Why you should care about Cryptocurrencies like Bitcoin

This is another episode of a weekly cryptocurrency news series called Last Week Crypto.

We cover the latest global news stories affecting the cryptocurrency markets September 27th through October 3rd of 2020.

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To check out the links to all of the articles we discuss, go to https://CryptoCasey.com/Last-Week-Crypto.

======== VIDEO SUMMARY ========

This week we will discuss bearish news in the United States, bearish news around the world, and yeah, you guessed even more bearish news in crypto, and finally a bit of silver lining-esque hopeium stories.

00:00 – Introduction
01:05 – Importance of Having Accounts with Multiple Exchanges
01:34 – Watch Out for Instagram Scammers
02:12 – Market Movements
02:41 – President Trump Tests Positive for Coronavirus
03:17 – Senate giving away BTC now
04:28 – New $2.2 Trillion Stimulus Bill Proposed
04:37 – House approves $2.2 trillion stimulus plan from Democrats
05:07 – Stimulus hopes
05:30 – IRS Dishes Out $1.25 Million for Data Firms to Crack Monero
06:32 – United And American Airlines Furlough Employees
06:43 – E.U. launches legal action against U.K.
06:49 – U.S. Banks Pull More Assets From London
07:16 – Whistleblowers level accusations against China’s biggest crypto lender
07:31 – KuCoin Exchange Hacked: $150 Million In BTC and ETH Stolen
07:38 – Hacker Sells $13 Million of $281 Million KuCoin Haul—So Far
07:49 – Giant cryptocurrency exchange BitMEX hit with criminal and civil money laundering charges
07:56 – More than 32,000 bitcoin has been withdrawn from BitMEX
08:09 – Founders of Off-Shore Cryptocurrency Exchange Charged
09:21 – Failure to Launch: Devs Need Another Trial Run for Ethereum 2.0
09:35 – Ethereum 2.0 ‘Dress Rehearsal’ Gets a Second Shot With Zinken
09:47 – Bitcoin price may surge as fear and uncertainty strain markets
10:07 – Grayscale Investments now controls 2.4% of the current BTC supply
10:17 – Banks must establish infrastructure for digital assets
10:50 – Bitcoin Just Doesn’t Care

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The United States Internal Revenue Service (IRS) will defer tax payments below $1 million from April 15 to July 15. Crypto traders can also take advantage of the measure to ease the strain from the market fall due to the coronavirus outbreak. According to a March 18 statement from the Department of the Treasury, individuals and non-corporate entities can defer their tax payments for three months without suffering any penalty or interest. Corporations are also exempt for up to $10 million of income tax payments. The tax returns will still need to be filed for their original deadline of April 15, but the payment can be delayed until July 15. As Bitcoin (BTC) fell from a price of more than $9,000 at the beginning of March to about $5,500 as of press time, the crypto market was hit even harder than traditional markets like stocks. Cointelegraph spoke with Robert W. Wood, managing partner at tax-focused law firm Wood LLP, to learn more about how the decision impacts crypto investors. Briefly explaining the new measure adopted by the U. S. government, he said:“With life safety concerns paramount, it can be easy to forget for a time about pedestrian issues like taxes. Today, the IRS main tax filing deadline remains April 15, but there is a 90 day reprieve on payments to the IRS — until July 15.”While the delay only concerns payments and not the tax return filing, Wood suggested a potential solution for it as well. He continued:“Unless the IRS says differently, you should go on automatic extension so your tax return is due October 15.”An automatic extension, if requested, allows taxpayers to delay the tax return filing for any reason — provided they offer an estimate of their tax liability and pay it within the usual terms. Delays would normally result in penalties and interest, but they are deferred due to COVID-19 measures. Wood emphasized that the measures do not free crypto traders from their reporting duties, saying:“Crypto investors should still gather records for 2019, and those who need to fix their past reporting should not forget about that either. When we all come out the other side of this, we should remember that the IRS still cares a lot about crypto taxes.”Crypto tax reporting requirements are considered to be a “nightmare” by many small businesses and users. There are currently no exemptions on the amount or type of transaction, which means that using Bitcoin to pay for coffee is a taxable event that must be reported. Crypto-to-crypto exchanges are also not considered “like-kind” transactions and are taxable. The agency held a summit on March 3 to discover how regulations can be reconciled with the need to let the sector grow. Specific measures are yet to be announced, however.

All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/crypto-investors-should-care-about-the-irs-delaying-tax-payments

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Crypto Investors Should Care About the IRS Delaying Tax Payments: https://www.youtube.com/watch?v=1M9OSaL446U

Cryptography has never been an approachable subject, especially when it comes to computing. Libsodium has set out to change that. We hear about systems being compromised on a daily basis with millions of passwords out on the web free to use to access other site’s accounts and systems. This is unacceptable! What happens when these systems are compromised? Can crackers access your “encrypted” data? Can they access your “hashed” passwords? In this April 4th, 2019 presentation, Garrett Rappaport will discuss proper hashing mechanisms for passwords, libsodium, and encryption and how it relates to our PHP applications and systems.

About Garrett: Garrett is a Backend Engineer at ShootProof, LLC. He has been developing professionally in PHP for about 4.5 years. He is passionate about the topics of cryptography, privacy, and blockchain technologies and their practical applications in today’s technology infused world. In his free time, he enjoys playing various table-top games, playing guitar and mandolin, hiking, perusing whitepapers, and playing with obscure *nix operating systems.

You can ignore the Blockchain hype for identity solutions, it is superb marketing; but suboptimal technology. You can also ignore biometrics for a spell. Instead, the real breakthroughs, especially in authentication, will be based on elegant math and crypto, e.g., Zero-Knowledge Proofs (ZKP). These have the added benefit of being privacy-preserving, and amenable to user control of identity attributes. ZKP has been identified as a category for many other solutions in the future, not just identity. Conceived at MIT in 1985 by Shafi Goldwasser, ZKP is still young. You will see it in many other contexts as appreciation and recognition evolves.

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CONNECT WITH ME:

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DISCLAIMER: THIS IS NOT FINANCIAL ADVICE AND I AM NOT A FINANCIAL ADVISER. AND THESE ARE SIMPLY MY OPINIONS AND SHOULD BE TAKEN AS ENTERTAINMENT ONLY!

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