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[WRITEUP] Criticism of r/privacy and r/privacytoolsio moderation censorship and how Apple/Brave/Chrome/GrapheneOS cult armies are destroying privacy communities
Hello! I wanted to discuss this on the soon-to-come occasion of 400 subscribers (398 as I write this), but I guess I will do it now, since the time is just right. This is a long post, so embrace yourself. This is an untalked topic, and you will rarely, if ever, find a record or post about the same. Censorship in privacy communities is ironic, especially when the communities stand as the biggest ones on reddit. A lot of voices either go silent by account deletion and reappearing as new usernames, or they never speak up since they have been effectively "banned" so have no representation. A lot of this can be easily credited to folks breaking rules, which moderation would claim is certainly a need to manage large public forums. However, there is a section of people who criticise the Apple/Brave/Chrome/GrapheneOS cult armies, and this is where the problem starts to rise.
The moderator u trai_dep has taken his time to censor me off completely, so that none of my criticisms can be ever read about his dictatorial moderation and the GrapheneOS discussion I had with its lead developer, who at the end gave me plenty evidence about his rudeness, ironically which was against the rules of the subreddit. https://removeddit.com/privacytoolsIO/comments/gs4uv7/_/fs2ysdm/ Criticism of GrapheneOS lies on one of his comments about OnePlus and Xiaomi apparently not making good enough devices: https://np.reddit.com/privacytoolsIO/comments/gs4uv7/i_dont_fully_trust_grapheneos/fs82fdv/ There is also the issue that he always claims Google Pixel 3/3a is a must with Titan M chip running non verifiable code that one has to rely on for Google's claim of being same as open sourced code, and that it does not have spyware. And he maintains his stand about developing the ROM exclusively for the Pixel devices, which also house Pixel Visual Core, a proprietary Google-only CPU+GPU unit independent of the Snapdragon SoC and with negligible documentation claimed "only" to be used for HDR+ camera algorithm processing. Google has had a history of lying with things like the Location History toggle, or their known data collection business and known relationship with NSA.
I have managed to collect and create what is an evidence record establishing the fact that select moderators either have some kind of agenda or are destroying the privacy community as a whole on the internet itself. The below large part is a direct copy of the "Criticism of..." section in my Threat Model writeup in the sidebar.
OTHER ISSUES, CRITICISM OF MODERATION OF R_PRIVACY
Telling me that I am a burden to the subreddit is outright super offensive, in my most humble opinion. Moreover, they have a strong opinionated bias towards Apple (here too), however no reason to complain for their opinions if they talk outside /privacy and /privacytoolsIO where they moderate. Take the mod hat off if you want. To their credit, one of them did confirm they have a light threat model and primary goal is to thwart mass surveillance, around Level 3 in my book. You will always be criticised for complaining about US and rationally judging Chinese technology, and effectively repeatedly banned by American moderators and muted from modmail everytime you complain about people personally name calling you "Chinese intelligence proponent" or "Chinese/Huawei plant" or "idiot". I cannot make text posts anymore in that subreddit as of 11/02/2020. Lots of evidence events happened followed after my smartphone guide linked above: https://imgur.com/a/TqOkQk6 In atomicratsen image, you can see proof of them allowing Sinophobic propaganda in the name of arguments, followed by the last image. So that is another thing allowed here. Below comment is the admission of being lazy, incompetent and calling actual gilded contributor users "burden": https://np.reddit.com/privacy/comments/enoui9/5_reasons_not_to_use_whatsapp/fe6qgd7/Just in case comment goes poof, screenshot. Moreover, one of them made it clear in modmail that Sinophobic propaganda are "arguments" and will go uncriticised, likely patriotism owing to a global subreddit's moderation which seems unfair and caters not to all but to favouritism to a larger US/West EU audience on reddit, as said earlier:
The thing is, making an argument that China is shady is that: an argument. I mean, geez: Hong Kong. Enough said. So long as they're being civil about it, it's actually what this Sub is for. Do you mention anything related to China or their products in your post? If so, it's fair game, and we expect everyone to conduct themselves like rational adults. I'll check out the reports, but if they're conducting themselves along the lines of our sidebar rules, I (obviously) won't be taking any action. But I also hope that you don't get drawn into arguments that might end up earning yourself a time-out. We're somewhat patient, but at the same time, we can't spend too many man-hours tending a particular subscriber too much. Our time is volunteered and there are 600K+ subscribers. It's not fair to them.
Is this all fair to me, a cooperating member? If moderation and volunteering time is such a great issue, it would be a good step to take a backseat and discuss this in a rational non-prejudiced and less authoritarian manner. Why not allow others to take part and aid in moderating that subreddit? They have repeatedly banned me for nonsensical reasons, standing on last warning, and will likely do so after this post (once for claiming this comment means I called the user asshat instead of their comment, when it never violated /privacy 's rule 5, and another comment where I said to use Win 7/8.1 instead of Win 10, mods claimed it as gatekeeping and banned me for 14 days because I am criticising some things they truly love). New evidence as of few days ago (Feb 11, 2020): https://i.imgur.com/vOyaidS.png
The moderator trai_dep now wants a sitewide ban on me for what is informing a reddit user of legitimate logical criticism of GrapheneOS. He calls this harassment, as he has done this multiple times with me in the past (unfortunately for which comments are deleted and evidence not being able to be recorded). However, this is taking it too far. https://i.imgur.com/dX73ZNX.png
This happened with me on privacy, which is a major why I started this community. There must exist a place free of prejudiced bias and free of any forms of bigotry for privacy, truth and freedom loving folks. The fact that the moderators can get away with it by saying nice words after the ban reeks of a dictator that loves to give speech about care of its citizens, yet will slice anyone up. trai_dep and his friends continue to support the bigotry and these cult armies, which is likely because they do not understand nearly any higher order of technical aspect of privacy threat modelling, and have got no education on the same.
Privacy communities on reddit are a huge problem when it comes to dealing with the cult brigading, and instead critics are targeted by the cult armies which are let loose in these very communities. privacy and /privacytoolsIO are not true representatives of communities giving good advice for higher privacy and security, unfortunately ruined both by the moderators (many of whom are iPhone users themselves just like trai_dep) and the cult brigade armies.
Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block. https://reddit.com/link/ho4bif/video/n0euarkifu951/player This is the second post ofCrypto-Powered— a new series that examines what it means forGenesis Blockto be a digital bank that’s powered by crypto, blockchain, and decentralized protocols. --- Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption. Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block. Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in… https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8
Bitcoin: The First Cryptocurrency
There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up. Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase. However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto. As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light. Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more. As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s). Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum fromLinda XieorVitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high. https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1 That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.
I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more. Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps. After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users? In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole. --- Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/ Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
Find Out Why Institutions Will Flood the Bitcoin Market
As originally written via CoinLive: (improved reading experience) Back in 2017, the blockchain industry experienced an unprecedented interest which ended in what is often referred in financial terms as “irrational exuberance”, with a large portion of the rally led by retail-type investors flooding the market to ultimately chase prices at illogically hefty levels based on the infancy stage of the technological advancements and its implementations. That rise was too fast too quick and eventually, in early January 2018, the bubble-like move came to an abrupt end. The question now is, what will it take for another sustainable bull run to materialize? At CoinLive, we will inspect the key missing pieces of the puzzle. In this article, we will investigate the ever-growing list of evidence that shows why a new type of investors, the institutional ones, looks set to enter the market in mass. The two critical impediments for the ‘smart money’ to have been on the sidelines are clearly identifiable. Firstly, it has to do with custodianship, in other words, having formal mechanisms that allow the safe storage of the asset. Secondly, the regulation around the crypto market must be clarified with clearer guidance. When it comes to the first missing piece of custodianship, the NY Times recently helped shed a light on where we are headed. The influential newspaper reported that ICE (Intercontinental Exchange), which is the parent company behind the NY Stock Exchange (NYSE), is working confidentially in the implementation of swap contracts for banks and large investors that will be settled with the physical delivery of Bitcoin. For ICE to even consider this idea it means that the problem of legal custodianship is being worked out so that the backing and security of Bitcoins by the NYSE will be in place. This will open the floodgates to a whole new market, where the King of cryptos and other digital assets down the road become available to a much wider and more influential customer base. We are certainly at a stage where institutions have recognized that Bitcoin is “too big to ignore”. What’s also important is that by using a swap contract, the trading of Bitcoins will be oversight under the existing regulatory framework of the Commodity Futures Trading Commission, hence less regulatory uncertainty. As a reminder, the CFTC is headed by J. Christopher Giancarlo, who is a proclaimed pro-blockchain endorser after his popular appearance in front of a U.S. Senate hearing on blockchain technology last February, where he famously said: “We owe it to this generation to respect their interest in this new technology.” Moreover, earlier this year, Boston-based State Street, the world’s second-largest custody bank with around £24tn in assets under custody and administration, came out to announce that safeguarding clients' digital assets could be a service they are looking to provide a solution in the near future. If confirmed, it would represent a major move as it sets a precedent as the first global bank to provide custodianship services for crypto-related investments. While Bitcoin is not serving its initially intended purpose as a widely used method of payments (for now), it has found another appeal as a store of value that is uncorrelated to any other asset class, hence it has an exceptional use as a hedging strategy for multi-billion dollar portfolios to help reduce the overall volatility. Other stories strengthening the notion of institutional capital set to come into the cryptoverse include the news that Goldman Sachs will be trading futures contracts linked to Bitcoin’s price as an initial step, only to gradually transition into a more direct trading of buying and selling actual Bitcoins. Find our recent article where we explain why Goldman Sachs trading Bitcoin is such a big deal. Even the chief executive of Nasdaq, Adena Friedman, recently said considerations were being given to set up a virtual-currency exchange should the needed regulatory framework be resolved. Additionally, we have seen a growing trend of senior-level executives at institutional firms flocking off the safety of their well-established positions to venture into blockchain-related jobs. We include a few articles with evidence below: Goldman Sachs Executives are Moving to Cryptocurrency Hedge Funds Mike Novogratz Makes Goldman VP the COO of His Crypto Company Coinbase Hires Ex-Barclays Director to Expand Its Institutional Client Base Commonwealth Bank CFO to Lead Block.one as President and COO The migration in job positions from traditional financial markets into blockchain comes as no surprise and quite frankly, it appears to be a logical and rational step to be taken, especially in light of the new revenue streams the blockchain sector has to offer. Proof of that is the fact that Binance, a crypto exchange with around 200 employees and less than 1 year of operations has overcome Deutsche Bank, which has more than 100,000 employees and over 150 years of history, in total profits. What this communicates is that the opportunities to grow an institution’s revenue stream is formidable once they decide to integrate cryptocurrencies into their business models. Another piece of the puzzle, even if occurring behind closed doors, is the consideration to launch a Bitcoin ETF. Back in April, it was reported that the US Securities and Exchange Commission (SEC) has put back on the table two Bitcoin ETF proposals, according to public documents. The agency is under formal proceedings to approve a rule change that would allow NYSE Arca to list two exchange-traded funds (ETFs) proposed by fund provider ProShares. The introduction of an ETF would make Bitcoin available to a much wider share of market participants, with the ability to directly buy the asset at the click of a button, essentially simplifying the current complexity that involves having to deal with all the cumbersome steps currently in place. More evidence of the emergence of institutions playing a more dominant role in the blockchain industry is the unprecedented interest to amass Bitcoins in the OTC (Over the Counter Market). We perceive this trend as directly linked store Bitcoin as a store of value. This article by Bloomberg should give you a taste of what's happening behind the scenes: The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers. As ConLive recently tweeted: "Our network of Insiders telling us between 5000-10.000 BTC are being sold every week OTC by Chinese BTC miners to Israeli buyers - Wall Street type - as they look to accumulate a big hand in BTC. “ !(https://coinlive.io/ckeditor_assets/pictures/868/content_2018-05-15_0957.png) Lastly, one of the most critical missing piece is the subject of global regulations. Back in March, Mark Carney, the head of Bank of England and the chief of the Financial Stability Board of G20 stated that “crypto-assets do not pose risks to global financial stability at this time.” That caused a temporary relief in the crypto sphere as the risk of a regulatory backlash was removed for the time being until July, the month when more clarity will be provided. The chair of the Argentina Central Bank, Federico Sturzenegger, on his role of sitting the G20 summit, said that members showed a unifying view on the need of cryptocurrencies to be supported by a more sound regulatory framework. The policy-maker, however, made it clear that they first need to examine the cryptocurrencies universe to gather the necessary data before proposing regulations. “In July we have to offer very concrete, very specific recommendations on, not ‘what do we regulate?’ but ‘what is the data we need?” Sturzenegger said. To sum up, the improvements in custodianship solutions, along with more clarity by the G20 committee, which is set to provide less uncertainty for institutional investors’ involvement, is a recipe for a renewed bull wave, this time of institutional capital, to shake up the crypto space. At CoinLive, we will not venture into the timing, as that is quite irresponsible trying to pretend we have a "crystal ball" to determine when moves will occur. We just simply look at the big picture and try to connect the dots by first breaking down the latest developments to then draw some conclusions. Never forget, markets should always be approached as a numbers' game, and while nothing is certain, we just attempt to envision and inform on scenarios with the highest likelihood.
Despite all of the bad press that the digital asset industry continues to receive on an almost daily basis, it appears as though the overall sentiment of the online communities in regard to this burgeoning domain is still pretty positive. For example, Comparitech — a research firm that provides its consumers with a host of specialized data that allows one to make more informed decisions — recently used a machine learning-based analysis tool to study more than 48K Redditposts to determine which cryptocurrencies were viewed most favorably by the masses. Not only that, the study also took into consideration a total of 7,500 crypto/blockchain-related articles from a variety of different national and international media outlets.
All of the posts, tweets and articles analyzed by the researchers were scored on the basis of their positive/negative sentiment — primarily in relation to other articles included in the study. In this regard, there were a few notable trends that jump out at the reader upon first glance. While over 85% of the analyzed Reddit posts were deemed to be positive in nature, articles published by various mainstream media publications such as HuffPost, Business Insider and The International Business Times were, by and large, dismissive of the crypto market. To get a better overview of the matter, Cointelegraph has reached out to Craig Russo, owner of Peer, a Boston-based startup that is behind the popular crypto and gaming media outlet SludgeFeed. When asked about what the overall sentiment of the average social media user toward the crypto industry (at large) was like, Russo pointed out:
“While there will always be different camps or schools of thought on the crypto industry, the overall sentiment across social media continues to be bullish, both on future price growth and mainstream adoption of the technology.”
A similar point of view is also shared by Sritanshu Sinha, an independent crypto author and analyst, whose work has been shared online by the likes of John McAfee and Kim DotCom. Sinha pointed out that the overall reception that the crypto industry has received thus far on forums such as Reddit and Twitter has been quite warm. He is also quick to point out that, since the Reddit community as a whole views itself as being anti-establishment, the platform’s users are usually drawn to crypto much more than your average investor. Similarly, in the case of Twitter, he believes that there are a few independent analysts who have hundreds of thousands of followers and therefore have the power to influence the community toward fostering a positive view regarding various altcoins/digital offerings.
Has the public views on crypto changed over the years?
Another pertinent question is how the crypto industry’s general perception has evolved since the novel asset class came into the spotlight a few years back. For example, it is no secret that all through 2018, investor confidence in this space has been dwindling. However, Russo believes that Bitcoin’s (BTC) financial upswing over the last eight months has been a turning point for the industry, especially across different social media outlets. Further elaborating on his views, Russo added:
“This is in stark contrast to those invested in the altcoin markets, as many are in disbelief towards the poor performance of their assets. The regulatory environment definitely plays into the latter, as increasing pressure from the U.S. government has undoubtedly hurt investor interest in Bitcoin alternatives (i.e., Binance shutting down to U.S. customers).”
When compared to the previous years, the general sentiment toward the crypto sector has certainly become less hostile. For example, back in 2017, a time when Bitcoin was witnessing astronomical growth, the industry was still facing a lot of heat from many financial experts of differing pedigree. And while the market, at the time, was replete with countless scams(especially Twitter bots) such activities have largely died out now. As mentioned earlier, a host of recent surveys seem to suggest that more than 80% of all crypto talk online is positive. This number seems abnormally large for an industry that is usually on the receiving end of a lot of criticism from various traditional media outlets. Sharing his thoughts on the subject, Sinha pointed out:
“80% seems about right. Mostly, because that’s the nature of evangelism. Most of us on social media seems to be crypto-evangelists. However, positive sentiments and bull markets are highly correlated and they seem to be feeding off each other to create a positive feedback loop. If I have to prophesize, the 80% positive sentiment will not be the case during a bear run. Then the voices of the skeptics will become louder and sentiments will turn increasingly negative.”
Tweet interpreters are being used to gauge global investor interest
A number of hedge funds and asset managers are currently turning tosoftware developers to help them interpret and harness sentiment signals to their advantage. Speaking to Reuters on the subject, Bin Ren — CEO of Elwood Asset Management — was quoted as saying that this latest trend of identifying price clues from tweets and other social media messages is slowly turning into an “arms race for money managers.” To put things into perspective, it can be seen that the costs involved with conducting such types of research analyses are quite steep. As per Andrea Leccese, president of New York-based investment firm Bluesky Capital, a simple bot-driven Twitter data exploration can cost firms anywhere between $500,000-$1 million.
Will increasing regulations stifle the industry’s growth?
Ever since Facebook announced its decision to enter the digital asset market — via its much-hyped stablecoin offering called Libra, which is backed by the Libra Foundation — the regulatory noose surrounding this space seems to have tightened considerably. However, contrary to popular belief, a number of crypto analysts seem to believe that increased regulations can be a good thing for the industry. Cointelegraph spoke to Mohanned Halawani, the founder and CEO of Crypto PR, one of the first blockchain-specialized communication firms. He seems to be quite optimistic and believes that some of the latest regulations are actually quite advantageous for prospective investors, especially those regarding security token offerings (STOs) and initial coin offerings (ICOs). Halawani went on to add:
“The SEC has facilitated the emergence of Security Token Offerings which it felt was a more worthy investment vehicle when compared to traditional Initial Coin Offerings… Security tokens allow their investors to get information about the issuer on a fully transparent framework, providing complete visibility on all token allocations. Thanks to the regulatory benefits of these assets, authorities are beginning to their raise their standards among tradable asset classes and even support their implementation.”
Similar opinions are also provided by Joe Mercurio, project manager for Comparitech, who believes that the goal behind these regulations is to ultimately make consumers and businesses more comfortable with using cryptocurrencies on a regular basis. Mercurio shared his thoughts with Cointelegraph:
“I think that government entities will eventually adopt blockchain technology and new cryptocurrencies will begin to emerge. That said, I do believe that the market will remain volatile.”
Whether we like it or not, government regulations are crucial for any financial commodity — be it crypto or otherwise — to gain mainstream acceptance. And while these rules and guidelines may appear to hamper an asset’s growth at times, a majority of these regulations are a step in the right direction. Also, because Bitcoin and other digital currencies are basically tools for individual financial freedom, governments do not want to give up financial control over their citizens. Simply put, when we see the history of such revolutionary technologies getting adopted by countries en masse’, we are sadly faced with a long and painful path that eventually leads to widespread human well-being.
How much of a role does social media play in shaping the public’s opinion on crypto?
Mercurio, whose core field of work includes the analysis of tweets and other online content to gauge public sentiment, is of the belief that there currently exists a strong correlation between the volume of social media posts related to a particular digital asset and its price. As part of his research, he claims to have often observed spikes in online articles when the price of a specific cryptocurrency changes. Mercurio went on to add:
“Social media posts remain more positive during times of price fluctuation compared to media coverage overall. Online enthusiasm regarding crypto has been overwhelmingly warm. We found that cryptocurrency-related subreddits were 55% more likely than media publications to have content with positive sentiment toward various cryptocurrencies.”
In a similar vein, to look at the impact that social media influencers have on the crypto industry, we can turn to a few high-profile individuals such as Elon Musk and LA Chargers’ star Russell Okung, both of whom have been advocating for the widespread adoption of crypto for quite some time now. In fact, Okung has sent out several requests to the NFL, asking the league (since the start of 2019) to provide its employees with the option of getting paid in crypto — a petition that is backed by fellow NFL star Matt Barkley.
It thus appears as though the crypto market will continue to grow, mainly because people want to find newer economic avenues that are free from the involvement of any corporations or government-controlled agencies. However, a lot of this growth will depend on the use cases that emerge from this space. Also, as social media continues to play an ever-increasing role in arenas such as politics and public affairs, there is no reason to doubt its utility when it comes to crypto adoption.
[Daily BAT Discussion] Refreshing Dive - January 11, 2018
January 11, 2018 Hey BAT cats! Welcome to the Daily BAT Discussion! Yesterday's Market Movements - Sideways and Market-wide Dip Yesterday we saw a pretty sideways market movement averaging around 5500 sats ($0.75). But then at the end of the day, we saw a major news announcement regarding South Korea exchanges getting pursued by authorities. We saw all of the major coins dip, taking BAT down with it. BAT touched around $0.60 before instantly bouncing back to 5200 sats ($0.72). Also, we almost have 12k subs (11,996 at the time of this post)! The team has conveyed to us that the next UGP should be releasing any day now! So watch out!!! (Recap) Binance Opens up Registration If you are still looking to get your hands on some BAT through Binance (referral link), they have just reopened registration! If you've never bought from an exchange or would like some help, check out the tutorial below to walk you through purchasing some BAT! (Recap) Uphold adds Debit/Credit Card Purchasing If you are looking to get some BAT fast, Uphold has just added debit/credit card purchasing. Uphold is an easy way to acquire BAT straight from fiat. If you didn't know, Uphold is one of Brave's official partners! Register here. Caution: Someone in the community discovered that Uphold does not work for New York citizens (Recap) Getting the Daily Stickied CryptoJennie has responded about getting the Dailies sticked. Currently they are working on settling some issues with the unofficial Facebook group, and once that is finished, these dailies should be getting some love and pinned to the top. Tutorials Here are some guides for new people getting into crypto, especially BAT. Invest responsibly!
Daily Discussion Rules Remember, the permitted topics of discussion include, but are not limited to:
latest BAT/crypto news
ideas for BAT promotion
interesting BAT stories
moon and lambo talk (memes, dreams, rocket machines)
therapy sessions (during crypto recessions)
other coins/tokens as they relate to BAT (such as, "Hey guys, do you think coin-X is better than BAT?")
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How to file taxes on your cryptocurrency trades in a bear year
Fred traded bitcoin, ether and a handful of other cryptocurrencies on Gemini, Binance and Coinbase last year. Unfortunately, due to the crypto downturn, his trading yielded a capital loss of more than $35,000. He’s not alone — the stories have been coming out right and left about people who are not already rich, who have lost serious money lately. While it was a rough loss, filing taxes could add another headache in a few weeks if not done correctly. Given that bitcoin is down 55 percent year-over-year in 2018, compared to 686 percent up the year before, chances are that filing taxes on crypto trades may look quite different this year for crypto holders like Fred. The main difference is that users will want to claim capital losses in a bear year to reduce their tax bill. That means ensuring that you are maximizing your capital loss claims to the greatest potential by:
Offsetting capital gains in other asset classes in the same tax year
Using the remainder of losses to offset up to $3,000 of other income ($1,500 if you’re married and filing separately)
Rolling over any remaining capital losses to future years
Capital loss example
To get an understanding of how powerful this is, let’s take an example. Imagine Maya earned $5,000 in the stock market in 2018, but lost $9,000 in cryptocurrency trading in the same year. Without filing cryptocurrency taxes, Maya would be on the hook for capital gains taxes on $5,000 from the stock market. At the 24 percent short-term tax rate, that would be $1,200 ($5,000 * 24 percent) to pay in taxes! Now, taking into account the $9,000 crypto capital loss, all $5,000 of capital gains in the stock market would be offset, leaving an additional $4,000 of losses. Because Maya is single, an additional $3,000 of income could be offset (which normally would also be taxed at 24 percent). Therefore, you would save $1,200 of taxes (from the stock market) and $720 ($3,000 * 24 percent) that would have been paid in income tax, for a total of $1,920 saved in taxes. And, on top of that, Maya would still have an incremental $1,000 ($9,000 — $5,000 — $3,000) of capital losses that could be rolled forward to the 2019 tax year to offset capital gains (and potentially income) the next year as well. Not bad.
2018 tax changes
The last year brought many new cryptocurrency trading pairs versus earlier years, as well as more transactions on more exchanges. This means, more than ever, you’ll want to ensure that you have all your accounts or records from all the accounts handy. There are also regulatory differences as well. This year for U.S. holders, the IRS has clarified that like-kind exchangesonly apply to real property (like real estate). That means that cryptocurrency-to-cryptocurrency trades in 2018 are subject to capital gains calculations, not just when you cash out to fiat currency (e.g. USD) at the end of the day. According to IRS guidance, all virtual currencies are taxed as property, whether you hold bitcoin, ether or any other cryptocurrency. With the new clarification that like-kind exchange does not apply to cryptocurrency, this means you need to have solid records of every cryptocurrency transaction you made, including crypto-to-crypto transactions.
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