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Alta Vista, AOL, MySpace, Netscape Are Synonymous With Bitcoin, Ethereum, Ripple and Tether.

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Given the average age of crypto investors under 30, the majority of the crypto community will have heard of MySpace and AOL, but I’ll bet some have no idea what Netscape or Alta Vista was. Two of the greatest actors in the dawn of cyberspace have been removed from the living memory of the collective mind that is the current internet meta.

For those of you who weren’t there in the early days of the internet, AltaVista was the home page of most browsers. It allowed us a new world that opened before our eyes and allowed us to search for anything we wanted in a way never seen before. The browser we all used? Well that would be Netscape! It came as a free CD in almost every computer magazine in the 1990s and came bundled with most ISP plans.

As you can see, you had to install your ISP settings on your computer yourself using a CD. There wasn’t a cable man who came by to install your fiber optic line and connect your router. You had just installed a modem in your PC and dialed a number to access the Internet with your ISP CD. Netscape was the window to the world.

So why am I talking about Netscape and AltaVista? It’s because they failed and were forgotten. Also, they weren’t just “another search engine” or “another new browser”, they were THE search engine and THE browser (admittedly, there was healthy competition from Yahoo, Internet Explorer, etc.) and they fell from the top into nowhere. Back then you could NEVER imagine that Netscape, AOL, AltaVista or Myspace would disappear. They were too big to fail and the technology was too revolutionary …

… wait a minute, where have we heard that lately? Bingo … crypto.

So am I pessimistic about crypto? Do I think everything will go to zero? Well how do you read this article? You are most likely using Chrome, Firefox, or Safari over a fiber, 3G, 4G, or 5G connection from an ISP that is less than 20 years old. The internet, the technology, everything these failed businesses stood for has gotten even bigger than we could have imagined back in the 1990s. However, it is not the pioneers of the 1990s who survive at the top today. Often times when you look around the internet you come across confirmation bias and echo chamber communities simply shouting about things that advance their own agenda. All you have to do is visit r / cryptocurrency, r / bitcoin, or r / dogecoin to see posts that are uncompromisingly pro-crypto at the expense of all other viewpoints. Conversely, if you visit r / buttcoin or r / cryptoreality, you will find people who believe that bitcoin and blockchain will eventually go to zero no matter what. If you try to argue the opposing points in their echo chamber, you will likely get ridiculed, ridiculed, banned, or all of the above (believe me, I’ve seen it from both sides). However, if you look at both sides of the argument, you can begin to paint a completely different picture, one that to me looks a lot like something from the mid-90s.

Bitcoin (CRYPTO: BTC) is slow, energy inefficient (compared to other cryptos, I am not writing the Elon argument here, I think he is completely wrong about it), unregulated, volatile, easy to manipulate and took 12 years to get it get to where it is today. XRP (CRYPTO: XRP) is much faster, ether (CRYPTO: ETH) has smart contracts, and we could go on to a list of crypto projects that are moving the blockchain space forward.

But is blockchain really the answer?

Many on the opposing corner argue that decentralized ledgers are nothing new and that centralized ledgers are actually much more beneficial than a decentralized system and that a trusted architecture will never allow large organizations to scale.

After reading both sides of the argument, my personal conclusion is that blockchain may not be the definitive solution to changing the world I originally thought for. However, I believe that it is the catalyst for such a big change as we saw in the 1990s.

Blockchain has shown us that decentralization in entertainment, finance, supply chain management, art, music, and hundreds more industries has tremendous benefits when tied into an immutable record keeping system like a ledger, either through proof of work or evidence of participation mechanisms is protected.

However, no blockchain project comes close to the number of transactions per second that are possible in today’s Visa network, for example. No company will accept slower payments, they want faster, safer … better.

This is where I started to learn more about Hashgraph. Now I’m by no means a Hedera-Schill. However, Hashgraph is better than blockchain in pretty much every way except one … it’s proprietary and patented by Hedera. Hashgraph can perform up to 5 million transactions per second, compared to 100,000 with ETH 2.0 or 7 currently with Bitcoin. There is talk that Bitcoin’s lightning network could reach billions of transactions per second and Cardano claims it will reach 1 million. However, these are currently only theoretical for real implementation. My point We are earlier than you might think on this next stage of our digital evolution. Could Bitcoin Disappear Completely? Absolutely. Do I expect the end of decentralized, ledger-based data solutions? No chance. We are at a turning point.

Personally, I am involved in the traditional blockchain projects like Ethereum and Bitcoin, but I am hedging in other projects like Hedera Hash graph (CRYPTO: HBAR), Vechain (CRYPTO: VET), Cardano (CRYPTO: ADA), Binance Smart Chain (CRYPTO: BSC) and keep my ear to the floor for what’s next.

When it comes to investing in crypto projects, you can definitely get rich by planning the right investment in the next altcoin pump-and-dump project. But it is just as likely that you will lose everything on your next bet at the Sh * tcoin casino. I stopped calling it cryptocurrency as I think that’s completely reductive. Crypto and blockchain projects offer so much more to the world, why focus on one aspect, payments? Even DeFi does not really fit into the “currency” sphere for the most part. We are not talking about CAKE, AAVE or UNI as tokens that will replace Fiat. This conversation usually only happens on a few projects, namely Bitcoin, Ethereum, Tether, USDC, Dogecoin, Litecoin, BitcoinCash, BitcoinSV and XRP, to name the main players.

Instead, I prefer “crypto” as a collective term for all decentralized ledger tokenization. I’m not trying to impose terminology on anyone, I just think it’s important to understand the challenges here. We have the potential to do amazing things with the basic tenants of this technology. A new monetary system is just one of them. Satoshi had a vision, but he had a vision of a tree, not the forest that could become it.

So what to do Now? Read, watch and listen. Capture everything that is going on in the room from all sides. I really think we hit the internet equivalent in 1994 (and there is data to suggest it) or even earlier. We are still a long way from seeing what this technology can really do if adequately challenged and tested. In any case, I will continue to produce content, so don’t hesitate to follow me if you are interested. Or drop me a message on Twitter.

All of this means that Facebook, Google, Amazon, and eBay of the decentralized ledger space were not yet born! I want to be on the lookout for the next breakthrough technology projects … because they are coming and it most likely won’t be the projects most people are betting on today.

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Cryptocurrency

US Senator Calls On SEC Chairman To Provide Regulatory Clarity On Cryptocurrencies – Regulation Bitcoin News

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A US senator has asked the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, to provide clear guidance on cryptocurrency regulation. The Senator stated that in many enforcement actions, “the SEC has failed to identify the securities involved or the reasons for their status as securities, which would have provided much-needed public regulatory clarity.”

US Senator wants the SEC to provide clear guidelines on crypto regulation

Senator Pat Toomey, ranked member of the U.S. Senate Committee on Banking, Housing, and Urban Development, wrote a letter to SEC Chairman Gary Gensler on Friday regarding the regulation of cryptocurrencies.

His letter followed Gensler’s testimony before the Senate Banking Committee last week. Toomey began:

I’m writing to address the concerns I raised at the hearing about the need for regulatory clarity around emerging technologies such as cryptocurrencies, including stablecoins.

“In order for investors to benefit from a fair and competitive market, regulators must proactively provide rules on how to get to industry,” the Senator said that the SEC “has instead adopted a strategy of regulation through enforcement in this area.” To date, the commission has launched more than 75 enforcement actions against the crypto industry, fines and penalties totaling more than $ 2.5 billion against crypto companies and individuals.

At the Senate hearing, Gensler extolled “the SEC’s success in pursuing crypto-related enforcement measures.” Toomey noted, however, that “in many of these enforcement actions, the SEC failed to identify the securities involved or the reasons for their status as securities, which would have provided much-needed public regulatory clarity.”

SEC Commissioner Hester Peirce is also concerned about the SEC’s approach to crypto regulation. She criticized her own agency in August for taking an enforcement-oriented approach to crypto regulation.

The Senator from Pennsylvania noted that the SEC’s approach was tied to Gensler’s belief that “the likelihood is pretty slim” that a given cryptocurrency platform has no securities. For example, Gensler told Senator Elizabeth Warren at the hearing that the Nasdaq-listed crypto exchange Coinbase (Nasdaq: COIN) could have dozens of tokens, which could be securities.

Recently, Coinbase was forced to abandon its plan to launch a loan product after the SEC threatened legal action and the company alleged it had received no explanation from the regulator. In the meantime, the security guard is in an ongoing proceeding with Ripple Labs and its executives as to whether XRP is a security.

Senator Toomey emphasized:

The SEC has a responsibility to do more than just provide probabilistic estimates.

The Senator concluded his letter with a list of questions for Gensler to answer for additional guidance on crypto regulation.

What do you think of Senator Toomey asking SEC Chairman Gensler to provide clear guidance on crypto regulation? Let us know in the comment section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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

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Cryptocurrency

Crypto plunge a wake-up call — and tax opportunity — for investors

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A detail of the statue of Satoshi Nakamoto, a presumed pseudonym of the inventor of Bitcoin, in Budapest, Hungary.

Janos Sorrow | Getty Images News | Getty Images

The price of popular cryptocurrencies like Bitcoin and Ethereum fell on Friday after Chinese officials stepped up crackdown and essentially ruled crypto illegal.

Government intervention, while substantial, does not necessarily mean that financial advisers believe investors should run into the mountains. But it’s another reminder that crypto holdings are subject to wild fluctuations in price, they said.

“I wouldn’t call this the end of the world,” said Leon LaBrecque, accountant and certified financial planner with Sequoia Financial Group, based in Akron, Ohio. “It’s just a wake-up call.”

“This should be in recognition of the fact that it is a volatile asset and that all the ups and downs are a match,” he said.

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This volatility opens up opportunities for tax planning that may only be a few months away, advisors said, depending on the Democrats’ final compromise on federal tax law.

Bitcoin prices had fallen 6% to around $ 42,000 at 3 p.m. ET Friday afternoon. Ether, the second largest digital currency, fell more than 8% to around $ 2,890.

The People’s Bank of China terrified investors after declaring all crypto-related activity illegal. These activities include, for example, trading services and foreign exchanges. This is the latest move in the country’s wider crackdown on digital currencies.

The ban on Bitcoin and other cryptocurrencies can be of concern for current and prospective investors as the government limits buyers for a significant segment of the world’s population, advisors said. And other governments are likely to have additional regulations as well, they said.

But these can’t make much of a difference in terms of long-term prices. A daily slump in crypto costs, which may feel significant at this point, is likely just part of a longer-term price correction towards an average price, advisors said.

“Will government regulation make cryptocurrencies volatile? Yes,” said Wayne Wilbanks, managing principal and chief investment officer at Wilbanks Smith & Thomas Asset Management in Norfolk, Virginia. “Will it make crypto redundant? No.

“I don’t think China’s regulation, or even US regulations, will make that much of a difference in the long run,” he added.

Bitcoin, for example, is still up around 40% year-over-year despite the slump on Friday. (It’s far from its April high of around $ 63,000, however.)

To this day, volatility is a signature of cryptocurrencies. This year, for example, prices have fluctuated sharply after tweets from Tesla co-founder and crypto enthusiast Elon Musk.

Advisors usually recommend that investors allocate a small portion of their portfolio (anything that they would lose entirely) because of the risk involved.

Tax advantage

Investors can take advantage of recent volatility, according to Jeffrey Levine, CFP, Accountant and Chief Planning Officer at Buckingham Wealth Partners in Long Island, New York.

Equity, crypto and other investors can “reap” investment losses for a tax advantage. Basically, you can sell a lost investment (e.g. Bitcoin) and use the loss to destroy the gain on a winning investment elsewhere in your portfolio.

This “tax loss harvesting” reduces (or eliminates) the capital gains tax owed on the estimated value of an investment sold.

However, unlike stock investors, crypto investors who are sold out can quickly buy back into the same or similar digital currency. As a result, if the volatile asset price recovers shortly thereafter, they can receive the above tax benefit as well as a portfolio benefit.

House Democrats proposed closing this crypto loophole after this year to reform tax law.

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Cryptocurrency

A financial TikTok influencer with almost 500,000 followers says bitcoin is going to ‘get slayed’ – and shares how cryptos and stablecoins make up his trading strategy | Currency News | Financial and Business News

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Mason Versluis

  • 21-year-old Mason Versluis has almost 500,000 followers on TikTok, where he gives tips on crypto and markets.
  • He recently spoke to Insider about how he chooses which coin to invest in and why.
  • Versluis said he would like to see bitcoin “slayed” as other coins have far more real-world use cases.
  • Sign up for our daily newsletter here, 10 things before the opening bell.

Bitcoin is the largest cryptocurrency by market value and is dwarfing its competitors for the time being. But the rise of crypto rivals with far more real world uses means it will be dethroned sooner rather than later, according to financial TikTok influencer Mason Versluis.

The 21-year-old Versluis also bears the username Crypto Mason and has almost 500,000 followers on his TikTok account, which he uses to shoot short videos to educate his viewers about crypto and the markets.

Versluis, who has been trading crypto since he was 15, recently spoke to Insider about his prospects for the market.

“The psychological thing that Bitcoin is always number one and king can be gone. By ‘kill Bitcoin’ I mean that I want something to happen and then we’ll see what happens afterwards, ”said Versluis.

Bitcoin has a market capitalization of just under $ 800 billion, according to CoinMarketCap, of the roughly $ 1.9 trillion that the entire crypto market is worth.

In the last 12 months it has gained almost 350% in price, but Versluis believes there is more value elsewhere.

“My dad told me about XRP when I was 17 and I’ve been back ever since,” he said.

“I’m one of those people who think XRP is a ‘better bitcoin’. And it actually solves the payment problem better than Bitcoin ever can or will, ”he added. Ripple Lab’s XRP token is used in fast payment systems – an area where Bitcoin can’t really compete given the comparatively slow network speed. One of the bigger crypto coins, XRP has kept pace with Bitcoin over the past year, rising 320%.

Ether, the native token of the Ethereum network, is the second largest cryptocurrency and accounts for around 20% of the market. The blockchain’s ability to run decentralized financial applications, smart contacts, and other protocols has resulted in an onslaught of investor money in ether this year, up nearly 800% over that time.

“It must have use cases, that is: Does this token do nothing? Am I only buying this token because I think it will increase in value?” said Versluis.

“That’s what I personally invest in, just because of the potential – they actually do something. Ethereum has so many decentralized applications built on it, ”he added.

When it comes to taking a position in a coin, Versluis says he’s not a day trader.

“It’s a lot of stress, you have to sit at the computer and watch the markets,” he said.

“I’m going to see an opportunity, put in some money and basically ramp up this rocket until I think it’s time to sell it. I sell them off and put them in a stablecoin like USDT or USDC. And then I just make profits and reinvest part of it in my main portfolio. So it’s a slow process, “he said.

As a relatively young trader who says that part of his passion for crypto is the decentralized, free nature, the question arises what Versluis thinks about the regulation in this market. Unlike many crypto fans, he’s not against it. However, he believes that all rules have to adapt to the reality of the crypto market and that one size does not fit everyone.

“It’s a digital world. And we’re only getting more digital and virtual, ”he said.

“You can’t just take the old system and the laws and slap it on crypto. It doesn’t work.

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