Major Bitcoin Mining Pool Discloses Liquidity Issues

ALSO: LG's Hedera-based NFTs, Revolut's trouble with auditors and more |

September 5, 2022 The biggest crypto news and ideas of the day  Supported by Welcome to an abbreviated version of The Node. I'm Daniel Kuhn, here to take you through the latest in crypto news and why it matters. Today we're covering bitcoin mining pool Poolin's liquidity issues, Binance's plans with Nigeria to build a crypto sandbox and Revolut's trouble with auditors.    Happy Labor Day to those who celebrate. We'll be back to regular programming Tuesday, Sept. 6.   If you were forwarded this newsletter and want to subscribe, sign up here. And click here to unsubscribe.   – D.K. Today's must-reads Top Shelf Poolin, One of the World's Biggest Bitcoin Mining Pools, Acknowledges Liquidity Issues. After users have complained about withdrawal issues starting in August, Poolin CEO Kevin Pan acknowledged that the company is lacking liquidity, in a Telegram post. User assets are safe, Pan added, though Poolin may have to take on debt to meet client obligations.  Last month, the mining pool – the fifth largest by assets – said it is facing delays building a mega-bitcoin mine in Texas. Miners in the state have been waiting for their applications to connect to the grid to be approved. Revolut Said to Be Under Pressure From Regulator Over Risk of 'Material Misstatement' in Auditing. The auditor of Revolut, a digital bank that earns up to 10% of revenue from crypto trading, was criticized by the U.K. accountancy and auditing watchdog, the Financial Reporting Council (FRC). Revolut's auditor, BDO, was said to have taken an "inadequate" approach to revenue recognition and created "unacceptably high" risk. Revolut offers crypto services through the Financial Conduct Authority's (FCA) Temporary Registration Regime, and is seeking official licensing. Crypto Exchange Upbit Publishes Token Listing, Delisting Procedure After Government Pressure. South Korea's largest crypto exchange published its token listing procedure Friday in response to pressure from the government following the collapse of the Terra stablecoin. Upbit has long advocated for a self-regulatory organization to oversee the nation's crypto industry, as opposed to regulators. The listing procedures include examining transparency of the underlying project and how tokens are distributed to network founders and users. Delisting criteria include violation of laws, discovery of technological vulnerabilities, abandonment of the project and user protection and will typically come with a 10-day warning. A senior executive at the exchange said Korea's increasingly abrasive stance against crypto "will work against a market's competitiveness." Nigeria Plans to Create a Virtual Free Zone With Binance. The Nigerian Export Processing Zones Authority (NEPZA) is in discussions with crypto exchange Binance to create a virtual free zone focused on blockchain development, similar to Dubai's crypto hub built with Binance last year. "Our goal is to engender a flourishing virtual free zones to take advantage of a near trillion dollar virtual economy in blockchains and digital economy," Adesoji Adesugba, NEPZA's managing director, said in a Saturday statement. The initiative follows the launch last October of Nigeria's central bank digital currency, the world's second, following the Bahamas' sand dollar. By August, the eNaira had been used to carry out transactions worth 4 billion naira ($9.2 million). LG Picks Lesser-Known Hedera Blockchain for Television NFTs. Korea-based LG built a non-fungible token (NFT) marketplace called LG Art Lab for people to buy, sell and showcase their Hedera NFTs from their televisions. The company has sat on Hedera's Governing Council since 2020.  The Right Place for Your Crypto   Nexo marks the spot. As in the right spot for you to grow your crypto wealth and keep it secure.   Buy BTC, ETH, and more with your debit or credit card or swap between 300+ market pairs and get 0.5% in crypto rewards on each transaction.   If you're looking to enhance your spending power, Nexo is the right place. Borrow without selling your crypto at rates starting from 0% and grow your portfolio.   The right place brings you and your friends together and gives you both crypto rewards. Get $25 in BTC for every successful referral. Collect rewards as you go and enter the race for a $50 000 prize pool which will be distributed between the top 50 contestants. Enter the competition until July 26, 2022.   Timing the market can be a tall order. Choosing the right place is not. Grow your crypto on the highly-rated Nexo platform. Hex Trust is a fully licensed digital asset custodian for financial institutions and organizations. Our bank-grade platform Hex Safe™ integrates top emerging blockchains, token standards and licensed custody services for NFTs and metaverse assets. Institutional-grade infrastructure: providing the highest standards of protection, scalability and compliance Monetize digital assets: accessing DeFi, staking and other on-chain services Enter the metaverse: integrating NFTs in your business operations safely Unlock the full potential of your digital assets. Get started Off-Chain Signals  What others are writing Ethereum Classic hits all-time high hash rate ahead of The Merge (The Block) Crypto real estate: the property market built on digital assets (Financial Times – paywall) Islamic State tests NFTs for recruitment and financing (Protos) KlimaDAO Engages Tusk Strategies to Push Congress to Write DAOs Into Law (Decrypt) Ethereum Staking Pools: Who Runs the Largest Ones? (Decrypt) Which institutes are most impacting the blockchain world? Tell us your thoughts in a five-minute survey. We're welcoming responses until Sept. 7. Take the survey here.   As NFTs Become More Popular, They Will Also Become More Valuable – Here's How Investors Can Protect Them    Reports about developments in the non-fungible token (NFT) space have overly focused on one aspect: the price. After all, with this emerging asset class, the main driver of interest so far is built purely on how much it's worth, not so much why it's worth that amount. Numbers give context to the story, which explains the obsession for many in following the highs and lows of the NFT market in dollar terms.    One of the most high-profile instances of this, of course, is the spectacular collapse in value of Twitter founder Jack Dorsey's first-ever tweet, "just setting up my twttr," a once-hyped NFT that initially fetched an eyebrow-raising price of $2.9 million, though it hasn't seen anywhere near that level of investor interest since.   Continue reading here    *This is sponsored content from Cactus Custody. The Chaser... The Node A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here. See Previous Editions Copyright © 2022 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA See all of CoinDesk's newsletters | Opt out

Stocks to Watch: Mastercard, Global Payments and More...

Downbeat Wall Street Backed Stocks (2/2)

Inside.com Part of   Network September 05, 2022

Hey Insiders,  By request, today we will look at more stocks that are down so far this year but have strong support amongst Wall Street analysts. This is part two of a two-part newsletter that began with yesterday's issue. As a reminder, the criteria for the stocks we will be looking at are as follows: Buy rating over 50% 15% or more implied upside Negative performance year to date If you have any suggestions for trends or stocks to watch next weekend, please reach out on Twitter.  Onward and upward, Liam

Stock To Watch: Mastercard (MA) This finance stock is down 7.6% year to date.  The stock has a 72.2% buy rating from Wall Street analysts.  The implied upside based on the average target price from Wall Street analysts is 28.9% over the next 12 months.

Stock To Watch: Global Payments (GPN) This finance stock is down 7.4% year to date.  The stock has a 66.7% buy rating from Wall Street analysts.  The implied upside based on the average target price from Wall Street analysts is 33.5% over the next 12 months.

Stock To Watch: Corning (GLW) This materials (non-energy related) stock is down 7% year to date.  The stock has a 58.8% buy rating from Wall Street analysts.  The implied upside based on the average target price from Wall Street analysts is 16.8% over the next 12 months.

Stock To Watch: Visa (V) This finance stock is down 6.4% year to date.  The stock has a 71.4% buy rating from Wall Street analysts.  The implied upside based on the average target price from Wall Street analysts is 28.5% over the next 12 months.

Stock To Watch: PTC (PTC) This technology stock is down 5.4% year to date.  The stock has a 62.5% buy rating from Wall Street analysts.  The implied upside based on the average target price from Wall Street analysts is 26.4% over the next 12 months.

Stock To Watch: Synopsy (SNPS) This technology stock is down 3.7% year to date.  The stock has a 66.7% buy rating from Wall Street analysts.  The implied upside based on the average target price from Wall Street analysts is 22.7% over the next 12 months.

Stock To Watch: Ulta Beauty (ULTA) This technology stock is down 0.2% year to date.  The stock has a 51.6% buy rating from Wall Street analysts.  The implied upside based on the average target price from Wall Street analysts is 17% over the next 12 months.

Additional Picks The following are a few stocks that don't meet our criteria as they have positive returns year to date. Nonetheless, I believe they should be considered by those looking for undervalued stocks in industries that have been disproportionately impacted by the economic downturn.  Fiserv (FISV) This technology stock is even year to date.  The stock has a 51.5% buy rating from Wall Street analysts.  The implied upside based on the average target price from Wall Street analysts is 20.9% over the next 12 months.  Electronic Arts (EA) This technology stock is up 0.2% year to date.  The stock has a 62.5% buy rating from Wall Street analysts.  The implied upside based on the average target price from Wall Street analysts is 17.9% over the next 12 months.  Solard Edge (SEDG) This technology stock is up 2.6% year to date.  The stock has a 66.7% buy rating from Wall Street analysts.  The implied upside based on the average target price from wall street analysts is 29% over the next 12 months.  T-Mobile (TMUS) This technology stock is up 23.3% year to date.  The stock has an 80.6% buy rating from Wall Street analysts.  The implied upside based on the average target price from Wall Street analysts is 19.3% over the next 12 months.

Liam Gill is a founder, lawyer and investor. He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.   Editor Gregory Bridgman is a writer and researcher with an academic background in politics and the philosophy of science and technology. He holds a BA from the University of Cape Town, an MS from University College London, and a Ph.D. from the University of Cambridge. He is interested in climate issues, technological changes, and the implications of the fourth industrial revolution. Please feel free to contact me at gregory@inside.com!

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