Crypto Guides, Knowledge & Insights

BITCOIN DROPS ALONGSIDE TECH STOCKS AS BOND YIELDS RISE

Bitcoin fell sharply on Monday and continued declining into the early Tuesday session as traders feared its excessive valuations after a 100 percent rise this year.　　The benchmark cryptocurrency lost more than $8,000, or 13.91 percent, to trade below $50,000. At its week-to-date low, it was changing hands for as much as $46,700. Bitcoins closest market rivals, Ethereum and Binance Coin, also fell 20 and 17 percent in the same period, respectively.　　Bitcoin slips after logging its record peak level. Source: BTCUSD on TradingView.com　　CORPORATE BOOM IN BITCOIN SPACE　　All of the said assets were trading at records before posting broad declines. That raised concerns among traders that the cryptocurrency market is getting capitulated, a reminder of a crash in 2018 that followed a supersonic bull run in the previous year.　　Such assets powered the cryptocurrency markets rebound from a coronavirus pandemic-led sell-off in March last year. They also became a favorite for the small investors who piled into options trading during the lockdown. The retail boom received further tailwinds when Wall Street started taking an interest in Bitcoin as their bet against inflation.　　The last couple of months saw MicroStrategy—a public-listed software intelligence firm—upping their Bitcoin reserves to more than 71,000. Tesla, a Fortune 500

2021-02-23Deep Dive

Kraken users demand refunds over flash-crash liquidations

Kraken users are demanding compensation after violent flash crashes localized to the exchange resulted in leveraged trades being liquidated amid the sharp retracements recorded across the crypto markets on Feb. 22.　　Feb. 22 saw the single largest daily candle in the history of both Bitcoin (BTC) and Ether (ETH) by linear value, with BTC dropping around $9,500 from $57,500, while ETH plummeted by $400 from $1,940 within the span of 24 hours on Coinbase.　　However, it appears that a combination of weak buy support and cascading liquidations resulted in particularly heavy losses on Kraken — with BTC falling 22% to less than $45,000 while ETH declined 64% to find support at just $700.　　The public reaction on subreddit r/Krakensupport has seen many traders voice their frustrations. Some traders are even threatening to organize legal action against the exchange, with Reddit-user u/dtk6802 claiming to have lost the majority of their life savings amid the flash-crash:　　“I lost most of my life savings and haven‘t received a response from a human. I’d think they would refund or they would lose all their customers. Im sick to my stomach but will join the lawsuit with plenty of proof(screenshots) if not refunded.”　　However, the fallout appears for some has

2021-02-23Deep Dive

Three Reasons Why Metadata Privacy Is the Next Level Evolution Towards Data Privacy

Most people think metadata is something you only have to worry about if you are running an SEO campaign. However, most people do not realize that every task you perform creates metadata that contains every piece of information about the task you just performed. Even if you click a picture, the photo will have a metadata file that will contain all your personal information such as your location, device information, date and time information, etc.　　Someone can misuse this information in more ways than you might realize. Therefore, only protecting your data is not enough if you want to stay completely secure. You have to protect your metadata as well. Here are a few reasons why protecting your metadata privacy will make you completely protected.　　The most important step of ensuring your privacy is encrypting the information you are transferring, and you can do that by protecting your metadata.　　Metadata privacy secures not only the information you are sending but also the information of the sender.　　As metadata files contain information about the sender, it also includes information on the receiver. By ensuring the privacy of metadata, you can ensure the privacy of the receiver as well.　　Whatever you do online, sending & receiving any

2021-02-23Deep Dive

Long Blockchain, Icon of the 2017 Crypto Frenzy, Gets Stock Delisted by SEC

A would-be blockchain investment company which previously sold lemonade just had its shares delisted by the SEC over alleged foul play.　　In brief　　Long Blockchain Corp used to be known as Long Island Tea Corp.　　The company went from selling iced-tea to supposedly investing in blockchain projects.　　But it has got itself into trouble and today had its shares delisted by the SEC.　　A former iced-tea company that became a blockchain investment company has had its shares delisted by the US Securities and Exchange Commission (SEC) after failing to file financial updates.　　Long Blockchain Corp—previously known as Long Island Tea Corp—has not filed a quarterly report since September 2018, Bloomberg reported today. It is now no longer allowed to trade.　　The company used to sell lemonade and non-alcoholic iced-tea but rebranded around the time of the 2017 Bitcoin bull run. It experienced some quick success—and its stock pumped by 500% at the time.　　But the company struggled when the price of Bitcoin crashed, and got kicked off the Nasdaq in 2018. It has since been investigated for alleged foul play by the FBI and SEC.　　The SEC‘s Friday order said that Long Blockchain Corp’s big plan to move to the cryptocurrency world was a failure.　　“In December 2017, the company

2021-02-23Deep Dive

'Bitcoin Is the Biggest Jailbreak in Human History,' Says Philosopher Stefan Molyneux

On February 19, the Canadian podcaster and Freedomain Radio host, Stefan Molyneux, discussed his thoughts about bitcoin following the crypto asset‘s tumultuous rise capturing over a trillion-dollar market valuation. Molyneux’s recent speech describes the liberating potential bitcoin could bring to the masses and how the crypto network has the ability to change humanity for the better.　　‘Bitcoin Is a Currency That Serves the People at the Expense of the Parasites’　　Just recently the crypto evangelist and philosopher, Stefan Molyneux, spoke about the Bitcoin blockchain in great detail. Molyneux opened his speech by answering a question about BTC and ETH having a hard time scaling. The Freedomain radio host said that it is good to critique, but that people in the crypto space wouldnt give up so easily.　　Molyneux mentioned that bitcoin‘s market capitalization just crossed the trillion-dollar milestone and noted that the people who have added that value won’t throw in the towel. He insisted that many crypto proponents have given a decade of their lives toward spreading adoption, and mentioned there are solutions like bitcoin cash (BCH) and the Lightning Network.　　“The Bitcoin community is composed of just about the most brilliant, and economically and ideologically motivated human beings on the planet,” Molyneux

2021-02-23Deep Dive

Tesla Made $1B Profit From Its Bitcoin Buy – Wedbush Securities Analyst

Tesla has been known to make electric cars fitted with futuristic technologies and features which has placed it at the top of this emerging industry. Now, the carmaker is about to make more money from its recent bitcoin investments. The projected amount is expected to be more than the profits the company made from selling its electric vehicles in the whole of 2021, according to an analyst at Wedbush Securities.　　Reports state that the electric car giant brand has enjoyed massive profits from its BTC investment after raking in over $1 billion. One analyst at Wedbush Securities, which is a private investment company in the US, has reported these profits in the wake of the $1.5 billion Bitcoin investment it made.　　Daniel Ives said that Tesla‘s bitcoin profits were rising when he wrote an investor note on February 20, based on CNBC reports. Amid BTC’s explosive surge to acquire the $1 trillion asset status, Ives commented:　　“Tesla is on a trajectory to make more from its Bitcoin investments than profits from selling its electric vehicle cars in all of 2021.”　　Teslas investment move may affect other public companies and Ives wrote:　　“While the Bitcoin investment is a side show for Tesla, its clearly been a

2021-02-23Deep Dive

South Korea Will Introduce 20% Tax On Bitcoin Profits In 2022

After a lot of debates and discussions, South Korea seems to have set a hard date for the introduction of crypto taxation. The latest reports indicate that the country will implement a 20% tax on bitcoin and other crypto profits from January 1, 2022.　　The countrys Ministry of Economy and Finance said that all profits made from trading and holding cryptos will be subjected to this new tax, reported the Korean Herald on February 22.　　This tax will automatically get triggered when the profits made from cryptos surpass 2.5 million won, which translates to around $2,300. But, the gains made up to this point will not be taxed.　　Previously, South Korea was aiming to levy the tax from 2021. However, the pushback from crypto lobbyists and enthusiasts saw the government delay the implementation of the tax multiple times. A 2022 start date was in the past floated by the South Korean government but was delayed until 2023, as reported in the past.　　Today, it seems that 2022 is back in the cards once more. Bitcoin and other cryptos will no longer get classed as tax-free hobbies once South Korea recognizes BTC as a financial asset. Cryptos acquired as a part of an inheritance, or

2021-02-23Deep Dive

South Korean Financial Regulator Confirms Privacy Coin Delistings

South Korean financial watchdogs are about to start overseeing crypto-related activities in the nation, and additional barriers for exchanges keep appearing. Moreover, one of the South Korean regulatory bodies codified the measures announced last year on privacy coin listings.　　No Major Domestic Exchanges Can List a Privacy-Centric Crypto-Asset　　According to Electronic Times, the Financial Services Commissions Financial Intelligence Unit (FIU) confirmed that all privacy coins would be delisted from the domestic cryptocurrency exchanges.　　The watchdog argued that difficulties in determining transaction details carry a high risk of money laundering through such cryptocurrencies.　　Although the FIU just confirmed it, the local press first reported the measure in November 2020. The FIU pledged to ban privacy coins such as monero (XMR) and zcash (ZEC).　　South Korean platforms such as Okex have since been forced to delist several privacy coins to align with the anti-money laundering (AML) rules.　　However, as of press time, no major South Korean crypto exchanges have any privacy-centric cryptos listed. The Financial Intelligence Unit is the regulatory body responsible for dealing with AML matters.　　Reporting ‘Unusual’ Transactions Within Three Working Days　　Also, per Yonhap Times, the unit will ask domestic exchanges to flag and report any unusual transactions on their platforms “within three working days.” According to

2021-02-23Deep Dive

What Janet Yellen Gets Wrong About Bitcoin

In brief　　Treasury Secretary Janet Yellen made negative comments about Bitcoin using too much energy and being primarily used for illicit transactions.　　Critics say her energy consumption critique relies on a faulty comparison to legacy payment systems.　　Theres little evidence that Bitcoin is a main channel for illicit activity.　　Janet Yellen has again blasted Bitcoin, but critics say several of her assumptions about the cryptocurrency are inaccurate.　　At the New York Times‘ DealBook DC Policy Project today, the US Treasury secretary reiterated to journalist Andrew Ross Sorkin that she’s no big fan of Bitcoin, this time taking aim at its energy consumption and potential use for illicit financing.　　“I don‘t think that Bitcoin is widely used as a transaction mechanism,” Secretary Yellen said in response to a question about whether the Treasury Department needed to be paying more attention to the asset. “To the extent it’s used, I fear its often for illicit finance.”　　The illicit finance line is an old saw, but it isnt backed up by much in the way of hard data, said Anderson Kill partner Hailey Lennon for Forbes last month. According to blockchain tracking firm Chainalysis, criminal activity accounted for 0.34% of cryptocurrency transaction volume, down from 2.1% in 2019. And

2021-02-23Deep Dive

Trader’s Lesson: Why You Shouldn’t Keep Large Amounts of Crypto in MetaMask

While most of the crypto world was enjoying new all-time highs this past weekend, popular crypto trader under the Twitter pseudonym notsofast went through a personal crypto nightmare as his Metamask hot wallet was compromised in a security breach. Even though the trader reacted quickly and spent twelve hours dealing with the attack, the thieves still managed to snatch more than ETH 46 (USD 74,000), USD 34,000 worth of altcoins, and even his notsofast.eth domain.　　The trader tweeted that he is not sure how the hack happened but a potential attack vector was MetaMask‘s feature of storing the wallet’s private key in the browsers cache, which is accessible to any open tab.　　The trader refused any donations and compensation funds from the community and urged everyone to get a password manager and a hardware wallet.　　He also stressed the importance of account segregation, saying that traders should create new browser profiles for each WEB 3.0 wallet type they use, and run nothing else in those accounts. Ideally, one should use a separate computer or device that is used for crypto transactions and nothing else, he said in a tweet.　　Developer and consultant Udi Wertheimer also weighed in, warning that if you use the Metamask

2021-02-23Deep Dive

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