Elon Musk pumps bitcoin and Dogecoin

Tesla has purchased $1.5B of bitcoin and has already made $150M+

Inside.com Part of   Network February 08, 2021

Presented by

Bitcoin $43,672 7 day: +28.8% Ethereum $1,733 7 day: +31.9% All crypto $1.3T 7 day: +31% Bitcoin dominance 62.2% 7 day: -0.1% Prices as of 10:50 a.m. EST

Elon Musk Bitcoin rallied to an all-time high after a new Tesla (NASDAQ:TSLA) SEC filing this morning confirms that the company purchased $1.5B in bitcoin. The purchase has been rumored for months, which we covered here at Inside Cryptocurrency in December. The company has also announced that it will begin accepting payment for vehicles in bitcoin. Bitcoin all-time highs: The company purchased the bitcoin in January 2021. According to Tesla's December 2020 filing, it would account for approximately 8% of the company's cash holdings. The filing states that its investment in digital currency and other "alternative reserve assets" may expand.  Bitcoin spiked 14% on the news. Tesla's investment is already up over $150M. Questions are again being raised regarding CEO Elon Musk's potential market manipulation. He spent the last several weeks promoting cryptocurrencies online, which drove bitcoin and Dogecoin to new all-time highs (more on Dogecoin next). Click to tweet the following text (you can edit it before sending): @elonmusk has purchased $1.5B worth of $BTC for $TSLA and is already up at least $150M on his investment Associated Press

Source: Elon Musk Despite Elon Musk's promotion of Dogecoin (DOGE) as "the people's crypto," over half of all Dogecoins are held by just 20 wallets. A single, anonymous address — created shortly before Musk began promoting the tiny altcoin — owns 28% of the entire float today. Dogecoin will also have never-ending dilution, penalizing current tokenholders in the long-term. The rest of the story: Dogecoin was created in December 2013, originally inspired by the Shiba Inu internet meme. Billy Markus, with the help of Jackson Palmer (who left the project in 2015), created the token. DOGE has seen sparse developer activity, with seven repos and just eight commits on its main Github repo in a typical year. According to several Dogecoin developers, they do maintain the token, but usually work outside of the master branch; therefore, some code commits are not visible. DOGE has an available coin supply of 128B that will continue to dilute existing tokenholders due to an ongoing mining reward. This story continues below in part 3...

A message from IMPACT Wrestling with program complexity, AppSumo takes control and grows 255% with Impact. AppSumo had been using affiliate tracking software to manage their referral partner relationships and payouts. But that platform wasn’t able to keep up with the complexity and growth of AppSumo’s program.  Like their customer base, AppSumo is always looking for the best value from their vendors and tools, and once they turned to Impact they were able to get: 255% increase in revenue YoY 215% increase in actions YoY 129% increase in total affiliate partners YoY 107% increase in active affiliate partners YoY Learn more about their story here.

From Friday until Sunday afternoon, Musk pinned a poll to the top of his Twitter thread, where he has over 45M followers. The text of the poll read, "The future currency of Earth: (A) Dogecoin to the Moooonn (71% of votes) (B) All other crypto combined (29% of votes)." More: This promotional poll has attracted over 2.5M votes. Dogecoin is not a currency, but given Musk's humorous comparison, it is worth noting that Doge has an inferior inflation rate versus most major world currency: 4% (versus 1.8% for USD currently, and a forward expected rate of 2.1% over the next five years). Even Binance's CEO Changpeng Zhao, typically a supporter of Musk, admitted that Dogecoin is "kinda centralized." A full list of the billionaires and millionaires who control the vast majority of Dogecoin is accessible here. American rapper Snoop Dogg and Kiss rock star Gene Simmons have also begun pumping Dogecoin. Bitmex, whose co-founders Arthur Hayes and Benjamin Delo are currently charged criminals at large, launched a new DOGEUSDT perpetual swap contract with up to 20x leverage. Click to tweet the following text (you may edit it before sending): Dogecoin $DOGE is up over 20X since @elonmusk began promoting it. Read the rest of the story here: https://inside.com/cryptocurrency Decrypt

Nigerian Central Bank The Central Bank of Nigeria issued a multi-page statement on Sunday. The bank wanted to clarify its position toward cryptocurrencies after a regulatory warning on Friday sent shockwaves across social media. Context: Note that in December, we covered Nigeria's SEC publication of a final ruling on cryptocurrency, stating that "the position of the Commission is that virtual crypto assets are securities unless proven otherwise." According to the Nigerian SEC's decision, almost all individuals and entities working with cryptocurrencies require registration with the Commission. Its registration rule is unambiguous: "Any person, (individual or corporate) whose activities involve any aspect of Blockchain-related and virtual digital asset services, must be registered by the Commission and as such, will be subject to the regulatory guidelines." The Commission deferred the decision as to whether a cryptocurrency is considered legal tender, such as a central bank digital currency (CBDC), to the Central Bank of Nigeria. Securities unless proven otherwise: The central bank's letter to financial institutions on Friday ordered them to close all bank accounts associated with cryptocurrency trading platforms. Nigeria's central bankers clarified that the letter was only a reminder that cryptocurrencies are not legal tender in Nigeria. The central bankers have the authority to make that determination, per Nigeria's SEC deferral to them. Bankers were merely reiterating a position that the bank has held since 2017 — not imposing new restrictions on the industry. "It is important to clarify that the CBN circular of Feb. 5, 2021 did not place any new restrictions on cryptocurrencies, given that all banks in the country had earlier been forbidden, through CBN's circular dated Jan. 12, 2017, not to use, hold, trade and/or transact in cryptocurrencies," the statement read. Binance and local electronic payment app Bundle quickly halted deposits in Nigeria after the letter circulated. Coindesk

A message from TURING How do engineering Leaders from Facebook, Google, Uber, and Stanford Hire Remote Teams? Learn how at Turing Boundaryless: #BuildfromAnywhere, a virtual event for engineering leaders on February 18th from 11-2 p.m. PT. Speakers include: Pravin Desale, SVP of SDS and Appliances, Veritas Suneela Joshi, Senior Director of Engineering at Abbott Laboratories Darren Murph, Head of Remote at GitLab Chris Herd, CEO of Firstbase For more information, including the agenda, please visit the Turing Boundaryless: #BuildfromAnywhere Event Page. Sponsored by Turing.com, an automated platform that lets companies hire Silicon Valley caliber, remote developers, at the touch of a button. Register Here

QUICK HITS: How do engineering Leaders from Facebook, Google, Uber, Stanford, etc. manage remote developer hiring to solve for speed and quality -- at scale? Join us for Turing Boundaryless: #BuildfromAnywhere  on February 18th, from 11-2 p.m. P.T. to learn how.* The CME used the occasion of the Super Bowl to tweet that Ethereum (ETH) futures were "kicking off" last night, providing investors with exposure to the second-largest digital currency by market cap. SkyBridge Capital's Anthony Scaramucci said that the retail investor-initiated GameStop (NYSE:GME) movement indicates a "proof of concept" for bitcoin's ultimate success. Forbes magazine published its annual list of the top enterprise companies embracing blockchain technology. (Only unicorns by revenue or valuation qualify for inclusion.) Japanese exchange bitFlyer has released survey results finding that, while 76% of people in the U.S. have a positive perception about cryptocurrencies, a similar amount of Japanese have a negative perception, surmising that "the last run-up in price was mainly driven by U.S. investors." Following a recent WallStreetBets-impacted decision to suspend instant deposits to crypto traders, Robinhood has reinstituted instant access to funds, allowing investors to add up to $1,000 to trade cryptocurrencies instantly. PricewaterhouseCoopers' crypto leader, Henri Arslanian, sees two main drivers of the current crypto rally: the continuous entry of institutional players, and retail FOMO supported by increased access to digital currencies from PayPal, Square, and digital currency exchanges. Uphold acquired a European debit and credit card issuer, allowing the digital money platform to launch crypto-enabled credit cards across the U.K. and Europe. Barry Silbert's Grayscale Investments released a report that explores three approaches to valuing Ethereum (ETH): ether as money, as a consumable community, and as a cash-generating asset. All three positive and intended to promote the price of his assets, as Silbert is a substantial investor in Ethereum. CME Group's chief economist Bluford Putnam says bitcoin has become an emerging competitor for gold. Putnam said that the recent rally in gold would likely increase production, giving bitcoin further strength with its fixed supply. Streaming intent is the ultimate competitive advantage for ABM strategies. Learn 7 ways to shorten the sales cycle by utilizing real-time intent data.* *This is sponsored content.

Curated by Associated Press fanboy, eye-strained news terminal watcher, and bitcoin follower since $1, Aaron Wise. Temporarily listening to news squawk boxes in Florida while awaiting the construction of cryptopia. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

Great partnerships grow your business. Gain a competitive advantage with Impact’s Partnership Cloud.

Hire senior pre-vetted remote developers that are affordable, have strong technical and communication skills, and work in your timezone. Hire elite engineers now.

767 Bryant St. #203, San Francisco, CA 94107 Copyright © 2021 Inside.com

Did someone forward this email to you? Head over to inside.com to get your very own free subscription! You received this email because you subscribed to Inside Cryptocurrency . Click here to unsubscribe from Inside Cryptocurrency list or manage your subscriptions.

                                                           

Library of Congress international report / Spain's 2gether / NetWalker ransomware / Spanish tax details

The U.S. Library of Congress has released a report surveying the global tax treatment...

18,825 subscribers Inside.com February 05, 2021

Bitcoin $37,697 7 day: +9.1% Ethereum $1,709 7 day: +27.1% All crypto $1.17T 7 day: +14.6% Bitcoin dominance 60.2% 7 day: -3.6% Prices as of 4:30 p.m. EST

The U.S. Library of Congress has released a report surveying the global tax treatment of tokens obtained by mining, staking, airdrops, and hard forks across 31 countries. The report shows that, while several countries have provided guidance on bitcoin and other proof-of-work coins, only a few have addressed the taxation of tokens received from staking. Details: The report does not constitute legal advice and does not represent the official opinion of the U.S. Government. Cryptocurrencies are variously treated by the surveyed countries as investment property, a financial instrument, an intangible asset or property, a financial asset, or a commodity. Italy, for example, treats exchanges of crypto assets like exchanges of foreign fiat currencies for tax purposes. The taxation of cryptocurrencies by nation is dependent not only upon its classification, but also on other factors such as how it is acquired or used. China is conspicuously absent from the report. U.S. Library of Congress

Spanish cryptocurrency exchange 2gether said it will not be able to fully reimburse victims of a breach, despite raising €1.5M. The company will not be able to refund all of the stolen funds for 9% of users due to the recent increase in Bitcoin and Ether value. More from 2gether: The company suffered a breach in July 2020 during which cryptocurrency funds were stolen from users. 2gether was able to refund 100% of the stolen Bitcoin and Ether cryptocurrency that was not previously converted into shares or 2GT tokens. For the remaining 9% of users, the company is offering, at most, 99% of the non-converted stolen funds and, at least, the value in euros that was lost in the attack. Otherwise, those users can wait until the company can afford full refunds or an alternative solution. This story first appeared in Inside Security. Read the full issue here. Coindesk

U.S. and Bulgarian law enforcement officers have seized the website used by the NetWalker ransomware group to leak stolen data. In addition, a Canadian national was arrested and charged for allegedly extorting more than $27M using the NetWalker ransomware.  More: NetWalker is a ransomware-as-a-service product founded by Circus Spider, which rents access to attackers in exchange for a percentage of the profits. Chainalysis, which assisted in the law enforcement probe, found that NetWalker has generated more than $46M in ransoms since it first began in August 2019. NetWalker has targeted healthcare organizations during the COVID-19 pandemic, noted the U.S. Justice Department. Law enforcement seized around $454,530 in cryptocurrency as part of the NetWalker raid. This story first appeared in Inside Security. Read the full issue here. Krebs on Security

Spain's Tax Administration has released guidelines to help reduce tax evasion by crypto holders, requesting information from crypto exchanges to "strengthen international cooperation" and lawfully access crypto trading details. The Spanish Treasury also mentioned concerns about technological advances facilitating crimes through cryptocurrencies. The Treasury noted, "Digital money and the trend to reduce the use of cash, has led to an increase in the use of cryptocurrencies as means of payment, so that by the end of 2020, there are already more than 6,500 cryptocurrencies in circulation." Dozens of the world's central banks are developing digital currencies, including the digital euro projects by the European Central Bank (ECB), in which Spain participates, and are working on various anti-money laundering protocols for cryptocurrencies. Bitcoin.com

Most Coinbase customers can now find U.S. tax forms in their account for 2020 crypto gains. The IRS has sent warning mailers to delinquent U.S. tax residents and is on-schedule for its regular April 15 tax deadline. Context: San Francisco-based Coinbase crypto exchange publicly announced on Nov. 24 its decision to change its U.S. tax forms issuances from 1099-Ks to 1099-MISC for customers earning interests on crypto lending products. The reason for abandoning 1099-Ks is that the form reports only the gross proceeds of crypto transactions, excluding the base price. Several Coinbase clients received a CP2000 notice from the IRS due to misreporting tax forms. Coinbase also laid down eligibility criteria to receive a 1099-MISC from the exchange; ineligible traders will have to deal with their situation without help from Coinbase. Note that IRS Form 1099-MISC does not resolve all cost basis issues for U.S.-based crypto traders who are ultimately responsible for their own tax reporting obligations. A crypto tax agency called CryptoTrader Tax suggested that tax filing 1099-K is not suitable for some crypto exchange tax reporting. Form 1099-K is ideal for platforms such as Etsy (NASDAQ:ETSY), Uber (NYSE:UBER), and Lyft (NASDAQ:LYFT), where users are paid directly by a third party. Receivers of the IRS' CP2000 notice will have to resolve the situation with the IRS by proving their gain and loss reports. The IRS started its crackdown on misreported crypto trading taxes in 2019 and sent hundreds of warning letters to almost 10,000 U.S. cryptocurrency owners. Coindesk

QUICK HITS: Hear from finance experts as they weigh in on tech spend in 2021 & budgeting for IT at SMBs, presented by CFO Leadership Council & Electric. RSVP now!* Hackers drained over $13.8M from the Dai (DAI) vault of the decentralized finance (DeFi) protocol Yearn Finance (YFI). DeFi projects accounted for half of all crypto hacks last year. More complaints about bitcoin's carbon footprint are circulating. Google (NASDAQ:GOOGL) fixed 36 security bugs in the latest stable channel update for Chrome 88 for desktops, including a critical bug that involves insufficient policy enforcement in Cryptohome. Estonia is planning to issue new regulations that will tighten the licensing of digital currencies. Oversight of this area will be reassigned from the Financial Intelligence Unit (part of the Police and Board Guard) to the Financial Supervisory Authority. It will also require some current crypto license holders to reapply for operating permits within the country. South Africa's Financial Sector Conduct Authority issued a notice to investors, warning that if money is lost in crypto-related investments or scams packaged as crypto investments, it is "unlikely to get your money back and [you] will have no recourse against anyone" as crypto-related investments are not well-regulated. Lawmakers in the state of Wyoming have proposed a bill that would allow decentralized autonomous organizations (DAO) to incorporate in the "Equality State." China's Blockchain Service Network (BSN) announced support for Cosmos (ATOM), rolling out a permissioned version of the interoperability blockchain. Ernst & Young announced an integration with China's BSN, offering its Blockchain Analyzer and Ops Chain to users in China and across the Asian Pacific region. This will enable regulatory-compliant access to the Ethereum network within China. RIP affiliate marketing. It had a good run. What's next in 2021? leading revenue channel.* *This is sponsored content.

Curated by Associated Press fanboy, eye-strained news terminal watcher, and bitcoin follower since $1, Aaron Wise. Temporarily listening to news squawk boxes in Florida while awaiting the construction of cryptopia. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

767 Bryant St. #203, San Francisco, CA 94107 Copyright © 2021 Inside.com

Did someone forward this email to you? Head over to inside.com to get your very own free subscription! You received this email because you subscribed to Inside Cryptocurrency . Click here to unsubscribe from Inside Cryptocurrency list or manage your subscriptions.