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Friday, September 21, 2018
Week 38: Five Bullet Friday. Komodo's first ecosystem spotlight! Take a look at Verus Coin who will be ready for the sapling update.
Thanks NSA😒
September 21, 2018
QUOTE OF THE DAY 
“Bitcoin was created to serve a highly political intent, a free and uncensored network where all can participate with equal access.”
MARKET
| COIN | PRICE | 24H |
| | ||
| BTC | $6,735.649645 | +4.61% |
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| ETH | $228.42615 | +7.55% |
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| XRP | $0.568404 | +55.73% |
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| BCH | $486.605282 | +11.18% |
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| EOS | $5.869922 | +10.22% |
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*Information as of 9:30 AM EST
RESEARCH
Cryptojacking is Up 459% This Year, Blame the NSA
Cryptojacking is running wild
Cyber Threat Alliance recently published a report finding that there has been a 459% increase in the cryptojackings this year.
Cryptojacking is when a hijacker takes control of someone else's computer and uses the computing power to mine cryptocurrencies, most commonly Bitcoin or Monero. The hijacker then sends the mined funds to a wallet that they control. The computer owner often doesn't know this attack is happening to them.
Monero is the most popularly mined coin by hijackers, accounting for 85% of all illegally mined crypto. Obviously, attackers like Monero for its anonymity.
Why is it the NSA's fault?
The NSA develops cyberattacking software for national security uses. Sometimes the software that the NSA builds falls into the wrong hands...
In April 2017, a group that calls themselves the 'Shadow Brokers' stole NSA software and posted it to the internet. A tool known as EternalBlue is used by hackers to hijack outdated Windows computers and mine crypto.
Even though the leaked software was never meant to be released to the public, many people blame the NSA for stockpiling these exploits rather than going to companies like Microsoft to inform on how to fix and stop them.
How you can protect yourself
It is important that your computer software is up to date along with any security patches that might be available. Use anti-malware software.
The way most people realize they are being cryptojacked is if their computer overheats and/or their fans start spinning quickly when their computer is seemingly under a normal load.
TAX
Legislators Urge IRS to Update Guidelines Relating to Crypto Taxation
Letter sent to IRS
The Congressional House Ways and Means Committee has sent a letter to the Internal Revenue Service asking that it update its guidelines regarding the taxing of cryptocurrency profits. The letter was signed by five representatives: Kevin Brady (R-TX), David Schweikert (R-AZ), Lynn Johnson (R-KS), Darin LaHood (R-IL), and Brad Wenstrup (R-OH).
This same group of legislators sent a letter to the IRS last May that questioned the IRS' decision to crack down on crypto-related violations without having a “comprehensive virtual currency strategy".
The recently sent letter stated:
“More than a year after our initial letter, the IRS continues to expand its enforcement activities without issuing any further guidance for taxpayers. We therefore write again today to strongly urge the IRS to issue updated guidance, providing additional clarity for taxpayers seeking to better understand and comply with their tax obligations when using virtual currencies.”
Deadline is set
The House Ways and Means Committee set a deadline of October 17th for the IRS to get back to them with a thorough plan for cryptocurrency taxation guidelines.
The current cryptocurrency taxation guidelines were created in 2014. Crypto has obviously come a long way since then and is deserving of a reevaluation of how they should be taxed.
The letter mentioned the need for an update:
“[A] key component of the IRS’s duties as the nation’s tax administrator is to assist taxpayers in understanding what their tax obligations are and how they may best meet them. A failure to put forth adequate guidance severely hinders taxpayers’ ability to do so. The IRS has had four years to work through these issues since its preliminary guidance was issued, providing more than adequate time for the IRS to thoughtfully consider what additional information is needed. “
ETF
SEC Moves to Review Decision on VanEck-SolidX Bitcoin ETF Proposal
Asking for your input
Yesterday, the U.S. Securities and Exchange Commission (SEC) announced that the review of the VanEck-SolidX Bitcoin ETF proposal is underway.
However, to help with the process, the SEC is asking that the public continues to submit comments about the proposal to the SEC's website.
Prior to Thursday's announcement, the decision had racked up over 1,400 comments with many Bitcoin supporters explaining that Bitcoin is less manipulated than other exchange-traded products on the market.
The countdown is on...or not
Looking ahead, the deadline for the proposed rule change was set at September 30th after being delayed for further review in early August.
With another possible pending delay, it is possible that the financial regulator could postpone the decision all the way through February 2019 under existing guidelines.
Last month, the SEC reopened a review of the 9 Bitcoin ETF proposal it had previously denied. The status of these 9 reviews is still unknown. If anything, the delays show an indication that the SEC is taking its time to review the decisions carefully.
ADOPTION
UN Women Will Use Blockchain to Transact With Refugee Camps in Jordan
Partnering to help over 115,000 refugees
In a press release, UN Women, a United Nations entity leading the charge in gender equality and empowering women, has partnered with World Food Programme (WFP) to help over 115,000 refugees in Jordan.
The partnership will allow those staying at Za’atari and Azraq camps to use blockchain technology for cash transfers.
This allows refugees to access money directly without the need for a bank, which many do not have access to anyway.
The United Nations has embraced blockchain technology
This is not the first time the United Nations has had its hand in a blockchain-based project.
Previously, the UN has partnered with World Identity Network (WIN) to create a blockchain-based identity system to fight child trafficking.
As for the future, the UN will reportedly use an entire section of the 73rd Session of the General Assembly happening late September to discuss ideas on how blockchain can be used for social good.
BITS
- A U.S. Navy command is exploring the potential of blockchain technology in tracking aircraft parts.
- Ant Financial, the financial affiliate of Chinese e-commerce giant Alibaba, is launching a blockchain BaaS platform.
- California regulators decided candidates running for public offices in the U.S. state of California may not receive donations in cryptocurrencies.
COIN OF THE DAY
Decentraland (MANA)
Decentraland is a virtual reality platform powered by the Ethereum blockchain. Users can create, experience, and monetize content and applications.
MEME
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Cardano Foundation Newsletter - 21st September 2018
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