US Financial Watchdog Fines Bitcoin Mixer Service $60 ...

The Undiscovered Facts Behind Money Laundering, Cryptocurrency, and Banks

The Undiscovered Facts Behind Money Laundering, Cryptocurrency, and Banks
A week ago, a lot of documents known as the FinCEN documents were delivered, enumerating how the absolute greatest banks on the globe move trillions of dollars in dubious exchanges for suspected psychological militants, kleptocrats, and drug top dogs. Also, the U.S. government has neglected to stop it.
https://preview.redd.it/lme57jyyx1r51.jpg?width=1200&format=pjpg&auto=webp&s=014ead7b7b812b3d6cbaf4a141eeec123589121b
The Financial Crimes Enforcement Network ("FinCEN"), an agency inside the Treasury Department, accused of battling tax evasion, psychological militant financing, and other monetary violations. An assortment of "dubious movement reports" offers a window into budgetary debasement, and how governments can't or reluctant to stop it. Benefits from destructive medication wars, fortunes stole from creating nations, and hard-earned investment funds taken in Ponzi plans, all course through money related establishments, in spite of admonitions from bank workers.
These reports are available to US law enforcement agencies and other nations’ financial intelligence operations. Although FinCEN is aware of the money laundering activities, it lacks the authority to stop it.
Money laundering is more than a financial crime. It is a tool that makes all other crimes possible - from drug trafficking to political crimes. And banks make it all possible. In a detailed expose, BuzzFeedNews named several of the most trusted banks. Current investigations show that even after fines and prosecutions, well-known JPMorgan Chase JPM (+0.9%), HSBC, Standard Chartered, Deutsche Bank, and Bank of New York Mellon BK (+0.8%) are all involved in moving funds for suspected criminals.
The current money related framework generally protects the banks and its heads from the indictment, inasmuch as the bank documents a notification with FinCEN that it might be encouraging crime. The dubious movement alert adequately gives the banks a free pass. Thus, unlawful finances keep on moving through banks into different businesses from oil to amusement to land, further isolating the rich from poor people, while the banks we have developed to trust, make everything conceivable.
As indicated by the United Nations, the assessed measure of cash laundered universally in one year is 2 to 5% of the worldwide GDP, or $800 billion to $2 trillion, with more than thank 90% of illegal tax avoidance going undetected today.
Simultaneously, the cryptocurrency industry has likewise been condemned for being an apparatus for tax evasion, in spite of insights expressing something else. It is assessed that solitary 1.1% of all digital currency exchanges are illegal. During its initial days, Bitcoin was generally connected with the Silk Road, an online dim net commercial center, where clients could buy weapons and unlawful medications namelessly.
Be that as it may, with the developing utilization of the Bitcoin organization, 42 million Bitcoin wallets, and checking, it is getting progressively conceivable to follow exchanges on open blockchains, while private financial exchanges stay covered up on display.
This week, I had a chance to plunk down with Chanpeng Zhao "CZ", the Founder and CEO of Binance, the biggest cryptographic money trade by volume on the planet, to get his interpretation of illegal tax avoidance both in the customary and the computerized fund universes.
Coming up next are a couple of features from our meeting:
Much obliged to you for going along with us today, CZ. As you would see it, for what reason is illegal tax avoidance especially destructive to our economy?
CZ: As monetary administration suppliers, it is our obligation to battle unlawful action. Everybody shares this duty. Yet, regularly once the principles are set up, individuals will attempt to get around the guidelines. What's more, there are individuals who simply need more business, and knowing or unconsciously will encourage these exchanges. We live in an intricate world, where one nation may see a go about as criminal and the other may not. Many individuals have a high contrast see, yet the world is really dim. Not all banks are honest and not all crypto organizations are terrible.
The digital currency industry has experienced harsh criticism for encouraging unlawful exchanges. How would you think conventional money and digital currency businesses analyze in such manner?
CZ: If you are utilizing Bitcoin, it is a straightforward record. When you have a couple of exchanges, you can follow the assets right back to where the coins were mined. So along these lines, blockchain really gives a straightforward record to everybody to dissect. In the event that you piece together a couple of information focuses and do a group examination, it isn't that difficult for a calculation to break down the beginning. Security coins are more earnestly to follow, yet their market top isn't unreasonably high, making bigger exchanges more troublesome. So to be completely forthright, it is a lot simpler to make illegal exchanges utilizing fiat than utilizing crypto.
How might you analyze the volume of illegal exchanges in crypto versus fiat?
CZ: It's likely a thousand times less. Essentially, for any important measure of cash you need to move in the crypto, it is exceptionally difficult to move it namelessly. There are outsider checking devices and information bases that can coordinate a considerable lot of the addresses to known people. The digital currency market top is little to the point, that in the event that you are moving a $100 million dollars, you can't do as such without experiencing an incorporated trade, making it considerably simpler to follow.
The cryptographic money space overall was begun by Satoshi Nakomoto as to some degree a campaign against the defilement of banks. Remarkably, the beginning square of Bitcoin contained a commentary tending to the bailouts of banks in 2008 and 2009 ["The Times 3 January 2009 - Chancellor on edge of second bailout for banks."] Is that ethos still alive in the digital currency space today, the drive to bring down the enormous person?
CZ: I have even more a fair view here. Some in the crypto space are against banks, fiat, and so forth., while others think digital forms of money are utilized by drug masters. Those are two extraordinary perspectives. My view is that digital money offers opportunities - a further extent of opportunity in exchanges, ventures, property, reserve funds, and so on. We are simply offering another choice for clients who esteem that opportunity and control. I'm not against any bank or any single individual. I think crypto offers a higher opportunity of cash, and thusly we need to give more individuals admittance to crypto… If I don't care for the banks, I simply don't utilize them.
Where do you feel the equalization lies between the legislature securing its residents as opposed to encouraging advancement?
CZ: I accept governments ought to be public administrations. They ought to give streets and fire departments...Whenever there is government intercession, it is awful for the economy. At whatever point an administration encourages one gathering, it naturally harms another. The administration influences the parity of the economy giving assistance to a gathering that isn't sufficiently serious to remain alive. So at whatever point an administration rescues huge banks, or any business so far as that is concerned, they just appear as though they are making a difference. I have confidence in a free economy, and I buy into that way of thinking unequivocally.
Much obliged to you for your understanding, CZ.
More information about PrivateX: www.privatex.io
PrivateX is a private wallet for sending, receiving, and storing your Bitcoin and Ethereum.
If you are interested in services, contact us [[email protected]](mailto:[email protected])
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submitted by privatex-wallet to u/privatex-wallet [link] [comments]

Crypto Banking Wars: Can Non-Custodial Crypto Wallets Ever Replace Banks?

Crypto Banking Wars: Can Non-Custodial Crypto Wallets Ever Replace Banks?
Can they overcome the product limitations of blockchain and deliver the world-class experience that consumers expect?
https://reddit.com/link/i8ewbx/video/ojkc6c9a1lg51/player
This is the second part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
---
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this very powerful technology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe companies that build with blockchain at their core will have the best shot at winning the broader consumer finance market. We hope it will be us at Genesis Block, but we aren’t the only game in town.
So this series explores the entire crypto landscape and tries to answer the question, which crypto company is most likely to become the bank of the future?
In our last episode, we offered an in-depth analysis of big crypto exchanges like Coinbase & Binance. Today we’re analyzing non-custodial crypto wallets. These are products where only the user can touch or move funds. Not even the company or developer who built the application can access, control, or stop funds from being moved. These apps allow users to truly become their own bank.
We’ve talked a little about this before. This group of companies is nowhere near the same level of threat as the biggest crypto exchanges. However, this group really understands DeFi and the magic it can bring. This class of products is heavily engineer-driven and at the bleeding-edge of DeFi innovation. These products are certainly worth discussing. Okay, let’s dive in.

Users & Audience

These non-custodial crypto wallets are especially popular among the most hardcore blockchain nerds and crypto cypherpunks.
“Not your keys, not your coins.”
This meme is endlessly repeated among longtime crypto hodlers. If you’re not in complete control of your crypto (i.e. using non-custodial wallets), then it’s not really your crypto. There has always been a close connection between libertarianism & cryptocurrency. This type of user wants to be in absolute control of their money and become their own bank.
In addition to the experienced crypto geeks, for some people, these products will mean the difference between life and death. Imagine a refugee family that wants to safely protect their years of hard work — their life savings — as they travel across borders. Carrying cash could put their safety or money at risk. A few years ago I spent time in Greece at refugee camps — I know first-hand this is a real use-case.

https://preview.redd.it/vigqlmgg1lg51.png?width=800&format=png&auto=webp&s=0a5d48a63ce7a637749bbbc03d62c51cc3f75613
Or imagine a family living under an authoritarian regime — afraid that their corrupt or oppressive government will seize their assets (or devalue their savings via hyperinflation). Citizens in these countries cannot risk putting their money in centralized banks or under their mattresses. They must become their own bank.
These are the common use-cases and users for non-custodial wallets.

Products in Market

Let’s do a quick round-up of some of the more popular products already in the market.
Web/Desktop The most popular web wallet is MetaMask. Though it doesn’t have any specific integration with DeFi protocols yet, it has more than a million users (which is a lot in crypto land!). Web wallets that are more deeply integrated with DeFi include InstaDapp, Zerion, DeFi Saver, Zapper, and MyCrypto (disclosure: I’m an investor and a big fan of Taylor). For the mass market, mobile will be a much more important form-factor. I don’t view these web products as much of a threat to Genesis Block.
https://preview.redd.it/gbpi2ijj1lg51.png?width=1050&format=png&auto=webp&s=c039887484bf8a3d3438fb02a384d0b9ef894e1f
Mobile The more serious threats to Genesis Block are the mobile products that (A) are leveraging some of the powerful DeFi protocols and (B) abstracting away a lot of the blockchain/DeFi UX complexity. While none get close to us on (B), the products attempting this are Argent and Dharma. To the extent they can, both are trying to make interacting with blockchain technology as simple as possible.
A few of the bigger exchanges have also entered this mobile non-custodial market. Coinbase has Wallet (via Cipher Browser acquisition). Binance has Trust Wallet (also via acquisition). And speaking of acquisitions, MyCrypto acquired Ambo, which is a solid product and has brought MyCrypto into the mobile space. Others worth mentioning include Rainbow — well-designed and built by a small indy-team with strong DeFi experience (former Balance team). And ZenGo which has a cool feature around keyless security (their CEO is a friend).
There are dozens of other mobile crypto wallets that do very little beyond showing your balances. They are not serious threats.
https://preview.redd.it/6x4lxsdk1lg51.png?width=1009&format=png&auto=webp&s=fab3280491b75fe394aebc8dd69926b6962dcf5d
Hardware Wallets Holding crypto on your own hardware wallet is widely considered to be “best practice” from a security standpoint. The most popular hardware wallets are Ledger, Trezor, and KeepKey (by our friends at ShapeShift). Ledger Nano X is the only product that has Bluetooth — thus, the only one that can connect to a mobile app. While exciting and innovative, these hardware wallets are not yet integrated with any DeFi protocols.
https://preview.redd.it/yotmvtsl1lg51.png?width=1025&format=png&auto=webp&s=c8567b42839d9cec8dbc6c78d2f953b688886026

Strengths

Let’s take a look at some of the strengths with non-custodial products.
  1. Regulatory arbitrage Because these products are “non-custodial”, they are able to avoid the regulatory burdens that centralized, custodial products must deal with (KYC/AML/MTL/etc). This is a strong practical benefit for a bootstrapped startup/buildedeveloper. Though it’s unclear how long this advantage lasts as products reach wider audiences and increased scrutiny.
  2. User Privacy Because of the regulatory arbitrage mentioned above, users do not need to complete onerous KYC requirements. For example, there’s no friction around selfies, government-issued IDs, SSNs, etc. Users can preserve much of their privacy and they don’t need to worry about their sensitive information being hacked, compromised, or leaked.
  3. Absolute control & custody This is really one of the great promises of crypto — users can become their own bank. Users can be in full control of their money. And they don’t need to bury it underground or hide it under a mattress. No dependence, reliance or trust in any third parties. Only the user herself can access and unlock the money.

Weaknesses

Now let’s examine some of the weaknesses.
  1. Knowledge & Education Most non-custodial products do not abstract away any of the blockchain complexity. In fact, they often expose more of it because the most loyal users are crypto geeks. Imagine how an average, non-crypto user feels when she starts seeing words like seed phrases, public & private keys, gas limits, transaction fees, blockchain explorers, hex addresses, and confirmation times. There is a lot for a user to learn and become educated on. That’s friction. The learning curve is very high and will always be a major blocker for adoption. We’ve talked about this in our Spreading Crypto series — to reach the masses, the crypto stuff needs to be in the background.
  2. User Experience It is currently impossible to create a smooth and performant user experience in non-custodial wallets or decentralized applications. Any interaction that requires a blockchain transaction will feel sluggish and slow. We built a messaging app on Ethereum and presented it at DevCon3 in Cancun. The technical constraints of blockchain technology were crushing to the user experience. We simply couldn’t create the real-time, modern messaging experience that users have come to expect from similar apps like Slack or WhatsApp. Until blockchains are closer in speed to web servers (which will be difficult given their decentralized nature), dApps will never be able to create the smooth user experience that the masses expect.
  3. Product Limitations Most non-custodial wallets today are based on Ethereum smart contracts. That means they are severely limited with the assets that they can support (only erc-20 tokens). Unless through synthetic assets (similar to Abra), these wallets cannot support massively popular assets like Bitcoin, XRP, Cardano, Litecoin, EOS, Tezos, Stellar, Cosmos, or countless others. There are exciting projects like tBTC trying to bring Bitcoin to Ethereum — but these experiments are still very, very early. Ethereum-based smart contract wallets are missing a huge part of the crypto-asset universe.
  4. Technical Complexity While developers are able to avoid a lot of regulatory complexity (see Strengths above), they are replacing it with increased technical complexity. Most non-custodial wallets are entirely dependent on smart contract technology which is still very experimental and early in development (see Insurance section of this DeFi use-cases post). Major bugs and major hacks do happen. Even recently, it was discovered that Argent had a “high severity vulnerability.” Fortunately, Argent fixed it and their users didn’t lose funds. The tools, frameworks, and best practices around smart contract technology are all still being established. Things can still easily go wrong, and they do.
  5. Loss of Funds Risk Beyond the technical risks mentioned above, with non-custodial wallets, it’s very easy for users to make mistakes. There is no “Forgot Password.” There is no customer support agent you can ping. There is no company behind it that can make you whole if you make a mistake and lose your money. You are on your own, just as CZ suggests. One wrong move and your money is all gone. If you lose your private key, there is no way to recover your funds. There are some new developments around social recovery, but that’s all still very experimental. This just isn’t the type of customer support experience people are used to. And it’s not a risk that most are willing to take.
  6. Integration with Fiat & Traditional Finance In today’s world, it’s still very hard to use crypto for daily spending (see Payments in our DeFi use-cases post). Hopefully, that will all change someday. In the meantime, if any of these non-custodial products hope to win in the broader consumer finance market, they will undoubtedly need to integrate with the legacy financial world — they need onramps (fiat-to-crypto deposit methods) and offramps (crypto-to-fiat withdraw/spend methods). As much as crypto-fanatics hate hearing it, you can’t expect people to jump headfirst into the new world unless there is a smooth transition, unless there are bridge technologies that help them arrive. This is why these fiat integrations are so important. Examples might be allowing ACH/Wire deposits (eg. via Plaid) or launching a debit card program for spend/withdraw. These fiat integrations are essential if the aim is to become the bank of the future. Doing any of this compliantly will require strong KYC/AML. So to achieve this use-case — integrating with traditional finance —all of the Strengths we mentioned above are nullified. There are no longer regulatory benefits. There are no longer privacy benefits (users need to upload KYC documents, etc). And users are no longer in complete control of their money.

Wrap Up

One of the great powers of crypto is that we no longer depend on banks. Anyone can store their wealth and have absolute control of their money. That’s made possible with these non-custodial wallets. It’s a wonderful thing.
I believe that the most knowledgeable and experienced crypto people (including myself) will always be active users of these applications. And as mentioned in this post, there will certainly be circumstances where these apps will be essential & even life-saving.
However, I do not believe this category of product is a major threat to Genesis Block to becoming the bank of the future.
They won’t win in the broader consumer finance market — mostly because I don’t believe that’s their target audience. These applications simply cannot produce the type of product experience that the masses require, want, or expect. The Weaknesses I’ve outlined above are just too overwhelming. The friction for mass-market consumers is just too much.

https://preview.redd.it/lp8dzxeh1lg51.png?width=800&format=png&auto=webp&s=03acdce545cd032f7e82b6665b001d7a06839557
The winning bank will be focused on solving real user problems and meeting user needs. Not slowed down by rigid idealism like censorship-resistance and absolute decentralization, as it is with most non-custodial wallets. The winning bank will be a world-class product that’s smooth, performant, and accessible. Not sluggish and slow, as it is with most non-custodial wallets. The winning bank will be one where blockchain & crypto is mostly invisible to end-users. Not front-and-center as it is with non-custodial wallets. The winning bank will be one managed and run by professionals who know exactly what they’re doing. Not DIY (Do It Yourself), as it is with non-custodial wallets.
So are these non-custodial wallets a threat to Genesis Block in winning the broader consumer finance market, and becoming the bank of the future?
No. They are designed for a very different audience.
------
Other Ways to Consume Today's Episode:
Follow our social channels: https://genesisblock.com/follow/
Download the app. We're a digital bank that's powered by crypto: https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

CFTC Chairman Gaincarlo just made the most bullish statements in front of the Congress

A gist of what he said:
  1. His kids were not interested in stocks but are hooked onto cryptocurrencies, and the government has to respect that, and develop a positive outlook.
  2. While scams and fraudsters must be cracked down, the general market must be allowed to develop. A working group of SEC, FINCEN, CFTC and other group members are working on identifying scams in this space.
  3. When asked if Crypto has any "intrinsic value"? - There is an intrinsic value and relation of the value of bitcoin and the cost of mining it.
  4. Price of Bitcoin is just one publicly traded company like McDonalds. In comparison, global money supply is 7.6T. And since Bitcoin has been compared to digital gold, value of all gold in the world is 8T.
  5. HOLY SHT.. He just mentioned "HODL". Hahaha - According to him its "Hold on for dear life".
"We must crack down hard on those who abuse our young enthusiasm for bitcoin and blockchain technology"
"We owe it to this new generation, to respect their interest in this new technology with a thoughtful regulatory approach."
In the middle of all this Senator Brown was constantly bashing banks, a topic un-related to all the discussion. Apparently banks have had 80+ violations in the recent months. Lol
Other points:
  • No of times drug dealing mentioned in the proceedings = 0
  • No of times terrorism mentioned in the proceedings - Venezuela Petrocoin and Russia Cryptorouble (and North Korea) were discussed - they were seen as ways these countries could use crypto assets to skirt US sanctions. Though the SEC chair addressed that there was not much they could do, but are working with Feds and the treasury.
  • "illegal transactions" was discussed, and the steps taken to combat misuse of crypto.

Update:

This is another Nebraska Legislative hearing on Bitcoin bill which is live now:
http://netnebraska.org/interactive-multimedia/government/legislative-hearing-banking-commerce-and-insurance-room-1507-55
submitted by ethswagholder to CryptoCurrency [link] [comments]

Rehypothecation, Manipulation by Miner and against Miner, US Gov Involvement Worse Than Most Think

We're in a strange and frightening time for bitcoin

The business development and technological development and mainstreaming, adoption and integration fundamentals have never literally never been as good as they are now. We've even come lightyears in progress on the financial rights and legal development framework for the crypto economy.
And yet the 100,000 ton Brontosaurus in the room are several things that are most likely keeping the price down and most likely responsible for manipulation and keeping it suppressed.
-The US Gov is fundamentally a bad actor in the space. It doesn't cooperate with the rest of the world, exerts itself, and overbears in regulation, primarily to support the CME
-The CME is going to commit accounting fraud and naked short sell bitcoin as it has since 2017 to suppress the price. The CME is perpetually bearish and this is what the US gov wants. This is what wallstreet legacy finance want. They are hoarding, centralizing, and rehypothecatiing the price, and centralizing the mining, and contributing to the centralization of the mining.
-Wallstreet institutions are intentionally bankrupting miners to take over the mining space.
-The Financial sectoclass/US regulators want to punish and put out of business existing exchanges (except coinbase) and existing miners and give the space over to an appointed monopoly run by institutions like Fidelity.
-They plan to do great harm to the space with The Bank Secrecy Act and FinCen

In short Wallstreet is hijacking the network and turning it into digital full KYC banking, with even less rights than a bank and less fungibility and integrity than holding gold at a money manager.

I see 0 constructive responses on reddit, to anything I post I don't know what the hell you people do, or why it is you refuse to be proactive about things like this. HODL meme and sit back and apathetically do nothing is not a mature adult response, and it is not going to save whatever is left of your portfolio.
submitted by samdane7777 to Bitcoin [link] [comments]

Update: Hi /r/Bitcoin! I quit my job to start Cointaxes. Here to answer questions about taxes and digital currencies! I published a YouTube series on top questions, launched crypto tax tools and would love your input on ANY other topics or questions! :)

Hi /Bitcoin! Thank you for reading!
In the last two months since I posted here, my team and I have been hard at work trying to make everyone's lives a bit easier for cryptocurrency and tax. In fact, we will be able to launch some tools this summer that will help optimize your trades from a tax perspective - as you make them. We think there's a chance we could even make it tax advantageous to use crypto vs. fiat... more on that later. For now, we would love to get your feedback on what we're working on.
The TLDR: We made Cointaxes so you can estimate your tax liability and whether or not you have FINCEN obligations for free on our site. It was important to make this summary information free because our mission is create confidence and certainty around cryptocurrencies.
Please let me know if you have any questions or comments (I'll probably respond to every comment here!)
Watch a Cointaxes' YouTube Series answering the top questions How are cryptocurrencies taxed? Why should you pay this year? Am I taxed when I convert into fiat or pull money out of my exchanges? What about mining and airdrops? All this and more is covered!
We launched a tool to help measure your FINCEN requirements for FBAR & FATCA
In my last post, I mentioned a "fun" fact around FINCEN requirements. The media is talking about this more (i.e. CNBC - "How cryptocurrency investors could find themselves behind bars"). The good news is it's really simple for the ledger technology we built to check if you cross the $10,000 or $50,000 thresholds. On our site, Cointaxes, you can add your exchanges and then check if you have crossed the threshold. Importantly, we wanted to make this critical information available for free. Particularly because the the deadline is April 15.
If you fail to file the FBAR, the deadline will be extended to October 15. You can read more about this on official government sites General FBAR information, FBAR FAQS (not super helpful IMO) and the online form itself.
About Cointaxes
Cointaxes was formed and funded with the mission to establish confidence and certainty around cryptocurrency. We have a base tax preparation tool with support for Coinbase, GDAX, Binance, Bittrex, Poloniex, and Kraken.
We made Cointaxes so you can estimate your tax liability and whether or not you have FINCEN obligations for free on our site. Your detailed reports or Form 8949 for tax filing is behind a modest paywall compared to what we've seen other tools out there charging.
We see global adoption of digital currencies as an inevitability. The uncertainty lies in how effectively and smoothly this once-in-a-lifetime shift occurs. As a tax preparation service, we have a special seat in the cryptocurrency ecosystem directly related to this uncertainty: it is our job to help both citizens and governments around the world understand how to use and treat digital currencies.
If our mission excites you
Newsletter update
If you want to stay on top of regulatory and tax related crypto news (as well as when we roll out shiny new tools) then consider subscribing to our newsletter.
If you signed up for our newsletter two months ago - sorry for the lack of content! We've been too focused on trying to get this product up and running in time for the deadline (barely made it!) We recently expanded our team and will be able to be much more consistent about the content we're creating!
Important Disclaimers: For this post and any of my replies to your questions below... this is not tax advice and should not be relied upon for making any tax decisions. We always recommend speaking to a tax professional before making decisions related to your taxes and our guides are not a substitute for tax advice.
submitted by StopTheVok to Bitcoin [link] [comments]

Daily analysis of cryptocurrencies 20191012(Market index 38 — Fear state)

Daily analysis of cryptocurrencies 20191012(Market index 38 — Fear state)

https://preview.redd.it/gpswfk9ld3s31.png?width=960&format=png&auto=webp&s=afeb6dfb7babcd9c8df403e2120e265020250988

DEWA Inks Deal With Alibaba For Blockchain And IoT Dubai Electricity and Water Authority (DEWA) said it has signed a MoU with Alibaba Cloud, the data intelligence backbone of Chinese e-commerce giant Alibaba Group as part of the utility’s ongoing efforts to enhance its digital services.
Swedish Government Auctions Cryptocurrency Again The Swedish Enforcement Authority, Kronofogden, is once again auctioning off cryptocurrency that has been allotted for public sale. The online auction, which is the second of this kind the government agency conducts, starts on Friday, October 11. Kronofogden first auctioned Bitcoins it had in its custody about two years ago, when the highest bid was placed at 43,000 Swedish krona.
US And China Agree ‘Phase 1’ Trade Deal; Trump Suspends October Tariff Hike The United States and China agreed on Oct 11 to the first phase of a deal to end a trade war, prompting President Donald Trump to suspend a threatened tariff hike, but officials said the agreement had to be put on paper and more work was required to get it finalised. The real-time exchange rate between USD and RMB is 7.0892 currently.
David Marcus: Respect Visa And Mastercard’s Decision To Wait For Regulatory Clarity For Libra To Proceed After several companies announced their withdrawal from cryptocurrency Libra’s management association lead by Facebook, Libra project leader David Marcus said on Twitter, “Special thanks to @Visa and @Mastercardfor sticking it out until the 11th hour. The pressure has been intense (understatement), and I respect their decision to wait until there’s regulatory clarity for @Libra_to proceed, vs. the invoked threats (by many) on their biz.” He also added, “I would caution against reading the fate of Libra into this update. Of course, it’s not great news in the short term, but in a way it’s liberating. Stay tuned for more very soon. Change of this magnitude is hard. You know you’re on to something when so much pressure builds up.”
SEC, CFTC, FinCEN Warn Crypto Industry To Follow US Banking Laws The heads of three U.S. financial regulators warned the cryptocurrency industry to abide by banking laws in a joint statement published Friday. The statement, signed by Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and Securities and Exchange Commission (SEC) Chairman Jay Clayton, “reminds” actors in the crypto space that they must comply with various banking and financial services laws in the U.S., regardless of what they call their cryptocurrencies or tokens.

Encrypted project calendar(October 12, 2019)

BTC/Bitcoin: The 2019 Global Mining Leaders Summit will be held in Chengdu, China from October 12th to 14th. BLAST (BLAST): 12 October 2019 (or earlier) Masternode & Assets “Masternode functionality and versionbits signalling for Assets will become active on the BLAST network at block height 1710000.” Pundi X (NPXS): and 1 other 12 October 2019 Token Removal “The next token removal will take place on the second Saturday of October OKEX OKToken: 12 October 2019 Global Mining Summit “We’re bringing together the global leaders who are shaping the crypto mining industry today. Attendance is limited to 300 invited guests.” Bitcoin Fast (BTCF): 12 October 2019 Staking Announcement Details about staking BTCF will be shared.

Encrypted project calendar(October 13, 2019)

LINK/ChainLink: ChainLink (LINK) will be held in Tokyo on October 13th by a collaboration between QuarkChain, bitgrit, Chainlink and Vechain. Veros (VRS): 14 October 2019 Launch of News Service “Launch of the VEROS NEWS service.”

Encrypted project calendar(October 14, 2019)

BCH/Bitcoin Cash: The ChainPoint 19 conference will be held in Armenia from October 14th to 15th. Veros (VRS): 14 October 2019 Launch of News Service “Launch of the VEROS NEWS service.”

Encrypted project calendar(October 15, 2019)

RUFF/RUFF Token: Ruff will end the three-month early bird program on October 15th KAT/Kambria: Kambria (KAT) exchanges ERC20 KAT for a 10% bonus on BEP2 KAT-7BB, and the token exchange reward will end on October 15. BTC/Bitcoin: The Blockchain Technology Investment Summit (CIS) will be held in Los Angeles from October 15th to 16th. OTOCASH (OTO): 15 October 2019 Escodex Shutdown “ All OTO HOLDERs who have assets on ESCODEX EXCHANGE to immediately withdraw your assets before October 15th, 2019 4:00 PM” (CRYPTO): 15 October 2019 Hard Fork Summit Hard Fork Summit 2019 by TNW . “Where finance and business meets tech.” Amsterdam, October 15–17. Cardano (ADA): 15 October 2019 NYC Meetup “Next week on October 15th Nathan Kaiser, Chairperson of the Cardano Foundation, will be in attendance to meet community members in NYC FunFair (FUN): 15 October 2019 Marketing AMA “The FunFair Marketing AMA… will be held on Tuesday the 15th of October at 2pm in the Live team chat channel on Discord Ark (ARK): 15 October 2019 ARK Core v2.6 on Devnet “We are very excited to announce #ARK Core v2.6 will be launching on #Devnet, October 15th, 2019! “ DigiByte (DGB): 15 October 2019 BitMart Listing DigiByte (DGB) will be listed on BitMart Exchange on October 15, 2019. The following trading pair will be available: DGB/BTC. ThoreNext (THX): 15 October 2019 Staking Goes Live “Staking live from 15 OCT 2019.”

Encrypted project calendar(October 16, 2019)

BTC/Bitcoin: The 2019 Blockchain Life Summit will be held in Moscow, Russia from October 16th to 17th. MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on the theme of “Technology Problem Solving and Testing IoT Devices” at the University of Southern California in Los Angeles on October 16. ETH/Ethereum: Ethereum launches Istanbul (Istanbul) main network upgrade, this main network upgrade involves 6 code upgrades. QTUM/Qtum: Qtum (QTUM) Qtum main network hard fork is scheduled for October 16. (CRYPTO): and 1 other 16 October 2019 Supply Chains Unblocked Supply Chains Unblocked in London from 9:30 AM — 6 PM. Binance Coin (BNB): 16 October 2019 Singapore Meetup “Bring your friends to come along with, & it will be FUN! With snacks and drinks.” IoTeX (IOTX): 16 October 2019 Mainet Beta “The next evolution of IoTeX blockchain, secure IoT hardware, and decentralized identity is coming October 16 — mark your calendars.” Selfkey (KEY): 16 October 2019 Corporate Wallet Release “Soon, wallet users will be able to manage corporate profiles and identity attributes.” Cardano (ADA): 16 October 2019 Washington D.C. Meetup “Nathan Kaiser, Chairperson of the Cardano Foundation, will join the community in Washington DC on Oct 16, and talk about the recent

Encrypted project calendar(October 17, 2019)

Holo (HOT): 17 October 2019 Redgrid AMA “Join us for the AMA with RedGrid on October 17th. Submit your questions before the AMA on our Holochain Dev Forum.” IOST (IOST): 17 October 2019 Breeding Competition Ends “Join IOST 2nd Breeding Competition by @FishChainGame now! The competition only lasts till 17 Oct” Aragon (ANT): 17 October 2019 Seoul Meetup “You are invited to join @licuende for a meetup and presentation on ‘Aragon and DAOs: What’s next after ICOs and DeFi?’” Skycoin (SKY): 17 October 2019 NYC Skywire Meetup NYC Skywire Mainnet Meetup in NYC from 6–8 PM. Horizen (ZEN): 17 October 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

Encrypted project calendar(October 18, 2019)

BTC/Bitcoin: The SEC will give a pass on the VanEck/SolidX ETF on October 18th and make a final decision HB/HeartBout: HeartBout (HB) will officially release the Android version of the HeartBout app on October 18. OKB (OKB): 18 October 2019 Rotterdam Meetup “Meet us in Rotterdam on 18 Oct as we partner up with Crypto010 Meetup to bring you a talk on ‘Decentralized Finance’.” HeartBout (HB): 18 October 2019 Android Version “18th of October 2019 will be officially released Android version of HeartBout app.” BTU Protocol (BTU): and 2 others 18 October 2019 Paris Blockchain Summit The event will gather major international key players of the Blockchain ecosystem including well-known influencers, investors, government…

Encrypted project calendar(October 19, 2019)

PI/PCHAIN Network: The PCHAIN (PI) backbone (Phase 5, 82 nodes, 164, 023, 802 $ PI, 7 candidates) will begin on October 19. LINK/ChainLink: Diffusion 2019 will be held in Berlin, Germany from October 19th to 20th DeepBrain Chain (DBC): 19 October 2019 (or earlier) Deploy Main Chain “Deploy Main Chain,” during the third week of October. General Event (CRYPTO): and 1 other 19 October 2019 Free State Blockchain “This “unconference” style event brings together some of the top financial tech innovators, researchers, company leaders, and other…” PCHAIN (PI): 19 October 2019 Main Chain Voting “Main chain: Epoch 5, 82 nodes, 164,023,802 $PI, 7 Candidates, voting will start on Oct. 19th.” Nash Exchange (NEX): 19 October 2019 Nash Anniversary Nash will present their work from the third quarter of 2019. Team members will be present and to answer your questions in person.

Encrypted project calendar(October 20, 2019)

GameCredits (GAME): 20 October 2019 (or earlier) Mining Reward Drop GameCredits mining reward will be cut in half at block 2519999 (~October 20). This will be the 4th halvening of the GAME mining reward!

Encrypted project calendar(October 21, 2019)

KNC/Kyber Network: The official online hackathon of the Kyber Network (KNC) project will end on October 21st, with more than $42,000 in prize money.

Encrypted project calendar(October 22, 2019)

ZRX/0x: The 0x protocol (ZRX) Pantera blockchain summit will be held on October 22.

Encrypted project calendar(October 23, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 23rd at the University of Southern California in Los Angeles with the theme “Connecting the I3 Market and Experiencing Purchase and Sales Data.” BTC/Bitcoin: The WBS World Blockchain Summit (Middle East) will be held in Dubai from October 23rd to 24th.

Encrypted project calendar(October 24, 2019)

BCN/Bytecoin: Bytecoin (BCN) released the hidden amount of the Bytecoin block network on October 24.

Encrypted project calendar(October 25, 2019)

ADA/Cardano: Cardano (ADA) The Ada community will host a community gathering in the Dominican Republic for the first time on October 25.

Encrypted project calendar(October 26, 2019)

KAT/Kambria: Kambria (KAT) Kambria will host the 2019 Southern California Artificial Intelligence and Data Science Conference in Los Angeles on October 26th with IDEAS. BTC/Bitcoin: CoinAgenda Global Summit will be held in Las Vegas from October 26th to 28th

Encrypted project calendar(October 28, 2019)

LTC/Litecoin: Litecoin (LTC) 2019 Litecoin Summit will be held from October 28th to October 29th in Las Vegas, USA BTC/Bitcoin: Mt.Gox changes the debt compensation plan submission deadline to October 28 ZEC/Zcash: Zcash (ZEC) will activate the Blossom Agreement on October 28th

Encrypted project calendar(October 29, 2019)

BTC/Bitcoin: The 2nd World Encryption Conference (WCC) will be held in Las Vegas from October 29th to 31st.

Encrypted project calendar(October 30, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 30th at the University of Southern California in Los Angeles on the topic “How to store data on IOTA Tangle.”

Encrypted project calendar(November 1, 2019)

INS/Insolar: The Insolar (INS) Insolar wallet and the redesigned Insolar Block Explorer will be operational on November 1, 2019.

Encrypted project calendar(November 6, 2019)

STEEM/Steem: The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th.

Encrypted project calendar(November 8, 2019)

BTC/Bitcoin: The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.

Encrypted project calendar(November 9, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.

At the time of writing, Bitcoin is trading down marginally at its current price of $8,250 which marks a slight retrace from its daily highs of $8,445. Ever since BTC bounced from its support level at $8,600, the cryptocurrency has been facing a bout of consolidation after its upwards momentum stalled, which may mean that its bulls do not have enough strength at the moment to push the cryptocurrency higher.
Review previous articles: https://medium.com/@to.liuwen

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submitted by liuidaxmn to u/liuidaxmn [link] [comments]

Notes from the Hearing Today

Apologies for typos and grammatical errors; wanted to get this out as soon as possible for those that weren't able to watch the live stream. Cleaned up formatting to make it more readable.

While this isn't a 100% word-for-word transcript, the overtone of the meeting should have been conveyed. SEC and CFTC want protections for consumers, but don't want to outright ban crypto. I was under the impression that both agencies were well-educated, but understaffed. They both want to introduce protections for customers and investors and go after scam artists, but don't want to impose any restrictions or regulations that would be bad for crypto as a whole (both from a security perspective, and a technological innovation perspective). Overall a huge positive.

Crapo
Brown
Clayton
Giancarlo
Crapo
Clayton
Giancarlo
Crapo
Clayton
Giancarlo
Crapo
Brown
Clayton
Brown
Clayton
Brown
Clayton
Brown
Clayton
Brown
Clayton
Brown
Clayton
Sen. Shelby
Clayton
Giancarlo
Sen. Shelby
Clayton
Sen. Shelby
Giancarlo
Clayton
Sen. Shelby
Sen Reed
Clayton
Giancarlo
Sen Reed
Giancarlo
Clayton
Sen Reed
Rounds
Clayton
Rounds
Giancarlo
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Perdue
Clayton
Perdue
Giancarlo
Perdue
Clayton
Giancarlo
Donnelly
Giancarlo
Clayton
Donnelly
Giancarlo
Donnelly
Giancarlo
Clayton
Donnelly
Giancarlo
Clayton
Sen. Kennedy
Giancarlo
Sen Kennedy
Giancarlo
Sen Kennedy
Giancarlo
Sen Kennedy
Clayton
Sen Kennedy
Warner
Clayton
Giancarlo
Warner
Clayton
Warner
Giancarlo
Clayton
Cotton
Giancarlo
Clayton
Cotton
Giancarlo
Clayton
Cotton
Clayton
Cotton
Menendez
Giancarlo
Menendez
Giancarlo
Menendez
Giancarlo
Menendez
Clayton
Menendez
Clayton
Moran
Ms. Masto
Clayton
Giancarlo
Ms. Masto
Clayton
Giancarlo
Ms. Masto
Sen Shelby
Clayton
Sen Shelby
Clayton
Giancarlo
Ms. Warren
Clayton
Ms. Warren
Clayton
Ms. Warren
Clayton
Crapo
submitted by cembry90 to CryptoCurrency [link] [comments]

I am a tax attorney, here is what the IRS notice means to you

Edit: This post discusses the tax treatment for US Citizens. I thought that was apparent when the IRS is involved, but apologies if the title confused any non-US bitcoin users.
Hey guys, I've received a lot of questions about the IRS notice and how it affects the post I wrote a couple of months ago. The short answer is that nothing really changes, other than we can stop speculating about possible tax treatments in the event bitcoin is treated as a foreign currency. I've updated my post to reflect this change.
Here's a quick rundown of the how the Notice affects most people. Just keep in mind that these topics are covered in more detail in the original post in case you want more information.
#1 Bitcoins are property, not foreign currency. This means that capital gains treatment will apply to most people. This really isn't a surprise and basically everyone expected this result (although some hoped for the longshot possibility of foreign currency treatment). The biggest exception is if you are engaged in a trade or business and hold bitcoin as inventory for sale to customers. This is probably a pretty small group of people, though.
#2 Every bitcoin transaction is taxable. As I said in my first post, Bitcoin users will have to calculate their gain or loss every time they purchase goods or services with bitcoin. Yes, this is a very onerous burden and creates a significant threat to the widespread adoption of bitcoin. However, this outcome is not very surprising and is consistent with US tax laws. Hopefully the Treasury Department or Congress can be convinced to apply a "personal transaction" exception similar to the one that exists for foreign currency. But for now, this is how it will have to work.
When calculating your gain or loss, you must determine "amount realized" and "basis." When buying goods or services with bitcoin, the amount realized is equal to the fair market value of whatever you received. When selling bitcoin, the amount realized is the sales price less any transaction fees.
The biggest issue for most bitcoin users is determining their basis. Because bitcoins are fungible, you run into the problem of tracing the cost of each bitcoin you hold. You cannot just arbitrarily choose your basis. The IRS will permit you to use the FIFO method (First in, First out). Any other method such as LIFO or Average Cost Basis is not advisable, particularly now that we know foreign currency rules do not apply.
#3 Miners recognize income in the year the bitcoin is mined.
This was a big unresolved question prior to the Notice. The amount of income is equal to the market value of bitcoin on the day it was mined. You can use any exchange price as long as its reasonable and you use it consistently going forward. The market price also becomes your basis in that bitcoin going forward. Therefore, when you sell it sometime in the future, you will subtract this amount from the sales price in order to determine your taxable gain.
Note that you can deduct your mining expenses in the same year, such as electricity and depreciation (subject to loss limitations).
#4 Miners are subject to self-employment tax if their activity rises to the level of a trade or business.
The IRS notice did not provide any guidance on when a mining activity constitutes a trade or business. A "trade or business" is generally defined as an activity engaged in on a substantial and continuing basis for the purpose of generating a profit. This does not have to a full-time activity, just one that you regularly pursue with a profit motive. Obviously, whether or not your specific activity is a "trade or business" depends on your particular situation. The more substantial and continuous your activity, the more likely it is that you're a trade or business. You can read a little bit more about the test here. If your mining activity consists of more than just an old GPU card (or two), I suggest you consult with a tax professional to determine if you're a trade or business. You'll also need to get guidance on making estimated Self Employment tax payments (which is done in quarterly deposits with the IRS).
#5 The IRS Notice is retroactive.
Okay, "retroactive" is not technically the right term. The law has not changed, the IRS is just informing everybody of how they interpret it. But, they will apply these interpretations to past tax years as well as the current one. So, if you already filed 2013 taxes (or earlier years) in a manner not consistent with the Notice, you should consider amending your return because the IRS will apply the rules in the Notice to your situation.
Feel free to ask any questions.
Legal Disclaimer
This post was created for general guidance on matters of interest only, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a tax professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post, and I do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this post or for any decision based on it.
CIRCULAR 230 DISCLOSURE To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. federal tax advice in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
THE AUTHOR Tyson P. Cross is a tax attorney in San Diego, California representing individuals and businesses with tax issues related to Bitcoin and other cryptocurrencies , including tax return preparation, tax planning, and FinCEN compliance. He can be reached at Tel: +1 619-786-0641 or Email: [email protected][1] . (this information is necessary due to attorney advertising rules).
submitted by dblcross121 to Bitcoin [link] [comments]

Of Wolves and Weasels - Day 86 - The Sweet Spot

Hey all! GoodShibe here!
For those wondering what's going on with our valuation, well, let's just say that things are a bit crazy over at Uncle Bitcoin's right now and that's having a notable effect on pretty much everyone.
Remember all those investors who bought Bitcoin just to be rich? And the Miners who jumped aboard and mined in massive numbers in order to become easy millionaires?
Well, a good chunk of them are fleeing for the hills right now thanks to a couple revelations that are, well, hitting kind of hard.
  1. The US's taxation rules on Cryptocurrency, if I understand them properly, have spooked a whole lot of people. The idea that the IRS has made taxation retroactive, that you have to account for the coins that you had, the price you paid when you got them, and then have to pay taxes on based on whatever the price was when you sold... yeah, that's spooked a whole lot of investors. For Miners, it's even worse because all that mining, well, it's now classified as straight-up income and you're required to claim the coins you mined, at the price they were when you mined them, as income. Essentially: a whole lot of people just realized they owe a whole lot in taxes, are liquidating Bitcoin to pay said taxes and causing a sort of 'run on the bank', which is dropping Bitcoin's price. People are now selling faster than they're buying and... needless to say, that's causing a lot of investors to bug out too.
  2. The China 'ban' idea just won't go away. Bitcoiners have been hurt, repeatedly, by China and it seems that even the threat of China 'banning' Bitcoin has people heading for the door. No one's sure if it will actually happen, but it's contributing to the fire sale on Bitcoin right now.
So, where do we fit into all of this?
Actually, quite well, if we play our cards right.
See, Dogecoin has always been intended - as our Creator stated from the very beginning - for small purchases, for internet tipping, for shows of appreciation. As a coin, we were made inflationary in order to help reinforce this idea. There will be no limit to the amount of Dogecoins in existence - and this will help to keep our 'price' low for all.
We're not an 'investor' coin -- and that sweet spot, those $5-$10 purchases, that's where we rule.
Especially when we get into 'tax land'. See, the Government doesn't care about small purchases like this. We're not laundering money in $5 pizza slices and $10 videogame subscriptions.
If you're an American all you have to do is this: Keep track of how much Dogecoin you bought, at what price. If you sell it at a loss, you can claim that loss as a capital loss. If you sell at a profit, you pay tax on that profit.
It's a bit of legwork, but not that difficult.
Thing is that for a lot of US-based Bitcoin businesses, especially ones that've already spent a lot of Bitcoin getting up and running, it's sort of like the cows are coming home to roost. It's a lot of taxes.
And the US's move is, generally, being seen by the market as a way to try and limit or kill off Cryptos in general. The average person does not want to deal with more taxes, they don't want to be tracking how much comes in and how much goes out at what price. So these taxation moves are generally viewed as the US's push to keep Bitcoin (and altcoins) as niche products.
The general feeling over in Bitcoin-land is that the move is geared to push Bitcoin out as a 'fad', like beanie babies. And, largely, it seems like those plans are working.
For the rest of the world, if you're not Russia, China, the US or Canada then just proceed as normal (though probably good, just for self-edification, to start tracking stuff like this). Canada has already come out and stated that Cryptos are considered Commodities and are taxable, so I'm sure this all comes as no real shock to Canadians.
If we REALLY want to do something good, let's make some software that helps Shibes (and Bitcoiners and...) keep track of their buy-in prices, etc.
I can't remember if the QT wallet has a 'history' feature that tracks all your incoming/outgoing coins (I know for sure it's at least the last 3 or 4 transactions) but that can also help you track your purchases, etc.
The long and short of it breaks down like this:
Your Government wants their cut of the action. For Bitcoin, there's a lot of action that they missed, and now they are saying that they want their cut retroactively.
But for us, doing what we were doing anyway, for small purchases, transfers, etc, Dogecoin continues, pretty much, as business as usual.
We're not exactly buying Tesla Roadsters here.
That said, as an 'investment vehicle', well, things just got a lot more restrictive. You can 'invest' in Dogecoin (or any digital coin) hoping to profit off its rise, but, if you do, you have to pay taxes on your profits. Most don't like that. But, if you want to do business in the US and Canada, those are the new rules. And, yes, you can choose not to follow them, but it will sting if you get caught.
Again, for most of us, the average user, this won't affect us much other than chasing out those who don't care about the community we've built here.
And for Bitcoin, this exodus may lead to a renaissance for them as well - as all the speculators and Libertarians and such tuck tail and run for the door, leaving only the true-believers to pick up the pieces.
But this should surprise no one.
Regulation was always on it's way in - the Wild West eventually got tamed.
Yes, much of the 'wild profits' of the early days are gone - and the 'wild profits' to come will be taxable (technically, those original 'wild profits' are now taxable as well...) - but for those of us who wanted Dogecoin to exist as a currency, to do what it does best, this really isn't much for us to bat an eye at.
Keep tipping, keep mining, keep appreciating one another.
Keep on building the DOGEconomy.
Because the moon is still in full view, my friends.
And it beckons for those who dare.
It's 8:07AM EST and we're at 66.78% of DOGEs found. Our Global Hashrate is on the rise from ~68 to ~73 Gigahashes per second and our Difficulty is bouncing between ~734 and ~1890 -- currently riding very high at ~1890.
As always, I appreciate your support!
GoodShibe
EDIT: In case you missed it, we have a Celebrity AMA coming up, specifically working in a Dogecoin/charity angle. I can't say who it is, but they'll be here hoping to collect Dogecoin donations for a charity called Operation Smile. More to come soon! You can check out the update thread here
EDIT 2: I may be wrong here, but the way it seems to me is:
This may also depend on exactly who's asking, whether the IRS thinks it's property or FinCEN thinks its a currency.
submitted by GoodShibe to dogecoin [link] [comments]

Cryptsy bug causes significant losses; company refuses to take responsibility

Updated on November 24: Cryptsy contacted us personally and successfully resolved this issue. Thank you to the people at Cryptsy who worked on the problem, and to the people here who drew attention to the issue. Cryptsy has tasked their development team with improving their API and has made changes to the way they manage support requests.
On the other hand, journalists who covered this article have not performed as well as Cryptsy. There are several articles that completely misunderstand the problem, and blame us or Cryptsy for things that were not even at issue here. Perhaps the most poorly written article was published by Cryptocoinsnews, where the author performed no investigation, read charts incorrectly, and "expanded upon" the text of quotes to add meaning that was not present.
With the notable exception of Coinfire, the level of journalism in the bitcoin community is extremely poor. The articles that have been published do not stick to the facts, and I encourage anyone who has read those articles and who comes here to read the actual text and how Cryptsy resolved it for themselves.
I wanted to draw attention to a serious bug in Cryptsy's trading engine that has caused us significant losses. Cryptsy has refused to honor its published price data, and has overcharged us more than $70 in trades dating back several days. A message to Paul Vernon to correct the company's mistake has been refused even though Cryptsy itself acknowledged that there is a problem.
I represent Prohashing, a mining pool that allows users to mine any coin and receive payments in any coin. Trades are conducted through Cryptsy and, as soon as manpower is available to complete the testing of the Poloniex code, other exchanges. In August, we at Prohashing complained to Cryptsy in this forum about poor customer service. In that incident, someone (without our direction) actually went to Cryptsy headquarters with a video camera to investigate why our tickets were not being answered. Eventually Mr. Vernon showed up and apologized for a communication error, and we decided to give them a second chance since, at the time, there were mistakes in our software.
Cryptsy's documentation states that their system matches buy orders placed above the market price so that they will be executed at the market price. To place a market order and purchase coins immediately at Cryptsy, one simply enters a price above the market rate. For example, if I wanted to purchase 2 bitcoins at the current market price of $350, then I can enter an order for 2 bitcoins at $500. The order will be executed at $350, and if there aren't enough bitcoins available at that price, then at the next order at $351, and so on, until I've obtained two bitcoins or the price has climbed to $500, whichever occurs first. This behavior is consistent in both the web interface and Cryptsy's API.
Therefore, if one wants 2 bitcoins at the best possible price, one can even place an order for $999999, without actually paying $19999998. Our system takes advantage of this feature by offering to pay 1.1 times the market price, so that we receive the market rate in most cases but also limit slippage to a reasonable figure. Theoretically, as someone did in this case, a person should be able to place a sell order for a few Megacoins at 0.00000007, and the order will be executed at the highest buy price, after which it will disappear from the order book.
On Wednesday, November 19, and possibly for several days before, Cryptsy's Megacoin market contained the orders listed in http://shoemakervillage.org/prohashing/MEC_error.jpg. The site's "push API" and the "public API" mirrored this order book. As you can see, the lowest sell order was below the highest buy order. If the system were working as advertised, this situation would not be possible. Since this data was listed as the "buy price" for Megacoins, any person or algorithm that attempted to trade Megacoins saw that the price of Megacoins was 0.00000007, since it was the lowest price.
During this time, Cryptsy allowed trades to execute against this phantom sell order. Customers who attempted to purchase Megacoins believed they were paying the low price, but they silently were charged the higher price of the second-lowest order for all their coins. If the "phantom order" were simply filled and then slippage occurred, the system would still have been incorrect, but there would have been minimal losses. Instead, anyone who traded Megacoins that day was overcharged repeatedly. They didn't know it until they looked at their account balances and noticed that they were close to zero. The "phantom order" remained on the books for the entire day (and perhaps before that) and was the published Cryptsy price no matter how many orders were placed against it.
Meanwhile, many of our customers (as well as us) noticed that Megacoins were cheap and chose to be paid in Megacoins. Since Cryptsy executed trades at the low price but delivered 1000x fewer coins than promised, nobody noticed this problem until a regular audit determined that the database balance was outside of the tolerated range from the Cryptsy expected balance. At the same time, a customer pointed out that his balance was far higher than even he expected. By the time that Megacoins were payout disabled, Cryptsy had charged us at least 0.14 bitcoins more than what we had directed them to spend for these orders.
In hopes of resolving the problem, we contacted Cryptsy through their support desk twice. We politely requested that they investigate the issue and reimburse us for the excess bitcoins, since they had advertised one price and charged another. A customer service representative acknowledged that Cryptsy was responsible for the error, and stated that they would send the issue to the "network team" for investigation. Several minutes later, the bad order was removed from Cryptsy's system, as shown in the huge crash in http://shoemakervillage.org/prohashing/MEC_error2.jpg. We submitted a reply explaining that a store cannot advertise one price, charge another, and then refuse to correct the difference, and asked for the issue to be escalated to a supervisor or directly to Mr. Vernon. Instead, Cryptsy replied with the following response:
Unfortunately our terms of service state that we do not endorse , nor can we be responsible for the use of 3rd party content ie: If you were not using the automated trading software which is not endorsed by cryptsy, im sure the trades would not have been placed. Wish i could do more to assist you, but there is not much more I can do about these types of situations.
Sincerely, Jim aka: JShock Customer Service Manager Cryptsy.com
Keep in mind that there was no "third party content" being used here. The content (price data) was obtained directly from Cryptsy's website. No additional sources of information were used in making trading decisions. Furthermore, humans using Cryptsy's website would also fall victim to the same issue, as would an API trading program created by Cryptsy's own engineers.
To review, imagine that you walk into a hardware store and see that there is a sale on a type of screw. You take the screws to the cashier and since they are so cheap, you say that you're even willing to pay 1.1 times the sale price. Since the cost is so low, you buy 10,000 of these 5 cent screws to use in building your new home. The cashier tells you that paying more than the sale price isn't necessary, and that the store will just charge the normal price, so you give the cashier a credit card. The card rings through at the agreed price, and you leave. After a long day of using up all the screws to install drywall, you return from the job site and log onto your bank's website to balance your budget. You discover that, instead of paying $500.00 for all the screws, you were actually charged a half million dollars for a few dozen boxes of fasteners. You call the company to complain and correct the error, but they refuse, saying that the cost was actually 1000 times greater and they were passing on the error to you. After all, it was your fault that you relied on the price they listed on the shelf when you decided how many screws to purchase.
We refuse to pass such losses onto our customers, so I withdrew money from my personal account to cover them. The problem we face is that mining is an industry dominated by liars, cheats, and frauds. I hear stories from people who talk about companies like the Middlecoin pool, where h2odyssey claimed that BTC-e froze over 50 bitcoins and he just decided to disappear. The number one problem we have to deal with every day is customers who refuse to do business with us not because we have ever cheated them, but because every other mining company they have dealt with has ripped them off. It is extremely difficult to run a business that actually stands by its commitments when people have come to expect everyone else to cheat them. However, despite honoring our own commitment, we have made it clear to our customers that Cryptsy is not honoring theirs.
There is something deeply wrong when a startup pool that is just registering as a company pays out others' problems from personal funds, and a corporation with an actual office, many employees, and which is registered as a FinCEN money transmitter passes losses from its own bugs to its customers.
If Mr. Vernon reads this post, then I hope that he does the right thing by apologizing for what Cryptsy has already acknowledged as a mistake, and adding the correct number of bitcoins to reimburse the account balances of everyone affected by this bug. If he chooses not to do so, then his negative business practices have proven that Cryptsy is little better than the dishonest companies in the bitcoin industry.
submitted by ProHashing to Bitcoin [link] [comments]

Highlights from yesterdays cryptocurrencies & taxes AMA over at /r/cryptocurrencies

Full AMA: https://np.reddit.com/CryptoCurrencies/comments/7u2irv/ama_on_cryptocurrencies_and_taxes/
HappyTax: "Hi, I’m Mario. I’m the CEO of Happy Tax and CryptoTaxPrep.com. I’ve been in the tax preparation business for 16 years and a crypto enthusiast for 3 years. We saw the need for a dedicated crypto tax service so we started Crypto Tax Prep earlier last year to help out you new participants in the crypto world figure out the confusing ordeal that is your 2017 crypto taxes. This is especially important because there are a LOT of misconceptions swirling around about like-kind exchanges, foreign exchanges, and more. Ask Me Anything!"

P.S. If anyone is interested in hiring us, you can use coupon code REDDIT100 at checkout to get $100 off on our services that include full service bookkeeping, accounting and tax prep of your crypto transactions by our US based licensed CPAs as well as advisory and 1 year access to our crypto reporting tools. ;)

Q: If I make a purchase with my crypto, what does that mean for taxes?
A: Since crypto is property, if you use it to make a purchase, that is the sale of that property and it has to be reconciled and reported as a capital gain/loss. Basically what you sold it for minus what you bought it for minus any costs of the transactions. They all need to be documented and tallied up in the year end tax return. Coin to fiat sales, coin to coin sales, coin to purchase goods or services sales. We have tools and a team that help make this process more manageable.
Q: If you're trading account showed a profit of 15k on December 31 but on January 25 it was only 5k, you have never withdrew a penny, the irs expects you to pay tax on 10k that you don't have? This has to be somewhat common due to the fact of the current bear market now. Would the answer be you should of taken the money out at the end of the year taxed it and re-deposit it back to you account and "start from scratch"?
A: Correct. The thought process is that you are supposed to pay it as you are making the money. Taking it out at the end of year would have created more sales and potentially profits to add into the mix so it wouldn't give you any ability to "start from scratch". Every transaction is always reportable. We advise our clients to pay their taxes quarterly and keep track of profits throughout the year so that they don't get hit with surprise tax bills that they are not prepared for.
Q: Will holding onto coins or tokens for longer than 365 days allow gains from their sale to be taxed as capital gains instead of ordinary income?
A: Yes, short term gains (crypto HODL'd for less than 1 year) are taxed at your ordinary income tax rates which are between 0% and 39.6% (depending on your overall income with most people being in the 0-25% range). Long term gains (crypto HODL'd for more than 1 year) are taxed at the lower, capital gains rate of 0-20% (with most people towards the lower end of that spectrum).
Q: Can you comment on how the new tax law in the US will impact cryptocurrency trading in 2018 compared to prior years?
A: It will lower tax rates, other than that, no change to crypto.
Q:Apparently there is a rule that US taxpayers are supposed to report foreign accounts over $10,000. Can you comment on whether this applies to cryptocurrency accounts? If so, how do we know what counts as a foreign or domestic exchange or account?
A: Correct. FBAR requirements state that anyone having any funds over 10,000 in any overseas institution (exchanges) has to file a Fincen 114 form. The penalties for not doing so range from $10,000 PER instance (each exchange, each year) to the greater of $100,000 or 50% of the balance in an unreported foreign account. If someone wasn't compliant in previous years and comes forward, there are ways to mitigate those fines. Checking if they are foreign or not is usually available on the exchanges site on where they are located. Decentralized exchanges are in a grey area, chances are that they are not part of this requirement if you are in the US when working with them however it may be better to just file the form. We file it for all of our clients to make sure they stay in compliance if they have anything in an overseas exchange.
Q: If i lost money, would i be able to claim capitol loss?
A: Correct, only if there there is a total net loss - subject to only being able to claim up to $3k per year in losses with the rest carrying forward to future years to offset income or future gains). In either case, all the trades need to be reported in order to determine any total net loss or gain from the trades.
Q: I always wondered how taxes worked if you mined bitcoin years ago and made a killing... would you be taxed on the full thing? What if you were paid in BTC for a service long ago?
A: Hey, if someone was mining years ago, they should have been reporting that mining income in the years they earned it. The way it works on mining income is that it is self employment income if you are doing it personally (not in a Corp or LLC). It flows to your schedule C where you put the total mining income you had for the year, then you can deduct any direct expenses you had for the mining. Those would be the portion of your electricity that you used for those rig(s), the ability to depreciate your equipment purchase costs and even possibly a portion of your rent or mortgage that is exclusively used for housing the mining equipment (whether it is a space in your living room or basement or a full warehouse). Then the net amount of profit is taxed at your ordinary tax rate (which is determined by your total income from all sources). Additionally, self employment income is subject to Self Employment taxes which are 15.3% althoguh you do then get to deduct 1/2 of your self employment taxes as an above the line deduction (adjustment to income). If someone wasn't claming their mining income, it is recccomended to do so and catch up as the IRS is working with Chainanalysis to get forensic data from the chain and could tie everything together with their other data sources. US law requires that all citizens and residents income; whether from a job, investment, in cash, or in crypto be reported and taxed from your worldwide income be reported and taxed. Otherwise it would be illegal tax evasion and subject to penalties, interest and possibly fines. If someone was making a killing and not claiming it, it could also be subject to criminal penalties.
If you were paid in BTC for a service a long time ago, that should have been included in Schedule C as well. If it weren't, the penalties and interest can be much lower for self reporting and amending it rather than waiting to possibly get caught.
submitted by Haramburglar to CryptoCurrency [link] [comments]

[uncensored-r/CryptoCurrency] CFTC Chairman Gaincarlo just made the most bullish statements in front of the Congress

The following post by ethswagholder is being replicated because some comments within the post(but not the post itself) have been openly removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ CryptoCurrency/comments/7vo5ov
The original post's content was as follows:
A gist of what he said:
  1. His kids were not interested in stocks but are hooked onto cryptocurrencies, and the government has to respect that, and develop a positive outlook.
  2. While scams and fraudsters must be cracked down, the general market must be allowed to develop. A working group of SEC, FINCEN, CFTC and other group members are working on identifying scams in this space.
  3. When asked if Crypto has any "intrinsic value"? - There is an intrinsic value and relation of the value of bitcoin and the cost of mining it.
  4. Price of Bitcoin is just one publicly traded company like McDonalds. In comparison, global money supply is 7.6T. And since Bitcoin has been compared to digital gold, value of all gold in the world is 8T.
  5. HOLY SHT.. He just mentioned "HODL". Hahaha - According to him its "Hold on for dear life".
"We must crack down hard on those who abuse our young enthusiasm for bitcoin and blockchain technology"
"We owe it to this new generation, to respect their interest in this new technology with a thoughtful regulatory approach."
In the middle of all this Senator Brown was constantly bashing banks, a topic un-related to all the discussion. Apparently banks have had 80+ violations in the recent months. Lol
Other points:
  • No of times drug dealing mentioned in the proceedings = 0
  • No of times terrorism mentioned in the proceedings - Venezuela Petrocoin and Russia Cryptorouble were discussed - they were seen as ways these countries could use crypto assets to skirt US sanctions. Though the SEC chair addressed that there was not much they could do, but are working with Feds and the treasury.
  • Only "illegal transactions" was discussed, and the steps taken to combat misuse of crypto.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

There is a 30 day comment period for the current Bitlicense proposal. Unless there are substantial changes, New York will be a Bitcoin dead zone

The 30 day comment period starts next week. Bitlicense, as proposed will force most companies that store customer BTC deposits to block New York IP addresses. There is very little chance that Lawsky will make any further changes to it, so what will this mean for Bitcoin around the world?
EDIT, as a reminder:
This is how the Bitlicense will affect Bitcoin businesses, taken from here:
http://www.reddit.com/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/cizyqyz
(I've added modifications in light of changes in the new proposal and information that I found was missing in the original write-up)
Entities are considered dealing in virtual currencies if:
.. to any resident in New York. Web services, even those incorporated overseas, must either comply or block access for NY users. (200.2n)
Entities 'dealing in virtual currency' must:
Added:
The (only?) good news: Merchants do not need a BitLicense to accept Bitcoin for a good or service. (200.3c2).
> This post was created for general guidance, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post.
EDIT 2, targetpro suggested expressing any concerns you may have about the proposed regs to the NY Dept. of Finan. Services:
submitted by aminok to Bitcoin [link] [comments]

Beginner's Guide to Exchanges - Part 2

Beginner’s Guide to Exchanges – Part 2

A little late, but as promised here is Part 2 of the Beginner’s Guide to Exchanges. I would like to sincerely thank everyone for their support and feedback in making these.
Link to Part 1
This time I also made a Google Docs survey in the hopes of sharing the results with the community. I thought we could share what we use as a whole and why redditors choose the exchanges they do. For skeptics (as you all should be), I assure you that I am not collecting personal information. This is for recreation and if you are still wary, then by all means abstain!
Link to Survey
In Part 3 I will be wrapping up this series by covering decentralized, semi-decentralized, and derivative exchanges. Here it goes!

00 – Concepts and Definitions (Continued)

04 – Fiat Exchanges – Canada

QuadrigaCX

Country Linked Bank Transfer Wire Transfer Paypal Credit/Debit Crypto Transfer
CAD Deposit 1%/ Withdraw Free Free Free (Withdraw Only) 1% (Withdraw Only) Free
USD - Free Free (Withdraw Only) - Free
Exchange Type Maker Taker
Fiat .5% .5%
BTC/ETH .2% .2%
Feature Details
2FA Google Authenticator or Email 2FA Available
Wallet Security Undisclosed amount of funds in cold storage
Web Security 3rd Party Security provided by CloudFlare
Bug Bounty Expired $50 bounties
Tier Level Name Email DOB Phone Address Official ID Bank Info Credit Score Limits
Basic Account X X Digital only, Limits Vary
Verified Account X X X X X X Limits Vary

05 – Fiat Exchanges – Europe

CEX.IO

Country Credit/Debit Bank Transfer Crypto Transfer
Europe 3.5%+ €0.24 Deposit €0 / Withdraw €25 (SEPA €10) Free
Russia 5% + ₽ 15.57 - -
UK 3.5%+ £0.20 Deposit £0 / Withdraw £20 (SEPA Free
US 3.5%+ $0.25 Deposit $0 / Withdraw $50 Deposit $0 / Withdraw 1%
Exchange Type Maker Taker
All Currencies 0% .20%
Feature Details
2FA Google Authenticator Available
Wallet Security Undisclosed amount of funds in cold storage
Credit Card Data Overseen by 3rd Party Kyte Consultants
Web Security SSL Certificates and Encrypted Personal Data
Tier Level Name Email DOB Phone Address ID + Photo Bank Info KYC Limits
Basic Account X X X Digital only
Verified Account X X X X X X $10,000 Daily/$100,000 Monthly

BTC-E / XBTC-E

Country Credit/Debit Bank Transfer Paypal
Europe - SEPA - Deposit .5% / Withdraw 1% (€100 min) -
Russia 6% 6% -
US 7% Deposit .5% ($20 min) / Withdraw 1% ($100 min) 7%
Exchange Type Maker Taker
All Currencies .20% .20%
Feature Details
2FA Google Authenticator Available
Password Expiration Must be changed every 6 months
DDoS Protection 3rd Party Security Services provided by CloudFlare
Bug Bounty Yes at xBTCe
Tier Level Name Email DOB Phone Address Official ID Bank Info KYC Limits
Verified User X X X X X No Stated Limits

Liqui.io

Exchange Type Maker Taker
All Digital Currencies 0.1% .25%
Feature Details
2FA Google Authenticator Available
Bug Bounty Reported bounty posted on HackerOne (unconfirmed)

06 – Fiat Exchanges – South Korea

안녕하세요 여러분! 혹시 우리 한국인 친구 이 보고서를 한국어로 읽고 싶어한다면 알려주세요. 관심이 많이 있다면 간단한 한국어 보고서도 만들 수 있습니다. This year, ETH has taken off like a rocket in the Land of the Morning Calm. With a population of just 50 million, South Koreans account for almost 30% of daily ETH trade volume. Even more surprising is that currently the daily volume of ETH is about 5 times higher than that of Bitcoin on Korean exchanges. Since demand is high, ETH is trading at a premium on Korean exchanges. Some users have been talking about capitalizing off this imbalance by trading on arbitrage between exchanges. For those who have no connection to Korea and hope to do so, I have bad news – all Korean exchanges require a National ID number and access to a Korean bank account. This makes Korean exchanges virtually closed to Korean nationals and those with long-term visas. Sorry everyone.

Bithumb

Coinone

Korbit

07 – Fiat Exchanges – China

With a great deal of anticipation, major Chinese exchanges started trading ETH this summer. Since these exchanges deal huge volumes of Bitcoin already, naturally it was expected that they invest heavily into ETH as well. So far this hasn’t quite lived up to the hype with many exchanges still favoring Bitcoin, Litecoin, Altcoins, and even Ethereum Classic (Gulp). Three of these exchanges underwent inspections by the Peoples Bank of China earlier this year and will be working closely with the government to ease fears of money laundering and market manipulation. There are a lot of Chinese sites, and since my Chinese is non-existent this list is basically just for name recognition. In many ways these sites are very similar in regards to security, verification, and fees compared to their western counterparts; just marketed at a different audience and currency. If users are seriously interested in these exchanges and making reviews, please contribute or ask!

OK Coin

Huobi

CH-BTC

Yunbi

08 – Coinswaps & Cryto-converters

ShapeShift

Changelly

submitted by poop_dragon to ethtrader [link] [comments]

FinCEN Hits Bitcoin Mixer With USD 60m Fine - YouTube Bitcoins Erklärung: In nur 12 Min. Bitcoin verstehen ... Bitcoin-Mine: Hier werden Millionen verdient  Galileo ... USD Cloud Mining Sites - YouTube How To Mine Bitcoin On Android - YouTube

The Bitcoin.com mining pool has the lowest share reject rate (0.15%) we've ever seen. Other pools have over 0.30% rejected shares. Furthermore, the Bitcoin.com pool has a super responsive and reliable support team. But the truth is that while Bitcoin is a pretty solid tool for obscuring financial transactions (as Aaron van Wirdum covered in this exploration of Bitcoin privacy technology from 2018), it’s far less capable of protecting privacy than some other cryptocurrencies out there. And, as the FinCEN Files have underscored, the world’s premier financial institutions are regularly laundering money ... Report Cuts China's Bitcoin Mining Capacity to 50% of World Total, Raises US' to 14% A new report by crypto research company Bitooda claims that China accounts for only 50% of global Bitcoin ... Larry Dean Harmon, founder and operator of early bitcoin mixing services Helix and Coin Ninja, is being fined $60 million by the U.S. Treasury’s Financial Crimes Enforcement Network (Fincen) for allegedly violating anti-money laundering rules. Bitcoin Mining ist ein Prozess, bei dem Rechenleistung zur Transaktionsverarbeitung, Absicherung und Synchronisierung aller Nutzer im Netzwerk zur Verfügung gestellt wird. Das Mining ist eine Art dezentrales Bitcoin-Rechenzentrum mit Minern auf der ganzen Welt. Dieser Prozess wird analog zum ...

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FinCEN Hits Bitcoin Mixer With USD 60m Fine - YouTube

Eine einfache verständliche Erklärung zum Thema Kryptowährungs-Mining, speziell auf Bitcoin zugeschnitten. Schritt für Schritt erarbeiten wir uns die wichtig... New Free Dogecoin Cloud Mining Site 2019 Earn Free Usd Free Usd Mining Live 2019 in Urdu Hindi . by Arslan Nasir - Trump administration to release new FinCEN requirements for cryptos, Steve Mnuchin tells Congress. Cryptocurrency Act Of 2020 - IMF tweets "The rapid growth of crypto assets raises questions ... Zu Besuch in der Bitcoin-Mine: Hier fließt die virtuelle Währung in Millionenhöhe. Mehr Galileo: http://www.galileo.tv/ Galileo auf YouTube abonnieren: htt... ️ Download for free from http://bitsoftmachine.com/?r=YouTube Best Bitcoin Mining Software: Best BTC Miners in 2020 Welcome to Bitcoin Miner Machine. #Bitco...

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