The market of cryptocurrencies, their daily dynamics marked by speculation in certain spaces, and on the other hand the growing acceptance of blockchain technology in various fields are showing that the cryptographic industry is maturing and will be becoming stronger as time goes by.
Although it is true that cycles in this industry also exist, each stage has its own uniqueness. Perhaps the novelty of this industry and the absence of similar paradigms that allow comparison make many believe that a possible collapse of cryptography would be imminent, and nothing is further from the natural reality.
In a recent appearance on CNBC’s “First On CNBC” show, Joseph Lubin, one of the co-founders of Ethereum (ETH) and founder of Consensys, not only pointed out that cryptocurrencies are not on the verge of collapse or something like that, but there has also been a series of “booms and busts” in the cryptographic universe in recent years.
He made special emphasis to the fact that while the prices of most cryptocurrencies are in a kind of “bankruptcy”, the fundamentals of cryptography are in turn “booming”.
More than talking about a kind of “bankruptcy”, the prices of cryptocurrencies such as bitcoin have been experiencing a stability that makes many forget that it was speculation that denatured the first of the cryptocurrencies, transforming it into an asset of digital value and away from its main purpose and mission to be a decentralized means of peer exchange.
Regarding the strength to which Lubin refers, the co-founder of Ethereum said that the cryptographic space is the strongest that has ever existed, surpassing the speculative waves in its peaks and descents, giving as an example the decrease of speculative interest in cryptocurrencies, which has not bothered the true believers of blockchain technology.
Lubin also expressed that he is convinced of this strength of the cryptographic spectrum due to a colossal increase in the number of projects, entrepreneurs, developers and people in general who actively participate in this space on a daily basis.
What happens with prices could be called a depressed market cycle, however in a fully formed industry it is premature to speak of depressed prices when the reality in fact is going beyond the figures.
On another topic addressed in the CNBC program, Lubin expressed about the general situation of the lack of specialized regulation to the cryptographic industry that regulatory uncertainty has begun to become a thing of the past in various jurisdictions around the world.
Lubin also explained that blockchain technology tries to decentralize traditional systems, such as commerce, finance, money-keeping systems and the creation of infrastructure to streamline the economy, in order to facilitate digital asset ecosystems, increasingly accepted not only by individuals and companies, but even by governments.
The panorama for Lubin ultimately results in optimism in a developing industry such as cryptography.