Day: October 27, 2018

BitGo, Crypto Startups To Put Bitcoin (BTC) On Ethereum Blockchain

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Meet Wrapped Bitcoin, BTC On The Ethereum Blockchain Although it is clear that the creation of Bitcoin indirectly parented the Ethereum project, arguably the second-most successful blockchain, moves have recently been made to develop BTC-backed, Ethereum-based tokens, which is an abstract concept in and of itself. To bring clarity to this venture, Kyber Network, an integral part in this push to launch these tokens, dubbed Wrapped Bitcoin (WBTC), issued an extensive piece outlining the project. Per the post, Kyber will be joining hands with Palo Alto-based BitGo, Andreessen Horowitz-backed MakerDao, AirSwap, Blockfolio, IDEX,…

Crypto is Property: Chinese Court Upholds Citizens Rights to Own Bitcoin

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The Shenzhen Court of International Arbitration (SCIA) has recently affirmed that cryptocurrencies, specifically bitcoin and several of its hard forks, are considered legal property and Chinese citizens have a right to own and transfer them. The SCIA recently published an analysis of a contract dispute over WeChat, describing the legal proceedings of a case in which one individual managed nearly $500,000 worth of crypto assets on behalf of another private individual. The manager then refused to return these assets after their client dealt with a third party. The defendant in…

IRS Advisory Committee Requests Clearer Guidance for Crypto Tax Code

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On October 24, 2018, an advisory committee to the Internal Revenue Service (IRS) published a report calling for clarity on the IRS’s position toward cryptocurrency taxation. The Information Reporting Program Advisory Committee (IRPAC) recently released its annual report advising the IRS on possible areas to improve the tax code, specifically referring to data gathered throughout the fiscal year of 2018. In this 95-page report, multiple sections are dedicated to the issue of cryptocurrency taxation, with the IRPAC specifically recommending “that the IRS issue further guidance on the information reporting and…

Cardano Neutral to Bullish above 7 Cents

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For now, the differences between IOHK and Cardano Foundation isn’t affecting price. But should it escalate and the other side of the story leaks from CF, then we might have a glance of what the team thinks of Charles Hoskinson, the Founder. As it is, ADA/USD is level and above 7 cents meaning our previous Cardano price analysis is valid. Latest Cardano News Charles Hoskinson is clear: Cardano is a community organization and a platform where investors have put their monies on and they expect results. Unfortunately, he feels that…

LTC/USD, EOS/USD, XLM/USD, ADA/USD, XMR/USD Price Analysis

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After implementation of their version of “Segwit”, Monero transaction fees are near zero. Because of that, Bittrex and Binance have responded by slashing withdrawal fees to a mere $0.01. This is bullish and coincidentally it happens at a time when Litecoin plans to execute core 0.17 promising to drive down network fees by a factor of 10. These developments spur adoption which in turn builds demand which is what traders need to see. Let’s have a look at these charts: EOS/USD EOS Price Analysis Despite lower lows and a ranging…

Weaponized Money: Thoughts on the Creation and Control of Bitcoin

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Some tin-foil hat conspiracy theorists believe government devised and built bitcoin as weaponized money to enslave the people. They think Big Brother made the technology to subjugate everyone, and that politicians are somehow benefiting from the technology. In an odd twist of logic, these people believe bitcoin represents a state-sponsored tool for control. Government did not create bitcoin as weaponized money. The opposite is true. Crypto-anarchists constructed bitcoin to undermine and destabilize governments. The exact creator of bitcoin is unknown. The individual’s pseudonym is Satoshi Nakamoto but it could also be…

Peer-to-Peer Bitcoin Exchange Hodl Hodl Implements Multisignature Contracts

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One of the oldest mantras in Bitcoin trading is: “never leave your coins on the exchange.” This wisdom is borne of the experience of Mt. Gox traders who lost many millions of dollars in Bitcoin over four years ago. Yet, better than never leaving your coins on an exchange is never placing them in the custody of the exchange in the first place. For the most part, exchanges have not conveniently allowed traders to do this. Hodl Hodl is a rarity in this respect and it has raised the bar…

Thai SEC Warns Public About Investing in Nine Unregistered Tokens and ICOs

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The Thai Securities and Exchange Commission (SEC) has issued a warning about investing in nine digital tokens and Initial Coin Offerings (ICOs), which have not been accredited by the regulator, news outlet Bangkok Post reported Oct. 26. The SEC reportedly initiated an investigation into digital tokens and ICOs being promoted on social media platforms for investment, and found nine cases wherein promoted digital assets had not been authorized by the market regulator. Per the SEC, the alleged digital assets and ICOs have neither filed an application for the SEC’s approval,…