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♾ Brian Armstrong's Bold Proposal: Eliminating Income Taxes in the U.S.
💡 Brian Armstrong, the CEO of Coinbase, has put forth a radical proposal to overhaul the U.S. tax system by eliminating individual income taxes and shifting the tax reporting responsibilities to businesses. He expressed his views on the social media platform X, stating,
Honestly, getting rid of individual income tax entirely would be ideal, shifting tax reporting burden to businesses instead.
It’s kind of crazy that we ask every adult in the U.S. to figure out how to pay their taxes – the tax code is ~150k pages long and no single person fully understands it.
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↪️ Robert Kiyosaki's Bitcoin Investment Strategy: When to Stop Buying
💰 Robert Kiyosaki, the renowned author of Rich Dad Poor Dad, recently shared his insights on bitcoin investments and emphasized the importance of discipline over greed. He announced on social media that he will continue to buy bitcoin until its price reaches $100,000, after which he plans to halt further purchases. He stated,
I will keep buying more bitcoin till it passes $100,000. Then I will stop. Not a time to get greedy.
hogs get fat … pigs get slaughtered. Don’t be a pig.
⚡️ Trump vs. Harris: The 2024 Election Landscape
📊 Recent predictions indicate that former President Donald Trump is gaining significant ground over Vice President Kamala Harris in the 2024 U.S. presidential race. As of Election Day, U.S.-regulated prediction market Kalshi shows Trump with a 58% chance of winning, compared to Harris's 42%. Bettors favor Trump in four out of six battleground states, predicting he will win Pennsylvania, Nevada, Georgia, and Arizona, while Harris is expected to lead in Wisconsin and Michigan.
Despite Trump’s projected electoral success, Kalshi markets indicate Harris holds onto the popular vote lead.
...bettors are bracing for a close and decisive finish that could shape the nation’s direction.Читать полностью…
🛡 M2 Exchange Recovers from $13.7 Million Security Breach in 16 Minutes
🔄 The United Arab Emirates-based cryptocurrency exchange, M2 Exchange, swiftly addressed a significant security breach on October 31, involving $13.7 million. The exchange reported that customer funds lost during the incident were restored and normal operations resumed with enhanced security measures.
🔍 Cybersecurity firm Cyvers detected suspicious transactions across the Ethereum, Solana, and Bitcoin networks. They described the breach as an access control violation, noting that the affected address received 3.7 million USDT, 97 million Shiba Inu tokens, and 1,378 ETH before these assets were converted into ether.
⏱️ M2 Exchange stated it responded to the incident within 16 minutes and took necessary steps to protect user funds. The exchange emphasized its commitment to customer interests, stating,
M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests. All services are now fully operational with additional controls in place.
In light of this breach, cryptocurrency exchanges must adopt effective strategies to protect user assets, including robust access controls, real-time monitoring with AI, regular security audits, advanced threat detection, employee and user education, and a comprehensive incident response plan.Читать полностью…
🚀 Sui's Surge: A Potential Rival to Solana?
📈 The SUI token, which supports the Layer 1 SUI network, is making waves in the crypto market as it approaches a new all-time high (ATH). In the past 24 hours, SUI has increased by 3%, trading at $2.03. This puts it just 13.5% away from surpassing its previous ATH of $2.35 reached on October 17th.
📉 While the overall crypto market saw a slight decline of 0.9%, bringing the total market cap to $2.53 trillion, SUI stands out with a market cap of about $5.6 billion. Over the last week, SUI has surged by an impressive 8%, making it the fastest-growing cryptocurrency among the top thirty Layer 1 projects behind Bitcoin (BTC), which rose by 8.3%.
🔍 Sui Network is now ranked as the 22nd largest cryptocurrency in the market. In comparison, Ethereum (ETH) saw a 3% increase over the week, trading at $2,661, while its main competitor, Solana (SOL), experienced a 3% drop to $176.
⚡️ Sui Network offers high-functionality smart contracts similar to Solana and Ethereum, allowing developers to create decentralized applications (dApps). However, Sui boasts a significantly higher transaction speed; it can handle up to 297,000 transactions per second (tps) compared to Ethereum's maximum of 119 tps.
📉 Despite its potential, Sui Network's support level has been declining throughout 2024, particularly after the crypto crash on August 5th. Although there has been some recovery, indicated by a rising support line, a falling relative strength index (RSI) of 48 suggests that selling momentum may limit further price increases.
💰 In the competitive landscape of Layer 1 altcoins, it's still uncertain whether Sui Network can surpass Solana. It faces tough competition from other major players like Toncoin, Cardano, and TRON. However, investors are also exploring opportunities in the meme coin sector for additional rewards. One notable project is Crypto All-Stars (STARS), which offers a unified staking protocol for popular meme coins, allowing holders to earn passive income with a current rewards rate of 539%.
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🏦 DBS Bank Unveils Token Services for Institutional Clients
🚀 DBS Bank has launched its new DBS Token Services, integrating tokenization and smart contract features into its banking solutions. This initiative is designed for institutional clients and aims to enhance banking functions and operational efficiency.
🔗 The bank has integrated its Ethereum Virtual Machine (EVM)-compatible permissioned blockchain with its core payment engine, allowing for instant, 24/7 real-time settlements. Smart contracts enable institutions to control fund usage based on preset conditions, improving security and transparency.
🛡 DBS maintains full control and compliance through its permissioned blockchain, addressing data security and regulatory challenges often encountered in traditional banking.
💼 The new offerings include Treasury Tokens, Conditional Payments, and Programmable Rewards. These services result from extensive collaboration on digital money innovations, demonstrating how financial institutions can utilize blockchain to enhance client experiences.
📈 The bank aims to assist companies and public sector entities in transitioning to on-demand digital services. By providing tokenization and smart contract capabilities, DBS enables clients to optimize liquidity management and streamline operations.
➡️ In August, DBS partnered with Ant International to launch a blockchain-based treasury and liquidity management solution. The bank also announced plans to offer over-the-counter (OTC) crypto options trading and structured notes for institutional clients.
🚀 Azra Games Levels Up with $42M in Series A Funding for Blockchain RPGs
💰 Sacramento-based Azra Games has hit the jackpot, raising a whopping $42 million in a Series A funding round led by Pantera Capital. This treasure chest of funds will be used to forge ahead in the world of blockchain-based role-playing games.
📱 Get ready for an epic adventure with Project Legends, Azra's upcoming mobile-first RPG. But this isn't just any game; it's set to be a pioneer in the realm of blockchain gaming, with plans to integrate NFTs and revolutionize digital ownership.
🌍 Azra Games isn't just hoarding gold, though. They're on a quest to expand their global team, seeking out top talent to join their ranks. With new recruits, they'll have the power to level up their development capabilities and tackle even more ambitious projects.
▶️ Building an empire takes more than just warriors; it requires a strong foundation. That's why Azra is investing in its IP center, a stronghold of creativity where new ideas and game concepts will be forged, ensuring long-term growth and innovation.
📲 Mobile gamers, rejoice! Project Legends is designed with you in mind, delivering console-quality visuals and gameplay right at your fingertips. And don't worry, PC and console adventurers, there may be a portal to other platforms in the future.
🎮 With the backing of Arianna Simpson from a16z crypto, it's clear that Azra Games is on a heroic quest to redefine mobile RPGs and unlock the potential of blockchain technology. Get ready to embark on a gaming journey like no other!
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🔒 Detained Binance Executive's Bail Hearing Delayed: Judge's Absence Sparks Concerns
➡️ Judge's Seminar Takes Priority, Gambaryan Remains in Custody
Detained Binance Executive Tigran Gambaryan's hopes for release were dashed as presiding Judge Emeka Nwite chose a seminar over his bail hearing, leaving the crypto compliance chief stranded behind bars in Nigeria.
🔄 New Date Set: Friday Brings Fresh Hope
Gambaryan's legal battle takes another twist as his hearing is rescheduled for Friday, October 11. The delay adds to the frustration of those questioning the validity of the charges against him.
⚖️ Is Gambaryan a Pawn? Doubts Linger
With mounting speculation that Gambaryan is caught up in a larger game between the Nigerian government and Binance, concerns grow over his treatment. Former IRS special agent Richard Weber calls him a "hostage" and demands answers.
🆘 Health Woes Worsen: Calls for Compassion Amplify
As Gambaryan battles health issues behind bars, including a herniated disc, cries for his release intensify. Lawmakers from the United States join the chorus, urging immediate action and proper medical care.
💔 A Wife's Anguish: Demanding Justice
Yuki Gambaryan speaks out against the "inhumane" treatment her husband endures, emphasizing the need for accountability and respect for human rights. The fight for Tigran's freedom continues.
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🚀 Solidion Technology's Strategic Bitcoin Investment
💰 Solidion Technology has joined the ranks of institutional investors like Microstrategy by investing in bitcoin. The company, known for its advanced battery materials, announced that it will allocate 60% of its surplus cash from operations towards bitcoin purchases. This decision reflects Solidion's long-term belief in bitcoin as a valuable store of wealth.
We believe strongly in bitcoin’s transformative potential for the financial system,
This pro-bitcoin stance, coupled with the growing number of bitcoin ETFs and the potential for favorable regulations, strengthens bitcoin’s position as a valuable asset for corporate treasuries.
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➡️ Putin's Perspective on the U.S. Dollar: A Balancing Act
🗣 During a recent speech at the Valdai Discussion Club in Sochi, Russian President Vladimir Putin addressed speculation about Russia's relationship with the U.S. dollar. He emphasized that Russia does not intend to abandon the dollar, stating, "We — Russia in any case — do not reject the dollar and do not intend to do this." Putin pointed out that the U.S. has restricted Russia's use of the dollar as a payment instrument.
💬 He criticized U.S. financial authorities for their actions, saying, "In my opinion, this is very foolish from the side of U.S. financial authorities because the entire power of the U.S. to date rests on that, on the dollar." While acknowledging that Russia is exploring new financial mechanisms in response to global economic changes, Putin clarified that these efforts do not aim to directly challenge the dollar's dominance.
🌍 Putin also addressed the idea of a shared currency among BRICS nations, deeming it premature. He stated,
it is early to talk about that and we do not have such objectives in between because in order to talk about a certain common currency, firstly, greater integration of economies should be achieved and, secondly, the quality of economies should be somehow lifted to a certain level so that these are very similar economies, comparably by quality, by the structure.
The United States received for no apparent reason $12 trillion over the last decade, on account of issuing and giving.
Let you then share these revenues [from the dollar issue] falling out of the sky on you [the U.S.], if you are so concerned of the environmental situation.
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VeChain CEO Sunny Lu discusses blockchain’s role in market growth, sustainability goals, and adoption strategies in this exclusive interview.
👉 Read more
🎃 Unlock SEED’s Spooky Codes If You Dare! 👻
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💧 Global Liquidity Cycle: Rising Trends and Implications
📈 The global liquidity cycle has gained significant attention in recent years, largely due to the insights of Michael Howell, CEO of Cross Border Capital. His approach offers a broader perspective on global liquidity beyond traditional measures like M1 or M2, emphasizing that most liquidity resides in financial and asset markets. This is crucial as standard metrics often overlook sovereign bonds, bank reserves, and other credit forms.
➡️ Howell's model outlines a four-year cycle, and we are currently in the rising phase. A key indicator of this trend is the Federal Reserve's decision to cut rates by 50 basis points on September 15. This move marked the start of a U.S. easing cycle and was quickly followed by China's central bank announcing its most aggressive stimulus package in four years. Such actions are expected to benefit Bitcoin and other cryptocurrencies, which are highly sensitive to liquidity changes.
🟥 China's timing raises questions about its delayed response to revitalize its struggling economy, projected to miss its 5% growth target for 2024. Weston Nakamura from Across the Spread noted that China needed to wait for the Fed to initiate an easing cycle to avoid worsening currency risks and capital outflows.
➡️ This recent development from China suggests that other countries may soon follow suit in implementing similar liquidity measures. If China's substantial initial response is any indication, we might be on the brink of a liquidity surge. Therefore, it may be wise to remain steady amidst this week's price fluctuations.
⚡️ SEC Commissioner Advocates for Proactive Crypto Regulation in the U.S.
➡️ U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda has called for a more proactive approach to crypto regulation in the United States. He highlighted the leadership of Indo-Pacific nations such as Japan, Singapore, and Hong Kong, which have established clear regulatory frameworks that promote innovation while safeguarding investors.
There is much to learn from market regulators in the Indo-Pacific region on how to promote these values and objectives
the SEC could do much more in addressing the key gating question of whether a crypto asset is a security
market participants have been forced to struggle with this analysis and decipher SEC views from various settled enforcement actions and litigation in the courts.
We must not bury our heads in the sand about the growing benefits and risks of crypto and financial technology
🌍 DMM Crypto Secures Funding for Global Expansion
💰 Japanese crypto exchange operator DMM's blockchain gaming and NFT division, DMM Crypto, has secured funding from Neoclassic Capital and others as it aims for "global expansion." The company also announced a new global strategic partnership with Singapore-based quantitative trading firm Presto.
🌐 The latest funding round was led by Neoclassic, based in Florida, USA. However, the exact amount invested has not been disclosed. DMM described this move as a new "strategic partnership" that would significantly enhance its services and accelerate its global expansion efforts.
🚀 Founded in 2023, DMM Crypto aims to enter the web3 and crypto gaming sectors. The DMM group is well-known in Japan for its video streaming, anime, and e-book services, as well as its e-commerce operations. Currently, DMM Crypto is developing a "web3 economic ecosystem" called Seamoon Protocol, which it claims will enable various businesses and creators to access the blockchain space.
🗣 Steve Lee, Co-founder and Managing Partner of Neoclassic, emphasized the value of DMM's "achievements as a leading entertainment conglomerate in Japan." He expressed excitement about supporting DMM Crypto's vision in Japan and its global expansion plans.
🚀 @waterfall_network: Major Milestones Update 🚀
It’s been 3 months since $WATER coin got listed on Gate.io, and we’re excited to announce that 7,924 validators have already joined the network! 🎉
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🚨 Binance Expresses "Deep Disappointment" as Tigran Gambaryan Denied Bail: Health Deteriorates in Nigerian Detention
🔒 Binance executive Tigran Gambaryan's hopes for release were dashed as a Nigerian court denied him bail, prompting the crypto exchange to voice its "deep disappointment" at the decision.
⚖️ With over 220 days behind bars, Binance maintains that Gambaryan's imprisonment lacks legitimacy, raising concerns about his well-being.
➡️ "Tigran went to Nigeria without decision-making powers, and it's unjust to keep him detained. We urge the government to let him return home," emphasized a Binance spokesperson.
💼 A prominent figure in crypto compliance, Gambaryan's health has taken a toll during his detention, battling malaria, pneumonia, and even a herniated disc.
🆘 As footage of his pain-ridden appearance circulates, calls for his release on humanitarian grounds intensify, with Binance CEO Richard Teng expressing deep concern for his well-being.
❓ The charges against Gambaryan remain murky, prompting international figures like former IRS agent Richard Weber to question the basis of his prolonged imprisonment.
🌍 Amid mounting international outcry and growing fears for Gambaryan's health, the push for justice and freedom from Binance and advocates worldwide gains momentum.
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🚀 South Korea's Crypto Market Surges: 3,000+ Holders, $740k+ Wealth
📈 Youthful Fervor: Among the 3,759 South Koreans owning virtual assets, 185 in their 20s stand out with a combined value of $3.91 million per person. Inheritance and early investment acumen are credited for their success.
♾ Forty-Something Influence: Investors in their 40s hold sway too, with 1,297 members boasting assets worth over $6.95 million each. They are a force to be reckoned with in the crypto realm.
🎉 The Golden Age: South Koreans in their 50s dominate the scene, with 930 individuals amassing an astounding average of $11.11 million per person. They are the true titans of the digital asset world.
📊 Massive Interest: The nation's crypto fever is palpable, as approximately 7.7 million active accounts engage in virtual asset trading, averaging holdings of around $8,930.
⚠️ Regulatory Scrutiny: However, concerns loom as the Financial Supervisory Service (FSS) tightens its grip on unfair practices like undisclosed information usage and price manipulation. The FSC is leaving no stone unturned in its quest for transparency.
🚀 Japan's New Digital Transformation Minister Hints at Crypto Tax Reform
🔍 Masaaki Taira, Japan's tech-savvy Digital Transformation Minister, is setting his sights on crypto tax reform as he takes charge.
♾ During a press conference, Taira emphasized the need for reforming tax laws to foster growth in the nation's thriving blockchain industry.
📈 Journalists probed further, asking about the impact of deregulation on blockchain. Taira pointedly replied, "The tax system is key."
🤔 However, he also acknowledged that tax matters fall under the purview of the Financial Services Agency, cautioning against commenting directly.
💼 Taira's appointment brings hope to Japan's crypto sector. As the former head of the LDP's web3 task force, he has long advocated for a tax framework better suited to innovative startups.
🌐 In a recent speech, he highlighted the challenges faced by startups dealing with lesser-known tokens and stressed the importance of auditing clarity.
🟢 Gemini Exchange Waves Goodbye to Canada, Urges Users to Secure Their Assets
🔒 Gemini, the renowned crypto exchange, is bidding farewell to its Canadian clientele. In a recent communication, the Winklevoss-led platform made it clear that Canadian accounts will be shuttered by the stroke of midnight on December 31.
📧 The exchange reached out to its Canadian users via email, emphasizing that they have a 90-day window starting from September 30 to withdraw their digital treasures from Gemini's vaults.
💼 While urging customers to move their crypto holdings to external wallets, Gemini also extended a helping hand to those with fiat currency in their accounts. They can safely transfer their funds back to their linked bank accounts.
➡️ The decision to exit the Great White North comes as no surprise, given the increasingly stringent regulatory landscape. The Canadian Securities Administrators (CSA) have been tightening the screws on crypto trading platforms, and Gemini has decided it's time to bow out gracefully.
📌 The CSA's push for greater compliance and customer protection has led to a flurry of exchanges bidding adieu to Canada. OKX, dYdX, Paxos, Bybit, and even Binance have all packed their bags in response to the evolving regulatory climate.
✅ It's worth noting that while federal guidelines exist, individual provinces in Canada also have their own rules governing digital assets. So for Canadians navigating this complex landscape, staying informed about both provincial and federal regulations is crucial.