Mid 2019 and as things stand today, crypto markets sway with no sense of logic, reasoning or care. Two cryptos namely EHT ad BTC dominate ever global crypto market. In this report we talk about projects that wish to launch a crypto token, projects that are backed by a 'real' project plan. Is it possible to insulate at least partially, a crypto from wild market speculation and moods?
No better person to ask this than NG (Navneet Goenka) CEO of the well known Diamond Blockchain Glitzkoin. The project includes the GTN crypto token which has been, one of the most stable cryptos during extremely volatile market moods.
We asked him about crypto price stability in an unpredictable market scenario. Here is an interesting point made by the CEO, '... if a crypto is to hold its own despite, fickle market conditions, it is important that it (the crypto) wholly or partially insulates itself from the market. It is possible to have a crypto token that is partially independent from general crypto market antics ...'.
Crypto prices are defined by the market mechanisms of demand and supply, it is market hype and rumor mongering that often influence the minds of crypto traders. The GTN token first entered the crypto market in July 2018 (on Stellarport) after, Glitzkoin successfully completed its ICO. Trading began at $0.20 which also happened to be the ICO closing price for the GTN token. Measuring 12 months and until July 2019, the token has always traded above $0.20. This was also the period when stalwarts like BTC and ETH lost upto 60% of their value - the market was extremely bearish. The token currently (August 2019) trades at around $0.25.
We got Navneet Goenka's views on this, '... Glitzkoin is the first blockchain with crypto to be, directly connected to an industry. It is focused on improving market share and productivity for the multibillion dollar diamond industry. The GTN token is more than a piece of speculative gear, the project has assigned a very strategic role to the crypto. Besides Trading On 3 Exchanges now, the GTN token is also the official mode of payment on the DiaEx diamond trading platform. Negotiations are also underway to have, businesses accept the GTN as mode of payment in their business operations ...'.
Not hard to understand what NG was hinting at, wider usage scope for the crypto token. This in turn would ensure that the GTN token is not solely dependent on it demand from the crypto world. While the crypto community has always actively supported the project and token, diamond traders operating on the DiaEx diamond platform, would also buy GTN to fulfill their payment obligations.
So is this the future trend, blockchain projects that reside closer to the real world economy. Binance CEO Changpeng Zhao did seem to think so when he mentioned that, the crypto world needs 'real' projects supported by 'entrepreneurs'. Glitzkoin's NG strongly supported CZ on this opinion.
Much of the resistance to cryptos comes from the fact that, cryptos have tried to build an island for themselves. One that is above all laws and one that is in no way connected to the real world economy. It is time that the gap between technology and the real world economy is bridged. And until this happens, expect crypto markets to operate as large glorified casinos - under the proprietorship of Bitcoin!
Related Resources: Glitzkoin Updates ...