Crypto Carnage

I hope everyone is enjoying the new year. I wanted to do an update about a week ago on the state of progress at GLX. In preparation I have been spending a lot of time thinking about a recent article in Bloomberg Business snidely titled “How’s That ICO Working Out?”. As you can probably guess the article points out some of the outrageous carnage from the crypto chaos of 2018.

If your following the industry you are probable seeing the headlines:

During a recent interview Michael Novogratz most accurately characterized Bitcoin’s enormous growth in late 2017, which peaked at $20,000 per coin, “a drug.” He called the period a “speculative mania,” adding that the “audience is more sober now – the drug is gone.” Certainly the results of blockchain and fintech startup companies would seem like a group being run by people on drugs. The Bloomberg article pointed out the current results of some of the highest flying deals in the industry:

Funds raised: $4.2 B
Return: -60%
Remaining crypto wallet balance: $0*

Funds raised: $1.7 B
Return: Token not available yet
Remaining crypto wallet balance: Unknown

Funds raised: $735 M
Return: Token not listed on independent exchanges
Remaining crypto wallet balance: Unknown

Funds raised: $575 M
Return: -94%
Remaining crypto wallet balance: Unknown

Funds raised: $420m
Return: -98%
Remaining crypto wallet balance: $0

High technology is extremely difficult to develop successfully. Case in point – Homeland Security Cancels ‘Virtual Fence’ After $1 Billion Is Spent:

“The U.S. Department of Homeland Security canceled a project to build a technology-based “virtual fence” across the Southwest border, saying that the effort – on which $1 billion has already been spent – was ineffective and too costly.”

How did GLX fare?

Despite getting caught up in the chaos I am here to say that GLX remained totally sober while the party was going on. After what seemed like endless legal research and contemplation we decided to pull our ICO plans and stay clear of any regulatory scrutiny. We did not raise a fraction of a fraction of the capital of what many of these other projects did but we experienced our best year of progress in terms of our software development. The progress that GLX has made with very little resources is truly remarkable.