BlockChain News

New Report by BlockchainDefender Links Lack of Trust in Cryptocurrency Industry to Dwindling Coin Prices

Blockchain is a technology synonymous with transparency, traceability and trust. However, does trust really exist from the perspective of an outsider looking into the blockchain
industry? Can protocols built upon trust truly evolve without first gaining public trust?

advertisementToken Agency

Throughout 2018 BlockchainDefender has been working to develop an interesting report that gives us all a better inside on how a lack of trust in the cryptocurrency industry has affected coin prices. The in-depth report will answer some of the questions we have all been asking ourselves during this never-ending bear market, and revolves around some of these key Research Findings:

• There’s a clear correlation between an increase in
negative online sentiment about cryptocurrencies
and a fall in their market capitalisation.
• If there’s high search volume and positive sentiment,
a cryptocurrency’s market capitalisation increases.
• If there’s negative sentiment about a cryptocurrency
that becomes more prominent, market capitalisation
decreases.

The report gives an analytic overview on the global crypto market. It describes the most common online destinations that could be found for online negativity towards
cryptocurrencies. It tells that, in comparison, crypto exchanges seem to be struggling to protect and improve their online reputations. It tells us what impact Google search results have on us. It also gives us a better inside into Bitcoin’s global reputation and might just answer that final burning question- why does the cryptocurrency industry have a bad reputation and how can cryptocurrencies combat this problem?

Almost as interesting as the report itself, is the reason behind the study.

“‘BlockchainDefender was approached by a number of different companies within the blockchain industry in 2017- including exchanges, cryptocurrencies, tokens and wallets – that all had one thing in common: online reputation concerns. This trend extended into 2018 and while servicing these companies with a solution, we were scraping and gathering a lot of search engine data. When combined, this data was presenting us with some very interesting facts and figures”, said Tony McChrystal, Managing Director at ReputationDefender EMEA.

“Motivated by intrigue and the pursuit of gaining a deeper understanding of our client’s issues, we extended our data gathering into different demographics and started covering other parts of the cryptocurrency market. Our analysis confirmed our initial findings and assumptions; it wasn’t just our clients suffering from online reputation management issues, but the industry in its entirety.

This quite often happens to emerging markets – with outside commentary challenging new ideas and concepts – but the most interesting discovery for us was that the majority of negative commentary and content was coming from within the market itself. This information was vital to us as a reputation management service provider, as you need to know where the problem originates before you can offer the right solution”, added Tony.

The conclusion of the report might make it worthwhile to read the whole thing, as we apparently can all affect the market in a positive way. It says that, due to the prolonged bear market, many blockchain projects have halted or slowed down their marketing efforts. Doing this can be extremely detrimental to the success of a project and can lead to the collapse of a coin. Cryptocurrencies must broadcast their news, updates and progress in a clear and concise manner to authoritative and trusted industry websites. This not only helps to cement and maintain a positive reputation for the project; it also makes it stand out from the competition as a respectable project with a long-term vision.

Wieke Beenen
  • Former Last.fm’s founder shakes up user privacy access with new Slant on blockchain technology – January 31, 2019
  • New Report by BlockchainDefender Links Lack of Trust in Cryptocurrency Industry to Dwindling Coin Prices – January 31, 2019
  • VX Network introduces a new Crypto Based, Monopoly-Style Board Game called Crypto Marble – January 30, 2019
  • China Ranked first in World of Blockchain and AI Patents Being Filed – USA Runner-up – January 24, 2019
  • Block.one Releases EOSIO 1.6.0, Transaction Processing Speeds Could Increase up to 35% – January 24, 2019
  • First Cannabis Validation Testing Program Reaches Markets to Create Much Needed Transparency – January 23, 2019
  • Eurasian Resources Group is Piloting Blockchain Based Solution on the IBM Blockchain Platform – January 21, 2019
  • Coinstar to Give Consumers a Convenient and Easy Way to Buy Bitcoin at Coinstar®Kiosks – January 18, 2019
  • Tech Firm IBM and MineHub Join to Build Blockchain-Based Platform for More Efficient Metals & Mining Supply Chain Solution – January 17, 2019
  • Former Director of Mobile for TripAdvisor and Viator Joins KeyoCoin Team to Help Build Intuitive Mobile Booking Platform – January 10, 2019
  • Project PAI Blockchain Protocol and Blockfolio Signal Beta, Create Platform for AI-Powered 3D Avatars – December 17, 2018
  • Nigerian Start-up Announces Revolutionary Global Decentralized Health Platform With A Distributed Blockchain – December 15, 2018
  • CEO of Panxora Warns: ‘Draconian’ Regulatory Measures Could Risk Losing Control of Crypto in US – December 13, 2018
  • Lancor Scientific Links Use of a Digital Token to Global Blockchain-based Cancer Screening Registry – December 13, 2018
  • 4-part Documentary series about the Technology Behind Cryptocurrency Premieres online – December 10, 2018
  • Local Community in Belgium wants to Unite all Positive Forces with Province-wide LumbU coin – December 9, 2018
  • Filmio about to Take Filmmaking into the Future with Tokenized Entertainment Ecosystem – December 7, 2018
  • December Cryptocurrency Predictions Report is Cautiously Positive, while some Coins Continue to drop, Others are Expected to Recover – December 6, 2018
  • “Blockchain for Europe” Launched by Leading Global Blockchain Companies – December 4, 2018
  • G20 leaders call for taxation system of cryptocurrency – December 3, 2018

View All Articles

Related posts

London’s Blockchain Conference; Blockchain Expo Global Exhibition announces expert speakers

Jenny

Dutch Blockchain Company Tymlez Group Starts Trading on Australian Stock Exchange (ASX)

Jenny

DNAtix Releases Live Demo of its Blockchain based Genetic Infrastructure Platform

Jenny