Crypto recovers, disasters strike, and China’s crackdown moves to other sectors – Cointelegraph Magazine

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.   It was a tumultuous week in China outside the financial world with severe flooding hitting Zhengzhou and typhoon In-Fa lashing into cities around Shanghai. Even worse, a COVID-19 Delta-variant outbreak in Nanjing is now threatening to disrupt the relatively open lifestyle that residents have enjoyed since strict anti-infection measures got the initial outbreak under control in early 2020. …

Mining firm wants to help taxpayers avoid obligations by sending proceeds to IRAs

North American mining and hosting firm Compass Mining is offering a new tax avoidance method for savvy crypto miners that file in the United States.  In a Thursday announcement, Compass Mining said it had partnered with IRA provider Choice by Kingdom Trust to help Bitcoin users mine directly to their IRAs “without ever triggering a taxable event.” Under current U.S. law, income is often the only taxable source of funds for many who file returns. Crypto users who purchase tokens may be required to declare the holdings in their tax returns,…

Crypto Damus On Successfully Combining Bitcoin TA With Financial Astrology

Bitcoin is booming all over mainstream finance and throughout social media. Other cryptocurrencies are nearly as hot, and even meme stocks like GameStop, AMC, and others have brought retail into finance like never before. It also has uncovered some of the more unorthodox parts of finance, such as financial astrology. Financial astrology has been around for as long as markets have been trading, but has recently become popular through the likes of Twitter and TikTok influencers. But not everyone is hopping on the trend. We’ve had the opportunity to sit…

Is Bitcoin a religion? If not, it soon could be – Cointelegraph Magazine

Hass McCook is a respected Sydney-based civil engineer who has worked on some of the most spectacular buildings in the world, from Munich’s Allianz Arena to Singapore’s Marina Bay Sands. He also considers Bitcoin to be his religion. Better known on Twitter as Friar Hass, the 35-year-old had a religious epiphany about Bitcoin in 2017. In a tale reminiscent of the Bible’s The Trials of Job, McCook bought Bitcoin three years earlier at $1,000 a coin and watched it lose 90% of its value. He then lost a substantial proportion…

Israeli gov’t seeks to track crypto holdings above $61K

The Israeli government is ratcheting up its efforts to deter tax evasion and close loopholes for would-be money launderers as part of a “war against black capital.” Among the measures outlined in a new draft bill published by the Ministry of Finance this week, a new statutory requirement is being proposed to place cryptocurrency users under increased scrutiny. The proposed law would make it mandatory for cryptocurrency users who have either purchased 200,000 Israeli shekels ($61,000) worth of cryptocurrency or whose crypto holdings are currently worth the same amount and…

PayPal Fails to Meet Q2 2021 Earnings Expectations, PYPL Stock Down

According to PayPal’s Q2 2021 earnings report, the company has seen a 19% growth in net revenue year over year in the quarter that ended June 30, reaching $6.24 billion. However, it falls short of the $6.27 billion expected.  Worldwide online payments provider PayPal Holdings Inc (NASDAQ: PYPL) has joined the ranks of companies that released their Q2 2021 earnings reports. It turned out that PayPal has not managed to meet analysts’ expectations. Some of the results are quite impressive, but some numbers came weaker than last year’s. PayPal Q2 Earnings: Details…

PayPal Fails to Meet Q2 2021 Earnings Expectations, PYPL Stock Down

According to PayPal’s Q2 2021 earnings report, the company has seen a 19% growth in net revenue year over year in the quarter that ended June 30, reaching $6.24 billion. However, it falls short of the $6.27 billion expected.  Worldwide online payments provider PayPal Holdings Inc (NASDAQ: PYPL) has joined the ranks of companies that released their Q2 2021 earnings reports. It turned out that PayPal has not managed to meet analysts’ expectations. Some of the results are quite impressive, but some numbers came weaker than last year’s. PayPal Q2 Earnings: Details…

Nano seeks $700K in costs from plaintiff who dropped class action with ‘absurd’ claims

An ongoing lawsuit involving crypto project Nano has taken another turn this week when the developers sought a sanction after the plaintiff dropped the case. The Nano team is after $701,000 in attorney fees and costs as a sanction after a token buyer dropped his proposed class action. On July 27, its legal team told a California federal court that some of the claims against them had been “legally baseless”, according to Law360. Token buyer Alec Otto had accused the Nano developers of fraud, violating securities laws and other offenses,…

Why Blockchain Is Integral To A Future Of Net-zero Carbon Emissions

The intersection of blockchain and electric vehicles (EVs) is one of the many examples that testify to the fact that the energy transition will not unfold without blockchain solutions. They are today an integral part of the transition to a green and digital energy future. The energy transition to a decarbonized world is well on its way The energy transition is about the production and consumption of energy shifting from using fossil-based fuels — coal, natural gas, and oil — to zero-carbon resources, like solar or wind. It is the…

Unique Bitcoin-backed home loan refinancing deal in California

One of Southern California’s largest independent escrow companies, Glen Oaks Escrow, has announced its first property refinancing with a Bitcoin-backed loan. The company stated that this is the first time a refinancing has been completed using Bitcoin as collateral. In the July 28 announcement it added that it has previously facilitated a number of real estate transactions that used BTC as the form of payment. Glen Oaks Escrow, which started accepting Bitcoin payments in 2018, views the transaction as proof that Bitcoin’s value proposition is becoming clearer to debtors and…