China Should Take Precautions against Facebook Crypto: Ex-PBoC Head

Facebook’s foray into the payment sector has drawn backlash from governments and regulators across the globe. This time, it is China fencing its borders to keep the social media giant out.
Xiaochuan Zhou, the former governor of the People’s Bank of China (PBoC), suggested the government to take precautionary monetary measures against Libra, the so-called Facebook Cryptocurrency. The noted economist, whose tenure saw China becoming the world’s second-largest economy, supported broader policy research to help prepare the financial systems against emerging payment solutions.
“In future,” he said, “there may emerge a more internationalized, globalized currency, a currency so strong that will cause major currencies to establish exchange relations with it. It may not necessarily be Libra, but there will be more institutions and people try creating it.”
Zhou realized the immense potential of Libra to become the face of the global dollarization trend. The reformist said the Facebook cryptocurrency is a better version of bitcoin because of its ability to avoid fluctuations and speculations and thus offering a more stable cross-border remittance solution.
“Meanwhile, Libra also faces challenges including AML and fund custody,” he added.

1/ Xiaochuan Zhou, former governor of PBoC: Libra reprensents the trend of digital currencies, China should take precautions. Zhou was the PBoC governor during 2013 to 2018, when the famous Chinese bitcoin exchange crackdown and ICO ban were conducted. pic.twitter.com/XAyHgVwRsY
— cnLedger (@cnLedger) July 10, 2019

Roadblocks before Facebook
Introduced in June, Libra quickly became a sore in the eyes of governments both at home and abroad. The US Congress last week asked Facebook to halt the project’s development until lawmakers investigate the possible consequences of it. In Europe, France’s Finance Minister Bruno Le Maire said he fears Facebook is attempting to replace sovereign currency with Libra.
Graphic Illustration Reflecting How Facebook Coin Libra Works | Image Credits: Facebook
Sentiments are the same in countries that are to benefit the most from Facebook’s cross-border remittance solutions. India, which receives approximately $80 billion annually from expats, is unsure about letting the social media giant take control of its payment sector. Subhash Garg, the secretary of India’s Economic Affairs Committee, told Bloomberg in an interview that they would most likely stop Libra from becoming a phenomenon in Asia’s third-largest economy.
“Design of the Facebook currency has not been fully explained. But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.”
With China joining the ranks, Facebook’s plans of taking its cryptocurrency to 36.28 percent of the world’s population are looking bleak. PBoC, meanwhile, is ramping up efforts to create its own digital cash.
“We had an early start, but lots of work is needed to consolidate our lead,” said Wang Xin, director of the PBoC research bureau in an interview to SCMP.
Facebook Response
Mark Zuckerburg’s cryptocurrency team has sent letters to various US government offices, explaining they are not looking to invade users’ financial privacy or take over the existing economic framework. Facebook blockchain lead David Marcus gave a personal assurance about data privacy.
“Similar to existing and widespread cryptocurrencies such as ethereum and bitcoin, transactions that take place directly on the Libra Blockchain are ‘pseudonymous,’ meaning that the user’s identity is not publicly visible,” Marcus told the House Financial Services Committee.
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Japan Developing SWIFT Type Crypto Payment Platform

The Japanese government has started developing a crypto payments platform similar to SWIFT according to reports. The effort has come as part of a wider spread initiative to combat money laundering.
SWIFT Not So Swift
According to Reuters, citing ‘a person familiar with the plan’, the international network for crypto currency payments will rival SWIFT which is the current standard. The existing service links over 11,000 financial institutions in more than 200 countries and territories worldwide.
However, in today’s modern times, the Belgian head-quartered financial transfer protocol is often considered antiquated and expensive. As a result Japan has joined the likes of Ripple in developing an alternative.
The report added that Tokyo plans to have the network in operation within the few years. Japan will co-ordinate with other nations via the international Financial Action Task Force (FATF) which approved the plan for the new network last month. The G7-initiated intergovernmental organization promotes legal, and regulatory measures to fight money laundering on a global scale.
Japan’s Ministry of Finance and the Financial Services Agency (FSA) proposed the platform as a further effort to secure the transfer of digital assets and help to stimulate its fintech industry.
The east Asian island nation was the first to recognize Bitcoin as legal tender in 2017. It also implemented crypto regulation in the same year and was one of the first countries to officially open its doors to digital assets.
Cryptocurrencies are still in themselves largely unregulated although the exchanges are, and there is concern that consumers will still favor the former over a state controlled transaction system.
Facebook Crypto Concerns Climbing
The news comes just days after the US Treasury Secretary cited illicit activity and money laundering as the curses of crypto currency. Japan could also be joining the growing number of countries concerned about Facebook’s proposed foray into global finance.
The social media giant has certainly rattled a few regulatory cages recently with its ambitions to control user’s financial transactions on a scale similar to its manipulation of their information. Nations of the world are growing wary of a US tech giant backed by a bunch of other US tech giants controlling a dollar backed crypto currency with a potential market of 2 billion people.
The development of an alternative crypto transfer protocol maybe Japan’s effort at safeguarding its own financial economy from outside threats, which Facebook clearly is. Other nations in Asia such as India, China, Russia, and Thailand have also mulled their own central bank based crypto assets to maintain and control of the flow of money across their borders.
Image from Shutterstock
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BNB Token Now Listed on BQT Exchange

New decentralized exchange offering BQT has broken with the tradition of crypto exchanges by choosing Binance’s BNB token as its first-ever listing.
While most exchanges shoot straight for BTC, BQT exchange is starting as it means to go on. It intends to offer a carefully curated mix of coins selected for their ability to draw in buyers and sellers, thereby creating liquidity.
Naturally, BQT listed also BTC, ETH, and other 42 different pairs. However, according to a Medium post issued by BQT’s founder: “BNB emerges from the pile because of the BQT team’s abiding trust in its issuer, Binance. We simply respect how they do business in crypto.”
The announcement of the listing earned BQT a tweet of appreciation from Binance’s founder Changpeng Zhao, known as CZ. While BQT is certainly a smaller exchange than Binance, it’s great news for CZ that his exchange’s token is now gaining traction outside of the exchange itself. It caps off a stellar first two years for the BNB token, and for blockchain’s fastest-growing unicorn.

BNB – Bulls Not Bears
The decision of BQT’s management to list the BNB token is hardly surprising, given its success to date. During the first half of 2018 when the rest of the crypto markets were plummeting, BNB bucked the trend, rising from a market cap of $800 million in February to over $1.8 billion in July.
BNB offers genuine utility in the form of discounts for traders on the Binance exchange. However, these discounts undergo a “halving” every twelve months, so Binance has implemented a buyback-and-burn policy as part of its tokenomic strategy. Increasing the scarcity of BNB thus helps to drive up demand.
At first appearance, the steady halving of trading discounts may appear to erode the value of BNB. After five years, owning BNB will no longer yield any discount at all. However, Binance has been working diligently to expand its footprint, having now launched the Binance blockchain and the associated decentralized exchange.
The BNB token is the means of accessing the Binance DEX, pushing its utility even further. However, having it listed on an outside exchange is a clear indicator of the token’s value even beyond pure utility.
Ever-Expanding Ecosystem
Another reason for the success of the BNB token, and for Binance’s meteoric growth, is the tireless efforts of the exchange’s team in bringing new features and functionality to the exchange. The Binance chain and DEX are among these; however, there is plenty more besides.
In 2017, Binance opened up its Launchpad program, pioneering the concept of the initial exchange offering (IEO). Since that time, it has been responsible for some of the biggest and best-known IEOs, including Bittorrent and Fetch.AI.
In 2018, the company started its fiat on-ramping activities, opening up exchanges in Malta and Uganda. It also launched its branch supporting charitable initiatives, Binance Charity, and its educational arm, the Binance Academy.
So far, 2019 has seen even more developments. The company has recently launched its margin trading feature under a new user interface dubbed Binance 2.0. A futures trading platform looks set to follow before the end of the year after testing started recently.
A local fiat-to-crypto exchange has now launched in Singapore, and the company has confirmed its plans to do the same in the US. News of the latter emerged after Binance recently began geo-blocking US users as a means of appeasing regulators.
What About BQT?
It may seem surprising that a new decentralized exchange would list the token of a bigger, centralized competitor. However, with all that Binance has to offer, it makes sense that BQT would want to list such a highly successful token. Furthermore, BQT is operating in the very spirit of decentralization, by recognizing the crypto exchange space is an ecosystem, not a monopoly.
If any further argument were needed, BQT is offering a different set of features to users compared to Binance. Users of BQT will have access to social trading features, so that newcomers can benefit from the tips and strategies of more experienced traders. It has also opened up the BQT University, offering certified courses in blockchain and cryptocurrency trading for users of all experience levels.

BNB is far from the only token on the exchange — a total of 46 trading pairs have been selected for listing. BQT traders will soon also be able to hedge their crypto holdings to obtain leverage, enabling them to trade on margin without borrowing funds from the exchange itself.
Given the challenges for new DEXs in attaining liquidity, BQT has the right idea by selecting a highly liquid token like BNB to be among its first. CZ himself welcomes new exchanges and supports a thriving ecosystem. Therefore, there’s no reason why any new exchange shouldn’t avail itself of “the Binance effect.”
 
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Ethereum Falls by 20% as Bitcoin Taps $10,000, Is There Hope for ETH?

Ouch, Ethereum (ETH) isn’t looking too hot. In the past 24 hours, the cryptocurrency has lost 20%, while Bitcoin (BTC) has shed a relatively mere 10% in the same time frame.
According to Three Arrows Capital’s Su Zhu, Monday’s performance was the “top single-day downward move” for Ethereum since January 1st of 2017 — youch.
As of the time of writing this, ETH is changing hands for $220 — a level not seen since June. Against Bitcoin, ETH has fallen to 0.022 — the lowest this pair has traded at in over two years, back when Ethereum was but a fledgling smart contract platform with not as many applications as it has now.
Related Reading: After Flash-Crashing to $191, Analysts Expect Ethereum to Continue Dropping
This dramatic underperformance may be for good reason. Zhu points out that over 15,000 ETH was market sold on Bitstamp earlier today due to the liquidation of a decentralized loan liquidation.

Largest $ETH liquidations ever on #DeFi in thin markets –led by 15k ETH market sell on Bitstamp sending spot to $195.
Auto-liquidation w/ no-KYC vs margin call w/ KYC — some may start to re-evaluate Peer-to-Contract vs Peer-to-Broker. pic.twitter.com/Ek2j6fy0on
— Su Zhu (@zhusu) July 15, 2019

This led to a dramatic selloff from $260 to $190 per Ethereum on certain platforms. The crypto market is presumably still reeling from that sharp collapse.
Also, some on Twitter have suggested that Vitalik Buterin’s suggestion to move some of Ethereum’s processes onto the Bitcoin Cash chain resulted in a selloff.
You see, by making such a proposal, the Russian-Canadian wunderkind is de-facto admitting that his blockchain is not scalable in the short term
So is there hope for ETH bulls? Yes, there might just be.
Corporate Adoption of Ethereum
Firstly, you’ve seen monumental levels of corporate adoption of the cryptocurrency.
Just recently, Samsung released a beta version of an Ethereum blockchain-focused software development kit (SDK) for developers. This will allow developers that are partnered with the South Korean technology giant to build decentralized applications built for Samsung devices. The Galaxy S10 lineup currently supports the storage of ETH.
Also, JP Morgan has continued to make use of its JPM Coin, which is reported to be based on the Ethereum-esque Quorum chain.
CME Futures Market
As corporations have adopted Ethereum seemingly en-masse, reports have begun to reveal that the cryptocurrency may soon get its own U.S.-regulated, institutionally-faced futures market.
Per previous reports from NewsBTC, trade publication The Block wrote that the CME may soon be launching an Ethereum trading vehicle.
The Block’s Frank “Fintech Frank” Chaparro suggests that the CME altering its reference rate and index for Ethereum could mean that futures are coming. An industry source told the outlet that this change is being done to “prep for an Ether” vehicle.
Related Reading: Crypto Markets Crash $35 Billion as Bitcoin Revisits Double Digits
You see, according to the individual in question, cash-settled futures like the CME’s cryptocurrency contracts can be manipulated, requiring a robust index to mitigate such risk. This recent alteration may be taking place to convince regulators to approve of Ethereum-related products.
Plus, an unnamed CFTC official that spoke to CoinDesk earlier this year claimed that those at the governmental organization are amicable towards Ethereum.
Ethereum 2.0, Serenity, On the Horizon
This all comes as the Serenity (Ethereum 2.0) upgrade is on the horizon. Just weeks ago, Justin Drake revealed that the first specification freeze for Phase Zero of Serenity occurred, which could indicate that the tentative January 3rd, 2020 date for the start of the shift to Serenity is on track.
A brief aside, Ethereum creator and Canadian wunderkind Vitalik Buterin describes Serenity as  “a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.”
Per Buterin, all this is being done in a bid to create a “next-generation blockchain” that will be hundreds of times faster and scalable than Ethereum’s current iteration.
What’s more, Drake, a researcher at the Ethereum Foundation, explained that the inflation rate of ETH may be reduced by upwards of 90% by March 2021:
“Here’s a possible timeline (dates likely totally wrong!) highlighting the key milestones: January 2020: beacon chain launch… March 2021: eth1 fork #2 to reduce issuance by 10x.”
According to a Twitter user going by “Token State”, this reduction will reduce Ethereum’s inflation to 0.5%, which is, by many standards, extremely low and even negligible.
This is so low that from a standpoint of pure percentages, less Ethereum will be issued than Bitcoin, even after 2020’s auspicious halving event. In other words, as long as demand for ETH is maintained or even grows, the planned upgrade should be crazy bullish for the asset’s price.
Do or Die for ETH
While the news cycle is bullish for Ethereum, the charts don’t look all too pretty. In fact, many have quipped that if the cryptocurrency drops a tad further, it’s curtains closed for the asset.
As Hornhairs points out, if ETH manages to close under the green zone, it may be doomed to “die”. But, seeing that there are some potentially positive news events, ETH bulls need not feel hopeless.

$ETH 2M chart – bounce or die zone
I think we close this candle above 0.024, let's come back to this in September pic.twitter.com/AU6rmZJ6ya
— HornHairs (@CryptoHornHairs) July 15, 2019

 
Featured Image from Shutterstock
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Japanese Crypto Exchange Hacked in $32 Million Heist, Markets Oblivious

Following the demise of one of Poland’s largest crypto exchanges last week, news is breaking today that one in Japan has just been hacked.
Bitpoint Suspends Services
An official announcement today stated that Japanese crypto exchange Bitpoint has suspended services following a heist to the tune of around $32 million in crypto assets. A Boomberg report added that XRP was one of the major cryptocurrencies involved in the theft of about 2.5 billion yen in customer funds. A further billion yen in assets belonging to the exchange were also lost.
In addition to XRP and Bitcoin, a total five different cryptocurrencies which had been stored in the affected BJP managed hot wallets, including Bitcoin Cash, Litecoin and Ethereum, were pilfered. The announcement indicated that Bitpoint’s cold wallets were not affected.
The report added that Bitpoint was one of a number of exchanges to be served a business improvement order from the Financial Service Agency (FSA), Japan’s far reaching financial regulator. The order was lifted in June and clearly has not been enough to thwart the threat of cyber incursions.
The move followed one of the largest hacks in crypto history when Coincheck was plundered for over $530 million in NEM tokens early last year. Similarly the pilfered coins were stored in low security hot wallets on the exchange.
In the official statement Bitpoint said that it “detected an error related to Ripple remittance,” which were discovered to be “leaked illegally” on further investigation. It added that the anomalies were detected late last night and services were suspended early this morning in Asia.
Remixpoint Inc., which owns Bitpoint, saw its shares plunge by over 20 percent during Tokyo trading today.
Crypto Market Reaction
Bitpoint is a relatively small player in comparison to the big boys. Markets did not even blip when Binance, the world’s largest exchange, announced it had lost around $40 million in a hack in May. This may have been because funds were protected by the firm’s SAFU, Secure Asset Fund for Users. It remains to be seen whether Bitpoint will also be refunding all of its affected clients following this breach however strict Japanese regulations may leave the company without a choice.
There has been no measurable effect on crypto markets which are actually starting to recover slightly from Bitcoin’s correction yesterday. Japan’s native crypto Monacoin did plunge almost 10 percent after the announcement but has since recovered slightly to trade at $2.10.
Earlier this week Poland’s largest crypto exchange, BitMarket, declared bankruptcy as hacking speculation circulated and late last month Singapore based Bitrue was hacked for over $4.5 million in XRP.
Image from Shutterstock
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DX.Exchange To Launch Turbo Token – Margin Trading on the Blockchain

DX.Exchange – the digital asset platform that bridges the gap between blockchain technology and the traditional financial markets, has just announced that it has launched the world’s first-ever Smart Leverage Token (SLT).
On top of its portfolio of digital stocks and ETFs that are represented by blockchain assets, the SLTs will enable investors to trade on margin via the blockchain protocol.
The SLTs will allow traders to obtain leverage on Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA) and Binance Coin (BNB), all of which can be traded against USDT or DXCASH – the platform’s native utility token.
What is a Smart Leverage Token?
In a nutshell, SLTs allow everyday investors to trade cryptocurrencies on margin, without needing to go through the status quo of high borrowing costs and overly complex financial jargon.
Ordinarily, those looking to obtain leverage on their cryptocurrency trades would be required to borrow funds from the platform in question, subsequently resulting in overnight financing costs, as well as the ever-growing risks of margin call demands.
On the contrary, SLTs on the DX.Exchange does not require the investor to borrow funds, meaning that the investor never faces the risk of entering into a negative balance. Moreover, investors are not accustomed to any overnight interest charges, which is something that can very quickly eat away at potential trading profits.
How Will Smart Leverage Tokens Actually Work?
In order to offer its innovative leverage trading framework, the EU-regulated DX.Exchange functions in a different way to other cryptocurrency or CFD trading platforms.
First and foremost, the underlying price movements of the leveraged cryptocurrency pairs are based on a decentralized index model. In order to access the leveraged index, traders will be required to use the platform’s proprietary Turbo Token. This ensures that traders avoid costly financing charges, and essentially, they own their own risk, rather than being at the helm of a third party exchange.
The decentralized index will update on a second-by-second basis, based on the value of your chosen cryptocurrency against either USDT or DXCASH. For example, if you decide to trade the ETH/USDT 5x market, your Turbo Tokens will equate to 5 times the real-time second-by-second movement of ETH/USDT. Therefore, if the price of the asset goes in your favor by 0.2% in a given second, then your leveraged Turbo Tokens would go up in value by 1%
Built on top of NASDAQ’s matching engine and market surveillance technology, the decentralized indexes that facilitate the tracking of price movements are based on institutional-grade precision.
It is also worth noting that the margin trading model provided by DX.Exchange offers investors the chance to go both long and short. This ensures that skilled traders can make gains regardless of which way the market goes.
Smart Leverage Tokens – The Verdict?
In summary, the team at DX.Exchange has once again flexed their innovative muscles through their first-of-a-kind SLTs. No longer do cryptocurrency traders need to worry about frustrating margin calls or hugely expensive overnight financing costs.
By instead obtaining leverage via the DX.Exchange-backed Turbo Tokens, investors can take full control of their own risk, subsequently resulting in a seamless and cost-effective way to trade on margin.
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Facebook Crypto Products Not Coming to World’s Biggest Markets

Contrary to the beliefs of many crypto critics, Facebook’s Libra will not be a Bitcoin killer. In fact the new digital coin from billionaire Zuckerberg et al may not even be available to some of the world’s largest markets.
India Still Hates Crypto, Libra Included
The world’s largest social media company has no plans to launch its Calibra crypto wallet in India. Top government officials are still very anti-crypto in all forms, especially those created and controlled by multi-billion dollar US tech monopolies.
Speaking to Bloomberg, a Facebook spokesperson effectively ruled out the use of Libra in India stating:
“There are no plans to offer Calibra in India. As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”
This would be a huge blow to Facebook since India is its largest market with over 300 million users according to Statista. Putting this into context, if India’s Facebook audience were a country then it would be ranked fifth in terms of largest population worldwide. Only three other nations have more than 100 million Facebook users.
Indian politicians and central bankers continue to crack down on crypto and a ban on banks dealing with digital assets, or clients trading them with fiat, is still in place. India’s economic affairs secretary, Subhash Garg, said that the country would not be comfortable with a private cryptocurrency.
Backlash Mounting Elsewhere
India is a huge potential market, as is China which has banned the social media platform in its entirety. As recently reported by NewsBTC, the People’s Bank of China is that concerned over a US dollar dominated centralized crypto asset controlled by US tech giants that is has ramped up research into its own cryptocurrency.
In all likelihood China’s equivalent, WeChat, may develop its own Libra rival. It already has a digital payments platform as does ecommerce giant Alibaba, so another billion plus people will not be getting Facebook’s coin.
Libra, which will be officially unveiled next year, has already provoked a lot of backlash and many regulators worldwide warned it might face strict regulation if it actually takes off.
In Thailand the Stock Exchange of Thailand (SET) has floated the idea of launching its own stablecoin to be used domestically at first before expanding into region. According to local media reports regulators are also concerned over Libra. SET president Pakorn Peetathawatchai said:
“People’s trust is what Libra or any other cryptocurrency cannot steal from banks. How can we trust an intermediary that is not supervised by regulators?”
The list of countries expressing concern over a Facebook controlled cryptocurrency, and all the transaction data that goes with it, is growing by the day.
Image from Shutterstock
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China Fears Facebook Cryptocurrency, Central Bank Wants its Own

Facebook certainly rattled some cages when it announced its own cryptocurrency last month. A number of nations including Russia and China have expressed concern over the rising dominance of US tech and internet giants, especially if they’re aiming to manipulate finances as they currently do with data.
Crypto Community Unfazed, China Is
The crypto community has largely shrugged off Zuckerberg’s schemes on global financial domination. A centrally controlled stablecoin in the clutches of one billionaire and a bunch of tech monopolies is no real threat to the concept of Bitcoin and is decentralized brethren.

The People’s Republic of China, where Facebook is currently banned, thinks otherwise. This week the central bank said it was increasing research efforts into creating its own cryptocurrency as Libra could potentially pose a threat to Chinese cross-border payments, monetary policy, and even financial sovereignty. According to the SCMP, director of the PBOC’s research bureau, Wang Xin said;
“If [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?”
The report added that China’s central bank was the first to study cryptocurrencies in 2014 in an effort to counter the increasing threat of Bitcoin and others, which it banned in late 2017. Xin expressed concerns that those controlling Libra in addition to Facebook, namely a Switzerland-based consortium of tech and finance giants such as Visa, PayPal, Mastercard, eBay, would be dominated by US dollars.
“There would be in essence one boss, that is the US dollar and the United States. If so, it would bring a series of economic, financial and even international political consequence.”
One way to battle the already all-consuming social network with its 2.3 billion user base, would be to encourage the development of cryptocurrency on local platforms.
Chinese social platform WeChat is about half the size of Facebook with 1.1 billion users. WeChat already has a payments system but like Libra it is completely centralized, in Yuan only and available through Chinese bank accounts. According to the firm, Tecent’s WeChat Pay launched in 2013 and has over 900 million users. Alibaba’s Alipay is its biggest rival but the group’s financial arm, Ant Financial, is the world’s largest privately held fintech company according to Forbes.
With its escalating anti-crypto stance, Bejing pressurized WeChat into banning cryptocurrency payments back in May. However, WeChat Pay does own payment licenses with Chinese regulators, and it remains unlikely if Facebook will be able to do the same in China and different countries that are wary of its dominance.
What has become clear is that the concept of Libra is a threat, not just to China, but to any other nations looking to distance themselves from the dollar and the US tech monopolies.
Image from Shutterstock
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Latest Comparison of 7 Top Public Blockchains

Public Blockchain
CMC Ranking
Program Language
Consensus Algorithm
Official Released TPS
Tested Avg. TPS
Tested Peak TPS

EOS
6
C++
DPoS
3000
2200
2400

NEO
17
C#
dBFT
1000
62.3
73.6

TRON
11
Java
DPoS
2000
441
694

Ontology
24
Go
VBFT
3000
2800
3679

WaykiChain
99
C++
DPoS
3000
3200
5500

VeChain
28
Go
PoA
10000
1000
1000

IOST
60
Go
PoB
8000
854
1714

Comparison Chart
TPS Background Introduction
Transaction Per Second (TPS) is the number of transactions executed per second. This means, for a duration of one second, we can test how executions can be performed in that time frame. However, due to the uniqueness of different consensus mechanisms, many public blockchains will have different TPS results. Are the TPS results made by public blockchains reliable or trustworthy? In order to discover the actual performance of well-known public chains, we invited senior software developers to write some test scripts.
TPS Test Method
In reference to the top blockchain test methods, the following is the method used for the first test:
1) Unified test environment, including hardware and operating system;
2) Considering the characteristics of the smart contract transactions, the type of transactions tested is just ordinary transfer transactions;
3) In order to avoid the influence of network factors, a single node (with multiple miners) will be used for this test.
EOS

Consensus Mechanisms
DPOS

BP#
21

Block Production Speed
0.5 BPS

TPS
2200

Test Environment
AWS Cloud server, model: c5d.xlarge , 4 cores 8G , 100G nvmeSSD, CentOS 7.4
OS: Ubuntu 18
Built with source code, checkout specifies the tag: 45bfc94

Since EOS generates 2 blocks per second, the TPS is around 2200.
NEO

Consensus Mechanisms
DBFT

BP#
4

Block Production Speed
15 BPS

TPS
62.3

Test Environment
AWS Cloud server, model: c5d.xlarge, 4 core 8G, 100G nvmeSSD, CentOS 7.4
CPU: Intel(R) Xeon(R) Platinum 8124M CPU @ 3.00GHz
Docker version 1.13.1, build 774336d/1.13.1
Docker-compose version 1.24.0, build 0aa59064
Node mirroring: docker.io/cityofzion/neo-privatenet (2019-01-20 12:01:18)
Built with CityOfZion/neo-scan-docker
Test script based on netcore2.1
Test Result
The three rounds of peaks through the browser:
The first round:

The second round:

The third round:

The highest peak: 1104 /block 73.6 TPS
Mean ≈62.3 TPS
TRON

Consensus Mechanisms
DPOS

BP#
27

Block Production Speed
1/3 BPS

TPS
441

 
Test Environment
The node program runs on the local MAC pro
CPU: 4 cores (2.7 GHz Intel Core i7)
Memory: 16 G
SSD: 512 G
Test based on the private test network.
Test Result

After peaking at 700 TPS, The average = 694 (peak)

Ontology (ONT)

Consensus Mechanism
VBFT

BP#
5

Block Production Speed
1/6 BPS

TPS
Stable TPS: 2800; Peak TPS: 3679

Test environment
i7-8700cpu, 32G RAM, 500G mechanical hard disk, Windows 10
Test-based on regtest network.
Test Result
CurrentBlockHeight = 13, solo actor receives block complete event. block height=14 txnum=15628 TPS=2604
CurrentBlockHeight = 55, solo actor receives block complete event. block height=56 txnum=13700 TPS=2283
CurrentBlockHeight = 70, solo actor receives block complete event. block height=71 txnum=17945 TPS=2990
CurrentBlockHeight = 74, solo actor receives block complete event. block height=75 txnum=20000 TPS=3333
CurrentBlockHeight = 97, solo actor receives block complete event. block height=98 txnum=18898 TPS=3150
CurrentBlockHeight = 120, solo actor receives block complete event. block height=122 txnum=22074 TPS=3679
CurrentBlockHeight = 179, solo actor receives block complete event. block height=180 txnum=13310 TPS=2218
CurrentBlockHeight = 180, solo actor receives block complete event. block height=181 txnum=16660 TPS=2777
CurrentBlockHeight = 601, solo actor receives block complete event. block height=602 txnum=19116 TPS=3186
CurrentBlockHeight = 621, solo actor receives block complete event. block height=622 txnum=12269 TPS=2048
CurrentBlockHeight = 635, solo actor receives block complete event. block height=636 txnum=16830 TPS=2805
CurrentBlockHeight = 656, solo actor receives block complete event. block height=657 txnum=17428 TPS=2905
CurrentBlockHeight = 1234, solo actor receives block complete event. block height=1235 txnum=13427 TPS=2238
CurrentBlockHeight = 1236, solo actor receives block complete event. block height=1236 txnum=15936 TPS=2656
CurrentBlockHeight = 1280, solo actor receives block complete event. block height=1281 txnum=20682 TPS=3447
CurrentBlockHeight = 1308, solo actor receives block complete event. block height=1309 txnum=17691 TPS=2949
CurrentBlockHeight = 1404, solo actor receives block complete event. block height=1405 txnum=13278 TPS=2213
The peak reaches 3679 TPS, the lowest is 2048 TPS, and the TPS is stable at around 2800.
WaykiChain (WICC)

Consensus Mechanism
DPOS

BP#
11

Block Production Speed
10 BPS

TPS
Stable TPS: 3.2k; Peak TPS: 5.5k

Test Environment
Node program version: https://github.com/WaykiChain/WaykiChain
Node program runs under Alibaba Cloud ECS Docker
CPU:8 cores(Intel(R) Xeon(R) Platinum 8163 CPU @ 2.50GHz)
Memory:32 G
SSD:40 G
Host machine OS: Ubuntu 14.04.5 LTS
Docker:version 18.06.1-ce
Docker OS:Ubuntu 14.04.3 LTS
Test based on regtest network.
Test Result

Start common TPS test parameter
estimated TPS
actual TPS

20 65
3250
3238 (stable)

20 100
5000
5589 (unstable, peak)

Use “./coind -datadir=. getblock <height> | grep txnumber” to query the number of transactions included in the specified block.
Using the starting block 10 and the terminating block 20 in TPS press measurement as shown below.

Calculated the mean of the transactions for each block of 10 consecutive blocks:

Because the interval of block production is 10 seconds, TPS = 29639.3/ 10 ≈ 2963

VeChain (VET)

Consensus Mechanism
POA

BP#

Block Production Speed
10 BPS

TPS
1000

Test Environment
Node program runs on Alibaba Cloud ECS Docker
CPU:8 cores(Intel(R) Xeon(R) Platinum 8163 CPU @ 2.50GHz)
Memory:32 G
SSD:40 G
Host machine OS:Ubuntu 14.04.5 LTS
Docker:version 18.06.1-ce
Docker OS:Ubuntu 14.04.6 LTS
Test Result
Stable TPS:1000; Peak TPS: 1000

Each block contains a maximum of 10,000 transactions. The time interval of each block is 10s, so the calculated TPS=1000.
IOST

Consensus Mechanism
POB

BP#
17

Block Production Speed
2 BPS

TPS
854

Test Environment
Docker version 18.06.1-ce, build e68fc7a
root@298e90390d9a:/# cat /proc/version
Linux version 4.4.0-93-generic (buildd@lcy01-28) (gcc version 4.8.4 (Ubuntu 4.8.4- 2ubuntu1~14.04.3) ) #116~14.04.1-Ubuntu SMP Mon Aug 14 16:07:05 UTC 2017
The test was based on private test networks.
Test Result
Conducted multiple sets of tests. After the test program runs for 5 mins, through the interface getBlockByNumber scanning, the number of transactions included in each test block is divided by the block production interval time to obtain TPS.
The partial log record selected in a stable test period of about 100s follows, the average TPS is 854.

Peak =1714.
Though these mainstream public blockchains have their own program language and consensus mechanism, by using different test methods, we can get the tested average TPS and peak TPS. Among these, Ontology and WaykiChain have the higher tested TPS than their officially released TPS.
The competition between public chains is the competition of stability, security, usability, and efficiency, so strengthening the technical security and stability of the entire public chain is vital. High-performance transaction processing capabilities and efficient consensus mechanisms are the essential parts of creating a stable and secure ecosystem environment for blockchain developers and users.
About the Author: Joanna Chow is a prolific writer in the blockchain industry
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Ethereum Futures Inbound as Demand For Bitcoin Dervatives Explodes

For a while now, investors have been waiting on futures for Ethereum (ETH), the second largest cryptocurrency by market capitalization. These expectations have been stifled though, with regulatory uncertainty and interest concerns about the crypto asset.
But, according to a recent report from The Block, the CME Group, one of the world’s largest financial exchanges, is prepping to launch a product for Ethereum. For those unaware, the CME is a Chicago-based institution that famously launched Bitcoin futures near the peak of 2017’s boom.
Related Reading: Ethereum Transactions Surge as Analysts Predict an Imminent “52-Day Bull Run”
The Block’s Frank “Fintech Frank” Chaparro suggests that the CME altering its reference rate and index for Ethereum could mean that futures are coming. An industry source told the outlet that this change is being done to “prep for an Ether” vehicle.
You see, according to the individual in question, cash-settled futures like the CME’s cryptocurrency contracts can be manipulated, requiring a robust index to mitigate such risk. This recent alteration may be taking place to convince regulators to approve of Ethereum-related products.
Ethereum Futures Gain Support
This tidbit of news comes as Ethereum futures have garnered support from key individuals in the cryptocurrency community.
One such individual is Thomas Chippas, the chief executive of upstart crypto exchange ErisX. In an extensive. 10-page letter given to the Commodity Futures Trading Commission (CFTC), the American regulator that presides over digital asset futures, Chippas accentuated the need for an Ethereum vehicle.
Related Reading: Bitcoin Consumes As Much Power As Switzerland, But Impact Remains Negligible
He claimed that Ethereum, unlike some cryptocurrency projects, has a real and vibrant community, actual use cases, proper institutional involvement (JP Morgan, government organization, Ernst & Young, etc.), among other tenets of a healthy network. He went on to write that the CFTC supporting ETH would align with the agency’s commitment to “foster open, transparent, competitive, and financially sound derivative trading markets.”
There may be some bias in Chippas’ statement, as his company is looking to launch Ethereum futures in the near future.
Regardless, an unnamed CFTC official that spoke to CoinDesk earlier this year claimed that those at the governmental organization are amicable towards Ethereum. They quipped shortly after claiming that the CFTC is comfortable with the cryptocurrency:
“A derivatives exchange comes to us and says ‘we want to launch this particular product.’ … If they came to us with a particular derivative that met our requirements, I think that there’s a good chance that it would be [allowed to be] self-certified by us.”
Bitcoin Vehicles Also Well on Their Way
The seeming inevitability of regulated, U.S.-centric Ethereum futures comes hot on the heels of news that a number of cryptocurrency exchange startups have bagged licenses to list physically-delivered Bitcoin vehicles.
As reported by NewsBTC previously, ErisX revealed Monday that it has secured a DCO license from the CFTC. With this regulatory stamp of approval, the Bitcoin exchange now has the authority to list “digital asset futures contracts” on a platform slated to “launch later this year”.
The firm has notably been backed by Bitmain, CME, CBOE, ConsenSys, Digital Currency Group, DRW, Nasdaq, Fidelity, and, most notably, TD Ameritrade. The retail brokerage is expected to soon open Bitcoin and digital asset trading for its millions of customers across the U.S., many of which will soon get their first taste of cryptocurrency via an ErisX product.
This was revealed shortly after a similar announcement from competitor LedgerX. As reported by this outlet previously, the New York-headquartered platform received clearance from the CFTC  last week. The approval also allows LedgerX to trade physically-settled BTC futures.
According to CoinDesk, chief operating officer Juthica Chou has claimed that her company has no exact timeline, but she noted that LedgerX is looking to be the incumbent in this market.
Featured Image from Shutterstock
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Bitcoin Bull Puts Money Where His Mouth is, Holds 50% of Wealth in BTC

For a while now, Anthony Pompliano has been a leading champion of Bitcoin (BTC). Best known as “Pomp”, the Facebook staffer-turned-crypto investor and media tycoon has garnered over 100,000 followers on Twitter while lauding BTC.
Case in point, his catchy quips, “Long Bitcoin, Short the Bankers” and “Bitcoin is never down”, have become industry favorites, and his incessant use of the rocketship and fire emojis have become a running joke in the community.
Related Reading: Pension Funds Should Buy Bitcoin (BTC), Says Crypto Advocate
But, some have been left wondering, how bullish is the investor on the leading cryptocurrency?
According to interviews with CoinTelegraph and Ran NeuNer’s CNBC Africa “Crypto Trader”, he’s quite, quite bullish.
All In on Bitcoin? 
Speaking with trade publication CoinTelegraph, Pompliano, the co-founder of fund manager Morgan Creek’s cryptocurrency investment branch, claimed that 50% of his net worth is stored in Bitcoin.
It is currently unclear how much the industry guru is worth, but 50% of Pomp’s net worth likely isn’t a non-material, trivial sum.
As to why he is making such a bet, which traditional investment advisors would likely detest with a passion, Pompliano opined that having 100% exposure to the fiat system is a “really bad idea”. He continues that if fiat currencies hyperinflate or fall out of use, an investor stuck in that system will have “a lot of problems”.
What he seems to be referring to are the fears that currencies like the U.S. Dollar and the Euro are in a precarious territory as a result of risky fiscal policy. As reported by NewsBTC, the Federal Reserve recently revealed that it is leaning to cut rates again.
This, according to Travis Kling, is “brazenly bullish for a non-sovereign, hardcapped supply, global, immutable, decentralized digital store of value.” And by that, he obviously means Bitcoin. Because, such a stimulating policy is likely to force investors to look for safe havens.
So, in many respects, Pompliano’s thesis on Bitcoin is that it will act as a digital store of value, a digital gold so to speak.
Related Reading: BTC and Gold Showing Correlated Moves, Will Bitcoin Price Rise From Here?
While Pomp is confident that Bitcoin is a good hedge and is likely to appreciate massively against traditional assets, most crypto investors, even an industry research group, would likely cringe at a 50% Bitcoin allocation.
Case in point, the Pomp-backed American analysis group Delphi Digital released a report late last year in which it was claimed that an optimal allocation to BTC would be around 3% of one’s net worth. This was calculated through the use of the Sharpe Ratio, a popular ratio that can be used to allow investors to gauge the level of risk-to-return of their assets.
Featured Image from Shutterstock
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Nouriel Roubini Threatens Lawsuit to “Criminal” Bitcoin Exchange

New York University professor and staunch bitcoin critic Nouriel Roubini is threatening to sue BitMEX, a global cryptocurrency exchange.
The renowned economist lambasted Arthur Hayes, co-founder & CEO of BitMEX, for releasing a doctored video of a debate featuring the two. He alleged that Hayes, who owns the rights to the footage, neither permitted the organizers of the Asia Blockchain Summit in Taipei to stream the discussion live nor allowed the audience to record it. Hayes instead kept the video under wraps and tweaked it to fit a pro-bitcoin narrative before issuing it to media. The allegations read:
“Arthus Hayes is the biggest a***ole, jerk, manipulator, and criminal in the world. He is sending to select media a doctored edited highlights video of the debate to make me look bad cutting off all my points. I will sue them. This is sick criminal behavior. Will not pass you, coward.”

@CryptoHayes is the biggest asshole, jerk, manipulator and criminal in the world. He is sending to select media a doctored edited highlights video of the debate to make me look bad cutting off all my points.I will sue them. This is sick criminal behaviour.Will not pass you coward
— Nouriel Roubini (@Nouriel) July 5, 2019

A Vulgar Standoff
A transcript of the debate published by Mike Dudas of the Block revealed a rather crude standoff between Roubini and Hayes, wherein both exchanged ‘below-the-pants’ insults. Roubini accused the BitMEX CEO of running a “sick and wrong” cryptocurrency exchange that engages in insider trading, avoids regulatory protocols, and tricks unaccredited investors into losing millions of dollars.
“These people don’t give a shit about anything […] they make money off gambling,” Roubini criticized.
In his response, Hayes clarified that BitMEX remains a regulated platform under the laws of Seychelles. The CEO criticized Roubini for making personal remarks, adding that it is not something a professor of a reputable institution should do on a public platform. Hayes went on responding to Nouriel’s claims wherein he accused BitMEX of bribing the Seychelles authorities to run their so-called scam, stating:
“Roubini may think that NYAG and NYDFS is the only game in town, and we should take a** fucking from them. I got out of that situation. I don’t think everyone needs to follow the US.”
Post Debate
A day after the debate, Roubini took Hayes on Twitter for controlling the only recording of the discussion. The economist claimed that he had emerged as a winner, which is why a “coward” Hayes refrained from releasing the full tape.
“He didn’t allow the blockchain conference to record our debate or beam it live,” said Roubini on July 3. “He controls the only recording of it and will only release heavily edited “highlights”. I destroyed Hayes in the debate and he is hiding. RELEASE THE TAPE, YOU COWARD!”
BitMEX released a teaser video of the debate on Sunday, reflecting upon a narrative that showcased Roubini in a rather irritating mood and using the term “shitcoins” over and over again. On the other hand, the video portrayed Hayes as a more relaxed participant, throwing away a few smirks in response to Roubini’s criticism.

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Decentralized Exchanges: Where’s the DEX Race Heading?

Trading cryptocurrencies has become more than a pastime these days. It has turned into more of a profession, driven by the assets’ volatility as traders, both experienced as well as novices, attempt to make a living out of it. While the profession seems promising, not all crypto trading platforms are currently up to the mark, as most of them are centralized and vulnerable to cyber threats as well as regulatory pressures from the governments.  However, in the recent times, the concept of decentralized exchanges (DEX) has caught up, as various industry players try to stay true to the founding philosophy of Bitcoin – decentralization and peer-to-peer exchange of value without intermediaries. 
Some of the industry leading DEX platforms to-date include the likes of IDEX, Waves DEX, OpenLedger DEX, Binance DEX and more. All these exchanges are designed to offer a more secure trading experience than their conventional, centralized counterparts. However, the extent of decentralization of the exchanges in the crypto industry is currently limited as there are compliance and other requirements that make certain centralized operations unavoidable.
For better understanding, it is necessary to understand the four core functions of any exchange:

Capital Deposit and Withdrawals
Order books
Order matching engine 
Asset exchange

While it is quite possible to ensure complete decentralization of all the core functions, as in the case of BlockDX, putting it to practice is a challenge due to factors related to regulatory compliance. So, in most cases, only the asset exchange function is decentralized as it is to happen over the blockchain. Complete decentralization of all exchange functions inadvertently puts the platform in a grey area of legal boundaries, despite heightened security and censorship resistance characteristics. Also, in a scenario where the smart contracts or escrow systems malfunctions, users will be left without any protections or recourse – legal or otherwise. 
On the other hand, the existing decentralized exchanges are facing challenges of their own, due to lack of available liquidity, scalability and functionality. These decentralized exchanges are not gaining the much-required mass adoption due to lack of efficient fiat deposit and withdrawal options in the absence of KYC and AML compliance (which will require the platform to incorporate centralized infrastructure). If the platform can’t provide fiat options, then it will effectively stop being the point of entry into the cryptocurrency ecosystem for the masses and only those already owning cryptocurrencies will be able to operate it. 
The ideal approach at the moment is to blend the best features of both centralized and decentralized exchanges to create a hybrid model to suit the requirements of the community. In doing so, the platform can ensure legal compliance and also secure financial licenses, which will go a long way in promoting cryptocurrency adoption by alleviating the fears associated with crypto among a majority of the population. 
An example of such an approach is CODEX – a licensed hybrid trading platform for digital assets and cryptocurrencies. The Estonia-based platform is created and operated by Attic Lab — one of the biggest EOS block producers,  and is registered with the Registry of Economic Activities with relevant licenses to operate as a fully regulated exchange in the EU. The platform offers over 100 cryptocurrency pairs and implements state-of-the-art security which has passed stringent external security audits conducted by Hacken. The platform has forged strategic partnerships with industry leaders across various domains to provide the best user experience. 
The PCI DSS compliant platform also allows users to purchase crypto assets using credit and debit cards, thereby lowering the barrier of entry to new users. CODEX also has its own CDX tokens for use within the ecosystem. These tokens based on EOSIO platform is generated through CODEX’s Trade Mining feature and distributed proportionally among the active traders. The number of CDX tokens received by the users is also dependent on the number of tokens held in their respective wallets. In addition, CDX is disbursed as part of the platform’s loyalty program as well. 
An overview of all the benefits offered by CODEX include:

It is an officially licensed exchange with license numbers FVR000169 and FRK000141.
The platform is confirmed to have the highest levels of web platform cybersecurity, audited and confirmed by Hacken. 
CODEX is one of the top exchanges to be certified for liquidity and solvency — a very important certification. Further, CER recently partnered with CoinMarketCap to check exchanges for proofs of liquidity. 
CODEX provides a fiat gateway currently for EUR and UAH currencies.
Powered by a fast and stable matching engine allowing to conduct up to 500,000+ transactions per second.
The highest tier security with EdDSA API.
Extremely low fees (0% for deposit and up to 0.01% for maker/taker trades).

The approach adopted by CODEX makes it one among a handful of hybrid exchanges that are designed to create the best possible option for the cryptocurrency community at current conditions. Another platform, Blockchain.io  also has a similar setup that it claims to offer functionality, transparency, and liquidity of Centralized Exchanges along with the security of DEX. 
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Dr Doom Dukes it Out With BitMEX Boss For Crypto Supremacy

In what has been dubbed the ‘Tangle in Taipei’, serial crypto misanthropist Nouriel ‘Dr Doom’ Roubini faced off with BitMEX boss Arthur Hayes. The crypto sparks started to fly as the language became more colorful between the two adversaries.
Dr Doom On The Warpath
Economist Roubini just can’t stay away from Bitcoin. His repugnant rants on the digital asset have been repeatedly documented, yet he still chooses to attend crypto centric conferences to rage on about what has clearly become his personal demon over the past decade.
After labeling Binance boss, Changpeng Zhao, a ‘snake oil salesman’ yesterday, Roubini has eyed up Hayes at the Asia Blockchain Summit in Taipei today as he continues to belittle everyone involved in the crypto industry. In an opening statement Roubini said:
“Shitty behavior occurs in this industry – scammers, criminals and so on. Next to me is a gentleman who works with degenerate gamblers and suckers, not accredited investors.”
The main beef here is clearly the massive leveraging of up to 100x that BitMEX offers to often inexperienced traders. He added that there was no KYC or AML at the exchange and accused it of insider trading. The tirade continued with:
“BitMEX is just an example of everything that is sick and wrong in the industry.”
BitMEX Bites Back
Hayes retorted with:
“I don’t even want to call you a professor, you went straight for me. We don’t have any marketing, we don’t seek out any people, they have found an oasis. People saw this phenomenon, real value, and decided they wanted to speculate.”
The battle raged on with Roubini reiterating the lack of regulation angle with Hayes responding that they are based in the Seychelles and not everyone needs to follow rules set by the US.
Things started to heat up when the topic moved beyond BitMEX and on to Bitcoin and altcoins, a clear red flag to Dr Doom who seemed to lose the plot here with comments like:
“We have AliPay in China and similar systems in India. We don’t need that cesspool of stinking shitcoins.”
Hayes replied stating that these systems were very convenient, yes, but they are controlled and monitored by governments and tech monopolies whereas Bitcoin and crypto is private and decentralized. He added;
“We need to get f****d by the government, before we realize how important this is.”
The full transcript was uploaded by Mike Dudas, founder and CEO of The Block.
The battle did not end there and raged on via Twitter with Dr Doom pulling the crypto mafia card.

Don’t worry our tapes will exposure your thin grasp of economics and technology. After seeing these tapes, I would be surprised if you were allowed into any higher learning institution. https://t.co/nTDQIUlaHV
— Arthur Hayes (@CryptoHayes) July 3, 2019

It is clear that Roubini stands for old school, heavy handed state control where people have little or no control over their own finances.
Both are claiming victory but in reality there are no victors when so much of the argument was bloated opinion. Dudas called it pretty even which is probably about the best we can ask for.

I was there — totally untrue. I understand why Nouriel is so upset that BitMEX forbid reporters from livestreaming or audio recording. It was a nearly dead-even debate, and both men made strong arguments. I might even call it 52/48 for Nouriel.
— Mike Dudas (@mdudas) July 3, 2019

Meanwhile Bitcoin bounced back 20 percent from its short lived correction as the bulls powered on.
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Why Bitcoin (BTC) Hitting $100,000 is Possible According to a Binance Exec

By many measures, the recent Bitcoin (BTC) bull run has just started. Despite being early on in this market cycle though, crypto investors have already begun to look ahead, speculating as to where certain digital assets will top out.
Related Reading: Economist Flips From Bitcoin Skeptic to Savant, Acknowledges Crypto’s Staying Power
Due to Bitcoin’s hegemony, most have focused their sights on the leading cryptocurrency, because as some see it, where BTC tops is where altcoins will. And according to a Binance executive, Bitcoin still has lots of room to run, upwards of 750%.
Bitcoin Could See Six Digits
In a recent fireside chat with trade news outlet BlockTV, Gin Chao, the Strategy Officer of crypto giant Binance, was asked about his thoughts on the potential of Bitcoin.
While noting that the value of BTC or Binance Coin (BNB) even doesn’t affect Binance’s strategy, Chao did note that historical trends hint that the cryptocurrency market has a large amount of upside potential.
In fact, he states that if you take previous cycles into account, of which there were at least three, Bitcoin could find itself in the $50,000 to $100,000 range — around four to eight times higher than the current price of $12,000, respectively.

#WEEKINREVIEW: "If you look at historical patterns you are probably looking at new highs at least for bitcoin in the $50,000-100,000 range." – Gin Chao, @Binance Strategy Officer. Check out the full interview at: https://t.co/9EOuzS6ktu pic.twitter.com/lvnU0GntaE
— BLOCKTV (@BLOCKTVnews) June 30, 2019

As to why this will occur, he looks to the fact that there’s likely to be a “turning point” in the adoption of digital assets. And with investors starting to bifurcate the good digital assets from the bad, with Bitcoin obviously falling into the former category, a move to such a level could be had.
Gao isn’t the only industry analyst or executive to have looked to the high five-digit region as where Bitcoin may top in the coming years. For instance,
Think Markets U.K.’s Naeem Aslam recently remarked that as long as BTC stays above the 242-day moving average, which is somewhat unorthodox compared to the traditional 50 or 200-day, a correction is unlikely.
In fact, he quips that in the short term, $20,000 is likely; and in the long run, Bitcoin could foray into the $60,000 to $100,000 range — just around five to eight times higher than current levels. Crazy, eh?
This number isn’t baseless. As reported by NewsBTC previously, Level’s Josh Rager notes that over Bitcoin’s three completed cycles, the trough to peak gains decreased by around 80% each time, which is a concept defined by the law of diminishing returns.
As Rager notes, 2011’s rally saw a return of 320,000%; 2014, 58,500%; and 2017, 12,000%. Thus, if history is followed to a tee, BTC will rally by 2,400% off its bottom, giving it a potential high of just shy of $80,000, $78,500.

Bitcoin Rate of Return Each Market Cycle(Each cycle had a 20% return of the previous cycle)
2011: Return of 318,864% = $31.90 High
2014: Return of 58,474% = $1,177.19 High
2017: Return of 11,960% = $19,764.51 High
2022: Potential Return of 2,392% = $78,500.00 Potential High pic.twitter.com/7KP439cpZE
— Josh Rager (@Josh_Rager) May 14, 2019

Some have been even more optimistic. But anyhow, the consensus seems to be that in the long run, barring that the Bitcoin network fails, BTC will see growth far beyond what was seen in previous cycles.
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