Day: August 12, 2020

Kazakhstan Proposes 15% Tax on Bitcoin Mining to Help Combat Coronavirus

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Kazakhstan has proposed legislation that would see a 15% tax imposed on bitcoin mining firms. This is part of efforts to raise money to help with the fight against the coronavirus pandemic. Proposed by the country’s Ministry of Economy, the new tax plan requires bitcoin (BTC) miners to first file an application for registration with the authorities, according to a recent report by a local Russian publication. After this, the taxpayer must then indicate the 15% tax on their annual tax calculations. The report notes that “the clause on registration…

Why This Nasdaq-Listed Company Is Going All-In on Bitcoin

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Bitcoin has become a popular investment vehicle amongst retail and institutional investors, but it is also becoming a reserve asset for some companies. Per an announcement from earlier today, a Nasdaq-listed business intelligence company is now turning to the benchmark cryptocurrency to store their capital reserves, calling it an asset that can be “superior to cash” while also providing them with some upside potential. In total, the company has purchased $250 million worth of BTC. This comes as part of new efforts to maximize the value and growth they provide…

DeFi Token Serum Surges 1500% in 12 Hours After Listing

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The latest DeFi token to moon is for the decentralized derivatives exchange Serum ,which surged by four figures following its launch and exchange listings. The Serum Project is a new, non-custodial DEX that launched on August 11 and its native SRM token has since surged 1500%. The Serum Project is a collaboration between centralized derivatives trading platform FTX, and Solana, a low-fee, high-speed, interoperable smart contract blockchain.  Launched less than 12 hours ago at the time of writing, the token has skyrocketed from the launch price of $0.11 to more…

IBM Executive Reveals Plans to Help Banks Capitalize on DeFi

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In a Cointelegraph interview, director of IBM financial services and digital assets, Nitin Gaur, shared how the technology company is helping financial institutions to capitalize on the DeFi movement. Gaur — the author of Blockchain for Business — says it is essential that banks understand and embrace DeFi space. Otherwise, he says it could eventually disrupt their entire business model: “I think that the financial institutions should understand it because it has the potential to eventually sort of take over and subside the business elements of existing business models. And…

Defcon Speaker Discusses Liberating $300K Worth of Bitcoin From an Encrypted File

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This year due to the coronavirus outbreak the world-famous hackers’ convention Defcon held it’s 28th annual event with virtual presentations in “safe mode.” One of the presentations was from an executive from Pyrofex, Michael Stay, who discussed how he broke into an encrypted file to liberate $300,000 worth of bitcoin for a Russian investor. Defcon 28 “safe mode” presentations got interesting on August 5, when ex-Google employee Mike Stay told a story about how he rescued $300k worth of bitcoin (BTC) from an encrypted zip file. Stay is the CTO…

Why Chinese Miners Won’t Stage a 51% Attack on Bitcoin

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China accounts for more than half of the world’s Bitcoin mining capacity but Jameson Lopp, the co-founder and CTO of Casa, has hosed down fears that Chinese miners are a threat to Bitcoin in a blog post on Aug. 9. Although many people have raised concerns over the concentration of such much hashpower being located in China, Loop pointed out that even in the event of a 51% attack on Bitcoin, attackers are limited in what they can actually do.  He explained that attackers can’t steal people’s Bitcoin arbitrarily, nor…

Bitcoin Fractal From May Warns Of Coming Crash, More Painful Sideways

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Bitcoin price only recently broke out from a tight trading range, causing a roaring rally by crypto bulls, pushing the asset to $12,000 per BTC. But even though sideways just ended, a fractal appearing on the asset’s price charts suggests that a crash is on the way, followed by much worse: more painful sideways. The Crypto Market’s Rollercoaster Ride of 2020 2020 has been a rollercoaster for Bitcoin unlike no other. The crypto asset went from trading at around $6,500 to $10,000, then collapsed to $3,800 in the Black Thursday. …