In 2018, something useful has to happen in the crypto space. So far, it’s all been speculation. Buy low and sell high has been done. It’s not original. Crypto needs to execute on its promise of being a decentralized system that solves problems better than the way it is currently being done.
Billions have been raised in ICOs. It is time for those companies to execute and roll out MVPs that show the promise their ICO had. As my friend Yra Harris likes to advise people, “It’s not your wedding day that is important, it’s the day after.” Plus, the next day and the next day. You get the picture. Getting hot money into your hands is easy. Deploying it is hard.
There are a lot of places crypto shows promise. But honestly, there are a lot of places where a centralized database will do the trick and be cheaper to deploy.
I am reminded of a business school case that described the way business structures and empowers its organizational design to target the market it wants to dominate. Some are decentralized and empower employees at the lowest levels to take care of customer needs. Ritz-Carlton is an example of this. Some are highly centralized and don’t empower a network to take care of customers. Mrs. Fields Cookies is an example.
It is possible that a networked business and a centralized business will target the exact same customer and exact same market. Who wins depends on execution.
It is time for crypto to execute. If it does, prices in the market can hold and the market will get more feverish. Stumble, and you will see prices fall.