Bitcoin Is Steady As It Braces For A Big Week

Led by bitcoin, most major cryptocurrencies have spent the past seven days in relative tranquility. Bitcoin and ether have been trading -0.69% and -4.46% on the week respectively, according to crypto data aggregator COIN360. The biggest movers are Binance’s BNB, which has added 6.95% over the same period, and Dogecoin, which is down by 8.28%.

As of 8.06 a.m. ET, bitcoin is still facing resistance at $33,576 though on-chain metrics are becoming more bullish. For instance, “bitcoin exchange balances have started to show signs of sustained outflows,” tweeted blockchain data and intelligence provider Glassnode. Approximately 40,000 BTC, or $1.37 billion, have been withdrawn over the last three weeks, reversing weeks of inflows that coincided with the 50% market crash. The withdrawals suggest that traders are moving their funds to outside wallets and aren’t looking to sell in the near term.

That said, there have been some standouts among altcoins. EOS, the native cryptocurrency of the EOS.IO blockchain platform, rallied nearly 11% in the last few days following the announcement that crypto startup Bullish is preparing for a public listing via a $9 billion SPAC deal. During the past year, Bullish received an initial capital injection of $100 million and digital assets, including 20 million EOS, from Block.one, the company behind EOS. Additionally, Block.one’s CEO Brendan Blumer will become the chairman of Bullish upon the transaction’s close.

Another big altcoin winner of the week is Terra (LUNA), a native token of the namesake protocol for issuing fiat-pegged stablecoins,  – up by 30.86%. The token seems to have found its footing after the volatility it saw in May. On July 7, Terraform Labs, the project’s creator, committed approximately $70 million to boost the reserves of its savings protocol Anchor. LUNA’s market capitalization has leaped from $300 million to $3.4 billion since January.

But all eyes will be on one of the largest releases of locked shares (16,240) in the Grayscale Bitcoin Trust (GBTC), bound to take place on July 17. In total, 40,000 shares will become unlocked in the coming weeks.

The trust, set up as a private placement where qualified investors can buy shares directly from Grayscale, requires investors to hold their shares for six months before selling them on the secondary market. GBTC saw massive interest in late 2020 and early 2021 among institutions looking for a simple way to get exposure to bitcoin.

Opinions on the impact of the event on the market differ. JPMorgan strategists think the selling will add pressure on the cryptocurrency. “Selling of GBTC shares exiting the six-month lockup period during June and July has emerged as an additional headwind for bitcoin,” wrote the bank’s analysts in a note issued earlier in June. “Despite some improvement, our signals remain overall bearish.”

Analysts at cryptocurrency exchange Kraken, however, seem to disagree: “market structure suggests that the unlock will not weigh materially on BTC spot markets anytime soon, if at all, like some have claimed.” Whether or not the unlock creates a catalyst for price action, it remains one of the most anticipated events of the week.

Follow me on Twitter or LinkedIn.

I report on cryptocurrencies and emerging use cases of blockchain. Born and raised in Russia, I graduated from NYU Abu Dhabi with a degree in economics and Columbia University Graduate School of Journalism, where I focused on data and business reporting.

Source: Bitcoin Is Steady As It Braces For A Big Week

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Critics:

Bitcoin was holding steady after surging to $40,000 following another weekend of price swings following tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

In other news, some 81% of fund managers believe Bitcoin is in a bubble, even after May’s 35% price crash, according to the latest Bank of America Global Fund Manager survey and reported by Coindesk.

genesis

The results for the period June 4-10 are up six percentage points from last month’s data, indicating sentiment on Wall Street has turned more bearish. 

The survey showed 72% of the fund managers surveyed think the recent uptick in inflation is transitory. Bitcoin is often seen as a hedge against inflation, and many crypto analysts attribute the cryptocurrency’s gains over the past year to concern about increasing inflation.

Last week, El Salvador became the world’s first country to recognize bitcoin as legal tender.

References

Genesis Mining Technologies Currently Butte Energy Announces Go-Public Transaction For Entire Cryptocurrency Mining IP Asset Portfolio and Growth Pipeline of Global Leader

Highlights:

  • Entire portfolio of Genesis Mining Group’s cryptocurrency-related intellectual property to be taken public, together with more than 200MW pipeline of contracted, green-powered cryptocurrency data centre construction and expansion projects in Europe and North America
  • Resulting issuer will bring to market turnkey financing and technology solutions for cryptocurrency data centre operators around the world, leveraging Genesis Mining Group’s pioneering proprietary software platforms Hexa, Janus, and Block Explorer, and supply-chain relationships built over nearly a decade in the industry
  • Genesis Mining Group Founder and CEO, Marco Streng, to be appointed as Chairman
  • C$20 million private placement financing

VANCOUVER, BC and BIRKIRKARA, Malta, Feb. 12, 2021 /CNW/ – Butte Energy Inc. (TSXV: BEN.H) (the “Company” or “Genesis Mining Technologies“) (being renamed Genesis Mining Technologies Corp.) has entered into an arms-length, legally binding letter of intent dated February 12, 2021 with Genesis Group Limited (“Genesis Mining Group“) to acquire (the “Transaction“):

    1. all of Genesis Mining Group’s intellectual property relating to cryptocurrency mining operations, including its proprietary (i) datacentre construction, layout, and cooling system known as “AC/DC”; (ii) datacentre monitoring and optimization software platform known as “Hexa”; (iii) blockchain data analysis tool known as “Block Explorer”; and (iv) cryptocurrency market forecasting software platform known as “Janus”; and
    2. all rights to Genesis Mining Group’s more than 200MW pipeline of contracted cryptocurrency mining data centre construction and expansion projects in Europe and North America.

The Company

Leveraging its pioneering, proprietary software platforms and supply-chain relationships built over nearly a decade in the industry, Genesis Mining Technologies intends to bring flexible, turnkey financing and technology solutions to cryptocurrency data centre operators around the world. Genesis Mining has serviced over 2,000,000 customers since its founding in 2013 and has established a broad network of partner data centre operators globally.

“This go-public transaction marks a pivotal next step in Genesis Mining Group’s history and will be a gamechanger for the cryptocurrency mining industry,” commented Marco Streng, Founder and CEO of Genesis Mining Group and incoming Chairman of the Company. “We believe that cryptocurrencies will be at the centre of the future of global commerce.

However, the integrity of this system requires computing infrastructure that is decentralized, optimally architected, and powered sustainably with green energy. With Genesis Mining Technologies’ turnkey solutions, existing operators and new entrants with access to cheap, green power can obtain the financing, procurement, and operational ingredients to compete with the world’s leading miners, in one stop.”

The Company will constitute Genesis Mining Group’s core business going forward, with all future mining operations and financing transactions to be structured such that economics will accrue to the Company solely, with Genesis Mining Group’s exposure being through its shareholdings in the Company.

Concurrent with closing of the Transaction (“Closing“), Genesis Mining Group (or its affiliates and principals) will be issued such number of shares of the Company as will constitute approximately 80% of the issued and outstanding common shares following completion of the equity financing and consolidation (described below). Closing is subject to receipt of TSXV approval, completion of definitive documentation, any requisite shareholder approvals, and completion of the consolidation and equity financing.

The Business Model and Pipeline

With the global market capitalization of cryptocurrencies recently topping US$1 trillion1, and Bitcoin (BTC) and Ethereum (ETH) hitting all-time-highs, Genesis Mining Technologies intends to provide investors with de-risked exposure to a diversified portfolio of cryptocurrency mining assets and financing and technology licensing structures with third party partners. The Company will provide investors with direct exposure to cryptocurrency price performance, focusing its business model on driving free cashflow.

The Company’s current pipeline consists of five anticipated deals in Europe and North America, with a more than 200MW supply of cheap, green power already under contract. The Company will use these internally generated opportunities to develop and pilot its financing and technology solutions. These initial projects may take a variety of ownership and financing forms, but the Company intends to focus its efforts on rolling out its solutions at scale by partnering with other established miners and new entrants to the market.

The Company’s solutions will be focused on operators of green powered cryptocurrency infrastructure projects around the world to provide (i) flexible financing solutions for new buildouts and expansions, (ii) procurement of the right mining hardware for the project, benefitting from Genesis Mining Group’s know-how and supply chain relationships built over years of being one of the top miners globally, and (iii) optimization of operations through access to the Company’s technologies, including its AC/DC, Hexa, Block Explorer, and cryptocurrency market forecasting platform.

Management and Board

The Company will appoint an experienced management team and board of directors on Closing consisting of principals from the Company and Genesis Mining Group, including incoming Chairman Marco Streng.

Marco Streng is a crypto mining industry pioneer and Founder and CEO of Genesis Mining Group. In 2013, he co-founded and launched Genesis Mining, bootstrapping the organization into becoming one of the largest crypto mining companies in the world serving over 2,000,000 customers.

Tillmann Korb will be appointed as the Company’s Chief Executive Officer. Mr. Korb holds a Master’s degree in mechanical engineering. He studied at the Technical University of Munich and École Central Paris. His professional career started in strategy and management consulting, with a focus on the German automotive industry. He has been a cryptocurrency and blockchain enthusiast since the early days. Motivated by the urge to turn his private enthusiasm into a professional career, he started his engagement for Genesis Mining Group as Regional Manager for North America, developing cryptocurrency data centers and business relations. He was key in pivoting Genesis Mining Group’s business model to providing mining technologies and financial resources to its established partner network.

Consolidation and Financing

On or before Closing, a consolidation of the Company’s issued and outstanding share capital on the basis of one new common share for every four outstanding common shares will be completed. No fractional shares will be issued under the consolidation and any fraction will be rounded to the nearest whole number.

In connection with the Transaction, the Company will complete a private placement financing of subscription receipts (“Subscription Receipts“) at a price of C$1.00 per Subscription Receipt for aggregate proceeds of C$20,000,000, subject to the approval of the TSX Venture Exchange (the “Exchange“). Each Subscription Receipt will convert into one post-consolidation common share of the Company immediately prior to the completion of the Transaction. Proceeds from the financing will be used to commence initial deployments of capital into Genesis Mining Technologies’ existing pipeline and for general working capital.

Trading in the common shares of the Company has been halted in accordance with the policies of the Exchange and will remain halted until such time as all required documentation has been filed with and accepted by the Exchange and permission to resume trading has been obtained from the Exchange. Since the common shares of the Company are listed on the NEX market of the Exchange, and the Transaction does not constitute a Related Party Transaction under the policies of the Exchange, the Company is not required to seek shareholder approval for the Transaction.

For corporate updates, please register to our mailing list at genesis.tech.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The Exchange has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

ON BEHALF OF Butte Energy Inc.
(to be renamed GENESIS MINING TECHNOLOGIES CORP.)

“Geir Liland”

CEO and Director

For further information: Geir Liland, Tel: (604) 609-6110

Source: Genesis Mining Technologies (currently Butte Energy) Announces Go-Public Transaction for Entire Cryptocurrency Mining IP Asset Portfolio and Growth Pipeline of Global Leader, Genesis Mining Group

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The Crypto Tax Nightmare Facing New Traders

Digital Cryptocurrency

Everyone is talking about cryptocurrency these days, and it’s easy to see why. After all, the value of Bitcoin (BTC) temporarily surpassed the $60,000 threshold earlier this year, and Ethereum (ETH) has quadrupled in value since the beginning of 2021. Of course, there are other cryptocurrencies currently making waves and helping at least some people rake in the cash, which continues creating hype among investors and everyone else.

But, there’s one aspect of crypto investing that hardly anyone is talking about — the tax implications. This is partly because taxes are boring in general, but it’s also because a lot of crypto investors have no idea what they’re doing. And — for the record — the same problem is going to come into play this year regarding NFTs, or non-fungible tokens.

How Is Cryptocurrency Taxed Anyway?

Tax partner Jon D. Feldhammer of Baker Botts says that, generally speaking, cryptocurrency is treated as property and taxed accordingly. This means that you’ll face tax implications when you sell your crypto or NFT or you trade either one for another investment or even a purchase.

Let’s say you buy 1 Bitcoin (BTC) for $30,000 on January 1, 2021, and then sell it on May 6, 2021 for $50,000. In that case, Feldhammer says you would have $20,000 of taxable short-term gains.

However, he says things get tricky from here, because it’s common for people to make frequent trades for various purposes. For example, let’s say someone has $50,000 in BTC and they want to buy an NFT. In that case, they might need Ethereum to buy a specific NFT, so they trade BTC for ETH to make the purchase. In this case, Feldhammer says you still face $20,000 of taxable income because you exchanged the property (BTC) for other property (ETH), which is a taxable transaction.

Also consider this scenario: You bought BTC for $5,000 at some point in 2020, and your investment has now grown to over $50,000 in value. Law partner Asher Rubinstein at Gallet Dreyer & Berkey says that, if you decide to use your BTC to pay for a new Tesla TSLA -1.3%, you will have earned $45,000 in taxable income to report on your tax return.

You might like to think of it as a swap, he says, but “it’s like buying $5,000 worth of stock and selling it for $50,000.”

Short-Term Vs. Long-Term Capital Gains

Another factor to be aware of is the fact that, for many crypto and NFT traders, frequent transactions are the norm. For example, there are a slew of investors who constantly “buy the dip” on the favorite cryptocurrency then sell when prices are high only to do it all over again.

Aaron Sherman, who is President of Odyssey Group Wealth Advisors, says many newbie investors may not realize how gains are taxed when you don’t keep crypto for very long. If the asset was held for at least one full year, the gain will be taxed at a long-term capital gain rate, which is lower than ordinary income tax rates, he says. Meanwhile, if the asset was held for less than a year, the gain is taxed as a short-term capital gain, with a rate equal to the investor’s ordinary income tax rate.

“The difference between short-term and long-term tax treatment is meant to encourage investors to hold assets for longer periods,” says Sherman. “Because of this difference, those who are day trading crypto assets could face a large tax bill on any gains they may have.”

In the meantime, Feldhammer points out that NFTs may be considered a “collectible,” in which case they would be subject to a top tax rate of 28%, rather than 20%.

Facing A Crypto Tax Nightmare? Here’s What You Should Do

If you’re someone who believes cryptocurrency is anonymous and thus not subject to taxes, think again. Matthew Unger, CEO and founder of global compliance solution iComply, says that this is not true, and that new regulation called the FATF “travel rule” will effectively capture nearly every wallet owner on a public chain.

“This regulation starts coming into effect in most countries in June 2021…a few weeks away,” he says. “Once travel rule systems are in place, users can expect their local tax authorities to come calling.”

According to tax withholding expert Wendy Walker of global tax compliance firm Sovos, you cannot avoid your tax obligations and expect them to go away.

“Unpaid taxes accrue interest and penalties every single day they go unpaid,” she says, adding that filing an extension “does not get you off the hook because even during the extension period, unpaid taxes will continue to accrue interest.”

Further, the IRS aggressively pursues unpaid tax amounts via liens on personal property, seizures of assets, garnishments of wages, and so forth.

However, Chief Tax Information Officer Mark Steber of Jackson Hewitt says that taxpayers can get on a payment plan with the IRS if they’re unable to pay before the Tax Day deadline. Just keep in mind that telling the IRS you didn’t know your crypto transactions would be taxed isn’t good enough.

“The IRS wants their money and won’t ignore unpaid bills,” he says.

Thomas Shea, Tax Partner at EY, also says that, if you’ve triggered a taxable exchange but don’t have the fiat to cover the tax, you could exchange additional assets for fiat, essentially a “sell to cover.”

If one pursues this route, however, Shea says they should be mindful of the tax consequences of disposing of such additional property (e.g., additional taxable gains on appreciated property, potential offsetting losses of depreciated property).

No matter what, you’re probably better off consulting a tax professional if you’re even a little worried about mucking up your crypto tax bill. Walker says there are a variety of deductions you can take on capital gains liabilities and there are a variety of tax credits and deductions that taxpayers can leverage to minimize the amount of income taxes actually due.

“Navigating the IRS can be daunting if you don’t have experience,” she says. “So rely on someone who does.”

I’m a personal finance expert that focuses on helping millennials get out of student loan debt and start investing for their future. I also help parents make smart choices about college financing options and navigating the complex world of paying for school. I started The College Investor in 2009 as a forum to discuss the myriad of financial issues facing young adults. I majored in Political Science at UC San Diego, and received my MBA from the Rady School of Management at UC San Diego. To learn more about me, go to TheCollegeInvestor.com, or follow me on Twitter @collegeinvestin.

Source: The Crypto Tax Nightmare Facing New Traders

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Bitcoin Could Churn Out 130 Million Tons Of Carbon, Undermining Climate Action. Here’s One Way To Tackle That

A Bitcoin mining manager checks equipment at a Chinese bitcoin mine in Sichuan.

The power demands and carbon emissions of bitcoin mining could undermine global efforts to combat climate change if stringent regulations are not placed upon the industry, a Chinese study has found. By 2024, mining of the cryptocurrency in China alone could use as much power as the entire nation of Italy uses in a year, with greenhouse gas emissions equalling those of the Czech Republic.

But rather than recommending increased taxation on bitcoin mining to curb emissions, or simply an outright ban on the practice, the paper, published today in the journal Nature, suggests that miners should be encouraged to shift their operations to regions that provide abundant low-carbon electricity.

The research is significant because China carries out at least 65% of the world’s bitcoin operations. Shouyang Wang, one of the report’s authors and chair professor at the Academy of Mathematics and Systems Science at the Chinese Academy of Sciences in Beijing, told Forbes.com: “While everyone has focused on bitcoin’s great profitability, we want people to become more aware of its potential issues and start thinking about these questions: is this industry actually worth the associated environmental impact, and how can we make profitable bitcoin mining operation more sustainable in the future?”

Using simulation-based models, the researchers found that, short of any policy interventions, bitcoin mining in China will peak in 2024 consuming 296.59 terawatt hours of electricity—as much as a medium sized country—and generate 130.50 million metric tons of carbon emissions. The authors further note that this consumption and the resulting emissions could derail China’s efforts to decarbonize its own energy system.

“It is important to note that the adoption of this disruptive and promising technique without [taking into account] environmental concerns may pose a barrier to the worldwide effort on GHG emissions management in the near future,” Wang said, adding that the research team was “surprised by the energy consumption and carbon emission assessment results of bitcoin blockchain operation in China.”

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Feb.09 — Tesla’s $1.5 billion bitcoin purchase this week sent the cryptocurrency soaring to a record. Nic Carter, founding partner at Castle Island Ventures, speaks with Bloomberg’s Caroline Hyde, Romaine Bostick and Joe Weisenthal on “What’d You Miss?” about mining bitcoins and its effect on the environment.
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But the solution to the challenge, the authors argue, is “moving away from the current punitive carbon tax policy to a site regulation policy”—in essence, ensuring that mining operations move to areas that guarantee high rates of renewable electricity. Under such a policy, they found, only 20% of bitcoin miners remained in coal-intensive energy regions, resulting in lower carbon emissions per dollar earned, compared to a higher taxation scenario. Under the site regulation model, the researchers found bitcoin operations generated 100.61 million metric tons at peak, as opposed to 105.19 million tons under an additional taxation scenario.

Wang said government regulation of the industry was needed, but that bitcoin miners would likely be amenable to his team’s proposed solution.

“Site regulation should be carried out by the government, placing limitations on bitcoin mining in certain regions that use coal-based heavy energy,” Wang explained. “That being said, we think that there are enough benefits to this policy which will incentivize the miners to move their operation willingly. For example, since energy prices in clean-energy regions of China are lower than that in heavy-energy regions, the miners can effectively lower their individual energy consumption cost, which would increase their profitability.”

That isn’t to say, however, that regulation is the only method by which China should be reducing the emissions impact from bitcoin mining.

“The government should also focus on upgrading the power generation facilities in clean-energy regions to ensure a consistent energy generation,” Wang said. “That way, the miners would definitely have more incentives to move voluntarily.”

Crunching The Numbers

Bitcoin operates by using blockchain technology—publicly recorded peer-to-peer transfers on encrypted computer networks—which eliminates the need for centralized authorities or banks. Bitcoin miners use arrays of processors to determine results to algorithmic puzzles that verify transactions that are added to the blockchain, for which they are in turn rewarded in bitcoins. With the value of a single bitcoin having risen from $1 in April 2011 to around $60,000 in April 2021, and with yesterday’s news that the value of the cryptocurrency market has exceeded $2 trillion for the first time, the financial incentives to mine bitcoin are obvious.

But there is a finite supply of bitcoins: they are limited to 21 million in total. To control the currency’s circulation, the supply of new bitcoins is halved every four years, which also halves the miners’ rewards. This has helped ignite fierce competition, attracting an increasing number of bitcoin miners to get into the race, utilizing ever more powerful processing arrays requiring more electricity.

This, the authors say, means that after 2024, bitcoin mining—at least in China—will no longer be cost-effective; the costs of mining the currency will begin to outweigh the rewards.

“We have predicted through our model that bitcoin mining operations in China would start to decrease in 2025,” Wang said. “Due to over-competitive and the reward-halving mechanism of bitcoin, many miners would leave China and move their operations elsewhere in hope to improve their profitability. The decrease in mining activities would lower the associated carbon emissions generated in China.”

So, in at least one sense, bitcoin is self-regulating. Or as Wang puts it, “this is the industry’s natural built-in way of phasing itself out.”

Silver Linings?

It has until recently proved difficult to determine the total emissions impact of bitcoin mining. Industry advocates have long claimed that miners tend to rely on low-carbon energy due to its relatively low cost, but those claims have been disputed.

Now, using more advanced modeling techniques, Chinese researchers have been able to more accurately estimate the energy uses of specific industry operations. According to the China Emissions Accounts and Datasets platform (CEAD), for example, bitcoin mining accounts for more than 5.4% of emissions from electricity generation in China.

In response, various policy solutions have been suggested, including heavier taxation of bitcoin mining operations. The new research suggests site regulation could be the preferable option.

But did Wang think this could result in too many miners moving into areas with abundant renewables, gobbling up energy supply?

“There would be an influx of bitcoin miners into clean-energy regions,” he said. “However, we don’t think that this increase in bitcoin mining operations would place burdens on the local energy grid. The energy-generation infrastructures in the clean-energy regions of China are still being improved and developed … we think that increases in energy generation capacity would outpace the increase in bitcoin mining operations in these regions, which would reduce the potential burdens.”

Even so, with a forecast of 100 million tons of carbon emissions at the industry’s peak, would it not simply be better, in environmental terms, to ban the practice outright?

Screenshot_2021-01-27-www-bevtraders-com-1-1-1-1-1-1-2-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-2-1

“We think that simply banning bitcoin mining altogether is not ideal,” Wang said. “Even if bitcoin mining is completely banned, its increasing profitability would drive miners to continue their activities through other measures, such as stealing electricity. That is why we are suggesting a push for moving the miners to clean renewable energy regions would be more ideal.”

Asked whether future cryptocurrency operations could potentially result in the same or similar energy demands as bitcoin, Wang offered a note of optimism.

“Cryptocurrency communities have become increasingly aware of the carbon emissions generated through mining activities,” he said. “As a result … we think the development of these new consensus algorithms would improve the energy efficiency of cryptocurrency mining activities, which would be beneficial for China’s sustainability efforts.”

Follow me on Twitter.

I spent much of the past 20 years as a journalist in Asia. Now based in Europe, my key interests are in decarbonization and the circular economy.

Source: Bitcoin Could Churn Out 130 Million Tons Of Carbon, Undermining Climate Action. Here’s One Way To Tackle That

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[…] latest news and analysis Authors Dabo Guan, Shouyang Wang and their colleagues used a simulated carbon emission model to track the emission flows of bitcoin blockchain operations in China, estimating that th […]
2
Environmental science: Climate impacts of Bitcoin mining in China | Nature Communications | Nature Portfolio
[…] Dabo Guan, Shouyang Wang and colleagues track carbon emission flows of Bitcoin blockchain operations in China with a simulated carbon emission model […]
1
BHU to collaborate on research on hydrogen energy
[…] and botany departments were also discussed to neutralize the impact of climate change by the carbon emission, he said […]
1
Drone Package Delivery Market worth $39,013 million by 2030 – Exclusive Report by MarketsandMarkets™
[…] in regulatory frameworks to encourage drone package delivery, and increasing demand for lowering carbon emission […]
1
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[…] RELATED ARTICLE: Study Finds 250 Mature Cherry Trees Can Absorb a Single Car’s Carbon Emission Check out more news and information on and Climate Change on Science Times […]
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U.S. Treasury Secretary calls for global corporate minimum tax
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Huawei Annual Report 2020 – Huawei
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[…] investments in innovative new and emerging solutions as well as carbon capture; and reducing the carbon-emission intensity of hydrocarbon fuels […]
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1
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1
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0
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5
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2
Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China
Subjects Abstract The growing energy consumption and associated carbon emission of Bitcoin mining could potentially undermine global sustainable efforts. By investigating carbon emission flows of Bitcoin blockchain operation in China with a simulation-based Bitcoin blockchain carbon emission model, we find that without any policy interventions, the annual energy consumption of the Bitcoi […] constructs a BBCE model to investigate the feedback loops of Bitcoin blockchain and simulates the carbon emission flows of its operations in China. In view of the complexity of Bitcoin blockchain operation and carbon emission process, the BBCE modeling for Bitcoin carbon emission assessment is mainly based on the following assumptions: (1) The electricity consumption of th […]
3
Bitcoin Could Churn Out 130 Million Tons Of Carbon, Undermining Climate Action. Here’s One Way To Tackle That
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View from India: Auto industry gears up for a green journey | E&T Magazine
eandt.theiet.org – April 6
[…] The target is to achieve lower carbon emission and reduce greenhouse emissions by 33-35 per cent by 2030 […]
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Yellen pledges U.S. international cooperation, calls for global minimum tax | Business
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0
Comprehensive Report on Hydrogen Generation Market Set to Witness Huge Growth by 2025 | Linde, Air Liquide, Air Products & Chemicals, Uniper, Engie –
icrowdnewswire.com – April 6
[…] green hydrogen fuel cell vehicles and 320 hydrogen refueling stations by 2025 to meet the global carbon emission standards […]
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The 2021 ELLE Green Beauty Stars
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[…] find something new next to the ingredients list: a Sustainability Facts panel, divulging the exact carbon emission impact that your face cream or mask has on the environment, as well as exactly how to recycle eac […]
7
Greenworks 12 Amp 20-Inch Lawn Mower
http://www.woot.com – April 6
[…] of performance and safety features that not only help you get the job done right, they also promise carbon emission free operation for a cleaner environment […]
0
Yellen pledges US international cooperation, calls for global minimum tax, World News | wionews.com
[…] Mnuchin opposed last year, and said she will work with international institutions and partners on carbon emission reduction targets […]
4
Green Hydrogen Market Scope and Opportunities Analysis 2020– 2030
[…] Overview Demand for sources of renewable energy is rising across the globe in order to lower carbon emission […]
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Competition overview – Zero emission road freight – strand 2: hydrogen fuel cell vehicles – Innovation Funding Service
apply-for-innovation-funding.service.gov.uk – April 5
[…] non-committal) point Vehicle-specific requirements Your project must: propose a fully zero tailpipe carbon emission demonstration consider hydrogen fuel cell vehicles and infrastructure use ‘green’ hydrogen produced […]
0
New PPE face shields developed to help NHS go green
[…] PPE with Optec – a new biomaterial reusable face shield system designed to help the NHS reach its carbon emission reduction targets […]
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Fighting Climate Change with Innovation
concept.uwaterloo.ca – April 5
[…] more sustainable food by providing carbon footprint data and recommending alternatives to minimize carbon emission when buying groceries online through our browser extension […]
0
Volkswagen to buy CO2 credits from Tesla in China
[…] The so-called CO2 pooling is a controversial method of avoiding fines given tightening carbon emission fleet values in the EU […]
1
Considerations for financing low carbon projects in your organisation
[…]   £1bn Energy Fund For public sector organisations or business looking to cut carbon emission footprint […]
0
Cut back your consumption with these easy tips – A Modern Mom’s Life
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Yannell PHIUS+ House is a Speculative Renovation
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Stanbic IBTC Begins SMS Banking for Customers’ Convenience
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Yellen pledges U.S. international cooperation, calls for global minimum tax | Reuters
[…] Mnuchin opposed last year, and said she will work with international institutions and partners on carbon emission reduction targets […]
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Airtel’s Data Centers Go Green Sourcing Power from a 14 MW Captive Solar Project
mercomindia.com – April 5
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Basic Steel Products Trading Dubai (620+ verified listings)
dcciinfo.ae – April 5
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0
Sustainability | Special Issue : Carbon Neutrality and Multi-Dimensional Sustainable Urbanization in the Era of Climate Change and Anthropocene
http://www.mdpi.com – April 5
[…] This announcement is of great significance for the realization of global carbon emission reduction and Sustainable Development Goals (SDGs), and also sets a new target for China to dea […] process, and to play a scientific supporting role for China’s new-type urbanization and carbon emission reduction-related policy […]
0
Assessing water use, energy use and carbon emissions in lift-irrigated areas: a case study from Karshi steppe in Uzbekistan
cgspace.cgiar.org – April 5
[…] water conservation; water requirements; energy consumption; energy conservation; greenhouse gases; carbon; emission reduction; pumps; irrigation scheduling; steppes; river basins; farmers; case studies Countrie […]
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Absorbed Glass Mat (AGM) Separator Batteries Market to Reach US$ 28.5 Bn by 2027 – TMR
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Airtel expands Green Energy footprint; commissions captive solar power plant for its data centres in UP –
tele.net.in – April 5
[…] In FY 20, the company has achieved an average Carbon Emission reduction (CO2 /PB) of ~114 per cent from the base year 2011-12 against the Department o […]
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[…] British hedge-fund manager’s campaign to make large public companies set near-term targets for carbon-emission cuts is encountering challenges […]
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[…] It plans to use at least 25% post-consumer recycled plastic (PCR) by 2025 and become a net-zero carbon emission company by 2039 […]
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www2.deloitte.com – April 5
[…] , machine vibration tolerance, truck route deviations, carbon emission yield increases), and interpret, curate, and visualize that data in meaningful ways to mak […]
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Bureau Veritas commits to setting emissions targets in line with climate science | Cyprus Shipping News
cyprusshippingnews.com – April 5
[…] Its carbon emission reduction targets for 2025 are currently being analyzed by the Science Based Targets initiative […]
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[…] The goal is to discourage petroleum vehicles and reduce the carbon emission rate so that the automotive companies would manufacture vehicles accordingly […] CHEATING SCANDAL Volkswagen intentionally tricked the carbon emission test of diesel engine vehicles […]
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[…] A European idea going global The project is part of the wider aim to make Groningen Airport carbon emission free by 2030, seeing hydrogen as a key fuel source to achieve this goal […]
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[…] expected to emerge as a key player and facilitate the sustainable development of energy systems and carbon emission reduction goals […] This will substantially accelerate a shift from carbon-emission energy sources to green and sustainable energy systems to achieve an entirely sustainable program […]
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[…] This notwithstanding our global carbon emission contribution being a rounding error (0 […]
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[…] Token values could be tied to crop yield and farmland contributing to carbon emission reduction […]
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10 Largest Venture Rounds In Crypto And Blockchain

Venture capital

The cryptocurrency industry is steaming hot. The total market value of cryptocurrencies is approaching $2 trillion –  that’s bigger than the market caps of Amazon, Google and Microsoft. Bitcoin has been trading above $50,000 since March 8 and has a market value of $1.12 trillion, almost as much as all the silver in the world. FOMO-ed institutions keep pouring into the space.

Tesla will start accepting payments for its electric vehicles in bitcoin, adding the cryptocurrency to its $2.5 billion bitcoin trove. One of the oldest banks in America, BNY Mellon, has launched a digital assets unit, Goldman Sachs has relaunched its crypto trading operations, JPMorgan has introduced a structured note offering tied to a basket of stocks with exposure to bitcoin, Morgan Stanley and Goldman Sachs have become the first major U.S. banks to offer ther wealthy clients direct access to bitcoin.

But institutions and venture firms rushing to cash in on the surge don’t come empty-handed. Hoards of capital are pouring on crypto startups, minting new unicorns at a break-neck pace. Just in March, three crypto firms raised some of the largest capital raises in the industry’s short but rich history. There are now at least 18 crypto-native companies with unicorn status, according to data platform PitchBook.


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In the heyday of ICOs, companies raised billions but the hype was short-lived. Low-quality projects, multiple scams, and the lack of institutional and regulatory oversight led to what is now known as the Great Crypto Crash of 2018, when an index that tracks the performance of the 10 largest and most liquid digital assets plunged by 80%.

Crypto bulls are hoping that this time it is truly different. Publicly listed companies like MicroStrategy and Square have amassed sizable bitcoin positions on their balance sheets and are seeing it as an alternative to gold.  Meanwhile applications for a U.S. bitcoin ETF are piling up at the SEC’s doorstep and the market is buzzing in anticipation of Coinbase’s direct listing slated for April 14, the first major public offering for a cryptocurrency company. Amid the frenzy, Forbes analyzed data from PitchBook and compiled a list of the 10 largest venture capital deals for blockchain and crypto-native firms.

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Inside Bitmain, the world’s largest Bitcoin mine. The rush to mine Bitcoin and other crypto currencies has gripped the world. China is home to most of the world’s bitcoin mines, and Inner Mongolia has one of the largest. Today, we take a look inside the Bitmain mine and how it works. If you enjoyed, please, like, comment and subscribe, it helps us a lot! Thanks for watching this video: Inside The World’s Largest Bitcoin Mine Check Out These Videos:
Inside Iceland’s Massive Bitcoin Mine https://www.youtube.com/watch?v=f0HC1… Inside a Secret Chinese Bitcoin Mine https://www.youtube.com/watch?v=K8kua… Inside a Bitcoin mine that earns $70K a day https://www.youtube.com/watch?v=-z4qb… Crypto Mining Farm at Apartment | January 2020 Update https://www.youtube.com/watch?v=XWPif…
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Bitmain: $422 million

Deal date: August 7, 2018

VC round: Series B1

Notable investors: Crimson Capital China, Bluebell (Asia), Jumbo Sheen Group, Lioness Capital, Palace Investment Company, Pavilion Capital

Post-money valuation: $15 billion

Previous valuation: $12 billion

The world’s leading bitcoin mining hardware manufacturer, Bitmain also operates Antpool, one of the top bitcoin mining pools, accounting for more than 12% of bitcoin’s network hash, or computational, power. Shortly after the $422 million capital raise, the Beijing-based company filed for an IPO on the Hong Kong Stock Exchange in September 2018, but the offering fell through amid the bitcoin crash and market cooldown.


BlockFi: $350 million

Deal date: March 11, 2021

VC round: Series D

Notable investors: Bain Capital Ventures, partners of DST Global, Pomp Investments, Tiger Global, Susquehanna Government Products

Post-money valuation: $3 billion

Previous valuation: $435 million

Founded in 2017, New-Jersey based BlockFi is now one of the leading cryptocurrency lending providers. Its products span multiple categories including crypto-collateralized loans and interest-bearing accounts through which investors can earn interest on their crypto holdings. Rumors of BlockFi’s potential IPO started to circulate last July following reports of a job opportunity, part of which involved helping the company go public.

Dapper Labs: $305 million

Deal date: March 30, 2021

VC round: 5th round

Notable investors: Coatue Management, Andreessen Horowitz, Michael Jordan, Kevin Durant

Post-money valuation: $2.6 billion

Previous valuation: N/A

The Vancouver-based startup is best known as the developer of NBA Top Shot, an NFT marketplace for basketball video highlights or “moments.” The project, which has already surpassed the $400 million mark in trading volume, is largely responsible for the boom of non-fungible tokens (NFTs), essentially digital proofs of ownership trackable on a blockchain. Earlier, Dapper Labs developed a popular Ethereum game of breedable collectibles called CryptoKitties.


Blockchain.com: $300 million

Deal date: March 24, 2021

VC round: Series C

Notable investors: DST Global, Lightspeed Venture Partners, VY Capital

Post-money valuation: $5.2 billion

Previous valuation: $3 billion

Blockchain.com provides a variety of crypto services to retail and institutional clients but is most famous for its non-custodial digital wallets. Unlike its counterparts controlled by third parties, these wallets give users full control over their private keys that represent ownership of crypto assets. The London-based company claims it has processed 28% of all bitcoin transactions since 2012.


Bakkt: $300 million

Deal date: March 16, 2020

VC round: Series B

Notable investors: Intercontinental Exchange (ICE), BCG Digital Ventures, PayU

Post-money valuation: N/A

Previous valuation: N/A

In February 2020, the crypto venture of ICE (the New York Stock Exchange owner) announced the acquisition of Bridge2 Solutions, provider of loyalty programs, to power Bakkt’s one-stop shop retail platform. Called Bakkt App, the service lets users aggregate various digital assets, including loyalty points, rewards programs, gaming assets, and cryptocurrencies, all in one wallet. In January, Bakkt announced it is going public via a SPAC merger with VPC Impact Acquisition Holdings at an enterprise value of about $2.1 billion. Upon the deal’s closure in the second quarter of 2021, the combined company will list on the New York Stock Exchange as Bakkt Holdings, Inc.


Coinbase: $300 million

Deal date: October 30, 2018

VC round: Series E

Notable investors: Tiger Global Management, Andreessen Horowitz, Government of Singapore Investment Corporation (GIC), Polychain Capital

Post-money valuation: $8.04 billion

Previous valuation: $1.71 billion

On February 25, the largest cryptocurrency exchange in the U.S. filed for a direct listing on the Nasdaq stock exchange. Coinbase was valued at $68 billion, based on the recent filings. On March 19, the company was fined $6.5 million by the Commodity Futures Trading Commission (CFTC) over allegations of false transactions reporting and wash trading between 2015 and 2018 on its GDAX platform, later rebranded as Coinbase Pro. The exchange’s direct listing is scheduled for April 14.


Bitmain: $292.7 million

Deal date: June 19, 2018

VC round: Series B

Notable investors: Sequoia Capital, Coatue Management, China Taijia, Blue Lighthouse Services

Post-money valuation: $12 billion

Previous valuation: $100 million


Hangzhou Qulian Technology: $235 million

Deal date: June 4, 2018

VC round: Series B

Notable investors: Xinhu Zhongbao Company,  China Gaoxin Investment Group, State Development and Investment Corporation

Post-money valuation: $470.25 million

Previous valuation: $40.33 million

Qulian Technology provides blockchain products for China’s major organizations and institutions, including the Ministry of Industry and Information Technology, the State Administration for Market Regulation, the State Grid, and local governments. Its one-stop blockchain open service BaaS platform, FiLoop, is used by some of the largest banks in China, including China Construction Bank, Agricultural Bank of China, and China Merchants Bank, according to the company. Qulian Technology’s partners also include Google and Microsoft.


Bithumb: $200 million

Deal date: Apr 19, 2019

VC round: 2nd round

Notable investors: Vidente, ID Ventures (South Korea), ST Blockchain Fund

Post-money valuation: N/A, valued at $888.27 million as of January 2021

Previous valuation: $868.42 million

In September 2020, the Seoul Metropolitan Police Agency has reportedly raided the offices of one of South Korea’s largest crypto exchanges on fraud allegations, linked to a $25 million token sale that never materialized and led to losses for investors.


Ripple Labs: $200 million

Deal date: Oct 1, 2020

VC round: Series C

Notable investors: Tetragon Financial Group, SBI Holdings, Transform Capital, 10X Capital

Post-money valuation: $10 billion

Previous valuation: $410 million (2016)

In December, Ripple Labs and its top executives were accused by the U.S. Securities and Exchange Commission of selling $1.3 billion of XRP, the native asset of the payments network developed by the company, as an unregistered security. Following the charges, multiple exchanges and trading platforms, including Coinbase, Binance.US, and eToro, delisted XRP and suspended its trading. In January, U.K.-based investment firm Tetragon Financial Group filed a lawsuit to redeem its equity in Ripple but ultimately lost the case. Despite the fallout, XRP remains one of the top traded digital assets.

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I report on cryptocurrencies and emerging use cases of blockchain. Born and raised in Russia, I graduated from NYU Abu Dhabi with a degree in economics and Columbia University Graduate School of Journalism, where I focused on data and business reporting.

Source: 10 Largest Venture Rounds In Crypto And Blockchain

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[…] Gensler is well-educated on the crypto business as he taught an in-depth course on the topic on the Massachusetts Institute of Know-how, or MIT, in […] authorities businesses have turn into more and more concerned within the crypto business over time […]
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Massive Bitcoin Scam reaps Millions off Irish Citizen with High Net Worth, Local police jumps in – Coinnewsafrica
Coinnewsafrica.com – April 3
[…] some investigations which led them to the older customer who thought he was investing in a legit crypto business opening […]
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UK Regulators Obligates Crypto Firms to Submit Financial Crime Report
shuftipro.com – April 2
[…] FCA wanted to provide some time to the crypto business after they are registered to comply with the new REP-CRIM rules […]
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Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Individuals
bitrss.com – April 2
[…] the older customer who wanted to invest such an amount of money into what he believed was a legit crypto business opportunity, he accepted the police’s advice to not send the fiat money […]
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The Re-Design 2.0. Parallel to the 4thTech 2.0… | by 4THPILLAR TECHNOLOGIES | /the4thpillar | Apr, 2021
medium.com – April 2
[…] The new font represents the more serious approach a crypto-business needs nowadays, leaving the tech-savvy fonts back in 2020 […] We’re DOF | Design of Frames and 4thpillar Technologies’ new Logo represents our take on how a crypto business should look in 2021 […]
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Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Individuals
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Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Indi … on 02 April– NonSell.com
nonsell.com – April 2
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Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Individuals – News Bitcoin News –
bit-news.ch – April 2
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Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Individuals – News
news.bitcoin.com – April 2
[…] the older customer who wanted to invest such an amount of money into what he believed was a legit crypto business opportunity, he accepted the police’s advice to not send the fiat money […]
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Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Individuals – Idelto
idelto.com – April 2
[…] the older customer who wanted to invest such an amount of money into what he believed was a legit crypto business opportunity, he accepted the police’s advice to not send the fiat money […]
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Mines from Aluminum to Crypto
MARCH 30, 2021 Mines from Aluminum to Crypto BUSINESS ECONOMY REGIONS RUSSIA FILE BY Amanda Shirnina What’s more mysterious than a nearly abandone […]
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[…] How to open an account for my crypto business? If you are interested in opening a business account at Bankera, fill in the business accoun […]
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UK financial watchdog adds bitcoin ATMs to unregistered crypto business list as part of AML push
The UK’s new initiative to target unregistered crypto businesses is picking up steam.
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Goldman Sachs Joins Crypto Wealth Wave
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ICO and DeFi Marketing Services – by ICOspeaks
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threadreaderapp.com – April 1
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BEP20 Token Development Company | Create Your Own BEP20 Token on Binance Smart Chain
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The taming of the crypto Wild West: a look at the UK’s alternative to MiCA | Dentons – JDSupra
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Zapper Crypto Review – DeFi Asset Management Dashboard
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African Migrants Are Turning to Cryptocurrency Platforms for ‘Low-Price Remittances’ – Rising Markets Bitcoin Information
thecryptomarket.io – March 31
[…] it’s this plunge (in remittances) that prodded the CBN into taking motion in opposition to the crypto business […]
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PayPal Users Will Be Able to Use Bitcoin, Other Cryptocurrencies for Purchases | Barron’s
[…]   PayPal allowed customers to buy and sell cryptos beginning last October and set up a dedicated crypto business last month […]
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Crypto Outfit Registered by Flow Traders With Dutch Central Bank ⋆
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[…] The Dutch Government has been implementing new legislation when it comes to crypto business ever since May of 2020 […]
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Nifty Gateway Review – How To Buy And Sell Nifties?
[…] Winklevoss twins, Cameron Winklevoss and Tyler Winklevoss, have been in the crypto business for a long time […]
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lacer2k: “<b>Bitcoin</b> for Babe Ruth? Sports auction hous…”
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<b>Bitcoin</b> for Babe Ruth? Sports auction house will accept crypto On Tuesday, the sports memorabilia auction house Goldin Auctions announced that it would accept cryptocurrency, making it one of the first brick-and- … social experiment by Livio Acerbo #greengroundit https://www.greenground.it/2021/03/30/bitcoin-for-babe-ruth-sports-auction-house-will-accept-crypto/ #business #IFTTT #news #bitcoin #google #IFTTT #livioacerbo #news
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CME Group to Launch Micro Bitcoin Futures Contract in May
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Paypal Enables Cryptocurrency Payments at Millions of Stores With ‘Checkout With Crypto’ Launch –
news.bitcoin.com – March 30
[…] The company set up a dedicated crypto business unit last month and early this month, it acquired crypto-security firm Curv to expand its digita […]
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PayPal to allow Americans to pay with Bitcoin, Ethereum at over 29 million vendors
thebitcoinstreetjournal.com – March 30
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PayPal to allow Americans to pay with Bitcoin, Ethereum at over 29 million vendors
cryptoslate.com – March 30
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11 Ways to Completely Sabotage Your BitCoin Trader – My master blog 1589
sergiooowo789.edublogs.org – March 30
[…] Summary With many exchanges doing rounds while in the crypto business, a single has to be aware from the alternatives that they make […]
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HOT JOBS & COOL JOBS: MANAGER BUSINESS DEVELOPMENT NEW YORK NY USA
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Cryptocurrency Development | Types of Cryptocurrencies | by Linda John | The Capital | Mar, 2021
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[…] While it will take some time to stabilize, you should ensure that at no point in time your crypto business is illegal […]
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Cryptocurrency Development | Types of Cryptocurrencies
latestcrypto.news – March 30
[…] While it will take some time to stabilize, you should ensure that at no point in time your crypto business is illegal […]
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PayPal to allow Americans to pay with Bitcoin, Ethereum at over 29 million vendors | Amazing Crypto
amazingcrypto.com – March 30
[…] announced later today—comes months after PayPal announced it was developing and launching a crypto business […]
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CYIOS Corp. to Acquire Privately Held
heliolending.com – March 30
[…] plan going forward is to leverage the Helio acquisition into building a synergistic, diversified crypto business within a public company […]
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Investorideas.com – Blockchain Stock News: Graph Blockchain (CSE: GBLC) (OTC Pink: REGRF) Deploys Capital into Polkadot for the Proof of Stake Mining
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Investorideas.com – Crypto Corner Podcast 554: Stocks discussed: (TSX: $HUT.TO) (NasdaqGS: $FTFT) (CSE: $GBLC.C) (NasdaqGS: $SPRT)
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Concentrate quality product
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[…] Worldwide FEATUREDGet in today with Bitlocity $25 and $50 Bitcoin payments directly to your crypto… Business Opportunities   Posted: 24 days ago Want to earn Bitcoin Daily? Bitlocity has launched! They have a […]
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Central Bank Digital Currencies a Real Threat to Crypto but Won’t Permanently Destabilize Bitcoin – Markets and Prices Bitcoin News
usanewslab.com – March 30
[…] bitcoin and the impression central financial institution digital currencies (CBDCs) may have on the crypto business in an interview on Bloomberg’s Front Row final week […]
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News
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Crypto mergers and acquisitions doubled to $1.1B in 2020, PwC studies –
cryptocurrenciesnews.co.uk – March 29
[…] The entire quantity of mergers and acquisitions within the crypto business greater than doubled from $481 million in 2019 to $1 […] Supply: Bloomberg Following new highs final yr, deal exercise within the crypto business is prone to proceed rising in 2021 […] exchanges like Binance, FTX and Coinbase made the highest three acquisitions within the crypto business in 2020 […]
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ArtAsiaPacific: Multiply And Diverge Friday News Roundup
[…] Meanwhile, crypto business owners are continuing to make splashes in the art scene […] World’s Largest Painting Raised USD 62 Million for Charity Crypto business owners are on a roll with splurging for art […]
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Stablecoin Development Company | Asset-Backed Crypto Solutions
[…] Considering all such impossible benefits, stablecoin is deemed to be the next big crypto business model […]
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Bitcoin and other cryptocurrency being accepted by some Canadian auto dealers
canada.autonews.com – March 29
[…] “The dealer is not in the crypto business, he’s into selling cars,” said Alt 5 CEO André Beauchesne […]
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Atlas Power: Kevin Washington’s emerging data and energy vision | State | fairfieldsuntimes.com
mtstandard.com – March 28
[…] linking to a proprietary clean-energy source would take that significant stain from a large-scale crypto business — and also would dramatically increases margins […]
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DeFi, derivatives and fixing an antiquated monetary system: Kristin Boggiano –
cryptocurrenciesnews.co.uk – March 28
[…] correct regulation within the identify of security and legality to be important to integrating the crypto business with the powers that be […]
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Background Screening Malaysia Kuala Lumpur, Malaysia – Classified Ads & Marketplace
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[…]    FEATUREDGet in today with Bitlocity $25 and $50 Bitcoin payments directly to your crypto… Business Opportunities   Posted: 23 days ago Want to earn Bitcoin Daily? Bitlocity has launched! They have a […]
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Wolfage Finance – Shared economy of the most profitable crypto business models
wolfage.finance – March 28
Shared economy of the most profitable crypto business models Trade on DAO Fully Decentralized Autonomous organization cooperating as per the transparen […]
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qwikad.com – March 27
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Get 50,000 visitors to any URL for free… No strings attached…!!!
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PayDo: Remote European IBAN opening for high-risk business
forums.digitalpoint.com – March 26
[…] What do we offer? PayDo offers opening a merchant account for forex and crypto business in USD, EUR, GBP, and RUB for accepting card payments from individuals; European IBAN account fo […]
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qwikad.com – March 26
[…] Worldwide FEATUREDGet in today with Bitlocity $25 and $50 Bitcoin payments directly to your crypto… Business Opportunities   Posted: 21 days ago Want to earn Bitcoin Daily? Bitlocity has launched! They have a […]
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CYIOS Corp. to Acquire Privately Held Helio Lending
[…] plan going forward is to leverage the Helio acquisition into building a synergistic, diversified crypto business within a public company […]
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Garage Sales – Local Life
qwikad.com – March 26
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SushiSwap’s SUSHI could reach $100; five times the current value
latestcrypto.news – March 26
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Bithumb Adds Auto-trading Function
usanewslab.com – March 26
[…] company identify), which makes a speciality of buying and selling bot options for the crypto business […]
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Chainlink 8-bit stickers – LVL UP your life!
up-lvl.com – March 26
[…] 5 Height (cm) 8 10 14 Width (cm) 8 10 14 Related products Pay with Crypto Business Signs $23 […]
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qwikad.com – March 25
[…] United States FEATUREDGet in today with Bitlocity $25 and $50 Bitcoin payments directly to your crypto… Business Opportunities   Posted: 20 days ago Want to earn Bitcoin Daily? Bitlocity has launched! They have a […]
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Ledger Vault | Ledger Enterprise Solutions
enterprise.ledger.com – March 25
Security Ledger Enterprise Solution is a third-party technology provider and expert in the digital asset ecosystem. We thrive to offer the best security component to any crypto business, by protecting their client’s funds from cyber attacks, internal collusion, or human errors. Our goal is to take care of security so that our clients can focus on their core business.
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CYIOS Corp. to Acquire Privately Held Helio Lending | MarketScreener
[…] plan going forward is to leverage the Helio acquisition into building a synergistic, diversified crypto business within a public company […]
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Financial News Media | The Trillion-Dollar Crypto Industry Is About To Get Much Bigger
[…] of the cutting-edge Cloud Nine ESL Program for student mobility … Now, it’s moving in on the crypto business in a big way … It recently signed an LOI (Letter of Intent) with Victory Square Technologies Inc […]
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Baystreet.ca – 3 Ways To Play The Trillion-Dollar Crypto Boom
[…] of the cutting-edge Cloud Nine ESL Program for student mobility … Now, it’s moving in on the crypto business in a big way … It recently signed an LOI (Letter of Intent) with Victory Square Technologies Inc […]
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FATF Takes A Big Shot | TRM Insights
blog.trmlabs.com – March 25
[…] Quick refresher – a VASP is a crypto-business that conducts any one of the following activities: Exchange between virtual assets and fia […] of a VASP is perhaps the most critical definition in the cryptoverse – whether or not your crypto business is expected to implement a costly risk-based compliance program can hinge on this definition […]
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HomePocket.com is for sale
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Coinbase hiring in India regardless of potential crypto crackdown –
cryptocurrenciesnews.co.uk – March 25
[…] Sitharaman, said the federal government is not going to be “shutting all choices off” for the crypto business lower than two weeks in the past […]
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Crypto Exchange FTX Lands Miami Heat Stadium Rights For $135M
genesisblockhk.com – March 25
[…] This makes FTX the first-ever crypto business to win the rights to name a major U […]
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OKEx to Shut Down Its Crypto Business Operations in South Korea by April | Blockchain News
blockchain.news – March 25
OKEX intends to shut down its crypto branch in South Korea. According to sources familiar with the talks, the move is attributed to new anti-money laundering regulations in the country….
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chainbulletin.com – March 24
[…] Adoption Robinhood to Expand Crypto Business in 2021 Krasimir Buchvarov – March 19, 2021 The trading platform is planning to grow its crypt […] Robinhood to Expand Crypto Business in 2021 Krasimir Buchvarov – March 19, 2021 The trading platform is planning to grow its crypt […]
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Crypto Exchange FTX Secures Naming Rights for Miami Heat Arena
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The Best Backdoor Bitcoin Play of 2021 :: The Market Oracle ::
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[…] of the cutting-edge Cloud Nine ESL Program for student mobility … Now, it’s pivoting to the crypto business in a big way … It’s just closed on a deal with Victory Square Technologies Inc […]
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[…] of the cutting-edge Cloud Nine ESL Program for student mobility … Now, it’s pivoting to the crypto business in a big way … It’s just closed on a deal with Victory Square Technologies Inc […]
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OpenDAX3 – A Revolutionary Crypto Exchange SaaS By Openware, Inc.
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[…] a hybrid open-source crypto exchange software that comprises public and private modules to build a crypto business to trade and exchange security tokens, cryptocurrencies, and digital assets […] Openware team can help you launch a crypto business platform of any complexity, from startup to enterprise-grade […]
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Tesla Now Accepts Bitcoin as Payment
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[…] Adoption Robinhood to Expand Crypto Business in 2021 Krasimir Buchvarov – March 19, 2021 The trading platform is planning to grow its crypt […]
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Crypto exchange FTX bags Miami Heat stadium rights for $135 million
cryptoslate.com – March 24
[…] over $135 million—a fraction of the exchange’s daily trading volume—and made FTX the first-ever crypto business to win the rights to name a sporting stadium […]
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Graph Blockchain Deploys Capital into Polkadot for the Proof of Stake Mining
greenstocknews.com – March 24
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Graph Blockchain Deploys Capital into Polkadot for the Proof of Stake Mining | INN
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Robinhood files confidential IPO plan with SEC
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Graph Blockchain Begins Staking Polkadot For Digital Mining
thedeepdive.ca – March 23
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Graph Blockchain Deploys Capital into Polkadot for the Proof of Stake Mining
[…] in developing a process as we move forward to tokenize the Company’s cash position and grow the crypto business […]

Bee Network Is An Anonymously Managed Clone of Pi Network

https://i2.wp.com/onlinemarketingscoops.com/wp-content/uploads/2021/03/EtS_DYxUcAUXV1X.png?resize=811%2C610&ssl=1

How did it grow so fast?

As a new network offering a free coin that will be magnetizable one day, it could be attracting users that didn’t join other such networks (e.g. Pi network) early on. It seems that some people are really into maximizing their virtual currency holding.

Similar to Pi Network, Bee has a referral marketing model and provides higher digital coins to initial users creating MLM like incentives for users. Based on our qualitative assessment of online comments, people seem to be driven by the desire to make money with very limited effort and are not concerned about their privacy since they already freely provide their data to other companies such as Facebook.

Bee Network has registered over 7 million users worldwide on 2 Mar 2021, the 13th week since our global launch. We have seen that the ranking of countries with most users are constantly changing! This is a good sign which Bee Network has gained momentum and gone viral across different communities in different period.

It does not matter where you are from as we are all the pioneers in making Bee Network great together. Let’s keep it grows and spread the word to the rest of the world!

Institutions buy more Bitcoins per month and there isn’t enough for everyone. As bitcoin is circulating freely right now, blockchain data show, the number has been getting smaller with each passing month over the last year. The pattern suggests that the ever decreasing supply of bitcoin available to buy and sell might lead to a price surge as more investors jump into the cryptocurrency market.

Rafael Schultze – Kraft, Chief Technology Officer of Glassnode, blockchain data company, reported that a total of 26,000 new bitcoins have been minded since 2021, and Grayscale has bought 40,000 bitcoins this year, worth up to 1.5 billion US dollars. At the same time, it means that the speed at which Grayscale buys bitcoins is 154% of the supply of newly mined bitcoin this year.

Fewer bitcoins are becoming available to investors, so as a result, the bitcoin price drives up. A longer period that seen historically, potentially providing more support to bitcoin’s price strength in the long term despite short-term corrections like last week’s 21% retreat.

The followings are the benefits mostly used in BEE:

  • Majority knows crypto, minority grasped its growth.
  • Majority burns energy, minority mines the fruit.
  • Majority invests, minority cashes out.
  • Majority gambles, minority manipulates.
  • Decentralized Ecosystem
  • Gaming experience of Bee Network is built upon an ecosystem of decentralization.
  • Fair Game For Everyone
  • Anyone with mobile phone and internet access can join the game upon referral. No supercomputers needed.
  • Exciting Game Experience
  • You will be rewarded by active participation in the game of Bee Network.
  • You are only required to verify one of your Facebook accounts, or phone number, or Apple ID at stage 1. Bee Network will require further verification from you when the project has entered next phases.

Once you have chosen to use a phone number as your signup method, you can only login your Bee account by SMS verification to that phone number. Therefore, if your SIM card is not a fixed mobile phone for some reasons, we suggest you use Facebook or Apple ID as your sign-in method.

If the application still can’t proceed, we recommend you uninstall the application and delete the relevant data on your phone, and download the latest version on App Store or Google Play and launch again. This shall not affect your Bee balance given you have not signed out before a 24-hour session ends.

Dont forget to put this referral code in registration: arminham

Source: Bee Network is an anonymously managed clone of Pi Network

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Screenshot_2021-01-27-www-bevtraders-com-25-1-1-2-1-2-1-1-2-1-1-1-1-1-1

NFT Platform Zora Chips Away at Ethereum’s Carbon Footprint
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Advanced Price Pattern Scanner is the non repainting pattern scanner designed for both MetaTrader 4 and MetaTrader 5. It can detects many important price patterns for your trading like rising wedge, falling wedge, head and shoulder patterns, Cup and Handle, etc. Here is an intro video for Advanced Price Pattern Scanner from YouTube. Please check it out. YouTube Video:  https://www.youtube.com/watch?v=A1-IUr6u5Tg Below is the direct link to Advanced Price Pattern Scanner. As usual, we provide it for both mql5.com and algotrading-investment.com. https://algotrading-investment.com/portfolio-item/advanced-price-pattern-scanner/ https://www.mql5.com/en/market/product/24679 https://www.mql5.com/en/market/product/24678
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The Crypto Roundup: 05 March 2021 | CryptoCompare.com
[…] accepting payments in the meme-based cryptocurrency Dogecoin (DOGE) as part of an agreement with crypto payments services provider BitPay […] accepting payments in the meme-based cryptocurrency Dogecoin (DOGE) as part of an agreement with crypto payments services provider BitPay. The cryptocurrency was earlier this week added to crypto ATM provider CoinFlip’s network of over 1,800 machines […]
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Bison Trails launches staking and node services for Cosmos | Crypto Coin Growth
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Bitcoin Poised For ‘Massive Transformation’ Into The Mainstream, Citi Says

Bitcoin

Bitcoin could be at the start of a “massive transformation” into the mainstream and on the path to become “the currency of choice for international trade,” according to leading investment bank Citi, which noted the cryptocurrency’s meteoric rise in value in recent years and a growing interest from institutional investors as potentially setting the stage for widespread success.

In a report published Monday, Citi analysts said the world’s most popular cryptocurrency was at a “tipping point” between widespread adoption or a “speculative implosion.”

Bitcoin’s growing use as a payment tool, the increasing availability of digital wallets, and institutional interest from the likes of Tesla and Mastercard have all helped buoy confidence in the cryptocurrency and could see it become the leading medium for international trade in the future, Citi said.

The analysts described Bitcoin as the “North Star” of the blockchain ecosystem, with its underlying technology launching an entirely new domain of the digital economy around it.

However, there are a number of risks and obstacles that could see the Bitcoin bubble burst, the analysts warned, and widespread changes to the market would be required for Bitcoin to be adopted more widely.

Dampened institutional investment in the post-Covid-19 world would remove a key pillar of support for Bitcoin, Citi said, and anticipated regulation and oversight—which runs counter to the anti-establishment ideology underpinning the cryptocurrency—could also “cause many of the most innovative developers and entrepreneurs to exit the ecosystem,” the analysts wrote.

Key Background

Bitcoin is one of the most volatile asset classes around. It has a bumpy and storied history since it was outlined in a paper in 2009, moving from practically worthless to an all time high of over $58,000 a coin in February 2021 (the price has since dropped to around $47,000) with several significant troughs and peaks in between. At its highest, Bitcoin’s market capitalization exceeded $1 trillion. As with the bulk of its history, Bitcoin is still driven by retail investors, who billionaire philanthropist Bill Gates warned not to get drawn in by the “mania” and enthusiasm of Elon Musk who has money to spare should things go wrong.

Crucial Quote

“I think bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people,” Tesla CEO Elon Musk said on Clubhouse earlier this year.

Tangent

In October, PayPal finally welcomed cryptocurrencies to its platform, believed by many to be a precursor to it moving into the mainstream. PayPal will support four different cryptocurrencies—bitcoin, ethereum, litecoin and bitcoin cash—and will expand the service to Venmo in 2021.

Further Reading

Bitcoin. At the Tipping Point (Citi)

Bitcoin rises 6% as risk assets rally; Citi says at a “tipping point” (Reuters)

Bitcoin’s Long-Term Value Doubted Due to ESG, Tighter Rules (Bloomberg)

Follow me on Twitter. Send me a secure tip.

I am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter @theroberthart or email me at rhart@forbes.com

Source: Bitcoin Poised For ‘Massive Transformation’ Into The Mainstream, Citi Says

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Why Scottish Paybis Is Still Among The Reliable Investment Services In The World

Paybis The One Stop Shop For All Your Cryptocurrency. Paybis offers a wide range of different payment methods to buy and sell Bitcoin and five more cryptocurrencies. You can buy Bitcoins directly on Paybis with credit or debit card or any payment method which suits you the best. Their goal is to provide the customers a secure trading platform with 24/7 live support.


Paybis is a fast-growing company of experienced professionals from various industries who joined efforts in order to solve the problem of getting crypto fast and securely. The team consists of IT and Executive professionals, as well as experienced traders with several thousand, completed deals in their background. Their mission is to provide one of the best international cryptocurrency exchange services and help people transfer their funds between different payment systems quickly and with minimum fees.


Paybis’ Background

The Paybis story has started in 2014, since then the exchange has grown to an international market place which serves more than 200,000 customers worldwide. They have completed more than 200,000 transactions since the beginning.

Paybis LTD is the company behind the operations of Paybis.com exchange. The company is registered in the United Kingdom with the registered address as 35/3 Buchanan Street, Edinburgh, United Kingdom, EH6 8RB. The founders are originally from Latvia.

Two employees are listed on Paybis LTD’s LinkedIn profile who are working for the company. Inokentijs Isers, from Latvia, is the director of Paybis LTD according to the company registrar, but he does not have a LinkedIn account. The other founder of the exchange is Konstantin Vasilenko who is an IT expert with over 15 years of extensive experience in enterprise IT project management, CRM systems, Blockchain, Digital Payments, and cryptocurrencies.

From 2015 he is the co-founded Paybis.com.Prior to joining the cryptospace he had 10+ year working career at Accenture, a Fortune 500 global management consulting and professional services firm that provides strategy, consulting, digital, technology and operations services. Vasilenko graduated from the University of Riga as an IT professional.

Paybis is actively present on major social media platforms. They are sharing industry related interesting information with their 1k followers on Facebook. Similarly, their 1k followers on Twitter can read guides and walkthrough from the exchanges beyond retweets of industry related news. Their Youtube channel however only has one video so far. An important item on their social media list is the Trustpilot page. Out of 3915 reviews, they have gained a 9.2 rating from their users, which indeed increases the transparency of their activity.


To sign at and trade on Paybis you have multiple options to choose from for registration. In order to make the signup process as smooth and fast as it could be, you can use your Facebook or Google account to sign up for their services quickly and securely. If you do not want to give permission to your account by third-party accesses, you can always go down the usual road of providing your name and email address for registration. You need to confirm your email address in order to sign in, so make sure you provide a valid email.


At the same time, they respect privacy promise all information you provide them is kept securely on their servers that are not connected to the public web.Normally it takes 10-20 mins to get verified while making the first transaction if you fill in all information required correctly and you upload good quality pictures. There are 3 levels of verification you can choose from, each has its own limits depending on the payment method you would like to use.


The level 1 verification is mandatory to use the platform. This includes providing personal information (like name, date of birth, address, ID numbers). You also need to provide a copy of your documents to them. For level 2 verification you need to provide them with a selfie of your IDs and a proof of your address. For level 3 verification they also require additional documentation for your bank account and a minimum amount of completed transaction on the platform.


Although generically speaking you are required to verify your identity when using the platform, there are some exceptions you can still buy bitcoin without verification. There are a few methods available to buy Bitcoin without verification. Amazon.com gift cards do not require verification. Additionally, the level 1 verification for Perfect Money, Advanced Cash and Payeer payment methods are granted automatically, thus you can make purchases of Bitcoin without verification up to specific amounts.


Verification limits are depending on the payment method you would like to use. For Visa/MasterCard credit/debit cards, limits are USD 20,000/50,000 per week/month. For other digital wallet payments like Advanced Cash, Perfect Money, and others, they allow up to USD/EUR 500,000 per week. With Bank Transfers EUR/USD/RUB Paybis allows up to USD 200,000 of purchases per week or equivalent in other currencies.


Paybis does not support every single country in the world. Due to local legislation, Paybis does not provide services to the residents of certain US states (New York (NY), Georgia (GA), Connecticut (CT), New Mexico (NM), Washington (WA), Hawaii (HI)) and some other countries due to international trade agreements. Make sure you check out the list of restricted countries on their website before signing up.

They also suggest certain payment methods depending on your location. In the US credit card is good for a large amount, but alternative payment provides are not available to US residents. For European Union residents all the listed payment methods are available. For Russia and CIS countries, the most popular payment method is using credit and debit cards, but they only accept EUR and USD payment, which mean additional currency conversion charges are applied on a transfer.

For the rest of the world, Paybis suggest using bank wire transfers but for them, EUR transfers are not supported.
The most impressive feature of Paybis is the variety of payment methods they offer. You can pay with Visa and Mastercards, SEPA or bank wire transfers. But they also offer a lot of different alternative payment option, such as paying with Amazon gift cards or Skrill, Yandey, Perfect Money funds.

Paybis features

You can even earn extra cash through their lucrative referral program. 10% of the profit is shared after each transaction done by your referral. In addition to this, they have a multi-tier system which means you are earning commissions after those referrals which are an affiliate to your first level referral.Paybis also offers guest blogging opportunity for those who would like to improve the SEO of their site. Something you rarely see on any crypto exchange.


Fees on Paybis
Before engaging into a deal on Paybis, make sure you check the fees and commissions on their rates sheet. The fee structure is a bit complicated so make sure you take the time to understand what you are dealing with.
Each payment method comes with a different fee which is based on a % commission and sometimes a flat fee added to this. Flat fees can increase your base costs during a small amount of purchases. The price of bitcoin and other cryptocurrency is depending thus on the payment method you choose. Paybis tried to be transparent as much they could be on the fees side, so you can see next to each payment method how much will that purchase cost to you after the commissions and fees are deducted. The price of Bitcoin and other cryptos are also varying depending on if you are buying or selling.


Security on Paybis

Paybis have turned on the possibility to add ratings to their Facebook page this means anyone who has a Facebook profile can rate their service which they cannot modify. This ensures that even bad reviews stay on the page, but unfortunately also means that anyone can comment with a Facebook account, regardless if they have truly used the service. Out of 18 opinions, their service is rated at 3.8/5. There were two users complaining about their service so far. Their issue was that Paybis asked for personal documents before the transactions. On the other hand, apart from these complaints, there are no real complaints about their services, nobody reported that they got scammed using their services and their Trustpilot rating is very high as well.

Paybis does not store any cryptocurrency on behalf of you. When you purchase the coins, the cryptocurrency is transferred directly into the wallet of yours. This reduces the risk of a hacking incident where the funds of the clients would be stolen from the exchange.

They do not have a 2FA security layer, so the password protection is the only gate on the site. Paybis stores offline all client related information, not on public servers.


Supported Payment Methods

Credit Card
Debit Card
Wire Transfer
Skrill
Neteller
AdvCash
Payeer
Perfect Money

Supported Countries

All countries except:

Bahamas
Botswana
Cambodia
Ghana
Iceland
Iran, Islamic Republic of
Korea, Democratic Republic of
Mongolia
Pakistan
Panama
Syrian Arab Republic
Trinidad and Tobago
Yemen
Zimbabwe
Afghanistan
Cuba
Iraq
Kyrgyzstan
Lebanon
Sudan
Some States in the US

Source: http://paybis.com

How Cryptobitfortune Finds Its Way The To The Home Of Million Homeworkers

Cryptobitfortune Limited a company which is a developer and producer of ASIC Bitcoin miners. The company has been studying and mining this cryptocurrency for many years. Not so long ago we have developed a new-generation Bitcoin miner, which exponentially outweighs its competitiors based on the equipment price and power ratio.

Cryptobitfortune has power ratings of 50 TH/s, while the price doesn’t exceed the value of standard miners. This allows us to be the world leaders and opens the way for further development and market expansion.

Cryptobitfortune Mining is here to bring cryptocurrency mining to the investment world. We believe bitcoin has a long and significant role in the new monetary system that is forming. Our goal is to raise capital and scale our mining business; we are currently in operation and already delivering returns to our investors. With Cryptobitfortune, investors become our partners and share in the realization of profits, while assuring themselves a stable and passive income.

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Stop investing in suspicious companies which shut down every day more often! Invest in Cryptobitfortune! Cryptobitfortune company is a reliable and safe investment in the best mining equipment.

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IRS & Global Tax Enforcers Expand War on Cryptocurrency Fraud

Tax authorities, both domestic and abroad, have been continuously building an arsenal of tools and experts to monitor and audit crypto transactions. This increased weaponry has led to a growing number of international arrests by the Joint Chiefs of Global Tax Enforcement (J5) and the US Department of Justice (DOJ), with each member organization arresting individuals allegedly involved in crypto fraud, and/or seizing funds from their activities.

Not surprisingly, the US Internal Revenue Service (IRS) is keeping pace with these efforts and closing in on those who may have attempted to take advantage of the perceived anonymity of these transactions to evade taxes. As these tax authorities continue their collective efforts, the question becomes: who will be the next target of this expanding arsenal?

Crypto tracing for hire

Public records reveal that the IRS and other federal agencies have recently entered into agreements with a number of private cryptocurrency analytics companies to gain access to certain blockchain tracing software. This is unsurprising, given the US government’s recent outreach to members of the cryptocurrency community. For example, the IRS recently sought assistance from several cryptocurrency tax software companies for the audits of tax returns involving on-chain and off-chain cryptocurrency transactions.1

The statements of work for these arrangements provide that the IRS “is engaging outside contractors to assist our revenue agents in calculating taxpayers’ gains or losses as a result of their transactions involving virtual currency.” The DOJ is also advertising positions for crypto experts to assist law enforcement with “undercover operations on the Dark Web and undercover cryptocurrency transactions, technical skills and technology to perform block-chain analysis to trace transactions.”2

The IRS Criminal Investigation Division (IRS CI), the largest federal law enforcement agency in the US Department of Treasury, is also expanding its crypto capabilities. As part of its Cryptocurrency Initiative, IRS CI recently issued a public request for tools related to cryptocurrency, including applications “to more easily trace privacy coins and other protocols that provide anonymity to illicit actors.” This coordinated effort by the IRS and other federal agencies to acquire crypto talent forecasts a looming crackdown on the use of virtual currency for illicit purposes, and those that facilitate its use for those purposes.

International enforcement: Pooling of resources

The global tax community has also pooled its resources to target crypto fraudsters. The J5, which consists of the leaders of the tax enforcement agencies in Australia, Canada, the Netherlands, England, and the United States, was formed to investigate and combat cross-border tax and money laundering threats, including cybercrime, cryptocurrency, and enablers of global tax crimes. This has led to the J5 making several recent arrests involving certain cryptocurrency transactions. One of the J5’s stated missions is to “collaborate internationally to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime and to make the most of data and technology.”

The J5 has held annual events known as “Challenges,” where investigators, cryptocurrency experts, and data scientists from the member nations exchange data and techniques. These combined efforts have led to an uptick in enforcement activity by member nations, including:

Two men were arrested in February 2020 in the Netherlands on suspicion of money laundering using cryptocurrencies via the subject crypto service provider. This arrest was the apparent culmination of the Dutch Fiscal Information and Investigation Service’s investigation of a crypto service provider discussed during the 2019 Challenge. The amount laundered was approximately US$118,800, indicating that the J5’s targets are not limited to the million-dollar players.

A Romanian programmer in Germany was arrested and pleaded guilty in July 2020, for conspiring to commit wire fraud and offering and selling unregistered securities. The activity is connected with the programmer’s role in a cryptocurrency mining scheme that defrauded investors of at least US$722 million worth of bitcoin.

The DOJ has also continued its enforcement efforts in earnest. Just last month, the DOJ:

  • Announced the seizure of millions of dollars in bitcoin associated with financing of terrorist organizations, including al-Qassam Brigades, al-Qaeda, and Islamic State of Iraq and the Levant (ISIS). The operation involved, among other things, an investigation into certain alleged Syrian charities and also led to the unsealing of criminal charges for two Turkish individuals. Acting United States Attorney Michael R. Sherwin commented that this seizure, the largest of its kind, “reflect[s] the resolve . . . to target and dismantle these sophisticated cyber-terrorism and money laundering actors across the globe. While these individuals believe they operate anonymously in the digital space, we have the skill and resolve to find, fix and prosecute these actors under the full extent of the law.”
  • Filed a civil forfeiture complaint related to two hacks of virtual currency exchanges by North Korean actors. The complaint alleges that these North Korean players stole millions of dollars’ worth of cryptocurrency and then laundered the same through Chinese over-the-counter crypto traders. Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division proclaimed, “Today’s action publicly exposes the ongoing connections between North Korea’s cyber-hacking program and a Chinese cryptocurrency money laundering network.”
  • The first hack dates back to July 2019 when an agent tied to North Korea allegedly stole over US$272,000 worth of crypto. This agent then engaged in “chain hopping,” a process whereby the user converts cryptocurrency into other forms of crypto in order to make the illegal transactions more difficult to trace. Then, in September 2019, another agent with ties to North Korea hacked a US-based company, stealing nearly US$2.5 million in crypto.

Avoiding the land mines and risks: The time to act is now

The message is ominous. The recent J5 activity and the US government’s stockpiling of crypto experts and tracing software leaves little doubt that tax enforcement efforts in the crypto space is ramping up. Indeed, in its February 18, 2020, newsletter, the J5 warned that “it cannot be ruled out that more international investigations by the J5 countries will follow” from the data sharing at the Challenges.

At home, the DOJ, IRS, and IRS CI remain laser focused on abusive crypto schemes, as evidenced by their call to arms for crypto experts and tracing software. While the above DOJ actions focus on anti-money laundering activity, they demonstrate a growing familiarity with these systems which will lead to future cases in other areas, including tax evasion.

Thus, any company operating in this high-risk industry should consider whether its compliance measures are adequate to protect its systems from being used, purposefully or not, to further activity that may become the focus of the government’s increasing scrutiny in this space. This is especially so in light of the DOJ’s updated guidance for corporate compliance programs places greater emphasis on continuous data driven compliance programs that are responsive to industry risks.


Footnotes

1 Hamza Ali and Allyson Versprille, IRS Seeking Private Companies to Aid With Cryptocurrency Audits, Bloomberg Law: Tax 2 Dark Web and Cryptocurrency International Computer Hacking and Intellectual Property Attorney Advisor

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