Why the Dive in the Cryptocurrency Marketplace Is Good: 'Gets Rid of a Lot of The Fat'

When 2018 began, the Bitcoin bubble had yet to burst. The cryptocurrency leader’s value was riding high in December, peaking at almost $19,000 before that market took a swift downturn.

But for those knee-deep in the cryptocurrency and blockchain world, that downturn may have been a much-needed market correction.

“I’m thrilled that market has taken a little bit of a dive, because it gets rid of a lot of the fat,” Lauren Selig, a film producer and co-founder of Shake and Bake Productions, said during a panel on cryptocurrency and blockchain technology on Monday.

Also Read: At TheGrill 2018: How Do You Bring Casting into the Digital Age?

The panel, which focused in part on blockchain technology in the entertainment industry, took place at TheWrap’s TheGrill conference at SLS Hotel, a Luxury Collection Hotel, Beverly Hills.

“I guarantee you most of the people that were trying to set up wallets or invest in tokens or ICOs or bitcoin in general had no idea what they were investing,” she added. “They were just winging it.”

ICOs, or “Initial Coin Offerings” are the cryptocurrency marketplace’s version of an IPO, or initial public offering.

Syed Hussain, chief commercial officer at the blockchain platform BANKEX, noted how different the cryptocurrency market was a year ago. “Almost everyone that wanted to get into this habit, had access to get into it, and now they’re sitting back and crying over everything they lost out on it,” he said.

Also Read: What the Hell Is Bitcoin Mining?

Hussain agreed with Selig that the downturn in the market could end up being good in the long-term, because it may allow the entire industry to mature.

Hussain said movies may eventually be funded using cryptocurrency, which could be an advantage — because blockchain is easier to track than traditional investments.

“Once you put something onto a blockchain, it’s there forever,” he said.

Also Read: New York Town Becomes First US City to Ban Bitcoin Miners

Evan Vandenberg, senior manager at OPSkins, said in the gaming realm, crypto actually grew as it fell elsewhere. The first game in the market — Cryptokitties — launched in December, right before the bitcoin bubble began to burst.

“Twenty million dollars of cryptokitties were purchased. For us, simultaneous to this fall, we were seeing this huge spike in blockchain gaming,” he said. “I would say it’s still alive and well and growing and fast in our industry.”

The cryptocurrency market looks much different to those who are actually creating the technology, said Jonathan Manzi, CEO and co-founder of Beyond Protocol. The company wants to develop a new internet based on inter-device communication — which is also the idea behind blockchain technology.

Also Read: Google Bans Ads for Bitcoin and Other Cryptocurrencies

“They’re completely agnostic to the market conditions. A lot of them aren’t even participating,” Manzi said. “For them right now, its kind of trivial [to be] participating in something where the innovation hasn’t picked up yet.”

But he said technologists are incredibly bullish on blockchain technology. “It’s the stuff of an industrial revolution,” he said.

The Scene at TheGrill 2018: Will Packer, Patrick Soon-Shiong and More at TheWrap's Media Leadership Conference (Photos)

TheWrap's 2018 TheGrill conference gathers up the biggest thought leaders in Hollywood, media and technology at SLS Hotel, a Luxury Collection Hotel, Beverly Hills.
Photos by Randy Shropshire/Ted Soqui
Producer Will Packer and TheWrap founder and CEO Sharon Waxman take a selfie at TheGrill 2018.
Photo by Ted Soqui
Dr. Patrick Soon-Shiong, owner and executive chairman of The Los Angeles Times, talks in his spotlight conversation at TheGrill.
Photo by Ted Soqui
Sharon Waxman speaks with Josh Sapan, president and CEO AMC Networks Inc. and David Nevins, president and CEO Showtime Networks Inc. as part of TheGrill's keynote interview.
Photo by Ted Soqui
Jim Wiatt, ex-chairman of William Morris Agency, attends TheGrill 2018.
Photo by Ted Soqui
Ted Farnsworth, chairman & CEO, Helios & Matheson Analytics, Inc., owner of MoviePass, poses for a photo ahead of his panel discussion at TheGrill 2018.
Photo by Ted Soqui
Sharon Waxman speaks with attendees and speakers at TheGrill 2018.

Also Read: Hollywood’s Merger Mania Will Leave a Host of Theater Chains and Entertainment Companies in the Dust
Photo by Randy Shropshire
Audience members chat during a Power Break at TheGrill 2018.
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Sharon Waxman, CEO and founder of TheWrap, delivers opening remarks at TheGrill 2018 at SLS Hotel Beverly Hills.
Photo by Ted Soqui
Sharon Waxman and Jason Hirschhorn embrace at TheGrill's "The Future of Media" discussion.
Photo by Randy Shropshire
Jason Hischhorn, CEO and chief curator, REDEF Group, Inc., co-moderates the panel "Merger Mania - The Remaking of the Studio System."
Photo by Ted Soqui
Sharon Waxman moderates the panel discussion "Merger Mania - The Remaking of the Studio System."

Also Read: Why Group Nine’s Content Strategy Doesn’t Involve Driving Viewers Back to Its Websites
Photo by Ted Soqui
Schuyler M. Moore, partner at Greenberg Glusker, speaks during the panel discussion "Merger Mania."
Photo by Ted Soqui
Roy Salter, senior advisor at FTI Consulting, speaks on the panel discussion "Merger Mania - The Remaking of the Studio System."
Photo by Ted Soqui
Alissa Miller, partner at the law firm Akin Gump, shares thoughts on the remaking of the studio system.

Also Read: How an Embrace of Digital Media Helped Viacom Get Its Groove Back
Photo by Ted Soqui
Roy Salter, senior adviser at FTI Consulting, talks on the panel discussion "Merger Mania - The Remaking of the Studio System."
Photo by Ted Soqui
TheWrap tech reporter Sean Burch leads a discussion on cryptocurrency at TheGrill 2018.
Photo by Randy Shropshire
Syed S. Hussain, chief commercial officer at BANKEX and Lauren Selig, co-founder of Shake and Bake Productions, discuss cryptocurrency and blockchain in entertainment.

Also Read: Why the Dive in the Cryptocurrency Marketplace Is Good: ‘Gets Rid of a Lot of The Fat’
Photo by Randy Shropshire
Jonathan Manzi, CEO & co-founder of Beyond Protocol and Evan Vandenberg, senior manager of OPSkins, discuss cryptocurrency and blockchain in a panel discussion.
Photo by Randy Shropshire
TheWrap's tech reporter Sean Burch has a conversation outside the Albert Ballroom at the SLS Beverly Hills.
Photo by Randy Shropshire
Audience members listen to a panel discussion at TheGrill 2018.
Photo by Ted Soqui
Audience members listen to a panel discussion at TheGrill 2018.
Photo by Ted Soqui
TheWrap's Jocelyn Johnson talks to Ben Lerer, CEO of Group Nine Media.
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Ben Lerer, founding CEO of Group Nine Media, talks with TheWrap's Jocelyn Johnson.
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TheWrap's Matt Lopez listens to the Digital Media Fireside Chat with Ben Lerer and Jocelyn Johnson.
Photo by Julia Shakti
Attendees listen intently during a panel discussion at TheGrill 2018.
Photo by Julia Shakti
Greg Goodfried, head of digital talent at UTA; Eric Lehrman, head of content development and production at Wattpad; Jacqueline Parkes, CMO & EVP, Digital Studios for MTV, VH1 and Logo Group; Joe Hyrkin, CEO of Issuu, speak about "Digital Media - Monetizing, Distribution and The Role of Stories."
Photo by Randy Shropshire
Greg Goodfried, head of digital talent at United Talent Agency, leads a panel discussion on digital media.
Photo by Randy Shropshire
Jacqueline Parkes, CMO & EVP, Digital Studios for MTV, VH1 and Logo Group, discusses monetizing storytelling for digital media.
Photo by Randy Shropshire
Joe Hyrkin, CEO of Issuu, speaks at TheGrill 2018.
Photo by Randy Shropshire
Eric Lehrman, head of content development and Production, Wattpad, talks on a panel discussing digital media.
Photo by Ted Soqui
Sharon Waxman, CEO and editor-in-chief of TheWrap, introduces a panel discussion at TheGrill 2018.
Photo by Ted Soqui
Audience members listen to a panel discussion at TheGrill 2018.
Photo by Randy Shropshire
The crowd at TheGrill 2018
Photo by Julia Shakti
Attendees at TheGrill 2018
Photo by Randy Shropshire
Attendees at TheGrill 2018
Photo by Randy Shropshire
Will Packer talks in a spotlight panel at TheGrill 2018.
Photo by Ted Soqui
Will Packer of Will Packer Productions speaks at TheGrill 2018 with TheWrap's Sharon Waxman.
Photo by Ted Soqui
Attendees listen intently during a panel discussion at TheGrill 2018.
Photo by Julia Shakti
Attendees listen intently during a panel discussion at TheGrill 2018.
Photo by Julia Shakti
Will Packer, Sharon Waxman and Sree Sreenivasan take a selfie together at TheGrill 2018.
Photo by Ted Soqui
Attendees at a cocktail party on Day 1 of TheGrill 2018
Photo by Ted Soqui
Attendees at a cocktail party on Day 1 of TheGrill 2018
Photo by Ted Soqui
Swag and gift options offered at TheGrill 2018
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Attendees at a cocktail party on Day 1 of TheGrill 2018
Photo by Ted Soqui
TheWrap's Nina Brown and guest attend TheGrill 2018.
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Day 2 of TheGrill 2018 kicks off with breakfast sponsored by CBS.
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TheGrill 2018 breakfast spread included bagels, smoked salmon, fruit, yogurt parfaits and pineapple and watermelon juice.
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The team from MoviePass, Rod Vanderbilt, Ted Farnsworth and Maayan Nave, attend TheGrill 2018.
Photo by Randy Shropshire
Rod Vanderbilt of MoviePass attends TheGrill 2018.
Photo by Ted Soqui
Josh Sapan, president & CEO AMC Networks Inc. and David Nevins, president & CEO Showtime Networks Inc., socialize in the green room ahead of their panel discussion.
Photo by Randy Shropshire
Sharon Waxman speaks with AMC Networks' Josh Sapan in the green room at the SLS Hotel Beverly Hills.
Photo by Randy Shropshire
Sharon Waxman and Christine Bragan, VP of Marketing and Communications, AMC Networks, attend TheGrill 2018.
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Josh Sapan, president & CEO AMC Networks Inc. talks with Sharon Waxman at TheGrill 2018.
Photo by Ted Soqui
David Nevins, president & CEO Showtime Networks Inc., talks with Sharon Waxman at TheGrill 2018.
Photo by Ted Soqui
Wyck Godfrey, president of Motion Picture Group, Paramount Pictures, JL Pomeroy, chief marketing officer, IMAX and Julie Rieger, president, chief data strategist and head of Media at 20th Century Fox, discuss "Innovating in Marketing - The Future of Movies," with TheWrap's Thom Geier.
Photo by Randy Shropshire
Julie Rieger, president, Chief Data Strategist and head of Media at 20th Century Fox, talks at TheGrill 2018
Photo by Randy Shropshire
JL Pomeroy, chief marketing officer of IMAX, discusses Innovation in Marketing and The Future of Movies.
Photo by Randy Shropshire
JL Pomeroy of IMAX and Julie Rieger of 20th Century Fox share their thoughts in a panel discussion on TheGrill.
Photo by Randy Shropshire
Sharon Waxman introduces a panel on "Online Ticketing and the Future of Theatrical."
Photo by Ted Soqui
Ted Farnsworth, chairman & CEO, Helios & Matheson Analytics, Inc., and Matthew Bakal, co-founder and chairman of Atom Tickets, discuss "Online Ticketing and the Future of Theatrical."
Photo by Randy Shropshire
Sharon Waxman moderates a discussion on online ticketing with Ted Farnsworth and Matthew Bakal.
Photo by Randy Shropshire
Matthew Bakal of Atom Tickets discusses the future of theatrical exhibition and online ticketing.
Photo by Randy Shropshire
Ted Farnsworth, Chairman & CEO of Helios & Matheson Analytics, Inc., discusses MoviePass during a panel discussion at TheGrill.
Photo by Randy Shropshire
An audience member awaits the panel discussion on eSports at TheGrill 2018.
Photo by Ted Soqui
Malik Forte leads a panel discussion on "The Virtual Gridiron: How eSports Is Changing How We Compete" at TheGrill.
Photo by Ted Soqui
Daniel Cherry and Damon Lau at the eSports panel discussion moderated by gaming analyst Malik Forte.
Photo by Ted Soqui
Daniel Cherry, CMO, Activision Blizzard eSports Leagues, discusses "How eSports Is Changing How We Compete."
Photo by Ted Soqui
Damon Lau, head of eSports at United Talent Agency, discusses "The Virtual Gridiron."
Photo by Ted Soqui
Matthew Iantosca, Managing Partner at Gerber Kawasaki Wealth Investment, talks on TheGrill's panel on eSports.
Photo by Ted Soqui
Jared Jeffries, former NBA player and president of Echo Fox, discusses "How eSports Is Changing How We Compete."
Photo by Ted Soqui
Jared Jeffries's "The Simpsons" socks spied on stage while discussing eSports.
Photo by Ted Soqui
Attendees get lunch at TheGrill 2018 provided at the SLS Beverly Hills.
Photo by Randy Shropshire
Attendees get lunch at TheGrill 2018 provided at the SLS Beverly Hills.
Photo by Randy Shropshire
Attendees discuss at roundtable breakout sessions during lunch at TheGrill.
Photo by Randy Shropshire
Attendees get lunch at TheGrill 2018 provided at the SLS Beverly Hills.
Photo by Randy Shropshire
Dr. Patrick Soon-Shiong, Owner & Executive Chairman of The Los Angeles Times, speaks with Sharon Waxman at TheGrill.
Photo by Ted Soqui
Dr. Patrick Soon-Shiong, Owner & Executive Chairman of The Los Angeles Times, speaks with Sharon Waxman at TheGrill.
Photo by Ted Soqui
Beatriz Acevedo, President of Fundacion Acevedo, Jaime Davila, President of Campanario Entertainment, Daniel Batista, co-founder and president of BESE, Rick Rodriguez, COO, head of Content at Pongalo, speak on a panel at TheGrill.
Photo by Randy Shropshire
Beatriz Acevedo, President of Fundacion Acevedo, moderates a panel discussion on "Diversifying Entertainment Through the Latinx Lens."
Photo by Randy Shropshire
Jaime Davila and Beatriz Acevedo discuss Latinx diversity in entertainment.
Photo by Randy Shropshire
Jaime Davila, president of Campanario Entertainment, speaks on a panel discussion about Latin diversity in entertainment.
Photo by Randy Shropshire
Daniel Batista, co-founder & president of BESE, joins TheGrill's panel "Diversifying Entertainment Through the Latinx Lens."
Photo by Randy Shropshire
Rick Rodriguez, COO, Head of Content at Pongalo, joins TheGrill's panel "Diversifying Entertainment Through the Latinx Lens."
Photo by Randy Shropshire
Tim Molloy, executive editor of TheWrap, moderates a discussion on "Artificial Intelligence: Where It's Taking Entertainment."
Photo by Randy Shropshire
Poppy Crum and Yves Bergquist discuss artificial intelligence at TheGrill 2018.
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Poppy Crum, chief scientist at Dolby Laboratories, discusses artificial intelligence in entertainment.
Photo by Randy Shropshire
Yves Bergquist, co-founder & CEO of CORTO, discusses artificial intelligence in entertainment.
Photo by Randy Shropshire
The main stage in the Albert Ballroom during the afternoon breakout session "Casting in the 21st Century."
Photo by Randy Shropshire
Sharon Waxman and Rafi Gordon, Co-CEO of Casting Networks, speak during a breakout session, "Casting in the 21st Century."
Photo by Randy Shropshire
Alex Amin (right), Co-CEO of Casting Networks, speaks in an afternoon breakout session on "Casting in the 21st Century."
Photo by Randy Shropshire
Victoria Burrows, casting director behind "The Lord of the Rings" trilogy of films and others, joins a breakout session on "Casting in the 21st Century."
Photo by Randy Shropshire
An attendee gets a free t-shirt upon checking in at TheGrill 2018.
Photo by Ted Soqui
The Producers Roundtable during an afternoon breakout session, as led by Jay Cohen, head of the Financing Division at Gersh Agency.
Photo by Ted Soqui
Jocelyn Johnson, director of Digital Video News and Membership at TheWrap, and Peter Csathy, founder & chairman, CREATV Media, lead an afternoon breakout session on Silicon Beach.
Photo by Ted Soqui
The Silicon Beach Roundtable, as moderated by Peter Csathy and Jocelyn Johnson.
Photo by Ted Soqui
The 2018 Innovators Panel at TheGrill as moderated by Sharon Waxman.
Photo by Randy Shropshire
Matt Stern, COO of Mira Augmented Reality, speaks on the 2018 Innovators Panel.
Photo by Randy Shropshire
Matt Stern of Mira Augmented Reality shows off an early version of the company's augmented reality glasses.
Photo by Randy Shropshire
Fanshen Cox DiGiovanni, a playwright and activist who pioneered the adoption of inclusion riders, speaks on the 2018 Innovators Panel.
Photo by Randy Shropshire
Colin Petrie-Norris, CEO of Xumo, speaks on the 2018 Innovators Panel.
Photo by Randy Shropshire
Michael Wann, CEO of MobCrush, speaks on the 2018 Innovators Panel.
Photo by Randy Shropshire
Trey Williams and Francisco Delgado of TheWrap interview Innovators List honoree Fanshen Cox DiGiovanni
Photo by Ted Soqui
Trey Williams and Francisco Delgado of TheWrap interview Daniel Cherry, CMO, Activision Blizzard eSports Leagues at the cocktail party post-TheGrill.
Photo by Ted Soqui
MoviePass provided gift bags to attendees of TheGrill's post-event cocktail party
Photo by Ted Soqui
The scene at the cocktail party presented by MoviePass
Photo by Randy Shropshire
The scene at the cocktail party presented by MoviePass
Photo by Ted Soqui
Sharon Waxman and Thom Geier of TheWrap talk with MoviePass's Rod Vanderbilt at the cocktail party post TheGrill.
Photo by Ted Soqui
Michael Wann of MobCrush attends TheGrill cocktail party
Photo by Ted Soqui
The scene at the cocktail party presented by MoviePass
Photo by Ted Soqui

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Entertainment, media and technology converge at TheWrap’s 8th Annual Grill Conference at SLS Hotel Beverly Hills

TheWrap's 2018 TheGrill conference gathers up the biggest thought leaders in Hollywood, media and technology at SLS Hotel, a Luxury Collection Hotel, Beverly Hills.

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The Scene at TheGrill 2018: Will Packer, Patrick Soon-Shiong and More at TheWrap's Media Leadership Conference (Photos)

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