Author: Thomas Delahunty

Morgan Stanley: Bitcoin Miners Will Only Profit When Price is Above $8,600

The key price point for Bitcoin mining profitability is $8,600, according to Morgan Stanley Equity Analyst Charlie Chan and his team. As per their simulation, if the coin can’t recover $8,600 soon, many Bitcoin miners will likely find it unprofitable to keep creating the cryptocurrency. Bitcoin Mining Profitability As of today, Bitcoin is trading at almost $8,250 according to Coinmarketcap. The coin is less than half the value it was in late-December, but has improved from early-February numbers, when it hit 2018 lows trading just below $6,000. “We estimate the break-even point for big mining pools should be US$8,600, even if we...

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Industry Groups Join Forces to Speak Out Against Over-Regulation by SEC

Seeking exemptions from federal oversight that they believe will slow growth of the cryptocurrency space, industry groups are forming in attempts to lobby agencies like the Securities and Exchange Commission (SEC) for limited interference. The groups are worried that policies in Washington could slow the innovation of blockchain-based technologies that underpin cryptocurrencies, as well as the coins themselves, according to people familiar with the matter. Fighting Back Against Over-Regulation As we know, regulation in the U.S. is murky at present and there’s a lot of overlap. The SEC claims that digital coins issued by startups are investments, and therefore should...

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Goodbye Piggybank, Hello Pigzbe: A Digital Currency Wallet and Token Platform for Kids

In today’s financial world — one where cryptocurrencies and associated blockchain-based technologies are becoming more and more prominent — Filippo Yacob thinks traditional piggybanks need a reboot. That’s why Yacob and his team created Pigzbe, a pink cryptocurrency wallet and interactive app, which run on a device the size of a small smartphone and are powered by a ‘family-friendly’ digital token called Wollo. Pigzbe: Crypto Piggybank, How Does it Work? The hardware wallet allows children to collect and store Wollo, while the app features games that teach users about exchanging, saving, and spending coins. To make the platform complete, users can even...

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Reuters: Cambridge Analytica Planned to Issue Digital Currency and ICO

Last year, Cambridge Analytica was developing plans to raise money by issuing a digital currency and accompanying initial coin offering (ICO) before the firm became entangled in a scandal surrounding the misuse of Facebook users’ personal data, according to sources who spoke with Reuters. The British data analytics consultancy was looking to raise as much as $30 million, one of the sources said. Cambridge Analytica: Digital Currency Brittany Kaiser, a former employee of the firm, said Cambridge Analytica’s own digital currency was intended to help people store and sell their online personal data — an ironic move from a company...

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Survey: Almost Half of Crypto Investors Who Profited in 2017 Are Not Disclosing to the IRS

Today, April 17th, is tax day here in the U.S, but a significant number of investors have apparently not reported gains from digital currency trading to the Internal Revenue Service (IRS). TeamBlind and Credit Karma According to a survey from TeamBlind, the anonymous messaging app popular in fintech circles, 46% of people who made money trading cryptocurrencies in 2017 have chosen not to disclose their taxable profits. “We surveyed more than 2,600 users who said they earned money from cryptocurrency in 2017, and we asked them if they are reporting their earnings on their taxes this year. Nearly half said ‘No,’” according...

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New York’s Attorney General Requests Information on the Operations of 13 Cryptocurrency Exchanges

New York State’s Office of the Attorney General (OAG) is requesting information from 13 cryptocurrency exchanges in attempts to improve transparency and accountability and help protect digital currency investors. The initiative is meant to complement a first-in-the-nation licensing protocol established by New York State’s Department of Financial Services that requires digital currency trading platforms and other firms engaged in digital currency business activities to receive approval to operate and follow certain regulatory requirements. Virtual Markets Integrity Initiative Today, New York Attorney General Eric T. Schneiderman launched the Virtual Markets Integrity Initiative, an inquiry into the policies and practices of...

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Indian Crypto Traders Seeking Alternatives Following RBI Crackdown

Bitcoin case study: Aniket Patel is an Indian teenager and cryptocurrency investor who is still working on his school exams. Despite this, Patel spends more time checking the Reserve Bank of India’s (RBI) website than scouting for exam results. This is because Patel considers himself a long term “HODL’er” who is not looking for quick cash, but instead hoping to grow his investments. Despite the fact that Patel’s holdings are now almost twice his initial investment, he is in it for the long haul, he says, and isn’t looking to get out anytime soon. RBI Crackdown Since the RBI’s...

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Two Days From U.S. Tax Filing Deadline, Large Majority of Crypto Holders Have Not Reported Their Investments

In just two days, the U.S. tax filing deadline, April 17th, will be here. Despite this, only a very small fraction of Americans have reported their cryptocurrency holdings. In fact, data released from Credit Karma reveals that fewer than 100 people — out of the most recent 250,000 filers using the tax platform — reported capital gains on their cryptocurrency investments. “There’s a good chance that the perceived complexities of reporting cryptocurrency gains are pushing filers to wait until the very last minute,” Jagjit Chawla, general manager of Credit Karma Tax, told CNBC in an email. “I want to...

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Meet CoinDaddy: Mink Suit Wearing “Bitcoin Rapper” and Cryptocurrency Enthusiast

San Francisco, a city with a respected hip-hop scene that has spawned rappers like Too Short and Mac Dre, has produced another star: “Bitcoin rapper” CoinDaddy.  The 28-year-old behind CoinDaddy, Arya Bahmanyar, left a career in commercial real estate after he said he made a small fortune in Bitcoin. CoinDaddy: Bitcoin Rapper CoinDaddy makes rap music about driving Lamborghinis, “slinging coin,” and indulging an urge to check the price of bitcoin on his phone while he’s having sex. For some, his style of hip-hop may be an acquired taste, but if you’re a crypto-enthusiast there’s a lot to like. Bahmanyar,...

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Lafayette, Louisiana’s Mayor-President Reveals Plans to Create a Municipal Digital Currency and Accompanying ICO

Joel Robideaux, Mayor-President of Lafayette, Louisiana, announced yesterday that the city-parish government is considering creating its own digital currency and holding an accompanying initial coin offering (ICO). Doing so would position Lafayette to follow the lead of Berkeley, California, which earlier this year revealed plans to create a municipal bond-backed digital coin. Lafayette’s Digital Currency The digital currency proposal was the biggest news to come out of Robideaux’s annual address at the Heymann Center, where he described Lafayette as a “technological hub” — and one that needs to take advantage of this fact to help diversify the struggling local economy and...

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