Top 6 Biggest Cryptocurrency And Blockchain Stories That failed In 2019
A decade is coming to an end and is also marking a new turning point of the Blockchain – cryptocurrency industry. Besides the most outstanding success stories of 2019, let’s AZCoin News review the most failed cryptocurrency stories of the past time.
Justin Sun’s Giveaway Tesla quickly became a cryptocurrency media disaster
In early 2019, founder Tron Justin Sun was criticized after causing a media disaster in the giveaway program “Tesla Model S cars.” During the event, participants must follow Justin Sun and retweet the original post, which is part of Sun’s media plan, the reward will be a $ 20 million airdrop for 88 sewing attendees. Luckily, apart from the special prize is a Tesla.
To celebrate #BTT & #USDT–#TRON success, I am planning a $20m free cash airdrop. Good news-it’s coming, bad news-I may decide to give away more! First, I will randomly pick 1 winner for a #Tesla up until 3/27! To apply, follow me and RT this tweet! Simple! #Blockchain pic.twitter.com/wFyzwtB3ur
— Justin Sun (@justinsuntron) March 12, 2019
In a booming debate on Twitter, cryptocurrency analyst John Galt posted a series of Tweets revealing some very suspicious activity behind the lottery.
The first draw took place from the Tron Foundation’s official Twitter page. And strangely, they chose the right bot, the user @kozmenko2017 was the winner. In the next draw, 87 winners were randomly selected, although Galt stated that the IP hash and timestamps indicated that these were all the same.
Finally, the winner announced by Sun was a Twitter user @uzgaroth. Unsurprisingly, after doing so, Sun didn’t receive any response, and now the original tweet, like the screenshot below, is gone.
Source: Justin Sun’s tweet
Sun stated that the video for the selection process would be shared on Twitter to provide transparency. However, the video size is too large for Twitter, and the compression process has caused problems in the video. Since the controversy spread on Twitter, Justin Sun has removed everything related to @uzgaroth from his tweets and has not recognized him as a winner, despite prior notice.
However, I do recognize that this is an unfortunate situation, and would like to extend my warmest welcome to the next #niTROn summit in 2020, including a fully paid round-trip ticket to the event location. We are very grateful for your continued support. #TRON
— Justin Sun (@justinsuntron) March 29, 2019
All of this took place just weeks after more than half of Justin Sun’s followers meant about 500,000 accounts were proved to be bots, and many thought the event was just a stunt to promote real Sun followers.
The truth has yet to be verified, but the work of Justin Sun and the Tron Foundation is now proving that they meant to giveaway to the participants, and if not, the meager trust in Tron will be quick soon nothing left.
Justin Sun canceled lunch with Warren Buffett
Earlier this year, a charity program was launched by legendary Wall Street investor, Warren Buffet. To successfully auction lunch with this billionaire, Justin Sun, CEO of Tron, said he spent $ 4.5 million.
TRON Foundation announces postponement of Warren Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones. Parties agreed to reschedule at a later date. @GLIDEsf @WarrenBuffett
— TRON Foundation (@Tronfoundation) July 22, 2019
In the days immediately after winning the bid, Sun seemed to be searching for candidates to bring him to lunch, as the arrangement would allow him to bring seven more guests. Sun said he planned to talk and convince Buffett that crypto would be the future of finance.
I’d like to invite my good friend @yoniassia, Founder & CEO of @eToro, to join my lunch with @WarrenBuffett. 4 days to go and more friends to be announced!
— Justin Sun (@justinsuntron) July 21, 2019
Unfortunately, the afternoon was canceled and created an atmosphere of frustration in the cryptocurrency community.
Despite this, reports began to emerge that Sun was actually being investigated by Beijing authorities for illegal fundraising, money laundering and even distribution of pornography – and was banned from leaving China.
The incidents revolved around the DigiByte cryptocurrency project
A cryptocurrency project called DigiByte has worked hard to be listed on several major market exchanges, and Poloniex is also one of those goals. However, not long after being posted up, this project was removed from the list.
After a careful review, we decided #DigiByte is not qualified per our listing standard. We will delist $DGB soon. Details to be announced.
— Poloniex Exchange (@Poloniex) December 5, 2019
The reason why? Some believe that the founder of this project did not know how to accidentally or intentionally touch several big names in the crypto market, including Justin Sun.
Tired of the bullshit in this industry. I haven’t dedicated the last 8 years of my life to sit idly by and watch #blockchain tech be hijacked by a bunch of crooks like @justinsuntron and @cz_binance. Time has come.
— Jared Tate (@jaredctate) December 3, 2019
Tate did not stop there. He then went on to call Tron a centralized project and stated that Justin Sun – who is responsible for selling millions of TRX – still controls 34% of the total supply. Then he turned his attention to Binance. He claimed that CZ controls 56% of Tron’s voting rights. So between CZ & Sun, they can manage 25 out of 27 nodes.
Immediately after Tate’s tweet, Poloniex’s official Twitter account responded to clarify that they do not own American customer data, and this is protected by Circle – Poloniex’s parent company. The exchange subsequently moved the boards on Tate by deciding that DigiByte no longer meets its listing standards and will be canceled from the platform.
1/8 Im disgusted by all these #TRON trolls/bots attacking me & hyping a 100% premined & completely centralized network like its the most decentralized gift from god. Now #Poloniex has turned into a $TRX shill factory after making off w/ US customers sensitive data. Fact time:
— Jared Tate (@jaredctate) December 4, 2019
Binance turned away from Sun’s BitTorrent
BitTorrent is a cryptocurrency and platform powered by Blockchain Tron and was launched with the ambition to help content creators better connect with their audience through the use of the BitTorrent protocol in conjunction with TRON.
The TRON platform supports one of the mass delays of the Binance exchange, 30 trading pairs, including BitTorrent (BTT) Token. Interestingly, just earlier this year, BTT was one of the pioneering tokens in Binance Launchpad’s IEO movement.
The project was initially implemented after offering a successful initial exchange (IEO) on the Binance Launchpad platform, raising a total of $ 7.2 million in minutes at one of the best-selling IEOs of all time. Shortly after listing on Binance, the BitTorrent Token (BTT) has witnessed significant price growth – up over 300 percent in a matter of days.
Ultimately, this led to the BTT/ETH trading pair being delisted from Binance just a few months after its launch, as it saw too little commercial activity to avoid market manipulation.
Craig Wright sued 10 billion dollars
Craig Wright is an Australian computer scientist famous for calling himself Satoshi Nakamoto, the original inventor of Bitcoin.
In 2018, Craig Wright was charged with attempting to confiscate bitcoins from former business partner Dave Kleiman and other Intellectual Property (IP) after his death in 2013. The lawsuit against Wright was brought in by Dave’s brother, Walter Kleiman, who accused Wright of carrying out Dave’s plans to claim Bitcoin.
Craig Wright, an Australian computer scientist, and businessman
Earlier in 2019, it seemed the case was nearing an end when the two sides reached a non-binding agreement for $ 4.5 billion, along with 50% of Wright’s IP holdings. However, the deal broke down when Wright later explained that he had no means to fund the settlement – suggesting the case would continue at the trial instead.
According to Craig Wright, he cannot take any money from his multi-billion-dollar Bitcoin store because Dave Kleiman has lost some of the keys needed to decode his wallet. However, a recent hearing showed that Judge Reinhart thought otherwise.
The judge also ruled that all of the Bitcoins mined by Wright before 2014 were the property of Kleiman’s family partnership and right. As of now, Craig Wright is still in a position to appeal the decision.
Ethereum upgrade is delayed multiple times
Ethereum is currently undergoing a series of updates for the final transition from the Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS). One of the most anticipated stages of this upgrade process is called Constantinople – a hard fork originally planned in January 2019 but was delayed due to a significant error being included in one of the core changes.
Finally, the Constantinople hard fork was completed in late February, implementing several Ethereum Improvement Proposals (EIPs) designed to initiate Ethereum for the eventual transition to a new consensus algorithm. However, although the community could forgive a single delay, this turned out to be the first of some Ethereum upgrades to be delayed in 2019.
Most recently, Ethereum’s eighth network upgrade, called the Istanbul Hard Fork, initially scheduled for release in October, was delayed until December 4, 2019 – after a slight delay at least twice in the previous month. However, this was again delayed a few days after discovering that there were too few nodes ready to upgrade while the Ethereum hash rate dropped significantly.
The Istanbul hard fork was finally completed on December 8 but caused a significant increase in the failure of smart contracts due to changes in gas price dynamics.
However, a further upgrade, called Muir Glacier Rock, is currently planned for the New Year’s Day and is designed to delay the upcoming tough bombing for nearly two years.
The repeated delay in Ethereum’s upgrade schedule has led some to suspect that Vitalik Buterin and the Ethereum development community are facing unforeseen technical challenges, raising doubts about the possible long-term viability of the cryptocurrency project.
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