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Tally Greenberg of Allnodes: “The cryptocurrency market requires more regulation”

The cryptocurrency market requires more regulation. A better regulatory environment will stabilize the market because it will protect consumers and investors and allow the industry to grow and innovate sustainably. But it’s not an easy task. Policies for inventions like blockchain technology don’t exist. We have to devise them. It’s not just an issue of […]

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The cryptocurrency market requires more regulation. A better regulatory environment will stabilize the market because it will protect consumers and investors and allow the industry to grow and innovate sustainably. But it’s not an easy task. Policies for inventions like blockchain technology don’t exist. We have to devise them. It’s not just an issue of emerging technologies or new financial instruments. Blockchain is a network of people with a vision for a different economic model based on a permissionless decentralized ledger. In simpler terms, a network that is open for anyone to join and contribute without third-parties regulations.


As part of my series about the “5 Ways That We Can Help Stabilize The Cryptocurrency Market.” I had the pleasure of interviewing Tally Greenberg.

Tally joins the blockchain industry with ten years of experience in business development, sales, marketing, and expertise in building successful businesses from the ground up. An MBA graduate from a top tier Canadian institution, Tally is passionate about blockchain innovation. In her current role as the head of business development at Allnodes Inc, Tally applies her entrepreneurial drive and management skills to implement and execute integrative solutions that successfully merge proven business strategies with decentralized concepts. She also mentors young entrepreneurs by providing support with an emphasis on education, leadership, and innovation.


Thank you so much for doing this with us! Our readers would love to “get to know you” a bit more. Can you tell us a bit about your “backstory”?

I’m a proud Canadian with warm ties to Israel, where I spent my adolescent years, and Russia, where I was born. I tried myself in many creative fields until I realized there is nothing I love more than business and entrepreneurship. And that’s precisely what I’ve been doing for half of my life now.

Can you tell us the story of how you got first involved with the Crypto markets?

I started paying attention to blockchain projects in 2017 when news on crypto investments competing with traditional financial assets like stocks fueled a surge in cryptocurrency prices and amassed many investors. I saw the Bitcoin price increase by over 1000%. I witnessed a global rise of new financial instruments like crypto wallets and exchange platforms. And countless ICOs (Initial Coin Offering) issued new cryptocurrencies at a staggering rate. But there was a lot of bad press too. Many people got burnt and some exchanges simply vanished along with millions of dollars in investors’ money, of course. Among these was the Canadian QuadrigaCX that to this day owes 215 million dollars to its 76K clients. A lot of exchanges got hacked, leading to billions of dollars in losses on a global scale. And yet others got shut down by government orders. The ICOs also took a plunge, failing to deliver on their project’s promises or lacking the tools and the knowledge to see their projects succeed.

I got curious. I recognized the enormous potential in blockchain technologies but also their struggle with security, trust, and meeting the market’s demands, among other things. Growing businesses and talent has always been my biggest passion, so it wasn’t long before I decided to join this industry to see how I can help.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

When it comes to blockchain, the person I turn to, who always has time to answer my questions no matter how insignificant they may be, is our CEO Konstantin Boyko-Romanovsky. He is a true blockchain visionary, and his passion and determination are admirable to say the least. Konstantin is an innovator in our sector. He’s been around the blockchain, so to speak, and I always believed in learning from the best.

Can you share “5 Things That Should Be Done To Help Stabilize the Cryptocurrency Market”?

Regulations

The cryptocurrency market requires more regulation. A better regulatory environment will stabilize the market because it will protect consumers and investors and allow the industry to grow and innovate sustainably. But it’s not an easy task. Policies for inventions like blockchain technology don’t exist. We have to devise them. It’s not just an issue of emerging technologies or new financial instruments. Blockchain is a network of people with a vision for a different economic model based on a permissionless decentralized ledger. In simpler terms, a network that is open for anyone to join and contribute without third-parties regulations.

On the bright side, the integration of blockchains with regulated markets is possible and already underway. Take Bitcoin futures, for example. Launched in 2017 by the Chicago Board Options Exchange (CBOE) and later picked up by the Chicago Mercantile Exchange (CME), Bitcoin futures and options on Bitcoin futures are now available for investors. CME is a regulated exchange and promising news since it attracts large institutional investors and instills trust. This brings me to my next point.

Institutionalization

The entry of respected institutional market players like Goldman Sack and its rival JP Moran adds liquidity and stability to cryptocurrency markets. That’s because large institutional players come with enormous amounts of capital, which leads to positive price and demand expectations for the cryptocurrency. It is a mutual benefit. The Crypto markets stabilize and mature while institutional investors use cryptocurrency as a diversification tool to hedge against inflation and currency devaluation, not to mention the real-time possibility of substantial monetary gains. Everybody wins.

Security

Better security is required for the crypto markets to stabilize, and it starts with the exchanges. As I mentioned earlier, billions of dollars’ worth of cryptocurrency were stolen from investors over the years. Some of it relates to fraudulent ICOs or so-called “pump and dump” projects created for one purpose: to sell you air for substantial sums. Hackers continuously try to scam people by stealing their private keys, disguising as technical support, hacking wallets, and the list goes on. But the biggest theft takes place on cryptocurrency exchanges. The high-profile hack of Coincheck in 2018 will go down in history as the first of its kind, with investors losing over 530 million dollars’ worth of crypto assets.

Providing safe trading platforms builds trust, which results in more investments and mass adoption. Naturally, then, increased security is the first step to balanced markets.

Expanded Practical Use

I’m often asked, “Why invest in blockchain if I can’t use it for anything?” It shows that the majority of the general public, the 99% of those not involved with blockchain, have very little understanding of the practical applications of blockchain technologies. No wonder they are skeptical about buying or trading cryptocurrencies. I also wouldn’t invest in something I don’t understand. It is possible, of course, to learn the different features and sectors of cryptocurrencies. But until we see scalable applications of blockchain in the real world, the public will remain skeptical. This is why I am very excited by the current hype of decentralized financial applications (DeFi). In their potential, DeFi products can replace every financial service currently offered by our banks, providing new economic opportunities that are more profitable and inclusive on a global scale. Blockchains carry limitless potential. They can be implemented in trade and commerce, real estate, science, health care, finance, and even visual arts.

With the expansion of decentralization into our everyday lives, blockchains’ value will become apparent, reducing price speculations and increasing cryptocurrency market stability.

Mass Adoption

Blockchains are still in their infancy. It is estimated that less than 1% of the population are using blockchain technologies, and 90% of them are men. Isn’t that interesting? For such a small network, we surely make a lot of noise. But for blockchain tech to be widely used, proliferation is required. Mass adoption and proliferation of blockchain technologies like DeFi (Decentralized Finance) will have a positive impact on cryptocurrency volatility, making the crypto market more stable as a result.

According to Everett Rogers, who identified five stages for new technology adoptions, Blockchain falls at the very beginning. As Rogers puts it, we are a crowd of Innovators willing to take risks, young at heart individuals who have access to and not afraid of scientific tools — modern-day computers. It’s a pretty good description. There seems to be a long road ahead before more people join the network. I’m personally waiting for more women to join. But when that happens, regulations, security, institutionalization, and expanded practical applications of cryptocurrencies will emerge or follow suit. At less than 1% and it is already hard to ignore this industry. It will be even more challenging when 10 -15% of the population’s Early Adopters embrace blockchain innovation.

In your experience, what are the top strategies that crypto firms should be considering in order to have a competitive edge?

Competitive edge strategies vary by the business sector. But similarities exist across all business types. I want to emphasize the importance of the right kind of technology, be it a crypto exchange struggling to meet increased demand or a dairy farm looking to expand production. Technological innovation is our future. There is no doubt about it. You will win if you leverage the right kind of technology, and the best way to know what is right and what is wrong is to innovate according to rapidly changing consumer demands.

What are the 3 things that most excite you about the blockchain industry? Why?

The things that excite me the most about our industry are the endless possibilities we have for blockchain technologies applications across different business sectors. It is empowering to think of the reinvention of global economic models.

The next hot topic that excites me is the Smart Contract. Once again, the applications of smart contracts are incomprehensible. I guess what thrills me the most then is the infinite potential this technology offers.

I am also excited about the future of our industry. I understand all the risks, but I remain enthusiastic nevertheless. The day my fridge will sign a smart contract and fulfill a milk order, probably with Amazon, is coming. And how can someone not be excited about that?

What are the 3 things worry you about the blockchain industry? Why?

There is only one thing that worries me when it comes to our industry overall. It’s a possibility of a dystopian future where digital currency becomes a tool for governments to control people through financial surveillance. It is already happening in certain parts of the world, and it’s alarming. I’m not against cashless societies. Those are great for blockchain. I am worried about central banks adopting the digital aspect of money but not the fundamental idea of decentralization.

How have you used your success to bring goodness to the world? Can you share a story?

I share my knowledge as often as needed. A visual artist and a great friend of mine had a fantastic idea about reducing carbon footprint but had no clue how to bring it to life. She was one of the first people I mentored. We covered a lot of ground together with her doing all the work, and I was just guiding her slightly. The day she called me to tell me she got a substantial amount of seed money for her project was one of the happiest days for me.

Can you share a story of a time when things went south for you? What kept you going and helped you to overcome those times?

I was a businesswoman long before joining the masters of business administration program at the University of Toronto. I made some costly mistakes running my own business without any knowledge or skill, purely on common sense. In fact, following one such unfortunate incident, I finally decided to continue my education. The lesson I learned that I would be happy to share is never jumping into anything without proper research. This applies to all aspects of business and investing. Learn as much as possible. It will help you make informed decisions, especially in crypto.

Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

It’s more of a life slogan I live by — “Candy can do it!” When I was a kid and my family immigrated to Israel from Russia, I liked this English learning program for children on TV. There was this colorful synthesizer between the lessons that’d play a tune to get ready to learn a new word or a sentence, and just before, it would say, “Candy can do it!” It became my mantra, and every time I’d find myself in challenging situations, good or bad, I repeat it to myself out loud. It works like magic.

How can our readers follow you online?

https://www.linkedin.com/in/tallygreenberg/
https://www.linkedin.com/company/14052979/
https://www.allnodes.com/
https://www.facebook.com/allnodescom

Thank you so much for this. This was very enlightening!

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