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Cryptocurrency

Harvard Students Start Their Own Crypto Hedge Fund

The hallowed halls of Harvard have produced some legendary entrepreneurs and Wall Street titans. Four students at the prestigious university are looking to add their names to that list with a new cryptocurrency hedge fund known as Plympton Capital.

“Bushra Hamid, the 19-year-old daughter of Syrian immigrants, has teamed up with three schoolmates to form Plympton Capital, a hedge fund for investing in digital currencies,” reports Bloomberg. “Hamid says they aim to launch in six to eight weeks, starting with $1 million. Plympton, named for a street in Cambridge, Massachusetts, has already raised $700,000 from friends and family.”

As the cryptocurrency universe has expanded, so have the number of hedge funds focusing on the asset class. Currently, there are 251 dedicated crypto hedge funds on the market, a massive percentage of which debuted last year.

Chart Courtesy: Autonomous Next

However, the space is highly competitive and with the retrenchment experienced by many digital currencies earlier this year, some crypto hedge funds closed their doors. By some estimates, nearly 10 crypto hedge funds closed their doors in the first quarter of this year.

Focusing On Millenials

Not surprisingly, Plympton Capital is focusing on younger investors.

“The Plympton group is banking on the youth movement. A recent online survey of about 2,000 adults conducted by Harris Poll for Blockchain Capital showed that 4 percent of millennials — people 18 to 34 years old — have owned Bitcoin, twice the rate of the general population. And 16 percent of millennials said they plan to buy Bitcoin in the next five years,” according to Bloomberg.

Recent surveys and studies suggest many asset allocators remain reluctant to embrace digital currencies and that overall ownership of the asset class remains low among American investors. However, those studies encompass participants that are likely much older than the 18-34 demographic.

Interestingly, none of the four Harvard students that are co-founders of Plympton Capital are business majors, though one majors in applied mathematics. A pair are psychology majors while the other studies neurobiology and economics.

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Bitcoin

“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.”

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Altcoin

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!

 

Name            | Sym.  | Description                              
----------------|-------|------------------------------------------
Bitcoin         | BTC   | Digital gold                             
Ethereum        | ETH   | Programmable contracts and money         
Bitcoin Cash    | BCH   | Bitcoin clone                            
Ripple          | XRP   | Enterprise payment settlement network    
Litecoin        | LTC   | Faster Bitcoin                           
Dash            | DASH  | Privacy-focused Bitcoin clone            
NEO             | NEO   | Chinese-market Ethereum                  
NEM             | XEM   | Batteries-included digital assets        
Monero          | XMR   | Private digital cash                     
Ethereum Classic| ETC   | Ethereum clone                           
IOTA            | MIOTA | Internet-of-things payments              
Qtum            | QTUM  | Ethereum contracts on Bitcoin            
OmiseGO         | OMG   | Banking, remittance, and exchange        
Zcash           | ZEC   | Private digital cash                     
Lisk            | LSK   | Decentralized applications in JavaScript 
Cardano         | ADA   | Layered currency and contracts           
Tether          | USDT  | Price = 1 USD                            
Stellar Lumens  | XLM   | Digital IOUs                             
EOS             | EOS   | Decentralized applications on WebAssembly
Stratis         | STRAT | Decentralized applications in C#         
Electroneum     | ETN   | Monero clone                             
Bytecoin        | BCN   | Privacy-focused cryptocurrency           
Ardor           | ARDR  | Blockchain for spawning blockchains      
Binance Coin    | BNB   | Pay Binance exchange fees                
Augur           | REP   | Decentralized prediction market          
Decred          | DCR   | Bitcoin with alternative governance      
TenX            | PAY   | Cryptocurrency credit card               
BitShares       | BTS   | Decentralized exchange                   
Golem           | GNT   | Rent other people's computers            
PIVX            | PIVX  | Inflationary Dash clone                  
TRON            | TRX   | In-app-purchases                         
Vertcoin        | VTC   | Bitcoin clone                            
MonaCoin        | MONA  | Japanese Dogecoin


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Cryptocurrency

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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