BlockPresent Asia, Bitcoin Crash Warning, India Delays Crypto Ban: Hodler’s Digest, Nov. 11–17

Top Stories This Week

BlockPresent Asia 2019: Binance’s CZ speaks publicly about China’s digital forex

BlockPresent Asia 2019 was held in Singapore this week, leaving us with loads of tales to chew over. Binance’s Changpeng Zhao was among the many audio system, and he predicted that the central financial institution digital forex being developed by China can be primarily based on blockchain. Explaining his reasoning, Zhao defined how Beijing needs to push the affect of the renminbi globally as a way to make it aggressive with the U.S. greenback. He welcomed competitors within the crypto world, saying: “Having is better than not having. Having stablecoins is better than not having them. Having Libra is better than not having it.” Zhao’s look adopted President Xi Jinping’s requires China to speed up its adoption of blockchain – and the alternate boss mentioned those that had been laughing at blockchain aren’t laughing now.

BlockPresent Asia 2019: Calls for readability and warning on crypto regulation

Crypto regulation was one other sizzling button through the two-day occasion powered by Cointelegraph. Some, comparable to Proof of Capital’s managing accomplice Edith Yeung, publicly criticized American regulators for leaving blockchain-based ventures in the dead of night – with some exchanges leaving the U.S. altogether due to uncertainty surrounding their standing. Others, comparable to Quoine co-founder Mike Kayamori, had been much more cautious. He mentioned regulation was one thing that must be accomplished rigorously given how the trade is consistently evolving, and he warned: “The government can’t try to regulate things it still doesn’t understand.”

BlockPresent Asia 2019: 99% of token value is pure hypothesis, says VeChain founder

Another attention-grabbing panel at BlockPresent centered on creating token worth – and requested whether or not financial positive aspects are hindering blockchain innovation. VeChain founder Sunny Lu claimed 99% of a token’s worth is often linked to hypothesis, quite than the worth {that a} resolution can deliver to society. He added: “This causes many startups to waste a lot of time producing and ‘selling’ the token, failing to develop solutions for where they were initially focused.” Fellow audio system acknowledged that it may be tough to find out the worth of blockchain tasks, given how the blockchain trade remains to be very younger, however they expressed confidence that it’s going to get simpler because the market continues to develop.

Changpeng Zhao, Binance CEO

Indian parliament is not going to take into account complete crypto ban in winter season

A fast take a look at a few of this week’s different headlines now. India’s proposed, controversial ban on cryptocurrency is being delayed. The draft invoice was anticipated to be launched in parliament within the winter session that takes place between Nov. 18 and Dec. 13, but it surely has not been included within the agenda. Crypto companies and shoppers within the nation have expressed concern as a result of the regulation proposes jail phrases of as much as 10 years for these discovered dealing in digital currencies. Indian exchanges have welcomed the delay – urging campaigners to neglect competitors and ego, and to current their case to regulators in a united trend. Others have mentioned the delay proves that the federal government is listening and probably reevaluating its place.

OneCoin co-founder pleads responsible, faces as much as 90 years in jail

Konstantin Ignatov, the co-founder of the crypto rip-off OneCoin, has pleaded responsible to taking part within the multibillion-dollar fraud. As a part of a plea deal, he admitted a mess of expenses, together with cash laundering and fraud. He is dealing with as much as 90 years in jail and has but to be sentenced, however will reportedly face no additional felony expenses for his function in OneCoin, besides potential tax violations. OneCoin is named a significant crypto exit rip-off, and the Bulgarian-based agency stays totally operational regardless of allegations it raised $4.Four billion in a Ponzi scheme.

Winners and Losers

At the tip of the week, Bitcoin is at $8,602.00, Ether at $185.44, and XRP at $0.27. The complete market cap is at $235,793,356,657.

The high three altcoin gainers of the week are MMOCoin, eosBLACK and Sparkster. The high three altcoin losers of the week are Monoeci, USDX and Bitcoin God.

Winners and Losers

For extra data on crypto costs, ensure that to learn Cointelegraph’s market evaluation. 

Most Memorable Quotations

“Economics and ethics can go collectively because of decentralization.” 

Ben Goertzel, SingularityNET CEO

“In the future, I believe today’s applications will become legacy applications. New blockchain applications will go from marginal, to alternative, and eventually to mainstream.”

Da Hongfei, NEO founder

“We did some research, heard some discussions and conversations and one comment was it’s still complicated to 99% of the population. Until it’s more widely accepted, it’s a cottage industry or a neat way to pay.”

David Herr, Dallas Mavericks chief technical officer

“99% of a [token’s value] is linked to speculation, and not to the value that solution can bring to society. This causes many startups to waste a lot of time producing and ‘selling’ the token, failing to develop solutions for where they were initially focused.”

Sunny Lu, VeChain founder

“Bitcoin is censorship resistant money, the first in the world. I don’t believe in institutional adoption. If this happens, Bitcoin will become not censorship-resistant. Then it won’t have this feature anymore and will crash to zero.”

Pavel Kravchenko, Distributed Lab CEO

Pavel Kravchenko, Distributed Lab CEO

“Crypto is evolving, and the government can’t try to regulate things it still doesn’t understand. […] I am still in favor of crypto regulation, but [it] needs to be done very carefully.”

Mike Kayamori, QUOINE co-founder

“Custody, liquidity, and regulations are the top three petitions from institutional investors jumping into crypto.”

Justin Chow, Cumberland head of enterprise growth in Asia

“Don’t depart your belongings on exchanges. Don’t be lazy. I’ve been into it and realized an excellent lesson.”

Clement Ip, Genesis Block HK co-founder

“The Chinese government wants to push RMB’s influence globally. They want RMB to be competitive with the US dollar. In order to do that they really need to push this currency to have more freedom.”

Changpeng Zhao, Binance CEO

“We are not seeking full control of the information of the general public.”

Mu Changchun, People’s Bank of China senior official

“I am strongly against Bitcoin, and I think we are a little complacent. […] The currency itself is not real, with the characteristics that a currency must have.”

Jean-Claude Trichet, former European Central Bank president

Prediction of the Week

Expert: Bitcoin might “crash to zero” due to institutional adoption

The CEO and co-founder at Distributed Lab, Pavel Kravchenko, has warned that growing institutional curiosity in crypto may see Bitcoin’s worth crash to zero. Speaking at BlockPresent Asia 2019, the trade skilled mentioned BTC’s place as censorship-resistant cash can be undermined if main gamers start to embrace it extra totally – undermining its worth. During his look, Kravchenko additionally mentioned Bitcoin’s value will rise if governments world wide try and ban Bitcoin altogether, and that the cryptocurrency should try and grow to be extra non-public and introduce anonymizing options if it’s going to stay immune to censorship.

Clement Ip, Genesis Block HK co-founder

FUD of the Week

Dutch courtroom orders Facebook to take away pretend Bitcoin advertisements

A Dutch courtroom has dominated that Facebook should take away BTC-related fraudulent funding advertisements following a lawsuit by native billionaire John de Mol. The TV govt had launched authorized proceedings towards the social community earlier this 12 months, alleging that the corporate had failed to answer a number of requests to take away advertisements that used his picture with out consent. De Mol claimed that weak victims had misplaced $1.Eight million on account of the marketing campaign. The courtroom rejected Facebook’s assertion that it’s “a neutral funnel for information” – and in addition to eradicating any incriminating advertisements, the corporate has been advised it should present all obtainable details about the individuals behind them. For its half, the tech big insists it has already taken down the advertisements in query, and it’s contemplating “all legal options including an appeal.”

IRS felony investigators wanting into Bitcoin ATMs and kiosks

The U.S. Internal Revenue Service is wanting into potential tax points arising from Bitcoin ATMs and kiosks. John Fort, the regulator’s felony investigation chief, mentioned the IRS is collaborating with regulation enforcement to look into the illicit use of such machines. He mentioned: “If you can walk in, put cash in and get Bitcoin out, obviously we’re interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks.” This got here because the variety of BTC ATMs hit a brand new milestone worldwide, with greater than 6,000 now in operation. More than 65% are primarily based within the United States.

Dallas Mavericks CTO: Crypto fee possibility nonetheless “a cottage industry”

David Herr, the chief technical officer of the Dallas Mavericks skilled basketball group, has mentioned that solely a small variety of followers are utilizing crypto to buy issues comparable to merchandise and tickets. Herr mentioned Bitcoin was “still complicated to 99% of the population” – and he in contrast the crypto world to a cottage trade. The Mavericks turned the second NBA group to just accept BTC again in the course of August.

Best Cointelegraph Features

Bitcoin revolution means Protestant Reformation, crypto drives change?

A brand new white paper is full of daring predictions about what the long run holds for crypto and blockchain – and claims there may even be parallels with the Protestant Reformation that shook Europe within the 16th and 17th centuries. Cointelegraph’s Andrew Singer has extra.

China walks again hardline media rhetoric towards crypto and blockchain

China’s state-run media just lately turned heads by that includes pro-Bitcoin feedback, with the flagship digital forex being known as the world’s “first successful application of blockchain technology.” Cointelegraph’s Shiraz Jagati explores whether or not Beijing is trying to row again its hostility towards crypto and blockchain.

Turkey’s surprising rise to the highest of world crypto adopters

Turkey might not be the primary nation that springs to thoughts relating to above-average crypto adoption, however new analysis suggests 1 in 5 residents are aware of it. As the nation gears as much as finalize testing of the digital lira in 2020, Cointelegraph’s Sritanshu Sinha explores the fast rise of crypto and blockchain in Turkey.

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