Coin Skim - Issue #7

Welcome to Issue #7! Share our weekly cryptocurrency newsletter with friends and colleagues. Don’t le

Coin Skim

December 3 · Issue #7 · View online
The Daily Coin Skim

Welcome to Issue #7! Share our weekly cryptocurrency newsletter with friends and colleagues. Don’t leave them behind. Too busy to read multiple articles and research regarding the state of Cryptocurrency? We got you covered. Get up to speed in 5 minutes or so!

Research Publication Announced!!
I am very excited to officially announce the creation of BitDigital, a research publication service for those wanting condensed research reporting of trending and rising cryptocurrencies. This will be a monthly subscription priced at $99 USD per month that will include access to exclusive reports of cryptocurrencies on our website and email newsletters every 1-2 days. It will also include access to the private Slack and Telegram Channels. In the Telegram channel you will get alerts regarding major announcements and movements in the market. I understand it is hard to keep us with this booming market while working a 9-5, studying or running a business. That is why I am providing this service at a fraction of what a part-time virtual assistant would cost. This is not a pump and dump scheme nor it is not provide investment advice (Please read our disclaimer). Therefore, I am capping the membership size to only 250 subscribers. 
Please visit BitDigital’s Website and hit the sign up button to register. We’re looking to immediately launch tomorrow (Monday). 
Bitcoin reaches $11,000 with a tank behind
2017 Bitcoin Price Results (Source:
Wednesday will go down in history as one of the craziest days in cryptocurrency. Bitcoin broke the $10,000 mark and not too after reached over $11,000 for the latest all-time high. At that pace, it looked like it could potentially rally to $20,000 easily before years end. It was only a few days later after the Thanksgiving holiday where folks are sharing their significant winnings from 2017. An avalanche of approximately 50 billion dollars was injected to the markets and contributed directly to the surge. Coin Base reported that it added 300,000 new users this past week alone. 
The FOMO (Fear of Missing Out) was evident but the panic sell calls from new money was too much for the market to handle. In a manner of an hour apart, Bitcoin crashed from $11,000 to $9600 while bringing the rest of the alternative coins down with it. From a wild bullish run to a bear market in just a matter of hours, it felt like September blues all over again. Fortunately, Bitcoin quickly recovered back to $10,000 and has stabilized. Some of the other cryptocurrencies have completely recovered and others are slowly climbing back. There is a possibility of further corrections, please do your own technical analysis. 
The IRS wins legal fight with Coinbase
Source: GIPHY
For quite a while, the United States Internal Revenue Service (IRS) has been attempting to obtain user records from Coin Base to uncover any potential tax evasion from substantial capital gains between 2013 and 2015. According to the ruling, Coinbase was ordered to comply with a summons that requires it to identify 14,355 accounts, which have accounted for nearly 9 million transactions. The minimum requirement would be accounts with transaction volumes that total $20,000 or greater. 
Although this is not a surprise to anyone, this would probably set precedent to require US-based exchanges to report tax information to the government on annual basis. A similar requirement occurred during the Daily Fantasy Sports boom a few years ago. We found a nice little service to help you calculate your crypto tax liability. Coin Skim does not nor intend to provide tax advice but please don’t hide your capital gains, the IRS will find you. Those that live outside of the US, lucky bastards!
Exchange Highlight: Binance
Source: Binance
Launched during the summer of 2017, here is one of the hottest cryptocurrency exchanges out there. Mentioned in previous issues, Coin Base has one of the view fiat to cryptocurrency exchanges (“GDAX”) where you can only purchase BTC, ETH and LTC. On the other hand, you can exchange almost any premier digital currency on Binance. The exchange features low trading fee’s, especially if you utilize inhouse-currency “Binance Coin” (BNB). Unfortunately, Binance exchange is only a crypto to crypto trading platform. In addition to drawing international attention, it allows the community to vote on which coin will be officially listed. Most of the time, the price would tend to increase shortly afterwards. The user interface is smooth and elegant similar to GDAX. Easy to execute trades and hover to the different account options. It is still a small exchange in comparison to Bittrex but watch this one closely. If you haven’t created an account there yet, please create one today! Follow this link to begin trading. 
Bitcoin Futures to get listed on CME exchange
US regulators allowed the CME exchange to feature Bitcoin Futures through the CME Exchange on December 18. A move which would allow mainstream Wall Street money to flow into a $320B Cryptocurrency market where Bitcoins possess about 50% of it. Within the report issued by Bloomberg, there is a troublesome statement made by a SEC official. “Most people believe that bitcoin is not a security,” Clayton said this week. “The question is, jurisdictionally, where does the SEC fall. The various regulators are thinking about it. There are jurisdictional issues around bitcoin and bitcoin trading and where it’s taking place.” This is signaling some conflicts within the US financial sector. Traditional Wall Street Investors are scared of losing out on cryptocurrencies high risk high reward products while others are wanting a piece of a unregulated market. Until cryptocurrencies begin to significantly erode traditional financial product’s and impact their bottom line, I don’t expect a hammer by the SEC. There is too much lobbying power in the US financial markets. 
  • Another Billionaire (Carl Icahn) calls Bitcoin a bubble.
  • Australia leading the way in blockchain with partnership with Power Ledger.
  • First blockchain smartphone will be rolled out. 
  • IOTA and Microsoft announce huge partnership
Ledger Wallet
Source: Ledger
Make a solid investment of storing your hard earned bitcoins and ethers on a secure hardware wallet. Get Ledger Wallet.  Don’t keep significant holdings on the exchanges, these can collapse at any moment due to overload or due to getting jacked. 
New to trading? Join CoinBase
Start trading today in CoinBase.
Coin Skim does not provide nor intends personal investment advice regarding cryptocurrencies. Please conduct your own personal research and reach your own conclusions regarding cryptocurrency trading and investing. This newsletter does not provide individual or customized legal, tax, accounting, or investment services.
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From St. Louis, MO with love