##Kazakhstan wants to put 15% tax on Bitcoin miners

 

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A 15% tax on Bitcoin mining firms has been proposed to build the infrastructure needed to combat the pandemic.

Kazakhstan has proposed a new 15% tax on Bitcoin mining companies with an aim to boost the economy in the wake of COVID-19. To date, the virus has killed over 1,300 Kazakhs.

According to Bitooda, a crypto research company, Kazakhstan accounts for approximately 8% of the total Bitcoin hash rate, which measures the processing power of the Bitcoin network. The central Asian country also hosts the joint third-largest Bitcoin mining industry, alongside Iran and Russia. Given Kazakhstan’s importance to the mining community, this tax proposal has global implications for Bitcoin.

Didar Bekbaouv, co-founder of Kazakh mining company Xive, told Decrypt a tax on Bitcoin mining will “lower investment attractiveness of doing crypto mining business in Kazakhstan.”

How did the proposal come about?

In March of 2018, the National Bank of Kazakhstan’s then-chairman, Daniyar Akishev, proposed banning exchanges of cryptocurrency for the national currency, describing crypto as an “ideal instrument for money laundering and tax evasion.”

But three months later, then-President of Kazakhstan Nursultan Nazarbayev suggested a global approach to regulating crypto. “It is necessary to start developing common rules,” he said.

“The draft proposes not to tax cryptocurrency revenue itself, but rather the proceeds from converting crypto into fiat,” said Bekbaouv in May of this year, adding, “That is, you’d need to pay an income tax once you sell your BTC on a crypto exchange.”

Normally Bitcoin miners have to worry about the fine details of electricity prices, now it might be a whopping great tax.

##US dollar is getting weaker while crypto gets stronger, says Ripple CEO

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People are losing confidence in fiat currencies and are looking for alternatives such as crypto, says Brad Garlinghouse.




In brief

Global populations continue to lose confidence in fiat currencies, said Brad Garlinghouse.


While the US dollar will remain the world's reserve currency in the near future, it's getting increasingly weaker, he added.


At the same time, cryptocurrencies are significantly outpacing the US dollar in terms of increasing their value.



While the US dollar won’t give up its position as the world’s reserve currency any time soon, it’s definitely getting weaker compared to alternatives such as Bitcoin, wrote Brad Garlinghouse, the CEO of Ripple (XRP), on Twitter today.


“A year ago, many decried crypto as a scam, and now a majority of govts are looking seriously at blockchain. It addresses frictions (i.e. settlement, transparency, etc) that were assumed VERY hard to solve before. Crypto is up 80% while USD is down 3% YTD,” Garlinghouse noted.



As Decrypt reported, many financial experts are currently concerned that the US government’s unprecedented fiscal stimulus efforts in the wake of the coronavirus pandemic could lead to the devaluation of the US dollar—and potential subsequent strengthening of other stores of value, including cryptocurrencies. 


Garlinghouse added that traditional monetary systems are usually as strong as people’s trust in them—and fiat currencies are increasingly losing it today.


“As [Fundstrat managing partner Tom Lee] said, it comes down to trust in the financial system at the end of the day,” wrote Garlinghous, adding that “As global populations continue to lose confidence in fiat currencies (as we’re seeing with USD), they will choose to diversify. Our future global financial system will do the same.”



The very same sentiment was expressed by several financial experts in Bloomberg’s article that Garlinghous cited. Its authors noted that while cryptocurrencies are notoriously volatile and prone to manipulation, the blockchain technology that underpins them already gained some very influential proponents.


“At the end of the day, trust is really getting broken in the traditional financial system—that’s the theme. The less trust you have in the dollar, the more you want alternatives,” Tom Lee, co-founder and head of research at Fundstrat Global Advisors, told Bloomberg. “More and more people are saying, ‘You know what? It’s not such a bad idea to be decentralized.’”

##‘Bitcoin ain’t going away. It's gonna get stronger,’ says US Congressman

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Centralized monetary systems never end well, US Congressman Tom Emmer said during the latest Pomp Podcast.



In brief

Bitcoin's decentralization is its main trump card against fiat currencies, said US Congressman Tom Emmer.

The coronavirus pandemic, akin to the 2008 financial crisis, is prompting people to look for alternative stores of value, he noted.


He added that centralized monetary systems are only good for small groups of people who are in charge of money allocation.



The decentralized nature of Bitcoin is what makes it stand out compared to traditional, tightly controlled fiat currencies, US Congressman Tom Emmer said yesterday, during the “Pomp Podcast” hosted by Morgan Creek Digital co-founder Anthony Pompliano.


Emmer pointed out that Bitcoin was conceived by Satoshi Nakamoto around the same time the 2008 financial crisis struck the world—not unlike today’s economic woes spurred by the coronavirus pandemic. And like in the past, people are looking for new stores of value amid the US government’s unprecedented relief measures that could ultimately devalue the US dollar.


"As we come out of the crisis, Bitcoin ain’t going away. It's gonna get stronger. And now [Acting Comptroller of the Currency] Brian Brooks is saying ‘Hey, institutions, you can start banking this stuff. You can provide a home for it, you can start working with it’," said Emmer.



He was referring to Brooks’ recent statement that banks in the US are allowed to custody cryptocurrencies—a move widely supported by the crypto industry.


Looking at the Twitter hack

As Decrypt reported, the Congressman also defended Bitcoin in the wake of the recent Twitter hack, stating that “Bitcoin isn't the problem. Centralized control is.”



During the podcast, Emmer confirmed his stance.


“Look, Twitter’s the problem. They are the ones that screwed up. Bitcoin didn’t screw up. Twitter, your security was not adequate. They hacked Twitter, and you’re gonna have bad guys all over the place,” said Emmer.




He also explained that this is why he doesn’t like centralized control. As an example, Emmer recalled when the coronavirus started spreading in Chinese Wuhan and the local government just “shut everybody down” since it was in control of fiat currencies.


“The government has your currency all on a card. And guess what? If you lived in Wuhan, they shut you down, man. You couldn’t get a ride out of Wuhan to another city. You couldn’t go get some groceries unless the government released you to go get the groceries. So, need I say more about what I don’t like about centralized control?” asked Emmer.



Emmer added that when Facebook’s Libra cryptocurrency was first proposed, he thought “Oh, great concept, wonderful. But somebody’s gotta be in control, right?”



Citing “The Road to Serfdom,” a book written by an Austrian-British economist and philosopher Friedrich Hayek, Emmer pointed out that in a centralized system there always has to be someone—or some group—that decides the allocation of money. And that is never a good thing.

##$2 trillion asset manager reveals 5 reasons why Bitcoin demand will Increase

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Bitcoin’s recent rally past $11,000 for the first time in about a year has been impressive by many standards. The move brought BTC past a crucial technical resistance, shook out many bears, and increased sentiment in the industry drastically.



Even still, there remain skeptics. Peter Schiff, the chief executive of Euro Pacific Capital and a prominent gold bull, wrote as BTC moved past $10,000:




“Two of the last three times #Bitcoin rose above $10,000 in Oct. of 2019 and in Feb. of 2020 it soon fell by 38% and 63% respectively. The last time Bitcoin rose above $10,000 was in May, and it only fell by 15%. It’s above $10,000 again today. How big will the next drop be?”



Yet the crypto asset branch of Fidelity Investments — a $2 trillion Wall Street asset manager and financial services company — released a report on Jul. 30 indicating that demand for BTC should increase over the medium to long term.




Higher demand, assuming consistent or decreasing supply, should lead to higher prices.





Why Bitcoin demand will increase in the long run: Fidelity Investments



In a report titled “Bitcoin Investment Thesis: an Aspirational Store of Value,” Fidelity Digital Assets identified five “longer-term tailwinds that could fuel adoption” of BTC. These are as follows:




An increase in monetary and fiscal stimulus triggered by the economic effects of the pandemic will likely make investors to “turn to a new type of fixed supply asset as protection against potential inflation or low-interest rates, but with significant growth potential – bitcoin.”



Deglobalization, spurred by economic and political trends, could create inflation as global supply chains break down. Bitcoin stands to benefit from this trend.


Paul Tudor Jones, a billionaire hedge fund manager, has acknowledged Bitcoin.


Even if we don’t see hyperinflation, Bitcoin’s potential ability to store wealth over long periods of time, compared to the slowly inflating fiat currencies, should give it a bid in the decades ahead.



The world is undergoing a “great wealth transfer” from baby boomers (and those older than them) to the younger generations. This shift in wealth should naturally favor Bitcoin as there are more millennials bullish about crypto than baby boomers.



Investors are acknowledging the narratives


Fidelity’s report comes shortly after the company revealed that per a survey they spearheaded, institutional investors are rapidly getting acclimated with cryptocurrency as they begin to acknowledge the aforementioned narratives.



In that survey, it was said that 80% of investors surveyed find something interest about the crypto asset class. What makes digital assets interesting, according to the results, include crypto’s long-term upside potential, the technological developments of the industry, and Bitcoin and other altcoins being uncorrelated with other asset classes.

#Dogecoin is now being used by crypto hackers after TikTok boom

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Dogecoin’s usecases have seemingly evolved over time. The meme coin was initially created as a joke in 2014, turned into one of the hottest cryptocurrencies in 2015, became Elon Musk’s favorite in 2018, and was part of a TikTok challenge in 2020.


But things have taken a darker turn for the currency; hackers are now utilizing the token to control crypto mining botnets, security firm Intezer Labs said in a report this week.



Such DOGE, much hack

Intezer Labs, a New York-based malware analysis and detection firm, found out hackers using the infamous “Doki” backdoor have been using Dogecoin wallets to mask their online presence.



The firm said it had been analyzing Doki, a trojan virus, since January 2020 but recently discovered its use in installing and maintaining crypto-mining malware later. 



A hacker — who goes by Ngrok — had uncovered a method to use Dogecoin wallets for infiltrating web servers, the firm noted. The usage is a first such case for the meme coin, which is otherwise known for funnier purposes.


Intezer Labs found out Doki was using a previously undocumented method to contact its operator by abusing the Dogecoin blockchain in a unique way in order to dynamically generate its control and command (C&C) domain addresses.




Using Dogecoin transactions allowed the attackers to alter these C&C addresses on any affected computers, or servers, that ran Ngrok’s Monero mining bots. Doing so allowed the hacker/s to mask their online location, thus preventing detection by legal and cybercriminal authorities.



Intezer Labs explained in its report: 




“While some malware strains connect to raw IP addresses or hardcoded URLs included in their source code, Doki used a dynamic algorithm to determine the control and command (C&C) address using the Dogecoin API.”




The firm added these steps meant security firms needed to access the hacker’s Dogecoin wallet to take down Doki, which was “impossible” without knowing the wallet’s private keys.




Using DOGE to control servers


Using Doki allowed Ngrok to control their newly-deployed Alpine Linux servers for running their crypto-mining operations. They used the Doki service to determine and change the URL of the control and command (C&C) server it needed to connect for new instructions.


Intezer researchers reverse-engineered the process, detailing the initial steps as shown in the image below:




When the above was fully executed, the Ngrok gang could change Doki’s command servers by making a single transaction from within a Dogecoin wallet they controlled.



However, this was just part of a larger attack. Once the Ngrok gang gained access to command servers, they deployed another botnet to mine Monero. Dogecoin and Doki only served as access bridge, as ZDNet researcher Catalin Cimpanu tweeted:



Intezer said Doki has been active since this January, but remained undetected on all 60 “VirusTotal” scanning software used on Linux servers.



As of today, the attack is still active as of today. Malware operators and “crypto-mining gangs” have been actively using the method, said Intezer.



But it’s not a big worry. The firm says preventing exposure to the virus is easy; one just needs to ensure that any critical application process interfaces (APIs) are fully offline and not connected to any application which interacts with the internet.

##89% of Bitcoin Is Profitable But Miners Are Waiting

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Not Going to Sell Now


It was “fourth-times the charm” for Bitcoin (BTC) as the largest cryptocurrency successfully broke its $10,000 resistance; a range that had alluded BTC since the beginning of May. Frankly speaking, the bullish break was long-time coming for Bitcoin since the asset had strong on-chain fundamentals for the past few weeks despite price stagnation, and now 89% of all Bitcoin is profitable for miners.


With Bitcoin rising up in the charts, Glassnode’s recent weekly insights revealed main differences occurring in the industry at the moment


The report notes that the percentage of Bitcoin that is currently yielding a profit is a mind-boggling 89%. That means only 11% of the supply will bring a loss if they sell their BTC in the markets.


Now, such a scenario hasn’t occurred in quite a while hence, triggering a domino effect.



With profits on Bitcoin rising, exchange net flow for Bitcoin has significantly improved, reaching levels unseen since the beginning of May.


The above chart indicates that a substantial part of the industry was currently cashing out on their profits, as the net flow saw its largest hourly surge in the last 3 months.


However, BTC miner’s sentiment remains unchanged.


BTC miners resisted capitulation




89% of Bitcoin Is Profitable But Miners Are Waiting


89% of Bitcoin Is Profitable But Miners Are Not Going to Sell Now


It was “fourth-times the charm” for Bitcoin (BTC) as the largest cryptocurrency successfully broke its $10,000 resistance; a range that had alluded BTC since the beginning of May. Frankly speaking, the bullish break was long-time coming for Bitcoin since the asset had strong on-chain fundamentals for the past few weeks despite price stagnation, and now 89% of all Bitcoin is profitable for miners.




With Bitcoin rising up in the charts, Glassnode’s recent weekly insights revealed main differences occurring in the industry at the moment.


The report notes that the percentage of Bitcoin that is currently yielding a profit is a mind-boggling 89%. That means only 11% of the supply will bring a loss if they sell their BTC in the markets.

Now, such a scenario hasn’t occurred in quite a while hence, triggering a domino effect.


With profits on Bitcoin rising, exchange net flow for Bitcoin has significantly improved, reaching levels unseen since the beginning of May.

The above chart indicates that a substantial part of the industry was currently cashing out on their profits, as the net flow saw its largest hourly surge in the last 3 months.



However, BTC miner’s sentiment remains unchanged.




BTC miners resisted capitulation



The chart above illustrates that Miner Outflow Volume for Bitcoin continued to hover on lower side of the spectrum. This sentiments speaks much for itself and there might be several reasons why miners are still bullish.


First, Bitcoin’s price re-tested $10,000 for the fourth time since the beginning of May, and its attempts to break the psychological range have been well-documented. Thus, the fact that BTC crossed this price line and now sustains a range above $10,000 may point to its potential to surge even higher.



The miners could expect this as an opportunity to get more profits if the asset is able to breach past its 2019 high of $13,800 for which miner’s confidence is currently high.




Next, Bitcoin’s Reserve Risk Ratio continued to be on the lower side as well, which meant that long-term holders continued to bestow their trust in the digital asset.




Therefore, for a long-term perspective, Bitcoin is becoming more attractive to a group of people as the speculators continue to leave the market.

###DeFi’s Dogecoin? Tendies hits $10 million in daily trading Volume

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Tendies, a deflationary token made possible by recent advancements in DeFi, could be the new meme king of crypto.


In brief


Tendies launched its Uniswap pool just days ago and has already topped $10 million in daily volume.


Tendies uses a deflationary token supply, in theory increasing the price of the remaining TEND tokens over time. (It's fallen since its launch).


Tendies developers have so far remained anonymous.


Anew token styling itself as the ‘Dogecoin of the DeFi age’ has been taking the crypto meme world by storm.


Tendies, a self-described ‘next generation autonomous and hyper deflationary coin’, has attracted more than $10 million in daily trading volume within two days of its Uniswap listing, according to Coin Gecko, surpassing stablecoin giants Tether and DAI. 


The meme-coin has even made its way onto Poloniex, the Justin Sun-influenced crypto exchange, and can be tracked on Coinbase.


The breakneck growth in trading volume is a testament to the power of memes and the growing speculative environment surrounding DeFi tokens and protocols like Uniswap.

The origin of Tendies is unclear, but what’s certain is a strong connection to 4chan’s /biz/ image board, where dozens of threads have been created over the past few days promoting TEND. 


Online, tendies mean, roughly, three things. First, it refers to finger-lickin', lip-smackin’ chicken tenders.



Second, and far darker, tendies are the prizes that can be redeemed by little boys in exchange for “good boy points”, which are awarded by their mothers in return for sexual favors.




Third, and somewhat related, tendies are the imaginary prizes that can be redeemed for money gained from speculative investments. The term’s popular among Robinhood traders and on r/WallStreetBets, the meme-heavy trading subreddit that describes itself as “Like 4chan found a Bloomberg Terminal.”



Now the meme has made its way to crypto. Tendies is explicitly designed to reward ‘true believers and top holders’ with additional TEND tokens. 




Here’s how it works: From a starting total supply of 9 million tokens, TEND are continuously transferred from a liquidity pool on Uniswap to a pool on the Tendies website at a rate of 4% per day. 



From there, any user can send a command to drain the pool, receiving 1% of pooled tokens in the process. The remaining 99% of tokens are split; 51% are burned, while 48% are contributed to the ‘Tendies Bucket’. 



Tokens in the bucket are distributed every three days to the top holders of TEND tokens. These TEND tokens are generated using funds collected in a pair of public presales that took place July 12 and July 24.




The thinking goes that as the supply of TEND is reduced from the Uniswap pool and subsequently burned, the trading value of TEND tokens will increase.



The origin of TEND is unclear, but what’s certain is a strong connection to 4chan’s /biz/ image board, where dozens of threads have been created over the past few days promoting TEND.