Finally, Some Good News — VAULT Cryptocurrency Blockchain News #41
Last year, there was a lot of concern and uncertainty generated in the cryptocurrency community when Congress passed the Infrastructure Investment in Jobs Act. The way this act was worded suggested that crypto miners and stakers would be subject to the same regulations as traditional brokers. As such, they would be required to collect detailed information on each of their customers and all of their trades.
On February 11th, a letter was sent to six concerned senators stating that the Treasury did not plan to treat crypto miners, stakers and wallet providers as brokers for tax purposes.
Among other things, the letter stated:
“Existing regulations impose broker reporting obligations only on market participants engaged in business activities that provide them with access to information about sales of securities by taxpayers,”.
US Treasury Suggests Miners Won't Be Subject to IRS Reporting Rules
The U.S. Treasury Department in a letter sent to a group of senators on Friday signaled that crypto miners and stakers…
So far, this sounds promising for platforms like VAULT and their customers in the United States, since at least for now they can continue to stake VAULT and other cryptocurrencies without more red tape. This is not tax advice and you should seek tax advice from tax professionals.
There’s also the possible executive order coming:
Biden Preparing Executive Order on Cryptocurrencies
The Biden administration reportedly is preparing an executive order concerning cryptocurrencies, to be issued as early…
VAULT Crypto News This Week
Prime Hosting Prices Update
Effective Feb. 24th, 2022, the numbers of VAULT coins needed for Prime hosting subscriptions will increase to reflect current market prices. Prime will continue to be a great value that is ideal for hosting up to 40 nodes of collateral at a cost of less than $0.85 per node per month based on the maximum 40 nodes collateral per subscription. Following the introduction of the 40 nodes collateral maximum per subscription back in September 2021, we haven’t enforced this to date but soon the maximum will be enforced for everyone. If you would like to host more than 40 nodes with us using Prime, you will need to register an additional account(s) and activate Prime for each. There is no maximum per account for accounts without Prime subscriptions, and we give everyone LIFETIME FREE HOSTING for all VAULT coins!
How are VAULT hosting prices calculated?
ClexChain (CLEX) Delisting Update
The CLEX blockchain is currently working, so we notified VAULT platform users with CLEX on the platform and assisted all of them with and they have all withdrawn their CLEX, however CLEX chain could likely stop soon.
VAULT Investments provides a service to clients and is not responsible for projects listed or featured in its platform or ecosystem. Users should always DYOR.
VAULT Coin’s Market Performance This Week
We finished out the week at $2.13, which is down from last week’s price of $3.08. We saw a high of $3.26 last Sunday. The weekly low was $1.34 on Thursday.
We saw an average of $1,614.64 traded daily. This is up from last week’s average daily volume of $1,158.13. This maintains us above the $1,000 daily level.
VAULT coin trades on SouthXchange and Hype Coin Exchange and we continue to see a majority of trading occurring on SouthXchange.
VAULT’s current price average across all exchanges is 5,064 Satoshi (0.00005064 BTC).
Today, I wanted to highlight the KnoxFS (KFX) project and coin that you might have seen available for hosting and coin packs on VAULT platform.
If you visit https://knoxfs.com/ you will see the project’s definition listed as follows:
“KnoxFS is a Bitcoin-based cryptocurrency with a focus on decentralized data storage, distribution, privacy, and security. It aims to provide innovative, secure, and private storage applications to the non-blockchain and cryptocurrency-based world for both consumers and companies around the globe. KnoxFS utilizes existing third-party open-source storage networks, which enables scalability, flexibility, and redundancy. The project was funded in late 2017 and was named Aegeus. The initial goal was to develop a decentralized storage network based on IPFS technology. Aegeus rebranded to KnoxFS in 2020 and made a pivot later that year. A new team and leadership switched focus to create storage applications for third-party networks. This change of strategy enabled KnoxFS to speed up development and shorten the time to market, while at the same time expanding the potential user base and actively pursue strategic partnerships. Our long-term goal of KnoxFS is to offer a range of applications (‘products’) that are commercially viable, all centered around decentralized storage with a broad user base. Additionally, the self-developed software solutions will have the KFX currency as a payment option and therefore drive demand for the coin”.
The project recently announced on their Discord that they will be developing a new wKFX token that will be on the BSC chain.
The following announcement was added to their discord recently:
Hi everyone, hope you are all doing well. Following the update from Thangwook last week, I can tell you that the smartcontracts for our new wKFX token are almost ready. In just a couple of days we will be ready to move the new tokens to testnet and thoroughly test the contracts. After succesfully testing them, i can also release more details on the private presale, and the public IEO. That means that i will share the tokenomics, pricing and token distribution with you. I expect the presale to start by the end of this month, and the public sale March or April. Main purpose of the presale is to raise funding to organize and promote the widescale IEO, which main goal is to fund projectdevelopment. I’m really excited about what this can do for KnoxFS and it’s loyal supporters.
Storage coins have a proven utility and the team from KFX have been working hard on new and innovative features that make the future of this project look promising.
KFX Official and related Links
Cryptocurrency News This Week
5555 DAYS IS THE MAXIMUM STAKE LENGTH FOR HEX. RICHARD HEART BUYS A 555.55 CARAT BLACK DIAMOND AND RENAMES IT HEX.COM DIAMOND
MAX KEISER LIKES BITCOIN VOLCANO BONDS
HUNGARY CENTRAL BANK CALLING FOR BITCOIN MINING AND TRADING BAN
ANOTHER WEEK, ANOTHER RUG PULL
BANK REJECTS GRANDMA’S BITCOIN PROFITS
WASHINGTON NATIONALS PARTNER WITH TERRA
ANOTHER DEFI PROJECT GETS HACKED
VAULT Crypto Portfolio Tracker
I wanted to give you a running tally of what you could potentially be earning with VAULT. The example I’m using holds 1,000 VAULT, with 0.1 BTC invested in the BTC% program (check it out here).
I wanted to show you what kind of returns you could be earning weekly and cumulatively.
1,000 VAULT initial investment with current value of 1,203.04 VAULT at ~22% ROI generated 5.03 VAULT blockchain rewards this week, for a total of 1,208.07 VAULT over the past 42 weeks if you compounded your daily rewards with 100% reinvest on the VAULT platform. The total dollar value earned is $443.19 at VAULT’s current price of $2.13 (0.00005064 BTC). The total Bitcoin value earned at VAULT’s current price is 0.0105 BTC.
Placing 0.1 BTC in the BTC% program earns 11% APR, providing a weekly return of 0.00021089 BTC. Over the last 42 weeks, this would be worth 0.00886 BTC with a current value of $375.65.
The current total value of your potential returns over the past 41 weeks would be $818.84 or 0.01936 BTC.
We Are Here to Help You DYOR (Do Your Own Research)
I hope this update on cryptocurrency regulations and more news has been helpful.
Consider investing the VAULT way and enjoy a seamless crypto experience!
VAULT Platform: https://my.vault.investments/dashboard/
Lifetime Affiliates: https://affiliates.vault.investments/
VAULT Discord: https://discord.gg/BEDSGCs
VAULT Twitter: https://twitter.com/VaultInvest
VAULT Telegram: https://t.me/vaultinvestments
Forever Innovating: https://vault.freshdesk.com/support/solutions
This is not financial advice. VAULT Investments provides a service to its clients and is not responsible for projects listed or featured in its platform or ecosystem. The views and opinions in this update are my views alone and are not necessarily those of VAULT investments or its administration. Users should always DYOR. Invest at your own risk.
About the Author:
My Discord handle is Bobtilladhun.
I’m a long-term crypto investor. I bought my first Bitcoin in 2016 for $700. I sold 1/2 my BTC when the price doubled to satisfy my wife that I wasn’t going to lose all our money and made my initial investment back. Since that time, I have used my remaining Bitcoin stack to HODL and invest in interesting projects. I am a founding investor in VAULT and have accumulated a significant number of VAULT coins through holding my coins in CRYO and taking advantage of the compounding interest VAULT provides.
I was asked by Ian and the VAULT team to provide a weekly update on VAULT’s performance and current issues in cryptocurrency.
I hope these updates provide you with a quick overview of what is happening with VAULT and in the world of cryptocurrency.
Please contact me on Discord if you have any comments or suggestions.