Fed Pres: Crypto a “Giant Garbage Dumpster,” Coinbase on Black Americans, IRS Exempts Fortnite Coin

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Minneapolis Fed President calls crypto is a “giant garbage dumpster.” Coinbase releases “Black Americans + Crypto” report. IRS removes Fortnite V-bucks as a taxable digital currency. Spice.casa to airdrop 2 million SPICE. Voatz blockchain voting app deemed insecure by MIT research, and Galaxy Digital lays off 15% of its workforce.

Minneapolis Fed President: Crypto is a “Garbage Dumpster”


Minneapolis Fed President Neel Kashkari expressed his negative beliefs about the state of the cryptocurrency market at a Town Hall event in Montana. When asked if he wanted to give his daughter bitcoin for a birthday present, he explained, “Bitcoin and cryptocurrency, it’s basically, it’s like a giant garbage dumpster. The reason that the dollar has value is because the U.S. government has a legal monopoly on producing the dollar.” The Minneapolis Fed President stressed that “maybe five years from now, or 10 years from now, or 20 years from now, something useful will emerge from this.”

Coinbase Releases “Black Americans + Crypto” Report


Coinbase released a report called “Black Americans + Crypto,” partnering with Qriosity to ask more than 5,000 people their experiences with the financial system and with crypto. Coinbase found twice as many Black Americans have been negatively impacted by the current financial system as compared to White Americans, a determinant factor in making Black Americans put their hopes in a new financial system governed by tech. The survey also states Black Americans are more interested in crypto than their counterparts, 70 percent being interested in fact, compared to 42 percent of White Americans.

Spice.casa to Airdrop 2 Million SPICE

Spice.casa, the first online SLP waging and gambling site, will airdrop more than 2 million SPICE as a result of their earnings in this period, in a movement communicated earlier on as the “age of dividends” to signal SPICE’s new direction toward gamification. To be eligible, users will have to hold more than 100,000 SPICE in their wallets, incentivizing people to use SPICE as a passive income source. While the page states that “hosting SPICE on an exchange will result in that exchange receiving your airdrop,” Cryptophyl, the first SLP token exchange, confirmed they will support the airdrop.

IRS Quietly Removes Fortnite Currency From Being Reported in Tax Returns


The US IRS (Internal Revenue Service) removed Fortnite’s digital currency from having to be reported on tax returns, a measure that would have affected millions of parents and gamers alike. “It was corrected and that was done quickly — as soon as it was brought to our attention,” commented IRS Chief Counsel Michael Desmond. However, according to experts like Jerry Brito, Executive Director at CoinCenter, these still fit into the description the IRS offers of virtual currencies, meaning every in-game purchase of an item would have to be reported.

Voatz Blockchain Voting App Vulnerabilities Discovered

New MIT research revealed the mobile voting app that Voatz, a blockchain company used for several elections, has critical vulnerabilities that would allow anyone to take control of the network and suppress votes. More so, if an attacker managed to take on the Voatz servers, it could alter votes as they’re made. Voatz answered by saying they used an outdated app, and they did not connect the app to their servers, pointing out how this “approach invalidates any claims about their ability to compromise the overall system.”

Galaxy Digital Lays Off 15% of Its Workforce

Galaxy Digital, the cryptocurrency investment firm led by Michael Novogratz, laid off 13 people, almost 15% of its global workforce. Galaxy supposedly had over-hired last year hoping for a growth in institutional crypto investment that never came, according to a former employee. However, none of these cuts affected business divisions. The layoffs were decided in January, a month before the market began to pick up in terms of speculative prices.

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