The bear market of 2018 shook the industry from top to bottom. The great shake out revealed some of the weaker hands among casual investors, and forced the hand of others near the top: a number of crypto companies began to lay oﬀ staﬀ, though the numbers, comparatively, were still better than in traditional industries.
Other companies went in the opposite direction and expanded staﬀ, generating revenue by loaning cash for crypto, ﬁnding a way to remain proﬁtable while avoiding the strategy of doubling down and buying the dip.
While crypto companies are tight lipped about the way their dealing with the bear, experts have ideas for how they can make the most of it.
Eric Piscini, the CEO of Citizens Reserve and the former blockchain lead for Deloitte, had some ideas for them. Writing for Coindesk, Piscini shared some strategies for ways that crypto companies could ride out the dip while positioning themselves – and the rest of us – for the inevitable return of the bull.
Investing At the Bottom
Piscini is of the opinion that now’s the time to buy the dip.
“If we haven’t reached the solstice of the crypto winter yet, we’re very close,” Piscini said. “Brighter and warmer days are coming soon. The early days of 2019 are the time to make bets on the best tokens and the best teams. I call it the new Rockefeller moment.”
Better Core Tech
The CEO also said that, as painful as it was, this was a much needed reminder that the point of crypto and blockchains isn’t the lambos and rides to the moon.
Right now, Piscini said, should essentially be treated as the equivalent of a rebuilding year for the industry.
“It may have taken a bear market to drive this point home to some, but blockchain is not about getting rich tomorrow,” he said. “We need to pay more attention to improvements in performance and scalability and pay less attention to new projects. #BUIDL is the new #HODL.”
A Killer Consumer App
Is there such a thing as the Instagram, Snapchat, or Facebook equivalent of a crypto app? We don’t know yet, and that’s an issue. We know what Blockchain can do, Piscini says, but he also asks: where’s the app that proves it?
“We’re still looking for the product that will bring blockchain’s value to the non-tech, non-business consumer audience,” says Piscini. “I’ve tried a few apps that purported to be killer apps, but the experience was so bad I wonder if the developers thought killer apps were supposed to kill their users. I survived, and I’m hoping for more and better next year.”