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After the incident of Binance hack, which took place on 7th March, $250,000 are now being offered by the cryptocurrency exchange, “Binance” for arresting the hackers who were involved in the incident. This was announced by Binance on 11th March 2018.

The first person who would give any information about the incident, that’d result in a legal arrest of the hacker will be given the bounty in Binance Coin (BNB), which could be used on the Binance exchange and could be traded as well. According to the announcement, if they find various sources of information related to the Binance hack, that could lead them to the final arrests, then they’d probably divide the bounty between sources.

binance hacked

Binance highlights the importance of an intensive effort to deal with the crime and immoral behaviour in the crypto-community by stating;

“To ensure a safe crypto community, we can’t simply play defense. We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact. Even though the hacking attempt against Binance on March 7th was not successful, it was clear it was a large-scale, organized effort. This needs to be addressed.”

$10 million has been allotted by Binance in cryptocurrency funds for the upcoming bounty rewards against any kind of hacking on the Binance exchange. In addition to that, other exchanges from all around the world have been also invited by Binance exchange, according to every Binance statement to follow suit, as they added;

binance hacked

“Protecting your funds is and has always been our highest priority!”

After perceiving unauthorized and irregular transaction activities in the accounts, users notified Binance that their security is being violated. The meticulous way how the hackers used the site still remains unclear, even though on 8th March, trading activities of Binance were resumed. Many users have speculated that compromised API keys is the only reason that could explain how the hackers evaded Binance’s two-factor verification system.

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Token Tax 2018: Here’s what ICO Investors and Issuers must know about it!

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ICOs (Initial Coin Offerings) have skyrocketed in the past few years. A lot of attention has been given to regulatory matters than the potential tax issues that may soon arise for both investors as well as issuers. The IRS (Internal Revenue Service) didn’t issue any guidance related to the tax treatment of token issuances. Taxpayers are mostly left to apply existing-tax-rules, depending on regulations and models that offer flawed analogies to token issuances.

cryptocurrency and taxes

Cryptocurrency and Taxes

Overall, the facts of a certain token issuance, which includes the rights related to tokens must be scrutinized to regulate the proper characterization of the tokens for tax-related matters. A token has to be considered as an equity interest in the issuing entity, however, the tax consequences to the holders and issuers will rely on the buckets that token falls into.

The rules can be way too much complex if the equity interest is in a partnership, and if the taxable income partnership will surge over to the investors, so they may have a constant tax liability. Furthermore, if an investor uses “appreciated cryptocurrency” to get the tokens, it will end up in current-tax to the investor on the appreciated cryptocurrency, however, considering other facts, the investor may have the ability to claim that the cryptocurrency exchange for tokens was “tax-deferred.”

There are few token issuers that issue some of their tokens for free through an “airdrop.” Receivers usually sign up for airdropped-tokens through the website of the issuer, and sometimes they have to use social media platforms to disseminate information about tokens in order to receive them. For the receiver, the value of tokens that he/she receives in an airdrop is a taxable income.

Token issuers usually pre-sell some tokens via SAFT or SAFE-T. The holder, under a SAFT usually pays a fixed-amount for getting the right to collect a determinable number of tokens. SAFT often provide that the envisioned SAFT’s tax treatment is as a “forward contract.” If this treatment is appreciated, then the tax on the purchase amount must be delayed ’til the tokens get delivered to the SAFT holder.

Though, SAFT as a forward contract won’t necessarily be appreciated by the Internal Revenue Service, as the agency may pursue to re-characterize SAFT to extricate it from a traditional prepaid “forward contract.”

Based on SAFE (Simple Agreement for Future Equity), SAFE-T is planned to be considered as an equity instead of alterable debt. SAFE-T’s tax treatment is ambiguous; however, it comprises the elements of both SAFE and SAFT.

It’s quite clear from that there’s only a little guidance from the IRS about how token offering is treated for tax purposes. Determining how to describe these tools for tax-purposes is an exhaustive procedure. Issuers must look up for a tax adviser to get some help in organizing their token offerings.

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Microsoft Is Not Accepting Bitcoin Anymore

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On the r/Bitcoin subreddit, it’s all about Microsoft and Bitcoin, as the tech giant apparently stopped accepting the leader cryptographic money, as per numerous top threads. One focuses on Microsoft following Steam’s footsteps in never again accepting Bitcoin. The talk comes from a Bleeping Computer article that claims the software and hardware monster halted Bitcoin payments.

On a top thread, an r/Bitcoin administrator stickied a post expressing different clients tried to discover the Bitcoin payment choice, however, were not able. His remark notes he trusts it’s “evident that little retail payments don’t bode well for Bitcoin at this moment,” and that despite the fact that everything points to the talk being valid, it is still unverified as there was no official explanation on Microsoft’s end.

Another top thread on Reddit claims Microsoft does still acknowledge Bitcoin payments, and that shills are simply endeavoring to fill the subreddit with fear, uncertainty, and doubt (FUD). Per this thread, Microsoft enables clients to include a predetermined measure of dollars to their balance utilizing Bitcoin, so the tech giant does indirectly acknowledge the top digital currency.

So, Does Microsoft Still Accept Bitcoin Or Not?

Chatting with Microsoft’s client support, we were told the organization no more acknowledges Bitcoin as a payment option. Eminently, the organization has apparently chosen to quit accepting the crypto money since July 2017.

image credits: ccn.com

Given the unsatisfactory answer we were given, we pressed the issue and were linked to an individual from the Higher help from Microsoft’s Accounts and Billing group. He affirmed Microsoft has quit accepting Bitcoin because of “different issues we are getting with respect to it.” When pressed, he uncovered that “we have no other information on why Microsoft quit accepting Bitcoin payments besides the problems in processing the payments.”

Not The First Time:

This isn’t the first time Microsoft stopped accepting Bitcoin. The tech giant put the breaks on digital currency payment in 2016, soon after the organization’s move started making headlines, it apologized for what it deemed “inaccurate information,” and revealed that Bitcoin payments would still be accepted.

Microsoft initially began accepting Bitcoin by means of BitPay in December 2014. At the time, the move was met with huge fanbase, as the organization joined the ranks of other substantial organizations like Dell, Newegg, and TigerDirect in accepting Bitcoin.

 

Story credits: ccn.com

Image: Google images

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Is Cryptocurrency Still Great for GPU Makers?

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On Thursday, an American technology company, Nvidia has announced its financial results which were remarkable. The company has revenues of $3.2 billion from January to April. But what’s the reason behind this profit?

gpu makers

Well, the value of ether and other cryptos recently soared up and created lots of demand for graphics cards – to mine them. Due to the upsurge in the demand, the price of few high-end graphics got doubled between the mid of 2017 to February 2018. It’s a matter of concern for the GPU makers of major graphics-card, as the most important market for them is eventually the gamers, not the miners.

The idea of graphics-card makers collecting hefty profits from the high prices, due to the mining demand doesn’t seem to be liked by the gamers. However, Nvidia accredited that cryptos have played an important role in boosting the financial outlook of the company.

What does Nvidia’s CFO have to say about it?

CFO of Nvidia, Colette Kress said:

Cryptocurrency demand was again stronger than expected, but we were able to fulfil most of it with crypto-specific GPUs, which are included in our OEM business at $289 million.”

The $298 million figure is around 10% of the revenue of Nvidia and it seems like it lessens the cryptocurrency influence on the bottom line of Nvidia. If a customer buys a graphics card at retail, Nvidia won’t be able to know if it’s being used for mining, gaming or something else. The same story goes for the main graphics-card of a rival, AMD, which released first-quarter results a few weeks ago. According to AMD, the sales related to cryptocurrency accounted for almost 10% of total revenue, which could be again understating its influence on the profits of AMD.

GPUs Value

It has been observed that the value of cryptocurrencies has been falling for the past few months. Also, the value of GPUs has also gotten a lot cheaper than it was before. AMD didn’t provide any specific projection for revenues related to blockchain in the second quarter, however, the spokesman of the company suggested that the rest of the year 2018, is going to be significantly below the first quarter sales.

If the price of cryptocurrencies still keeps dropping, it will end up in the form of awful results for the GPU makers. But if the price of cryptocurrencies falls really low, it’s clear that we won’t only see miners halting to buy new GPUs but, we would also see them selling the graphic-cards that they already had on the secondary market. The resulting graphics card surplus could exhort the value of graphics-card below MSRP — MSRP would be good news for gamers though it might be bad news for the companies that are trying to sell new GPUs.

The president of AMD, Lisa Su said that she wasn’t really anxious about the scenario.

“There are multiple currencies being used — People who are mining do go from one currency to another depending on what’s happening.”

She also added that customers can buy graphics-cards for both purposes; gaming and mining. They will be able to hold onto the graphics-card for the gaming purposes — in the case of mining becoming unprofitable. On the other hand, this analysis seems to be debatable. There’s no doubt that there are profusions of cryptos, but at the same time, there are some of them which are economically significant.

Ethereum’s ether is the most important and significant GPU-mineable so far, and the prices of cryptocurrency are strongly linked to it. So, if the value of ether drops, there’s a possibility that the value of other cryptocurrencies might also fall with it. There are many people who want to buy graphics-card for various applications, and there are a lot of those as well that have many of them (graphics-card). These individuals might hold onto one or two cards for the gaming purpose, however, if the price of cryptocurrencies falls quite low, lots of those cards will end up in the used GPU market. This will also make it hard for both AMD and Nvidia in selling their new cards.

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Bitcoin Developing Countries – Top 8 Countries Growing In Bitcoin

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Countries around the world noticed the surge in the price of Bitcoin in 2016. Few countries’ made reforms in the financial market sector and grew faster than others. A large number of Bitcoin exchanges provides the growing data of these countries. In this article, we will read about the top bitcoin developing countries.

Japan: 

After China, Japan is the second highest Bitcoin trading market. Additionally, due to Bitflyer’s zero-fee campaigns yen beat the US dollar in May. According to the well-known platform Bravenewcoin’s data, the exchange has 50% share of Bitcoin market in Japan. This trading volume increases from 1845 to 97,815 Bitcoin on daily basis, a 53-fold gain.

Venezuela:

Venezuela has the money supply problems but Bitcoin demand is still increasing in the country. SurBitcoin is a top and the well-reputed company of the Venezuela but denies to publish its volume data.

Though, country’s trading volume can be examined through LocalBitcoins. Only 22 bitcoins were traded in the first week of the year. However, during the following couple of months, the volume went up to 373 bitcoins before settling down at 223 Bitcoin at the time of writing. The overall trading volume grew by 913% this year.

Indonesia:

Indonesian Bitcoin trading is a fifth top rated market in the volume. It observed a huge spike in trade during June. Quoine  – a Singapore based exchange with 90% of current trade in rupiah was trading at 3,344 Bitcoins at the time of writing, with a volume of 51,500 in June.

South Korea:

Koreans have the option to buy Bitcoin from convenience stores. The networks of these convenience stores use an exchange called Korbit. The exchange hosts over 70% of the Korean won Bitcoin trading volume. Korbit’s volume was 583 bitcoins/day at the start of this year. However, at the time of writing, it has reached 3,168 bitcoins – showcasing a growth of 443%.

Colombia:

Colombia also shows the signs of life on LocalBitcoins by trading 26 bitcoins for a week up to 122 most recently.

Malaysia:

Malaysia’s Bitcoin trading market jumped from 150 to 542 bitcoins on LocalBitcoin last week. A humungous growth of 261 percent. The Bitcoin experts indicate that this major shift is possibly due to the introduction of a new exchange ‘Xbit Asia’ to the market this year.

Russia:

Rubles is the seventh most traded currency for the bitcoins. A well-reputed exchange shows the 121% growth by raising its volume to 5,983. The digital currency is facing different circumstance regarding legalization in the country this year. However, the new Bitcoin startups hold the 50% volume of trade on LocalBitcoin.

Australia:

At the start of this year, the departure of ‘igot exchange’ – a major Bitcoin exchange in the country – the market dropped from 3,850 bitcoins/day to 500 Bitcoin/day. However, the arrival of a new exchange called ACX has restored the market. Currently, the daily trading volume of Bitcoin is over 12,000BTC/day.

These are the major countries using bitcoin making more opportunities for crypto adoption. So, next time someone asks which country uses bitcoin, just link them to this particular article.

Tags: which country uses bitcoin, which country use bitcoin currency, bitcoin developing countries

Chart and image credits: cryptocurrency.com

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Areas That May Require Your Attention in the Crypto-World

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The point of using a digital currency is that it’s completely decentralized and disconnected from any government control. Yet, some exchanges completely defeat the purpose of digital currency by placing it into third-party systems. It is essential to understand that we no longer have to give up our control over our assets and shouldn’t be dependent on governments to protect them.

This is a review of “Tim Swanson’s” – “Eight Things Cryptocurrency Enthusiasts Probably Won’t Tell You.” Read on to know more.

Here are eight areas that require your attention:

crypto world

1. Bitfinex

A Hong Kong-based digital currency exchange that is known to be hacked several times in the past. A little over a year ago, $65 million dollars’ worth of bitcoins were stolen from the exchange. Till now, Bitfinex has failed to provide evidence as to how they were hacked or where those funds led to. Users were fooled by the potential for returns but in turn faced a major loss as their accounts were left empty.

2. Ransomware, Ponzi’s, Zero-fee and AML-less exchanges

A report from Xinhua was released last month that read:

China’s two biggest bitcoin exchanges, Huobi and OKCoin, collectively invested around 1 billion yuan ($150 million) of idle client funds into “wealth-management products.”

In simple words, these exchanges were functioning while charging zero-fees by using customer deposits to invest in other financial products without the customer’s knowledge. According to insiders and reporters that many exchanges in China carried out similar practices. Also, exchanges in developing countries lacking AML and KYC measures majorly benefit from scams and thefts.

3. Initial Coin Offerings (ICOs)

Many investors are chasing quick profits instead of utility. Recently, many firms are aiming towards scamming practices due to which several other legitimate ICOs are suffering. Several ICO boot camps in China were set up with past experience in pyramid schemes, this leads to not just single fraud incidents but very frequent ones as well.

4. VC-backed entities

5. The decline of Maximalism

6. Market caps

We have very little idea of what is really happening with Bitcoin transactions or any cryptocurrency for that matter.  Market cap is based mainly on a company’s assets and future cash flows but with cryptocurrencies, it is completely misleading. Especially, when random meaningless coins sell a small segment of their total supply then, claim a huge market cap.

7. Buy-side analysts and con media

Many big-name media companies practice a biased reporting which mainly focus on the benefits of coins but not equally shed light on the potential risks as well. They cover basically everything and anything regarding market caps, statistics and basic buy/own cryptocurrencies articles. But what if these major companies are funding other odd companies side by side?

The point is, that if these firms want to be taken seriously, they might as well take on the best practices so they support long-term capital inflows.

 

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