|Inside the rise and fall (and rise?) of Bitmain
Bitmain was once one of the giants of crypto, and at one time was planning a record IPO. Those plans are now but a distant memory, as the crypto mining operation has now embarked on mass layoffs and a shelving of its public offering plans. That said, Bitcoin’s upcoming halving in 2020 could end up driving additional demand for Bitmain’s next-gen mining rigs, offering the company a ray of hope for the future.This is a detailed look at the inner workings of Mike Novogratz’s Galaxy Digital
Once a disgraced Wall Street veteran, Mike Novogratz has built Galaxy Digital into one of crypto’s largest investment funds. Galaxy Digital is a merchant bank that primarily focuses on investing in crypto projects, and it was initially capitalized using $25M of Novogratz’s own money. It’s now working on raising a credit fund to make further crypto investments, and also continue to strengthen its index fund.
Crypto is about to start looking more like your bank
A new banking standard from the FATF (Financial Action Task Force) is set to introduce crypto regulations and KYC guidelines that look strikingly similar to bank regulations today. Many crypto exchanges will likely attempt to comply with the regulations, but preserving customer anonymity and remaining independent of regulators could be a tight line to walk for many.
Sand, death, and cryptocurrency – life in a decentralized Syria
One autonomous region of Syria is experimenting with blockchain and decentralized governance as a way to retain its independence in the face of the Syrian government. Local merchants are looking into solutions for accepting crypto, and the local government is embracing the political philosophy of democratic confederalism – a philosophy which happens to have a lot in common with blockchain.
Here are the key lessons learned by one trader who lost $139K in crypto
Crypto trader Bohdan Kit put all of his investments into crypto in late 2016, and watched his holdings multiply exponentially during the crypto bull run of 2017. But just two years later, nearly all of his original investment had evaporated amid some bad trading decisions and the overall market downturn. This piece is a great recap of the key lessons and attributes that are critical to success in trading crypto.
Digital money is here – but will it make us more free in the end?
Cryptocurrency promises to give individuals sovereignty over their money and identity, but as recent developments in Venezuela and China have shown, this won’t necessarily be the case. As a result, the terms “blockchain” and “crypto” have been twisted beyond their original meaning – and it’s worth considering how crypto companies and governments alike can ensure that this technology ushers in a future that’s better for all users.
What does Cboe shutting down crypto futures trading mean for the industry?
Last week, the crypto world was shocked when Cboe announced that it would not be offering futures contracts on Bitcoin anymore. Contrary to the belief of many, this isn’t necessarily a market signal – rather, it’s indicative of how misplaced expectations can drive market narratives (for better or worse).
Here’s how to file taxes on your cryptocurrency in a bear year
It’s been a tough year for crypto investors, and tax season is the latest reminder of that. Knowing how to file one’s taxes and correctly report any capital losses is critical this time of year, and this guide does a great job of explaining how to do that. There have been some subtle changes in the tax code this year that affect crypto investors, which will be important to keep in mind as tax season approaches.