"Perseverance is the hard work you do after you get tired of doing the hard work you already did."
- Newt Gingrich
Good Thursday y'all! I'm sure everyone's been working really hard this week.
Hang in there yo! Just one more day to the weekend! 👍
Today in history (1950),Florence Chadwick swam the English Channel in 13 hours 23 minutes. She was also the first woman to swim the English Channel in both directions. 🏊♀️
In today's newsletter, we will be covering South Korea's Financial Intelligence Unit (FIU) planning to more closely supervise cryptocurrency exchanges and directly regulate them, North Korea stealing ~$2 billion by hacking banks and cryptocurrency exchanges and the U.S. Internal Revenue Code of 1986 looking to be amended via the “Virtual Value Tax Fix Act of 2019".
Also today, we have our weekly 'Thursday think tank' section, courtesy of our friends over at Flipside Crypto! So be sure to check that out below!
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! 📚
Over the last 24 hours, total market capitalization pretty much stayed at ~$307 billion, with most coins either seeing gains or losses in the ~1-3% range. Notable mover of the day is Binance Coin (BNB), currently up ~10.4%.
BTC is currently trading at ~$11,840, up ~1% over yesterday. BTC dominance continues to rise and is at ~68.9%. RSI level on the daily chart is at ~62, indicative of significant bullish momentum. On both the daily and weekly chart, BTC remains above its 21, 50, 100, and 200-day EMA lines. 👍
Tightening things up 🧐
A South Korean financial watchdog that operates under the Financial Services Commission (FSC), known as the Financial Intelligence Unit (FIU), is planning to more closely supervise cryptocurrency exchanges and directly regulate them. 🧐
Currently, crypto trading platforms in South Korea are indirectly controlled via guidance given to banks due to FSC-amended anti-money laundering rules put in place in 2018.
According to FIU's director of administration and planning, Lee Tae-hoon, the Korean government will be setting up a licensing system for crypto exchanges as per recommendations in the new international standards issued by the Financial Action Task Force (FATF), to boost cryptocurrency transactional transparency. This would shift from "the current indirect regulation through commercial banks to direct regulation”. 👍
That's more like it 😀
The U.S. Internal Revenue Code of 1986 is looking to be amended via the introduction of a bill dubbed the “Virtual Value Tax Fix Act of 2019” that seeks to exclude the gain/ loss virtual currency-to-virtual currency exchanges. 🙌
Specifically, the bill reads that: "no gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind which is to be held either for productive use in a trade or business or for investment.”
The bill is seeking for the exchange of virtual currency to virtual currency to be treated in the same manner as the exchange of real property to real property. Essentially, if the bill becomes law, it would preclude cryptocurrencies from double taxation.
A safety boost 🛡️
South Korean crypto exchange Coinone has partnered with both cybersecurity audit company CertiK and with disclosures company Xangle, to provide more safety and transparency for their crypto investors. 🤝
Xangle will provide public disclosure information to crypto investors and to make projects more transparent. These disclosures could include information about new tokens, changes in a project’s business model, token governance and the volatility of investment stocks.
CertiK will provide smart contract audit information as a preventative measure against issues with code security exploits, and review projects at a code level. Certik will also perform audits for projects listed on Coinone. 👌🏻
Thursday think tank 🧠
Our friends over at Flipside Crypto have produced data revealing the most under- and overvalued coins for the week! 🧐
The scores you see below refer to the ratio of each coin's current FCAS rating to its current market capitalization, both standardized to a 1000-point scale. A score above 1 reflects an undervalued coin, and a score below 1 indicates an overvalued asset!
Hold your horses! Before you go ahead and jump right into investing, always remember to first D.Y.O.R (Do your own research)!
If more than half the computer power or mining hash rate on a network is run by a single person or a single group of people, then a 51% attack is in operation. This means that this entity has full control of the network and can negatively affect a cryptocurrency by taking over mining operations, stopping or changing transactions, and double-spending (reusing) coins.
Licensed as a securities exchange by the Indian Ocean nation’s Financial Services Authority, Seychelles’ stock exchange MERJ, has just listed a tokenized security representing its own equity for trading, becoming the first in the world to do so. 🎉
According to a research report by Massachusetts-based crypto market research firm Coin Metrics, 318 addresses hold at least $1 million worth of Tether (USDT). These 318 'whale' addresses make up 80% of the global Tether supply. 😲
A couple in Merced (California), Jabari Monson and Saudia Monson, have pleaded guilty to selling drugs on the dark web in exchange for cryptocurrencies, including Bitcoin (BTC) and Bitcoin Cash (BCH). They had to forfeit all their crypto. 😂
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 would find supply chain information on my groceries put on a blockchain, and accessible via chip readers, useful.""
The average vote was a 7.
"Why or why not?"
It's a little extra work, but obtaining actually verifiable information on where your food came from is a net-good for society. - Definitely, it can help reduce knock-offs, reduce money spent on quality control, improve inventory management. Basically, a whole host of good stuff! 😀
This would be helpful if there were shortages - It can help in the event of outbreaks too.
Must incorporate proof of location as well! No more BS in the food industry! - Yeah, it's def going to help clean up the industry. 👍
I accidentally hit 8, more like a 2 for me, I think it’s cool but I wouldn’t find much usefulness for It, I don’t wanna know my hamburger was a girl cow, who used to live in Texas and was driven to the market by big Steve on his big truck that used 67 gallon of diesel to transport, the dinner I’m about to bbq over coals from trees cut down In Montana. - lmaooo, this made my day. Im in tears. 😂
You know i brought a product from Amazon, and that seller sold me a fake iteam. I was thinking that if amazon had blockchain technology, i could have seen the product as it is much before delivery, and know its fake, in my case the fake product looked damn different from the ordered product. Obviously blockchain would be great to know the source or origin of a good particularly farm product, if its clean and safe, chemical free and stuff. But if you put chip on grocery iteams wont the iteams get costly, adding cost of chip to the grocery?...asking - Well a chip might be expensive on its own, but if mass produced (economies of scale) it would be way cheaper. Also, if this chip in place, the money spent on quality control checks can be reduced. Overall, I believe it would be a net gain for the supply chain. 😬
You can keep better track of food source or authenticates the products that you buy.(wine,cigars,etc) - Yup it'll give the end user a better idea of where the product has been. From there, he/she would be able to make a more informed decision about whether he/she still wants the product. 🤓
Knowing the country of origin and miles travelled by our food wooul allow us to make better enviromental decisions. - True.
ITS INEVITABLE PROGRESS - It's a revolution. ✊
Could be, I want my groceries be of fair trade and with respect for mother nature. But as they say, there's no killerapp yet which makes it accessible so even my mom can understand it. - All in due time...
Not just groceries, but everything, especially when considering knock offs getting onto market, and in FMCG I would love to know where it was sourced, is it free range etc. - Yup true! Def don't want no shams.
It would still boil down to the inegraty of the people scanning the objects - It wouldn't matter. The details would all be on the chip/ RFID. It doesn't matter who scans the objects.
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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