Shifting Perspectives at SanFran’s Blockchain Week 2018
Those attending the California-based event, San Francisco Blockchain Week 2018, are looking back on lessons learned since last year’s crypto sale peak that led into the current market crash and bearish community sentiment of today. According to a statement issued at the event by Naval Ravikant, a founder and investor of AngelList, claimed that last year’s market boom acted as a formal introduction for many digital currencies including Ethereum, now standing as the second in place for earned market capital.
Ravikant told attendees that the boom nearly established Wall Street’s full involvement in the crypto scene, however, time is needed to fully make it happen. He noted that despite a rise in major financial entities testing the crypto waters, that’s not the community’s ultimate goal.
This year attendees were notably most interested in the topic of scalability and use cases for daily transactions. Spotlighting this notion, Blockchain Week organizers reported to CoinDesk that approximately eight hundred individuals attended the conference in just the initial two days of the event. This number was, in fact, less than the attendees of Ether’s San Fran weekend hackathon in which scalability and innovative solutions were discussed.
A Growing Sense of Scarcity Dampens Investor Enthusiasm
Despite a flurry of clashing approaches and arguments held by the general crypto-centric business minds of the community, the majority are bracing themselves for an inevitable gap of slowing growth rates. Although organizers claimed the crypto events held in Union Square this Thursday attracted over 3,300 people, many comments by attendees related to a sense of sparsity and a notable decline in enthusiasm from crypto investors.
In response, MyCrypto wallet Chief Executive Officer, Taylor Monahan, and the like are moving forward with caution regarding fundraising efforts, supporting emerging cryptos, and even hiring talent. Many companies are opting to maintain current numbers and budgets rather than suffer major layoffs as was seen with popular exchange, Kraken. Monahan questioned whether emerging blockchain platforms will be able to support the level of work needed to sustain employees next year considering the bearish market sentiment.
Yet another cause for community unrest is the topic of regulation. Paycase co-founder and chairperson at Shyft, Jospepj Weinberg, is taking part in facilitating the alliance of digital asset veterans who aim to clarify why the emerging token market needs a customized approach to regulation other than that of Bitcoin’s to the Economic Cooperation and Development organization.
He explained to CoinDesk that this ecosystem requires clarity and regulatory efforts should be customized to ensure these emerging tokens maintain a chance at a prosperous future.
Building the Community
The good news, however, is that the latest trend exciting community members at this week’s event was not news of program launches or the latest products but a sense of community building with a major boom in new industry talent. Ravikant noted that the highest of talent San Fransico can offer is turning its efforts towards the development of crypto technology and they are here to stay.