Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has added a new feature that will reduce the impact that large buy and sell orders have on the Bitcoin price. Announced on Monday, Gemini Block Trading will allow cryptocurrency “whales” to execute large trades outside of the exchange’s continuously-updated order books, where a single trade The post Gemini Adds Block Trading to Reduce Impact of Large Orders on Bitcoin Price appeared first on CCN
The South African Revenue Service (SARS), the revenue service of the South African government, is ordering taxpayers to declare cryptocurrency gains and losses or risk facing penalties, regardless of how unclear the tax rules are at the moment. South Africa’s Tax Agency to Apply Penalties on Those Who Fail To Declare Cryptocurrency Gains South Africa’s revenue service has defined cryptocurrencies as intangible assets, instead of a currency, for income tax purposes or capital gains tax. All the cryptocurrency-related income must be declared and the onus is on taxpayers as failure to comply may result in interest and penalties. “Whilst not constituting cash, cryptocurrencies can be valued to ascertain an amount received or accrued as envisaged in the definition of ‘gross income’ in the Act”, said SARS. The agency offers guidance to taxpayers who are uncertain about specific transactions involving cryptocurrencies. According to SARS, taxes are applicable to cryptocurrency mining, trades on cryptocurrency exchanges, and the purchase of goods and services using digital money. On the other hand, taxpayers can claim expenses associated with cryptocurrency accruals or receipts, as long as they are related to income generation and for purposes of trade. Regarding value-added tax (VAT), the South African government is still considering how to apply to cryptocurrencies: “Pending policy clarity in this regard, SARS will not require VAT registration as a vendor for purposes of the supply of cryptocurrencies,” said SARS in a statement. The regulatory framework for cryptocurrencies is still pending review as the South African Reserve Bank (SARB) is working with the National Treasury, the Financial Services Board and the Financial Intelligence Centre to evaluate what they consider to be the best approach. SARB has recently created an investigative unit to monitor the crypto space and to set up a proof of concept (PoC) for DLT-based interbank clearing and settlement. A priority for the SRO would be to ensure the nascent industry is not over-regulated so it can blossom. In January, SARB established a fintech task force to review the central bank’s position on private cryptocurrencies and addressing regulatory issues such as clearing and settlement risks, exchange control impacts, monetary policy and financial stability. The surge in popularity of cryptocurrencies has contributed to the opening of at least 15 new trading venues in South Africa within the past year alone. The country’s central bank has launched a program that will trial JPMorgan’s Quorum blockchain in interbank clearing and settlement. According to Luno, a global wallet and cryptocurrency exchange that boasts 1.5 million users spread across 40 countries, South Africa accounted for 37% of Bitcoin transactions occurred in November 2017, when the price of BTC was hovering in the $10,000 range. Image Courtesy of Shutterstock The post South Africa Orders Taxpayers to Declare Cryptocurrency Gains appeared first on NewsBTC.
Of all the coins under our radar, NEO is the best performer gaining 5 percent in the last 24 hours. Unlike Litecoin, Stellar, EOS and IOTA, the coin is buoyed by a confluence of activities that might aid in recovery. Apart from NEO, Litecoin continues to erode and sooner or later, prices could test $100 and $90 in the short term. Generally, our bear projections remain valid despite weak spikes as we saw in NEO. Let’s have a look at these charts: XLM/USD (Stellar Lumens) XLMUSD 4HR Chart from Bittrex for April 10, 2018 Fundamentally, there is nothing much that we can talk of. It remains the same old stuff but when it comes to price action, our previous stellar Lumens technical analysis would be of help. Technically, Stellar Lumens sellers are in charge and every high remains a selling opportunity. We can’t reiterate that enough. In the 4HR chart, the reaction at the main resistance trend line is spectacular. As far as technical set ups is concerned that’s a double bar bearish engulfing pattern and a bearish engulfing candlestick bringing with it a 5 percent value erosion. Consequently, this means sellers can jump in and aim for $0.07 as the weekly chart support-resistance lines dictate. IOT/USD (IOTA) IOTUSD 4HR Chart from BitFinex for April 10, 2018 Industry big wigs continue to tow the IOTA line and of course, that’s good news for the blockless system and their believers. As you may know by now, Dr. Rolf Werner is the new addition to IOTA foundation. On the development front, IOTA is making progress and even though the system remains with its own flaws, IOTA remains pretty much resilient and baffling to some. Welcome Rolf Werner to the IOTA Foundationhttps://t.co/ezkFFjIwQX#IOTA — IOTA (@iotatoken) April 9, 2018 In my opinion, when Trinity-with a face lift and several use friendly features-becomes available, IOTA demand might rise. At the moment though, it isn’t rocket science, our IOTA technical analysis points to a slump. From our previous technical analysis, that over-extension in the 4HR chart and a sell signal was fodder for sellers. Simply put, sellers are riding on strong bear wave and are deep in profits. In my view, any break below $0.90 or last week’s lows and IOTA investors might see prices testing $0.35 and Q4 2018 lows. EOS/USD (EOS) EOSUSD 4HR Chart from BitFinex for April 10, 2018 Besides recent EOS development and milestones do you know that the platform have a nice measure against hacking or any other illegal fund transactions? Well, because of their staking and governance system in place, users can arbitrate for fund reversal. That’s a pretty nice feature in EOS and with an Air Drop soon after EOS launches, holders should celebrate but prices could suffer because of such. I just published “How to Receive EOS Airdrops in Bitpie Wallet” https://t.co/JPyuh2FUy3 — Bitpie (@BitpieWallet) April 9, 2018 Anyhow, price action is turning out to be a blemish in the midst of these attractive developments. EOS prices are still moving within a tight channel. As long as prices are below last week’s highs at $6.5, traders can always welcome shorting opportunities more so when a stochastic sell signal prints. EOS is likely to depreciate further and in the mean time, our ultimate targets is March 18 lows of $4 but with mid range support at $5. LTC/USD (Litecoin) LTCUSD 4HR Chart from CoinBase for April 10, 2018 After Abra and Alliant, Litecoin is still bringing on board payment solutions. Yesterday, news that CoinGate and PrestaShop are collaborating is supportive. Despite positive talks, adoption of Litecoin and other cryptocurrencies as a means of exchange is still low. With this partnership, more than 80,000 EU merchants would be accepting payment in Ethereum, Litecoin or Bitcoin and all this is good for cryptos in the long run. I missed this from a few days ago. @CoinGatecom is partnering with @PrestaShop to bring cryptocurrencies (BTC/LTC/ETH and others) to over 80,000 EU merchants. Always exciting to see more merchants accepting cryptocurrencies! #PayWithLitecoinhttps://t.co/Hq6WsDPYmn — Charlie Lee [LTC] (@SatoshiLite) April 7, 2018 In the charts, there is a real threat that seller will breach $110 as per our previous Litecoin Technical analysis. After all, that nice bearish engulfing candlestick is setting pace for sellers to join in and drive prices towards $90 in the short term and $50 in the medium to long term. NEO/USD (NEO) NEOUSD 4HR Chart from Bittrex for April 10, 2018 There is a new Neon NEO wallet update from the City of Zion where the team really tried to fix some bugs. City of Zion (@coz_official) have released Neon Wallet v0.2.3, including updated error messages and token sale UX improvements. https://t.co/OmmdIJ5dTj — NEO News (@NEOnewstoday) April 9, 2018 Could be this be a reason for NEO recovery? Well, maybe! Understandably, NEO remains surprisingly liquid during the Asian session and rumors are rife that it might be after all be listed at Bithumb, the world second largest cryptocurrency exchange. Undoubtedly, NEO would soar if that happens. Additionally, the tight schedule in Europe could be a reason for this surprising appreciation and coupled with Binance’s monthly GAS distribution, holders have something to smile about, at-least temporarily. This is on top of other ICOs in the pipeline including NEX, AlphaCat, Moonlight, Aphelion and others. Moonlight (@Moonlightdotio) has released an addendum to their white paper detailing token and funding allocation. A large portion of funds raised will go towards seeding development tasks that will improve the $NEO ecosystem. https://t.co/ocQ3QjA8pC — NEO News (@NEOnewstoday) April 9, 2018 In the chart, our projections were right and as we can see prices are reacting at the lower limit of our sell zone-$55. If it remains this way, I anticipate more NEO depreciation now that there is an over-extension after yesterday’s pump. Sellers should eye $40 in the short term. All charts courtesy of Trading View The post NEO, EOS, Litecoin, IOTA and Stellar: Technical Analysis April 10, 2018 appeared first on NewsBTC.
Ask.fm is one of the biggest names in the Q&A space. In fact, they’re one of the most successful social platforms that have ever existed on the internet. They’ve been around since 2010 and boast about 215 million users. That makes them an enormous platform with a massive amount of popularity and influence. And now, along with many other companies like Telegram, there’s a good reason to believe that they’re planning an ICO. Interesting, right? Nothing is confirmed, and the details are still far from being set in stone, but there has been a good amount of evidence mounting recently to back this up. Before getting into why Ask.fm might want to consider an ICO, and why this could really benefit them, let’s take a look at the current clues. Too much evidence to ignore One of the first tip-offs that Ask.fm is planning something is this website. Right now, it’s pretty basic — the words ‘Ask.fm 2.0’ don’t really give much away. But it’s definitely enough to get you thinking. 2.0 suggests an upgrade of some kind, but what do they have in mind? The mystery develops, even more, when you head to the job boards. This posting, and this one are two examples of blockchain developer vacancies with a ‘global social Q&A network’ with offices in Latvia, which just so happens to be where Ask.fm is headquartered. Now, why would a company want to hire a blockchain developer? It seems likely that they’re considering developing some blockchain… And, just to fuel the fire, even more, there are some very interesting domain names that have been registered recently. Like askfmico.com, and icoaskfm.com. Interestingly enough, a quick whois.net search on these domains reveals the registrant is Ask.fm Europe Limited. It’s hard to argue with this amount of evidence. Clearly, Ask.fm are planning something in the blockchain and ICO space. But why would they do this? Well, as it happens, blockchain could be the perfect tool for Q&A platforms like Ask.fm. Why blockchain is great for Q&A platforms Blockchain has a ton of benefits for Q&A services like Ask.fm. Because it allows networks with no central point, it’s ideal for exchanging info on a peer to peer level. This creates a more open and democratic discussion, with less need for management. It’s also transparent, secure, and highly anonymous, as we’ve seen in cryptocurrencies. That helps preserve one of Ask.fm’s key features — that users can interact on the platform without sharing their identity. It’s not clear how an Ask.fm blockchain platform would operate, but one theory could involve rewarding users for asking good questions with tokens and rewarding helpful answers. That provides more of an incentive to take part and could boost engagement. But a financial incentive has other benefits, too. It leads to a kind of automatic moderation, where users will be much more likely to give a serious and well-thought-out answer if they could be rewarded with money. That helps fight trolls and spammers who are often the ruin of such platforms. Why are they doing this now? So, it seems like Ask.fm could really benefit from blockchain, but why are they making the move now? Well, we’re at something of a pivotal point in blockchain’s history. As the technology separates itself from Bitcoin and shakes off some of the negative press it was unfairly burdened with, lots of companies are considering it. Telegram has already been mentioned, but there are plenty of others like J. P. Morgan, Starbucks, and KODAK. For Ask.fm, doing an ICO now could mean a lot of publicity, good press, and a more positive image. It makes them look smart, cutting-edge, and ahead of the curve. At such a crucial moment in the history of the internet, getting involved in a trend like this early on could yield massive benefits down the line. Image: Ask.fm Facebook Page The post Is Ask.fm Planning an ICO? Maybe — and That Could Be a Stroke of Genius appeared first on Bitcoin Network, News, Charts, Guides & Analysis.
In today’s rapidly digitalized world data has become the new currency. As more and more data analytics companies enter the market, copious amounts of personal information is being skimmed and collated from the public and private domains and websites. The advent of social media, e-commerce, and the Internet of Things (IoT) have created a data brokerage marketplace of over 250 Billion U.S dollars per year. Personal data is being collected and analyzed without proper consent from individuals and eventually is sold to the marketing or research divisions of profit-making organizations. Companies use this data to design and develop products and services based on the consumer insights. Opiria, an Ethereum-based blockchain platform along with PDATA Tokens, plan to create the world’s largest decentralized marketplace for the secure, fair and transparent trading of data. The current system of data aggregation is opaque and unregulated; customers often feel that their privacy has been violated, and companies are unable to collect enough quality data to reach their market research requirements. This leads to heavy losses due to improper data collection. The Opiria platform uses PDATA Tokens as the currency that can be used to procure and trade data. The PDATA tokens can benefit companies that buy personal data directly from consumers. Customers are compensated using the PDATA tokens, which is enabled through smart contracts on the blockchain. The Opiria platform and the PDATA token system promise to democratize the brokerage of personal data by giving individuals the choice to securely sell their personal data to the company of their choice, in a secure, fair and lawful manner. The platform also promises to give companies access to real, reliable, high-quality consumer data while being aligned with General Data Protection Regulation (GDRP) guidelines. For the first-time consumers can control who can access their personal information and receive proper compensation for providing their personal information. Customers can finally choose what data they wish to share via the Opiria database. The more information they share, the more valuable their profile becomes. Companies can ask the consumers for permission to access their disclosed personal data via the Opiria platform. Once the consumer is paid in PDATA tokens, a smart contract is created between the customer and the company, and customers data is released to that company. As the data flows directly from the consumers to the companies, it negates the middlemen or data brokers from the system, who have been using unfair means to acquire and sell data. Opiria aims to raise 30 million USD through its token sale, which will help develop the Opiria Ecosystem by March 2019. The platform has plans to cover over 50 countries and acquire more than quarter billion consumers on their platform by 2023. As the platform is decentralized, no regulations can close down the operations of the Opiria platform. For more information on this revolutionary platform and its benefits, visit https://opiria.io/ . The post Earn Money by Selling Your Personal Data With Opiria Platform appeared first on NewsBTC.
The Reserve Bank of India (RBI) has explicitly prohibited regulated entities from doing business with any companies dealing in virtual currencies. Last week’s decision raised concerns regarding a full ban on cryptocurrencies, which is not true. The jolted market fears Bitcoin and altcoins will face a drop in traded volumes in India, but that may also turn out to be false. India’s Cryptocurrency Market Adapts to RBI’s Pressure Reasons of consumer protection, market integrity, and money laundering, have led India’s central bank to ban the use of cryptocurrencies by regulated firms. The RBI expressed its discomfort with Bitcoin in 2017 and the Finance Ministry of India had likened those assets to Ponzi schemes and said that their use “as part of the payment system” would be eliminated. As the RBI forces that hand, banks in India are emailing their customers to let them know they no longer allow their debit and credit cards to be used to purchase or trade in cryptocurrencies. Crypto-industry professionals point fingers at government authorities and bankers for the witch hunt, while admitting that it would be better to work within the regulated framework instead of ring-fencing. A less politically correct approach was given by an Indian cryptocurrency exchange professional who chose to stay anonymous: “This isn’t really a big surprise, but it is definitely stupid. The government has been after us, and the bank guys have been after us. They’re doing all the fraud in the world, but they say that Bitcoin is only for illegal uses. In January, the banks froze our accounts, the Income Tax guys froze us for a couple of days, and there have been social media attacks to scare people away from crypto. We’re all figuring out how we can work, but Bitcoin is not illegal”. Siddharth Devnani, co-founder of SoCheers, told Gadgets360: “This notice is almost like a full ban on these exchanges. Peer to peer sites and some other groups exist which will take over this vacuum and many more platforms for trading will be created which will be under the radar or offshore. These will be completely unregulated causing even further possibilities of security failures, fraud, and money laundering. Wouldn’t it be in the government and the citizens’ interest to regulate the existing exchanges, and ensuring full KYC (know-your-customer) and AML (anti-money laundering)? Meanwhile, industry players within the crypto-space are drawing up contingency plans including moving overseas. BFX Coin and Al Kasir Group are planning to move their business to Dubai. Prashant Many, head of BXF Coin will be cutting its workforce size and sent an internal communication to his staff: “Our operational offices have started in Dubai & Georgia. Operations will also commence soon by May 2018.” The market usually adapts to all kinds of forces. The RBI pressure is unlikely to end the cryptocurrency market in the country. India Coin (INDIA) is up by 280.90% today. Image Courtesy of Shutterstock The post Indian Pressure on Cryptocurrency Market Backfires appeared first on NewsBTC.
Although 2018 has been a weird year for cryptocurrencies, it is proving to be a boom for the blockchain. It has received several high-level endorsements from government and industry officials, and it seems to be gaining traction as a feasible solution to many of our most pressing problems. In an interview with Fox Business, SEC Chairman, Jay Clayton, said that he “loves this technology.” His comments support the overwhelmingly positive conclusions drawn by the 2018 Join Economic Report composed by the U.S. Congress. Meanwhile, industries continue to line up behind blockchain technology believing that it can revolutionize and upgrade their current, centralized systems. It’s these sentiments that led Tapscott CEO, Don Tapscott, to conclude that blockchains “could revolutionize the world economy.” This year, there is a pervading perception that decentralization, tokenization, and smart contracts can make just about anything better. Just follow the money. CoinSchedule, which tracks all ICOs and the amount of money raised from each initiative, discovered a surprising trend this year. Collectively, 2017 was a record year for ICOs, the technical process that launches a new decentralized platform. However, the first three months of 2018 have seen ICOs raise 35% more than the total from all of 2017. In other words, this year has been a stampede of decentralized companies that are launching compelling platforms. Some projects are rising above the noise. They are distinct because of their industry impact, transformative services, and compelling vision. To be sure, these are just a handful of the industry-changing blockchain initiatives that are setting the tone this year. They are representative of the innovation and creative change being instituted by the blockchain. HomeLend: Crowd Source Your Next Mortgage The mortgage industry is a trillion-dollar industry that can feel all-encompassing. After all, everyone needs housing. However, this industry is bogged down by outdated methodologies and inadequate technologies that slow the process and hinder is growth. This is especially true for the millions of millennials who are struggling to attain their first mortgage. Homelend decentralizes the mortgage industry and uses the blockchain’s tokenized assets and smart contracts to implement quick and efficient data transfers. More importantly, Homelend crowdsources the mortgage process by allowing anyone to serve as a lender and by enabling borrowers to tap into a previously unexplored lending source. This platform could not be timelier. Nearly a decade after a real estate bubble incited the great recession, The Wall Street Journal is declaring a new housing crisis: a shortage of homes and loans for first-time buyers. Homelend can address half of this problem, and it’s essential that they do. Sirins Labs: Cell Phone for the Blockchain Age Sirin Labs issued a digital currency, the SRN token, that’s being used to fund the first cell phone for the blockchain and crypto age. The initiative, dubbed the Finney Project, aims to create a $1,000 smartphone that includes many of the features that crypto enthusiast requires. The device has a 5.5” screen 65GB storage, 6GB of RAM, and built-in cold storage for digital currencies. At $1,000, the Finney Smartphone is comparably priced to other top-of-the-line smartphones like Apple’s iPhone and Samsung’s Galaxy line. The phone runs on a variation of Android’s operating system, so it’s the hardware that genuinely sets the device apart. Customers receive a 20% discount if they use the SRN token to purchase the device. ARK: Connecting Disparate Blockchains In their 2018 tech trends report, research and consulting firm, Deloitte, identified blockchain interconnectivity as a necessary next step for blockchain proliferation. ARK is creating a platform that aims to create a vast ecosystem of connected blockchains. Their platform caters to blockchain users, developers, and startups that can benefit from quick and easy connections to other blockchain services. Their native blockchain boasts eight second block times, and their open sourced technology stands to improve through continued exposure. Their platform has been around since 2016, which makes them veritable veterans in the crypto space. As a result, they have a plethora of strategic connections including CoinCentral, Yahoo Finance, NewsBTC, Forbes, and CoinTelegraph. There are so many compelling platforms launching right now, and it’s difficult to choose just three. However, these platforms represent, in different ways, the innovation and possibility that’s burgeoning with these initiatives and others like them. The post The Year of Decentralization: Which Platforms Are Making the Most Difference? appeared first on NewsBTC.
Mining hardware manufacturers have begun selling Cryptonight ASIC miners for next to nothing after privacy-centric cryptocurrency Monero carried out its threat to adopt a hard fork to maintain ASIC resistance. Last week, Monero activated its semi-annual hard fork, an update that included an alteration to its instance of the Cryptonight Proof-of-Work (PoW) consensus algorithm. This The post Manufacturer Holds Cryptonight ASIC Firesale after Monero Hard Forks appeared first on CCN
The UK are expected to reveal their own cryptocurrency regulations later in 2018. Earlier today, the Financial Conduct Authority (FCA) announced that they’d be collaborating with the UK Treasury Committee, as well as the Bank of England in drafting a discussion paper on various aspects, risks, and opportunities presented by cryptocurrencies. Can Positive Future Legislation Attract Startups Away From Europe? Although they do not currently have scope to regulate cryptocurrencies, the FCA stated in their announcement today that the topic of digital currencies was becoming increasingly hard to ignore globally. They also claimed that they were planning to respond to an earlier Treasury Committee inquiry. The report the three bodies draw up could have an impact on any regulations going forward. At present, cryptocurrencies are entirely unregulated in the UK. However, in recent months, greater strides towards some form of legislation governing the space have been made. Back in February, the UK Treasury Committee began to explore digital currencies and blockchain technology. According to the government body, the goal of the inquiry was to investigate how protection could be provided to investors, consumers, and businesses, whilst simultaneously encouraging innovation. This latter point is particularly important given the political context in which Britain currently resides thanks to their decision to leave the European Union by the end of next March. Cryptocurrencies therefore present an opportunity to attract new businesses and industry to the UK in the wake of “Brexit”. Financial regulation expert from UK law firm Kemp Little, Jacob Ghanty, told the Independent: “At a high level, there is pressure on the UK authorities to develop a comprehensive strategy towards crypto, as sooner or later the EU will develop its own approach meaning there will need to be compelling reasons for crypto firms to locate in the UK.” Ghanty was careful to highlight the risks that investors faced in an entirely unregulated space and that these too would form a crucial part of any rules that emerge from the discussion paper. When it comes to regulation, there is great division within the cryptocurrency space. Some believe that regulations are needed to bring “legitimacy” to digital currencies. Others are of the mindset that digital currencies cannot be effectively regulated and that state “legitimacy” is meaningless for a system that exists without needing permissions from regulators. Meanwhile, some believe that government intervention can only serve to stifle innovation. For them, foolish investors who get burned in ICO scams like that promoted by heavyweight boxer Floyd Mayweather deserve to lose out. This approach naturally allows for the greatest innovation within cryptocurrency but is often criticised for hurting those who behave unwisely with their funds and encouraging scam artists. From the FCA announcement, it appears that the UK will attempt to nurture innovation whilst protecting users. How this approach fares remains to be seen. Image Courtesy of Shutterstock The post UK Crypto Regulations Could Lure Startups From Europe appeared first on NewsBTC.
South Africa’s tax agency has told taxpayers that cryptocurrency-related income will fall under normal tax rules and may also be liable for capital gains tax. The South African Revenue Service (SARS) has reminded taxpayers that the onus is entirely on them to declare cryptocurrency gains or losses as part of their taxable income. Crypto-related gains The post Declare Cryptocurrency Gains or Losses, South Africa Tells Taxpayers appeared first on CCN