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Day: November 14, 2022
SEC wins LBRY case, but the victory may have little impact in the greater cryptoverse
The United States Security Commission (SEC) won its case against blockchain-based file-sharing and payment network LBRY in district court in New Hampshire on Nov. 7 when that court decided to grant an SEC request for summary judgment filed in May. The case garnered lots of commentaries on its own and also in relation to the ongoing Ripple case. LBRY operates a digital content network. The Odysee video-sharing website is its best-known app. The network uses LBRY Credit (LBC) to reward users for performing tasks, referring new users, contributing to projects…
Nike Sprints Into Web3 With New .SWOOSH Platform
“We are shaping a marketplace of the future with an accessible platform for the Web3-curious. In this new space, the .SWOOSH community and Nike can create, share, and benefit together,” Ron Faris, GM of Nike Virtual Studios, said in a press release. Source
Binance Users Withdrew $1.35B of Bitcoin in Days Following FTX Collapse
Binance saw a net 81,712 bitcoin ($1.35 billion), or more than 15% of the roughly 500,000 bitcoin on its exchange, pulled from the platform over the past six days, according to data from CryptoQuant. In addition, a net 125,026 ether ($155 million) and $1.14 billion in stablecoins were withdrawn from Binance over the same period. Original
Health of FTX’s US Derivatives Arm Owed to Oversight, Says CFTC Chief Behnam
As for the CFTC’s enforcement powers, when Behnam was asked whether the agency would take action against FTX, he said he couldn’t comment on specific plans. However, he pointed out the CFTC does have authority over fraud and manipulation in the direct trading of crypto commodities, which would include bitcoin. Source
What Is Tax Loss Harvesting? How to Save on Crypto Taxes While Still Hodling Bitcoin
Bitcoin investors can select three different accounting treatments for their bitcoin. These are Specific ID (HIFO, or highest in, first out), last-in first-out (LIFO), and first-in first-out (FIFO). Each of these methods refers to the question of “which” bitcoin was sold when an investor sells BTC. Original
NFT Art Museum Donations? The Pros and Cons for Your Tax Bill
But for the donor, it’s a big deal. Probably the most important question is whether the donor can claim a tax deduction, and if so, for how much. Typically, when an art collector donates an artwork to an art museum, the collector can deduct the value of the donated artwork from their taxable income, lowering their federal tax bill. Why? Art museums are usually charities and donations to charities are tax deductible. Source
CRO Rebounds as CEO Kris Marszalek Admits ‘Trust Was Damaged’ – Market Updates Bitcoin News
On Nov. 14, cronos rebounded, as Crypto.com CEO Kris Marszalek held an “Ask me Anything” (AMA) session, while speculation grew on the company’s level of solvency. The concerns came after it was revealed that a transfer of $400 million was made to gate.io in recent weeks. Polygon also surged on Monday, as prices attempted to break out of a key resistance level. Cronos (CRO) Cronos (CRO) rebounded on Monday, as markets responded to Crypto.com CEO Kris Marszalek’s comments on recent speculation surrounding the company’s health. Following a low of $0.05629,…
Visa Ends Its Debit Card Pact With FTX
The original partnership to release crypto debit cards in 40 countries was reported on in October. Source
Is GPU mining profitable after the Ethereum Merge?
The Merge forced miners to shift to alternative GPU mineable cryptocurrencies, a newly forked version or dump or sell their equipment at a low price. Shift to alternative GPU mineable cryptocurrencies One of the direct effects of the Merge includes miners turning to the Ethereum fork, Ethereum Classic (ETC), to keep utilizing their equipment. For instance, the blockchain fork’s hash rate increased the day after the Merge. The hash rate describes the computation power needed to approve a transaction on the blockchain through a proof-of-work consensus mechanism. As Ethereum Classic…