedger is an open source project launched by the Linux Foundation that aims to develop blockchain technology across a variety of industries. Linux believes that it is a leader in innovation and has built its foundation on trust. The Linux Foundation provides an impartial and reliable platform for developers to focus on improving the scalability of projects related to Blockchain technology.

Danila says:

The worst-case scenario in the world of digital currencies is that a big crash or even a wave of long-term fluctuations will discourage organizations from using distributed general ledger technology. This can have a very negative effect on digital currencies in the media.

Darren Franceschini

Darren Franceschini is one of the founders and CEOs of BlockBank. The company offers a practical, multi-protocol wallet that combines the capabilities of centralized and decentralized technologies in a simple and secure way in one application. Blockbank introduces itself as a versatile application that supports various blockchain networks, various smart contracts, and a platform for trading and managing assets.

Darren says:

My biggest fear is losing my private keys forever. I think this will be the biggest nightmare. I have also heard that some people take others hostage with the aim of stealing their private keys, and this is also very scary to me.

David Khalif

David Khalif is the co-founder and chief operating officer of Viridi Funds. Viridi Funds is a company registered in the field of investment consulting in digital currencies, which has recently entered the field of asset management and offers the best investment options to its users, taking into account environmental and influential factors. The company aims to expand digital currencies globally and increase their acceptance on a very large scale. Unlike the other people we mentioned in this article, David Khalif expressed his fear in a fantasy context that is interesting in its own right if we look at it in the form of a nightmare.

David says:

Our biggest nightmare is that miners of digital currencies are exploring all over the earth; yet they do not get any bitcoins. They have spent a lot of money on mining equipment and continue to search deep in the ground and in caves; but the only thing they find is gold. Of course, they do not give up and when they finally find their first bitcoin, they turn it into an NFT!

Joel John

Joel John is the Director of Investment at DeFi and Venture Capital at LedgerPrime. LedPrime is a digital asset investment company that is interested in innovation and uses technology and data science to achieve its goals. Joel is also a well-known and independent analyst in the blockchain field.

He says:

My biggest fear is that the concept of what we are doing is incomprehensible to the average person and we will not be able to open the way to mass markets. Oxy Infiniti game and open platform are two good examples of this. The industry and its pioneers need to think about effective communication with the public.

Mance Harmon

Mance Harmon is one of the founders and CEO of Hedera Hashgraph. The project is a new generation of distributed general office technology that claims to be faster and more secure than current blockchain solutions.

Mance Harmon says:

Uncertainty in the field of digital currency legislation and unintended consequences that even good regulations in this field can have [are my biggest nightmares]. As an industry, we must work hard to raise awareness in all areas of the legislative ecosystem. This awareness-raising should be done both in the United States and globally to ensure that those who write consumer protection laws and regulations have sufficient knowledge and information and can lead the industry in a direction that is suitable for both the average and ordinary user. To both encourage innovation and ensure that the United States does not lag behind other countries.

Mitchell Cuevas

Michelle is the head of the Stacks Foundation’s growth department. The Stacks Foundation aims to provide a user-owned Internet based on governance, research and development, education and awareness. The foundation claims that by supporting developers, researchers and entrepreneurs, it will help further the development of the Internet owned by users.

Michelle says:

My worst nightmare is that one day a fatal blow will be dealt to Metaverse, all the NFTs inside it will be revived, and the screamers will attack us and destroy us all. I do not know why others do not have this fear!

Rob Viglione

Rob Viglione is one of the founders and leaders of the Horizon team. Horizon is a blockchain platform that uses its side chains to create a rich and inclusive ecosystem. This platform focuses on security and privacy. Horizon was created as a hard fork of Zcash digital currency, aims to strengthen information security and confidentiality in smart contracts, and decentralized applications.

Rob says:

My biggest fear for the digital currency market is that the US dollar or another Fiat currency will suddenly become a valid currency! By credible money I mean money that is transparently managed, its rules are predetermined, and it has a limited supply. I do not know if Bitcoin will be able to compete with such a Fiat currency; but I know that even if that happens, we still have DeFi and NFT to rely on.

Sheila Warren

Sheila Warren is chair of information, blockchain and digital assets at the World Economic Forum. She can be considered one of the most influential and successful women in the field of digital currencies. Sheila has always strived to transform the digital currency space into a fair and equitable space and provide access to the services of these currencies to everyone.

He says:

My worst nightmare about the crypto industry is that it begins to believe in advertising and forgets that not every technology alone is a cure for social problems, including financial deprivation. I believe in the potential of crypto to increase value and create new systems that empower people and provide them with useful services; but this only happens when the crypto ecosystem specifically focuses on these problems and involves these communities in their decision-making. Without this, I am afraid to repeat the same process that has brought us to where we are now; That is, where many people in the world are deprived of opportunities that could improve their quality of life.

In conclusion

In this article, we have tried to express the biggest concerns of some people active in the field of digital currencies regarding these currencies. As you have read, there are many concerns about digital currencies; however if we want to reach a general conclusion, the issue of legislation can be considered as one of the biggest common concerns among these people.

Who will legislate digital currencies and with what perspective, and how this legislation will affect the performance of these currencies, has always been one of the main concerns of digital currency lovers.

Another common concern among some of the people we mentioned is the departure of digital currencies from their original aspirations. The truth is that one of the threats facing digital currencies is that crypto investors and traders are simply looking for more profit and not caring about the reasons for the emergence of digital currencies.

Of course, we should mention that there is a lot of optimism about the future of these currencies. Many people in the crypto industry believe that digital currencies will be well established in the long run and have a bright future.

Accurate prediction of the future is not possible under any circumstances, and no one can claim that a particular event will inevitably occur in the future; but examining the possibilities is not useless. This allows us to become aware of the potential dangers and prepare ourselves to face them before we miss an opportunity.