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2019 has been a tumultuous but amazing year for the development and advancement of blockchain technology. Following the rally to the all-time-highs at the end of 2017 and the intense infrastructure development and ongoing Bear Market of 2018 it was clear things were changing quickly. We are about to enter a new decase and the team at Aelf wanted to look back at 2019 and reflect on some of the events that occurred over the last year to see where the industry might be headed in 2020.
Although the year has been considered a continuation of the 2018 bear market, it didn’t stop development, progression and a myriad of crazy events from occurring. This included the challenges associated with global regulations, the upcoming Bitcoin halving event in May 2020, announcement of the Facebook Libra and Telegram Open Network’s (TON) launch delay. This year also saw a myriad of debacles from self-proclaimed Bitcoin creator Craig Wright, the Justin Sun and Warren Buffet lunch situation, the recent claim of Twitter CEO Jack Dorsey’s goal to modify Twitter into a decentralized version of the platform, and President Trump’s Bitcoin statement, among others. Now let’s examine more of what took place during 2019 as we approach the start of the New Year in 2020.
The SEC, Telegram, Facebook Libra, Kik and Blockchain’s Global Regulatory Environment
Many of the world’s governments have been harsh towards blockchain technology in recent years. Particularly, the US Government and the Securities and Exchange Commission (SEC) have been very reluctant to ease the regulatory framework for blockchain development in the country. This has become more evident in 2019, with the SEC combatting many blockchain projects this year including the $1.7 billion-dollar token offering of the Telegram Open Network
and the Facebook Libra project. As well the SEC created controversy in a gruesome battle with Kik over its alleged illegal token offering that Kik has sworn to fight to their last breath.
Many proponents of blockchain technology accuse the SEC of unfair policies to put a stranglehold on the development on blockchain in order to prevent the devaluation of the American monetary system. The reluctance for crypto exchanges to set up shop in the US is also becoming more prevalent because of the supposedly biased and unfavourable approach of the SEC. Nevertheless, there are also several major countries including China that have for the most part embraced the advancement of blockchain technology in 2019. China has also nearly finalized the development of the digital Chinese Yuan and announced that that country is going all in on blockchain development despite its sometimes anti-Bitcoin approach.
The Bitcoin Halving Event and its Ongoing Effect on Market Conditions
With the end of 2019 nearly upon us and the upcoming Bitcoin halving event set to take place during May of 2020 the market could be overdue for a bull market of mass proportions. Remember, the last bull market that took place was 2 years ago during December 2017 and was followed by an incredible dump from the all-time-high price of 20 thousand US Dollars to just 3300 USD in December 2018. For the most part, 2018 was a blood-bath for crypto markets and 2019 has not been all that much better. The price did briefly rally up to 14 thousand US Dollars during mid 2019 but has since been reduce by half with the Bitcoin price presently at just over 7000 US Dollars. Bitcoin was designed by its original creators with code written to mitigate the negative effects of inflation. In order to curb inflation, once every 4 years (or 210,000 blocks) the mining rewards that the network automatically generates are reduced in half.
3 Additional Stories to Watch in 2020
In June, the CEO of Tron, Justin Sun purchased tickets through eBay for a charity auction to have lunch with Warren Buffet. Sun paid a record $4.56 million US Dollars in the process becoming the highest bid in the 20-year history of the event. The purpose of the lunch from Sun’s standpoint is to change Mr. Buffet’s viewpoint towards crypto and blockchain tech by inviting several blockchain industry leaders to help sway the famous investor’s perspective. Sun subsequently missed the lunch he scheduled in September because of a sudden bout with kidney stones. At this time, the community will have to wait and see when Sun and Buffet will meet in 2020. Stay tuned.
Back in December of 2015, Craig Wright claimed publicly to be the creator of Bitcoin, Satoshi Nakamoto. Most believe Wright was lying to gain more fame and recognition in the industry. On November 18th, 2018 Bitcoin SV hard forked from the Bitcoin Cash Network to create it own chain. As noted above, the disgruntled CEO of Bitcoin SV, has for years maintained he led the initial development of Bitcoin. During February 2018, Wright was the subject of a 5.118-Billion-dollar lawsuit by Dave Kleiman claiming that Wright defrauded Kleiman of Bitcoin while working on the initial development of the Bitcoin Network between 2009 and 2013. In August 2019, Wright was ordered by a court of law to pay half the 5.11 Billion in Bitcoin back to Kleiman. Throughout 2019, Wright launched lawsuits against Ethereum founder Vitalik Buterin, Bitcoin Cash’s Roger Ver and others for calling him a fraud. It seems likely Wright will continue his ongoing Satoshi rhetoric in 2020.
The CEO of Twitter, Jack Dorsey recently stated that he has hired 5 full-time employees to modify the Twitter platform and make it increasingly decentralized. This may seem like a small step initially, but this project could be expanded easily by someone of Dorsey’s reputation and wealth in the technology industry. Dorsey himself has been a long-term proponent of blockchain technology and an investor in Bitcoin. Binance CEO, Changpeng Zhao, recently offered to help Dorsey make this dream come to fruition. Additionally, Morgan Creek Capital founder Anthony Pompliano supported Dorsey’s statement noting that, “Jack Dorsey may understand the future better than any entrepreneur on the planet right now.”
This year we saw Kik, Telegram and Facebook Libra face fierce backlash from the most powerful regulatory body in the world, the SEC. We saw the Chinese government announce that they are all in on blockchain development and declare the upcoming launch of their own centralized digital Chinese Yuan. Justin Sun postponed his 4.56-million-dollar lunch with billionaire investor Warren Buffet because of health issues, while Jack Dorsey the CEO of Twitter proclaimed a more decentralized and open version of Twitter to prevent some of the abuse on the platform.
In 2019, the 4-year long Craig Wright and Satoshi Nakamoto saga continued, and we finally are moving closer to the much-anticipated Bitcoin halving event of May 2020 that could change the trajectory of the Bitcoin price for much of 2020 and 2021. It is clear 2019 has been an incredible year for the blockchain industry. With no shortage of uncertainty and scepticism in the short-term, it is likely that 2019 will pale in comparison to the developments of 2020. As we approach 2020, the industry will continue to expand towards mass adoption and the mainstream evolution of blockchain technology. Nevertheless, with the global regulatory blockchain environment evolving in many areas across the world, the uncertainty in the United States remains stronger than ever. There is no telling what will happen in this regard and what will happen with Bitcoin and this amazing revolution in 2020 and beyond.
Merry Christmas and Happy Holidays from the Aelf Blockchain team and a Happy 2020 to all our community members!! Thank You
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Article by Forbes: Crypto Confidential
CRYPTO MARKETSBitcoin suddenly soared this week as global markets had their worst day this year, rising more than 20% in the last seven days and jumping more than $500 per bitcoin in a matter of minutes on Monday night, only to fall back again. As trade tensions flared and the Chinese yuan fell, investors flocked to “safe-haven” assets like gold and U.S. Treasurys. Is bitcoin now a safe-haven asset too?
Plus: Tezos, the 16th largest cryptocurrency in the world that nearly collapsed after its ICO, is up more than 200% this year.
SOURCE: MESSARI. PRICES AS OF 12:00 P.M. ON AUGUST 9, 2019.
DALIO’S NEW “PARADIGM” POINTS TO BITCOINAs central banks around the world engage in competitive rate-cutting and ever-more quantitative easing, hedge fund tycoonRay Dalio’s new investing “paradigm” is pushing investors into bitcoin. Dalio believes that in a new era of currency devaluation, cash and bonds will not be reliable stores of value. Dalio recommends buying gold and some investors are extending his argument to include bitcoin as a prudent hedge against the volatility of future markets.
LAW & HODLERWith nearly more than 700 attorneys at top firmspracticing law related to bitcoin and technology, the world’s largest law firms are starting to look like tech startups. More than 250 blockchain cases can now be found on the newly launched Blockchain Litigation Database (BLD), created by law firm Murphy & McGonigle, to bring cryptocurrency cases from different jurisdictions into a single, searchable location.
The goal? To give law firms and their clients better access to precendent-setting decisions about the new technology.
ENTERPRISEInsurance giant Allianz is developing a token-based blockchain ecosystem for its global insurance payments, joining the list of major companies that announced their own payment tokens in 2019 (see also Facebook, JPMorgan).
And blockchain technology company Blockstream has entered the bitcoin mining business with data centers in Quebec, Canada and Adel, Georgia. The Fidelity Center for Applied Technology, a research- and tech-focused division within the massive bank, is an early customer.
ELSEWHEREIBM has introduced a blockchain-based supply chain verification network. [Business Insider]
The city of Seoul will create a cryptocurrency for citizen rewards. [CoinDesk]
Has Binance been hacked? Top crypto currency exchange investigating mass leak of alleged user data, confirms $3.5 million extortion plot. [Newsweek]
Pressure on Nigeria’s current exchange rate is likely to get worse in 2021, when the expected recovery of imports is set to force another devaluation of the local currency to N430/$ next year ... The Yuan is now trading at 8-month lows while Bitcoin seems to be gaining traction. China’s currency losing value may have something to do with recent turbulence with the US and its threats to sanction the country in response to its recent moves to restrict life in Hong Kong, as similar political moves in the past have had a similar effect on the Yuan’s strength. Forex and Market News. Likes ; Followers ; Subscribers ; Followers ; Likes ; Followers ; Subscribers ; Followers ; Subscribers Devaluation Of Chinese Yuan Drives Cryptocurrencies Value Up. As The Market Tries To Mitigate The Consequences Of The U.S. Additional Tariffs, The Crypto Sector Receives A Much-Needed Boost Due To Yuan`s Fall . The United States imposed new taxes for imports from China, which leads to China’s currency (the CHN Yuan) losing over 7% of its value over the past 24 hours. The consequences ... This is not the first time we’ve seen significant increases in the value of bitcoin taking place alongside yuan concerns. He added that there’s “growing recognition of bitcoin as ‘digital gold’ and it being used as a hedge against various macroeconomic risks.” “This Year, the Narrative Is Bitcoin, Bitcoin, Bitcoin” According to the SCMP, bitcoin’s price may have surged ... Bitcoin has become a financial haven with gold and silver, and Chinese buyers are eating these assets up. The continued devaluation of the yuan will enable trading solutions like Bitcoin to be a superior trading choice for investors. What do you think about the volume increase in China? Let us know in the comments below. Chinese Yuan against Bitcoin Whether or not it is relevant, but bitcoin also appears to be reacting to the Chinese Yuan’s depressive performance against the US dollar in the last 30 days. Chris Burniske, a partner at New York-based venture capitalist firm, Placeholder, found evidence of a strong correlation between the bitcoin appreciation and the yuan devaluation.
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