Jim Duffy: Be prepared for a ride with FunFair cryptocurrency

A logo for funfair currency. Picture: Contributed.
A logo for funfair currency. Picture: Contributed.
Share this article
Have your say

Predictions! Predictions! Predictions! Everyone is offering you advice, opinion and guidance on what will happen in 2018, from politics to international investment markets to World War Three with North Korea.

But, even more predictions are emanating from the feverish cryptocurrency ­communities across the globe. Keyboard warriors who really do not fancy doing a day’s work are mercilessly mining the blockchain to find and tout the next ­Bitcoin. It’s a whole subset of society that many of us will miss if we blink. So, my prediction for 2018 is that cryptocurrency will explode.

Most certainly the geeks and early ­adopters will continue to massage their online portfolios on cryptocurrency exchanges like Binance and Coinbase. But the newbies will also pour in as they fear missing out and want to make a few bob. I, too, have joined the newbies staking my claim on the altcoins that could realise ­significant gains in 2018. Of course, I have to caveat this whole article with the following… don’t invest in cryptocurrency unless you are fully prepared to lose the lot.

Investing in this area is unproven, unregulated and in essence a bit of a casino. Why would you go to all the trouble of logging in and giving it a go with your hard-earned cash when you know that it is more volatile than the North Korean regime? Well, that is part of the thrill. That is part of the whole crypto movement. And the reason why the crypto exchanges have had to put up “we are full” signs over the whole festive period. They simply cannot cope with the influx of new “investors” who want in.

Having been bitten by the crypto bug, I have stuck a few bob on a few “coins”. These are essentially real-life ­companies or start-ups. They have management teams and a whole bunch of developers who are all driving forward the value proposition towards success.

So, while my investment is on the exchange and I have bought some cheap coins, behind this I am hoping (yes, ­hoping) that something tangible will come of it. Me and tens of thousands of other speculators around the world.

Let me give you an example. FunFair is an altcoin that has an audacious goal. In short, to transform how online gaming is conducted globally. By creating a new platform on the blockchain, FunFair wants to make online gaming more secure, faster and open to a wider audience. In fact, it wants you – yes you – to have the capacity to set up your own online casino. This would be unheard of only a year ago.

Yes, FunFair is all about using disruptive technology to radically change how global online gaming takes place. The potential market is huge. FunFair as I write this piece has an exchange price of $0.09 with a market cap of more than $397 million. But, as this company launches its new tech and develops its team, the crypto geeks are ­predicting big things. They are analysing its ­competitors, its marketing and its tech. They are posting predictions of $10 and even $50. These are massive hikes and many do not stand up to typical analytical rigour. But, despite that, both long-established crypto geeks and newbies like me are buying…

There is a whole plethora of coins out there that may take your fancy. But, this is where the lottery begins. And I again reaffirm my earlier caveat. Who is controlling the hype and the chatter is a big question for me. Who is investing, albeit a coin like FunFair has attracted proper venture investment, is open to ­substantial questioning. Unfortunately I don’t have the forensic powers and experience to dig deep enough. But, like you, I can use ­Google and spend a few hours researching.

It is indeed all the fun of the fair as one has to be willing to jump on the scary ride and see what happens, when one invests in cryptocurrency. I would urge our business readers to start educating themselves in this space as it will definitely get bigger in 2018.

l Jim Duffy is co-founder of Moonshot ­Academy and author of Create Special.