Daily Archives: February 15, 2022

The recent guidance provided by the US Treasury Department on transaction reporting by crypto companies is shining some light on staking one of the least understood but hottest corners of the digital-asset world.

Treasury indicated on Friday that stakers would be spared from forthcoming rules that are more targeted for brokers rather than investors using their tokens to help order transactions that create new blocks on various blockchain networks. Thats especially good news for crypto investors seeking a refuge amid the recent downturn in coin prices.

Staking has been booming in part because of the incentive-based aspect of crypto where various new coins and blockchains are competing for validators by promising stratospheric annual returns in the form of new coins. The rewards have been so lucrative that more than 70 per cent of all tokens issued on many chains Solana, Binance Smart Chain and Cardano, among them were staked late last year, according to crypto researcher Messari and tracker Staking Rewards.

As staking options multiply and promised returns reach into the triple digits, the trend has only strengthened. In the fourth quarter, 7.7 per cent of all the coins that make up the roughly $2 trillion crypto universe were staked, up from 1.8 per cent in the year-ago period, according to staking provider Staked, a unit of the crypto exchange Kraken. And thats even as Bitcoin, most of Ethereum, XRP and various stablecoins that make up more than 70 per cent of the crypto markets total estimated value, dont allow for staking.

Thats likely changing fast, with all Ether expected to migrate to proof of stake this summer. The Ethereum network, the worlds most used blockchain, is running a smaller proof-of-stake network called Beacon in parallel with its main one to work out potential bugs.

I think it goes from 8 per cent (of Ether being staked) to 80 per cent very quickly, said Tim Ogilvie, chief executive of Staked. It will happen over a year or two. Ethereum staking may be one of the biggest changes in crypto weve seen in a long time.

Of the different ways to earn yield on crypto holdings, staking is generally seen as less risky than some other DeFi strategies such as yield farming. That said, new blockchains offering eye-popping rewards are often at risk of failing to attract enough transaction volume and making the coins rewarded worthless.

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Read the original:
Triple digit rewards of staking offer respite to cryptocurrency investors - Business Standard

Uber users will eventually be able to pay for rides using cryptocurrency, CEO Dara Khosrowshahi told Bloomberg. However, the company is essentially taking the same tack as Tesla by waiting for changes that will lower transaction fees and make it more environmentally friendly.

"Is Uber going to accept crypto in the future? Absolutely, at some point," Khosrowshahi said. "As the exchange mechanism becomes less expensive, becomes more environmentally friendly, I think you will see us lean into crypto a little bit more."

If Uber does jump onto the crypto train, it would be joining a number of firms that already accept Bitcoin, most notably Microsoft, AT&T and Wikipedia. Other major companies have been more reluctant, however, as cryptocurrencies along with related products like NFTs have been under fire for using massive amounts of energy generated in part by burning fossil fuels.

Tesla was the highest-profile company to accept Bitcoin as payment for its EVs, but it suspended the practice, saying it would only use it again "as mining transitions to more sustainable energy." However, the company recently started accepting Dogecoin payments for some of its merch like the Cyberquad for Kids, with CEO Elon Musk tweeting that it's "better suited for transactions."

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

More:
Uber CEO says you'll eventually be able to pay with cryptocurrency - Engadget

Breadcrumb Trail Links

Police said it's a massive increase compared to 21 occurrences in 2021 with a loss of $270,000 and 2019 where just four incidents were reported with a loss of $84,000

Some Edmontonians looking for love last year are collectively down more than $5 million after being victimized by cryptocurrency investment scams, police said.

This advertisement has not loaded yet, but your article continues below.

Edmonton Police Service (EPS) is warning residents of cryptocurrency investment scams due to the crimes rapid rise in the city.

In 2021, the EPS cybercrime investigations unit identified 87 cryptocurrency investment complaints with a monetary loss of over $5.29 million. Police said its a massive increase compared to 21 occurrences in 2020 with a loss of $270,000 and 2019 where just four incidents were reported with a loss of $84,000.

EPS cybercrime units Det. Dana Gehring said a number of the investment scams started on an online dating platform.

We know online dating is extremely common, so we want to ensure Edmontonians know the signs of a potential romance investment scam and understand that dating sites and social media should not be where you find cryptocurrency investment tips, said Gehring.

This advertisement has not loaded yet, but your article continues below.

EPS said a fraudster would approach the victim on a dating or social media platform and claim to live in Canada, with many saying they lived near Edmonton but were currently out of town. Geographical separation is a common romance scam tactic, said police.

Police added a fraudster would move the conversation off the dating platform onto a messaging app as soon as possible and then delete their dating profile. These fraudsters also keep communication to the messaging apps, no video calls or in-person meetings.

Victims were initially told to send their cryptocurrency to a legitimate trading platform, but after trust had been built with the fraudster, they would be directed to a new investment website, which was fraudulent and controlled by scammers, EPS said.

This advertisement has not loaded yet, but your article continues below.

We quickly trust strangers online, especially if we feel an emotional connection to them, so if that potential partner appears to be an expert and guarantees quick, high returns, it sounds perfect, said Gehring. That should be the first red flag investments arent perfect.

EPS encourages Edmontonians to conduct online searches for the phone number or address given by the person they are speaking with online, to call them and have video chats, research the websites and apps associated with the investment and meet them in person. Police said do not send personal documents or money without meeting someone first.

ktaniguchi@postmedia.com

twitter.com/kellentaniguchi

This advertisement has not loaded yet, but your article continues below.

Sign up to receive daily headline news from the Edmonton Journal, a division of Postmedia Network Inc.

A welcome email is on its way. If you don't see it, please check your junk folder.

The next issue of Edmonton Journal Headline News will soon be in your inbox.

We encountered an issue signing you up. Please try again

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notificationsyou will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

See the original post here:
Edmonton police issue warning about cryptocurrency investment scams on dating platforms - Edmonton Journal

Bitcoin was the first cryptocurrency to become famous around the world. Cryptocurrency has revolutionized the way people conduct business. Bitcoin is legitimate digital money that provides many benefits and is a secure way to transact. Every day, people invest in bitcoins to gain a considerable amount of profit. The ability for anyone to make a transaction with complete independence is one of the reasons for investing in bitcoin. This is because a traditional currency has so many limitations. You must stay inside these limits to complete a transaction. Therefore, it provides fantastic benefits and services to people worldwide. According to current trends in the crypto trading market, particularly with bitcoin, billions of investors and traders have profited handsomely from investments that have grown dramatically in a short period. Millions of people are investing and profiting in unbelievable amounts. Bitcoins exchange rate in the market has jumped from 200 to 500 per cent due to its immense popularity. On crypto trading platforms, Bitcoin is presently seen as an irreplaceable asset, allowing traders to keep their money safe and profit.

Because it provides a quick and safe way to make payments, the use of digital money is on the rise. This guy is blown away by educational systems that have adopted Bitcoin to pay for childrens annual fees. It is critical to discuss the underlying forces underpinning Bitcoin, ensuring that every function and procedure runs smoothly and efficiently. There are so many opportunities open for trading with bitcoin nowadays.

Why is it different from other cryptocurrencies?

When it comes to volatility, Bitcoin is no different from other cryptocurrencies. It follows in the footsteps of previous digital currencies. The price fluctuates regularly, so its always a good idea to brush up on skills that will help you get more familiar with the platform. You can visit profit builder to know more.

They are in charge of ensuring. Bitcoin transactions are done with the help of that app. Satoshi Nakamoto, known as the founder of Bitcoin, introduced this step to keep a good and honest relationship with Bitcoin users. 1 Miners can help you prevent the double-spending problem by confirming transactions you make through your device. If a Bitcoin owner spends the same bitcoin twice in any other way, it is double-spending. There is a possibility where some bitcoin holders take other digital coins to clone the digital token. Those digital tokens are given to a merchant or another party who is unaware of that process.

Why is Bitcoin the most wanted cryptocurrency?

People mainly get attracted by seeing the unpredictable price of bitcoin. As it increases day by day, it is easy to invest in bitcoin. The intriguing thing about Bitcoin was that it was a sculpting medium of exchange accepted in several places of the world. The majority of business people use cryptocurrencies as a payment option. Furthermore, most teenagers believe that utilizing digital money for all transactions is safer and more beneficial.

There are numerous things to which you should pay attention. First, there are many faces of bitcoin exchange. There are a variety of currencies available on the market, each with its own distinct and good reputation. People who want to create a registered account on a platform with a good reputation in the industry and free of scams should look into the internet platform. You can learn about the various possibilities for charging customers a cheaper fee.

Final word

After going through the articles, you must have known how to invest or start your business with bitcoin. If you do not select the appropriate platform for purchasing bitcoin, you are more likely to lose all of your savings that you intend to invest in bitcoin; this is an essential factor to consider when dealing with electronic money. It makes no difference if youre a newcomer to the bitcoin market or a seasoned pro. It would be advantageous if you remembered some market rules and regulations at all times.

More:
Bitcoin as the Most Selling Cryptocurrency - UrbanMatter

Crypto.com Coins (CRYPTO: CRO) price has decreased 6.43% over the past 24 hours to $0.47, continuing its downward trend over the past week of -3.0%, moving from $0.49 to its current price.

The chart below compares the price movement and volatility for Crypto.com Coin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are bollinger bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Crypto.com Coins trading volume has climbed 30.0% over the past week along with the circulating supply of the coin, which has increased 0.02%. This brings the circulating supply to 25.26 billion. According to our data, the current market cap ranking for CRO is #15 at 12.05 billion.

If you are interested in purchasing Crypto.com Coin and want to know the best cryptocurrency exchanges, follow this link to Benzinga Money.

Do you want to learn more about trading and be able to analyze your own portfolio of stocks or cryptocurrencies? Consider signing up for Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy. You can follow the link here to visit.

Powered by CoinGecko API

This post contains affiliate links from which Benzinga may earn a commission.

This article was generated by Benzingas automated content engine and reviewed by an editor.

See the original post here:
Cryptocurrency Crypto.com Coin Decreases More Than 6% Within 24 hours - Benzinga - Benzinga

The Spanish parliament has introduced an amendment to the tax model 720 used to declare cryptocurrency and other holdings abroad, softening some of the penalties associated with it. The modification, which has not yet been approved, changes some of the harsher penalties that were declared illegal by the Court of Justice of the European Union last month.

An amendment of the tax model 720, which forced taxpayers to disclose crypto and other kinds of asset holdings outside of the country, was introduced in the Spanish Parliament on February 10th. The antifraud law which was approved last June dictates that cryptocurrencies abroad would have to be declared using this model.

The proposed amendment seeks to eliminate certain penalties in the previous model 720 that were declared illegal by the Court of Justice of the European Union last month. According to the old structure, debtors could pay up to 150% of their holdings abroad depending on the circumstances. Also, taxpayers had to pay fines of 5,000 euros ($5,675) for giving inexact, fake, or incomplete data in the digital currency tax statement. These tax debts never became prescribed, meaning that even after years the debtors would have to pay the accumulated debt.

The amendment for the new model 720 includes fixes for these items. One of the most important changes is that tax debts now become prescribed in four years, meaning that taxpayers will only be liable for the debts of the last four tax periods. Another of the significant changes that are proposed is the change in the fines that will be applied to taxpayers. From the aforementioned fines, the new sanctions go in line with what the current General Tax Law describes, ranging from 150 to 250 euros.

Also, the established 150% penalties disappear, something that the Court of Justice of the European Union had described as giving the model 720 an extremely repressive character. However, some things are maintained. The taxpayers have the obligation to report the cryptocurrency holdings they have abroad, and citizens that hide these assets in foreign lands will have to pay fines.

This soft model 720 will be used for declaring these taxes before March, when the period for presenting tax statements closes. It is unknown if the government will maintain this model for the future or if it will design a new model for the next year.

What do you think about the new tax model 720 and its softened penalties? Tell us in the comments section below.

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Continued here:
Spain Modifies Tax Model 720, Used to Declare Cryptocurrency Holdings Abroad Regulation Bitcoin News - Bitcoin News

A member of the Sotheby's auction house team holds the "Enigma" black diamond on February 04, 2022 in London, England. Photo by Leon Neal/Getty ImagesPhoto by Leon Neal/Getty Images

Sotheby's sold a billion-year-old black diamond from space for $4.3 million worth of cryptocurrency.

Named the Enigma, the diamond is 555.55 carats with 55 facets, aka flat surfaces.

The diamond was found near the Earth's surface where it may have formed from meteoric impacts.

A billion-year-old diamond from space sold at auction for $4.3 million worth of cryptocurrency.

Sotheby's announced Wednesday that the Enigma an extremely rare, black 555.55-carat diamond sold to an unidentified buyer who paid in cryptocurrency. The Enigma, according to the Guinness World Record Book, is the largest cut diamond in the world.

While most diamonds are uncovered deep within the Earth, the Enigma is an "extremely rare carbonado," which is a type of diamond discovered near the Earth's surface and believed to have extraterrestrial origins, the London-based auction house said.

"It is thought that this specific type of black diamond was created either from meteoric impacts producing natural chemical vapor deposition or an extraterrestrial origin - from supernovae explosions that formed diamond-bearing asteroids which ultimately collided with the Earth," Sotheby's said.

On Twitter, crypto entrepreneur Richard Heart made a video claiming he was the buyer of the rare space diamond. He said once the payment goes through, he'll rename the item the HEX.com diamond, a reference to a crypto platform he's part of.

In its rough original form, the diamond weighed more than 800 carats. It took three years to get it into its current form with 55 facets, aka flat surfaces, weighing exactly 555.55-carats and having a high degree of polish, Sotheby's said. The Enigma's chosen shape is a Hamsa, a Middle Eastern palm symbol representing protection, blessings, power, and strength.

The nearly 300-year-old auction house has been diving into the crypto world. Last year, it began accepting cryptocurrencies as a form of payment in an effort to expand its client base and has been auctioning digital collectibles known as NFTs.

Crypto enthusiasts have a propensity for big items. The Wall Street Journal in its report said the auction house sold a 100-carat diamond for $12.3 million in crypto in July. Also last year, crypto Twitter rallied around tiny cubes of Tungsten that are extremely dense. They even bid for the opportunity to touch a 2,000-pound Tungsten cube once a year.

Read the original article on Business Insider

Read the original here:
An unknown buyer used $4.3 million in cryptocurrency to buy a billion-year-old space diamond from Sotheby's - Yahoo Tech