Bitcoin Hits a Milestone
Despite a relatively quiet week, the granddaddy of crypto still managed to hit a milestone... one that proves Bitcoin can maintain steady investment appeal from the world of traditional finance.
On Tuesday, Bitcoin set a new record of trading 63 consecutive days above $10,000.
While BTC has briefly dipped under $10,000 in this period, it never started or ended a day below $10,000 between July 28, 2020 and today.
The previous record of 62 days was set between December 2017 and January 2018.
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Filecoin Confirms Long-Awaited Mainnet Launch for Next Month
It's been nearly three long years since Protocol Labs, the company behind Filecoin (FIL), raised $205 million in an ICO for the project, but they have finally confirmed their mainnet launch. It will go live next month at block 148,888, which should be on October 15.
Filecoin was supposed to launch mid-2019. But delays – and then a pandemic – kept pushing back the launch date.
What is Filecoin?
Filecoin aims to offer a decentralized data storage solution. Instead of hosting your files on a cloud, which is essentially a warehouse full of computers owned by Amazon or Microsoft or Dropbox, Filecoin’s protocol essentially lets you host your files on other people’s computers.
Sometimes referred to as a “decentralized Dropbox,” users can end their reliance on third-party file-hosting services. This has perks. Dropbox, for instance, monitors the content on its platform whereas all of Filecoin’s information is encrypted and nobody can monitor it.
This has been a highly anticipated project from the get-go.
The Latest:
More than 400 miners from around the world participated in this month's "Space Race" testnet phase where network data capacity increased by more than 325+ pebibytes – seven times the entire written works of mankind, in all languages.
Approximately 3.5 million native FIL tokens – used to buy and sell storage on the network – will be distributed to Space Race participants.
As Filecoin has refused to say anything that could sway FIL's initial price, it's unknown how much the tokens might be worth in dollar terms.
In the coming weeks, the project said it will continue adding storage, optimize operations and undergo final tests, as well as allow community members to prepare their own systems ahead of the launch.
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IBMR Launches "Microequity" Exchange
The International Blockchain Monetary Reserve (IBMR), a microfinance economic development agency, launched what it claimed to be the world’s first “microequity” crypto exchange – MESE.
Think Robinhood, but crypto.
MESE lets you hold microequity in a company listed on the stock market, or 1/10,000th of a share. Available at launch are seven global tech stocks: Microsoft, Apple, Tesla, Twitter, Amazon, Netflix, and Google.
Key Takeaways Robinhood offers a similar product, however, this one is powered by crypto. Specifically, it uses ChainUp’s digital cloud exchange tech and is housed on the Algorand blockchain.
The key advantage of crypto, claims IBMR managing director Sinjin David Jung, is that holders can sell these microequity tokens on secondary markets, including those outside the MESE platform.
On Robinhood, you can send shares to other brokerages, but those must be registered. And Robinhood’s only available in the US. Crypto is global. |
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Buffett Dumped Apple and Bought This Instead
Through Berkshire Hathaway, Warren Buffett recently dumped $800 million of Apple stock…
And bought this instead.
He’s now moved $3.8 BILLION in a tiny niche of the tech sector billionaires are flocking to.
Get the full story here. |
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How DeFi Is Fueling Ethereum’s Growth
Decentralized finance (DeFi) has been all the rage in 2020 so far. Dozens of projects have launched, and lump sums of capital has followed suit.
But while most folks are well aware of today's trending DeFi saga, some have forgotten about the one blockchain that essentially made all of this possible: Ethereum.
A majority of DeFi apps have been built on Ethereum, and DeFi’s explosion has rippled across the network. Here's how four DeFi token launches affected Ethereum, ETH and Gas prices, and how the network is evolving as a result.
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Institutional Investors Turn 'Hodlers' on Bitcoin Futures Markets
While the term 'institutional investors' can cast a wide net, there is a straightforward metric that separates it from retail demand – regulated exchanges.
In this research, ZUBR delves into the two camps' attitudes during times of high volatility and regular trading. Data analysis shows very critical differences in the trading personas.
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🇺🇸 Crypto Community Reacts to US Presidential Debate
Yeesh. Last night's Presidential Debate is the last thing we'd like to cover, without a doubt. But for what it's worth, we've always appreciated the crypto community's unbiased, mostly-libertarian stance on a number of hot topics throughout the years.
Here's a few rapid reactions from a few prominent crypto minds: Buterin Lopp Pomp Voorhees Novogratz Rochard Bent Related: Here's how the prediction markets, including Augur, are shaping up.
CoinGecko just listed yTrump and nTrump. yTrump is a token that will settle to $1 if Trump wins, and nTrump will settle to $1 if he loses. Learn more about it in this thread by Ben Davidson. |
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Why Dropbox could soar 80% or more
The Financial News media is bashing Dropbox (DBX) right now.
But Joel Litman -- Forensic Accountant and CEO of Valens Securities -- knows something they don't.
Click here to see his proof of why they’re wrong. |
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The IRS Sets a Trap for Cryptocurrency Tax Cheats
Cryptocurrency holders, beware: A surprising change to your 2020 tax form is about to strip away excuses for ignoring the tax rules on Bitcoin, ether or other digital currencies.
The IRS plans to alter the standard 1040 form by putting this question on the front page: At any time during 2020, did you sell, receive, send, exchange or otherwise acquire any financial interest in any virtual currency? The taxpayer must check the box “Yes” or “No.”
The crypto question first appeared on the 2019 tax form, but on a part of the return that not all filers had to answer. Now it’s moving to the 1040’s most prominent spot, just below the taxpayer’s name and address.
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KuCoin Hacked for $281 Million: Here's How the Hacker is Laundering the Money
On September 25th, $281 million in cryptoassets were stolen from Asian exchange, KuCoin. The hack is the third-largest theft ever to be suffered by a crypto exchange. A broad range of assets were taken, including BTC, XRP, and LTC.
Immediately after the hack, token issuers such as Ocean Protocol and Tether began to freeze balances or forcibly move funds, so that KuCoin could retrieve the stolen assets.
The thief therefore faced a challenge - how to sell these tokens before they were frozen by their issuers. In the hours after the hack, the thief tried to sell some of the tokens at two regular exchanges, however this laundering route was soon blocked.
So, the KuCoin thief began selling the tokens on DEXs, for Ether. As of today, the thief has sold $13.3 million in tokens for Ether at four DEXs: Uniswap, Kyber Network, and Tokenlon.
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