On this episode of the BeInCrypto video information present, host Jessica Walker talks all about Dogecoin (DOGE)! The place DOGE began, how far it’s come, some celeb endorsements it’s picked up alongside the way in which, and the way it has earned its status because the ‘individuals’s cryptocurrency.’ 

Launched in 2013, DOGE obtained its identify from the favored “doge” meme, which featured a picture of a Shiba Inu talking in deliberate damaged English.

DOGE was co-founded by software program engineers Billy Markus and Jackson Palmer, admittedly as a joke. Nonetheless, impressed by Bitcoin, the founders hoped to create a P2P forex that might attain a broader demographic.

On the finish of December 2020, Dogecoin was buying and selling for a mere $0.004. Solely a month later, every token was buying and selling for round $0.08. That represents an almost 2,000% appreciation! It’s now buying and selling round $0.05, however its days of sub-penny-pricing appear to be over.

Dogecoin’s shopping for stress has change into too massive to disregard, with each day buying and selling volumes routinely peaking above $10 billion as nicely.

Other than his firm Tesla shopping for $1.5 billion in Bitcoin, which additionally elevated curiosity in cryptocurrencies, total, Elon Musk has been growing an ambiguous relationship with Dogecoin via a sequence of tweets. Many see these tweets as accountable for the astronomical demand DOGE has seen since December.

Seemingly influenced by the billionaire, different celebrities have gotten in on DOGE. On Jan. 31, rockstar Gene Simmons of the band KISS announced that he could be investing in cryptocurrencies, together with DOGE. Following this buy, he started referring to himself as “God of Dogecoin.”

On Feb. 4, tech entrepreneur Mark Cuban stated that he would choose DOGE over a lottery ticket in a tweet. On Feb. 7, rapper Snoop Dogg tweeting an image of “Snoop Doge” whereas tagging Musk. It’s possible this tweet despatched DOGE to its all-time excessive of $0.08.

Regardless of all of the celeb endorsements, DOGE already really has slightly good PR. The neighborhood of DOGE hodlers has raised cash for a variety of causes over the previous few years. 

For instance, in 2014, a Reddit person efficiently satisfied the DOGE neighborhood to sponsor a NASCAR race automobile. Moreover, the DOGE neighborhood organized a fundraiser to supply service canines to particular wants youngsters in September 2015. The Dogecoin Basis additionally raised $50,000 to construct two wells in Kenya, when the African nation was affected by a extreme drought and multi-year water disaster.

Because of its extremely approachable premise and philanthropic efforts, DOGE has grown in reputation as a individuals’s cryptocurrency. These efforts are largely consistent with what co-founder Billy Markus noticed because the coin’s final objective. 

“Pleasure, kindness, studying, giving, empathy, enjoyable, neighborhood, inspiration, creativity, generosity, silliness, absurdity. These kind of issues are what make dogecoin worthwhile to me. If the neighborhood embodies this stuff, that’s True Worth,” Markus stated.

Source: www.cryptocasting.net

Senate Committee Approves Gary Gensler Causing Crypto To Soar

The crypto market is reaching new highs once more, the market crash of February all but forgotten. The space held a total market cap of $1.7 billion on Thursday, primarily thanks to the extremely bullish news of Gary Gensler being voted in favor of giving him the position of the Securities and Exchange Commission (SEC)’s Chairman by the US Senate Banking Committee.

The official announcement stipulates that the vote itself was 14-10 in favor of  Gensler. It was back in January of this year when Joe Biden, the President of the US, officially nominated  Gary Gensler to become the new leader of the SEC. The crypto market took this news with joy, as the entire space shot up by 3% just with that announcement alone. IT should be noted that Gensler was the former Chief of the Commodity Futures Trading Commission, or CFTC.

What makes Gensler such a popular choice for the crypto space at large is his general soft stance on cryptocurrencies as a whole. Earlier this month, the man went on record to say he will promote innovation within the space at large. The former CFTC head noted that digital currencies at large, such as Bitcoin, have allowed for new kinds of thinking when it comes to financial inclusion and payment solutions.

SEC Chair nominee, Gary Gensler:

“#Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection… If confirmed at the SEC, I will work to promote innovation” pic.twitter.com/AlAsUPJONY

— Bloqport (@Bloqport) March 2, 2021

This week was good for crypto in general, as well. Bitcoin managed to push back into its $1 trillion market cap, $1.05 trillion to be exact, as the price of a single Bitcoin went to $57,000 just a day ago. Ethereum has posted significant gains for this week, as well, with the second-largest cryptocurrency managing to accrue $1,800 a coin. This is the first time it’s managed to do that within the past three weeks, as well.

As it stands now, Bitcoin is trading hands at $54,641 apiece at the time of writing, with Ethereum’s going rate being $1,744.

Everyone in the crypto space is quite pleased with the potential for Gresler to become the new SEC head. The previous Chairman, Jay Clayton, was not a man that took kindly to crypto in the slightest. On his last day of the office, a $50 billion sell-off of crypto occurred.

The SEC in general has steadily been involving itself with cryptocurrencies at large, the most popular example being its latest lawsuit against Ripple for the sale of unlicensed securities. It’s the hope now that Gensler will be a far more benevolent Chairman than his predecessor for the crypto space at large.

Source: insidebitcoins.com

Author: FOLLOW ON

Opinion: NFTs: Retire early, retire rich

Fabulous information, people.

I’ve solved all my retirement worries. I’ve discovered a surefire approach to make a lot cash within the subsequent few months, possibly even the subsequent few weeks, that I can obtain FIRE: Monetary Independence, Retir(ing) Early.

And you are able to do it, too. We will all do it.

My answer? I’ve turn into a Crypto Artist.

It’s the most recent factor. And it’s a authorized and simple approach to mint tens of millions.

Read: ‘Obviously we had no idea it was going to get here,’ say the guys who made the first NFT

You’ll have learn some baffling headlines not too long ago about issues referred to as “NFTs,” that are promoting for huge sums of cash. “NFT” apparently stands for Non Fungible Token, though I can consider another names that match the letters.

What’s an NFT?

I used to be baffled too, so I seemed into this. And an NFT is principally only a millennial’s acronym for an merchandise of “Crypto Artwork” (or, if you happen to like, “Crypto Media.”)

What’s Crypto Artwork?

It’s only a digital piece of media—say, a web based image, a film, a tune, or no matter—with one magical distinction. You register it on a blockchain, which is sort of a gigantic, sprawling on-line register primarily based on roughly a gazillion non-public computer systems world wide. The identical know-how used for bitcoin and the like.

That’s it.

So take one of many vacation snaps you have got in your laptop computer and add it to an NFT (ie, “crypto artwork”) website. You pay just a few charges, register it on a blockchain, and: Bingo! You are actually a Crypto Artist.

And a few of these issues promote for tens of millions. Tens of millions. Admittedly, solely in nugatory, old school “fiat” foreign money, like U.S. {dollars}. However nonetheless. Christie’s is auctioning these items off.

I simply launched my new profession. All I wanted was this useful YouTube video by Robert from Kapwing, a content creation site.

I just followed his four simple steps. The first three didn’t even involve art. They were just about setting up an online “wallet“ (an online account for cryptocurrencies) and paying in some money so I could pay the “fees” for registering your work of Crypto Art.

I admit I had some problems. As recommended, I uploaded $100. But I used an crypto wallet I had from the last boom a few years ago. And it wouldn’t connect to the chosen Crypto Art marketplace. So I had to transfer my crypto to a new “wallet.“

After this my $100 was somehow down to about $70. Yes, crypto banking is the way of the future.

I then linked this account with the Crypto Art marketplace ”Rarible.“ I was ready to go.

In a few short mouseclicks at Kapwing I created this digital masterpiece.

Its called “Van Gogh’s Ear.” I’ve put it up for sale for “666” ethereum (a type of cryptocurrency). The value? That’s $1.2 million.

OK, OK, I know what you’re going to say: “Brett, that’s a load of rubbish. Why would anyone pay $1.2 million for that? Or even 12 cents?”

My response? That’s the beauty of it. The value of crypto art or NFTs has nothing whatsoever to do with any artistic merit. Nothing. So I created a work that has none. Its value is pure crypto. This is a masterpiece of crypto-ism. All of its value lies in being registered on the blockchain. This is the purest form of Crypto Art you can make, the digital equivalent of a painting of a white square on a white background.

Don’t believe me? These digital “Crypto Punk” images have no artistic merit and they just sold for $1.2 million apiece. The “Nyan Cart” sold for $600,000. It’s complete rubbish.

We’ve been living in the “post-ability” art world for over a hundred years—ever since surrealist Marcel Duchamp submitted a urinal to an art exhibition in New York in 1917.

It’s 50 years since the Tate Gallery in London paid the price of the average British man’s salary for a pile of bricks.

Artist Damien Hirst has made over $100 million by selling things like dead sheep in formaldehyde as ”art.“

Still don’t believe me? Then believe billionaire and guru Mark Cuban. In an absolutely brilliant explanation on his website, Cuban—who is investing heavily in crypto ventures—destroys all the crazy old-fashioned arguments about “assets” needing to have some intrinsic value.

“What is a digital good that can be sold?” Cuban asks. “Literally ANYTHING digital.”

He adds, “To so many the idea that a CryptoAsset could be a store of value is crazy. To them, there is no there, there. There is no intrinsic value. To them it is a digital representation of nothing, that crazy people are paying good money for. That is not the case.”

Why? Because, he says, anything has value if people are willing to pay for it. “What is a store of value? It’s something that some number of people assign value to and are willing to pay for and then hold on to, hoping that circumstances increase the value of that item.”

“There is nothing unique or special about gold other than enough people believe the story to buy gold,” he points out. It’s now the same with Crypto Art, or NFTs, he says.

It’s all about belief. If everyone just believes something is worth a lot of money, they can make it so. And they can create money, real wealth, right before our eyes. Young crypto fans, Cuban writes, “have learned that with digital assets, acting in unison can bring wealth to those who otherwise would not have access to it. That is power and they know it and they are learning how to use it.”

All we have to do is believe.

Call this “Transcedental Speculation.”

OK, you may say. But why pay millions for an online picture if you can download a copy for free?

Cuban answers that. You can also download a picture of, say, a rare baseball card, ”and that doesn’t change the value of the card.” So there.

“You’re not buying the picture,” adds Jake Brukhman, founder of cryptocurrency investment company CoinFund. “You’re buying the property rights to the picture.”

I’m buying Cuban’s argument, for two solid reasons. First, he’s probably thousands of times richer than me, so it stands to reason he must be thousands of times smarter. Second, I read his blog post over and over, and I couldn’t make heads or tails of his argument. It seemed to range from stamp collecting to stock buybacks on Wall Street to angry millennials getting the shaft from big institutions to somehow ‘this silly picture is worth millions.’

But that’s when you know someone’s logic is brilliant—when it flies way over your head.

So, like I said, I’m expecting to make my millions soon and I’ll be able to retire on a yacht. Good times.

And here’s the beauty of Crypto Art. If someone buys Van Gogh’s Ear from me for $1.2 million, I’ll then have the cash and they’ll have Crypto Art worth $1.2 million. In other words, just by doing the transaction we will have instantly created $1.2 million in new wealth.

Now imagine if everyone did this! If everyone uploads their holiday photos, and believes, and sells them for $1 million each, pretty soon we’d all be millionaires. Poverty would be a thing of the past. The whole country could retire early.

You’ve heard of Modern Monetary Theory, which basically involves the government freely printing money and handing it out? This is Postmodern Monetary Theory. It’s even better.

Source: cryptonewsbtc.org

IRS Launches ‘Operation Hidden Treasure’ to Target Unreported Crypto Income – Taxes Bitcoin News

The U.S. Internal Revenue Service (IRS) has reportedly launched an operation to target cryptocurrency investors. Dubbed “Operation Hidden Treasure,” the team consists of agents trained in the field of cryptocurrency and transaction tracking.

Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” last week at a Federal Bar Association presentation on combating fraud, Forbes reported. The long-time veteran of the IRS Criminal Investigation division explained that the office has put together a dedicated team of IRS criminal investigation professionals to work on this operation.

A partnership between the civil office of fraud enforcement and the criminal investigation unit, Operation Hidden Treasure aims to “root out tax evasion from cryptocurrency owners,” the publication conveyed.

The team working on Operation Hidden Treasure comprised agents who are trained in the area of cryptocurrency and crypto transaction tracking. They are focused on taxpayers who omit cryptocurrency income from their tax returns.

Carolyn Schenck, the National Fraud Counsel and Assistance Division Counsel for the IRS’ Office of Cheif Counsel, described Operation Hidden Treasure as “all about finding, tracing, and attributing crypto to U.S. taxpayers.”

Schenck detailed that the IRS is working with specialists to identify and investigate various “tax evasion signatures.” These signatures may include “structuring,” where transactions are set up in increments of less than $10,000 to avoid certain tax reporting requirements. It also includes the use of nominees, shell corporations, “or getting on and off the chain.”

The IRS and these specialists analyze “blockchain and de-anonymizing [cryptocurrency] transactions,” the publication noted, in order to “track, find, and work to seize crypto in both a civil and a criminal setting.”

What do you think about the new IRS operation targeting crypto investors? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.bitcoin.com

Author: Taxes

by
Kevin Helms

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