17/10/2022. Poll Results and Weekly CryptoNews Digest

Hello guy, and welcome back to the MNO weekly newsletter which takes aim at providing vital information about the best HYIP investment opportunities as well as taking a closer look at an ever evolving cryptocurrency world. For over fifteen years online turned from an extra profitable business to just a hobby that supplements my free time now.

As you might have noticed for yourselves the situation in the HYIP industry is more than just a slowdown, it’s a disaster. All the professional admins seem to have gone and moved to more profitable pastures, while those remaining have no conscience in running blatantly fast scams with the only aim in mind – to fill their owners’ deep pockets. When this disastrous situation for investors is going to change no one really knows but I can’t exclude the possibility that we will never see any improvement at all.

Having said that, I’m currently in the process of researching other totally legitimate money-making opportunities which will require fulfilling certain tasks from their members in exchange for financial incentives. Note that many of such things will only be available in certain countries, but the richer countries will certainly be covered.

Judging by the results of the poll which was embedded in last week’s post MNO readers in their overwhelming majority thought it might be a great idea to bring such money-making opportunities to light and review them on my blog. That will help people with paying their bills or reducing the negative effects of the cost-of-living crisis and economic stagnation which can be felt pretty much everywhere across the globe.

I remind you that the question put to you was as follows – “Are you interested in finding out about extra income source websites which don’t require making an investment?” And the positive response was overwhelming with 83% readers so far answering “Yes, I would really love it to hear about them” while another 17% voted for the option “Maybe, it depends on what I have to do to earn”. No one actually said that they prefer investing their own money and did not need any financial assistance in exchange for doing certain tasks.

Now that I see the positive response from my readers to my proposal I will have to properly research and prepare the full-scale review of the first money-making option which will most likely be posted on the MNO blog next week. Just to give you a sneak peak of what you might expect as well as try to sign up to that already I will give you a sneak peak here.

If the interest shown in the poll transfers to signups I will certainly be more inclined to share with you more tips and tricks on how to maximize your income from those websites which you can do in your free time. Make sure you stay subscribed to the MNO blog by entering your email address here and click on the confirmation link you will receive to your mailbox shortly. Then you will join hundreds of other subscribers and will benefit from the chance of reading the whole blog posts sent directly to your registered mailbox within 24 hours from publishing. And surely will never miss a precious thing that may contribute to your financial wellbeing! And for the more up-to-date communication from my blog please follow MNO on Telegram, Facebook, or Twitter.

Currently I am travelling over the beautiful Greek island of Kefalonia and will research it over the remaining week, so there might have some delay in responding to your emails, guys. However, I will make sure to do it as soon as humanly possible. So don’t hesitate to come and say hello on Telegram @mnoblog. Alternatively, please submit this online form or just email me directly at abramsonp@gmail.com as I always strive to respond to everyone within a 24 hour timeframe.

Now without further ado we will get to the main subject of today’s post and will take a closer look at some of the most interesting things that happened over the last seven days in the regular Weekly CryptoNews Digest covering events from the last calendar week – October, 10 to October, 16, 2022.

There’s the usual mixed bag of stories this week in the MNO CryptoNews Digest, some good and some bad, but I absolutely can’t start the update without referencing the most eye-opening, downright jaw dropping statistic I think I’ve ever come across in the history of online and digital e-currencies. We are a mere seventeen days into the month, and nine and a half months into the year, and yet still this has already been both the worst month and the worst year ever for online theft.

According the BlockChain analytics company Chainalysis, around $3 billion dollars has been heisted by hackers so far this year, significantly surpassing the $2.1 billion dollars stolen during the whole of 2021 (the previous record by the way) with a massive $718 billion dollars of that being stolen in under two weeks in October alone. In past years, hackers focused their efforts on attacking crypto exchanges, but those companies have since strengthened their security, Chainalysis said. These days, cyber criminals are targeting “cross-chain bridges,” which allow investors to transfer digital assets and data among different blockchains. The bridges hold a lot of cryptocurrencies, providing a larger and more complex arena for hackers to infiltrate, according to cyber security experts.

Hackers initially made of with $570 million in cryptocurrency from Binance, but company officials have minimized the losses to under $100 million which is still a massive financial blow to any company. Hackers also struck Nomad in August, reportedly taking nearly $200 million. Both the Binance and Nomad attacks were instances of hackers exploiting security flaws within the cross-chain bridge transaction protocols. Crypto.com said in January that hackers managed to bypass its two-factor authentication system and withdraw funds from 483 customer accounts. Harmony lost about $100 million in a hack in June. Crypto platforms Wormhole and Ronin Network were also targets of hackers this year. All told, Chainalysis said there have been 125 hacks so far this year. As most readers will already no doubt be aware, cryptocurrency is not government regulated or insured like bank accounts in most jurisdictions, which means if an account gets hacked, the government will not work to restore a customer’s funds. Few people if anyone really enjoys the state sticking their noses into their private finances, if you happen to be one of them than that’s the risk you need to be prepared to accept.

Speaking of government interference in your personal finances, it looks as if the party is finally coming to an end for crypto investors in Portugal, a country long considered as something of a tax haven for industry players. The Portuguese government has proposed a 28% tax on capital gains from cryptocurrencies held for less than a year. The 2023 State Budget document published this month featured a short section addressing the taxation of cryptocurrencies, which to date have been untouched by the Portuguese tax authorities, given that digital assets were not recognized as legal tender. The section notes that the Portuguese government intends to create a ‘broad and adequate’ tax framework aimed at cryptocurrencies in terms of their taxation and classification. A proposed income tax from operations involving cryptocurrencies through activities such as mining or trading, as well as capital gains is now being discussed.

The State Budget also proposes a 4% taxation fee of free transfers of cryptocurrencies in instances of inheritance, as well as stamp duties on commissions charged by intermediaries involved in the cryptocurrency sector. Portugal’s parliament will have the final say as to whether the proposed cryptocurrency tax changes are enforced, while the notion is not entirely new. In March 2022, Secretary of State for Tax Affairs laid out the rationale in a parliamentary working session for taxing cryptocurrencies given that capital gains were being realized by users. Germany recently took a similar stance toward the taxation of cryptocurrencies. It released new guidelines in May 2022 outlining clear income tax rules for cryptocurrency and virtual assets. Individuals who sell Bitcoin or Ethereum more than a year after acquisition will not be liable for taxes on the sale if they realize a profit. Personally I can’t really see how such a law is going to be enforced, but then again it isn’t something I need to concern myself with. If people in Portugal don’t feel like paying taxes on earnings from crypro speculation then I’m pretty sure they’ll find multiple ways to avoid doing so, provided of course they do make themselves aware that the penalties for tax evasion are rarely pleasant in any country.

In other news this week, it’s long been known and lamented that the actual physical act of mining for cryptocurrencies has become very much an elite activity. With the huge amount of energy required being the main sticking point, the profit margins are wafer thin for independent miners unless you are making supreme efforts to mine gigantic quantities. Otherwise it’s simply no longer profitable, and hasn’t been for a long time, for the average private individual currency enthusiast to get involved.

This is where Binance, one of the true giants of the crypto industry are getting involved. Binance Pool has recently launched a $500 million project to support the crypto mining industry. In addition to serving borrowers, Binance Pool is looking for cloud mining vendors. As one of the world’s leading crypto mining pools, Binance Pool has a responsibility to help maintain a healthy digital asset ecosystem. In light of current market conditions, Binance Pool is launching the multi million dollar lending project to support crypto miners and digital infrastructure providers. The first of its kind for Binance Pool, this project was designed to provide secure debt financing services to both public and private blue-chip Bitcoin mining and digital asset infrastructure companies globally. Eligible borrowers will be required to agree to an 18 to 24-month term, interest rates ranging from 5% to 10%, plus offering security, either physical or digital assets, satisfactory to Binance. The cloud mining hash power will be directly purchased from Bitcoin mining and digital infrastructure providers.

Lastly for this week’s crypto digest I just want to mention two other items very briefly. I’m not going to go into too much detail on either story as to be blunt I’m not entirely sure how interested many of you will even be, but I do think both items are worth mentioning. First of all Grayscale has filed a lawsuit against the Securities and Exchange Commission for denying the conversion of its Grayscale Bitcoin Trust to a spot Bitcoin ETF. The firm described the decision as “arbitrary, capricious, and discriminatory”. The SEC approved multiple Bitcoin futures ETFs in 2021 and in 2022, but has repeatedly rejected ETFs that hold Bitcoin directly. While this might not seem like a particularly hot topic this week, potentially the knock-on effects or any precedents that get set could be big so I think this might be a story worth returning to once the bigger picture starts getting more clear.

I also noticed this week that yet another crypto firm has cut a third of its staff. New York Digital Investment Group, which is the rather unimaginative name of a BitCoin trading and banking firm, has slashed its workforce according to newspaper reports. The cuts came two weeks before NYDIG’s CEO and President left the firm, which had raised $1 billion at a $7 billion valuation in December. Around 110 employees are affected by the lay offs, with the company citing the need to cut expenses and focus on more profitable business lines as the main factor driving the move. With condolences and the greatest respect to the people who are losing their jobs in today’s economic climate, I have to say the whole industry does come across as dreadfully bloated with way more people involved than is currently necessary to meet public demand for the services offered. I have no doubt that the more capable ones will be back on their feet before too long.

I hope you did enjoy the Weekly CryptoNews Digest and will come back next Monday for more information that will take place during this coming week. Thanks a lot for the positive feedback on my proposal that will change the direction MNO has been heading for a while now. After all, Money-News-Online is a very broad definition that can cover a much wider variety of topics rather than just HYIPs. Stay tuned for more on MNO – For Money Lovers!