Top 5 CRYPTO events of 2019

Hey everyone, it's Michael and welcome back to Box Mining. These are the top most influential cryptocurrency events of 2019. Even though Bitcoin prices didn't moon this year, a lot of these events will have far-reaching consequences in the future. Now not all the crypto events that happened this year are good, some of them are bad, but they're going to be very impactful as a whole, so I made a list of the top 5 influential events that happened in 2019 and hopefully we can take some lessons away from them. Before we start, if you haven't done so already, make sure you're subscribed to this channel for more up-to-date cryptocurrency-related insights in the future to give you that competitive edge. And make sure you click that notification bell as well so you get notified right when they're getting released. Starting at number 5, we have the collapse of PLUS token. This is essentially the biggest cryptocurrency Ponzi scheme to date, even bigger than Bitconnect. At the time of its collapse, it scammed over $3 billion USD worth of cryptocurrencies in this scheme. What made it a Ponzi was the fact that it promised very, very high returns, 8 to 18% per month returns on investment, low risk. And the victims of the scheme thought it was an actual proper cryptocurrency-related business, had like wallets, exchanges, etc. It had all these excuses trying to claim it was a business. So what was scary was when the original perpetrators left and drained the accounts, they left a message that said, sorry, we have run. And run they did. A few of them did get arrested and got extradited back to China. But what happens is that a lot of the cryptocurrencies still remain at large. So overall, this is good and bad. Good is that these scammers are purged from the cryptocurrency ecosystem. Bad actors really need to get removed so that crypto doesn't have a very negative scammy name. But the bad side is that there are still funds that are stolen that the hackers are the kind of original perpetrators they have. And that might hit exchanges in 2020. So we'll have to see about that going forward. At number four, I have something that was very influential on the way I thought, which was the debate between Arthur Hayes and Nouriel Roubini in July of this year. Now, during that debate, neuroeconomist Nouriel Roubini obviously smashed the crap out of crypto. Systemic spoofing, systemic pump and dump. There are 5,000 separate chat rooms where these pump and dump schemes are planned in advance. There is a long history story. Have you seen a Bloomberg chat? What's the journal showing that? There is front running by the exchanges, probably including yours. There is wash trading. And there is a study suggest that 95% of all transactions just in Bitcoin alone are fake. But what was funny was that I realized Nouriel was really into the latest happenings, like reading all the latest Reddit threads. He was up to date with all the new events and all the memes that were coming out of crypto. So I was like, how is this guy so interested? Then I made the realization that Nouriel is basing his entire career on smashing crypto. That means that he's making money off it. He's getting $20,000 to $50,000 per conference showing. He's also making major headlines everywhere. This guy is playing the villain because he's making money from crypto. Clearly, Nouriel is playing a personality, is playing this role, a character, almost like a villain type of thing. So the end conclusion is that even though we see a lot of messages, a lot of hate for crypto, crypto is going to go to zero. We suddenly realize that there are people are financially motivated to say so. And it might not even be their actual final opinion. They might have just taken a role, playing a character rather than speaking the truth or making a logical assessment. So number three, I'm going to group up as an entire category, which is the initial exchange offering. So initial exchange offerings were really the thing this year after Binance launched the BTT token raising more than $7 million in January of this year. Every exchange follows suit. We got Huobi, OKEx, KuCoin, you name it, Bittrex, everyone try to jump on the initial exchange offering. Now, this was a negative trend when I saw it because of the fact that IEOs were pretty much a repackage of the initial coin offering just done on centralized exchanges. And we learned from the ICO rush that it led to irresponsible investment of money. So obviously because all these exchanges, they rushed into it. Some of them went well, some of them not so well. So lucky for us, that trend is really dying down towards the end of this year. And I don't really expect it really becoming a major part of 2020. I see something that's really important is that even though ICOs and fundraising, crypto fundraising can raise a lot of money, we really need to find a method that does it responsibly and allows anyone who is involved to really look at a project objectively instead of just going all in really fast within a certain amount of time and trying to cash out ASAP. So let's see. Number two, we have the SEP, China's national digital currency. This currency is meant to replace cash almost. It even allows for peer to peer transactions like offline to offline. You just tap your phones together. You transfer that digital currency. Now, what's interesting is that it's based on cryptocurrency technology. It takes elements from blockchain, it takes elements from cryptography, et cetera. And the most important part that I see going forward is that this will teach people how to have digital sovereignty, how to really hold and not lose your digital cash, which is something that's very important in crypto. This also validates a lot of the technology that is in blockchain technology, that is in crypto. And the fact that we're kind of now know that with a national digital currency based on it, quantum computing and all those threats that we hear all day, that's no longer there. Why this has such a huge impact is because it changes the viewpoint of the Chinese towards crypto. So we got the Chinese leader, Xi Jinping. He literally embraced blockchain technology, calling it one of the biggest innovations and something that China should strive for. So there's a huge blockchain play right now going on in China. So that's a very positive for crypto overall. But also it's got some negatives because of the fact that Chinese is pushing blockchain, not Bitcoin is going to have that little bit of a negative of impact on the current exchanges, which is something that we're seeing right now. The fact that Chinese exchanges that take on Chinese customers, those are going to hit really hard in China. And there'll be further limitations on crypto. So it's kind of a double edged source, some good, some bad. But at the end of the day, what I see here is that even though they're trying to push blockchain and the benefits, blockchain benefits only come on public networks, which have a cryptocurrency. It's required because if you want the public to participate in your consensus, you must have a reward mechanism. And that's why cryptocurrencies have to be around. Now, before we get to the number one most influential event in 2020, let's talk about the runners ups as well. First of all, we got Telegram. Unfortunately, they failed to launch the TON token this year due to US regulation. So it kind of went without a whimper, but we saw US regulators kind of striking down with any attempts for Telegram tokens to be sold to Americans. Next up, we also got Justin's son from TRON. He pretty much had to pull out of the Warren buffet dinner that he was glamorizing. And this is over a stomach ache that he had. The real reason behind it has to do with the Chinese government, but it was just such a big catastrophe. We also had STOs this year, security token offerings. There were a thing in January, but now coming to December, they kind of fizzled out a little bit. There were some key events that did happen. For example, T0, they did a very soft and not too successful launch on their security token platform. And their CEO from Overstock, Patrick Bryan, had to step down. Overall, what this shows is that it's extremely difficult to pull off security token offerings. Such a big pie to say, you can combine global economies. In fact, combine the financial hubs all around the world into one system. And to hold cryptocurrency value and even give security token holders the right to vote. Such a big, interesting technology. But at the same time, regulation is going to be really hard. So that's why it kind of fizzled out this year because of the regulatory hurdles. And I expect that battle to fight on towards maybe five years into the future. Number one, we have Facebook Libra and their failure to launch. So we had some key events this year. For example, Facebook's David Marcus appeared before the US Senate. And that event definitely did not go well. People's data and private messages have been stolen and sold after you've let Russian bots try to throw the 2016 election with no contrition, I might add. After you've abetted genocide in foreign countries, you really think people should trust you with their bank accounts in our economy. I just think that's delusional. And literally what I felt was that David Marcus just took his pants down and the Senate took turns slapping his ass. He literally had to go down and say, look, Facebook's not going to release this coin without the approval of the Senate. And the Senate was not interested at all in giving them permission to make matters worse around the world in the European Union, where the accounts are set up the basket of currencies, but was also met with regulatory hurdles. So yeah, it turned out to be a pretty big non-event. What this overall showed is that regulation is going to be very hard and centralized. Entities that are going to try to make a currency that's going to be extremely, extremely difficult. I mean, if Facebook and their alliance of MasterCard, Uber, everyone on board can't do it, it's going to be really hard for anyone else to do it. And in many ways, a decentralized currency is dying exactly to prevent these issues. It's meant to take power away from politicians. It's meant to be completely neutral in terms of political stance. It doesn't matter where you live in the world. It doesn't matter if you're the president of the United States. It doesn't matter if you're just some random person sitting in Vietnam. If you want to send crypto, if you want to send Bitcoin, you're all the same entity. And regulators, even though they can try, they can't take Bitcoin down. And this is why, well, for me, I'm here anyways. So guys, that's my list of the most influential events in crypto of 2019. Do you agree with them or disagree with them? Have I missed out one of the key events for you? List them down in the comment section below. I'd love to hear and comment on what you think. And guys, I wish you a really happy holidays. It's been a crazy year this year, I know. But we're moving forward and crypto is not dead in 2019. So guys, thank you guys so much for watching this video. Remember to click the little subscribe button down below and the little notification bell for more future videos. See you in the next one. I also like to give a special thanks to everyone who offered the support in the last video. So in the last video, I talked about the YouTube crypto ban, which was what they call a mistake. And we got people like Kyle V saying, glad to see you back. And this is this great video. Nice to see you back, dude. You're right. The crypto community is very supportive and some of us are so loyal. We will move to other platforms just to get the player videos you are making. The timing of this cold shower, also very weird on a festive season to lose a channel is a chilly thought for some YouTubers and channel are the main sources of income. For sure. I definitely agree. And definitely, I really feel glad that you guys are willing to move to a new platform to support me. And this is something that just really made my holiday so much better. So I want to give a big shout out to everyone who made a really positive comment and made my type a lot better. In terms of my own platform as well, I've got box mining.com. This is where a lot of our guest writers and the whole entire community can submit articles and publish them and really get informed. So we have the plus token article detailing what anatomy of the scam is and where the amounts went. We also have a good overview of what DSEP China's national digital currency. We've also been focused on wallet reviews as well. So this is just to get people into the whole cryptocurrency ecosystem and understanding what the advantages and disadvantages of both. So we do know that proof of keys, an event where we withdraw our cryptocurrencies from exchanges are coming up. So make sure you check out those guides as well.