The most important events of 2017 in the Crypto Community

The most important events of 2017 in the Crypto Community

Bitcoin’s sharp growth, ICO boom, crypto games, and bitcoin’s futures trading made everyone delve into cryptocurrency and blockchain. We want to tell everyone who missed or is simply not against recalling the main events of 2017 in crypto world.

Belarus legalized cryptocurrencies. Suddenly to everyone, Belarus joined the list of countries that decided not to prohibit but to regulate cryptocurrencies. The decree “Concerning the development of the digital economy” was signed on December 22. In addition to cryptocurrencies, Belarus leadership legalized blockchain, mining, and crypto exchanges.

Bitcoin Cash increased by 316%. On December 19, Coinbase announced that customers would be able to buy, sell, send, and receive Bitcoin Cash. In the very first minutes, the coin’s price reached $9,500 on the Coinbase’s subsidiary platform—GDAX Exchange—and exceeded the Coinmarketcap’s indicators by 316%. Users suspected the exchange of inside trading and fraud. According to Coinmarketcap, now Bitcoin Cash costs $2,448.

CME launched bitcoin’s futures trading. On December 18, Chicago Mercantile Exchange (CME Group) started bitcoin’s futures trading. During the first auctions, 642 futures contract were sold on the exchange, while 637 of them had an expiry date of January 2018.

Bitcoin reached the mark of $19,700. On December 17, bitcoin updated the historical maximum, reaching the $19,700 level. Experts had predicted coin growing to $40,000, but five days later it fell to $14,000, which disappointed investors so much. According to Coinmarketcap, now Bitcoin costs $15,041.

CBOE launched bitcoin’s futures trading. On December 10, Chicago Board Options Exchange (CBOE) started bitcoin’s futures trading and overtook its competitor, CME. During the launch of bitcoin’s futures trading, Bitcoin increased by more than $1,000 in a matter of minutes. Shortly afterward, the price correction of the first cryptocurrency followed.

Lightning 1.0 protocol was tested on the Bitcoin network. The first Lightning transaction with the use of Bitcoin was held on December 7. It was the purchase of a virtual coffee in a coffee shop Starblocks. Detailed protocol description was posted to the blog on Medium. As developers noted, it was an important step in the standardization work, which had started in Milan a year ago. The group of three teams, consisting of ACINQ, Blockstream, and Lightning Labs, developed Lightning network specifications.

Users spent $5 million on CryptoKitties. At the end of November, the CryptoKitties game became very popular. In the game, created by Canadian developers at Axiom Zen, you can buy, sell, and grow virtual kitties on the Ethereum platform. Players of the game were producing offspring and selling new kitties to earn ethers.

Bitcoin grew up to $10,000. On November 28, bitcoin cost $10,000. A piece of news that CME would launch bitcoin’s futures trading in December affected the price most significantly. Besides, Chinese investors became at once interested in bitcoin.

Hackers stole $30.95 million from Tether wallet. On November 19, as a result of a hacker attack, 30,950,010 USDT ($30.95 million) were stolen from Treasury Tether wallet. Users accused the developers of fraud and even suggested boycotting the company.

Hard fork SegWit2x was Canceled. On November 8, anticipated hard fork SegWit2x was canceled. The developers explained that they had not managed to reach a consensus on the block size increase. On December 28, the hard fork was eventually launched.

Coinbase had to provide users’ data to the US Internal Revenue Service (IRS). The exchange was ordered to provide users’ data for the second time, including names, dates of birth, addresses, and information about the activity of those users who bought, sold, transferred or received bitcoins in excess of $20,000 during the period from 2013 to 2015.

Investors accused the project Tezos of fraud. Once Andrew Baker learned about the internal disagreements between project managers of Tezos, he led a group of investors, which filed a class-action lawsuit against the company and several related organizations.

China collapsed cryptocurrency market. In early September, Chinese authorities banned ICO, shut down crypto exchanges, and demanded the ICOs to return money to their investors. The news caused collapse of the price of all major cryptocurrencies by 8-15%. Within a few days, however, the market recovered.

Bitcoin’s hard fork, Bitcoin{}Cash, happened. Hard fork took place on August 1. As a result, the Bitcoin blockchain was divided into two chains and a new digital asset, Bitcoin Cash, appeared. Now it trades under the ticker BCC or BCH.

Exchange BTC-e went offline. On July 25, the largest exchange BTC-e stopped working. On July 31, btc-e.com user reported at the forum bitcointalk that FBI agents had seized all BTC-e equipment in the data center. On July 28, the domain was blocked.

Ether instantly fell to $0.1. On June 22, once one of the traders posted a request to sell several million dollars worth of ether, the digital currency suddenly dropped to $0.1 on the GDAX exchange.

Charlie Lee left Coinbase. On June 11, Director of Engineering at Coinbase, Charlie Lee, resigned from his position to concentrate on the Litecoin development. Since then, Litecoin has become one of the most popular coins. According to Coinmarketcap, now Litecoin costs $236.

Vitalik Buterin met with Vladimir Putin. As part of the St. Petersburg Economic Forum held on June 4, President Vladimir Putin had a brief meeting with the founder of the Ethereum Vitalik Buterin. They talked about the possibility of using blockchain technology in Russia. The President supported the idea of establishing business contacts with potential Russian partners.

Tim Draper for the first time participated in an ICO. Billionaire and famous venture investor, Tim Draper, took part in the ICO project, Tezos, which was considered to be an alternative to Ethereum. By doing so, Draper wanted to lead by example and encouraged other investors to support tokens that can change the world.

Ether exceeded $100. On May 5, ether, the second cryptocurrency by capitalization, for the first time in history reached the mark of $100. According to Coinmarketcap, now ether costs $951.

The first scientific blockchain journal appeared in the United States. On April 14, the Ledger journal created by a professor at the University of Pittsburgh, Chris Wilmer, was established in the United States. The first issue of Ledger was released in March of 2017. The central columns were economics, finance, law, mathematics, cryptocurrencies, and blockchain.

Japan allowed paying with cryptocurrency. The law that made cryptocurrencies a legal currency entered into force on April 1. This innovation simplified transactions not only between individuals but also between legal entities. Banks had a chance to start new systems of settlements and purchase of IT enterprises.

Bitcoin reached $1,168 on the Exchange Bitstamp. On February 23, Bitcoin again passed the psychological milestone of $1,000. This rate was spotted at the exchange Bitstamp.

The most important events of 2017 in the Crypto Community