Positive Article for Crytpos and US Congress

Hey everyone, I stumbled across an article that many in the crypto investing world may find helpful. Below is a link to the article. In this post I will do a quick breakdown of some of the highlights. Lets get to it...

https://dailyhodl.com/2018/03/19/us-congress-releases-extraordinary-report-praising-cryptocurrency-and-blockchain-technology/

The US Congress just released its massive joint report on the state of the economy, and for the first time an entire chapter is dedicated to cryptocurrency. What’s even more extraordinary are the number of bullish sentiments on the future of the emerging technology.

Blockchain Looks Like the New Internet

“The buzz surrounding digital currencies resembles the internet excitement in the late 1990s when people recognized technology companies could change the world. Many internet companies launched and their valuations took off in short order. Many failed, but a few succeeded spectacularly and challenged the conventional ways of doing business.”

Sounds pretty famililar to me. There are plenty of alts without any working products, yet they have very high valuations. I think in the near future, many of these alts that do not deliver on their promises will become vitrually worthless and never heard from again. Similar to many dotcom companies that no longer exist today. However, there will also be the next Amazon, Apple, Netflix, Facebook (possible Steem?) etc that emerge successful as a result of Blockchain technology in my opinion.

Blockchain Is Secure and Efficient

“Cryptocurrencies and ICOs create headlines, and the pace of financial innovation in the blockchain space amazes skeptics. Yet, with all the headlines focusing on the financial applications, people may miss the digital revolution now happening with other blockchain applications. Even worse, people could be frightened about new developments with the technology as they associate blockchains with the negative headlines. Blockchain technology offers a decentralized, secure, and efficient way to store almost any form of data across multiple platforms.”

This is a very true point. Lots of people focus only on the negative...ICO's scams, Ponzi scams, Money Laundering, BTC is used to buy drugs and weapons on the dark web (although no mention of fiat cash which I feel is even more anonymous and harder to track than crypto due to there not being a blockchain ledger). Yet, many people fail to realize the huge potential that Blockchain offers. It can revolutionize the Internet as we know it, as well as improve our daily lives, and allow people to even become their own bank if they so choose. We have not even yet begun to see the true potential that Blockchain technology has to offer.

Blockchain May Transform Many Industries

“Developers, companies, and governments recognize the potential and have already starting to implement blockchains for many different uses. For instance, health care providers, patients, and policymakers continue searching for portable and secure ways to store medical records digitally."

This shows that Blockchain technology is much more than digital money, it is going to change the way business is done on many fronts. This can include using the Blockchain to prevent counterfeiting, secure loans, run smart contracts, honest voting systems, secure medical records, and much, much more.

The Conclusion

“Technology presents evolving challenges and generates new solutions. Blockchain technology essentially stores and transmits data securely, in large volume, and at high speeds. So far, the technology has proved largely resistant to hacking, and given this feature, developers first applied it to digital currencies. Yet blockchain has many more potential applications, such as portable medical records and securing the critical financial and energy infrastructure that the Report identified.”

I take this to be very positive for crypto. The rumor also has it that the G20 meeting believes that cryptos are not a threat to the financial world at this time. It is too early to regulate it, and they will take a step back and monitor it to allow it to continue to grow. Sentiment seems much more optimistic. Total Market Cap in the crypto world is back above $300 billion...currently sitting around $325 Billion. Lots of the uncertainty before this meeting has been removed. I think we could see money start to flow back in the crypto market world. If that is the case, then there are still plenty of great sales going on in quality alts and BTC as well. Good luck everyone!