As 2019 draws to a close, let’s revisit the blockchain headlines that once set social media ablaze. From near-collapses to ambitious launches, these events shaped the industry’s narrative—but how did they actually play out?
1. Grin: The "No-ICO" Privacy Coin That Fizzled
Launch: January 16, 2019
Dubbed "Bitcoin 2.0," Grin captivated the crypto world with its no-ICO, no-pre-mine ethos. Despite initial hype and a surge of miners, Grin’s price languishes below **$1** today—far from the predicted $4.4–$12.50 range.
👉 Why privacy coins like Grin still matter
Key Developments:
- ASIC miners emerged, centralizing hash power.
- Core developer Gary Yu quit, but the Grin Foundation received 50 BTC in donations.
2. ETC’s 51% Attack: A Temporary Nightmare
Incident: January 5–7, 2019
ETC suffered a 51% attack, forcing exchanges like Coinbase to halt deposits. Attackers spent just $4,910/hour to reap 50x profits. Yet, ETC rebounded swiftly, hitting yearly highs months later.
Lesson: PoW chains remain vulnerable, but market memory is short.
3. The Rise and Fall of Blockchain Social Apps
January 15: Pinduoduo’s Wang Xing, ByteDance’s Zhang Yiming, and Smartisan’s Luo Yonghao launched Maitong MT, Duoshan, and ChatGenie—all blockchain-powered challengers to WeChat.
Outcome:
- Maitong MT and ChatGenie shut down.
- Duoshan survives but struggles.
- Wang Xing’s Lingge and Weibo’s Oasis continue the fight.
4. Lightning Network’s Global Torch Fizzle
February 2019: The Lightning Torch Relay spanned 56 countries with 284 participants, including Roger Ver and Reid Hoffman. Optimists hailed it as Bitcoin’s micropayment revolution.
Reality:
- Only 850 BTC locked in Lightning channels today.
- Bitfinex now supports Lightning deposits—a glimmer of hope.
5. IEOs: From Boom to Bust
February–April 2019: Binance’s Launchpad (BTT, FET) ignited the IEO craze, with tokens like BTT surging 10x. By June, IEOs were declared dead.
👉 The truth about IEOs and token launches
Takeaway: A short-lived hype cycle that failed to sustain momentum.
6. USDT’s Near-Death Experience
April 2019: NYAG accused Tether of misusing $8.5B reserves to cover Bitfinex losses. Investors flocked to PAX/TUSD—yet today, USDT holds 81% market dominance.
Irony: A centralized stablecoin still powers decentralized finance.
7. Justin Sun vs. Buffett: The Lunch That Never Was
June 4: TRON’s Justin Sun won a $4.5M charity lunch with Warren Buffett—then canceled last-minute, citing kidney stones. By December, his Weibo account was banned.
Epilogue: Sun’s marketing antics faded, but the spectacle lingers.
8. Libra: The Regulatory Firestorm
June 18: Facebook’s Libra whitepaper dropped, sparking global scrutiny.
Today:
- Visa, PayPal exited the Libra Association.
- Governments race to launch CBDCs in response.
- Libra’s future? Still uncertain, but it put blockchain on every regulator’s radar.
FAQ
Q: Did Grin’s privacy tech live up to expectations?
A: Technically yes, but adoption lagged due to mining centralization and price volatility.
Q: Are IEOs completely dead?
A: For now—exchanges shifted focus to DeFi and staking.
Q: Will Libra launch in 2025?
A: Unlikely in its original form; expect a heavily regulated version.
Q: Is Lightning Network usable today?
A: For small transactions, yes—but UX and security need work.
Final Thought: 2019’s crypto dramas were a mix of breakthroughs and cautionary tales. The industry moves fast—what’s next?
👉 Explore the future of blockchain here
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