Cambridge Analytica, the data services firm at the epicenter of the recent public relations nightmare faced by Facebook Inc. (NASDAQ: FB), was looking to make a push into the world of digital currencies via an initial coin offering (ICO).
The company’s ICO effort was overseen by former CEO Alexander Nix, but Nix departed Cambridge Analytica last month amid the Facebook data controversy. Though shares of Facebook, the largest U.S. social media company, bounced back modestly this week, the stock is still down nearly 15 percent from its 52-week high, a decline caused in large part by the data-sharing controversy surrounding Cambridge Analytica.
“Documents and emails obtained by The New York Times show that Cambridge Analytica’s efforts to help promote another group’s digital token, the Dragon Coin, associated the firm with a famous gangster in Macau who has gone by the nickname Broken Tooth,” reports The New York Times.
Last year, there were hundreds of ICOs with the 10 largest raising well over $1 billion on a combined basis. Year-to-date, there have been 183 ICOs, which have raised over $6 billion combined, according to Coinschedule.com. March saw the bulk of that activity with $2.94 billion raised.
Not only was Cambridge Analytica looking to launch its own ICO, the company has actively looked for work with blockchain companies and other firms looking to launch their own digital tokens.
Jill Carlson, a blockchain consultant, “said the Cambridge Analytica employees had bragged about their success in helping get President Trump elected and their ability to carefully target advertising campaigns using data from social networks like Facebook,” according to the New York Times.
The employee in charge of the ICO business at Cambridge Analytica departed the firm in February. Year-to-date, Janauary has been the busiest month for ICO’s with 56. Month-to-date, April has seen 22 initial offerings for digital tokens.
CoinSchedule applies trust grades of “A” to “E” on ICOs with A being the highest and “E” being the worst. Most of the ICOs on the site have grades of C or lower.
“Cryptocurrency is a great idea” – Ron Paul
During a recent “Squawk Alley” interview, Former Republican congressman and presidential candidate, Ron Paul- discusses how he is in favor of cryptocurrencies as well as block change technology. Apparently, he enjoys competing currencies and believes they are a good idea.
He also believes that the governments only have the right to step in to prevent fraud from taking place. In the interview, Paul states that, “the government has a role. And if somebody has a case that there is fraud, I think it should be investigated.” Paul then goes on to state that what he wants to do “is legalize the freedom of choice, absent blatant fraud.” Agreeably so, this is exactly the type of perspective that the crypto world needs.
Throughout the interview, Paul compares crypto to gold in many ways. He points out how both assets are competing with traditional fiat money. He discusses how our government has never been “very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”
This isn’t the first time that Ron Paul has discussed his views on crypto. Back in 2014, the Former Republican Congressman displayed his concerns about the foundation of crypto and Bitcoin. However, he acquired a bearish pro-crypto outlook on the future of fiat money. Paul believes that the dollar won’t last long as “they all self-destruct.” According to Paul, the only competition for the dollar is the euro and yen- which “isn’t any good.”
33 CryptoCurrencies In 4 Words Or Less
We put together this list to describe the top cryptocurrencies that are worth your time in 2019.
Each gets four words. There are many!
Hopefully this provides orientation.
Scroll Down To View An Awesome Infographic from MrBtc.org!
Is The IRS Coming For Your Secret Crypto Stash?
Whether we like it or not, the IRS may be coming for our secret crypto stashes. According to a recently leaked internal training guide, in order to locate people’s secret cryptocurrency stashes, the IRS may start sending subpoenas to tech companies.
In order to help protect yourself and your stash, we recommend you check out the full guide. Initiated by Laura Walter, a CPA, the guide showcases an assortment of tactics that the IRS will be using to track down and detect undisclosed cryptocurrency. Some of these tactics include obtaining bank records as well as app download history and activity.
Just last month, the slides were presented to the staffers of the IRS at an event at the World Bank in Washington D.C. It has also been noted that the IRS will be presenting the training guide to law enforcement agencies as well as other partners from countless countries around the world.
This particular guide goes over the basic concepts and definitions surrounding the cryptocurrency world. It also outlines the tactics the agents will be using to track down hidden wallets. This includes social media monitoring as well as credit card statements, PayPal activity, bank statements, etc.
For those who are concerned about protecting their crypto stash, it is important to be informed about the actions of the IRS and their planned tactics. Awareness is key. Check out the guide and protect your assets!
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