Ethereum’s biggest mining pools take opposing stances on the EIP-1559 plan.
Two of the three largest Ethereum mining pools are the latest to take a public stance on Ethereum Improvement Proposal (EIP)-1559, a proposed protocol update that could reduce miners’ transactional revenues.
F2Pool, currently the third-largest Ethereum pool with about 11% of the network’s hash rate, has said it supports the EIP-1559 proposal in a post on February 26 entitled “Staying on the (b)right side of history.”
“Today, the general community along with core developers are siding with evolving Ethereum to include EIP-1559. It is important to side with the users and core contributors,” F2Pool wrote in the post.
F2Pool’s stance comes a day after Sparkpool, the largest mining pool with about 24% of the hash rate, said in a Tweet that it opposes the proposal, highlighting the degree of division within the Ethereum mining community.
First proposed by Vitalik Buterin in 2018, EIP-1559 is perhaps the most anticipated upgrade in Ethereum’s history after its launch, apart from the Eth2 switch from proof-of-work to proof-of-stake.
Under the upgrade, the network would burn part of the transaction fees as profits to ETH holders instead of miners. The overall goal is to improve the network’s security and ensure the network’s transaction fees won’t be as highly variable as they are now.
As such, miners would lose out on one of their major revenue sources, as The Block Research detailed in a roadmap piece here. Ethereum miners have earned more than $600 million in mining fee revenue since the start of February, according to data collected by The Block Research.
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Malaysia’s top independent investment bank, the Kenanga Investment Bank, has announced that it has acquired a 19% stake in the domestic crypto exchange Tokenize Xchange. The trading platform is one of just three in the country to have received a digital asset exchange (DAX) license from the regulatory Securities Commission Malaysia. The bank said in a statement that the platform was “currently the second-largest DAX in the country by traded market share,”As of 30 September 2020, the bank had close to USD 1.69bn in assets, according to its financial report. The deal was carried out by the bank’s private equity arm Kenanga Private Equity, which entered into a conditional agreement to buy a stake in Tokenize Malaysia, the exchange’s operator. Datuk Chay Wai Leong, Group Managing Director at Kenanga Investment Bank, said that the bank has “been building a digital ecosystem to offer our customers a wide spectrum of financial products and services, including digital assets.”Tokenize Malaysia allows its customers to trade in bitcoin (BTC), ethereum (ETH), litecoin (LTC), and XRP. Set up in 2018, Tokenize Xchange was launched in Singapore by the blockchain-keen entrepreneur Hong Qi Yu, who currently serves as the company’s CEO and Chief Technology Officer. The exchange currently has a customer base of more than 100,000 users, Kenanga claimed. Tokenize Xchange obtained its recognized market operator (RMO) license from the regulator back in June 2019, and its domestic trading platform went live in April 2020.___Learn more: DBS Makes it Official: Banking Giant Will Launch Crypto ExchangeColombian Banks to Work with Exchanges on Year-long Crypto PilotSouth Korean Bank Shinhan Seals Crypto Custody Deal with BitGoSeveral Swiss Banks Are ‘Ready to Go’ Upon Crypto Gateway Launch – SDX
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Elon Musk Makes a $1.5 BILLION bet on Bitcoin.
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0:00 – Elon Musk’s Tesla puts 1.5 BILLION into bitcoin
0:54 – Introduction (Watch The Whole Video!)
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Most of my crypto portfolio is Bitcoin, then Ethereum, but I hold many cryptocurrencies, possibly ones discussed in this video.
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Ethereum 2.0 will lost to POLKADOT because of the fact DEFI IS TAKING OVER the Ethereum network. Polkadot has Acala being built on network and it will change DeFi forever. Acala is a project that doesn’t get enough attention.
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Chainlink overshot the previous bullish target, hitting a new all-time high of $8.40, I think it could surpass $10 and in a bull market go to near $50. According to Google Trends retail interest in Chainlink, which acts as a bridge between cryptocurrency smart contracts and off-chain data feeds, is now at the highest level it has been in well over a year.
Fidelity holds about 10.6% stake in Canadian publicly traded bitcoin mining firm Hut 8, according to a regulatory filing. Bank of England governor says the U.K. central bank is weighing a digital currency
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This is it! Change is here as one of the biggest US banks goes all in on cryptocurrency!
This might be the biggest news on cryptocurrency in the US and the crypto world! Even the Wall Street Journal wrote about it!
JPMorgan is now banking Coinbase and Gemini!!
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JPMorgan is now banking Coinbase and Gemini
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JP Morgan CEO Jamie Dimon: I’d Fire Trader “In a Second” for Trading Bitcoin
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Stellar wants to be the chosen platform for a digital dollar
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In this video we are discussing about crypto and bitcoin (btc) news in general, we have some interesting cryptocurrency news to update you with, so make sure to stay until the end. On of the main topic is RIpple (XRP) problems with youtube, if you are investor in crypto space or trader make sure to hit that like and subscribe button and let us know in the comment section down bellow what do you think about whole situation on the altcoin and bitcoin market!
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One of the richest land on earth is wooing crypto businesses by signing a deal at Davos to establish what is being dubbed the Duba
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Major South Korean cryptocurrency exchange Bithumb has decided to litigate a near $69 million (80 billion won) tax bill levied by the National Tax Service (NTS). According to a report published by The Korea Times on Jan. 16, Bithumb filed a complaint with the NTS, suggesting that the imposed tax bill is groundless given that cryptocurrency is not a legally recognized currency. The South Korean tax tribunal now has to decide whether to grant or dismiss the exchange’s motion within 90 days. NTS imposed a retention tax — an income tax paid to the government by the payer of the income instead of its recipient — which is often withheld or deducted from income in most jurisdictions, according to The Korea Times. As a consequence, Bithumb is expected to pay the bill before giving the remaining income to its customers. An exchange official commented:“We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.”The NTS has claimed that gains withdrawn from accounts held by foreigners are taxable income, and therefore it has a right to impose such a tax. Choi Hwoa-in, an adviser to Financial Supervisory Service reiterated Bithumb’s stance that tax law as it currently stands is not applicable to cryptocurrencies: “Bitcoin under the current law is not an asset. It is clear and simple. . The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.”According to The Korea Times, Choi said that the current case with Bithumb could be a ploy by the NTS to establish grounds for taxing what were previously tax-free gains. She added that, as cryptocurrency trading has grown more common in South Korea, regulators have now likely come to view the subsequent gains as a new source of taxable income. Earlier this month, Cointelegraph reported that a more robust tax framework for cryptocurrencies is currently in the works in South Korea. Indeed, the Ministry of Strategy and Finance has confirmed that it will levy taxes on virtual assets through a tax code revision bill in the future, as imposing income taxes on crypto under current law is not possible:”In the case of a corporation’s virtual currency transaction, all transactions that increase the entity’s net assets are subject to taxation under the current law, so it is taxable, but it is practically impossible to produce tax revenue results by distinguishing only virtual currency transactions.”The nascent nature of digital assets has put many cryptocurrency investors at odds with tax regulators in their respective jurisdictions, as many agencies have failed to issue sufficient or any guidance regarding tax schemes for cryptocurrencies. Furthermore, failure to comply with these labyrinthine and murky tax policies can mean heavy fines for crypto investors. American holders who fail to properly report their crypto earnings and investments could face large penalties and even potential criminal investigation.
All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/bithumb-cryptocurrency-exchange-goes-to-court-over-69m-tax-bill
#tax #cryptocompare #bitcoinetfnews #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange
Bithumb Cryptocurrency Exchange Goes to Court Over $69M Tax Bill: https://www.youtube.com/watch?v=O1eCnkBmvXg
COSS, a cryptocurrency exchange company, has announced this week that it will suspend all trading, deposits, and withdrawals and b
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Full credits for this video to NewsBTC who listed the info in this video on an article on their website:
https://www.newsbtc.com/?s=Crypto%20Traders%20Split%2050%2F50%20On%20Where%20Bitcoin%20Price%20Goes%20Next%3A%20%246K%20or%20%244200
——–
Transcript:
0:00:00 Crypto Traders Split 50/50 On Where Bitcoin Price Goes Next: $6K or $4200
0:00:08 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.
0:00:14 At the start of April, Bitcoin rallied over $1,000 in the matter of an hour, giving crypto investors their first taste of bullish momentum since the start of 2019.
0:00:23 The rally was enough to cause traders and analysts alike to call the bottom as “in” and claim that a new uptrend was confirmed.
0:00:30 However, breaking news last week that the New York Attorney General’s office is accusing Bitfinex of using Tether reserves to hid a loss of $850 million has caused much panic across the crypto space.
0:00:42 The same traders that were once calling for Bitcoin to test resistance at $6,000, are now also calling for a retest of resistance turned support at $4,200, back where the early April rally began.
0:00:54 And according to a new poll, crypto investors are now equally split as to where Bitcoin might head next: $6,000 or $4,200.
0:01:03 Read any crypto community forum, group, or social channel and there is no shortage of crypto traders genuinely confused about the current price action, and which direction Bitcoin will go next.
0:01:13 After the longest bear market on record, recent Bitcoin and crypto investors have taken a beating, and have been conditioned to anticipate a fall in price following a rally.
0:01:23 The market sentiment is normal following a bubble burst, and confirms the market is in what’s called the “disbelief” phase.
0:01:29 The uncertainty surrounding Tether and Bitfinex, which could have have significant impact on the overall market integrity should the parent company of both becomes insolvent or is shut down the by New York AG’s office.
0:01:41 The fears have stopped Bitcoin’s April rally in its tracks, and now crypto traders who were once bullish and calling for $6,000 are now suggesting that Bitcoin will need to retest resistance turned support at $4,200 before healthy upward movement can continue.
0:01:56 Thanks for watching this video.
If you wanna read the whole article you can go to CoinCheckup.com or go to: “NewsBTC”, who originally published this news update on their website.
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Nike has applied for trademark protection for “CRYPTOKICKS” with plans to launch a blockchain platform, crypto exchange and even a crypto scavenger hunt. Owen McCall brings you all the details.
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Prof Rene Husler, Crypto Valley Association – a local initiative goes global. 크립토밸리 협회, 1명의 직원과 수십명의 자원봉사자들이 운영하는 500명 회원을 가진 블록체인협회. 지구촌의 ICO를 희망하는 기업들에게 자문해주고 크립토밸리 밋업행사 컨프런스등 을 진행하여. 재정을 탄탄히 구축했다.
