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Last week [BEST] Crypto News Today #16

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crypto news today

What to expect in this article?

  • Handpicked news from crypto and blockchain space that has long term impact on the space
  • Forget the fluff, focus on the important news
  • Summary of the news with authentic sources referenced
  • This edition covers important news from November 2019 thru Jan 20, 2020
  • Bonus: You can highlight any text on this page to instantly share

And, we are back.

After a somewhat long holiday hiatus we are back to the exciting world of blockchain and crypto.  A lot has happened since we last posted the Last Week Crypto News Today.  That means there is a lot of weeks to cover in this week’s edition.  

Bookmark this section to get caught up each week on most important crypto news without fluff.

Pornhub adds crypto payment to beat PayPal’s ban

pornhub accepts cryptoIf Bitcoin is undermining the US’s bullying power, crypto as a whole is liberating businesses who are subjected to the power of oligarchical power of financial institutions.  Latest in the liberation stories is PornHub. PayPal decided to stop payments on PornHub and PornHub bounced back by adding Crypto payment options on their platform.  In a blog post, the company stated that they are adding Tron and USDT payment options to the platform.



Jack Dorsey’s Square wins ‘crypto-to-fiat’ patent 

Square pos crypto to fiatSquare, Inc. was granted patent for the crypto-to-fiat transactions.  Titled “Cryptocurrency payment network”, “the technology provides a payment service for providing financial transactions between a customer and merchant wherein the customer can pay in any currency and the merchant can be paid in any currency.” 

India has not banned crypto after all

Rbi crypto bitcoinReserve Bank of India has announced that it has never banned cryptocurrency rather has asked the regulated bodies, like banks, to refrain from dealing with highly volatile and uncertain crypto space.  While there have not been any evidence provided to show that cryptocurrencies have been used in terror activities, the rhetoric has been used to keep people from entering into the space by many government bodies like India and USA.  People unfamiliar with blockchain technology think that virtual currencies are more difficult to trace than hard cash while the truth is stark opposite.

Budweiser-owner AB InBev is using blockchain to help small farmers

budweiser blockchainBlockchain continues to garner adoption from industry giants.  Latest in the series is Budweiser’s owner AB InBev who is helping small farmers in Africa by helping them with bank accounts and line of credit to eventually become the giant’s supplier. “This farmer, who was never bankable — because she couldn’t prove income of any source, had no reports, or material or paperwork — now in a flip phone, she has in the blockchain proof that she is a supplier to AB InBev, a global company, and now she bankable. Now she can open a bank account. And now she can maybe have a line of credit to develop the business,” according to the news.

Blockchain tops the most-in-demand job skill

jobs on blockchainAccording to LinkedIn data, Blockchain has emerged into number 1 skill in demand.  For any industry to flourish – it needs best minds behind it. LinkedIn data shows that blockchain has evolved into a force of transformation and businesses are embracing it with both arms. We anticipate that Blockchain will be among the top in-demand skills in the coming decade as well.

Virtual Currency Tax Fairness Act of 2020 could boost cryptocurrency adoption

cryptocurrency taxA bill called “Virtual Currency Tax Fairness Act of 2020,” introduced in front of Congress reads “Gross income of an individual shall not include gain, by reason of changes in exchange rates, from the disposition of virtual currency in a personal transaction (as such term is defined in section 988(e)). The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.”  Because Virtual currency is treated as property – when someone buys something (like a coffee), technically, that transaction is required to be reported as ‘capital gain’ transaction. If passed, this bill could ease the tracking requirements and give a huge boost to cryptocurrency adoption.

Ripple files motion to dismiss to avoid its demise

ripple updatesWe were never fans of Ripple. And now a lawsuit claiming that Ripple has participated in sale of ‘unregulated security’ threatens company’s future.  And no, that is not our biased statement. Ripple, in its motion to dismiss, states in its motion “allowed to belatedly challenge the classification of XRP, it would not only threaten to eliminate XRP’s utility as a currency, but it would upend and threaten to destroy the established XRP market.”  We have to wait and see if this motion to dismiss verdict comes out in XRP’s favor.  Our opinion is – it definitely will come out in Ripple’s favor because of its [almost] unlimited supply of cash.



American Cancer Society joins the list of organizations accepting crypto through BitPay

Bitpay-cryptoAmerican Cancer Society is the latest addition to BitPay’s already impressive nonprofits list.  People can now donate Bitcoin through BitPay’s portal to support the cancer research. American Red Cross and United Way are among the nonprofits who accept cryptocurrency through BitPay’s payment system.

Google suspends MetaMask citing cryptocurrency policy

According to the Tweet from MetaMask “the MetaMask Android client was suspended by the Google Play App Store. They cited their policy that bans mining on mobile, which we don’t. Appeal rejected.”  Google’s play store policy states, “we don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency.” However, MetaMask does not mine or manage mining of cryptocurrency.  The initial ban is understandable given the amount of companies that google manages using automated bots. However, the appeal should have been heeded to since MetaMask is a legit business that does not engage in mining operations. In response MetaMask tweeted “speak out, and show Google that you will not support a platform that censors disintermediation. Plenty of other great browsers out there with @Firefox and @brave.”

SEBA enters into 10 new countries including Switzerland

SEBA, “The Bank for the New Economy,” started accepting clients in 10 new countries including Switzerland.  These new jurisdictions include “Singapore, Hong Kong, U.K., Italy, Germany, France, Austria, Portugal, and the Netherlands.”  “SEBA is a licensed and supervised Swiss bank providing a seamless, secure and easy-to-use bridge between digital and traditional assets. Secure, trade and manage your crypto currencies, digital assets, and conventional securities all in one place,” according to their website.

Nike applies for patent to tokenize shoes!

nike cryptocurrency adoptionWe could soon see ‘blockchain-enabled digital shoes’, according to a patent filed with the US Patents office.  “A method of generating cryptographic digital assets for footwear includes a middleware server computer receiving, over a distributed computing network from a remote computing node, confirmation of a validated transfer of footwear from one party to another. The middleware server computer determines, from an encrypted relational database, a unique owner ID code of the transferred party, and generates a cryptographic digital asset for the footwear. This cryptographic digital asset includes a digital shoe and a unique digital shoe ID code,” according to the application.  In plain English, it means – the ownership is assigned with a unique token and owner ID and can help track the authenticity and ownership of these shoes.

Italy’s new cash limit boost Bitcoin’s viability

Italy was in our crypto news before for bitcoin beating American Express as a method of payment. Now, that dominance could get a turbo boost because a new law that sets new cash transaction limits. Under the new law, individuals cannot pay in cash for transactions involving Euro 2000 or more.  This limit is set to reduce to Euro 1000 in 2022. This limit sent a boost to Bitcoin’s viability as people are growing frustrated with government dictating how they can or cannot spend their own hard earned money.



US Attorney’s Office charges five in a $722 million crypto fraud case

According to the charges brought against five individuals alleges defrauding investors in a $722 crypto investment fraud case.  Case summary states that these individuals have “conspired together to solicit investment in BitClub Network through fraudulent means, including by providing false and misleading figures that BitClub investors were told were “bitcoin mining earnings” purportedly generated by BitClub Network’s bitcoin mining pool.  Goettsche, Balaci, Weeks, and others obtained the equivalent of at least $722 million from BitClub Network investors.”  

Korea is considering crypto gains tax

According to The Korea Times, Korea is considering taxing crypto capital gains.  “The government is seeking to include capital gains tax on virtual currency,” the post reads.  In addition ‘a bill on enhancing the transparency of the trading of virtual assets awaits passage at sub-committee level. If the bill passes the Assembly’s plenary session, it will go into effect one year after the regulation is promulgated.’  These regulations are actually good news. They provide legal stature to the crypto’s existence. 

China to proceed with its ‘digital yuan’ efforts, launches real-world pilot

china blockchainChina looks to lead the digital currency race.  We have covered China multiple times in the cryptocurrency news and it continues to stay in the headlines with its undertakings.  However, this move of real-world pilot crof its digital currency has put other nations, especially the US, on notice. “Compared with the previous pilot, this time the central bank’s legal digital currency pilot will go out of the central bank system and enter real service scenarios such as transportation, education, and medical treatment, reaching C-end users and generating frequent applications,” according to the Caijing news. 



IRS introduces self-declaration question related to Cryptocurrencies

irs cryptocurrenciesIndividuals, filing US tax returns, with any type of crypto transaction have to be careful when filing their 2019 Form 1040 as IRS has slipped in a self-declaration question with on the Form.  Remember, when you sign tax returns you are bound by the perjury law. When individuals deliberately do not answer this question will be regarded as filing ‘fraudulent tax returns’, which throws the statute of limitation out of the door.  Check out the article we have written about the Crypto Tax declaration on 2019 Form 1040

Germany to open doors for Banks to offer Bitcoin custody services from 2020

Google translated Handelsblatt news article from Germany reads “A new business field could open for German banks from 2020: the sale and custody of Bitcoin and other cryptocurrencies. So far, almost no institute offers its customers virtual assets . The planned law to implement the fourth EU Money Laundering Directive is likely to change that . The draft law passed by the Bundestag provides for corresponding relief, and approval of the federal states for the new regulation is expected.”  Industry applauded the initiative. Sven Hildebrandt, head of the DLC consultancy, says: “Germany is well on the way to crypto heaven. German lawmakers are playing a pioneering role in regulating crypto-custodians.”

Switzerland to develop framework to become world blockchain leader

Switzerland BlockchainWe have covered Switzerland in a positive light in our crypto and blockchain news before.  And the good news continues to flow from this blockchain and crypto heaven.  Switzerland’s Federal Council is looking to improve the framework for the blockchain companies to operate in Switzerland.  According to this press release “The Federal Council has now adopted the dispatch on the adaptation of federal law to developments in distributed ledger technology. The proposal has been revised and refined in a number of areas as a result of suggestions received during the consultation process. This federal legislation, which is designed as a blanket framework, proposes specific amendments to nine federal acts, covering both civil law and financial market law.”

Korea moves forward with Cryptocurrency bill to legal status

Korea JoongAng Daily reported that Cryptocurrency bill that provides legal status to cryptocurrencies has received ‘approval’ from the committee.  “The National Assembly’s national policy committee passed a bill that will establish a legal foundation for virtual currencies by categorizing them as digital assets,” the news read.  “It added that the law will require virtual assets businesses to prevent money laundering and set ground rules for financial transactions,” news read, “under the new bill, all cryptocurrency-related businesses will be required to report to and register as digital asset businesses with the FSC’s Financial Intelligence Unit (FIU).”   Korea, along with, Switzerland has been in the forefront of bringing legal framework for cryptocurrencies.

Thank you for reading and sharing this article.  You can highlight any text on this page to share on social media.

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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CryptoSpace

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.

Continue Reading

CryptoSpace

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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