Facebook’s Libra asks other founding members to speak up and show support

… and will publicly support the project, including Coinbase, Xapo, Anchorage, Bison Trails, Andreessen Horowitz (a16z), and Union Square Ventures.

An executive of Facebook’s Libra cryptocurrency has asked the project’s other members to show their support amid the increasing regulatory scrutiny in the U.S. and Europe.

It’s time for us to speak up individually and collectively and build some momentum coming into the end of 2019,” Bertrand Perez, Libra Association’s Managing Director and Chief Operating Officer, told Bloomberg Law.

He further added that if the 28 founding members have indeed devoted their selves to the Libra project’s financial inclusion goals, then “please say so publicly the next time you are asked.”

Recent media reports have noted how the other founding members, including Visa, Paypal, and Uber, have kept mum in their commitment to Libra.

As previously reported, at least three of the founding members are allegedly considering ending their association with Libra. Two of them are reportedly mulling to sever ties because of heightened regulatory pressure on the project. Another member voiced concern that supporting the project publicly could draw attention from authorities on their business.

However, while other members are planning to retreat, CoinDesk found that there are those that have no intention of leaving and will publicly support the project, including Coinbase, Xapo, Anchorage, Bison Trails, Andreessen Horowitz (a16z), and Union Square Ventures.

In addition, the news outlet noted that despite regulatory issues, many also want to join the Libra Association. In fact, Winklevoss twin brothers said they are willing to set aside their legal dispute with archrival Facebook’s Mark Zuckerberg to form a partnership with Libra. The Gemini founders even revealed they have been in talks about joining Libra’s governing body.

It is no secret that since its announcement in June, Libra has been the subject of scrutiny among lawmakers and regulators worldwide. But Facebook is planning to please them by complying with regulatory requirements.

As previously reported, Facebook is on a hiring spree for a new team that will work on “compliance,” which will ensure that the company’s activities abide by current laws and regulations. At least 47 job openings have been opened for Facebook’s blockchain, more than half of which is for Calibra alone. Jobs ranged from “Head of Compliance” to “Head of Fraud.”

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Tezos Price Changed by -7.85 percent

As at 2019-08-28 average Tezos price is 1.04268454 USD, 0.00010724 BTC, 0.00604910 ETH. Tezos XTZ/USD on Bitfinex exchange is 1.04.

As at 2019-08-28 average Tezos price is 1.04268454 USD, 0.00010724 BTC, 0.00604910 ETH.

Tezos XTZ/USD on Bitfinex exchange is 1.04. The trading volume on Bitfinex is 41632.00.

At the same time Tezos XTZ/KRW on Coinone exchange is 1.04. The trading volume on Coinone is 23966.00.

Tezos XTZ/USD on Coinbase Pro exchange is 1.03. The trading volume on Coinbase Pro is 621659.00.

Tezos XTZ/BTC on HitBTC exchange is 1.03. The trading volume on HitBTC is 535542.00.

Tezos XTZ/XBT on Kraken exchange is 1.04. The trading volume on Kraken is 256122.00.

Tezos average change within 24 hour is -7.85 against USD, -3.5 against BTC, 0.28 against ETH. Weekly report: -6.05 against USD, -1.68 against BTC, 1.64 against ETH. Monthly report: 2.78 against USD, 0.68 against BTC, 24.92 against ETH.

It’s noteworthy that is issued into circulation Tezos.

In this regard, 24 hour trading volume is 6754119.50211160 USD or 694.66051104 BTC. At the same time Tezos market capitalization is 688561355 USD or $70818 BTC.

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Big CEOs: Owning Just 1 BTC Makes You One Of The Richest People In The World

In fact, Bitcoin creator Satoshi Nakamoto alone is said to have mined around 1 million Bitcoins. Others like the Winklevoss twins and Craig Wright hold …
Investment Executives Of Multi-Billion Dollar Firms Are Biting The Bitcoin Pie

Bitcoin is increasingly getting adopted, and that has made the crypto a hot-cake in the world of cryptocurrencies. For one, a lot of Bitcoin whales have explicitly expressed interest in HODLing and even making huge efforts to accumulate some more. Indeed, besides being the pioneer cryptocurrency, Bitcoin is the most valuable of them all.

Two CEOs of big crypto exchanges have been quoted saying that anyone who owns as little as just one Bitcoin could well be among the richest people in the world.

Brian Armstrong Said It

In a simple tweet dated August 24, 2019, Coinbase CEO Brian Armstrong opined that given Bitcoin’s increasing demand and diminishing supply rate, owning even a single piece of the crypto is bound to be increasingly a big deal for crypto fans.

To put that in better perspective, Brian reminded everyone that there are just about 21 million Bitcoins in total supply. He went on to add that some people already own more than 1 BTC. In fact, Bitcoin creator Satoshi Nakamoto alone is said to have mined around 1 million Bitcoins. Others like the Winklevoss twins and Craig Wright hold significant amounts of it. A few days ago, Craig Wright referred to himself as a $6 billion Bitcoin whale.

Changpeng Zhao Said It Too

Brian Armstrong isn’t the only person entertaining that line of thinking. On August 25, just a day after Brian sent out his tweet, Binance CEO Changpeng Zhao also tweeted about it. According to Zhao, it’s mathematically guaranteed that anyone owning just 1 BTC is among the 3/1000 richest people in the world – at least in terms of Bitcoin.

These tweets by popular people in the blockchain industry come as the Bitcoin market readies for an imminent block reward halving expected to occur in 2020. The halving is prospected to make Bitcoin even more valuable and in-demand.

What’s Your Thought On This?, Let Us Know In the Comment Section Below.


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So you received a letter from the IRS about your bitcoin. Here’s why, and what to do next

At first, confusion about how to deal with the tax side of virtual currency was understandable. At the end of 2013, right when the cryptocurrency hype …

The Internal Revenue Service has fired its loudest warning shots yet across the bows of bitcoin investors. In late July, the agency started sending letters to more than 10,000 cryptocurrency holders, warning that they may have violated federal tax laws.

This should not have come as a surprise to anyone, but it’s surely creating headaches for taxpayers and tax professionals who haven’t been sweating the details on cryptocurrency for the last few years. The good news is, it’s not too late to get up to speed. The bad news is, the days of getting a pass by claiming ignorance on the finer points of cryptocurrency tax compliance have come to an end.

At first, confusion about how to deal with the tax side of virtual currency was understandable. At the end of 2013, right when the cryptocurrency hype cycle was starting and bitcoin was valued at roughly $650, major banks, tech companies and accounting firms were convening industry summits to figure out whether cryptocurrency would be taxed as a capital asset, like a stock or a commodity, and thus subject to capital gains rates, or as a fiat currency, such as dollars, euros and yen, for which gains are generally taxed as ordinary income.

By March of 2014, though, the IRS had issued clear guidance on virtual currencies, explaining that it will tax the digital assets as property, not currency. What followed was a five-year drumbeat of announcements and actions that made it clear the IRS was getting serious about crypto. In November of 2016, the agency filed a John Doe summons to the bitcoin trading platform Coinbase, asking for names and other information of everyone who is trading bitcoin. Then, in the summer of 2018, as the price of bitcoin had climbed above the $8,000 mark, the IRS’s Large Business & International Division launched a compliance campaign into how investors who own bitcoin are filing their taxes.

It should have been clear by then that what was once the Wild West was now being carefully monitored. Still, the IRS warning letters issued last month caught many recipients off guard. The reason, of course, is that many people — even tax professionals — still don’t really understand the details of how cryptocurrency is being taxed.

Sure, the IRS categorizes cryptocurrency as property, but keeping track of the tax basis for that piece of property is not as straightforward as many other assets. For one, the price is wildly volatile. This July, the price of bitcoin topped $12,000, which is more than three times its value in December of 2018. In order to accurately calculate gain or loss, anyone selling their bitcoin needs to keep track of its value the day they received it and the day they sold it, and also factor in different tax brackets and other variables that can impact the total amount owed to the IRS. For those who are transacting with bitcoin frequently, those calculations can become exponentially complicated.

Fortunately, the IRS’ steady ramp-up in enforcement acknowledges this complexity, and even those cryptocurrency holders who have received letters still have time to get their houses in order. To help them get started, the following is a general primer on how virtual currency taxes will affect the three primary types of cryptocurrency holders.

Cryptocurrency miners

Many cryptocurrency miners are under the mistaken impression that they are only subject to tax on the amount it costs them to mine the bitcoin. However, according to the IRS, when a bitcoin is mined, the miner is supposed to keep track of what the asset was valued at on that day, and subsequently treat that value as income.

Cryptocurrency mining rigs composed of Antminer S9 ASIC machines operate on racks.

Cryptocurrency mining rigs composed of Antminer S9 ASIC machines operate on racks.
Akos Stiller/Bloomberg

Miners that are engaged in a trade or business are subject to ordinary income, plus self-employment tax. The value of the coin becomes the tax basis, and if you trade or use that bitcoin later, then you have to include in income the value of what you get, minus that tax basis. That requires onerous record-keeping, which many bitcoin miners are not currently set up to do, but is vital to staying compliant with the IRS.

Vendors accepting bitcoin as payment

In May, AT&T announced it would begin accepting bitcoin, which could well be a harbinger of the future of e-commerce. But not all businesses are created equal. A huge corporation like AT&T has armies of accountants and accounting firms to keep track of these transactions. Most, if not all, small businesses don’t have that luxury.

Take, for instance, a small retailer or a consultant that may begin accepting bitcoin. When that small business receives the cryptocurrency, that value is included in the business’s income. But at that moment in time, they now need to track their tax basis in the bitcoin they receive.

For example, if a company sells something for $5,000 in bitcoin, but then uses the bitcoin to buy something else a year later when the price has climbed to $10,000, they now have a reportable gain of $5,000. It’s easy to see how confusing this can get for businesses that don’t have the resources to employ a full-time accounting team to track the daily value of their digital assets.

Investors

While there are many different types of cryptocurrency investors, the principle for them all is roughly the same: Investors have to track when they acquire and how they use the bitcoin.

If an investor is in the business of selling bitcoin, it will be taxed differently than if an investor is engaged in casual tinkering in the cryptocurrency market. The gain recognized by bitcoin sellers will be taxed at ordinary income rates (with a top rate of 37 percent). However, those not in the trade or business of selling bitcoins will benefit from lower capital gains rates (with a top rate of 20 percent).

Employers could also start using bitcoin to pay employees. If they do that, it will add another layer of complexity because the bitcoin would need to be reported on W-2 wages, income tax withholding, employment taxes, etc.

Be prepared

Whether you’ve already received one of these letters from the IRS or you do in the future, it’s undoubtedly unsettling. Frankly, it seems threatening. Rest assured, though, that it is just part of the forced education process the IRS is introducing to the cryptocurrency marketplace. The IRS is essentially putting cryptocurrency holders on notice: We know you have this, and you’re probably treating it improperly on your taxes. That’s why it’s so vital that practitioners help their clients get their ducks in a row. Tax professionals need to change their practice to make sure they are asking and tracking all relevant data. Otherwise, eventually those IRS warning letters will become audits.

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Zilliqa (ZIL) Price Hits $0.0080 on Top Exchanges

Zilliqa (CURRENCY:ZIL) traded up 0.2% against the dollar during the 24 hour period ending at 8:00 AM E.T. on August 28th. During the last seven …

Zilliqa logoZilliqa (CURRENCY:ZIL) traded up 0.2% against the dollar during the 24 hour period ending at 8:00 AM E.T. on August 28th. During the last seven days, Zilliqa has traded 12.6% higher against the dollar. One Zilliqa token can currently be bought for about $0.0080 or 0.00000079 BTC on cryptocurrency exchanges including OKEx, Kyber Network, Zebpay and Upbit. Zilliqa has a market capitalization of $69.61 million and $7.99 million worth of Zilliqa was traded on exchanges in the last 24 hours.

Here is how other cryptocurrencies have performed during the last 24 hours:

  • XRP (XRP) traded down 0.3% against the dollar and now trades at $0.27 or 0.00002624 BTC.
  • Tether (USDT) traded up 0.3% against the dollar and now trades at $1.00 or 0.00009833 BTC.
  • Binance Coin (BNB) traded 0.1% lower against the dollar and now trades at $25.40 or 0.00249490 BTC.
  • Bitcoin SV (BSV) traded 2% higher against the dollar and now trades at $133.10 or 0.01307192 BTC.
  • Stellar (XLM) traded down 2.3% against the dollar and now trades at $0.0679 or 0.00000666 BTC.
  • TRON (TRX) traded down 0.1% against the dollar and now trades at $0.0175 or 0.00000172 BTC.
  • Chainlink (LINK) traded 1% lower against the dollar and now trades at $2.07 or 0.00020306 BTC.
  • NEO (NEO) traded 0.6% lower against the dollar and now trades at $9.51 or 0.00093448 BTC.
  • COZ (COZ) traded up 26.7% against the dollar and now trades at $0.22 or 0.00004541 BTC.
  • Crypto.com Chain (CRO) traded 0% higher against the dollar and now trades at $0.0410 or 0.00000403 BTC.

About Zilliqa

Zilliqa’s genesis date was November 6th, 2017. Zilliqa’s total supply is 12,533,042,435 tokens and its circulating supply is 8,687,360,058 tokens. Zilliqa’s official Twitter account is @zilliqa. Zilliqa’s official website is www.zilliqa.com. The Reddit community for Zilliqa is /r/zilliqa and the currency’s Github account can be viewed here.

Zilliqa Token Trading

Zilliqa can be bought or sold on the following cryptocurrency exchanges: BitMart, Radar Relay, EtherDelta (ForkDelta), OTCBTC, Tokenomy, FCoin, DEx.top, BitForex, Ethfinex, OKEx, Kyber Network, AirSwap, Bitbns, Upbit, DragonEX, WazirX, Bithumb, Kucoin, Koinex, IDEX, Hotbit, Binance, Coinhub, Gate.io, DDEX, Zebpay, OOOBTC, BiteBTC, UEX, GOPAX, HitBTC, Korbit, Huobi and Coinone. It is usually not currently possible to buy alternative cryptocurrencies such as Zilliqa directly using US dollars. Investors seeking to trade Zilliqa should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, Changelly or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Zilliqa using one of the exchanges listed above.

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