https://www.zerohedge.com/crypto/crypto-nightmare-97-south-korean-exchanges-are-risk-going-bankruptFirst off I didn't think there were enough Korean exchanges to be able to have 97% of them go bust. Second off I've no idea how believable Zero Hedge is. But this would not surprise me all that much. I got the impression that the Korean government were amateurish pricks caught by surprise when it all blew up. I got the impression most exchanges there are run by clueless scum. I also got the impression Koreans themselves were pretty fucking dim and would pump a turd with a cocktail stick poking out of it. I don't expect any effect as it's a closed market and it's already faded away but I expect it'll be the highest profile example of a bubble burst. See ya.
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https://www.irs.gov/newsroom/frequently-asked-questions-on-virtual-currency-transactionsOne for all you lucky Americans. The standout here is this - " Q22. One of my cryptocurrencies went through a hard fork followed by an airdrop and I received new cryptocurrency. Do I have income? A22. If a hard fork is followed by an airdrop and you receive new cryptocurrency, you will have taxable income in the taxable year you receive that cryptocurrency. Q23. How do I calculate my income from cryptocurrency I received following a hard fork? A23. When you receive cryptocurrency from an airdrop following a hard fork, you will have ordinary income equal to the fair market value of the new cryptocurrency when it is received, which is when the transaction is recorded on the distributed ledger, provided you have dominion and control over the cryptocurrency so that you can transfer, sell, exchange, or otherwise dispose of the cryptocurrency." As far as I know no other tax authority has come out with this and it's ludicrous. In the UK it's taxable when you get rid. Then again I'm not sure what they mean by hard fork followed by an airdrop. They are in effect the same thing. This conjures up images of people hard forking each other just to land them with giant tax bills.
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https://mcafeemagic.comWould you trust this man with your dust? It looks like it consolidates multiple exchanges into one interface. You go first.
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Everyone has a few. What are yours?
My main ones are - unit bias has held back BTC's progress in the mind of the public.
Bitcoin will never see widespread use as a currency.
95-99.5% of the world does not want to be their own bank. And a decent proportion who do want to be, should not be.
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What do you think will be the thing that captures the imagination of the average lemming?
Last time around it was ICOs. Now they're toast.
Will it be as simple as greater legitimacy in the form of big operations green lighting crypto trading?
Will there be a new form of ICO piss taking? Many will say the collective has learnt its lesson. We all know that's utter bollocks.
What is your supposition? Does it need one at all?
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I was perusing another forum today with a long running cryptcurrency thread. To my non amazement they're still debating the nature of the whole thing in the exact same way they were 2-3-4-5 years ago. The same people are waiting to be convinced. The same people are trying to convince them.
This strikes me as a complete and utter waste of calories. I'd rather let people believe what they want. Me convincing them won't help anyone. They're not going to convince me of anything. My attitude is - crypto is here. You may as well sit back and see what happens as nothing I do, say or listen to will change it.
Are you still embroiled in debates with friends and internet creeps or have you let it slide?
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A couple of days of excitement and then this happens.  To be fair, or just as unimpressed, they've been having problems with this when it was quiet too. But it does make me wonder about how desperate it's going to become if there's another proper bubble. Last time it nearly finished off even the biggest operations and I've seen little mention of them making plans if it happens again. There's no time to recruit and train enough people as it occurs and I doubt anyone would be willing to employ vast numbers on the off chance there's a few weeks of madness again. A future bubble would be way more muscular and the millions of people who boned themselves up the posterior on the last one would be very fast to jump back in, let alone new arrivals. Do you reckon the exchanges have secret fire power hidden away or are they going to wilt until the whole thing keels over? With 2x the excitement it would be a massive undertaking to handle, 5-10x and your computer might vomit into your lap when you try to log in to an exchange. |
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https://bitcoinmagazine.com/articles/tether-updates-website-says-usdt-backed-by-reserves-not-just-cash/As you may or may not have noticed Tether updated their terms in the last 24 hours. It's gone from the never proven 1-1 dollar backing to - “100% backed by [its] reserves.” It clarifies this vague language, even legalistic language, by saying these reserves “include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.” I can't say I'm massively surprised. I am massively disappointed by how big USDT has remained. After all this time there should be a less crappy alternative. It would be healthy to see some sort of resolution before another bull run. I don't believe it's the fully empty horror show some obsessives think it is. I would still prefer it to bugger off and die.
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https://www.ccn.com/crypto-startup-jp-morgan-chase-closed-our-account-with-no-explanationI've always been intrigued by bankiing's attitude towards crypto. It's rarely mentioned how tenuous the banking is of some of the biggest players. If Silvergate Bank decides to give up the ghost that might screw Coinbase, Kraken, Gemini and nearly 500 others. As crypto gets bigger is the banking squeeze going to let up or increase? According to this article they were shut down the day after JPmorgancoin was launched.
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https://www.coindesk.com/blockfi-now-offers-a-crypto-deposit-account-with-compound-interestDoes this fill people with excitement or fear? The involvement of Gemini is certainly a large endorsement but I REALLY don't fancy the idea of sending a large amount of coins to someone who may shout 'compliance' when it's time to withdraw them. I can imagine lending out to large traders could pay, that's what the DCG are already doing. I'd prefer it if they stuck to their own money doing it.
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