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      "body": "Congratulations @blocknovum! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@blocknovum/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@blocknovum) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=blocknovum)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/the-steem-community-has-lost-an-epic-member-farewell-woflhart\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmQWnM36SWCPGn98nY83M1ArgweMz5fnovQEp2E4FiDdug/Wolfhart_header.png\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/the-steem-community-has-lost-an-epic-member-farewell-woflhart\">The Steem community has lost an epic member! Farewell @woflhart!</a></td></tr><tr><td><a href=\"https://steemit.com/steemtoolbar/@steemitboard/steemtoolbar-update-display-bug-fixed\"><img src=\"https://steemitimages.com/64x128/http://i.cubeupload.com/7CiQEO.png\"></a></td><td><a href=\"https://steemit.com/steemtoolbar/@steemitboard/steemtoolbar-update-display-bug-fixed\">SteemitBoard - Witness Update</a></td></tr><tr><td><a href=\"https://steemit.com/steem/@steemitboard/do-not-miss-the-coming-rocky-mountain-steem-meetup-and-get-a-new-community-badge\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmUphCGZFWgt6bJ1XTtunV7esnwy6bxnGqcLcHAV3NEqnQ/meetup-rocky-mountain.png\"></a></td><td><a href=\"https://steemit.com/steem/@steemitboard/do-not-miss-the-coming-rocky-mountain-steem-meetup-and-get-a-new-community-badge\">Do not miss the coming Rocky Mountain Steem Meetup and get a new community badge!</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "title": "Binance Coin (BNB) Investment Research Report",
      "body": "BlockNovum published its second public investment research report covering Binance Coin (BNB), the native token of the world’s biggest cryptoasset exchange. \nThe report consists of two parts:\n\n**1. Valuation of the BNB token price** based on a long-term fundamental view of its utility value.\n**2. Qualitative assessment of Binance**, the company behind BNB, based on BlockNovum’s due diligence methodology for early-stage blockchain startups. \n\nFind our key results in the **executive summary below, or read the full report** to get an in-depth look at Binance / BNB.\n\nFuture cryptoasset investment research reports with valuations of handpicked cryptoassets are offered via a **subscription model or on-demand**. For further details please get in touch with us at [[email protected]](mailto:[email protected]).\n\n## [Download the full BNB Investment Research Report (20 pages) here:](http://blocknovum.com/wp-content/uploads/2018/10/BlockNovum_Investment-Research_BNB-October2018.pdf)\n\n![BlockNovum_Investment Research_BNB - October2018_Page_01.png](https://cdn.steemitimages.com/DQmbAaoND54hZhTSdSgPm2fqgNHoX8jZ2sWUkQ3NK546mfB/BlockNovum_Investment%20Research_BNB%20-%20October2018_Page_01.png)\n\n# Executive Summary \n## Valuation\nBlockNovum establishes a **price target of $17.7 per Binance Coin (BNB) for long-term investors.** We see this price justified by the present value of the underlying future utility values of three modeled BNB use cases until 2023:\n\n1. Payment of **trading fees** on Binance exchange with BNB (incentivized through discount).\n2. **Repurchase of BNB** through Binance profits.\n3. **“Others”** including BNB demand for investment purposes, gas for decentralized exchange, voting power, referral bonus etc.\n\nWe expect 88% of today’s BNB present value to be based on current utility and 12% on speculation of future utility value.\n![BlockNovum_Investment Research_BNB - October2018_Page_05.png](https://cdn.steemitimages.com/DQmaQn98KUs4CKvMKDFzYJSRzwmUuFPN8txXTE8nYXs9gY7/BlockNovum_Investment%20Research_BNB%20-%20October2018_Page_05.png)\n\n## Qualitative Assessment\nBlockNovum believes that Binance was able to grow a massive user base and become the biggest crypto exchange due to its ability to move incredibly fast. They managed to assemble a team, get ICO funding, and launch a trading platform in a matter of weeks. The right market timing combined with their ability to onboard users very quickly, their wide ranging offering of popular cryptoassets, and their capabilities to handle large number of users was definitely one of the key points for Binance's early success. The BNB coin with its utility for discounted fees and with its profit buyback mechanism was innovative for its time and further supported user growth.\n\n While moving fast, Binance might have also stepped into some legal greyzones, by avoiding local regulations through rapid relocation to other (more crypto-friendly) jurisdictions. In general, we also have some concerns around Binance’s governance structure and company data availability. Furthermore, it can’t be ignored that Binance listed several low-quality tokens on their exchange, which might leave a tainted reputational mark.\n\nNevertheless, we see Binance as well-positioned as the leading cryptoasset exchange for a future where cryptoassets become more and more accepted in the broader public. Binance’s CEO Changpeng Zhao (“CZ”) and his team realized that by **building a whole ecosystem around Binance and its native BNB token, Binance can positively influence its own market position and set itself up for long-term success.** With their various initiatives, such as Binance Labs, Binance Blockchain, ICO launchpad, Academy, Crypto bank etc., Binance is offering services along the whole value chain and is distinguishing itself against their competition. As a result, they managed to become one of the leading exchanges and with CZ they have a popular crypto persona as their CEO.\n\n## Investment Thesis\nThe various initiatives with the BNB token at their center make us feel optimistic about BNB’s ability to **capture long-term value**. This view is confirmed by our long-term fundamental-based valuation that yielded a **present utility value of one BNB token at $17.7.** Therefore, BlockNovum issues a Buy rating for BNB since the current price lies significantly below BNB’s calculated current utility value and discounted PV. BNB seems to be undervalued considering the size of the “economy” that the Binance ecosystem facilitates. \n\n\n## About BlockNovum\nBlockNovum is a Swiss Blockchain and Cryptoasset investment research & consulting firm. We provide professional assessments, fundamental valuations, and market research reports for the emerging asset class of cryptoassets & blockchain startups. Our target client segment includes institutional investors (VCs, family offices, [Crypto]-funds & other asset managers) with an interest in allocating capital to cryptoassets or blockchain startups. Additionally, we also offer our reports and consulting services to accredited investors, such as business angels.\n\n**Mission**: Founded in 2018, we are a young startup that wants to advance the quality of fundamental cryptoasset research to a professional level to provide institutional investors with high quality market research, due diligence, and valuations.\n\nIf you are interested in similar reports or customized consulting services, please contact us at [[email protected]](mailto:[email protected])\n\nYou can also find us on: [Website](http://www.blocknovum.com/), [Twitter](https://twitter.com/BlockNovum), [LinkedIn](https://www.linkedin.com/company/blocknovum/?lipi=urn%3Ali%3Apage%3Ad_flagship3_pulse_read%3B5w9bCX4AToSdmuZXjcYYEA%3D%3D)\n\n_**Disclaimer**: This information is not intended to be nor should it be relied upon as a complete record or analysis; neither is it an offer nor a solicitation of an offer to sell or buy any security or cryptoasset mentioned herein. Nothing contained herein constitutes investment advice and is not to be relied on in making an investment or other decision. Full disclaimer in the complete report._",
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      "permlink": "re-blocknovum-market-screening-of-swiss-blockchain-startup-newcomers-in-2018-20180827t133106881z",
      "title": "",
      "body": "**Coins mentioned in post:**\n\nCoin | | Price (USD) | 📈 24h | 📉 7d\n- | - | - | - | -\n**ADA** | Cardano | 0.095$ | _2.23%_ | _-3.75%_\n**AMB** | Ambrosus | 0.143$ | _6.68%_ | _4.5%_\n**ETH** | Ethereum | 277.761$ | _0.59%_ | _-4.8%_\n**MOD** | Modum | 1.012$ | _1.07%_ | _11.39%_\n**XES** | Proxeus | 0.024$ | _-8.54%_ | _-32.46%_",
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      "body": "Hi sugarfix. Thanks for resteeming the report and your thoughts above. I appreciate the feedback.",
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      "parent_permlink": "blockchain",
      "author": "blocknovum",
      "permlink": "market-screening-of-swiss-blockchain-startup-newcomers-in-2018",
      "title": "Market Screening of Swiss Blockchain Startup Newcomers in 2018",
      "body": "BlockNovum just published its second public Blockchain research report, which provides a comprehensive market overview about Blockchain startups in Switzerland. The report specifically focuses on **“Newcomers” in the Blockchain space.** This selection includes startups that did conduct an ICO in 2018 (or are planning to ICO later this year), that were newly founded in 2018, or that managed to get first measurable traction (through product release or media attention) in 2018.\n\nThe aim of the report is to provide a thorough overview about Swiss newcomers in the blockchain space for investors and industry exponents alike. The map helps navigate the ever-growing crypto landscape in Switzerland by **listing all relevant new startups in one place and classifying them in different categories.**\n\n**Download the full report here: [BlockNovum_Market Screening_Switzerland-2018](https://blocknovum.com/wp-content/uploads/2018/08/BlockNovum_Market-Screening_Switzerland-2018.pdf)**\n\n# Swiss Blockchain Startups Newcomer Map: \n\n![Blockchain Market Screening_Switzerland_2018_Overview.jpg](https://cdn.steemitimages.com/DQmTcrAtF4ywBQhuH8DMLmzNsqti4Ww568D5vkbV1PB3mRN/Blockchain%20Market%20Screening_Switzerland_2018_Overview.jpg)\n\n\n# Research Focus:\n\nBlockNovum categorized the screened projects in five categories: Technical, Organizational, Financial, Retail & Entertainment, and Personal.\n\n* **Technical:** Projects that provide a technical solution or service related to the blockchain technology. This includes new protocols, blockchain layers, file storage, computation, cyber security, artificial intelligence (AI), technical platforms, and infrastructure solutions related to the blockchain.\n* **Financial:** Projects and services with a focus on financial applications and use cases. This category includes new cryptocurrencies, exchanges, payment systems, banking services, prediction markets, funds & investment services, investment related data & information platforms, tokenized assets, and others.\n* **Organizational:** Projects with an organizational focus that mainly tackle challenges related to coordinating, tracking, and organizing people, resources, or data. Hence, this category consists of use cases around governance, supply chain, internet of things (IoT), content distribution, energy etc.\n* **Personal:** This category includes startups that provide applications for personal use in daily life. Therefore, this section lists offerings around personal authentication, social networks, messaging, personal data & monetization, advertising, or personal healthcare.\n* **Retail & Entertainment:** The last category includes services with a retail focus or with entertainment purposes. Blockchain startups in this category offer services around marketplaces, gaming, virtual reality, music, sports, art, education, ticketing, and others.\n\nFurthermore, the research focus was explicitly set on projects that were founded and are operational in Switzerland. Companies that have their headquarters in Switzerland and/or conduct an ICO according to Swiss regulations were also included.\n\nOverall **BlockNovum identified 78 blockchain-related projects that matched the selection criteria**. Note that “older” and more established cryptoassets / startups that did an ICO in 2017, or earlier, were not included in the map. Therefore, you won’t find the likes of Ethereum, Ambrosus, Modum, Lykke, Cardano, Shapeshift etc. in this overview.\n\n# Findings & Selection of 15 High Potential Startups:\nIn the report BlockNovum lists all **78 startups **including a categorization and short description for each. Out of all screened startups, BlockNovum selected **15 projects which were assessed to have the highest investment potential**. The selection was based on the expected product-market fit, viability of use cases, founding team and experience, stage of development, quality of website/whitepaper/MVP, and the token type & usage.\nIt has to be noted that several startups in the map came out of stealth mode very recently or are at a very early stage of development. Therefore, these projects could not be properly assessed yet and stay on our watchlist. Consequently this list is not to be seen as final and will be updated for interested clients in the future.\n\nTo illustrate BlockNovum’s **market research and investment screening offering**, an example **assessment of long-listed and short-listed startups** is given as well in the report. The long-list analysis covers the selected “Technical” and “Financial” startups, whereas the “short-list” assessment example is performed for **“Proxeus“**. This type of research is primarily geared towards investors who require a high-level market overview and assessment of several startups that match their investment criteria. Subsequently, short-listed projects can then be properly analyzed and evaluated with BlockNovum’s in-depth investment research & due diligence offering.\n\nBlockNovum offers similar on-demand market screenings for various geographies and according to your individual requirements. If you are interested in BlockNovum’s market screening or in-depth investment research services, please contact us at [[email protected]](mailto:[email protected])\n\n**To see the selection of our top 15 blockchain startups, have a look at the full report here: [BlockNovum_Market Screening_Switzerland-2018](https://blocknovum.com/wp-content/uploads/2018/08/BlockNovum_Market-Screening_Switzerland-2018.pdf)**\n\n# About BlockNovum:\nBlockNovum is a Swiss Blockchain and Cryptoasset investment research & consulting firm. We provide professional assessments, fundamental valuations, and research reports for the emerging asset class of cryptoassets & blockchain startups. BlockNovum positions its cryptoasset research reports and services analog to established equity sell-side research providers. Therefore, our target clients include mainly institutional investors with an interest in allocating capital to cryptoassets, or that plan to invest directly in blockchain startups. Additionally, we also offer our reports and consulting services to accredited investors, such as angel investors.\n\nIf you are interested in similar reports or customized consulting services, please contact us at [[email protected]](mailto:[email protected]) .",
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      "permlink": "re-blocknovum-re-tysler-bitcoin-to-hit-optimum-price-for-investors-20180814t121456750z",
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      "body": "@blocknovum, thank you for the financial summary :)",
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      "author": "sugarfix",
      "permlink": "re-blocknovum-cryptoasset-research-startup-values-bitcoin-at-usd8-000-20180813t205142408z",
      "title": "",
      "body": "Incidently I resteemed you post as I think the report should reach more people.",
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      "author": "sugarfix",
      "permlink": "re-blocknovum-cryptoasset-research-startup-values-bitcoin-at-usd8-000-20180813t204653995z",
      "title": "",
      "body": "The executive summary did make an interesting read. I've downloaded the full paper and if I get time will comment. I have a problem with the term \"store of value\" as it can mean an safe investment of last resort utilised when markets are crashing -Bitcoin has behaved like that in the past but it isn't behaving like that now - or it could be just a literal \"store of value\" which makes it no different to any asset class with no utility value.\n\nSorry I'm just writing on the fly. It is unfair to comment without reading your paper as a whole.",
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      "parent_permlink": "re-sandwichbill-a-look-back-at-btc-price-manipulation-before-and-after-the-vaneck-etf-delay-20180812t220031843z",
      "author": "blocknovum",
      "permlink": "re-sugarfix-re-sandwichbill-a-look-back-at-btc-price-manipulation-before-and-after-the-vaneck-etf-delay-20180813t140831854z",
      "title": "",
      "body": "@@ -14,16 +14,17 @@\n ith you \n+@\n sugarfix\n",
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      "parent_author": "tysler",
      "parent_permlink": "bitcoin-to-hit-optimum-price-for-investors",
      "author": "blocknovum",
      "permlink": "re-tysler-bitcoin-to-hit-optimum-price-for-investors-20180813t143631044z",
      "title": "",
      "body": "@@ -1,11 +1,12 @@\n Hi \n+@\n tysler, \n",
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      "parent_permlink": "bitcoin-to-hit-optimum-price-for-investors",
      "author": "blocknovum",
      "permlink": "re-tysler-bitcoin-to-hit-optimum-price-for-investors-20180813t143631044z",
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      "body": "Hi tysler, thanks for the informative article. \n\nI see a huge potential for Bitcoin as a digital store of value and as the main gateway asset to other cryptos.  I wrote a longer **research post** about Bitcoin and its \"justified\" price a few days ago. In the report I perform a fundamental valuation of Bitcoin that results in a **present value of $8,000 per BTC.**\n\nBased on your writing I think you might be interested. Have a look at my article here: [Bitcoin Research](https://steemit.com/cryptocurrency/@blocknovum/cryptoasset-research-startup-values-bitcoin-at-usd8-000)",
      "json_metadata": "{\"tags\":[\"bitcoin\"],\"links\":[\"https://steemit.com/cryptocurrency/@blocknovum/cryptoasset-research-startup-values-bitcoin-at-usd8-000\"],\"app\":\"steemit/0.1\"}"
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      "parent_author": "askquestion",
      "parent_permlink": "latest-bitcoin-price-update-12-08-2018",
      "author": "blocknovum",
      "permlink": "re-askquestion-latest-bitcoin-price-update-12-08-2018-20180813t142447907z",
      "title": "",
      "body": "If you are interested in a more detailed assessment of Bitcoin's price, I just conducted a valuation of BTC and wrote an article about why I think that BTC currently has a present value of $8,000. Have a look: [Bitcoin Research Report](https://steemit.com/cryptocurrency/@blocknovum/cryptoasset-research-startup-values-bitcoin-at-usd8-000)",
      "json_metadata": "{\"tags\":[\"bitcoin\"],\"links\":[\"https://steemit.com/cryptocurrency/@blocknovum/cryptoasset-research-startup-values-bitcoin-at-usd8-000\"],\"app\":\"steemit/0.1\"}"
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      "parent_author": "finprep",
      "parent_permlink": "erik-voorhees-on-is-bitcoin-the-future-of-money",
      "author": "blocknovum",
      "permlink": "re-finprep-erik-voorhees-on-is-bitcoin-the-future-of-money-20180813t142152655z",
      "title": "",
      "body": "I'm also not sure if Bitcoin will replace fiat currencies as the primary medium of exchange. However, I see a huge potential for it as a digital store of value and as the main gateway asset to other cryptos. \n\nI am quite confident that Bitcoin has great arguments for these use cases  in the long-term and will capture a lot of value through them. I  wrote a longer research post about this a few days ago. Have a look if you are interested: [Bitcoin Research](https://steemit.com/cryptocurrency/@blocknovum/cryptoasset-research-startup-values-bitcoin-at-usd8-000)",
      "json_metadata": "{\"tags\":[\"bitcoin\"],\"links\":[\"https://steemit.com/cryptocurrency/@blocknovum/cryptoasset-research-startup-values-bitcoin-at-usd8-000\"],\"app\":\"steemit/0.1\"}"
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      "parent_author": "sugarfix",
      "parent_permlink": "re-sandwichbill-a-look-back-at-btc-price-manipulation-before-and-after-the-vaneck-etf-delay-20180812t220031843z",
      "author": "blocknovum",
      "permlink": "re-sugarfix-re-sandwichbill-a-look-back-at-btc-price-manipulation-before-and-after-the-vaneck-etf-delay-20180813t140831854z",
      "title": "",
      "body": "Fully agree with you sugarfix. I also find the BTC dominance growth very noteworthy and also somewhat surprising given that some altcoin projects are showing progress.\n \nRegarding Bitcoin: I am very bullish on Bitcoin in the long-term and also wrote a longer research post about it a few days ago. Have a look if you are interested: [Bitcoin Research](https://steemit.com/cryptocurrency/@blocknovum/cryptoasset-research-startup-values-bitcoin-at-usd8-000)",
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      "parent_author": "the4thmusketeer",
      "parent_permlink": "coinmarketcap-s-5-year-anniversary-was-just-a-few-months-ago",
      "author": "blocknovum",
      "permlink": "re-the4thmusketeer-coinmarketcap-s-5-year-anniversary-was-just-a-few-months-ago-20180813t140239127z",
      "title": "",
      "body": "Coinmarketcap is probably the most visited website in the crypto space. I find it very useful to regularly get updates about price movements and trending tokens.",
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      "title": "Cryptoasset Research Startup values Bitcoin at $8,000",
      "body": "![BlockNovum_Investment Research_Bitcoin - August2018-page-001.jpg](https://cdn.steemitimages.com/DQmWHTjN486B3pX6vNsTyBd4zqJ7ViV7kqWGN8hfhC4MKcV/BlockNovum_Investment%20Research_Bitcoin%20-%20August2018-page-001.jpg)\n\nHi Steem community, I am the founder of a young startup (BlockNovum) that is specialized on Blockchain and Cryptoasset investment research. We aim to value cryptoassets according to fundamental drivers and their long-term potential. Since cryptos are not companies (they have no cash flows), traditional investment valuation methods such as DCF can’t be used. \n\nVarious crypto valuation approaches have been pioneered over the last months by exponents such as Chris Burniske, Alex Evans, Dmitry Kalichkin, and others. I studied these different valuation methods to refine and professionalize them. My goal is to advance the practices how we value this new asset class. \n\nSince we **just released our first public investment research report that covers Bitcoin [BTC]**, I thought it would be great to share the report here on Steemit and get feedback from the community:\n\n* You can see the executive summary / one pager of our valuation in the above picture. \n* Find the complete [Bitcoin investment research report here](https://blocknovum.com/wp-content/uploads/2018/08/BlockNovum_Investment-Research_Bitcoin-August2018.pdf) or download it on [BlockNovum’s website](https://blocknovum.com/research/).\n\nBelow I provide a brief written summary of the findings and valuation results: \n\n## Executive Summary / tl;dr:\n\nIn the report **BlockNovum issues a Buy rating for BTC**, as long as the market price stays below their **current target price of $8,000**. The price target represents the present value of BTC’s expected current and future utility values obtained through a **fundamental valuation**. BTC also shows substantial long-term price appreciation potential if use cases mature and gain more market share. Based on the valuation, a BTC price of above $10,000 is a realistic possibility in the next 12 months.\n\n## Research Approach: \n\nThe report consists of an extensive fundamental valuation of Bitcoin, based on the **expected utility values** of its most promising use cases. BlockNovum’s financial model then calculates the present value of a Bitcoin token, by discounting these future utility value inherent to one BTC at a discount rate of 30%. Consequently, the identified **present value** then helps **decide if Bitcoin is under- or overvalued at today’s price level**.\n\nIn addition, alternative valuation approaches are illustrated, such as cost-based valuation or ratio-analysis, to achieve a holistic valuation perspective and to verify the $8,000 valuation result. Finally, BlockNovum analyzes Bitcoin according to a set of key qualitative assessment factors. The complete analysis is then synthesized into a recommendation and investment profile.\n\n## Summary of Bitcoin Investment Report: \n\nBlockNovum expects the price of Bitcoin to have a **current value of $8,000 per BTC**. This price is justified by the present values of the underlying future utility values of modeled Bitcoin use cases. The store of value (“digital gold”) use case, along with the usage as a gateway to other cryptoassets, promises a substantial addressable market size for Bitcoin. The size of the **market served by BTC**, for these two use cases alone, is estimated to **be over $2.8 trillion in 2028**. Further markets where Bitcoin acts as a transfer facilitator (though at a smaller scale) are digital payments, remittances, and banking of the unbanked.\n\nBitcoin’s characteristics as a fully digital, safe, decentralized, scarce and autonomous currency free from any government control makes it a perfect fit as a digital store of value asset with appreciation potential. Furthermore, Bitcoin’s ability to reduce transaction costs and simultaneously increase speed through technological improvements (e.g. Lightning Network) makes its usage highly attractive in the other aforementioned industries.\n\nBlockNovum also estimates that 66% of today’s present value of $8,000 is based on current utility value and 34% accounts for speculation on future utility value.\n\nAn alternative approach, **cost-based valuation, predicts a price range of $7,440 and $8,670 per BTC**, validating the fundamental valuation result. The ratio analysis — consisting of Network Value to Transactions Ratio (NVT), Price to Metcalfe Ratio (P/M), and Network Value to Metcalfe Ratio (NVM) indicates that BTC is currently largely supported by fundamentals. However, **short-term corrections are a possibility** if fundamentals don’t develop as expected or market sentiment stays bearish. For example, NVM shows signs of a temporary overvaluation of BTC, which might lead cautious investors to delay investing for a few months.\n\nNevertheless, the qualitative assessment confirms BTC’s strong positioning in six assessment categories, which supports its **leading role as a “blue chip” token in the cryptoasset space**. Recent developments such as the announcement of Bakkt, a jointly launched company by Starbucks, NYSE parent Intercontinental Exchange, and Microsoft to create an open and regulated, global ecosystem for digital assets, highlight Bitcoin’s perceived potential among leading corporations.\n\n## Conclusion: \n\n**BlockNovum issues a Buy rating for Bitcoin**, as long as the BTC price stays below the **target price of $8,000**. Hence, investors should aim to buy Bitcoin below the target price and account for their preferred margin of safety. Bitcoin serves several promising use cases, which gives it fundamental value. In particular, the store of value use case, where **Bitcoin serves as digital gold**, offers **enormous market potential** with an estimated market size of $2.6 trillion served by BTC in 2028. The qualitative assessment framework and ratio analysis confirmed Bitcoin’s strong and continuously growing fundamentals and further support BlockNovum’s price target. However, another short-term price correction is a possibility if fundamental on-chain activity does not develop as expected.\n\n## Future Research:\n \nBitcoin is one of many promising cryptoassets that BlockNovum is covering in the upcoming months. If there is enough interest, 'll plan to publish another research report here on Steemit in the future. \n\nIf you are interested in a potential cryptoasset research report subscription, or BlockNovum’s on-demand cryptoasset investment consulting & research services, please get in touch at **[email protected]** or visit us on [Twitter](https://twitter.com/BlockNovum) or our [Website](https://blocknovum.com/). \n\nThanks for reading 😊\n\nDisclaimer: \nThis article does not constitute investment advice. Further disclosures and risks related to cryptoasset investing are listed in the report. I have invested in Bitcoin and several other cryptoassets.",
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      "body": "Interesting and helpful article. Wishing you all the best for your startup!",
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      "permlink": "why-i-just-quit-my-six-figure-job-to-found-my-own-crypto-startup",
      "title": "Why I Just Quit My Six-Figure Job to Found my Own Crypto Startup",
      "body": "![alex-knight-181471-unsplash.jpg](https://cdn.steemitimages.com/DQmPLV93wmHNEwBS6TQ1uiabb3Xvv2AQsmJxqacZAvYnvWn/alex-knight-181471-unsplash.jpg)\n\nAbout a month ago, after working several years as a management consultant and mainly advising banks and another financial services firms, I left my stable job (to the surprise of many friends & colleagues) to start my own business. \nWhy would I quit my high paying six figures job only a few years after graduating university? Why would I take the hard route and start my own business? And most of all, why on earth would I start my business in the Crypto industry?\n\nThese are all questions that I heard countless times as a reaction to my decision and which you, dear reader, also might be wondering about. In this introductory article I try to explain my career move, why I believe in the future of Crypto, and how this could all be relevant to you.\n\nBeing a consultant, I analyzed several factors, thought long and hard, and went through several scenarios for the future in my head, before making the decision to start my own company. However, in the end it is always a gut decision to make the plunge into the unknown.\n\nBelow I summarized a list of the main points that could help you, if you think about entrepreneurship or if you consider moving into the crypto/blockchain space.\n\n# 1. Inefficiencies of the corporate world\nI often found the corporate world as highly inefficient. Wasting large parts of your day in unnecessary meetings without real outcomes, navigating the shark pond of corporate politics, working with incapable/unmotivated people that you would have never hired, and the general slowness of big companies are all big time wasters and lead to suboptimal outcomes.  I always found it astonishing how wasteful humans spend their most precious resource — Time (yes, with a capital T)! \n \n Looking at smaller and nimble startups, it became clear to me that if you really want to see a vision become reality and to make a dent into the world, the corporate world is not for me. \n\n**In a startup you can allocate your time in a meaningful way, hire people with the same mindset as you, fast decisions are required on a daily basis, and most of all you see results of the hard work you are doing. Exciting!**\n\n# 2. Self-development and learning opportunities\nTo be fair, depending on the company and position, the corporate world gives you sometimes great learning opportunities. Paid-for training, guidance and mentorship from more experienced colleagues, regular feedback sessions and others are often part of a company’s training program. \n Nevertheless, the skills you learn are often prescribed by your company and are often not what really interests you or is best for your long-term career. The situation often goes like this: “You want to learn more about Blockchain but are staffed on a banking transformation project? Bad luck for you. Here.. do this training about the newest banking regulation instead…fun” \n As your own boss, you can decide yourself which skills and what knowledge is relevant for your field. **Most of all, startups are probably one of the best learning experiences you can get since you will learn new skills on the fly every day.**\n\nFounders are confronted with new challenges everyday and need to find solutions for them quickly. I believe the skills you will learn as an entrepreneur are invaluable for life and career, or as someone put it (slightly exaggerated):  “You will learn as much as earning a new “PhD” every week”.\n\n# 3. The future of work & decentralization\nI strongly believe that the future of work and how humanity views “work” in itself will change in the next few decades. Innovations like AI, robotics, on-demand services, and other forms of automation have already started changing traditional employment relationships and pose a big challenge to today’s workforce. Reid Hoffman makes the point that we will see a shift in workplace trends from fixed position in a big companies toward more autonomous, project-based work. \n**Work will be more temporary, sporadic and informal and individuals should start thinking of themselves as their own “startup” / their own brand. It becomes more and more important to either become an entrepreneur yourself, or to build skills and a network that are valuable for you as your own brand.** \n\nThis trend of decentralized personal mini-startups ties in nicely with the general trend towards decentralization, which is mainly driven through the blockchain technology. It is definitely advantageous to position yourself early for the workplace of the future, by challenging yourself and getting exposure to entrepreneurship.\n\n# 4. Blockchain as the basis of the Web 3.0\nThe technological innovations of cryptocurrencies (or cryptoassets as I like to call them), foremost the invention of the blockchain, set the basis for the next generation of the web — the Web 3.0. Based on the ideas of decentralization and by using blockchain technology, the Web 3.0 can be described as a human-centered internet. Today we have central, privatized and monopolistic firms, such as Facebook, that control and dominate large parts of the internet. The user often has no control over their data and big corporations are susceptible to hacks and other cyber-attacks.\n \nIn contrast, the Web 3.0 is “about multiple profit centers sharing value across an open network” (This is based on Matteo Gianpietro Zago’s great article: https://medium.com/@matteozago/why-the-web-3-0-matters-and-you-should-know-about-it-a5851d63c949)). A blockchain-based decentralized web enables a variety of new services and dApps that come with major advantages to today’s Web 2.0: \n **No central point of control, user’s ownership of data, reduction in hacks and data breaches, uninterrupted services, permission less access etc. are just a few characteristics of the Web 3.0.**\n \n With the Web being one of the most important innovations of the last decades, and being one of the main sources for innovation, any technology or industry that is going to change the Web is highly interesting. If blockchain becomes the technological backbone of the Web 3.0, it is clear to me that a career shift into the Blockchain space only makes sense.\n\n# 5. Crypto is growing & Inflow of talent\nThe blockchain space has seen a big Inflow of talent over the last one to two years. Some of the smartest people working at Tech companies like Google or at Wall Street switched into the Crypto space. Such an accumulation of talent is bound to come up with technological innovation, new products and services. While it is still early, the blockchain technology has the potential to disrupt many other industries such as transportation, energy, or medical research. Furthermore, tokenized assets and raising money through ICO’s completely revolutionized the way how companies can get funding and enabled the birth of a new asset class (Cryptoassets). \n\nLooking past the speculative cycles of crypto prices, there is a whole world of opportunities enabled by the blockchain. **New jobs, services, and products are opening up at highspeed, therefore I strongly believe that it makes sense to move in early and help build the blockchain revolution.**\n# 6. Regulation is maturing & legitimacy\nRegulation must not be a bad thing. I am convinced that more regulation will help the Crypto space become more transparent and reduces uncertainty for startups and investors alike. Regulation is on its way as the U.S. Securities and Exchange Commission (SEC) is starting to catch up and has clarified its position on initial coin offerings (ICOs) as securities, and Bitcoin and Ether not being securities. Other regulators, such as the Swiss regulator FINMA, are already a step ahead and for example published clear guidelines on token characterizations. I think that regulation will help make the space more trustworthy and that it enables established institutions to move into the space. This in turn helps with legitimacy and enables more opportunities for partnerships and investments from institutional investors. \n\n**As someone moving into crypto, this is good news since we are getting rid of the shady prejudices that stem from the beginning of the industry, and more legitimacy only helps you with finding clients or investors.**\n\n# 7. Fun and meaningful work\nFinally, founding a startup is a fun and exciting process. While I am only at the beginning of my journey, I find a lot of happiness and meaning in the work that I am doing. Life is short and I believe in taking risks while you are young. You will always find an excuse for why not to do something, that’s why sometimes (after putting in some thoughts) it make sense to listen to your gut and just do it. \n**I am very excited for the time ahead, since a booming industry like the blockchain space promises plenty of opportunities, facilitates the development of new skills, helps grow your network, and generally provides you with a lot of personal and monetary upside potential.**\n\nI hope you found this article helpful and inspiring, and that it helped you understand why I started my own company in the blockchain space.\n\n\nI’ll soon post another article with more information to my startup. If you are interested, stay tuned. I also plan to keep this blog going with future articles around Crypto and to share my experiences/tips from entrepreneurship.\n\n\nIn the meantime, I would be happy if you share the article, follow me on Twitter (https://twitter.com/RKyburz9), or write me in the comments. Thank you!",
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