Wednesday, November 28, 2018
$20,000 By The End Of 2019? | The Coming Crypto Bubble & Is $10 Million Per BTC Possible?
Nasdaq Still Plans To Launch Bitcoin Contracts in 2019 Despite Crash
A Bloomberg report on Tuesday, citing"people knowledgeable about the matter," said that Nasdaq will probably still list its own bitcoin futures contracts Q1 2019, regardless of the weak crypto markets throughout the previous year. It is now working through regulatory issues with the Commodity Futures Trading Commission (CFTC), they added.
Back in February, the CFTC strengthened its review procedure for cryptocurrency futures products. As trades present new crypto products onto the market its new checklist pertaining to Designated Market Contracts and Derivatives Clearing Organizations was aimed to assist authorities.
The Nasdaq contracts have been said to be predicated on bitcoin's spot cost on"numerous" exchanges, and will be published by New York-based investment management company VanEck.
Nasdaq was first disclosed to be planning to supply bitcoin futures in November of last year.
The very first bitcoin futures contracts struck the markets almost a year ago, with offerings from CBOE and CME Group arriving as bitcoin prices peaked for their all-time large near $20,000 in December.
More lately, the Intercontinental Exchange (ICE) announced it is launching a delivered bitcoin futures product through a new exchange named Bakkt. That launch was postponed from a December 2018 launch date to January 2019 due to the "volume of interest" in the business and the"work needed to get all the pieces in place," the firm said.
Sunday, November 4, 2018
Accenture Tech Now Connects Corda, Fabric, DA and Quorum Blockchains
Accenture Tech Now Connects 4 Major Blockchains
Revealed at the yearly Sibos conference on Monday, the consulting giant has produced an"interoperability node" that it says may home the business logic of different blockchains -- in other words, the principles which allow them to execute a variety of jobs.
The blockchain direct at Accenture, David Treat, said the bridging of blockchains was performed between Quorum and Hyperledger Fabric, to linking DA and R3 Corda, and the same structure was employed.
The interoperability node provides lines of communication between two or more dispersed ledger technologies (DLT) platforms also includes embedded business logic which contains criteria, policies and guidelines where the different blockchain platforms have agreed to work together, '' he explained.
"We built the first model of an interoperability node to take a seat between Fabric and Quorum and got it to function. We have now built one which incorporates Corda and DA," Heal told CoinDesk. But these really are"two instance builds of the exact same solution pattern; it might operate on any combinations of those four"
Driving demand for this kind of connector, Accenture is now seeing the first use cases which have been progressing over one stage where clients are interested in the ability to work with another ecosystem on a different platform.
"For instance, [there is] a distribution chain ecosystem that is growing on one platform which wishes to utilize a trade finance ecosystem that's on another one," said Treat. He wouldn't name these endeavors, describing, "they aren't prepared to announce that yet. It's coming later."
Accounting for differences
Hence the system may account for distinct latency in consensus that sits on the boards of the two Hyperledger and the Enterprise Ethereum Alliance. "If one ecosystem DLT platform runs significantly faster or otherwise than the other, then a part of the logic from the interoperability node is to decide how to treat this."
For both platforms could mean the two ecosystems, A trade that's relevant agree to wait via some sort of pending state to allow the person to grab, he said.
Treat said that the strict limitations on information sharing on the Corda platform of R3, for instance, could be harmonized with a different blockchain where data is widely broadcast.
"It doesn't matter that R3 uses another data structure, because we're applying the logic in the interoperability node that triggers the use of native DLT system capabilities about how they handle either tokenized assets, reference data or shared information," he said.
Concerning the solution's operation, Treat said the working version used a single interoperability node that introduced limitations.
"On our development pathway, we're researching the ability to have multiple interoperability nodes to discuss and spread the load. And a variant that would not demand one interoperability node at all, but actually just simply be a part of this smart contract logic that any node could run," he added.
Richard Gendal Brown, chief technology officer at R3, said interoperability is key to avoiding silos and the trapped resources of the past.
"We made specific design decisions when building Corda to ensure that software built on our platform can interoperate without friction," Brown stated. "The successful testing of those technology options is a significant step ahead for blockchain development and validates our strategy."
Thursday, September 27, 2018
Incoming Q4 Bitcoin Bull Run? [Cryptocurrency News & Motivation]
Swiss Startup SEBA Gets $103 Million to Create Cryptocurrency Bank
SEBA is reportedly led by former UBS bankers -- Guido Buehler as chief executive and Andreas Amschwand as chairman -- and plans to apply for a banking and securities dealer license from Swiss financial market regulator FINMA. A license would allow the company to conduct crypto trading and investments business for some other banks and qualified investors.
Buehler told Reuters that SEBA aims to become a bridge between traditional banking as well as the cryptocurrency industry. The startup also intends to supply corporate financing, such as consultations on Initial Coin Offerings (ICOs) and other digital asset-related solutions to corporate clients. Amschwand commented about the project:
"In Switzerland we have a commitment from various authorities to set up a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets."
SEBA is likely to expand its operations into financial hubs, starting with Zurich in 2019. Investors that financed SEBA include such companies as BlackRiver Asset Management and Hong Kong-based Summer Capital, Together with other parties out of Switzerland, Singapore, Malaysia, China and Hong Kong.
Before this month, the Swiss Bankers Association (SBA) issued basic guidelines for banks working with blockchain startups so as to prevent a mass crypto exodus from Switzerland because of regulatory arbitrage.
In August, the Maerki Baumann private bank started accepting crypto funds from payment received for services, as well as from crypto mining. Maerki Baumann noted that they're not prepared to provide direct cryptocurrency investments, but provides"experts" to customers considering crypto investing.
In June, Hypothekarbank Lenzburg became the first lender in Switzerland to provide company accounts to blockchain and crypto-related fintech companies. On the other hand, the bank as of June had taken on two companies from the crypto industry, and is allegedly very selective in accepting new customers.
Thursday, August 23, 2018
Hacked Crypto Exchange Bithumb Made $35 Million Profit in First Half 2018
Bithumb Made $35 Million Before Being Hacked
Vidente, a movie gear manufacturer that possesses 10.55 percentage of Bithumb and 10% of its holding company, disclosed the fiscal information to some South Korean financial regulator on Thursday, according to local news bureau Yonhap.
Before deductions, the figures say, Bithumb gathered a total of $270 million in earnings within the first six months of 2018, with $194 million in operating earnings.
While the information for the identical period last year isn't accessible, Yonhap said Bithumb made $380 million in net gains in 2017 alone, over 10 times its half-year earnings up to now.
It has been a rugged summer for Bithumb up to now. The stage endured a major violation in June that saw roughly $31 million in cryptocurrencies stolen -- although it afterwards promised to get clawed back $14 million. It is not clear if this event has influenced the revealed first-half amounts significantly or when the prices will be pushed into another accounting period.
A study into possible tax evasion found in January also saw that the firm get a hefty bill of about $28 million since it reasoned, in addition in June -- but no wrongdoing was discovered.
For example, on Jan. 2, Bithumb has been the planet's third-largest trading place using $2.5 billion in 24-hour trading quantity. It's dropped into the 19th, with approximately $71.7 million changing hands before the trading day.
CoinDesk additionally reported early this month the 24-hour trading volume on Bithumb dropped by 40 percent from $350 million to $250 million over a week after it suspended the launching of new client accounts because of a banking limitation -- a problem also linked to the hack.
In similar news, Dunamu, the applications developer that owns the Upbit market, has also only revealed its latest fiscal information. According to the report, Upbit gained $97 million in gain during the first half of 2018.
Tuesday, March 27, 2018
Blockchain Used As Tool In Food Security
Operating with IBM, retail large Wal-Mart Stores is examining the technology system on mangos in the Unified States and pork in China.
Blythe Masters: Is Blockchain Secure?
UK Charity Uses Blockchain Platform to Create Trust in Donations
The charity is partnering with the Giftcoin system, which can be utilized to track donor obligations in the time they've been gifted to if the funds are actually been invested.
English Heritage increased $2.5 million (approximately $3.5 million) in donations between 2015 and 2016, according to statements.
The charity itself is relatively youthful, generated when a non-departmental public body of this U.K. government of the same name was split into two entities, the next of which is Historic England.
Within an email, to CoinDesk, English Heritage development manager Luke Purser framed the movement as one aimed at facilitating new ways to work with donors.
"As a new charity, we're keen to explore innovative ways of engaging with the broadest audience of donors potential, and we are eager to build relationships with donors based on transparency and trust - Giftcoin might be one way of helping us to do this," he explained.
Giftcoin said in a statement that the technology will also be employed with the aim of attracting millennial donors "in a digital era at which confidence, in charity and good causes, seems to be at an all-time low"
The company's public market is now underway, and it claims to have increased $1.27 million up to now.
Monday, March 19, 2018
Why Is The Market Red? - When Will CryptoCurrency Bounce Back?
Bitcoin Goes Down to $7,840 As Cryptocurrency Market Slides
The valuation of this cryptocurrency market, which hovered close to the $470 billion mark merely two weeks ago, has dropped to $313 billion, as major cryptocurrencies including bitcoin fell in value.
Bitcoin Price Down
Over the past 24 hours, the price of bitcoin dropped from $8,600 to $7,840, by nearly $800. While trading volumes of most important cryptocurrencies across major exchanges stay low overall, bitcoin's daily trading volume has been relatively low, with market volumes intensifying on exchanges such as Bitfinex and Bithumb.
Yesterday, on March 16, CCN reported that although many analysts within the cryptocurrency sector and traditional finance sector unanimously agree on an optimistic long-term cost tendency for the cryptocurrency industry, the majority are doubtful towards the short-term momentum of bitcoin, awarded that the 70 percent correction it's endured since January.
After dropping below the $6,000 mark and falling from $19,666 to $5,920 by documenting a 70 percent fall in value, the maximum dominant cryptocurrency in the global marketplace has shrunk into the $7,000 region, and briefly achieved $11,600 final week.
However, as exhibited by means of a cryptocurrency analyst better known as Wolf of Crypto below, it's important to acknowledge that bitcoin has endured the third-worst accident in its history, supporting the 83 percent crash from $259 to $43 in April 2013, along with the 87 percent crash from $1,163 to $152 throughout late 2013 and 2014.
However, as demonstrated by means of a cryptocurrency analyst known as Wolf of Crypto below, it is important to admit that bitcoin has endured the third-worst accident in its history, supporting the 83 percent crash from $259 to $43 in April 2013, along with the 87 percent crash from $1,163 to $152 throughout late 2013 and 2014.
It is difficult for any major cryptocurrency to recover from its current 70 percent correction because this time, investors in the mainstream and public markets have been damaged by the decrease in the price of cryptocurrencies. Formerly, cryptocurrencies were considered to be an up-and-coming asset class with the capability to be worth several trillions of dollars later on.
Now, a little portion of investors that experienced considerable losses in the latest correction sees the market as a bubble and as a failed chance, despite the optimistic comments of some of the finance and technology industries' largest names, including Peter Thiel and Alan Howard.
The mainstream media is leading to the constant decline in the value of bitcoin, by offering predictions that can be considered absurd, given that the lack of basis for them. As an example, a recent coverage by Bloomberg claimed the price of bitcoin would probably fall to $2,800, without providing evidence or indication of some type.
Monday, March 5, 2018
Filing Cryptocurrency Taxes
- CRYPTOCURRENCY TRADING
- ONLINE COMMERCE
- GIFTS
- STOLEN OR LOST FUNDS
Bitcoin, Altcoins and Taxes - Capital Gains Tax and Coinbase
The Truth About Who Really Owns Crypto At Tax Times
For tax purposes, transfers are treated as earnings unless you can find another way of moving cryptocurrency tax-free. The event that the Internal Revenue Service considers crypto as property may prompt you to look at the idea of possession.
If you are holding crypto for somebody else, is it really yours, or not? To put it differently, if you're holding the crypto for the benefit of someone else, who must pay the taxes? The answer may be not 100% clear.
Begin with the proposition that income tax liability is allocated based on ownership under local law. The issues could be intensely factual. Who must pay can turn on who has control over and benefits and benefits of their property. The identical thing can occur with bank accounts.
There may be one nominal owner, but the cash might effectively be held in trust for someone else. Who must pay tax upon the interest, can be problematic. To make things more complicated, local law ownership and beneficial ownership aren't necessarily the same. The IRS can attempt to taxation the beneficial owner of an account, regardless of the individual's rights to the capital under the prevailing law. Federal income tax liability is presumptively allocated based on the regulation of this prevailing foreign jurisdiction.
However, the IRS and the courts frequently look past the local legislation to impose taxes to the party who's the beneficial owner. In one instance a person was subject to income taxation as the owner of a bank account, although he was not the owner of the account under the law. Conversely, if you are merely holding something like a broker, you shouldn't be taxed.
If anyone "holds legal title to the property as an agent, then for taxation purposes the principal and not the owner," one taxation case put it. A nominal owner isn't the owner for federal income tax purposes.
Generally, income should be taxed to the main, even if the agent is a joint signatory. The Supreme Court explained that "the legislation attributes tax implications of land held by a genuine agent to the principal." The Court enunciated a three-part service haven. Under it, you will not be treated as the owner for tax purposes if:
- A written service agreement is entered into with the agent contemporaneously with the purchase of the asset;
- The agent will be held out as only an agent in all transactions with third-parties concerning the asset.
- The agent functions exclusively as an agent concerning the strength at all times;
Assuming a genuine agency, the agent should not face taxes on earnings over which he has no control and no valuable right. The Tax Court has defined beneficial ownership as the "liberty to dispose of their accounts' funds at will." Courts may weigh variables including: (1) which party appreciates the economic benefit of the property; (2) which party has possession and control; and (3) the intent of the parties.
The citizen opened four bank account in the names of his four kids. He deposited money into the accounts but later withdrew it to ease his own market ventures. He proceeded to claim that his children owned the four accounts, so he didn't report some of the income they created.
The IRS said taxes were due, but the father argued that the accounts were exclusively for the sake of his children. He claimed that the withdrawals were only loans and could be repaid. Not surprisingly, the Tax Court decided that the dad was the beneficial owner. Therefore he needed to pay the taxes. The court concluded that:
"Our finding this relies on the identity of the legitimate owner of the income-producing property. In this inquiry, we look not to mere lawful title, however to beneficial ownership. It's control over the property or the enjoyment of its economic benefits, that marks the actual owner. When trades are between family members, special scrutiny of this arrangement is necessary, lest what is in reality but one economic unit is multiplied into two or even more."
"While we don't doubt the sincerity of [the citizen's] long-term goals, we nevertheless have discovered that [the citizen] owned the accounts in question throughout the years in question. The circumstance that [the citizen] might have seen the funds as the ultimate property of the children doesn't alter the essence of this dominion and control he exercised over these funds through the years in issue. [The citizen's] access to, and use of, the cash in the children's bank accounts to ease his own small business ventures set him as the constructive owner of those funds. As such, we maintain that he is subject to tax on any income earned on the children's accounts..."
Thursday, February 22, 2018
Petro Coin Raises $735 Million!
Venezuela's Cryptocurrency Is Going Well But Seems Under Shady Management
There is a flurry of information coming this week about its federal
cryptocurrency, the petro, though a picture of the job has yet to
emerge.Really, regardless of the media conferences and Twitter campaigns, among the noteworthy questions to emerge concerning the first-of-its-kind cryptocurrency is precisely who is building it, which technologies are now being utilized and which private companies are involved (if any).
The most notable amongst named in the latter category is a comparatively little-known consulting firm named Aerotrading, which describes itself as "the largest blockchain consulting firm" on its own official site.
The social media drive from the Venezuelan authorities highlighted the arrangement together with the consultancy and has included photographs of its representatives meeting with the country's president, Nicolas Maduro.
A Twitter accounts connected to Aerotrading has many tweets posts, all from now, including one which reads: "We're very happy to welcome the #Petro cryptocurrency to the #blockchain ecosystem."
Yet questions remain, such as what role the firm will perform in the launching and use of this metro. Press time is not returned emails delivered to addresses associated with Aerotrading.
As previously mentioned, Maduro introduced that the "petro" back in December, and on Tuesday the government launched a presale which it claims has raised a whopping $735 million over the initial day. Still, the sale was allegedly marred by perplexing messaging, and political figures in the nation have decried the move as prohibited.
No involvement is said by NEM
1 group that has confirmed it's not involved with the petro is that the NEM Foundation, which oversees development of this open-source NEM protocol. After documents published by the government indicated that the NEM network would be utilized as the platform where tokens would be 33, the NEM Foundation was linked into the story.
"The NEM technologies is open to any individual or organization that wants to use it. The NEM Foundation abstains from endorsements. We can confirm that the Venezuela Government intends to use the NEM Blockchain," the team said in an announcement posted to Twitter.
A representative to the Foundation advised CoinDesk within an email the team "is not involved with this project and we're not in a position to control any open source projects."
"The NEM Foundation has a very clear goal to introduce, educate, and foster the use of this NEM blockchain technologies platform on a global scale to all businesses and institutions," the rep included.
Confusion within the Foundation's involvement was triggered by a tweet by the Venezuelan government that inaccurately cited them. Chatter on societal networking implies that the exchange in question is ZeusExchange, which will be based in Russia.
A representative to the trade suggested that its code could be utilized in connection with the project when contacted for comment.
Other uncertain links
Info about other groups linked to the petro project is clear right now.
According to a source, the group supporting cryptocurrency market MonkeyCoin is. MonkeyCoin was launched in according to media statements at the time, and mails were not returned by press time.
A December report from news service El Cooperante joins an additional cryptocurrency project, the loan system OnixCoin, to the petro initiative. As the website recorded on Dec. 13, OnixCoin "is in charge of carrying out the generation of Venezuelan cryptocurrencies."
Additionally, according to Reason that same month, OnixCoin creator Angel Salazar is part of a team that is advising the Venezuelan government on cryptocurrency regulation.
Wednesday, February 14, 2018
Japan Is Set For Massive Explosion In Bitcoin Acceptance!
Japanese Crypto Investors May Pay Up To 55 Percent of Tax
The Japanese National Tax Agency had already ruled "last year" that capital profits on transactions of digital currency are considered "miscellaneous income," Bloomberg writes.
The taxation on cryptocurrency profits is higher than the around 20 percent tax levied on profits from stocks and foreign currencies, with the greater percentage taxation applying to those who earn greater than 40 mln yen a year (about $367,600).
In comparison, South Korea had declared in Jan. which crypto exchanges will be taxed 24.2 per cent, in line with the existing tax policy for corporations.
Based on Bloomberg, around 40 percent of Bitcoin (BTC) trading recently has been against the yen, meaning the nation will be given a massive revenue from taxing crypto.
Bloomberg reports that the National Tax Agency is creating a database of teams that are keeping, as well as cryptocurrency investors, possibly to ensure enforcement of the tax laws in Tokyo and Osaka to observe trading.
The US Internal Revenue Service (IRS) also reported now that they had created a ten-person team of researchers directed at tracking down crypto consumers that failed to report their profits in their tax declarations.
Japan had recognized Bitcoin as a lawful means of payment back in April 2017, a step towards helping the authorities prevent unregulated trades from hacks and mismanagement such as the Mt. Gox meltdown in 2014.
Wednesday, January 24, 2018
South Korea’s Second Biggest Bank Will Support Cryptocurrency Transactions
Korbit and Bithumb, a couple of the cryptocurrency exchanges in the Korean market, have declared that Kookmin Bank deposits and withdrawals will be disabled from the end of January.Shinhan Bank Will Service Cryptocurrency Exchanges
Provide investors with bank accounts and Kookmin Bank has decided to not encourage exchanges. On trading platforms, every investor is provided with bank accounts with which they can withdraw and deposit Korean won, without having to directly move funds out of and to a real bank account.
Over the last couple of weeks, investors were worried about Kookmin Bank's abrupt decision to shut down virtual bank accounts. Traders feared that other banks would follow the decision of Kookmin Bank and simply cut on financial hyperlinks.
Korbit told its traders and users that by the end of January, the trade would begin accepting deposits and withdrawals before this week. The announcement sent by Korbit to the users
"As previously announced, to abide by the identification and anti-money laundering regulations being enforced by the authorities, the current KRW deposit method will be terminated by the end of January 2018.
To utilize you also must have a Shinhan Bank account filed under your name that is legal. Please use this opportunity to make a banking account in Shinhan Bank. We will follow up with further instructions on how to input the newest KRW withdrawal account information on Korbit."
With the statement of Korbit, traders began to not worry about the potential for a trading ban that was cryptocurrency and has gotten relieved. In an official document, the South Korean government stated that it had requested financial institutions and banks within the finance industry to prevent providing markets with banking services.
What Will Happen to South Korean Cryptocurrency Market?
This week, several local media outlets reported that a high ranking fiscal authority in South Korea promised that the government is likely to permit financial institutions to list bitcoin futures since the US Commodities and Futures Trading Commission (CFTC) failed in 2017.
In the upcoming months, the government will probably roll out regulations that are practical to protect both investors and companies. In a statement, a part of the regulation task force noted that the regulatory roadmap established by markets like the United States and Japan would be followed by the government.
Given the current state of the marketplace and the government's decision to not impose a trading ban in the short-term, the South Korean cryptocurrency exchange market has been fairly optimistic over a previous couple of days, as revealed by the rising cost and volumes of cryptocurrencies in both the South Korean and worldwide sector.
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