Happy Toosday! Interesting crypto news awaits you, let's jump right into it! 👍
Today in history (1991), heavy metal band Metallica released their single, "Enter Sandman". 🤘
In today's newsletter, we will be covering the U.S. Department of Defense looking to forge a blockchain cybersecurity shield, Ethereum Classic Labs recently announcing its accelerator program and Lumachain receiving $2.4 million in public funding to end modern slavery associated with food production. Also, in our 'Tutorial Tuesday' section, we have another well put together educational video by crypto educational content provider, Goodbit!
Please do not forget to answer the polls down below too! It's a great way to interact with you and hear what you have to say. 💭 Happy reading! 📚
A quiet day 😴
Over the last 24 hours, total market capitalization did not move significantly and stayed at ~$264.2 billion, with most coins either seeing gains or losses in the ~1-3% range.
BTC is currently trading at ~$9,540, up ~0.4% over yesterday. It is still trading between its 50 and 100-day EMA line. On the daily chart, RSI level is at ~43 and has been at that level for the past 8 days, indicative of general market indecisiveness.
According to a recently published report titled "Digital Modernization Strategy: DoD Information Resource Management Strategic Plan FY19–23", the U.S. Department of Defense (DoD) is looking to forge a blockchain cybersecurity shield to advance the U.S.' digital defenses. The shield will delve into the integration of cloud and quantum computing, artificial intelligence, and notably improved communications through distributed ledgers. 🛡️
The research wing of the DoD, Defense Advanced Research Projects Agency (DARPA), is currently experimenting with at least 2 exploratory blockchain projects focused on cybersecurity.
The first project involves the experimentation of blockchain to construct a communication and transaction platform to improve communications between units, headquarters, intelligence officers, and the Pentagon.
The second project involves the creation of an “unhackable code” to secure its databases through blockchain technology due to its ability to gather intel on bad actors who attempt to hack into databases. 😲
Nurturing the future 🌱
Ethereum Classic Labs recently announced its accelerator program, dubbed the Ethereum Classic Labs Accelerate, for the funding and the educating blockchain firms and communities that are creating products and services on the Ethereum Classic blockchain network. 💰
The first cohort of the accelerator program was was formed in Q1 2019, and the next batch is expected to be announced in Q3. Ethereum Classic Labs noted that Accelerate targets 2 cohorts per year, with each having a different focus and theme. The first cohort was focused on infrastructure for building blockchain applications and included 11 blockchain companies such as crypto wallet Button and blockchain interoperability project EtherNode.
Accelerator program participants receive funding, mentorship, as well as facilities, workshops, connections and other necessary resources for a period of 3 months. It also focuses on both hard and soft skills shared by the Ethereum Classic Labs Core team. 👍
A systemic issue 😔
Blockchain startup Lumachain has received $2.4 million in public funding from a ~$165.6 million venture capital fund backed by both the Australian government and the federal Commonwealth Scientific and Industrial Research Organisation, Main Sequence Ventures. Lumachain will be using the acquired funds for internal expansion and to pay for staffing fees.
Lumachain seeks to end modern slavery associated with food production through a blockchain solution. It uses blockchain technology to track and trace the condition and whereabouts of food products along the supply chain in real time. 👍
According to Lumachain founder Jamila Gordon, whom herself was forced into labor a the age of 5 in Somalia, says that "slavery is becoming a major issue in supply chains, both here [Australia] and overseas", and that "Australia passed the Modern Slavery Act in 2018" as "part of a global trend where both enterprises and consumers want certainty that products have been ethically and sustainably sourced."
According to The Australian Council of Superannuation Investors, the food sector is the 3rd-most-likely industry to partake in modern slavery. 😲
Quick, join the waitlist now! Can't wait to see ya! 😀
Other news 📰
The head of the crypto arm (Square Crypto) of payment processing firm Square, Steve Lee, recently tweeted "The product we're [Square Crypto] focusing on is Bitcoin. It has been up and running for over 10 years…" and that they are currently more "focused on open-source Bitcoin development" rather than on improving how the payments company serves its existing crypto users. 🤔
The chief of the U.S. Securities and Exchange Commission (SEC) Division of Enforcement's Cyber Unit, Robert A. Cohen, has resigned. 🏳️
Justice Joel M. Cohen of the New York Supreme Court (NYSC) has ruled to grant a 90-day extension to the preliminary injunction in the ongoing case of crypto exchange Bitfinex and Tether’s parent company, iFinex, against the New York Attorney General (NYAG), on 29 July. 👀
Crypto calendar 📅
16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application (decision has been delayed)
19 Aug - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application
"How much do you agree with this statement: "I believe that I can avoid paying crypto taxes.""
The average vote was a 5.
"Why or why not?"
cryto currency is held in an anonymous code of letters and numbers. only people who identify with a name or corporation are legally or voluntarily liable to pay. - Yep.
McAfee fled the country to avoid paying his taxes but I'm just not wealthy enough for all that. I've paid mine for two years because if it's money earned (or lost) it's reportable. Why behave like IRS tax laws don't exist when you know they will catch up to you eventually? - Yeah, to most I think they would just pay off the taxes for ease of mind. 😊
Do not try to avoid your taxes ! - There are 2 unavoidables in life: death and taxes. 😂
They got the system. I believe only three places can tell us who is the creator of Bitcoin: the USA Security Exchange, Canada OSC, and the Vatican. If Bitcoin symbol is a number 13 with the lines of a dollar $, meaning the death of fiat money in the world, and people have to ask permission to create a new coin (like Facebook is doing it now), then for sure the system is under control. Very Unfortunate! No matter what, there is no freedom in the world, mainly in USA. Developers should know for whom they are working and they dont want to tell us. Bitcoin has become a secret hermetic system controlled by those on top. - Conspiracy theoriesss... Possible. 🤔
Avoid trouble better to be legally trading. - Agree. 😬
I am tired of paying taxes. - Who isn't?! Think about it, a simple 20% tax rate means you're essentially working for free for the first 2+ months. 🤯
Because they can't catch me. - Loll gonna be hard to keep avoiding.
Happy tax man happy life - Preach lmao. 😂
Sooner or later Uncle Sam will catch up with you. Just pay your taxes and have no problem - Hate that dude lol.
I honestly dont know. I've seen what coinbase has on file about me. Shoukd be ok. Curious about other ways of buying coin (ATM's, overseas exchanges, etc.) and how they will be added in. - Yeah, ATMs
Don't have to pay taxes if you don't sell 😉- This should be a meme.
Ofcourse I could. I mean there are always ways to hide your money or crypto. But I won't. I am just going to pay my taxes fairly. I am not greedy and once you caught you always have a 'tick' on you. - Pay taxes and rest easy lol.
Not a chance matey. If the state doesn't know who has what right now rest assured they will in the future. If you don't pay tax due now you can be dead certain at some point in the future you are going to be hit with a bill. - They always get ya.
don't have the financial clout to store in an off shore tax haven. Once the tax man sniffs revenue they'll be all over it. If your a spread betting type trade in the style of fx trades or similar than yeah in UK thats fine, no tax due, but buy and hold traders may be subject to tax regulations, but not clear to me yet what this entails - There needs to be more clarity on crypto taxes, and until that happens make it tax free! 😬
How will they get their info? If you use offshore mining co how will they know? only data from exchanges? What if you use offshore exchanges? and only local to flip to fiat when needed? Will they audit all your wallets? As usual greedy government wants, but they lack the insight to do so properly. Plus, i will happily pay taxes on crypto as soon as they embrace it and make using it easier. Taxes on crypto seems like a step in embracing it. also will there be tax refunds if you loose? - Def many unanswered questions. Personally, I don't see how the govt can track things if you were to use a mixer. 🤔
IRS letters are a fishing expedition, they try to scare as many people possible into paying voluntarily so they don't have to do anything. Why? Because they have bad data. They just don't know. It's just a poker party, so i don't call the bluff! - Lol! Possible. If you get caught though...
i don't think its a good idea. if we can estimate the taxes we should.. may be we hide some crypto profit, but no tax at all is not a good idea. - Good point. It would be more sensible to pay a lil.
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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