The stratospheric ascent of cryptocurrency trading has not been without its fair share of peaks and valleys, just like the meteoric rise of any other good game-changer. Even though it has only been around for a relatively short period, there have already been a number of critical flashpoints that have played a crucial part over the past ten years in the manner in which cryptocurrency is seen, traded, and discussed. Continue reading to learn about some of the most notable occurrences in the history of cryptocurrencies, ranging from important meetings and dramatic frauds to amusing tales and memorable memes.
PayPal makes it easier to buy and sell cryptocurrencies
When PayPal began accepting bitcoin in October 2020, it was a huge step forward in normalizing people’s use of digital currency. The corporation has previously spoken out against cryptocurrencies, so this was a dramatic about-face. However, not everything was as it seemed. To discourage people from trying to use the popular platform to buy and spend Bitcoin, PayPal imposed tough regulations, such as making it impossible for PayPal buyers of cryptocurrency to withdraw their funds. Many people, both inside and outside of the sector, are interested in the future of the online payment system.
The long-awaited release of Ethereum 2.0
Ethereum, a decentralized platform launched in 2015, and its native token, Ether, have had a significant effect on the cryptocurrency industry. In 2017, after a blockchain game called CryptoKitties caused a record-high number of transactions to congest the network, engineers at Ethereum realized the technology’s limitations and set out to create a more scalable, sustainable, and safe platform for users.
This hard fork release, known as Ethereum 2.0, Eth2, or Serenity, incorporates the introduction of shard chains and the switch to transaction validation via proof of stake rather than proof of work. Phase 0, often known as the Beacon Chain, was issued on December 1, 2020, after multiple delays in the original rollout during 2020. New advances are on the horizon, with the first stage of shard chains anticipated by 2021 and the second stage of docking anticipated by 2022.
OneCoin and Cryptoqueen
The Cryptoqueen and her OneCoin “currency” attracted billions from traders and investors, making her arguably the biggest villain in the world of cryptocurrencies.
The “Cryptoqueen,” Dr. Ruja Ignatova, is the villainous brains behind OneCoin. She introduced it in 2014 with the goal of dethroning Bitcoin and has since become its most prominent advocate. Actually, it’s just a classic pyramid scheme. Since there was never a blockchain implemented, its developers are free to make whatever changes they like to the centralized infrastructure on which it relies. However, she made the most of the boom in crypto interest, raking in billions in investments and presenting to tens of thousands of devoted admirers via YouTube and sold-out arena performances.
Then, in 2017, she just vanished. Ignatova is still on the FBI’s wanted list despite the fact that her brother was apprehended in 2019 for his involvement with OneCoin.
Dinner:Warren Buffet and Justin Sun
And when he says something like “probably rat poison squared” to describe Bitcoin, investors listen. As a result, the financial world was riveted by Justin Sun’s account of his January 2020 dinner with the legendary investor. Sun, headquartered in China and who earned the meal by contributing more than $4.5 million to one of Buffett’s organizations, brought bad luck to the gathering. Sun delayed the initial meeting scheduled for July 2019, sparking speculation that it had been postponed for conspiratorial reasons. A steak supper was eventually had by the two financial tycoons and their guests (among them eToro Co-founder and CEO Yoni Assia). Investors and enthusiasts are eager to hear the famed Buffett’s thoughts on cryptocurrencies devoured the news stories.
The meme HODL
There is still a lot of playtimes to be had in the crypto world, despite the fact that trillions of dollars are flowing through a truly global market. The well-known HODL meme is an example. An innocent gaffe in the pre-Internet era might have been overlooked, but the Internet has a terrible memory. In 2013, it all started with a drunken rant on a crypto forum. When the price of Bitcoin (BTC) soared beyond $1,000, user GameKyuubi posted a ludicrous message with the incorrect spelling “I AM HODLING” (as in not selling). An online scandal and a flood of “HODL” memes were the results.
Dogecoin Crypto Parody
Doge is a cute meme with a Shiba Inu dog thinking in Comic Sans. It wasn’t until 2013 that the doge, a mainstay of Internet meme culture, entered the cryptocurrency world thanks to Dogecoin.
Based on the same peer-to-peer technology as Litecoin, the Dogecoin cryptocurrency was created for laughs. Dogecoin’s creators didn’t want the world to take them (or their altcoin) too seriously, so they chose a picture of a cute little Shiba Inu as their emblem. Dogecoin, on the other hand, not only survived, but also increased in value to $60 million. Crypto miners adore it despite its value plummeting when the crypto bubble broke in 2018, as well as some controversy behind the scenes and a lack of continuing development. The Dogecoin community has even come together to sponsor a NASCAR vehicle, build a well in Kenya, and support the 2014 Olympic trip of the Jamaican bobsled squad.
Mt. Gox hack
The Mt. Gox hack stands as one of the most notorious incidents in the world of cryptocurrency. From 2010 until 2014, Mt. Gox was the busiest cryptocurrency exchange ever, processing 70% of all Bitcoin trades at its height. The Japanese stock market, however, was plagued by fears for its safety at the moment. These to a head in February 2014, when Mt. Gox temporarily suspended withdrawals. The next day, it came out that more than 800,000 user bitcoins had been taken from the company. Shortly after, Bitcoin’s value collapsed, and Mt. Gox declared bankruptcy.
This is the beginning of BitConnect Carlos.
One of the most infamous and malicious scams in the history of cryptocurrencies is the BitConnect crypto and trading platform. As with many scams, BCC, as it was often called, made a stir in the market in late 2016/early 2017. Investors were attracted to the company because of the attractive return on investment (ROI) it promised each day, which was 1% using the company’s own trading bot. It became one of the top 20 cryptocurrencies by market cap and has a potential annual revenue of $3 billion. It was basically a Ponzi scheme, unfortunately. Traders purchased BCC, which was then invested in the market by the site itself. After its 2018 collapse, BitConnect lost nearly $3 billion in a matter of days.
Aside from the long-term effects on industry perception and investor lives, the BitConnect meme, which is based on Carlos Matos’s speech at the company’s first and only annual ceremony in 2017, is the most memorable thing to come out of the incident. BitConnect Carlos, the animated hype man he created, has gone on to become a viral sensation and has been the subject of countless tributes, parodies, and mashups online.
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