Monday, December 31, 2018

2019, You're Up 🎉

December 31, 2018

2018 Rundown: Top 5 Stories in a Nutshell

What would December 31st, 2018 be without a look back on this year's wild world of crypto? This year so many things happened from hacks to institutions to development to regulations and more. So, to celebrate, here are crypto's top 5 stories in 2018 (in no particular order).

1. Coincheck loses $500 million

Almost a year ago, popular cryptocurrency exchange Coincheck lost its shirt when hackers snuck in the back door of the Japanese platform to steal almost $500 million worth of digital assets. This was one of the biggest heists the world has ever seen. Since then, Coincheck has reorganized under a new owner and is hoping to bring trust back to the once prospering exchange.

2. ICO Misery

While 2017 brought a boom to initial coin offerings (ICO), 2018 was no such friend. During 2018, tech giants such as Facebook and Google banned ads for ICOs on their platform. Later, ICOs saw funding drop over the year as bear market worries brought investors to a halt. On top of that, the U.S. Securities and Exchange Commission had some hefty investigations into ICOs amid its marketwide crackdown.

3. Bakkt to the futures

Institutions, institutions, institutions. That was the motto for 2018 and Bakkt was one of the biggest stories amongst traditional financial players. Though the platform launch has been delayed until 2019, the owner, ICE, also owns NYSE, the world's largest stock exchange. Aside from Bakkt, other massive players like Fidelity, Goldman Sachs, and Japan's SBI all found their way into the industry someway or another.

4. Fork off

If you thought the 2017 drama between Bitcoin and Bitcoin Cash was too much then this year's war between Bitcoin SV and Bitcoin Cash must have been hell for you. The fork started with a disagreement about how to best go about scaling. Soon things began heating up with Twitter drama, pedophile insults, and ultimately, a hash war. Now, Bitcoin SV stands half the value of its fierce competitor Bitcoin Cash as the community seemed to decide the winner for themselves.

5. Bear jaws clamp down

It wouldn't be a year in review without talking about the bear market that beat down Bitcoin in 2018. Exactly one year ago, Bitcoin stood at $13,364. Since then, as all of you know, it has lost more than 70% of its value. The fall left a large portion of miners unprofitable, startups to cut heads, and investors to turn cold shoulders to the industry.

2019, You're up 🎉

As we turn the page on 2018 it is important to remember how amazing all of the developments, progress, and growth the industry had. Way to go crypto. Now, 2019 is a entirely new beast. With that, happy new year Unbankd family!

RESEARCH

Survey Finds 40% of Chinese Would Invest in Crypto in the Future

The people want crypto

A recent survey conducted in China found that 40% of the nation's citizens are willing to invest in cryptocurrency in the future.

The survey was conducted by PANews, a news outlet that covers the blockchain space across all of Asia, and polled 4,200 Chinese citizens.

The survey also found that about half of all respondents are aware of cryptocurrencies. However, 63% indicated that crypto is not necessary as a means of payment.

But it's illegal..

While the survey proves that Chinese citizens are interested in cryptocurrencies, there is one major roadblock in their way: the government.

China has been arguably the most strict nation on cryptocurrency regulation. The government has imposed a blanket ban on pretty much all things crypto including, trading, ICOs, and media publications.

Despite all of these bans, China is home to a significant amount of Bitcoin's miners and citizens are allowed to own cryptocurrencies.

NEWS

OpenNode Turns Down $1.25 Million to Include BCH in its Payment System

💸 What is OpenNode? OpenNode offers a robust platform that consists of an easy to use eCommerce and retail plug-in solution, payment infrastructure API's for developers, and the fastest payment processor limits to allow for brand new payment models and instantaneous settlements using Bitcoin.

No thanks, Roger

According to OpenNode's Twitter, Bitcoin Cash figure-head Roger Ver offered OpenNode $1.25 million to replace Bitcoin with Bitcoin Cash for its payment processing system.

The company announced on Twitter that it declined Ver's offer saying that a "more open financial system is only possible with Bitcoin."

An OpenNode developer also commented on the situation on his personal Twitter account saying, "No amount of money will make us serve inferior money."

The integrity is refreshing

The cryptocurrency space is very much filled with greed. Exchanges require large payments for coin listings, founders revoke promises and runaway with investors' funds, money hurts the integrity of the industry.

It is refreshing to see that OpenNode declines a large money offer to pursue its vision. Especially considering the bear market that we are in with many cryptocurrency startups clinging on for life due to a lack of funds.

BITS

But wait, there's more...

⚡️ Two mining companies are Georgia's largest electricity consumers but they are getting it for wholesale prices.
🇬🇧 U.K. regulators allegedly continue probe into 18 different crypto-related businesses.

MEME