September 20, 2018
QUOTE OF THE DAY 
“The swarm is headed towards us”
- Satoshi Nakamoto
| COIN | PRICE | 24H |
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| BTC | $6,422.142926 | +1.65% |
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| ETH | $211.767357 | +2.19% |
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| XRP | $0.365437 | +14.82% |
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| BCH | $436.283255 | +2.56% |
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| EOS | $5.300524 | +5.5% |
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*Information as of 9:30 AM EST
By This Time Next Year, Binance Will Have Two Exchanges For Every Continent, If Plans Go Accordingly
From $15 Million ICO to more profitable than banks
The last year or so has been a whirlwind for the cryptocurrency market. Believe it or not, Binance has only been around for a little more than a year and has had an equally crazy year.
Binance got its start with a $15 million initial coin offering. Today, it is one of the largest cryptocurrency exchanges in the world. It is also more profitable than some large traditional banks that have been around for more than a century.
The exchange company has been incredibly aggressive pushing cryptocurrency adoption and has no plans to stop.
Going for world domination
Binance founder and CEO Zhao Changpeng recently spoke at Consensus Singapore. 'CZ', as he goes by, laid out the companies plan for future growth. It was bold.
CZ told the audience at Consensus Singapore that by this time next year, Binance plans to have five to ten fiat-to-crypto exchanges. Binance wants them spread all across the globe, ideally two per continent (with exception to Antarctica of course.
Binance is looking to pivot from being a crypto-to-crypto exchange to opening many more gateways from fiat to crypto. CZ recognizes that in order for the market to return to where it was in late 2017, the market needs a new influx of fiat currency.
Europol Finds Bitcoin Has Funded ZERO Terror Attacks
It will be used for illicit activities they say
Crypto naysayers often cry out that cryptocurrencies are bad for society because their only real use case is for use in illegal activities.
Many people do not know how cryptocurrencies actually work and see them as this mysterious, untraceable criminal's currency. While Bitcoin's first mass use case was as the medium of exchange on the Silk Road, cryptocurrencies are much, much more than what these people think.
Most governments are in the category that say cryptocurrencies are dangerous and fear what they can do in the hands of the wrong people, especially funding terrorism.
Turns out crypto is not that great for criminals
People are way too cynical about the power of cryptocurrencies. In reality, they (with an exception of a few) are a much worse medium of exchange than cash for criminals.
Most cryptocurrencies are pseudonymous, not anonymous. If a person can be connected to a public key, every single transaction made by that person is available to the public. Governments have already displayed the ability to easily trace every transaction made by criminals via cryptocurrency.
Europol did the research
On Wednesday, Europol released a study that found that cryptocurrency has never been used to fund a terrorist attack in Europe.
They did mention the potential for terrorist organizations to use cryptocurrencies to fund attacks but re-emphasized that cryptocurrencies are more transparent and less anonymous than cash.
New York University Offers World's First Blockchain Technology Major
NYU gets serious about blockchain
To many, blockchain technology is a passing fad, however, New York University (NYU) seems to think it is here to stay for a while.
According to CBS New York, the NYU Stern School of Business is now offering students a course path that leads to the world's "first" major in blockchain technology.
Cryptocurrency expert and NYU Professor Andrew Hinkes commented on the new program:
“We hope to establish a groundwork so that the students can understand what’s really happening under the hood, so that they can understand both the legal and the business implications, and prepare them to go out and tackle this new market.”
Giving their students an upper hand
The new major is bringing attention in from all over the country, including NYU alumni who are wandering back out of curiosity.
However, the real advantage blockchain students at NYU have is that "big established companies" are expected to partner with the new program.
By offering the world's "first" blockchain technology major and partnering with existing corporations in hopes to lift blockchain job placement rates, it is no wonder NYU had to double its blockchain course offerings this year.
It's a "grassroots" movement
Students are proving they are a progressive population as they welcome blockchain and cryptocurrencies with open arms.
According to Coinbase, 42% of the world's top 50 universities offer at least one class on cryptocurrencies and blockchain technology with Stanford and Cornell leading the charge.
After collecting this research, Adam White at Coinbase explained that the jump to cryptocurrencies and blockchain is a "grassroots movement" driven by students desire to learn more.
Hackers Steal Over $59 Million From Japanese Cryptocurrency Exchange
Hackers target the hot wallets
Another day, another security breach in crypto. This time, the hack resulted in losses amounting to over $59 million for the Japanese cryptocurrency exchange Zaif.
Allegedly, a security breach on September 14th allowed hackers to steal over $40 million from user's hot wallets and also $19 million from the company's holdings
However, Zaif didn't realize the losses until September 17th when the exchange suspended all deposits and withdrawals due to a server error. Immediately following the discovery, Zaif contacted authorities and prepared a press release.
Who's going to clean this up?
According to the press release, Fisco Digital Asset Group will help Zaif reimburse lost customer funds...with strings attached.
Following the reimbursement, Fisco Digital Asset Group will dismiss over half of existing Zaif executives and will become a majority shareholder in the business.
But the reimbursement is just the start. Much more will have to be done to bring Zaif's reputation back in both the eyes of customers and strict Japanese regulators.
Five Quick Facts About Cryptocurrency Taxation
Taxes can be confusing without cryptocurrencies involved. With them involved, well we don't even know what's going on.
That's why we had Chandan Lodha, Co-Founder of crypto portfolio and tax manager CoinTracker, help us understand the easy way in his guest blog.
Here are the quick facts you need to know:
How are cryptocurrencies taxed in the US?
Cryptocurrencies are taxed like personal property (capital assets).
What if I only traded crypto to crypto without cashing out to fiat?
Still taxable. It is treated as if you traded crypto to fiat and then fiat to crypto.
Is buying a good/service with crypto a taxable event?
Yes, that is equivalent in a capital gains sense to selling the crypto for fiat at the fair market value.
What is my tax rate for crypto gains?
- Short term (one year holding or less): ordinary income tax rate
- Long term (more than one year holding): long term capital gains rate
How can I avoid paying crypto taxes?
Don’t be the person who goes to jail for committing tax fraud.
To learn more, feel free to visit CoinTracker's FAQ on cryptocurrency taxes.
- Coinbase released a statement refuting the claims that the New York Office of the Attorney General made in their report.
- PNC, which is ranked among the top ten U.S. banks, will use RippleNet to process international payments for its customers.
- The Texas State Securities Board has issued an emergency action to halt the deceitful offerings of investments in three cryptocurrency related schemes.
SmartMesh (SMT)
SmartMesh is a blockchain based underlying protocol of the Internet of Things. SmartMesh has built-in blockchain light nodes, and extends the Raiden and Lightning Networks second layer architecture network protocols allowing internet-free digital payments and transactions. Utilizing blockchain-based token incentives, SmartMesh technology allows the formation of agile, decentralized Mesh Networks that can self-repair and have higher near-field speeds and bandwidth than standard Internet connections.
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