Here Comes the Government— VAULT Cryptocurrency Blockchain News #18
If you live in the United States then you have been hearing rumors this week that the Congress and Senate are looking at legislation to tax cryptocurrencies. These reports intensified as the Senate began voting on the 2,000-page document known as the Infrastructure Bill. This bill will provide nearly $1 trillion to update the Unites States’ roads, highways, and infrastructure.
The problem with this bill is that hidden inside is a new revised tax reporting requirement for cryptocurrency transactions. This requirement states that any broker must report transactions to the IRS as securities brokers are required to do for stock and bond trading.The language of the bill describes a broker as a person or company who regularly provides a service that executes transfers of digital assets on behalf of another person.
Many senators have objected to the bill. Several amendments are being proposed to clarify and further define who would qualify as a broker.
Senator Pat Toomey issued a press release through the Senate Banking Committee, calling the current language “unworkable” and said, “ by including an overly broad definition of a broker, the current provision sweeps in non-financial intermediaries like miners, network validators, and other service providers.”
In the worst-case scenario, there is a risk of innovation going overseas. Many cryptocurrency miners that recently moved to areas like Austin, Texas, will likely leave for other countries as they will not be able to comply with the requirements, and legal battles to get the courts to clarify intent formally could take years.
This legislation would not only require companies to hire lawyers to weigh the risk/reward of staying in the US, but may also put the average American at risk by their participation in cryptocurrency networks.
Many big names in crypto are calling their Twitter followers to contact their senators and congressmen to voice their concerns on this bill.
If this concerns you, then contact your representatives and let them know your thoughts.
VAULT Crypto News This Week
EMOJ upgraded to the new collateral (60000), all masternodes restarted.
Holding VAULT coins on VAULT.Investments platform enables you to choose.
Pay in VAULT coin on each coin’s share card to get a 50% discount on hosting and use your VAULT coin rewards to pay hosting for other coins!
This month we’re offering a 20% CRYO freeze bonus on VAULT coins, and all VAULT coins including CRYO VAULT can be used to pay and get a 50% discount on hosting for all coins VAULT hosts! If you hold or purchase unfrozen VAULT coins on Crex24 or SouthXchange, just let Ian | VAULT.Investments know by August 31st if you want to freeze them for the 20% bonus, and VAULT coin Coin Packs already have 20% bonus coins added!
If you combine the Pay in VAULT coin 50% hosting discount with using VAULT coin rewards to pay for hosting other coins, this can amount to deeply discounted or free hosting, especially if you take advantage of the 20% bonus! VAULT also offers other hosting options (Prime and Stronghold) to suit holders of large quantities of coins or many nodes.
VAULT Coin’s Market Performance This Week
As usual, VAULT’s blockchain is running smoothly and producing great rewards for investors. After the impressive gains we had last week we had a mild correction this week. We saw the high at $5.07 on Sunday. We had a low of $4.22 on Wednesday. We closed out the week at $4.79, down from $5.01 last week for a loss of 4% for the week.
We saw an average of $1,749.86 traded daily. This held above the $1,000 daily level and is above last week’s number of $1,746.38.
VAULT coin trades on CREX24 and SouthXchange and we saw 100% of the trading volume this week occurring on CREX24. The Minimum Guaranteed Price buy wall of 1,000 VAULT at 10,500 Satoshi continues to be well-protected by investor demand, with orders currently totaling 328.85 VAULT above the wall. The current price is 11,011 Satoshi (0.00011011 BTC), below last week’s closing price of 12,100 Satoshi (0.00012100 BTC).
In addition to the platform, products, use, and demand, VAULT continues to benefit greatly from being tied to Bitcoin. This week we saw BTC go up 3.3%.
VAULT has been rated a profitable investment on digitalcoinprice.com. Check out their price predictions below.
Bitcoin (BTC) Update
Bitcoin has seen good growth this week. Many have said it is riding on the coattails of Ethereum, which saw massive growth after the release of its much anticipated London hard fork that introduced a fee burning mechanism.
The hard fork unfortunately did not do much to help with gas fees. If you want to swap an ERC-20 token on Uniswap today, you can expect to pay about $27 in gas fees. It has been over $200 in the last 24 hours. You can check the current gas fees here.
Ethereum is very popular but it is getting ridiculously expensive to trade on.
There is quite a bit of controversy on where Bitcoin is going to go from here. One group says that we are hitting the bull run and price will be over $100,000 by the end of the year.
One thing I have noticed over the years is that when price is going up and everybody is saying we are headed to $100,000 then that is where we see the price dump. Will this happen again? This is commonly known as a bull trap. It has ruined the fortunes of many a leverage trader.
The other side is calling for Bitcoin to hit a major downturn and possibly hit $10,000 by the end of the year.
The thing to remember about price predictions is that the people who are making them have their own biases and motivations. Will Bitcoin’s price go up over time? History has proven that it will. Will other coins like Ethereum go up at a faster pace than Bitcoin and provide better returns? Do your own research and really look closely at any projects you might be considering.
Projects that provide returns on your crypto investments provide a distinct advantage over traditional crypto and fiat investments. When you purchase VAULT coin, you can earn shared masternode rewards plus up to 25% APR on Bitcoin, which is currently up 269.2% this year. This allows you to maximize your returns for potentially massive gains.
Cryptocurrency News This Week
Never Fear, Elon is Here
Vote Could Come Soon
London Hard Fork Has Arrived
Lionel Messi and Spiderman Go to NFTs
How Great is it to Be an Indian Olympian?
Grayscale Pushing for ETF
VAULT Crypto Portfolio Tracker
I wanted to give you a running tally of what you could potentially be earning with VAULT. The example I’m using is holding 1 CRYO VAULT masternode (CRYO VAULT available here) with 0.1 BTC invested in the BTC% program (check it out here).
I wanted to show you what kind of returns you could be earning weekly and cumulatively.
One VAULT masternode of 1,000 VAULT with current ~26% ROI generated 4.98 VAULT blockchain rewards this week for a total of 99.28 VAULT over the past 19 weeks. Total is now 1,099.28 VAULT. The total dollar value earned was $475.55 at VAULT’s current price of $4.79. The total BTC value at VAULT’s current price (0.00011011 BTC) is 0.0122187.
Investing 0.1 BTC in the BTC% program earns you 11% APR, giving you a weekly return of 0.00021089 BTC. Over the last 19 weeks, this would be worth 0.00400 BTC or $174.54.
The total value of your potential returns over the past 18 weeks would be $705.85 or 0.01621872 BTC.
We Are Here to Help You DYOR (Do Your Own Research)
I hope this week’s update on crypto legislation has given you some new knowledge. If you have any questions please feel free to post or contact me Bobtilladhun (firstname.lastname@example.org) or any team member on VAULT Investments Discord server:
VAULT Global Ambassadors
We want to again invite people to become a VAULT Ambassador. It is a great way for us to spread the great news of VAULT investments to everyone around the world. If you would like to join our growing international community, please click here for more information.
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This is not financial advice. VAULT Investments provides a service to its clients and is not responsible for projects listed or featured in its platform or ecosystem. Users should always DYOR. Invest at your own risk.