Dont get caught up in the hype as bitcoin hovers around $19,000 – CNBC

milan2099 | E+ | Getty Images

Call it deja vu. Bitcoin topped $19,800 on Monday to reach a record and its highest level since 2017.

The digital currency has been on a tear this year and has nearly doubled since September, driven in part by new institutional support and low interest rates stemming from Covid-19.

Still, bitcoin's surge hasn't been without its trademark volatility last week, it rallied to more than $19,000 before falling to about $17,000 per coin on Friday. And, after hitting the record on Monday, it swiftly dropped again Tuesday to less than $19,000.

Even though it's become more commonplace and popular as an investment since 2017, financial advisors are still wary of the digital currency.

"It's critically important to understand the risks associated with it," said certified financial planner Douglas Boneparth, founder and president ofBone Fide Wealth, adding that it's a highly speculative asset despite encouraging headlines.

"You don't need to look too far back in time to see how volatile it can be," said Boneparth, who is also a member of the CNBC Advisor Council.

Most advisors would caution clients who want to invest in bitcoin, or any other buzzy trend.

It can be easy to have FOMO, or fear of missing out, on the latest hot investing trend, according to Roger Ma, CFP and founder of New York City-based financial planning firmlifelaidout.

It's best to keep your goals in mind before putting money into a fad investment, which could be something like bitcoin, a commodity like gold or the latest hot stock that's taking off.

That includes understanding your net worth, living expenses and credit score, said Ma. From there, he recommends assessing where you are with other prerequisites to investing do you have an emergency fund, are you paying down debt, contributing to retirement and on track for other financial goals?

More from Invest in You:Blended families already had unique issues. Then the pandemic hitExpecting a baby? Make these financial moves nowHow to navigate uncomfortable money matters with your family

"What does your portfolio need to do to be able achieve your short- and long-term goals and for you to be able to lead your rich life?" said Ma. "If your plan relies on your portfolio returning 50% to 100% a year it might make sense to rejigger your plan to make it a little more feasible."

Also keep in mind that once something is making headlines or breaking records, it could be at the end of its run and be relatively expensive meaning it's not a good time to buy in.

"The problem is that everyone wants to buy when things are at all-time highs," said Anjali Jariwala, a CFP and CPA and founder of Fit Advisors. "We should have investment decisions driven by things that we can control versus having it driven by emotion or feeling towards certain investments."

To be sure, some people will still want to invest in bitcoin or other trendy things.

Before putting money into bitcoin, it's important to do your research and understand as much as you can about the asset class.

"Bitcoin produces no earnings, it pays no dividends, it pays no interest, so it's not really an investment in the traditional sense, it's value is purely dependent on what someone else is going to pay for it in the future," said David Oransky, CFP and founder of Laminar Wealth in St. Louis. "It's very different than investing in stocks, where you're investing in the future earnings of the company that produces goods and services."

In addition, investors should research how to actually buy into bitcoin and withdraw money, as it's not something they can get through a traditional brokerage account.

"It's still kind of the wild, Wild West out there and that should scare people that don't know a lot about it," said Oransky.

We should have investment decisions driven by things that we can control versus having it driven by emotion or feeling towards certain investments

Anjali Jariwala

founder, Fit Advisors

Read the original here:
Dont get caught up in the hype as bitcoin hovers around $19,000 - CNBC

Bitcoin hit the $19,800 mark. What the IRS wants to know about your holdings – CNBC

If you're cashing in some of your Bitcoin this year, the IRS wants to know about it.

On Monday, the cryptocurrency's value hit new heights, surging beyond $19,800 for a unit of Bitcoin. The asset's appreciation has skyrocketed this year, rising by 160% in 2020.

Understand that if you want to take a few of those holdings off the table, you'll need to share that information when you file your individual income tax return next spring.

More from Smart Tax Planning:Got a scary letter from the IRS? How to dealFive steps business owners can take to trim their taxesSpend down these tax-advantaged dollars or lose them

In fact, the IRS gets right to the point, asking on the first page of the income tax return, or Form 1040, "At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?"

You'll have to check yes or no.

"The first thing with cryptocurrency is that, if you have crypto transactions, you'll need to report them," said Andy Phillips, director of the Tax Institute at H&R Block.

"The question is front and center the first thing that they touch on Form 1040," he said.

People who transacted with virtual currency aren't the only ones who'll be checking the yes box on their 1040 next year.

If you received any crypto for free, you're still expected to check yes on the front of your tax return, according to newly released draft instructions from the IRS.

Exchanged some virtual currency for goods and services or for other property including different cryptocurrency? You still need to answer yes.

You'll also need to keep records of your transactions, which can get tricky if you're using multiple exchanges or different types of cryptocurrency.

"People have multiple exchanges and the more spread out the cryptocurrency is, the more challenging it is to gather it together and do your calculations," said Kirk Phillips, CPA and member of member of the American Institute of CPAs' Virtual Currency Task Force.

The IRS considers virtual currency to be property the same way it treats stocks or other investments.

This way, if you bought some Ethereum and then sell it or if you swap it for something else, you've incurred a capital gain or a capital loss. If you captured a gain, then you're responsible for taxes.

Here's where things can get confusing: Major cryptocurrency exchanges may provide taxpayers with a Form 1099-K with these details if they've had gross payments exceeding $20,000 and they've made more than 200 transactions.

Once you know the IRS has access to the information, it's better to come into compliance before they come calling.

Mark Luscombe, CPA

principal federal tax analyst at Wolters Kluwer Tax & Accounting

"That threshold is so high," said Phillips at H&R Block.

"A lot of taxpayers either don't do a lot of transactions," he said. "Or if they do many of them, they use multiple exchanges and don't hit the threshold on any one exchange."

Even if you're below the threshold, you're still required to report the transaction and pay taxes owed.

Virtual currency from an employer is treated like wages.

That means federal income taxes and FICA taxes apply. It will be reported on your Form W-2, which you shouldreceive from your employerby the end of January.

If you mine cryptocurrency, you're also required to include it in your taxable income. You would include the fair market value as of the date you received it.

The IRS has been cracking down on unreported transactions in recent years. Last year, the agency sent letters to more than 10,000 taxpayers with virtual currency transactions, telling them to pay back taxes and file amended returns.

Failing to report income can carry hefty penalties and interest. In the worst case, you could go to prison and be fined up to $250,000.

krisanapong detraphiphat | Moment | Getty Images

Transacted in virtual currency this year? Know three key points: the fair market value of at the time of the transaction, your basis the amount you originally paid when you acquired the asset and the holding period.

"If the holding period is greater than one year, it's considered long-term capital gains," Mark Luscombe, CPA, principal federal tax analyst at Wolters Kluwer Tax & Accounting. "If it's less than one year, it's ordinary income."

The difference in tax treatment is stark: Long term capital gains are subject to rates of 0%, 15% or 20%, while ordinary income rates can be as high as 37%.

Several software providers have emerged including LukkaTax and Bitcoin.Tax to help individuals keep track of their transactions and basis.

Expect the taxman to take a hard line with compliance around crypto.

"Once you know the IRS has access to the information, it's better to come into compliance before they come calling," said Luscombe.

See more here:
Bitcoin hit the $19,800 mark. What the IRS wants to know about your holdings - CNBC

Bitcoin analysts explain what’s next in the aftermath of BTC plunging to $16.2K – Cointelegraph

The price of Bitcoin (BTC) dropped sharply on Nov. 26 following a mass sell-off from whales. Data from on-chain data firms, namely Santiment, Intotheblock, and CryptoQuant, show heightened levels of whale exchange inflows.

Whales selling right under Bitcoin's all-time high, particularly when the market sentiment was overly euphoric, led to a massive drop. Roughly $1.8 billion worth of futures contracts were wiped out, as Cointelegraph reported.

Some exchanges, like Binance as an example, recorded $400 million worth of liquidations within merely several hours.

According to Santiment, whales sold quickly after Bitcoin surpassed $19,300. Many of these high-net-worth individuals sold so aggressively that they are no longer in the whale category of holding over 1,000 BTC.

The overleveraged derivatives market started crashing as soon as the price of Bitcoin saw a relatively minor drop. Eventually, BTC dropped to as low as $16,200 on major exchanges. Analysts at Santiment said:

Researchers at Intotheblock spotted a similar trend. The drop in the price of Bitcoin matched the moment when whales transferred 93,000 BTC into exchanges. When the price of BTC was at the yearly peak, 93,000 BTC were worth $1.8 billion.

Subsequent to the rapid crash of the Bitcoin futures market, the outlook on Bitcoin from traders and analysts remains divided. Some believe that BTC is headedfor a deeper pullback, possibly to the $13,800 support level. Others, however, say that buyers now have the incentive to bring BTC above $18,000 to tap the liquidity above.

The bearish case for Bitcoin in the near term mainly revolves around two things. First, during previous bull markets, BTC historically dropped 30% or more before seeing a continuation of the rally. If BTC sees a similar trend, that would mean a drop to at least $14,500.

Second, short-term investor activity is increasing as the price of BTC consolidates. In the past, a spike in the number of young addresses marked a bearish trend.

Cryptocurrency trader and technical analyst, Edward Morra, emphasized that previous bull markets saw multiple corrections that were even more severe, such as by 30% to 40%. Furthermore, the trader also said that the Fibonacci sequence 0.618 level is $13,500.

Based on the combination of these two data points, Morra explains that a drop to $13,500 would be a fantastic opportunity. He said:

Josh Olszewicz, a chartist and a cryptocurrency investor, meanwhile says that local Bitcoin tops usually occur when unspent transaction outputs (UTXOs) aged one to three months reach 10%.

The investor notesthat it is currently at 8%, which has historically signaled a market top. He noted that similar to BDD, more young on-chain coin movements are generally bearish.

Nevertheless, the market sentiment around Bitcoin remains generally bullish. Many analysts that anticipate BTC to fall in the near term still expect the dominant cryptocurrency to hit an all-time high by the years end. Considering this, some traders are also optimistic about the short-term price trend of BTC.

A pseudonymous trader known as Byzantine General noted that the liquidity for Bitcoin is now in the $17,500 to $19,000 range. Liquidity emerges when traders in the futures market sway to one side of the market. Since the liquidity is higher up, it indicates that traders are likely shorting BTC and the liquidation prices of overleveraged shorts are located around $18,000.

Stop hunts and cascading liquidations can work both ways. If mass long contract liquidations caused BTC to drop on Nov. 26, short liquidations could trigger BTC to rally. Given that BTC/USD has dropped substantially in a short period, a relief rally is certainly possible. With liquidity near $18,000, the probability of this happening remains high.

Former Credit Suisse banker Mira Christanto added that the medium to the long-term outlook of BTC remains strong. She pinpointed the Bitcoin Difficulty Ribbon indicator, which suggests the price of BTC has been suppressed for a long time. The indicator signifies an acceleration of mining difficulty, which as seen in 2013 and 2016, marked the start of bull cycles.

Whale exchange deposits have continuously remained high throughout November, which was the main source of selling pressure. But, the one variable that could offset the sell-off from whales is stablecoin inflows. In the latest note to its clients, data analytics firm CryptoQuant said that the number of stablecoins deposited into exchanges rose sharply in recent months.

For the rally of Bitcoin to continue in the near term, two main factors are critical. BTC needs to stay above the $16,200 support region, which it has defended so far with a strong reaction from the market.

It also would need to see higher stablecoin inflow in the next several days, which would indicate that sidelined capital is returning to the market. The note read:

At least in the foreseeable future, it is critical for BTC to remain stable above $17,000 and consolidate. This would allow the derivatives market to see a potential resurgence in momentum and the open interest to build up. So far, there aren't too many signs that a massive correction must occur and that the road toward a new all-time high in the medium term has been hindered.

Moreover, the culmination of negative news, including Coinbase CEO Brian Armstrongs tweet thread about U.S. regulationand Chinese police seizing $4.2 billion in BTC and other cryptocurrencies from the PlusToken Ponzi scheme, hit the market in recent days to fuel bearish sentiment.

However, as the impact of this negative news wears off, the fear along with selling pressure on Bitcoin and other cryptocurrencies could decrease in the upcoming weeks

See the rest here:
Bitcoin analysts explain what's next in the aftermath of BTC plunging to $16.2K - Cointelegraph

Over 5000 Bitcoin Worth $97 Million from the 2016 Bitfinex Hack Spring Into Action – Bitcoin News

As bitcoin surpassed its 2017 all-time high on Monday morning, a few hours later 5,045 BTC or $97 million worth of bitcoin from the 2016 Bitfinex hack was transferred. The hackers that stole the funds four years ago have moved the bitcoins numerous times this year.

The hackers that stole 119,756 BTC from the cryptocurrency exchange Bitfinex on August 2, 2016, have moved a number of stolen coins in 2020. The coins that were taken over four years ago are now worth around $2.3 billion using todays exchange rates.

Following the Bitfinex hack, the breach crippled trader confidence that day as BTC slid more than 22% across global exchanges on August 2, 2016. The coins did not move for three years until the summer of 2019, the stolen coins started moving again.

On Monday, November 30, 2020, the Bitfinex hackers transferred a large sum of bitcoins as approximately 5,045 BTC were moved. The action was caught by the blockchain parser Btcparser.com, a platform that crawls the BTC blockchain to catch old coinbase reward awakenings and addresses that stem from the Bitfinex hack.

Using todays exchange rates, the 5,045 BTC is worth more than $97 million. Bitcoin (BTC) touched an all-time high on the exchange Bitstamp reaching $19,864 per coin.

Data from Btcparser.com and the blockchain explorer Blockchair shows the 5,045 BTC was separated into separate addresses and some were combined. 14 transactions were sent and confirmed in blocks 659,373 and 659,374.

Blockchairs Privacy-o-meter shows the transactions sent by the Bitfinex hackers were not very private, receiving a low score of 55. The tool shows whether or not a transaction is susceptible to some of the heuristics used by numerous transaction tracing tools. The bitcoins moved on Monday from the Bitfinex hack look as though if they were simply swept into a different address.

What do you think about the Bitfinex hackers moving 5,045 bitcoin stemming from the 2016 breach? Let us know what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Excerpt from:
Over 5000 Bitcoin Worth $97 Million from the 2016 Bitfinex Hack Spring Into Action - Bitcoin News

Bitcoin may see major price volatility at the start of December Here’s why – Cointelegraph

The price of Bitcoin (BTC) faces two crucial events on Dec. 1 right after the weekly and monthly candles close. The upcoming weekly candle close is particularly noteworthy because it could mark the first red weekly candle since late September.

The monthly candle will be significant since it would mark the highest close in Bitcoins history if the price remains over $13,791.

There are three key factors that could cause the volatility of Bitcoin to spike upon the weekly and monthly candle close. The factors are general uncertainty around the BTC price, record-high futures trading activity and open interest, as well as the overextended weekly chart.

Meanwhile, traders have turned cautiousanticipating a pullback in the near term despite the rebound in price from around $16,500 on Nov. 28.

There are two key trends that could be fueling the recovery of BTC. First, Guggenheim Investments, a global asset management firm with over $233 billion in assets under management, secured the right to invest $500 million in the Grayscale Bitcoin Trust.

In the U.S., where a Bitcoin exchange-traded fund (ETF) does not exist, the Grayscale Bitcoin Trust is the first point of entry for most institutional investors. Deribit reported that the news triggered significant buying activity in the options market. The firm said:

Second, high-net-worth investors and whales might be buying the dip in anticipation of Monday. In recent weeks, as quantitative traders pointed out, most of the buyer demand came from the U.S.

Some speculate that the demand is coming from Time-weighted Average Price (TWAP) algorithms, typically used by institutions and funds. Since TWAP algorithms would get activated again on Monday, this could add to the buyer demand for BTC.

There is a high degree of uncertainty in the cryptocurrency market at the moment as traders are divided on where the price will go next.

Some are confident that BTC likely bottomed during the weekend due to market trends. For instance, Avi Felman, the head of trading at BlockTower, said that on Coinbase the recent pullback caused BTC to transfer to stronger hands.

Sell-offs during a bull market can become overextended, especially because traders often look for reasons to sell. As such, overleveraged buyers get caught at local tops, leading to cascading liquidations. But BTC frequently tends to recover right when traders expect more downside and market sentiment reaches a low point. Felman explained:

Additionally, various technical indicators signal that Bitcoin is neither overbought nor oversold across lower timeframes.

On the daily chart, as an example, the Relative Strength Index (RSI) of BTC is at around 55. An asset is considered oversold on the RSI indicator if it drops below 35. Hence, Bitcoin is in an awkward position because high time frame charts, like the weekly chart, remain overbought.

This has led traders to predict a potential correction to the $13,000 to $14,000 support range could soon occur. This high level of uncertainty in the market could cause volatility to increase as the new weekly and monthly candles open.

The open interest across futures exchanges would likely increase again, raising the probability of big price movements.

Throughout the rally of Bitcoin in recent weeks, the trading activity on major BTC futures exchanges has continuously increased. Despite the recent drop, the open interest on top futures trading platforms remains above $1 billion. When the open interest is high, the likelihood of a short or long squeeze increases, which may result in large spikes in volatility.

The Chicago Mercantile Exchange (CME), in particular, has seen a noticeable increase in Bitcoin futures trading activity. Interestingly, Arcane Research reported that large traders who hold a minimum position of over 25 BTC more than doubled on the CME in 2020.

The researchers at Arcane explained that this trend shows increased institutional demand for Bitcoin. The heightened trading activity on CME, which tailors to accredited and institutional investors, can cause short-term volatility to increase due to the large sizes of trades. The researchers said:

Although the institutional demand for Bitcoin has been rising, the futures market remains a major factor driving volatility.

Cointelegraph reported earlier this week that when BTC fell from $19,400 to $16,200 largely due to cascading liquidations, over $400 million worth of futures contracts were wiped out on Binance Futures alone.

Bitcoin will see a new weekly candle emerge in the next 48 hours, but the variable remains the overbought nature on the weekly time frame.

The RSI of the weekly chart is at 88, and when the RSI of an asset surpasses 75, it is considered overbought. The weekly candle is also significantly above short-term moving averages (MAs), namely the 5-day, 10-day and 20-day MAs.

Traders have been anticipating a correction because the weekly chart is overextended. It would make a more sustainable rally if BTC consolidates above short-term MAs, as it would give time for the derivatives market and spot buyer demand to catch up.

Furthermore, the monthly candle chart of Bitcoin is even more overextended than the weekly chart. The 5-day, 10-day and 20-day MAs are at $13,129, $10,778, and $9,685, respectively, and significantly below the current market price.

But whether technicals alone would cause BTC to correct in the foreseeable future remains uncertain. If institutional buyers, like Guggenheim, continue to make headlines by entering the Bitcoin market, it could attract additional buyers and retail interest in the near term.

To boot, December has historically been highly volatile for the price of Bitcoin. Though December 2019 recorded a relatively low level of volatility, the end of 2017 and 2018 saw wild price swings including the all-time high BTC price of nearly $20,000 and the bear market bottom, respectively.

If a similar pattern emerges, BTC price could see a spike in volatility as it heads towards the end of the year.

Excerpt from:
Bitcoin may see major price volatility at the start of December Here's why - Cointelegraph

Canadian Public Company Dumps Ethereum and Monero for Bitcoin | News – Bitcoin News

A Canadian publicly held company has liquidated all of its ethereum and monero holdings and put all of the proceeds into bitcoin. The company is led by a well-known poker player and former member of the European Parliament.

Cypherpunk Holdings, a Toronto-headquartered company listed on the Canadian Securities Exchange (CSE), announced Thursday that it has increased its bitcoin holdings to 276.479 bitcoins. At the current price, the company now holds about $5 million USD in bitcoin. Cypherpunk Holdings added that this is a net increase since June 30 of 72.979 bitcoins, elaborating:

The increase in bitcoin holdings is a result of the full liquidation of positions in monero (XMR) and ethereum (ETH), as well as the partial use of proceeds from a private placement of $505,000 CAD that closed on August 27th, 2020.

Founded in 1995, Cypherpunk Holdings was formerly known as Khan Resources Inc. but the company changed its name in November 2018. Cypherpunk invests in cryptocurrencies and privacy technologies and is listed on the CSE under the ticker HODL. CEO Antanas Guoga, or Tony G, is a well known high stakes poker player and former member of the European Parliament. He founded the Blockchain Centre in Vilnius, Lithuania, in 2018.

Cypherpunk Holdings joins a growing list of major companies with a treasury position in bitcoin such as the Nasdaq-listed Microstrategy and Jack Dorseys Square Inc.

What do you think about this Canadian public company dumping ether and monero for bitcoin? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

See the article here:
Canadian Public Company Dumps Ethereum and Monero for Bitcoin | News - Bitcoin News

Russia to Recognize Bitcoin as Property With Legal Protection | Regulation – Bitcoin News

The Russian prime minister has outlined the governments plans to amend existing laws to recognize cryptocurrency as property. This means bitcoin owners will have the legal rights to defend and recoup their cryptocurrencies in court.

During the government meeting on Thursday, Russian Prime Minister Mikhail Mishustin talked about Russias plans for cryptocurrency regulation alongside other initiatives to fight against the spread of the coronavirus pandemic.

After outlining several solutions the Russian government has come up with, Mishustin said, Another solution concerns cryptocurrencies. He added that This is a relatively new tool, interest in which is constantly growing.

The Russian prime minister continued: The government plans to direct the development of this market in a civilized direction so that the owners of such assets can protect their rights and interests, and the creation of shadow schemes would be difficult. In order to achieve this, Mishustin said, Lets make a number of changes to the tax code, elaborating:

Digital financial assets will be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions, as well as defend their property rights in court.

Although there have been discussions among lawmakers to treat bitcoin as taxable property, it is not yet official. Different courts have, therefore, made their own decisions whether to recognize the cryptocurrency as property. In July, a Russian court denied a crypto owner the return of his cryptocurrencies, including bitcoin. The court judged that since bitcoin was not considered property under Russian law, its theft was not a crime. In December last year, the supreme court ruled that tokens were assets like money and property.

Russia will begin regulating cryptocurrency next year; President Vladimir Putin signed the crypto bill into law in August. However, Russian lawmakers are still trying to add to the bill.

In November, the Ministry of Finance developed new amendments to the crypto regulation, introducing new rules and penalties for unreported and underreported cryptocurrencies. Meanwhile, the Bank of Russia is seeking public comments on the central bank digital currency (CBDC), the digital ruble.

What do you think about Russia recognizing bitcoin as property? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Visit link:
Russia to Recognize Bitcoin as Property With Legal Protection | Regulation - Bitcoin News

Bitcoin.com Exchange To List HUB Token as the Next Gen Trust-Based Cryptocurrency | Press release – Bitcoin News

PRESS RELEASE. Bitcoin.com Exchange is thrilled to announce the upcoming listing of HUB on the 1st of December 2020 at 14:00 UTC. HUB was created by the Human Trust Protocol Network, under founding member Eric Ly. HUB will be listed with BTC and USDT trading pairs.

Human Trust Protocol solves endemic trust problems, and provides verifiable and portable trust. The vision of the Human Trust Protocol, and that of its HUB token is to encode identity and reputation on the blockchain, to become the next digital identity protocol interoperable across multiple platforms. The platform focuses on 3 factors: Identity, Reputation and Trust. Each account will reference an identity using decentralized digital identities, having the capability to capture rich and raw reputation data by which applications can enable users to make the best interpretation of trustworthiness. After all, the solution the platform is providing is the ability to evaluate a users capability and intent on a new interaction via a Decentralized Trust Network.

HUB has a number of unique properties:

It effectively solves endemic trust problems and usability in any community and marketplace. Its backed by an astounding and experienced team, with the platform being created by LinkedIn Co-Founder Eric Ly at the helm, as a seasoned veteran in the tech space and a successful entrepreneur the company surely has the potential to become the next big thing.

Outside of just the backing of the team, HUBs seen major adoption as a blockchain platform, especially with its user base increasing this year by 603% and MAU increased 688% with tens of thousands of users on the HUB platform at joinhub.com.

Danish Chaudhry, CEO of Bitcoin.com Exchange, shared his views on the HUB platform and the next stage in incentivising trustworthy interactions: The Human Trust Protocol, and the HUB token is a very interesting project, billions of users on the internet interact with each other every day on messengers, online communities, social networks and peer-to-peer marketplaces, making constant contact with people they never met, let alone trust. This token will flourish within our exchange, and I am sure our users will gain a lot of interest in what their team has to offer.

Eric Ly, Founder and CEO of HUB says that, we are incredibly excited to partner with Bitcoin.com to begin trading the HUB token. Given the reputation of the HUB project and our global ambition to deliver economic prosperity through decentralized trust and reputation to every corner of the world, we were looking for a partner who shared our global ambitions for the project. We were impressed by the exchanges unparalleled support of our efforts and its increasingly widespread reach across the globe.

About Bitcoin.com Exchange

The mission of Bitcoin.com Exchange is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support and dozens of trading pairs, complemented with a high level of security, we offer an attractive platform for trading any cryptocurrency. Within one year since launch, on average, our exchange has been visited by more than 500K active traders per month, and this number continues to grow as you read this sentence.

About HUB

Started in 2018 by LinkedIn co-founder Eric Ly, HUBs vision is to encode identity and reputation on the blockchain to become the next digital identity protocol interoperable across multiple platforms. By putting identity data, one of the most valuable data types, back into the hands of users, people will gain access to an unprecedented level of economic opportunity and prosperity. HUBs ecosystem includes the HUB platform at joinhub.com, a rapidly growing rewards-based event and community platform, and partner companies in the background verification and DeFi areas.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Image Credits: Shutterstock, Pixabay, Wiki Commons

See the original post:
Bitcoin.com Exchange To List HUB Token as the Next Gen Trust-Based Cryptocurrency | Press release - Bitcoin News

Biden’s Choice on Julian Assange and the First Amendment – The Intercept

A man holds a sign calling for the release of Julian Assange as people march and rally on May 1, 2019 in Los Angeles, California.

Photo: David McNew/Getty Images

When Joe Biden becomes president of the United States on January 20, a historic opportunity awaits him to demonstrate Americas commitment to the First Amendment. He can, in a stroke, reverse four years of White House persecution of journalism by withdrawing the application to extradite Julian Assange from Britain to the U.S. This would be in line with the departures from Trump policies Biden is proposing on health care, environmental protection, and tax fairness. Assanges liberty represents the liberty of all journalists and publishers whose job is to expose government and corporate criminality without fear of prosecution. We need and deserve to be protected against government control of the press.

By removing the 1917 Espionage Act charges against Assange, Biden would be adhering to the precedent established by the administration in which he served for eight years as vice president. President Barack Obamas Department of Justice investigated Assange and WikiLeaks for three years until 2013 before deciding, in the words of University of Maryland journalism professor Mark Feldstein, to follow established precedent and not bring charges against Assange or any of the newspapers that published the documents. Equal application of the law would have required the DOJ to prosecute media outlets, including the New York Times, that had as large a hand in publicizing war crimes as did Assange himself. If prosecutors put all the editors, publishers, and scholars who disseminated WikiLeaks materials in the dock, there would not be a courtroom anywhere in America big enough to hold the trial. Obama decided against it, knowing it would represent an unprecedented assault on freedoms Americans hold dear.

President Barack Obamas January 2017 decision to commute the sentence of Chelsea Manning, the source for WikiLeakss revelation that American forces in Iraq were involved in murder and torture, is another indication that the Trump Justice Departments prosecution of Assange was an aberration and not an irreversible policy to threaten journalists and whistleblowers everywhere.

Although the Obama administration prosecuted more journalists under the Espionage Act than all its predecessors combined, it pulled its punches in cases that would not withstand scrutiny. The DOJ investigated and wiretapped Fox News journalist James Rosen for publishing information on North Korean nuclear policy in 2013 from State Department security adviser Stephen Jin-Woo Kim, but it avoided a contentious and high-profile trial by declining to prosecute him. Kim pleaded guilty and received a 13-year sentence.

Biden has signaled his intention to return the U.S. to international cooperation, revoking Trumps withdrawal from the World Health Organization, the Paris Agreement on climate change, and the Joint Comprehensive Plan of Action to control Irans nuclear program. Americas return to the community of law-abiding nations would be enhanced further by adhering to judgements from the United Nations Working Group on Arbitrary Detention and the Inter-American Court of Human Rights calling for Assanges immediate release. Exonerating Assange would also underscore American dedication to Article 19 of the 1948 Universal Declaration of Human Rights, among whose drafters was American former First Lady Eleanor Roosevelt: Everyone has the right to freedom of opinion and expression; this right includes freedom to hold opinions without interference and to seek, receive and impart information and ideas through any media and regardless of frontiers. (Italics mine.) Assange and WikiLeaks received and imparted information vital to the public interest, as hundreds of media outlets, legal experts, and human rights advocates have attested.

It will take courage for Biden to retract the allegation he made on Meet the Press in 2010: I would argue it [WikiLeaks] is closer to being a high-tech terrorist than the Pentagon Papers. Yet voters chose him over Donald Trump this month in the hope that he would show courage. Biden also said in 2010 that the WikiLeaks revelations had endangered the lives of intelligence sources. When WikiLeaks released the Iraq War logs and video of an American helicopter crew gunning down civilians, including two Reuters journalists, Defense Secretary Robert Gates conceded, Is this embarrassing? Yes. Is it awkward? Yes. Consequences for U.S. foreign policy? I think fairly modest. The source who provided the Pentagon Papers on Americas war in Vietnam to the New York Times and Washington Post, Daniel Ellsberg, recently stated that government officials have not been able to identify a single person at risk of death, incarceration or physical harm.

When the Nixon administration prosecuted Ellsberg for espionage in 1973, Judge William Byrne dismissed the case with prejudice against the government for infringing Ellsbergs right to confidential communication with his psychiatrist. The Trump administration has illegally obtained Assanges privileged discussions with his doctors and lawyers, tainting its case as much as Nixons against Ellsberg. Whether Trump-appointed justices will defend the law as scrupulously as Byrne need not be put to the test.

If extradited, Assange risks a 175-year sentence in the Alcatraz of the Rockies, otherwise known as the United States Penitentiary Administrative Maximum Facility in Florence, Colorado. Its harsh regime would see him in permanent solitary confinement in a concrete box cell with a window four inches wide, with six bed checks a day and one hour of exercise in an outdoor cage. His fellow inmates would be Unabomber Ted Kaczynski, Boston Marathon bomberDzhokhar Tsarnaev, FBI-agent-turned-Russian-spy Robert Hanssen, Oklahoma City co-bomber Terry Nichols, and Mexican drug baron Joaqun El Chapo Guzmn Loera.

Trump may contend that journalists and publishers are no different from terrorists, serial killers, and narcotics traffickers. Biden is free to take another view. Does he want to begin his term of office carrying the burden of that Trump legacy? Assange stands in the tradition of Carl Bernstein and Bob Woodward during Watergate, Ellsberg with the Pentagon Papers, Seymour Hersh over the My Lai massacre, Sydney Schanberg on Americas massive bombardment of Cambodia, plus hundreds of others who, vilified at the time, have been vindicated by the judgment of history.

Does Biden want to begin his term of office carrying the burden of that Trump legacy?

Those who insist Assange must pay for his actions can be satisfied that he has already suffered severe punishment. He has spent the past 10 years under confinement: first under house arrest, then as a political refugee in Ecuadors embassy in London, and for the past year and a half in Belmarsh, a high-security prison outside of London, under conditions that U.N. Rapporteur on Torture Nils Melzer called psychological torture. Assanges health has deteriorated to the point that 117 physicians wrote to British medical journal The Lancet lastFebruary that he is suffering psychological torture and medical neglect. Expert medical witnesses who have examined Assange at Belmarsh testified at his extradition hearing in September that, if extradition proceeds, his suicide is inevitable.

The American Civil Liberties Union, Amnesty International, the Committee to Protect Journalists, Reporters Without Borders, and other defenders of free expression have repeatedly called for Assanges immediate release. Ellsberg issued a warning to journalists and publishers about Assange: If he is extradited to the U.S. and convicted, he will not be the last.

Bidens choice on January 20 is between the opposite courses taken by his two immediate predecessors, Obama and Trump. His conscience should tell him which to follow.

Correction: December 2, 2020

A previous version of this article referred to President Barack Obamas 2017 commutation of Chelsea Mannings sentence as a pardon, and stated that Julian Assange risks a 170-year sentence if extradited to the U.S. and convicted. In fact, he risks a 175-year sentence.

Read more:

Biden's Choice on Julian Assange and the First Amendment - The Intercept

Revealed by the Wikileaks expose: The fragile, thieving ‘un-Australian’ lie – The New Daily

There is this idea about language that they used to torture us students with in the West.

All meaning, the air-wank explanation went, is a case of absence. We only know what a word signifies by knowing that it does not signify something else.

Cat is only cat, they would say while I calculated how many schooners the change in my pocket would buy at the Union bar, because it is not bat. So, you see, said Mrs Derrida, what were really saying is nothing at all.

When I had asked for a beer, which was only a beer because it was not a deer or a bear or an onion, I would sometimes bother to think about this stuff. Frankly, I did not, and do not, believe that meaning is something produced by friction between the clouds.

Meaning rises first from the ground beneath our feet; only those who can afford to live in high places believe that it does not. But I did think that this language theory could help me search for certain things that just seemed missing a case that I made to my tutor when my essay on semiotics went, mysteriously, undelivered.

I failed this course, I think. But every so often, the bits I had remembered from 20th century nonsense came back. There were times where you could only declare what a thing was by describing it in the terms of what it wasnt. When the phrase un-Australian made it into popular use, I remembered those seminars a lot.

It was, I think, around the time of the late 1990s that un-Australian was first non-mockingly said. This was a time when mean conditions hit here, and the feet beneath the ground of many Australians forced them up to produce foul words in angry clouds. Un-Australian has always been, to my ears at least, a joke of solidarity; blokes would say it to other blokes on my dads building site to gently chide them for working at too efficient a pace. To be un-Australian meant to please the boss.

Then, suddenly, it meant obedience to an unspoken ideal.

Australia, never clearly defined as a thing, became known within its borders for what it was not. You can say this of any place, I guess. It is only sketched in the terms of the things that surround it. But, this is so particularly true of our nation-state, which is a place founded so very recently on such a fragile, thieving lie.

No one knows what a right-wing politician means when they say un-Australian in the present, least of all the politician saying it. It is not even a negation, but blanker than that. It reduces the meaning of Australian-ness down to whatever might, or might not, live inside the unconscious borders of the speaker at that particular time. This is so postmodern, I thought, the first time I heard one of the crazies say it, and I could almost smell the stale Union beer.

I had heard Julian Assange, a man who holds an Australian passport, called un-Australian by these crazies. They have conveniently revised their opinion in recent times you know, now that WikiLeaks is perceived, wrongly and by nearly everyone, as a servant of nostalgic right-wing order.

Now, some of the crazies, so persistent in describing their nation by its lack, think of him and of WikiLeaks as very Australian or Strayan, to be phonetically faithful, for the un-Australian reader. It was in 2016 that one of our most despicable politicians made the case for this Australians return.

While local crazies have embraced the thing they once excluded, the reverse is true for our nations liberals. Such people are, of course, too finely educated to ever take the refuge of patriotism. The new liberal, like the movement of trade she admires, is global.

Assange and WikiLeaks were seen as global at the time of their major public debut. Assange was a mysterious international good guy conceived in the liberal political unconscious as halfway between, I dont know, a figure in a le Carr novel and one of those twits from Silicon Valley. A real disruptor, our Julian. But caring, you know. Like a younger, much poorer, more promiscuous Bill Gates.

To be honest, I wasnt paying much attention to WikiLeaks at the time. I figured that others were doing that for me when, in 2010, a guy that helped me reverse a robot checkout mistake at the Elsternwick Coles joked, WikiLeaks has hacked your chicken thighs.

WikiLeaks seemed to be doing good work in what I now knew was a terrible era, but they didnt need my help. Besides, I always felt uneasy with the postmodern local liberals who were always mystifying the mans global posture. Global, as far as I was concerned, had come to conceal a dysphoria made otherwise plain in a cruel utterance like un-Australian.

The years passed and the robots got smarter. The liberals, though, got dumber when their own systems started to fail. The crazies sniffed a glitch or a feature as they say in Silicon Valley and they began to wrest control.

What this meant in the Australian perception of Assange was interesting, even if it was frustrating. The liberals, who had once offered him their most uncritical support, no longer thought of their countryman as global, a great ambassador, as they had it, for their international trade ideals.

They began to find a way to signify him that would not misrepresent their own noble goals. They certainly couldnt call him un-Australian, even if they no longer thought of him as a younger, global Gates. They couldnt say he was Australian either, because that speech act might ease his passage home.

They came up with a good compromise: They began to call him Russian.

I am just the right age to find this very funny. I am just the right age to find this un-fking-believable. When I was at school, in that po-mo dust kicked up by the fall of the Berlin Wall, we joked, much in the way the guys on my dads building site had, that you should Just go and live in Russia. This was a reference to the newly ended Soviet experiment, which we, being affectionately post-communist postmodernists, thought hilarious. If someone didnt hand their essay in on time, they were charged with the defunct idea of being Russian.

Look, I know we thought it was funny. You probably had to be there. Remember, this was the time of maximum Foucault, and our gags were all about diffuse power and, ergo, very bad.

So, I, being around the same age as Assange, have the sense of Russia as something that once was a true threat to liberal order, and now as a place with a GDP roughly equivalent to that of Italy.

Sensitive reader, this doesnt mean I disrespect the place in recent times, I find myself drawn in unnatural affection to the idea of it. It just means that I see it, as many realist foreign policy thinkers see it, as a nation that we dont really have to worry about; well, not until it starts having cosy conversations with Iran and China.

This dead menace. This grey state. This failed rejoinder to all of our Western declarations is the thing to which they now compare Assange. Look, I dont know the guy and I know no WikiLeaks business beyond the use of the share button, I have never given it a moment of my labour.

Maybe these liberals have intuited something that will turn out to be true, however much I doubt this, and we will find that the slightly Slavic-looking man has a Cold War microfilm lodged between his arse cheeks.

I dont know, I dont care. The only thing I do care to know from WikiLeaks is how to use its search button better. Man, those Podesta emails. It will take me another six months to read them all, and another few years to make journalistic sense of the truths, both cynical and naive, the language of the powerful has come to conceal.

This is the code I want to crack. This is the secret, before me in plain sight. When I decipher the soft language shared between the Citigroup c-suite and the White House, between Goldman Sachs and a presidential nominee, Ill let you know. I might even let Mrs Derrida know. But for the minute, I am searching in the absences.

I wish I could do this in some sort of peace. Every so often, I publish an article based on my hours in the inbox of John Podesta, preparing for the time Ill write that one big thing. I offer a look at a particular turn of phrase, a particularly polite way a company director has recommended cabinet appointments with clear connections to Wall Street by claiming that these are diverse. It is difficult to read through the mystification, and I really wish Id paid more attention in school. But I really wish my liberal peers would shut the f up with their nonsense that Julian Assange is Russian and that I, therefore, am his useful Russian idiot. Too stupid, too Slavic, to know shes being fooled.

I do not always know, Ill own, when I am being fooled. It takes time for mystification to fall away. I know that I have written, way back when, in mild support not so much of President Obamas policies, but for the sheer idea of what he promised. It would be a lie to tell you that I wont get fooled again. But, it is a lie to tell those of us, looking for absence in the search bar, that what we are doing is foolish.

To keep looking through the last documents of an era is not, I sense, especially foolish. Its possibly even a little bit wise. I do not expect this reading to reveal that One Weird Trick that will explain power, end liberalism or restore the Soviet experiment to a more viable stage. What WikiLeaks gives us is not an easy hack. What WikiLeaks gives us is something like the hazy feeling I had back in the 1990s. That language and its clouded meaning was important, sure, but that its interaction with the ground was the real story.

Because I did go to school at a time when people said ridiculous postmodern things, I can never believe that there is a story that is entirely real. There is no post-truth. There is no fake news. These rely on an imaginary precondition of pure truth and fact and news; a liberal nostalgia as noxious as that held by the hard right and its invented golden age.

This is not the post-fact age more than any other. There are still facts, but many new ways to conceal them. How did they disguise that fact with the language? What language can we use to describe the fact of this new disguise?

What WikiLeaks gives us is the chance to find those means of concealment. What WikiLeaks gives us is the same frustrating answer history always has: Look for the truth and dare yourself to describe it.

If the truth turns out to be that Assange is Russian, that hes utterly un-Australian or as Australian as snake bite and savoury pies, I dont care. Its an easy truth to tell, an easy one to refute, and, either way, tells us little, if nothing, about the nature of power.

Mrs Derrida would probably be quite pleased to see me suffer at WikiLeaks.org, challenging me at every turn with its interplay of truth and meaning. Me, defying her, reading between the lines for the interweaving of the cloud of ideas with the ground. Her reminding me that what I am looking for are things that are not there, as much as I am looking for things that are present. Me, asking the 1990s, that orgy of liberalism, to please get out of my head.

We only know what WikiLeaks means by knowing what it is not, she tells me. I agree. What it is not is in any way knowable. What it is not is a Russian nested doll set with a single truth at its centre. What it will not be defined by, at any point, are its enemies or its friends.

And it is not un-Australian, in the old sense of that absurd and wonderful compliment. WikiLeaks will rarely please the boss.

Helen Razer is a broadcaster and writer whose work also appears in The Saturday Paper, The Age, SBS online, and The Big Issue.

This is an edited extract fromA Secret Australia: Revealed by the WikiLeaks exposs,edited by Felicity Ruby and Peter Cronau, available December 1 fromMonash University Publishing.

Continued here:

Revealed by the Wikileaks expose: The fragile, thieving 'un-Australian' lie - The New Daily