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Last Week Crypto News Today #09

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breaking-crypto-news-09 2019 2020

Lot has happened in the government and legal arenas this week in the crypto space.  CFTC chairman declaring Ether to be a commodity, IRS tax guidance, EUs pledge to regulate cryptos, Trillion Dollar lawsuit against Tether, UNICEFs Crypto Fund, World’s first Gold Backed Stable coin and more.  A LOT has happened this week.

Here is your dose of IMPORTANT news from the week.

You can catch ALL the important Bitcoin, Blockchain and Crypto news compilation here.

ETH ETF may soon be a reality

Ethereum ETH ETFHeath Tarbert, Chairman of the CFTC, stated during a Yahoo Finance’s All Markets Summit, that Ether is a commodity in his view. “As a chairman of the CFTC, it is my view that Ether is a commodity,” he said.  Mr. Tarbert was also confident about Ether’s futures contract as the next natural transition. “My guess is that, in the near future, you will see Ether related futures contracts and other derivatives.”  Market seems to welcome this message as Ether prices moved from $183 on 9th October to $193 on 10th October when this interview became public knowledge.  What is more interesting is that Mr. Tarbert is also of opinion that all hard forks coming out a commodity should be also be a commodity. Mr. Tarbert also stated that “in the next 12 months it is absolutely possible to see Ether Futures contracts.”

IRS issues guidance on Cryptocurrency taxation, industry says it’s not enough

irs cryptocurrenciesIRS issued a ruling this week that laid out rules around taxation of hard forks and airdrops. IRS Ruling 2019-24 specifically addressed the impact of hard forks and taxation based on dominion (possession) rather than just potential of receipt.  The ruling also talked about taxation of air drops, however, it is seriously lacking about the timing of determining the fair market value and what happens if a token that gets air dropped has initial value in the market but not enough volume to liquidate the assets.  This ruling actually raised more concerns than to clarify a position since it was clear that this was written by individuals with no direct experience in the crypto space, according to the general opinion in the crypto market.

EU to regulate digital currencies soon

European Union digtal currencyReuters headline reads “Spooked by Libra, EU pledges to regulate digital currencies,” which openly addresses the issues that we have been screaming about all along. Facebook is too big and too corrupt in our opinion to take over the reigns of global currency.  While Facebook seems to be facing backlash from all corners of the world, we are still certain that they will be launching their Libra project because of the resources they have at their disposal.  They just go away with 5 billion dollar fine for breaching the fundamental tenets of trust. We will have to wait and see how many more sensational news we will have to endure to realize that ‘powerful lobbying can undermine any power’, in our opinion.



Chainlink forges forward with bold partnerships

Chainlink logoIt is not often that we cover a particular cryptocurrency in our news feed, however, exceptions are meant to be made for worthy endeavors. Chainlink is forging forward with great partnerships and bold innovations. Ever since Chainlink was mentioned in Google’s official announcement of using Chainlink’s oracle smart contract to “making internet-hosted data available inside an immutable public blockchain: placing BigQuery data available on-chain using a Chainlink oracle smart contract,” crypto space has been celebrating it. Chainlink recently announced that they will help “Drive Demand for Enterprise Smart Contracts Using the Trusted Computation Framework and Attested Oracles via Chainlink.”  Apart from Google, Chainlink boasts working relationship with Intel, Hyperledger among renowned brands.

1.4 Trillion Class action lawsuit against BitFinex and Tether

Bitfinex-Tether lawsuitVel Freedman and Kyle Roche, same lawyers who successfully fought the case against Craig Wright, have filed a class action lawsuit against BitFinex and Tether for the damages of 1.4 Trillion dollars. The complaint reads “Part-fraud, part-pump-and-dump, and part-money laundering, the scheme was primarily accomplished through two enterprises — Bitfinex and Tether — that commingled their corporate identities and customer funds while concealing their extensive cooperation in a way that enabled them to manipulate the cryptocurrency market with unprecedented effectiveness.”  Bitfinex and Tether were thought to be involved in various pump and dump schemes based on when massive amount of Tether was minted and the ensuing impact on bitcoin price action.

United Nations agency UNICEF to launch Crypto Fund

Unicef crypto fundUNICEF, an agency that raised over 6.7 billion dollars in donations last year, is starting a Crypto Fund to be able to accept bitcoin, ethereum and potential government backed digital currency donations. The Crypto Fund will also “invest in early-stage, open source companies working with children,” according to the Forbes article. Christina Lomazzo, who is leading this effort with her team also is quoted in the article saying “We don’t see the Crypto Fund so much as being crypto, what we really see it as is being ready for a digital future.”



SEC rejects BitWise’s ETF proposal

BitwiseSEC released its decision to reject BitWise’s ETF proposal. SEC’s disapproval letter states that while SEC “although the Commission is disapproving this proposed rule change, the Commission emphasizes that its disapproval does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.” While we held the opinion that BitWise’s proposal was one of the most promising applications, the SEC said that the only reason for rejection is that the company “has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices.””

eBay, Visa, Mastercard, Stripe and others exit Facebook’s Libra association

Facebook Libra paypalIn a welcoming news, companies are coming to their senses and leaving Facebook’s Libra in strides.  This week, eBay, Mastercard, Strip, Mercado Pago were among the companies that abandoned Facebook’s Libra Association.   Business Insider reported “The exits, combined with intense scrutiny from lawmakers, represent a huge blow to the initiative and leave its future uncertain.”  David Marcus, Chief Executive of Libra initiative tweeted “I would caution against reading the fate of Libra into this update. Of course, it’s not great news in the short term, but in a way it’s liberating. Stay tuned for more very soon. Change of this magnitude is hard. You know you’re onto something when so much pressure builds up.”

CFTC, FinCEN and SEC issue a joint statement

Leaders from the CFTC, FinCEN and SEC issued a joint statement to remind “persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT) obligations under the Bank Secrecy Act (BSA).”  The joint statement also clarified that “the nature of the digital asset-related activities a person engages in is a key factor in determining whether and how that person must register with the CFTC, FinCEN, or the SEC.  For example, certain “commodity”-related activities may trigger registration and other obligations under the Commodity Exchange Act (CEA), while certain activities involving a “security” may trigger registration and other obligations under the federal securities laws.  If a person falls under the definition of a “financial institution,” its AML/CFT activities will be overseen for BSA purposes by one or more of the Agencies (and potentially others).”



Gold backed Stable Coin: Perth Mint to launch World’s first government backed Gold Token 

Gold and US DOLLARIn a media release, Government of Western Australia backed Perth Mint has disclosed the information about launch of what is dubbed as “Perth Mint Gold Token (PMGT)”.  The media release stated “The Perth Mint Gold Token (PMGT) will be the first digital gold token on a public blockchain backed by government guaranteed gold.”  PMGT will be ERC-20 compatible.  PMGT is expected to offer greater transparency and act as an alternative to existing stable coins which do not come with the same guarantee of gold or government backing. Richard Hayes, Chief Executive Officer of The Perth Mint, said “The digitisation of gold via a public ledger is a natural progression for the global commodity markets. It will promote gold as a mainstream asset, enhance its accessibility, and offer greater liquidity, transparency and auditability of the real assets backing this type of digital token.”

Thank you for reading and sharing this article. 

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

About the author

RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.

Read more about the author here.



 

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Crypto Roundup: All Your YouTube Influencers in One Place

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Crypto Roundup

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: Bitcoin Will Be OVER $20,000 By Christmas 2020! BIGGEST WEALTH SHIFT OF OUR LIFETIME! Cryptocurrency

Date: 19-Nov-20

  • World’s biggest wealth shift of our lifetime is happening right now and no mainstream media is talking about it, except CNBC.

  • Preston Pysh predicted on August 26th that: “Bitcoin should be reaching its all time high by Christmas.”

  • If you are looking to buy a dip, there may not be one.
  • Ricardo Salinas Pliego, a mexican billionaire, has just revealed that 10% of his liquid assets are into bitcoin.

Lark Davis

Video Title: STOCKS HIT NEW HIGHS! WILL COVID VACCINES LEAD TO MEGA PUMP IN 2021? [Are You Ready?]

Date: 19-Nov-2020

  • Stock markets and bitcoin pumps higher on the news of the second successful covid vaccine.
  • There could be more chances for the new stimulus. Means more inflation, more debt and simultaneously pumps stocks, gold and bitcoin.

Crypto Zombie

Video Title: BITCOIN $18.5k TOP!!?! DON’T BE FOOLED!! HODL FOMO BEGINS!!! $TRILLIONS FLOOD!!

Date: 18-Nov-2020

  • Overall sentiment of Bitcoin has changed drastically from ICO craze in 2017 to a time where people are FOMOing to own more bitcoin.

Ivan on tech 

Video Title: BIG WARNING TO ALL HODLERS!!!!!!!!! DO NOT GET REKT!!! BITCOIN $18,500 REJECTED – NOW WHAT?

Date: 18-Nov-2020

  • Ivan expects bitcoin to shoot past $20K resistance before end of this year, giving it 85% probability

Chico Crypto

Video Title: World’s Most Powerful Turn BULLISH on BITCOIN

Date: 19-Nov-2020

  • All those who hold big bags of Bitcoin will come out of the shadows to talk up the Bitcoin rally, a $20K bitcoin could be on the cards before the end of this year
  • Ethereum mining could act as a big catalyst for Ethereum’s price
  • Big companies like google could play a bigger role in mass adoption of crypto

Let the FOMO begin…

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Lessons from the Veteran HODLERS to the Newbies!

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Lessons in Crypto

For all those who entered the crypto market after the 2017 bull run – here are few lessons from the HODLERS from the last bull run(s).

This is our attempt at making all you newbies aware of the mistakes veteran cryptoers did.

Let’s get started…

Don’t FOMO in to all the hype

FomoIt’s hard not to FOMO in crypto.  The trick is to make sure you don’t lose your shirt in crazy bets.  Always limit your bets to what you are comfortable losing.

The common ways you can become victim of FOMO are:

  • Following your favorite YouTuber without actually doing your own research on the project.
  • Investing into projects at the top.
  • Believing in promises of 100x or 1000x without any substance behind those claims.

HODLing far too long

Remember why you are into crypto – to make the money.

Never fall in love with your crypto, and HODL the tokens even when they are 10x and more.

Have a strategy to take your capital out before you become a HODLer.  

If you believe the project really has what it takes to go beyond 100x and more, just sell in instalments so as to not miss the ride.

One of the best ways to HODL is to take your capital in full and profit in tranches.

This rekt story will give you a right perspective of what it looks like, it’s one of many:

Don’t put all your eggs in one basket

Never go all in on one project. No matter how strong the project may look, even the projects with strong fundamentals don’t do well sometimes. 

And, you will be kicking yourself watching other projects go up and your portfolio just doesn’t seem to make a move.

And don’t over do it and have a portfolio with over 100 projects either. It is very difficult not to have invested in more than 15 projects but anything less than 20 is a good way to go, in our opinion. 

Put aside the share of Profits for Taxes.

One way you can get a good night’s sleep is by paying taxes. 

Always keep a habit of putting aside a % of your profits in USDT or other stable coins, as a reserve to take advantage of market volatility and also to meet your tax obligations. 

Exchanges are more evil during bull run

Foreign ExchangesDon’t trust exchanges. Yes we already know that, but they play more games during bullrun, some intentional and some technical. 

Many exchanges tend to go under maintenance when the prices shoot up too high too soon (Coinbase?), and you can’t sell. 

And the shady exchanges scam out before you know.

Regulators seem interested when the market cap of these projects goes through the roof, which then adds FUD around the project crashing the prices.  

Exchange may freeze funds pending investigations when such issues arise.

Take for example OKEx. Users are unable to withdraw their assets from the exchange for almost a month now, not certain if they ever will, and all that started with the legal dispute.

Never fall for Arbitrage gains

Arbitrage is when you buy in one exchange at a lower rate and sell on the other for a higher rate to take some profits. 

Some shady exchanges show a lot higher prices than the other genuine exchanges and when you deposit your assets to sell at those prices there won’t be actual volume to execute the trade. You may be stuck with either a high fee for withdrawal or other funky rules to take your own money out. 

Remember, there is no free Giveaway

Free CryptoScammers rise with the rising market.  

When the crypto market buzzes with all time highs – scammers cash in big time on newbies.

The most lucrative scam in crypto is ‘Free Giveaway’. Whether it be through YouYube ads or discussion groups and wherever they can get your attention.  Read this article on various sophisticated scams that are being deployed.

We hope these lessons help you through your trades and crypto life.  Stay safe and always DYOR.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

Continue Reading

CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

Published

on

crypto news

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: The United States Just Brought Bitcoin into the National Conversation!! | Cryptocurrency in 2021

Date: 16-Nov-20

  • Former National Treasurer and the new US Senator Elected, Cynthia Lummis, said Bitcoin fits the bill as a good store of value as it is finite and limited, unlike the inflationary fiat currency.

  • Grayscale adds over 7000 more bitcoin in just the last 24 hours.
  • Just over 16% ETH staked for ETH 2.0 launch on Dec 2 2020.
  • Bitcoin Cash hard fork takes place tomorrow.

Crypto Zombie

Video Title: WARNING!!! BITCOIN 2017 BEAR FRACTAL RETURNS!!! BTC WORST CASE SCENARIO…

Date: 14-Nov-2020

  • Institutional money starts flowing into bitcoin.

  • Paypal goes live with its crypto trading platform for eligible customers. They have also raised the buying limits from the initially set $10,000 to $20,000 per week.
  • DIA, an DeFI Oracle provider, integrates with Polkadot.

Ivan on tech 

Video Title: BITCOIN WILL DO SOMETHING INSANE THIS WEEK!!!! -30% DUMP AHEAD vs $20,000 PARTY – Programmer

Date: 16-Nov-2020

  • Bitcoin could make a big move this week, either hit 20K or we may see a 20% to 30% drop
  • Chainlink partners with Etherisc to deliver agricultural insurance in Kenya.

Ellio Trades

Video Title: UNLOCKING $100 TRILLION? This low cap gem seeks to bridge CeFi and DeFi

Date: 15-Nov-2020

  • DeFI could be similar to the ICO craze in 2017
  • Low cap gem: AllianceBlock
  • AllianceBlock is bridging the gap between DeFi and CeFi
  • AllianceBlock Partnership with Orion Protocol and Chainlink.

Chico Crypto

Video Title: WARNING! An “EVIL” Entity Wants Control of BITCOIN…

Date: 15-Nov-2020

https://www.youtube.com/watch?v=45Ac-5y2ofg

  • 90% of Bitcoin’s mining pools are controlled by China based mining pools
  • As the value of bitcoin goes up – there is a threat of push to ‘control’ the network from China
  • Binance is looking to push through the 50% mining share and Chico believes this could be dangerous

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place. 

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

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