Bitcoin prices are making early investors eye-watering amounts, and people are piling into ICOs in the hope they will strike virtual gold. The much-hyped technology will enhance productivity across the agriculture, banking, healthcare, logistics and public sectors: a study the next web bitcoin found. Why the hell did Bitcoin roar so much higher last week?
BTC seven years ago you’d be a quadruple bazillionaire” did the rounds and everyone felt a bit weird. The latest frenzied, frothy churn that’s bubbling beneath the Bitcoin surface involves the buying and selling of ICOs, a new shiny crypto instrument. Put another way, you know how Bitcoin is the asset that powers the blockchain? And Ether is the asset that powers the Ethereum network? It doesn’t seem to matter that some of these ICOs are no more than a one-page white paper explaining how the developers plan to use the cash they raise and have no actual product at all. The prices of these fledgling, digital strings of code are rocketing higher and higher, before sometimes keeling over and dying as traders lose their nerve and cash out their Ether or Bitcoin.
But underneath this pump and dump game driven by crypto-hungry cowboys, are some particularly interesting ideas about how to use or build on decentralised blockchains. One ICO that has gathered, what appears to be, genuine interest is the Basic Attention Token sale: a network enabling users to monetise their attention and personal information in the face of digital marketers. Another is Zrcoin, a token backed by the physical production of zirconium oxide. Another is Gene-Chain, a platform for patients and researchers to securely store and exchange genomic data. And a few more mainstream names are issuing ICOs. But of course, this is all heady speculation and for every good idea there are hundreds of scams. Rothschild Family LCF coins” purporting to streamline payments for Internet of Things devices.
But the deep seeded FOMO that has gripped many who are dumbfounded by the run in Bitcoin suggests we are in for plenty more frenzied crypto-activity. 39 top tip for self-improvement? Kidman’s Earl Grey is one of the largest lithium deposits in WA. Podcast: Is the web disrupting the education industry? 7m high, 3 tonne family car?