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Tether Loans Questioned, JavaScript Creator on Lightning, US Tax Authorities Coming for Crypto

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Tether loans made to investors questioned by NYAG office. Sheetz to add Bitcoin ATMs in selected stores. Brendan Eich, JavaScript and Brave browser creator, explains Lightning Network failures. BitMarket, a Polish exchange, closes its doors without warning. Bitcoin has been a good investment almost 99% of its lifetime, and the IRS will use invasive methods to track crypto taxpayers.

Tether Loans Made Unbacked to Investors: NYAG Office

Tether loans

Tether, the company behind the most popular stablecoin on the market, is now facing new allegations from the New York Attorney General’s office about illegal actions concerning backing of funds or lack thereof. A new Memorandum presented by the city of New York details how Tether issued unbacked loans to some of their investors, violating their own in-house rules on fiat backing of tokens. If this is admitted as evidence by the court, Tether would have to detail how tokens are minted and backed, detailing the banks and accounts involved.

Sheetz to Add Bitcoin ATMs in Selected Stores

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Sheetz, a convenience store and coffee shop franchise, announced they will put Bitcoin ATMs in some of their stores located in North Carolina and Pennsylvania. The ATMs will be installed in six stores. They will be provided by Coinsource, an ATM company with more than 250 machines across the United States. Sheffield Clark, Coinsource CEO declared, “Sheetz customers will be able to just as easily pick up Bitcoin as they could a fresh cup of coffee and morning bagel.”

IRS Leaks New Methods to Track Crypto Taxpayers

According to supposedly leaked slides presented by Laura Walter, AKA CryptoTaxGirl on Twitter, the IRS might be preparing a special operation to get hold of information on possible crypto taxpayers. This operation could include serving subpoenas to search engines and social network companies such as Google and Facebook to ask for relevant data. Also, they could be collecting bank records to watch for any cryptocurrency related purchases. The IRS is working very hard to obtain the means to attack cryptocurrency taxpayers directly.

Brendan Eich, JavaScript Creator, Explains Why Lightning Network Does Not Work

Brendan Eich, the creator of JavaScript and CEO of Brave Software, explained on Twitter the problems he has seen while using Lightning Network. Eich declared Lightning Network was not efficient enough to be used on a daily basis, at least for the Brave project. He declared he knew LN nodes operators who cannot “close channels with long-offline counterparties,” because “the fees are too damn high.” Also, he added BAT, the official token of Brave, has had a much more impressive growth than LN without the problems associated.

Poland-Based Crypto Exchange BitMarket Closes

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Bitmarket, a major Polish cryptocurrency exchange, has closed its doors without any prior announcement, citing “loss of liquidity” as the main reason behind this action. Users were just greeted with a message on their website declaring: “We regret to inform you that due to the loss of liquidity, [from] 08/07/2019, Bitmarket.pl/net was forced to cease its operations. We will inform you about further steps.” The exchange has not updated the information given in any of their social accounts and customers still don’t know what to do.

Bitcoin Has Been a Good Investment Almost 99% of Its Lifetime

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A new article published by LongHash reveals Bitcoin has been one of the most impressive investment assets during its history, without ignoring notorious price volatility. Bitcoin has been in green numbers during 3,777 days of its existence, and in red number only 60 of them, an impressive history for any new asset class. However, this does not account for the great losses Bitcoin faced when it touched all-time highs and then fell to 3K levels.

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