Threads, which was launched to millions on Wednesday, is similar to Twitter and has been pitched by Meta bosses as a "friendly" alternative. Twitter's Elon Musk said "competition is fine, cheating is not" - but Meta denied claims in a legal letter that ex-Twitter staff helped create Threads. More than 30 million people have signed up for the new app, according to Meta. That is less than a tenth of the estimated 350 million users on Twitter, according to Statista. According to an SEC filing from 2013, it took Twitter four years to build the same number of users that Threads gained in a day - though Twitter grew its userbase from scratch, while Threads was able to tap into the pre-existing two billion monthly users Meta says Instagram has. The look and feel of Threads are similar to those of Twitter, a reporter noted. He said the news feed and the reposting were "incredibly familiar". But US copyright law does not protect ideas, so for Twitter to be successful in court it would have to prove that its own intellectual property, such as programming code, was taken. And in 2012 Meta was granted a patent for "communicating a newsfeed" - the system that displays all the latest posts when you use Facebook. In a move first reported by news outlet Semafor, Twitter attorney Alex Spiro sent a letter to Meta CEO Mark Zuckerberg on Wednesday accusing Meta of "systematic, wilful, and unlawful misappropriation of Twitter's trade secrets and other intellectual property" to create Threads. Specifically, Mr Spiro alleged that Meta had hired dozens of former Twitter employees who "had and continue to have access to Twitter's trade secrets and other highly confidential information" that ultimately helped Meta develop what he termed the "copycat" Threads app. "Twitter intends to strictly enforce its intellectual property rights, and demands that Meta take immediate steps to stop using any Twitter trade secrets or other highly confidential information," the letter says. #bitcoincanada #cryptotraders #bitcointrader #tradinglifestyle #bitcoinaustralia #bitcoinatm #cryptoinvesting #bitmain #wallstreet #twitter #threads #elonmusk #cryptocoin #altcoininvesting #bitcoinnews

Binance CEO Changpeng “CZ” Zhao has delivered his prediction for the next Bitcoin bull market. In a July 5 “ask me anything” session on Twitter, CZ covered BlackRock's intention to enter the crypto market, updated listeners about ongoing regulatory action against the exchange, and gave his thoughts on the next bull run. CZ explained that the price of Bitcoin has historically moved in four-year bull cycles and his best bet was that this would continue to occur. While he admitted that he couldn’t see the future, Zhao emphasized the upcoming Bitcoin halving event in 2024 and declared 2025 to be the most likely year for the next bull market, stating: “The year after Bitcoin halving is usually the bull year.“ Asked whether he was concerned about BlackRock’s recent entry into the spot Bitcoin exchange-traded fund arena, CZ welcomed it, saying it is “hugely beneficial” for the crypto industry. Since the firm’s June 15 filing, many have raised concerns that the intention of major TradFi firms stands in direct contrast to the ethos of Bitcoin as a decentralized monetary network. Zhao also brushed off concerns that BlackRock could eat up Binance’s market share in the future, describing the overlap between their respective customer bases as “minimal.” “Anyone who’s coming into crypto that’s not in crypto today will bring additional people into crypto. Will they compete for any of the existing users with us? Yes, probably a little bit. But to be honest, look at our user base. The overlap is minimal.” Zhao explained that increased institutional interest and Bitcoin’s upcoming halving are the two primary reasons why Binance wants to be “prepared for higher [trading] volumes” over the next eighteen months. #bitcoinguru #cryptowallet #bitcointalk #bitcoinmeme #cryptoinvestor #cryptocurrency_news #tradelifestyle #cryptoinvestment #bitmain #poloniex #cryptocurrency #bch #binance #cryptocurrencytrading #cryptocommunity #cryptopsy #cryptominingfarm #bitcoinwallet #altcoindaily

BlackRock CEO Larry Fink made important remarks about the role of cryptocurrencies in the financial world, saying they are a kind of “digital gold” and identifying Bitcoin (BTC) as an international asset. Fink’s comments were made during an interview with FOX Business, in which he discussed the potential of cryptocurrencies and their role in investment portfolios. The comparison between gold and Bitcoin: for BlackRock’s CEO, they are very similar Fink believes that cryptocurrencies, particularly Bitcoin, can serve as a digitized form of gold. Traditionally, gold has been considered a hedge against inflation and currency devaluation. It has provided investors with a safe haven in times of economic uncertainty. Fink believes cryptocurrencies play a similar role, offering a means of diversification and protection against the challenges of individual countries and their currencies. Referring to Bitcoin as an international asset, Fink emphasizes its potential as a global store of value. Unlike traditional assets tied to specific jurisdictions, Bitcoin transcends borders and can be accessed by anyone with an Internet connection. This international nature makes it an attractive option for investors seeking a hedge against geopolitical risks and currency fluctuations. In line with its views on cryptocurrencies, BlackRock, the world’s largest asset manager, recently applied for an exchange-traded fund (ETF) on Bitcoin. An ETF would allow investors to gain exposure to Bitcoin without directly owning the cryptocurrency. It would be a regulated and accessible investment vehicle for individuals and institutions wishing to participate in the digital asset market. #bitcoinguru #cryptowallet #bitcointrader #bitcoininvestor #investinbitcoin #blockchainnews #invest #sharecrypto #bitcoinart #wallstreet #blockchain #cryptocurrencies #altcoin #bitcoinprogress #cryptoinvestor #bitcoinasia #cryptocrunchapp #bitcoinmoney #investorsclub

According to a Reddit post, a developer has posted an unusual farewell note, apologizing and blaming his online gambling woes after leaving a project in shambles, turning a $2 million valuation into $20,000 within minutes. Several investors in the Encryption AI project have reported that its developer performed a rug pull during a liquidity migration event. As a result, the project’s token, 0XENCRYPT, went from trading at around $2.05 to an all-time low of $0.02. Token data aggregator CoinGecko recorded the massive price drop around July 2. Unlike other rug pulls, the developer decided to leave a letter to the project’s community, apologizing for his actions, and blaming his gambling addiction for the move before disappearing and deleting all the project’s social media platforms. Various investors shared a screenshot of the developer’s message on social media. Within the post, the developer shared his struggles with gambling and highlighted that he lost $300,000 in online casinos. In addition, though the developer was unable to guarantee that he would make amends or relaunch the project, he promised to “make every effort to become a better person.” Community members were outraged by the rug pull, with some wishing karma upon the developer and others describing the move as the worst birthday present, and a weird ending to a rug pull. Trader Crypto Daddi lamented that the rug pull happened on his birthday. The Twitter user claimed he lost around $30,000 after trusting the developers and investing in the project. On Reddit, a community member described the developer’s action of leaving a long note as a “weird way to rug,” as developers often just disappear without a trace after performing such actions. Meanwhile, Binance’s chief security officer Jimmy Su recently spoke with Cointelegraph about how bad actors on the darknet are working to steal from crypto users. #bitcoinguru #cryptotraders #bitcoiner #cryptocurrencyexchange #binanceexchange #cryptomoney #tradelifestyle #cryptoinvestment #bitcoinart #cryptos #antminer #cryptotrading #binance #bitcoincash #monero #altcoininvesting #bitcoinuk #cryptologyjournal #altcoindaily

New York-based law firm McDermott Will & Emery filed for compensation of $5.1 million from the creditors of bankrupt crypto brokerage firm Voyager Digital. The bill is for legal services offered between March 1 and May 13, 2023. In a July 3 court filing, the law firm billed the legal fees to the “Official Committee of Unsecured Creditors.” The court documents revealed that the law firm charged an hourly rate of $1,026.76 for its services during the period. The firm listed several legal services it offered Voyager, including advising the committee in connection with its powers and duties under the bankruptcy rules, attending meetings and negotiating with the representatives of the debtors and other parties in interest, preparing on behalf of the committee all necessary motions, applications, answers, orders, reports, replies, responses and papers, among others. This was the third and final bill from the law firm, taking its total compensation to $16.48 million between July 5, 2022, and May 19, 2023, of which $8.97 million has already been paid by the creditors. However, McDermott Will & Emery is not the only legal service provider to offer its services to Voyager. On June 28, legal adviser Kirkland & Ellis also billed Voyager for $1.1 million in legal fees for the month of April. McDermott Will & Emery didn’t immediately respond to Cointelegraph’s request for comments. Voyager filed for bankruptcy in July 2022 amid a crypto lending crisis that led to market contagion and the collapse of multiple established crypto firms such as Celsius, BlockFi, and others. At the time of its bankruptcy filing, Voyager disclosed liabilities from $1 billion to $10 billion. Apart from Voyager, multiple other crypto firms, including Celsius and FTX, have incurred hefty legal fees due to lengthy bankruptcy proceedings. FTX, for example, was billed over $120 million in financial and legal advisory fees between Feb. 1 and April 30, 2023. #cryptoexchange #bitcoinindonesia #btcnews #bitmex #bitcoineurope #bitcoinminning #bitcoin #altcoindaily #binancetrading #crypto #altcoins #xlm #cryptosignals #cryptocurrencytrading #monero #ethereumtrading #instaethereum #cryptomonedas

BlackRock, the world’s largest asset management company, has re-applied by issuing its Bitcoin spot ETF application after the SEC’s warning. Nasdaq has again submitted a bid to launch a spot Bitcoin exchange-traded fund (ETF) in partnership with the world’s largest asset manager BlackRock and leading US cryptocurrency exchange Coinbase. If approved, this ETF would be the first of its kind in the United States, where regulators have so far rejected or delayed dozens of Bitcoin ETF applications, citing concerns about market manipulation, investor protection, and custody issues. The SEC has approved only two bitcoin futures ETFs that track the price of BTC contracts traded on regulated exchanges. The SEC recently reported that ETF filings were insufficient, according to Wall Street Journal sources. The lack of the name of the intermediary cryptocurrency exchange was cited as the reason for the inadequacy of the applications. After the changes made by many companies along with BlackRock, Coinbase was shown as the intermediary for these ETFs. #bitcoinguru #cryptotraders #bitcointalk #tradinglifestyle #bitcoineurope #blockchainnews #bitcoininvesting #altcoindaily #bitmain #crypto #blockchain #coinmarketcap #altcoin #cryptocurrencycommunity #bitcoininfo #bitcoinasia #instaethereum #cryptomonedas #investorsclub

The United States District Court for the Northern District of California has ordered crypto exchange Kraken to turn over account and transaction information to the Internal Revenue Service (IRS). The agency said it needed the information to determine if any of the exchange’s users had underreported their taxes. As per the order issued on Friday, June 30, Kraken is required to provide details of users who engaged in transactions exceeding $20,000 within a calendar year, including names (real or pseudonyms), birthdates, taxpayer identification numbers, addresses, phone numbers, email addresses and various other documents. In February, the IRS submitted a court petition in the Northern District of California shortly after Kraken reached a settlement with the U.S. Security Exchange Commission (SEC) over claims of securities law violations related to its staking service. The IRS claimed that it had issued a summons to Kraken in 2021, which the exchange failed to comply with, and now seeks to investigate the tax obligations of users who conducted crypto transactions between 2016 and 2020. Additionally, Kraken will be required to release blockchain addresses and transaction hashes, which are already included in the transaction data available for sharing. The exchange may also be asked to provide raw data to the IRS. Judge Joseph Spero, who presided over the case, seems to have dismissed the IRS’ attempt to obtain employment information and source of wealth from Kraken. The judge outright denied several of the IRS’ requests. In the judge’s assessment of certain IRS requests, he stated that the court needs to ascertain if the government’s summons is appropriately focused, meaning it should not exceed what is necessary to accomplish its intended purpose. #cryptoexchange #cryptocurrencymarket #bitcointalk #tradinglifestyle #binanceexchange #cryptomoney #bitcoin #altcoindaily #bitcoinart #cryptos #antminer #xlm #cryptomeme #bitcoincash #cryptoinvestor #cryptopsy #instaethereum #bitcoinwallet #bitcoinmining

The U.S. Securities and Exchange Commission told the Nasdaq and Cboe exchanges that recent filings from BlackRock, Fidelity and others for spot bitcoin ETF funds weren't "clear and comprehensive," the Wall Street Journal reported, citing people familiar. The SEC said it returned filings because they didn’t provide enough information about surveillance sharing arrangements, the WSJ said. Asset managers can update language and refile, the WSJ reported. The WSJ cited a Cboe spokeswoman as saying it intends to update and refile. Nasdaq and the SEC declined to comment, the WSJ said. The race to a spot bitcoin ETF Bitcoin quickly plunged on the news, declining from over $31,000 to $29,830. Fidelity rejoined the mad rush for a spot bitcoin ETF on Thursday, following other firms like BlackRock, WisdomTree and Invesco, which have all made similar filings in recent weeks. The SEC has yet to approve a spot bitcoin ETF. "This isn't as bad as headline," Bloomberg ETF analyst Eric Balchunas said on Twitter. "Basically SEC wants them to name the "crypto exchange" and give more details on SSA. That's understandable, arguably good news. I was under impression they'd have to update that as well." #bitcoinguru #bitcoincharts #antminers #bitmex #bitcoineurope #cryptocurrencynews #bitcoin #cryptocurrencyeducation #zcash #crypto #cryptocurrency #bch #altcoin #cryptocurrencytrading #monero #bitcoinasia #cryptomoedas #bitcoinminingusa #bitcoininvestors

Slovakia overwhelmingly passed a bill amending its income tax laws to have a far more favorable rate for those trading cryptocurrencies. Slovaks will now be taxed 7% for whatever profits they make selling crypto they have held for at least a year. Previously, the rate was either 19% or 25%. This is similar to how capital gains taxes work, but this only pertains to crypto. The idea of taxing crypto like a stock or any other security naturally brings up questions about how the asset should be defined. The SEC, for example, is solidly in the “most crypto assets are securities” camp. However, if nations regarded crypto assets as being more akin to fiat currencies (i.e. commodities), the tax policies could be far different. The bill will exempt crypto income from a 14% health insurance tax — as long as it isn’t marked as the business property of an investor, according to the bill. The Slovak National Council issued a statement explaining that the bill’s goal is to “to reduce the tax burden in connection with the sale of virtual currencies, thereby simplifying their use in everyday life.” The bill was passed 112-2, though 144 lawmakers voted present, essentially declining to make their voice heard on the matter. With the passage of the bill, Slovakia could become another desired European destination for those eager to trade crypto. This is particularly noteworthy considering that Portugal, previously recognized as a crypto tax haven, has recently opted to adjust its approach in this regard. The country’s 2023 budget, which was passed last November, allows the government to levy a 28% tax on income from digital assets that are held for under a year. Past the 365-day mark, citizens can profit off of crypto tax free, still making Portugal a desirable place for long-term holders. #bitcoinworld #bitcoincharts #bitcointrader #bitcoininvestor #investinbitcoin #blockchainnews #cryptoinvesting #cryptocurrencyinvestments #cryptohumor #cryptomining #bitcoinnews #xlm #binance #bitcoincash #cryptocoin #ethereumtrading #cryptocrunchapp #cryptologyjournal #investorsclub

On Wednesday, June 28, business intelligence firm MicroStrategy announced the purchase of over 12,000 Bitcoins worth $350 million. As we know, MicroStrategy is the largest corporate holder of Bitcoins and the recent purchase takes its Treasury value to more than $4.5 billion while holding a total of 152,333 Bitcoins. As per the filing with the US Securities and Exchange Commission MicroStrategy said that they bought 12,333 bitcoins for approximately $347 million in the period between April 29 and June 27. In terms of the Bitcoin count, this also turns out to be the largest one-time purchase by the company so far. As per the filing, the average price of Bitcoin holding for the company is $29,668 per BTC. MicroStrategy, a company specializing in business intelligence, mobile software, and cloud-based services, currently possesses a larger amount of Bitcoin than any other publicly traded company. MicroStrategy CEO Michael Saylor has been the biggest advocate of Bitcoin since they started buying Bitcoins back in August 2020. Even during the crypto winter last year in 2022, MicroStrategy continued to hold its holdings with diamond hands. In his announcement on Twitter on Wednesday, Saylor wrote: “MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin.” Back when Saylor purchased his first Bitcoins, BTC was trading under $12,000. Since then he has been periodically buying at every price level. #bitcoinworld #cryptocurrencymarket #bitcointrader #bitmex #bitcoineurope #cryptocurrency_news #bitcoininvestment #altcoindaily #bitmain #cryptotrader #blockchain #cryptotrading #altcoin #bitcointechnology #cryptoeducation #bitcointips #cryptominingfarm #cryptologyjournal #sharecrypto

ARK Investment Management, a pro-Bitcoin firm founded by veteran investor Cathie Wood, is reportedly ahead in the race for a spot BTC exchange-traded fund (ETF). In mid-June, the investment firm BlackRock filed an application for a spot Bitcoin ETF, triggering notable optimism in cryptocurrency markets. Several reports suggested that BlackRock could become the first issuer of a spot Bitcoin ETF in the United States should it receive approval, but that might not be the case, according to some executives and analysts. “Other applicants will be able to amend their filings with similar agreements at little cost,” ARK analyst Yassine Elmandjra reportedly said. Elmandjra stressed that ARK and the European asset manager 21Shares filed an application with the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin ETF in April. “That now is the only one ahead of BlackRock’s,” he added. More industry observers, including Bloomberg Intelligence ETF analyst James Seyffart, also argued that ARK and 21Shares should be ahead of anyone for a spot Bitcoin ETF. “21Shares, ARK and Cboe [Chicago Board Options Exchange] are first in line because their next SEC decision date is Aug. 13, 2023, and we don’t yet have a date for the other 19b-4 applications like the one from BlackRock,” Seyffart stated. BlackRock’s filing for the iShares Bitcoin Trust has triggered a wave of reactivated Bitcoin ETF filings. Companies like crypto fund manager Valkyrie, WisdomTree and Invesco re-filed for spot Bitcoin ETFs, with Bitwise also reportedly trying again for a BTC ETF. “And our bull case for spot bitcoin ETF approval can basically be summed up in four words: ‘What does BlackRock know?‘” Bloomberg senior ETF analyst Eric Balchunas wrote on Twitter. ETF Institute co-founder Nate Geraci took to Twitter on June 26 to express similar sentiments. #bitcoinguru #cryptotraders #bitcointrader #bitmex #cryptoinvestor #cryptocurrencynews #bitcoininvesting #miningrig #bitcoinart #cryptotrader #cryptoworld #cryptocurrencies #cryptosignals #bitcoinsallday #bitcoinvalue #altcoininvesting #bitcoinbrasil #bitcoinwallet #investorsclub

Riot Platforms — one of the world’s largest Bitcoin mining companies — has bought 33,280 “next-generation” Bitcoin miners for its Texas facility, costing $162.9 million. The rigs, which were sourced from mining manufacturer MicroBT, will boost the firm’s self-mining capacity by 7.6 exahashes per second (EH/s) and comes “in advance” of Bitcoin’s next halving cycle, which is set to take place in mid-2024. Riot Platforms CEO Jason Les stated on June 26 that the deal will increase the firm’s self-mining capacity to 20.1 EH/s once the machines are installed in the first quarter of 2024: “These new miners will contribute an additional 7.6 EH/s to Riot’s self-mining capacity when fully deployed and will further enhance our already strong fleet efficiency in advance of the upcoming Bitcoin halving.” Les added the rigs we built specifically for “immersion cooling systems,” such as those used at the firm’s Corsicana facility. Of the 33,280 machines, 8,320 are M56S+ models with a hash rate of 220 terahashes per second (TH/s), while the remaining 24,960 M56S++ are slightly more powerful at 230 TH/s. However, the machines won’t arrive until December and full deployment of the miners won’t be completed until mid-2024. Riot said it may also purchase 66,560 M56S++ models before December 31, 2024, adding 15.3 EH/s to the firm’s self-mining capacity. The company may choose to exercise this option in whole or in part. Despite the news, Riot’s share price fell 7.2% to $10.77 on June 26, according to Google Finance. Meanwhile, on June 21, Bitcoin miner Akron Energy announced that it bought a 200-megawatt (MW) mining facility in Hannibal, Ohio, for an undisclosed amount. It’s the Sydney-based firm’s first expansion into the United States following a $26 million raise on June 20. The firm plans to immediately complete the first design stage of the Hannibal facility, which it hopes will provide 100 MW of power. #bitcoinguru #bitcoingermany #bitcointalk #bitmex #blockchainwallet #bitcoinminning #invest #cryptocurrencyinvestments #cryptohumor #poloniex #blockchain #bitcointrading #cryptocurrencycommunity #bitcoinvalue #cryptopsy #cryptocrunchapp #cryptomonedas #altcoindaily