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SKIN IN THE GAME: The team behind the Nebulas project, a Beijing-based protocol valued at $64 million, said that they will wait voluntarily for up to a decade before they can get their hands on the 20 million tokens they will earn for their labor.
The project, powered by the top-100 cryptocurrency NAS, raised $60 million in an initial coin offering (ICO) last December. At the time, 20 percent of the initial supply of NAS tokens was set aside for the team and founders to be released over a three-year period.
The revised multi-year vesting schedule is considered by some to be “a standard for new token companies.” Full Story
TOGETHER AT LAST: It sounds like a match made in Silicon Valley, but this project combining drones with blockchain technology is based in Russia.
SKYF envisions deploying these flying robots to deliver heavy cargo, fight fires and spray fertilizer on crops, among other uses. Why do you need a blockchain for that? According to the company, the technology can create “a trust layer between stakeholders,” including leasing and insurance companies and manufacurers, government agencies and licensing bodies.
The project has also registered with the U.S. Securities and Exchange Commission (SEC) to raise $30 million in an initial coin offering. Full Story
FORBIDDEN: Regulators in Saudi Arabia reiterated that cryptocurrency trading is illegal in the kingdom.
A governmental committee said that the ban was due to "negative consequences and high risks on traders as they are out of government supervision."
Notably, the warning follows a critical remark by Saudi Prince Al-Waleed bin Talal back in Demeber, in which he said bitcoin is "just going to implode one day." Full Story |
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 The CoinDesk Sentiment Survey reaches out to the crypto community every quarter to better understand the collective thoughts of respondents on issues and trends. Proof-of-work (PoW) mining has stirred concerns around its substantial usage of energy and the future environmental concerns. • 41 percent believe that it's a problem that should be addressed
• 13 percent agree that the concerns are valid but that nothing should be changed
• 46 percent don't want any alteration and think the environmental concerns are overstated
Learn more crypto research insights here. |
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| | SAFE HAVEN? Bitcoin jumped to seven-month highs against the Turkish lira amid a poitical and economic crisis in that country. Full Story |
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BEST OF THE BEST
THE WALL STREET JOURNAL: The Journal takes a close look at the rise of tether, the cryptocurrency that claims to be backed by U.S. dollars.
One striking statistic in the article from research site CryptoCompare: tether has become a key source of liquidity as it represents as much as 80 percent of bitcoin trading volume.
Some believe tether has become “systemically important” to the cryptocurrency market, meaning that if the so-called stablecoin failed, it would be almost “catastrophic” for the whole ecosystem.
THE REST
BLOOMBERG: A tax predicament for many hedge funds that invest in cryptocurrency is likely to be come to a head later this year, according to the business newswire.
Though many hedge funds have been investing big bucks in cryptocurrencies, they are having difficulties calculating the related taxes as there are very few guidelines. And following an announcement by the Internal Revenue Service in July that cryptocurrencies would be a focus of audits of large businesses, crypto funds should be expecting bigger tax bills or even penalties soon.
CNBC: The U.S. Securities and Exchange Commission (SEC) has issued a new warning on individual retirement account (IRA) frauds, amid an increasing level of investment in cryptocurrencies.
As more and more people today are pursuing self-directed IRAs, in which they have control over what to invest, the SEC warned that this type of IRA doesn’t normally fall under the agency’s oversight, unlike traditional IRAs.
As cryptocurrency investments are included in the self-directed IRAs, especially those offered in initial coin offerings, the SEC told CNBC that it is important to alert investors about the potential risks and frauds. |
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