Mannabase Where Crypto and Universal Basic Income Meet

Cryptocurrency’s disruptive effect on both personal and global finance cannot be understated. Up until recently, most crypto enthusiasts have been more interested in their own personal wealth than increasing the wealth of others; however, all of that has changed with Mannabase, a new player in the crypto markets that espouses the merits of universal basic income (UBI) through digital currency. A Crash Course on UBI Unfamiliar with the idea of universal basic income? You wouldn’t be the first. An anti-poverty initiative, UBI as a core philosophy involves providing a base…

Meme-Based Cryptocurrencies: Should We Trust Them?

Meme-Based Cryptocurrencies: At the end of last year, the crypto market price soared, igniting the mainstream interest in the space that we see today. Despite the popularity, coins like Bitcoin (BTC), Bitcoin Cash (BCH), and Ripple (XRP) continue to take precedence. But there are hundreds of cryptocurrencies available, with some being meme-based cryptocurrencies. In an age where cryptocurrency and memes are more popular than ever, let’s look at both the pros and the cons to these currencies. Meme-Based Cryptocurrencies: Yay or Nay? Last week, at the ‘Yahoo Finance All Markets Summit: Crypto,’…

EOS is Ranked No.1 in China!

On May 17th, the Chinese government published its public Blockchain and cryptocurrency ratings. Initially, it gave the coveted no.1 spot to Ethereum, but now it has EOS ranked no.1. A second round of the rating list has been released and Ethereum has been pipped to the post by none-other-than EOS (Perhaps the Chinese government changed its mind?). Bitcoin was nowhere to be seen in the top ten of either round of the list. This understandably has frustrated many cryptocurrency industry members. Technology, Application, and Innovation The ranking was based on three key…

Chinese Crypto Miner Arrested for Stealing Electricity

Chinese crypto miner arrested: A man has been arrested in the Anhui Province of China for allegedly stealing 150 megawatts (MW) of electricity. Chinese Crypto Miner Arrested Local media outlet Xinhua reported the arrest today, stating that the man, known under the surname Ma, had more than 200 computers that he was attempting to mine both Bitcoin (BTC) and Ethereum (ETH) with. The computers have now been confiscated, along with the arrest of Ma. Ma said that he had purchased the computers back in April, unaware of how much it…

Japan Crypto Crack Down: FSA Flags 6 Native Cryptocurrency Exchanges

Japan has also been a crypto-forward and friendly country, but it seems Japan’s top financial regulator is putting its foot down on cryptocurrency exchanges. Just this morning, the Financial Services Agency (FSA) issued six new business improvements to the list of 16 cryptocurrency exchanges it previously approved. The list of Japenese crypto exchanges receiving administrative punishment include: bitFlyer Bit Bank BTC Box Bit Point Japan QUOINE Tech Bureau >> Bithumb Hack bitFlyer In Hot Water Among the list is Japan’s largest cryptocurrency exchange by trade volume, bitFlyer. The press release on…

Stock Trading App Robinhood Wants to Become a Bank

Robinhood stock trading app: A National Banking Charter is attractive to many financial tech companies but alas! it is very hard to get. That hasn’t stopped California-based stock trading app Robinhood from approaching regulators at the Office of Comptroller of the Currency (OCC), with an ambition to acquire necessary licenses allowing it to receive a national banking charter. This would effectively class the platform as a bank.  The idea is to become a more official banking platform, covering all bases; from cryptocurrency to stocks and fiat accounts for its customers. Currently, Robinhood boasts…

Switzerland: Blockchain will “Penetrate Our Entire Economy”

Blockchain in Switzerland: It seems that blockchain technology is expected to infiltrate Switzerland’s economy even more-so. Already, the Alpine nation has been known as quite the hot-spot for all things cryptocurrency. But this time it seems that the technology behind blockchain specifically, allows for a real push in technological advancement for the nation. Johann N. Schneider-Ammann on Blockchain in Switzerland At the Crypto Valley Conference in Bern, Swiss Federal Councillor Johann N. Schneider-Ammann, stated: “Hardly anyone still doubts that blockchain will penetrate our entire economy.” A transcript from the event was…

Buying Crypto on Foreign Exchanges? Better Tell the IRS

The IRS may be cracking down on crypto bought on foreign exchanges as part of a technicality involving overseas holdings. Americans who hold more than $10,000 abroad are required to file Foreign Bank and Financial Accounts (FBAR) reports each year with the U.S. Treasury Department. They are also required by the Foreign Account Tax Compliance Act (FATCA) to describe their overseas accounts on Form 8938 of their IRS tax forms. The penalty for non-compliance? A potential $100,000-plus fine, plus prison time. The IRS has previously defined some tax-related parameters with…

Bitcoin Mining – What You Need to Know About It

Crypto energy consumption: Bitcoin took the world by storm. Some experts warned against trading it, touting it as fraudulent. But as time went by, the cryptocurrency remained strong, surprising everyone. These days a lot of people are trading Bitcoin and investing in it, in hopes of making a profit. There are still some skeptics, but more people are on board with the idea than before. Bitcoin is like having gold with which you can trade. Even though the price keeps fluctuating, it has base value and can be trusted. In this…

Bithumb Hack: $30M Lost, But Investors will be Compensated

Bithumb hack investors repaid: Another week, another crypto exchange hack. Last Monday, June 11, the world awoke to the news of the Coinrail hack. This week, another South Korean exchange was also hacked. This time around it was Bithumb. In the Bithumb hack, roughly $30M in digital assets was stolen. Don’t worry, though – Bithumb has confirmed that investors will be fully compensated. Bithumb Hack: How it Went Down On Wednesday, June 20th, Bithumb posted on social media that the crypto exchange had been hacked, with the amount lost totaling…