Hello hello hello! Welcome to another episode of Flagship Friday, our weekly show where we cover all kinds of crypto news and shenanigans. This week we're talking about things like new bills concerning taxation and crypto, as well as Canada's fresh new way of looking at things crypto related.
Also, Peter Schiff's 7-step program to not making any sense will a-maze you. Finally, Venezuela is unfortunately doing worse and worse, and scammers do, in fact, still be scammin. What a life. Tune in now!
Dive into the cryptoverse with us on this episode of the Crypto Basic Podcast.
Rapid Fire
Pornhub is using Tether since PayPal has banned them. WHAT A PUNTOMG it's even worse. They're using the TRON version of USDT lmao.
Brave MOBILE loads websites significantly faster than Chrome or Firefox - up to 3x or 6x faster using less memory and data.Iota released a new coordicide whitepaper.Remember that Telegram Token sale that had to be refunded? Well they actually did it .They promised a launch date refund if they didn't launch, and refunded. Good on them.
Bill Proposed For You To Only Pay Taxes On Profits Over $200 - BSo this bill would say that transactions would not be subject to gains unless it's over that amount. Apparently 95% of transactions on chain would fall into this category.Bill was introduced in the House of representatives.It's long and confusing, and there was a top post on Reddit even saying that this would re-classify crypto into currency and make it worse for tax reasons, but this isn't the case.It simply creates one more exemption that says that these transactions that result in $200 or less profit, are fine.Right now, if I were to buy 1 bag of coffee from you every month with my Bitcoin, it would create tax issues for you, and me. That's not the case with money, so it's a step in the right direction.Peter Schiff is an idiot, but we can learn from it. - BStep 1I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!Step 2Since all the Bitcoin in my corrupted wallet were gifted to me, it's not that great a tragedy for me that they're lost. "Easy come, easy go," is especially true for #Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.Step 3So much fake news about how I forgot my wallet password. Can't #Bitcoin pumpers be honest about anything? I was very clear that I didn't forget my password. My wallet no longer recognizes my correct password. Plus what's up with over 3K people liking that I lost my Bitcoin?Step 4Had I actually forgotten the password to my #Bitcoin wallet it would be OK as I would eventually remember it, or figure it out by trial & error. But since I know my password and it doesn't work, there’s no way to guess a new random password that may or may not unlock my wallet.Step 5My #Bitcoin mystery is solved. I mistook my pin for my password. When Blockchain updated their app I got logged out. I tired logging back in using my pin, which was the only "password" I had ever known or used. I also never had a copy of my seed phrase. Honest but costly mistake!Step 6To clarify my last tweet I was not able to recover my #Bitcoin. Since I never actually knew my password, just the pin, and never had a copy of my seed phrase, I have no way to recover the Bitcoin. So the problem was not a corrupted wallet, but my confusing a pin for a password.Step 7A lot of people are making fun of me for confusing my pin with my password. I made a mistake and it cost me my #Bitcoin. But confusing Bitcoin for money is a much larger mistake and those who are making it will lose far more than I did!Canada Getting On Board with "Not your keys, not your bitcoin" - BThe CSA has released a notice that they intend to propose the elimination of internal ledgers.This means that exchanges that do this internal ledger practice need to register as Securities with the CSA .There are definite repercussions here. If they aren't holding funds, then money laundering becomes easy and can be done without the exchange knowledge.This can't be done on chain with BTC so would require solutions. If it goes into effect, their exchanges would essentially need to shut down.Crypto Around the World
Slice of prime Zurich real estate sold on blockchain -KA building on Zurich’s most exclusive shopping street has been converted into a blockchain-powered investment following its $134 million sale.Bahnhofstrasse 52, bought by Zug-based real estate investment firm BrickMark20% BrickMark funded about 20% of the purchase by giving the seller, RFR Holding, a batch of its new tokenscollect recurring payments of rental incomeRFR is legit, bought Chrysler building
Venezuela Cash Hoard Sinks Below $1 Billion - KVenezuela’s central bank now has only about $800 million left in cash$200 million of other liquid assetscountry holds some 73 tons of gold in local vaults, (did the math, $3.6b)But selling it is tough because US cut off Maduro regime from global network of buyers, banks, & middle men32 tons of that gold is in London, Bank of England. Maduro has asked for it back but they dont recognize him as the country's legitimate leaderTHAT'S A SCAM
Convicted Hedge Fund Fraudster Plays Crypto -KThis guys was lying to people in the company, fake name and everythingBoaz Manor, "Shaun MacDonald" was pretending to be product designer/management consultantemployees of CG Blockchain quit en masse, guy thinks they're over reactingDude was lying, claimed 20 companies paying $1m each to use product.Would use aliases & change appearanceUses buddy as cover for ownership Edith Pardo, 68 yr old attorney who invested $3m into CG BlockchainWelp he had stolen like $100m from hedgefund, released early from prison but with lifteime ban from securities industryHis buddy got arrested, this dude still at large
r/CryptoCurrency - I have created a list of cryptocurrency scams happening right now. I ended up losing some money last week and I don't want anyone to lose as well. So I researched on various scams taking place. If I have missed any please comment below..I will add it.
Please join the conversation in the Discord. We're in there all the time.
Rate us on iTunes.
Follow CryptoBasicBrent on Reddit.
We are not Financial advisers.
