Two key phrases dominated the recent BlockShow Asia 2018 conference in Singapore: “bear market” and “crypto winter”. But BlockShow CEO Addy Crezee and many of the other speakers who took to the stage on November 28 and 29 also agreed on something else: there is a long-term outlook for blockchain, and it’s a bullish one.
While kicking off the show, Crezee noted that 2018 might have been tough for crypto. But, he added, that’s part of the technology’s natural growing pains.
“We really believe that the community as a whole is getting mature,” he said.
That was a message often repeated throughout the two-day conference. Rather than being an event marked by hype about revolutionary technologies and profits, BlockShow Asia 2018 provided more sober and measured expectations about crypto’s potential.
For example, during his presentation on Day 1, Jeffrey Huang – founder of Mithril, a Taiwan-based decentralised social media platform – said the key to building the blockchain ecosystem is not to look for big disruptions or game-changers but to “do something today” and take “a step-by-step methodical approach” that uses the technology to improve the way business is currently done.
The current market downturn, he added, has “hit a reset button” that underscores the importance of creating real businesses and brands that – like any other kind of business – require effective financing, marketing, sales and other skills, as well as technology developers.
“The most important part will be real world adoption,” Huang said, noting that he believes 2019 will be “a key year”.
During a panel discussion on current and coming investment trends, Remington Ong, a partner at Fenbushi Capital, said that crypto’s “winter” has helped to weed out less promising blockchain companies and “improved the signal to noise ratio a lot”. JRR Crypto partner Czhang Lin agreed, noting that now is “a good moment for everyone to take a step back”.
All four panelists – who also included Sora Ventures managing partner Jason Fang and Jehan Chu, co-founder and managing partner at Kenetic – also agreed on this: the market hasn’t hit bottom yet.
Bobby Lee, co-founder of BTCC and a board member of the Bitcoin Foundation, kicked off Day 2 with a talk on ‘The Impact of Bitcoin – Ownership, Control and Freedom’. While using Bitcoin as a currency will be a part of driving its adoption, he said, the current key is for crypto supporters to be ready to make long-term – 10 to 20 years, at least – investments. And, he added, “if that’s the case, it doesn’t matter what price you came in at”.
Noting that Bitcoin, which is only now approaching its 10th year in existence, “is not mature yet”, Lee also identified four key mistakes in Bitcoin investing: 1) being indecisive about investing, 2) not buying enough, 3) selling after just a small gain and 4) selling during a market panic.
Regarding that final point, Lee added, “I think that’s a very severe mistake. Many people are making that mistake, they’re all like panicking right now with the market adjustments.”