One of the biggest, most hyped and anticipated consensus event has come and gone without even bringing the flecks of green in the crypto market. While the event was boycotted by some of the biggest names from the crypto industry, the event registered a whopping number of attendees which had big industry players talk blockchain. Is the event really a dud or does it hold any positive sentiments as well?
Consensus event failed to turn the red market into green
Consensus has been one of the most sought-after events in the world of Bitcoin, Blockchain, and ICOs. The event rose to fame thanks to last year’s prominent announcements that led to rise in the bitcoin prices.
Last year, the conference was held from May 22 to 24 when Bitcoin price surged to the $2,728 level. This bull run continued its rally to the BTC price peak of about $20,000 interrupted with a slight dip in September.
History in no way dictate the future, however, the majority of the crypto community had high expectations from this event that didn’t come to fruition despite having double the people turn up for the conference than the approximated 4,000.
Actually, the situation was exactly opposite this time as the market was not only red during the conference but even after the closing, the market is continuing its downward trend.
The boycotters & the horde of attendees
For Starters, the event was boycotted by the Ethereum (ETH) founder Vitalik Buterin, Charles Hoskinson, CEO and founder of Cardano (ADA), Chairman of Cardano Foundation, Michael Parsons, OmiseGo founder and CEO Jun Hasegawa, managing director of OmiseGo Vansa Chatikavanij, and Tom Lynch, Growth Hacker and ICO strategist at Mo Works. You can surely expect the event to be affected without the presence of industry experts.
Not to mention, being over packed didn’t really work in the event’s favor either. The CEO and founder of CoinDex’s parent company, Digital Currency Group tweeted the final number to be 8500 attendees. With each ticket sold for $2,000 and the last minute admission fixed at $3,000, well you can do the math!
As stated by Ronnie Moad, head of independent market research firm Standpoint Research:
“It is a bit chaotic in here. I think they sold too many tickets.”
Well, you would expect a lot more organized event given the hype it had in the market. Consensus event does fail to meet the expectations of many.
A shift towards Blockchain technology
If we do talk about the previous event, Consensus event 2017 focused on the cryptocurrencies. This year, the main point of consideration has been towards the underlying technology blockchain.
Having a rundown of the event, on the first day, Amazon web service announced its plans to partner with Consensys, FedEx CEO talked about the potential of blockchain technology and leveraging this technology for its 12 million shipments a day. The same day CFTC official backed self-regulation and considered the point of adding a self-regulatory layer to the regulatory framework for digital currencies.
On the second day, the prominent news was Circle’s Bitmain backed $110 million funding round, HTC’s blockchain phone, global consultant DNV investing in VeChain, and eToro expanding its crypto trading options.
For the last day, Nokia monetizing the data with blockchain, Brian Kelly who is a Wall Street vet launching the blockchain ETF and Enterprise Ethereum Alliance presents common blockchain standards.
So, overall, blockchain has been the main focus. With big industry players getting into the blockchain, it is a good thing for the cryptocurrency market. This won’t bring out any instant bull in the market, but in the long run, it can surely be good for the crypto industry.
What do you think of Consensus event 2018? Is this event turned out to be a failure or does it have the potential to affect the crypto market positively? Share your thoughts with us!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.