Bitcoin Bravado

​​Task Force to Tell Washington: Ramp Up Crypto Exchange Regulation.

An advisory body will reportedly tell the American government to increase the level of its policing of crypto exchanges – with a new spate of anti-money laundering (AML) measures possibly incoming at trading platforms operating in the country.

Per a report from Reuters, the Ransomware Task Force, a public-private body made up of secret service officials and industry experts and charged with mitigating malware, cybercrime and other cyber-risks, is set to advise Washington that it needs to step up its regulatory game in the crypto industry.

The news agency wrote that the task force will recommend policy changes, and will likely advise extending know-your-customer (KYC) “regulations to currency exchanges,” as well as “imposing tougher licensing requirements for those processing cryptocurrency.”

The task force also wants the government to create “a special team of experts within the Justice Department” that would allow prosecutors to seize crypto holdings more effectively, as the experts concluded that the current processes for crypto confiscation are “currently fraught with logistical and legal challenges.”

The task force’s membership comprises FBI officials, as well as individuals from the United States Secret Service, alongside representatives from “major tech and security companies.”

The news agency pointed out that ideas like these have been put before policymakers before, with the Financial Crimes Enforcement Network also asking Washington to create a system of disclosure rules for crypto transactions worth over USD 10,000.

Any legal requirements of this nature would be subject to parliamentary approval, but Reuters also quoted Philip Reiner, the chief executive of the Institute for Security and Technology, and the task force’s chair as stating,

“There’s a lot more that can be done to constrain the abuse of these pretty amazing technologies.”

An unnamed Homeland Security “official” was also quoted as stating that the recommended legal changes “would be huge," adding,

“Crypto is a world that was created exactly to be anonymous, but at some point, you have to give up something to make sure everyone is safe.”

​​Samsung, Shinhan Card Workers ‘Quit Jobs after Making Crypto Fortunes’.

The South Korean mainstream media has found a new subject du jour – crypto. And all of today’s major newspapers carried reports on crypto fever 2.0, a wave of investment that has seen bitcoin (BTC) and altcoin buying go through the roof, eclipsing even the situation in late 2017 and early 2018, when media outlets reported about everyone from teenagers to nonagenarians investing their pocket money and pensions on tokens.

But crypto fever 2.0 appears to be an altogether more frantic affair. The government has doubled down on its threats to “crackdown” on an “overheated” industry – and has taken aim at individuals targetting quick profits by exploiting the kimchi premium with new banking measures, as well as crypto fraudsters and multi-level marketers running crypto-flavored scams.

The TV network JTBC aired a video report featuring interviews and testimonies with employees at some of the country’s biggest companies – the card giant Shinhan Card and Samsung – who said they had quit their jobs after making big money on crypto investments.

The ex-Shinhan employee stated that he made profits of around USD 2.7m by effectively staking all of his life savings – plus loans – on crypto trades. He left his job last month.

The former Samsung staffer, though, raised attention when he went online to claim that he had managed to put together USD 44,670 worth of capital to invest in coins – and had walked away with almost USD 36m.

Another office worker in the busy financial district of Yeoido said she had been left feeling “anxious” due to the fact that so many people she knew had made money from their own bitcoin investments.

The media outlet pointed to Coinone crypto exchange data, which shows that over half of the platform’s customers are aged 30-49, with the vast majority of the customer base being in their 30s.

But Donga reported that there is also plenty of action at the other end of the scale. Data from domestic crypto exchanges, the newspaper wrote, showed that 64% of new crypto investors are aged 20-39. And 1.5% of new investors are aged 19, the legal age of consent in the nation for activities such as crypto investment.

In another, a separate report from the same newspaper, there was testimony from 19- and 20-year-old investors. One, a university freshman, claimed that they had “opened an account at a cryptocurrency exchange as soon as” they turned 19 last month, adding, “I was envious about the fact that my university seniors and friends had made money with crypto, and had quit their part-time jobs and started spending more.”

​​​Satoshi Nakamoto actually changed someone's mind about the energy consumption of #Bitcoin all the way back in 2010.

"having Bitcoin would be the net waste."

@BitcoinBravado

​​​$2.37B of $USDT were deposited on exchanges yesterday.

That torrent of money is second only to Feb, 3 that preceded Tesla's Bitcoin announcement.

The dip is getting bought.

Coincidence? I doubt so!

@BitcoinBravado

​​​BTC

Looking at moving averages as confluence on the weekly chart, the $45k area looks good for a bounce

The 10W EMA meeting up with the weekly support level as we speak

Still planning to bid there if price makes it that low

@BitcoinBravado