Hodler’s Digest, Dec. 17–23: Top Stories, Price Movements, Quotes and FUD of the Week

newsdesk - December 24, 2018 - Blockchain Technology /

Top Stories This Week

Blockchain Firm Blockstream Launches Fifth Bitcoin Blockchain Streaming Satellite

Blockstream, a blockchain development firm, expanded its satellite service this week with a fifth leased satellite broadcasting the Bitcoin (BTC) blockchain to all of Earth’s major land masses. This new satellite brings potential internet-free BTC transactions and information sharing to crypto users throughout the Asia Pacific region, adding to its beta satellite coverage around Africa, Europe, and South and North America. Blocksteam’s BTC space initiative aims to allow crypto users to access the Bitcoin network without access to the internet.

New Report Shows Majority of Bitcoin Trading Pairs on CMC Are Wash Traded

A report released by the Blockchain Transparency Institute (BTI) claims that more than 80 percent of the top 25 Bitcoin trading pairs listed on CoinMarketCap (CMC) are based upon “grossly” inflated false volumes. The report, which was reportedly compiled by using algorithms to analyze volume data points and order books, found that most the pairs’ actual trading volume is “under 1% of their reported volume of CMC.” BTI points out Binance, Bitfinex, and Liquid as having the closest reported volume to trading volume.

Supposed Bitcoin Millionaire Arrested for Tossing Cash in Hong Kong Street

Wong Ching-kit, a local crypto enthusiast and purported Bitcoin millionaire, has reportedly been arrested after allegedly “making it rain cash” on a street in one of Hong Kong’s poorest neighborhoods. Ching-Kit, who is described as an entrepreneur who owns the Epoch Cryptocurrency website, posted a video on Epoch’s Facebook page asking “does anyone believe that money can fall from the sky?” before dropping 100 Hong Kong dollar bills off of a roof. The police have reportedly claimed around $767 after arresting Ching-Kit for “disorderly conduct in a public place.”

Wall Street Journal Suggests Tax Reduction Method: Sell and Quickly Repurchase BTC

The Wall Street Journal published an article this week suggesting that investors should sell and then repurchase their Bitcoin as a strategic move to save on taxes. Since the United States tax authority, the Internal Revenue Service (IRS), treats crypto as investment property, crypto investors can potentially save on taxes due to a “quirk” in the law that exempts crypto from so-called “wash sale” rules, which “prohibit capital-loss deductions when investors purchase a security such as a stock within 30 days of selling a loser.”

Sources Say Facebook Is Developing a Cryptocurrency for Use in Whatsapp

Major social media giant Facebook is reportedly making a cryptocurrency for those using the messaging service WhatsApp, Bloomberg reported this week. According to unnamed sources, Facebook’s token will be used for money transfer made within the app, with the aim to cover the remittances market in India. The unnamed sources also told Bloomberg that the stablecoin won’t be released very soon, as Facebook is still working on a strategy for custody assets i.e. the asset to which the stablecoin will be tied. These reported rumors come after Facebook has both introduced and partially rolled back a crypto ad ban.