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Couldn’t make it to this year’s BlockShow Asia? Don’t worry. Cointelegraph has you covered with some key highlights of BlockShow Asia 2019 held Nov. 14-15 in Singapore. 

Cointelegraph moderated the first crypto media gathering as BlockShow hosted well-known personalities from the cryptocurrency industry, such as Binance CEO Changpeng Zhao, also known as CZ, and Hyperledger Vice President APAC Julian Gordon.

One of the most memorable moments included CZ coming to the stage with well-known satire music artist Lil Bubble who later performed crypto-themed songs such as “All-Time Lows” and “Liquidated” live.

CZ: China’s digital currency will use blockchain

Zhao shared his perspectives on China’s central bank digital currency. He expects the system will be a blockchain-based version of the Renminbi that will help expand the currency’s economic influence:

“The Chinese government wants to push RMB’s influence globally. They want RMB to be competitive with the US dollar. In order to do that they really need to push this currency to have more freedom.”

APAC vice president of open-source blockchain development project Hyperledger Julian Gordon shared how the pro-blockchain sentiment of the Chinese government affected him. He said:

“Xi Jinping made that announcement 10 days ago. The reason I know that is because my phone is sitting on my desk — my WeChat started buzzing and hasn’t stopped since.”

Looking forward to blockchain’s future

Overall, the experts at the event seemed to agree that while Bitcoin is just cryptocurrency, blockchain is a new connectivity framework. The speakers also held a panel titled “Collaboration in a Decentralized Ecosystem: Why Government And Corporations Need It,” which illustrated how blockchain technology is being used by governments.

The participants explained that, besides Bitcoin, blockchain allows for ecosystem connectivity and information in a trustless, decentralized fashion. Vinay Mohan, Managing Director of ConsenSys Singapore, said:

“We are talking here about an intermediate technology that connects different ecosystems providing a new form of governance.”

During a panel focused on blockchain scalability, all the speakers agreed that people have to choose between scalability and decentralization. Co-founder of Litecoin Foundation Xinxi Wang said:

“At Litecoin, we always choose decentralization and security over scalability. Unfortunately, we can’t do both, but we try to find something in the middle.”

Da Hongfei, the founder of smart contract-supporting blockchain platform NEO, shared his views on the current state of the decentralized web during the event. The NEO founder highlighted the problems deriving from monopoly, centralization abuse and single points of failure, proposing decentralization as the solution, saying:

“These standards should be transparent and decentralized. Data ownership should be given back to the users.”

Worth noting, CZ first met Da Hongfei at a panel in Shanghai in 2014. Now, they again shared one stage for the first time in five years at BlockShow Asia 2019.

Meanwhile, Chief FinTech Officer at the Monetary Authority of Singapore Sopnendu Mohanty spoke about the importance of blockchain for the economy, highlighting its indispensability for the development of green finance. 

According to him, blockchain can enable the monitoring, measuring and financing of what he refers to as “green assets.”

Perspectives on Bitcoin and altcoins

Talking about altcoins, VeChain founder Sunny Lu suggested that token value is mostly arbitrary. He said:

“99% of a [token’s value] is linked to speculation, and not to the value that solution can bring to society. This causes many startups to waste a lot of time producing and ‘selling’ the token, failing to develop solutions for where they were initially focused.”

Meanwhile, CEO and co-founder at Distributed Lab and author of “Blockchain and Decentralized Systems,” Dr. Pavel Kravchenko, shared his view that Bitcoin adoption by institutions may actually result in BTC price crashing. He said:

“Bitcoin is censorship resistant money, the first in the world. I don’t believe in institutional adoption. If this happens, Bitcoin will become not censorship-resistant. Then it won’t have this feature anymore and will crash to zero.”

On the other hand, during a panel titled “Unlocking Yield In Cryptocurrency Assets — Encouraging Institutions To Enter The Industry,” a number of crypto leaders shared their thoughts on how to make emerging fintech accessible to mainstream financial entities. 

Head of Business Development Asia for Cumberland Justin Chow, in the end, said what he believes is needed to onboard institutional players:

“Custody, liquidity, and regulations are the top three petitions from institutional investors jumping into crypto.”

While those in the crypto space mostly welcome regulation, Quoine co-founder Mike Kayamori cautioned:

“Crypto is evolving, and the government can’t try to regulate things it still doesn’t understand. […] I am still in favor of crypto regulation, but [it] needs to be done very carefully.”

On Nov. 15, Blockstream CSO Samson Mow said that Tether (USDT) is clearly the preference among investors but will not see a retail use case during a panel called “The progress of stablecoins — if any? Can I use it yet?” 

Still, he noted that while Tether’s first mover advantage gave it a great advantage over competitors, he expects national cryptocurrencies to make stablecoins obsolete. He also noted:

“Stablecoins are a mid-step toward hyperbitcoinization. They’re a temporary thing. The main threat they face is from the national cryptocurrencies. How open will those national cryptocurrencies be? […] Stablecoins will then have no reason to exist with a national cryptocurrency.”

Blockchain and AI

BlockShow also saw SingularityNet’s CEO Ben Goertzel give a presentation titled “Stimulating Massive Network Effects in Decentralized AI Networks.” He spoke about the merging of blockchain with AI:

“By definition, a blockchain is a distributed, decentralized, immutable ledger used to store encrypted data. On the other hand, AI is the engine or the ‘brain’ that will enable analytics and decision making from the data collected. But both AI and blockchain are in situations where they can benefit from each other, and help one another.”

Goertzel also announced a new partnership between SingularityNet and PayPal. 

Finally, the show also hosted a startup competition called Crypto Busters with eight companies, after which the Board of Investors who judged the contest showed particular interest in six startups, namely Hacken, GamerHash, Chainstuck, Keyless, Beatdapp and Holdex.

BlockShow Asia 2019 was sponsored by dozens of cryptocurrency companies and entities, including NEO, Changelly, Bequant, Bluehelix,, Apay and NGC Ventures.

Cointelegraph By Adrian Zmudzinski , 2019-11-16 11:57:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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