Day: July 6, 2019

Pompliano Apparently Holds 50% of His Wealth in Bitcoin, Explains Why

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American investor and co-founder of Morgan Creek Digital Assets Anthony “Pomp” Pompliano explained his investing strategy and skepticism towards fiat currency in an interview with Cointelegraph on July 5. When asked whether he thought that putting 50% of his wealth into the leading digital currency bitcoin (BTC) was a risky move, Pompliano said that risk is relative for every individual; however, he has a clear profile that he wants to undertake. Pompliano continued: “I would make the argument that having 100% exposure to fiat currencies is a really bad idea.…

Indian Authorities Arrest 4 Individuals Accused of Crypto Ponzi Scheme

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The Criminal Investigation Department (CID) of India has arrested Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, and Ashiq Shaikh, the alleged creators of the cryptocurrency KBC Coin, according to a report by The Times of India on July 4. As per the report, the CID argues that KBC is a Ponzi Scheme.  KBC reportedly launched 6 months ago, and its price has not moved since. KBC coins were reportedly issued at 10 paisas apiece, with the promise that they would skyrocket in value to 10 rupees in a short time ⁠—…

Sophisticated Trading Bot Exploits Synthetix Oracle, Funds Recovered

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When Ethereum-based synthetic asset issuance platform Synthetix, which allows users to mint and trade synthetic currencies in a peer-to-peer fashion, lost track of more than 37 million synthetic Ether (sETH) on June 24, the company stopped all trading on its platform. While users only lost trading access for 24 hours, the event led to trades with 1,000x profits equalling $1 billion in less than an hour. The Australian-based company’s synthetic currencies provide access to the value of certain currencies, including Bitcoin and Ether. The platform says it makes it easy…

Top Crypto Markets Report Losses, Bitcoin Hovers Around $11,000

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Friday, July 5 — the top-20 digital currencies by market capitalization are trading in the red zone, with only Chainlink (LINK) seeing daily gains, according to data from Coin360. Market visualization courtesy of Coin360 Bitcoin (BTC) has been trading in a narrow corridor from $11,701 to $10,751 as its highest point during the day. The leading crypto has lost 6.25% over the past 24 hours, and is currently trading at $10,969. In terms of its weekly performance, bitcoin has seen a price drop by 2.73%. Bitcoin has become less correlated…

Avoid State Taxes on Crypto With US Supreme Court’s Recent Trust Decision?

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Robert W. Wood is a tax lawyer representing clients worldwide from the offices at Wood LLP in San Francisco. He is the author of numerous tax books and writes frequently about taxes for Forbes, Tax Notes and other publications. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. This discussion should not be regarded as legal advice. The United States Internal Revenue Service (IRS) treats Bitcoin and other cryptos as property. That means each property transfer can trigger…

Blockchain and AI Bond, Explained

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5. Even with these challenges ahead, several companies and organizations are already introducing AI into blockchain to produce results. There are already several promising projects merging the technologies that span a variety of fields. Recently, blockchain-based Cortex has announced the launch of an AI-based network for decentralized applications (DApps), which can help optimize financial services. The company hopes to use the technology to generate credit reports for decentralized financial services, construct better anti-fraud systems, and even assist in gaming and esports. Other companies, such as Endor, have taken a narrower approach. The organization,…

Circle CEO Hopes Libra’s Unique Needs Trigger Positive Regulation

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Jeremy Allaire, co-founder and CEO of payments company Circle, said that Facebook’s Libra will run in a closed-loop permission scheme that has its own requirements for regulation during an interview with Bloomberg released on July 5. During the interview, Allaire pointed out that there are different stablecoin implementations distinct in their regulatory approach. He explained: “There’s a really key difference between stablecoins that run on kind of closed-loop permission schemes — which is how Libra is being proposed today, at least in its initial incarnation — versus stablecoins that can…

Iranian Official Says US Congress is Working to Block Iran’s Crypto Mining

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Saeed Zarandi, Iranian Assistant Minister of Industry, Trade, and Supply, said that US Congress is working to stop Iran’s access to cryptocurrencies and Bitcoin (BTC) mining, as reported by local news service Al-Fars on July 6. According to Zarandi, Congress considers cryptocurrency a tool for evading sanctions and money laundering, and is therefore trying to legislate against Iran’s access to it, complicating Iran’s legislation.  Commenting that the issue of cryptocurrencies remained unsettled in Iran, Zarandi reportedly said that Iranian ministries are working with the Central Bank of Iran to settle…

BlockStream’s Green Wallet Announced Support for its LiquidNetword

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Blockchain software development BlockStream announced that its mobile wallet, Green Wallet, now supports the firm’s Liquid Network sidechain in a blog post published on July 5. Per the announcement, users of the wallet can now store, send and receive Liquid Bitcoin (L-BTC) and Issued Assets on the Liquid sidechain. The Liquid Network project, first discussed in 2015 and launched in October 2018, aims to allow for faster transactions with Bitcoin (BTC) between businesses and individuals with the use of its features. Bitcoin transactions on to the sidechain, where it moves…

Bitcoin Approaches $11,500 as Top Cryptos See Gains

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Saturday, July 6 — most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time, as Bitcoin (BTC) hovers just under the $11,500 mark. Market visualization courtesy of Coin360 Bitcoin is currently up by about three percent on the day, trading around $11,486 at press time, according to Coin360. Looking at its weekly chart, the coin is down by over 7.68%. Bitcoin 7-day price chart. Source: Coin360 According to a recent report released by major cryptocurrency exchange Binance, bitcoin has become less correlated with other cryptos…