cryptodaily.co.uk: Is Bitcoin Legal In The US? Cryptocurrency Regulations Trends | Crypto-Geography - Part 2
In case you missed you can check out the first part of this series here. Is Bitcoin Mining Legal in the United States? As implied by the FinCEN regulations, there’s no obligation on keeping virtual currencies. While spending, trading and exchanging crypto for fiat currency are considered money transmitters and should be reported. In June 2019, Squire Mining (SQRMF), a Canadian mining mogul with the most hashpower, signed a letter of intent to host blockchain cloud computing units - over 41,000 Bitcoin - to the United States. As mining migrates from China to the US, the latter is changing priorities from application and protocol development to focusing on infrastructure. How to Buy, Store and Spend Crypto in the USA If you’re wondering how interested Americans really are in the cryptosphere, here’s a fun fact: Bitcoin has become so popular that as a term it has outrun Kim Kardashian and Donald Trump in search requests by three times. Source: Consensys Bitcoin is going mainstream in the States. It is already accepted as a payment by retailers and services like Overstock and NewsEgg and some major tech companies like Microsoft. The United States has over 3500 cryptocurrency ATMs and tellers – that’s 64% of all the crypto ATMs in the world. There is even a list of major cities in the US with ATM installations. Unsurprisingly, the top-5 cities are Los Angeles (372), Chicago (250), Miami (199), Atlanta (171) and Detroit (149). Despite the huge amount of tellers where you can buy BTC, XRP, ETH, etc. a majority of people prefer to buy crypto via the various exchanges and crypto services online. Cryptocurrency has become an important aspect of local economies. California, New Jersey, Washington, New York, Colorado, Utah, Florida, Alaska, Nevada, and Massachusetts are the states with the largest amount of citizens who have cryptocurrency. In 2018, Finder surveyed 2000 US citizens to get an approximate idea of what coins Americans prefer to store. It comes as no surprise that Bitcoin is the number one cryptocurrency in the US. Source: finder.com Is Trading Bitcoin legal in America? The question was raised on the federal level by the Securities and Exchange Commission, but the focus was on the use of blockchain assets as securities, such as whether or not certain Bitcoin investment funds should be sold to the public, and whether or not a certain offering is fraudulent. However, the SEC’s report focused entirely on Initial Coin Offerings, so the results don’t apply to BTC. To trade securities on the Blockchain, a company must register as an exchange, Alternative Trading System (ATS) or a broker/dealer. Top cryptocurrency businesses in the USA In addition to the wide user base of cryptocurrencies in the US, the country is also home to some of the most influential crypto projects in the industry. American crypto projects range from powerful exchanges to headline grabbing social media experiments. Here are some of the most notable. LedgerX is a New-York based Bitcoin trading platform. As a start-up, LedgerX was actively lobbying for Bitcoin and cryptocurrencies and after a few years got a derivatives clearing organization license from the U.S. Commodity Futures Trading Commission. That opened the door for the platform to bring classical financial tools to the cryptosphere. In November 2017, LedgerX launched the first long-term BTC options. Ripple constantly finds itself the subject of debate in the crypto community regarding its centralised nature. Despite the mixed feelings, Ripple is already working with hundreds of financial institutions to drive crypto adoption and has launched the University Blockchain Research Initiative to support the research and development of blockchain technology. Gemini is a crypto exchange based in NYC that was created by the Winklevoss brothers. In 2016, Gemini became the world’s first licensed cryptocurrency exchange. Also, Gemini holds the distinction of being the first institution to launch Bitcoin futures contracts. Stellar was co-founded by Jed McCaleb, who was also among Ripple’s founders. The company strives to provide banking services for unbanked people. Their team is working to improve cross-border transactions and reduce fees and transfer times. Steem is the native cryptocurrency of the blockchain-based social platform Steemit where users are rewarded for writing posts, commenting, reading and curating content. The NY-based company was founded by Ned Scott and Dan Larimer, who is also known as the CTO of EOS and creator of BitShares. Libra Coin Libra deserves its own section as it is one of the most controversial crypto projects that are sure to change the cryptocurrency market and the entire financial sector. The project initiated by Facebook, with Visa, Mastercard, and PayPal among its 27 charter members, is set to join the pantheon of premier US cryptocurrency projects. Facebook decided to launch the project to give financial freedom to 2,000,000,000 adults around the world who are outside the financial system. Of course, the guys from Facebook believe that people will trust decentralized management systems more now, when trade wars build barriers for money, when the trade is limited to the borders of the countries in dispute. Yet, the troubling issue is that Facebook management has been repeatedly accused of centralization and cooperating with authorities. On the other hand, the positive impact of mass adoption Libra can bring, will strengthen the cryptocurrency industry. However, much to my regret, Libra contradicts the basic ideas of blockchain - privacy and decentralization, the core values that Freewallet and many crypto companies fight for. The third and final instalment of these articles will be released tomorrow at 12:30pm BST.
- Tuesday, 17 September 2019 06:07
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- Tuesday, 17 September 2019 09:40
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cryptodaily.co.uk: Is Libra Being Truthful About Monetary Sovereignty? This Researcher Doesn’t Think So
In an attempt to debunk the myth that Libra is a government killer, the co-creator of Caibra, David Marcus met up with 26 central banks from across the globe which was expected to be a grilling on Marcus’ part. The intentions of the co-creator weren’t exactly met with support from crypto twitter either… In defending the upcoming stablecoin from all the accusations that would take away the monetary sovereignty enjoyed by central institutions, David insists that Libra wouldn't actually be creating any new money. This is down to Libra being reportedly backed by a selection of different fiat currencies 1:1. In a pretty extensive thread on Twitter, the Calibra co-head said: “Libra is designed to be a better payment network and system running on top of existing currencies, and delivering meaningful value to consumers all around the world.” He continues: “Libra will be backed 1:1 by a basket of strong currencies. This means that for any unit of Libra to exist, there must be the equivalent value in its reserve. As such there's no new money creation, which will strictly remain the province of sovereign Nations.” Despite what Marcus argues, some enthusiasts on Twitter cited that the Libra Association will still be available to exercise leverage over different countries. This would essentially result in those nations losing their monetary sovereignty, which is exactly what they fear. According to the crypto researcher on Twitter under the name @hasufi, the Libra Association will control the composition of their reserves. Through this logic, the association will be able to change the ratio of the currencies it holds in reserve and through this, its demand and price. “The Association can, at any time, change the composition of their reserve by replacing one fiat with another, while maintaining full reserve at all times. If you control the demand for an asset, you gain the power to set a ceiling on it's price. This power to change the Libra's reserve composition becomes an important geopolitical lever over nation-states and thus over local laws and regulations. The LA would be a kingmaker.” It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
Binance makes its first strategic Chinese investment by participating in a $200 million funding round in crypto publication Mars Finance
On Sept. 13, an attacker flooded the EOSIO network to drain $110,000 in EOS from a gambling dApp. During the process, many user-facing applications were unusable due to congestion. Here’s how the hacker did it, in detail. Basics of the network congestion exploit Four days ago, an attacker pushed the EOS network into “high congestion […] The post Understanding the exploit that made EOS.IO “unusable” for two hours appeared first on CryptoSlate.
- Tuesday, 17 September 2019 09:00
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Blockchain real estate investment firm AssetBlock launches its commercial real estate investment platform on Algorand’s blockchain
The Modern Investor: Crypto Interest Accounts, More Coins Delisted, Bitcoin Mining Record & Ethereum Price Jump
- Tuesday, 17 September 2019 09:58
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The lives of marketers were beautiful until blockchain PR came. From running a marketing campaign without intense time pressure and insane competition, to releasing a few PR articles on a daily basis, focusing on dozens of different social media platforms and communities. All of this while looking for ways to overcome the lack of confidence people have in blockchain projects. In this article, I will tell you the untold story of how traditional PR shifted to online marketing and how the blockchain industry required its own unique strategy. Over the last three years, I have worked with dozens of blockchain companies helping them to raise millions of dollars and successfully complete their ICO/IEO/STO. Traditional PR: Traditional PR was used before the internet era. A few examples of traditional PR would be: word of mouth, telemarketers, radio, television ads, posters, banners, etc… Nowadays, traditional marketing refers to any type of promotion that has a proven success rate. Even with traditional PR seeing a decline in the last few years, it’s still a great way for companies to reach their local audience, whilst allowing larger businesses to expand their brand. Digital PR: The internet opened new ways for PR agencies to promote their clients on a scale they couldn’t imagine before. Companies could display ads at the houses of the clients, inside their computers. Sites like Google and Facebook built great platforms for marketers to promote their clients and run measurable ad campaigns. For the first time in history, a business could know that there’s a high chance of receiving a $1.2 return, on a $1 investment. In the traditional PR world, nothing is guaranteed. You could pay $100k for a commercial on TV that will get you no sales, and another commercial could generate $300k in returns. The uncertainty and the high costs of traditional PR made many businesses avoid the risks and high costs that are involved. That’s why digital PR became so popular. Many businesses who would never imagine of investing in traditional PR, suddenly started running ads campaigns on Google and Facebook. Blockchain PR: With the rise of cryptocurrencies, many new projects joined the blockchain ecosystem. The way ICOs fundraising was designed was that each project had a limited amount of time to raise funds. In addition, the largest social media platforms out there announced they wouldn’t allow ads related to cryptocurrencies on their platform. The high competition, time pressures and the ban by social media helped to shape a new PR approach: Blockchain PR. When I first got into blockchain I immediately noticed how digital PR is not 100% suitable for this industry. It felt like a combination of traditional and digital PR. Companies try to target many different social media platforms, but because of insane time pressure, they couldn’t measure the impact of their campaigns. Blockchain companies have spent enormous amounts on marketing with the sole purpose of creating a lot of buzz in the crypto community and with the hope that it will drive investors into their ICO/IEO/STO. The result: Companies were producing poor content that gave no value to the readers. The majority of the companies didn’t reach their fundraising target. After many ICOs fooled their investors and disappeared with the money the ICO bubble burst. Those actions destroyed the confidence of investors in blockchain projects. That’s when I saw an opportunity. I began working on developing unique ways to run effective blockchain PR campaigns and came up with a few conclusions: Down to Earth: In Blockchain PR, projects need to stop talking about how great they are and how they will change the world. Instead, they should be honest with their community and investors, share with them the progress and even difficulties of the project. Distribution: One of the advantages of the blockchain world is the number of active communities with crypto enthusiasts. On Steemit, Reddit, and BitcoinTalk companies can find thousands of potential investors and people who might care about their company. The goal is to know how to push content Blockchain PR articles in those communities in a way which wouldn’t be considered spam, whilst giving value to the community members. SEO: Many blockchain companies fail because of a lack of understanding when it comes to SEO. When a company spends high amounts on PR they should think about three things: Does this content have a chance to be ranked? If so, in which search term? Does this content help my company to grow its brand? Does the content give value to the readers? If so, are they likely to share it? Keep in mind that Marketing is expensive and your budget is not endless. When you involve SEO strategy in your blockchain PR, you increase the chance that your content will drive traffic to your site weeks/months after the article was published.