On episode 76 of the Wild West Crypto Show, hosts Drew Taylor and Brent Bates are scratching their heads and asking, “Where are the alt coins?”
Bitcoin dominance – a measure of how much of the total alt coin market cap is made up of Bitcoin – remains above 70 percent. Conversely, this bitcoin hegemony means that Dash, Ethereum, Litecoin, Ripple and the hundreds of other cryptocurrencies available comprise only 30 percent of market value.
Will the alt-coin industry follow the pattern of the early auto industry? In the first decade of the twentieth century, close to 500 automakers were building cars in America. By 1929, only 44 were still around, with about 80 percent of market share belonging to the top three – Chrysler, Ford and General Motors.
Guests on this episode of the crypto show included Geoff McCabe, who called in from sunny Costa Rica. CEO of the Divi Project, McCabe explained that the project is “helping you become your own bank.” Divi Project plans to enter the $700 billion remittance market and, to that end, has purchased a 30 percent stake in a Costa Rican fintech firm (http://nnw.fm/v7VfX).
As usual, Jonathan Keim, director of communications at CryptoCurrencyWire (CCW), had a triplet of fascinating developments to report. He started by noting that the upcoming ELEV8 crypto conference had announced its speaker lineup and preliminary agenda (http://nnw.fm/0NwN9).
The three-day ELEV8 conference, which takes place December 8-11, 2019, will provide a global perspective on enterprise blockchain, distributed data management and digital assets. This year’s event will be the third in the series. Keynote speakers will include Jason Kelley, general manager of blockchain services at IBM; Alex Mashinsky, founder and CEO of Celsius Network; and Phil Kelly, executive director of business development at ConsenSys.
Keim noted that ELEV8 has selected CCW to be its official newswire. CCW is a news and content distribution syndicate specializing in cryptocurrency. With access to more than 5,000 news outlets, a strong social media influence and a wide range of writers and journalists, CCW is actively connecting the ELEV8 brand to a diverse set of audiences, including investors, industry specialists and consumers.
In other news, Keim announced that Power Block Coin, a company that finances cryptocurrency projects, has announced its plans to provide “tens of millions in funding for cryptocurrency miners” at the World Crypto Conference (WCC) Mining Conference, scheduled for October 30-31, 2019, at the Cosmopolitan of Las Vegas (http://nnw.fm/4YVtZ).
Finally, in his third piece of news, Keim said that Jack Dorsey, CEO of Square, has noted that mass crypto adoption will transform Square’s business (http://nnw.fm/f6tLd). In an August 5 interview with The Australian Financial Review, Dorsey detailed how he believes the emerging asset class will shape his company’s development.
“In the long term [cryptocurrencies] will help us be more and more like an internet company where we can launch a product,” he said in the interview. “And the whole world can use it, instead of having to go from market to market, to bank to bank to bank and from regulatory body to regulatory body.” Through its cash app, Square began selling bitcoin in 2018 and, earlier this year, started accepting bitcoin deposits.
For the latest episode, which includes CryptoCurrencyWire’s ongoing segment featuring the latest news from around the world, visit http://nnw.fm/3oLPR
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