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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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Initiator of three proposals: run! (Proposal 1), Stone Online (Proposal 2), Donglai (Proposal 3), and Special Guest Zhang Jian.
This debate consists of three sessions: initiator statement, debating session and summary session.
The first session: Each initiator explain his understanding of FOne and the current problems FOne faced.
Proposal 1: Run
Design of this proposal:
Profit distribution mechanism + marketing effect = whether the merchant can survive.
How the Merchant, FT holder shareholder and FCoinwill distributed 100% profits:
Proposal 1: allocation for merchants is basically around 65%, and with more reasonable ladder-shaped competition mechanism.
Option 2: allocation for merchants is about 60–70%,
Option 4: only 10% for merchants which can be directly excluded, while for okex and houbi, this percentage isabout 50%
Option 3 can also be excluded: we need to ensure the interests of the head merchants, so that they can be loyal to the platform and bring new businesses.
Proposal II: stone
This proposal is to improve the enthusiasm of the merchants, to increase the transaction volume and transaction depth, so that more people actively help the FCoin platform to develop better.
Option 2, basic dividends plus dynamic rewards, combined with t repurchase and destruction, which can balance the interests of all parties. In early stage, trading volume can be used as the dynamic rewards standard. Later some other factors can be introduced in according to the improvement of the platform.
Proposal III: Donglai
About my understanding on FOne and current issues.
FOne’s positioning: FCoin2.0 is a technical service provider, everyone can open an exchange.
- The cold starting by transfee-mining mode was successful, but it also brought some problems. The price of FT plummeted, and investors lost faith. The platform is under lots of pressure lately.
- Although the trading experience is constantly optimized, but there is still a big gap between the first-class exchange;
2.Communitization: community users are the shareholders of the platform, shall have the opportunity to participate in community building and community development process .
- The core technology: We have had the largest trading volume in the history of the exchange, and platform security is guaranteed.
4． Self-contained traffic: we have been in the center of public opinion whether in the early stage or at the present. When our business can be stabilize or even grow, this self-contained traffic will bring us a lot of advantages then.
- Transparency: This advantage is not too obvious when price is low, but will be revealed and become one of our core competitiveness when price go higher..
5 . We are a exchange with public heart, it showed by following three things:
1 stop transfee-mining
2 used profit to buy back FT
The above is the embodiment of FCoin’s, along withthe power of the community and our technology, we can be even stronger in the future.
- used FCoin Fund to buy back FT
What can FOne exchange do?
Providing technical support and open our developing authorities, let the market to promote business and expolre more possibilities.
Following possibilities I can think of based on the exchange’s gameplay, FOne can be
1, an exchange of spot trading, like Binance.
2, an exchange of fiat month trading, like ZB.
3, an exchange of margin trading, like Huobi.
4, an exchange of futures trading, like OKEX.
5, an exchange of options trading, like JEX.
6, an exchange of transfee mining, like FCoin1.0.
7, an exchange of transfee mining, can be any feasible innovation model.
What’s more important is that not only we have Chinese uers, but from global wide.
The above non-exchange gameplay may be implemented in the short term or never be able to realized, they are just some possibilities I can think of.
- can be a game mode, developers can develop their own game projects like F3D, Zethr, ETH.TOWN, EOSBET.
- can be a virtual product trading platform, and support the trading of all virtual products, such as the services and transactions that Taobao (Ebay) does involves.
- can be an app store, to develop under the requirement of merchants.
- there are more fun ideas waiting for you to discover and participate.
The positioning of FCoin2.0 is a platform and a technical service provider. We welcome everyone to discuss the possibilities, as long as it can bring benefits and bring profits to the platform and FT holders.
Current issues FOne faced.
2, the number of main coins is insufficient, all main coins must be fully supported in the future.
- We will face the problem of trading depth at the early stage which can be solved through sharing depth. We should have larger volume and measures to encourage placing orders.
3, FCone still works as a trading zone right now. I hope it can develop as an exchange in the later stage, to support the complete domain name, independent page and so on.
5, The platform can technically support the operationsof the shops, and share the commission with merchants.
- The review process needs to be speeded up, the process can be simplified and is transparent.
Part 1: Initiator elaborate on his proposal
Proposal I: Run:
80% of the distribution is for the head merchants.20% and 30% can be understood as a competition ladder.
Proposal II: stones
Option 2 is basic dividend plus dynamic reward, combined with a repurchase destruction mechanism. This repurchase and destruction mechanism will allow some people who do not support Option 4 and Option 3 to have some leeway.
Proposal III: Donglai:
There are three reasons for the recommendation of option 3:
Firstly, it is simple. Too many rules can be a shackle for FONE which will kill too many possibilities.
Secondly, is the fairness. Encourage same standard for all merchants
The last one is the low threshold, which allow more people participate in, then FONE will have a chance to grow bigger, which means more dividends FT holders.
Reasons for the design of the 2–8 distribution ratio:
The second part of the debating: Explain the mechanism of their own proposal and the impact it may have on FOne’s prospects (3 minutes)
- Many great platform companies like Meituan, and Didi all use this golden ratio, and Tmall is even lower than this ratio.
- There are other platforms ask above 50% distribution, but it won’t work for FCoin based on current situation.
- Some operations already limited the development of FCoin, which will cause vitality losing.
- 20% will be taken from all merchants. Our income is proportional to the total income of the merchants. Only when FOne grows bigger, more profit will be brought, and more dividends can to allocated to FT holders.
Proposal I : Run
We only need simplicity and stability at this stage which can help to attract more people. That’s why I denied option 3 and 4, because they will have to change before enter the bull market.
In addition, comparing schemes 2 and 3, option 1 will save more room for the platform to engage in activities, and attract merchants. If Option 3 is implemented but don’t work. The platform will have to launch more activities, which won’t be good for a total of 4% revenue.
Proposal II: Stone
The 60% dividend can guarantee the basic income of merchants, 20% dynamic rewards is a mean of macro-control to motivate the merchants and regulate their behaviors. Then these parts used for repurchaseand destruction, plus 23% of FCoin fund, which can be increased to about 30%, which expands the deflation expectation and supports FT price, which is good for everyone.
The biggest feature of this proposal is the consideration of three parties. To ensure everyone has a basic income and also encourage those who are actively participated in.
Proposal III: Donglai
Option 3 is the easiest and quickest. Since tranfeemining has stopped, and free trading for Main Board A, and FONE is now the main income source of FT holders. The sooner FONE starts, the better it is for FT holders.
It’s better not to have too many constraint in the primary development stage of FONE. Providing a fair environment and also lowering the threshold for entry, which can help to lock the FT’s liquidity, increase its application scenario, and the actual value of FT. When FT enters the positive cycle, these will become the power of development.
The third part of the debating: evaluating other competition proposals
Proposal I: Run
I will skip option 4.
Option 3 is a good option. I know exactly that okex is 50%, for option 3, merchants accounted for 80% while the platform accounted for 4%, as a technical service provider to ensure everyone’s safety, but he can only get 4% the profit, do you think this is appropriate?
Option 2 is a good solution. first It is smoother, it uses a Y=X curve, which is theoretically more elaborate than a sweeping approach. Second, it introduces destruction. Because there is no data support, I can’t explain compare with option 1 which is better. Theoretically it’s finer than the first one.Option 1 is more concise but option 2 is more complicated.
Proposal II: Stones
First of all, option 4 is obviously unscientific, 10% is attributed to the merchants which will decrease theirenthusiasm, and make trading volume and depth of the entire trading area even difficult.
About option 1, it’s much similar to my proposal II, only mine adds repurchase and destruction. Compared to option 1, I think option 2 is more scientific.
About option 3, 80% for the merchants and 20% for the platform, which leaves no leeway for everyone.
Proposal III: Donglai
The starting point of Option 1 and Option 2 is very good, but in fact there is a fatal problem which islacking of fairness, and will force some small merchants to exit from this market.
The biggest problem of option 1 is that, if the bottom 80% merchants can’t compete with the top 20, which leads to the exit. The newly-entered merchants can’t compete with the top 20, which leads to fewer and fewer stores, and less incomes of the whole patform. This is why it is necessary to ensure the fairness for everyone on the platform.
Motivating is supportive, but not in this way,.
As for option4, I said that fish can be big only water is enough. The ft holder can get more dividends only more merchants come in and bring more profits, that’s when the value of FT can really show up. 1*80% is much smaller than 100*20%.
The fourth part of the debating: defending yourself
Proposal I: Run
I will give the answer to the questions on proposal I and II.
Under the spirit of the blockchain, constant and stable is the fairest. The reason why Bitcoin and Ethereum is so powerful is that they are stable enough.
Last I would like to say something to those who supports option 3. Those who hold millions of FTs (mostly are those “holding up” on FCoin) will be able to open stores and make more money if option 3 passes. It may sees like you have more dividends, but in fact platform will lost the credibility, lost the right to maintain users. Moreover, if these people really go to play, and your resources are not enough, basic Your income is zero, what is the difference between 20% and 80% of 0, so I think we need to calm down and think carefully before making a choice.
Incentives will make users feel our responsibility. Option 3 leave us no room for manoeuvre, which is not good for later strategy. The aggressiveness of Option 2 is increasing. Repurchase and destruction can also reduce the resistance of some policies, so that it can also obtain understanding and recognitionof most users.
Now back to the positioning of FC2.0, which is a platform-based service provider. What is the most important thing about the platform? Fairness. The example I gave just now, 20%dividend is completely incapable when competing with 80% dividends. This is why the option 1 failed during the referendum. In fact, 60% is also difficult to compete with 80%. The result is inevitably that more shops will have to close. Then the early merchants have to repeat the competition again and more shop closed. And it’s the same logic for option 2.
So I request again please pay attention to our positioning, do not undermine fairness as we are a platform. As for the incentive part mentioned in Option 1 and Option 2, I think it should not be the basic rules. It should be a short-term plan for operation and promotion.
As for the other proposals, 20% dividends are too small, the total amount of dividends per day is less than three bitcoins. What we have to do now is to make the pool bigger, 3X80% is much smaller than 300X20%.
Proposal I: Run
The proposal collection from the community is a good idea. I only contribute 20% of this proposalbecause many people have made a lot of efforts before. We are the shareholders of fcoin, and we need to choose a good solution for the future development of FCoin, so that we can make profits. In the last I want to say that I have high expectations for FCoin, and I hope FCoin is getting better and better, thank you.
Proposal II: Stone
I hope that everyone will vote rationally. FOne is a good attempt. Option 4 is not good for everyone’s participation, merchants have high operating cost promotion costs, 10% will be much less for that. Thank you. FOne can be an opportunity, a big opportunity in the bear market.
Proposal III: Donglai
FCoin is under the most embarrassing period since transfee mining ended and trading fee is free for Main Board A. Even 80% dividends for FT holders, there are still less than three BTCs in total per day. It is better to let the merchants operate, and FCoinprovides support for the merchants. so that they can make the pool bigger, FT holder can have more dividends.
The main focus of Option 3 is the positioning of FC2.0. The platform is a technical service provider,should be simple in the early stage of FONE. Should be no much restrictions for merchants. At the same time, FCoin must lower its posture, play the role ofservice provider but not a regulator.
Sharing from special guest MR. Zhang Jian
I would like to end up with a few words. This debate is wonderful. Everyone is well prepared! I will share some of my ideas on the debates and about the future.
FCoin’s future revenue e is very large, and will have more types of income e. So I think as long as FCoincan keep growing, the community keeps expanding.
I think that whether it is a bull market or a bear market, I feel that we should firmly expand our community, traffic, and trading volume. The income will definitely group up, and to a bring future that everyone can’t imagine!
I have talked with many investors, even the investors of the most well-known companies on world stage. In fact, everyone who knows the truth that, the most thing to make a great company successful is the thingit originally imagined.
What I want to say is that the space that FCoin can explore in the future is very large. Therefore, as long as we hold the initial heart of community, to follow this direction. we will be able to walk out of a way that all of us can imagine. So I said that great things must have evolved but not planned!
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