I hope you had a great holiday period and have hit the ground running in 2018!
If you've been involved in the crypto world, you may know that December was pretty wild. Our Head of Content, Kyle, wrote up a summary of this along with an update on how the Credo project has been calmly and consistently progressing during the storm. Check it out below:
“2017 Closes Out With a Wild Ride for Crypto; BitBounce and Credo Play the Long Game”
By Kyle Sykes
December Was a Wild Ride
So was 2017. But strap in. There is a lot more to come.
December has been perhaps the most prolific month in the history of cryptocurrencies. Major market milestones have passed, history has been made, and many financial and mental limits defied. Setbacks to the market have also occurred, with early investors hoping to cash in on gains by the end of the year, and many still weary of the market as a whole.
Weariness is due to fear of a hot market that many see as a bubble, with buyers investing who do not understand the nature of blockchain technology. Despite the speculation of a ‘Bitcoin Bubble’, many still remain very bullish on the market as a whole and see the tremendous disruptive potential.
As Jesse Damiani wrote in his Forbes article, “The difference now is that the sheer volume of players is a full exponent greater than it’s ever been — and many new participants have no experience navigating these types of markets, making them more sensitive to the down moments.” This essentially means that as crypto rises in popularity, you have more and more first time investors taking the risk to invest into the market. However, these inexperienced investors do not have the expert knowledge of when to buy, sell, and hold in the market — making them susceptible to extreme market swings.
Cryptocurrencies have garnered attention from markets across the world by breaking financial norms and plateaus never before reached. Every day and week it seems as if a new all time high is broken. Despite major corrections of nearly 40% from yearly highs, both Ethereum and Bitcoin are hovering at twice the market cap form where they began the month, a precedent which has rarely before been set for any currency, asset, or equity, in the global financial markets — except by Bitcoin. (Price Analysis December)
With the taste of exponential profits in their mouths, traders are on the hunt to strike gold with the next up and coming crypto-coin. After Bitcoin’s recent correction, CBS news noted,
“Traders are taking profits on bitcoin, which even with today’s drop-off is still up 60 percent over the past month and are investing in so-called alt coins that potentially offer a better return, according to Alexander Kravets.” Coins like Verge have surged as much as 4x in the last week, and most notably, Ripple has catapulted itself into the second largest market cap coin. The crypto markets are tough to predict, though some have done so successfully, but it appears one outcome from December is that Ripple has solidified its place as a top currency.
The interesting point to note about Ripple is that despite its recent rise to fame and value, it has a long term platform solution to fix and improve payments. The CEO has been quoted as saying that coins without utility will come and go, but those with a purpose are here to stay.
Recently on CNBC, the CEO of Ripple explained, “One of the things we all have to remember is the value of a token over the long term is really going to be driven by its utility,” Garlinghouse said. “There’s no question there’s a lot of hype in this system.”
Hype can be great but is often unfounded. We’re taking Garlinghouse’s approach and focusing on utility. Utility, relevance, and ingenuity will lead to long term growth, exactly as showcased by Ripple as a product, service, and company.
Credo and BitBounce
At BitBounce, we’ve created a product that allows a user to charge unfamiliar senders a fee to deliver an email. For the user it means a curated inbox of emails from people you know or people who’ve paid.
We’ve created the first marketplace for email where your attention is no longer free to anyone who has your email address. BitBounce is powered by our cryptocurrency, Credo.
Amidst all of the volatile growth in December, a few currencies have remained relatively stable as they grow and develop products and blockchain technology for the long haul. We consider ourselves one such company.
“Some of the huge growth in crypto markets, especially with some of the smaller coins (like IOTA which had major concerns around security) may be due to speculation,” said Nishant Jacob, head product manager at BitBounce. “But Credo is in it for the long run.”
He continued, “Focused on building solid value through powering future communication, the BitBounce platform has introduced product updates to prove its longevity in spam email reduction.” (see credonomics, page 2)
Since November our currency has risen from $0.01 back to the initial ICO price of $0.05 per coin, and is steadily continuing to climb. While the rise in price is small, a 5x increase, our team is focused on product utility and growth by adoption. BitBounce has grown to more than 100,000 active users in the past six months.
We are a company that wants to change the way the world pays for attention and communication. We want you to see and believe in the greater vision and utility of our currency and our company.
Over the course of December, we have made major strides towards this goal. For instance, our team delivered everything on our Q4 roadmap on time. The major updates included the release of an Android app, an iOS app, a Gmail plugin, with many smaller improvements to our overall product.
While December was a wild ride in the crypto markets, Credo stayed calm during the storm and continued to build long-term value.
“The markets have moved quickly up and down,” said Alexis Dennis, co-founder and chief design officer. “But we have moved fast in one direction — toward a better product.”
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