If you don’t do careful tax planning, you could lose the tax benefit of your crypto donation. BitMEX is one of the cryptocurrency trading giants globally. It is a platform that is both intuitive and easy to use, but still requires some knowledge of the trading world. Its mode of operation is quite different from other platforms and can therefore be more complex for beginners in trading. They will certainly find answers … Bitcoin rises, Warren Buffett buys a gold miner, Wall Street dollars worry grow, OMG’s price jumps, Orchid gets pump tweet, Ethereum Classic’s possible delisting. SHIHEZI, China, Aug. 7, 2020 /PRNewswire/ — Daqo New Energy Corp. (NYSE: DQ) (‘Daqo New Energy’ or the ‘Company’), a leading manufacturer of high… Akon City, a “futuristic cryptocurrency themed city” founded by music mogul Akon, is ready to begin construction in Senegal, after securing $4 billion from investors. The city will exclusively use the “Akoin” digital currency and plans to have parks, universities, schools, hotels, and more. Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies.
You can bypass capital gain taxes and generate a tax deduction by donating cryptocurrency such as bitcoin to qualified charities. However, if you don’t do careful tax planning, it is highly likely that you will reduce or in some cases completely eliminate the full tax benefit you can get from crypto donations.
To understand how crypto charitable donations are calculated, I will explain the impact of factors such as timing, tax profile, charity type, Adjusted Gross Income (AGI) on the ultimate deduction. Gaining a command of these could mean the difference between a sizable deduction or no deduction at all.
Cryptocurrencies are treated as property per IRS Notice 2014-21 so all general tax rules applicable to property apply to cryptocurrencies. When you donate crypto assets, the total allowable charitable deduction is determined by how long you held the assets.
If you donate a crypto asset which you held for 12 months or less (short-term), the amount of the deduction is the lesser of cost basis (the amount you paid for it) or fair market value (FMV) at the time of the donation. If you donate a crypto asset which you held for more than 12 months (long-term), the amount of the deduction is the fair market value (FMV) at the time of the donation.
Just because you have an allowable charitable deduction as calculated above, it does not mean that you are directly eligible to get a tax benefit from it.
Each year, you get to deduct either standard deduction ($12,200 for single filers and $24,400 for Married filing jointly) or a list of itemized deductions (Schedule A), whichever is higher, from your total income to reduce your taxes. For those of you who are not familiar with what I mean by “standard deduction”, think of this as a free default write off that the government gives you based on your filing status to reduce your taxes. This default write off amounts are high under the current tax code so most US taxpayers pick this deduction over a list of itemized deductions.
Crypto donation is an itemized deduction. If you pick the more beneficial standard deduction, crypto donations will not give you any additional benefit whatsoever. For a married couple, in order to get any tax benefit from crypto donations, their total of itemized deductions as listed on Schedule A such as property taxes, mortgage interest, crypto donations and other items must be higher than $24,400.
Even for those who can safely itemize on their tax returns, the actual deduction you get on any given year may be limited due to complex tax rules associated with the charity deduction. Once you figure out your allowable charitable deduction amount considering how long you kept the crypto asset, the tax code limits this deduction to a certain percentage of your Adjusted Gross Income (AGI) based on the type of charity you donate (public vs. private), tax elections you make and some carry over rules.
For example, assume Sam’s 2019 AGI is $100,000 and he donated $100,000 of bitcoin which he bought in 2013 to a public charity. His total allowable charitable deduction is $100,000 which is the FMV at the time of donation. Unfortunately, in 2019, Sam can only claim $30,000 ($100,000 * 30%) as a charitable deduction on Schedule A because the annual deduction is capped at 30% of his AGI.
Sam can carry over the remaining $70,000 ($100,000 – $30,000) deduction to the next 5 years. Assuming he itemizes in the next five years and the AGI limits are met, he may be able to get the full benefit of his $100,000 deduction. However, there is also a possibility of Sam losing the tax benefit of the $70,000 carried over deduction if his financial situation changes in the next 5 years so he no longer has to itemize on his tax return. In another scenario, his AGI could also go down and at the end of the 5th year he may not be able to exhaust all the carried over deductions and lose the full benefit of the charitable donation he made 5 years ago.
Tax rules pertaining to crypto donations are extremely complex. How long you hold your crypto assets, your overall income situation (AGI), and the type of charity you contribute to and carryover rules significantly affect the actual tax benefit you can get from your crypto donation. Before planning on sending a large amount of bitcoin or cryptocurrencies to a charity, consider engaging a tax professional and/or understanding the implications of the tax benefits to optimize the structure of your donation for tax purposes.
Disclaimer: this post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.
Author: Shehan Chandrasekera
how to use BitMEX? – Cryptocurrencies
BitMEX is one of the cryptocurrency trading giants globally. It is a platform that is both intuitive and easy to use, but still requires some knowledge of the trading world. Its mode of operation is quite different from other platforms and can therefore be more complex for beginners in trading. They will certainly find answers to their question through this BitMEX tutorial.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
BitMEX is a very popular cryptocurrency exchange sophisticated. It is therefore better to learn more about this platform before proceeding to the step of registering and using the platform. A few information must therefore be taken into account in order to better choose the address on which to conduct business.
These include the how to use the site, fees, deposit methods, of withdrawal, cryptocurrencies as well as derivatives. We will therefore review these different points, focusing first on the beginnings of BitMEX.
Since its founding in 2014, BitMEX has continued to grow and move forward to be among the best cryptocurrency trading platforms. It was created by the founders of HDR Global Trading Limited: Arthur Hayes, Samuel Reed and Ben Delo. Operating from Hong Kong, but registered in the Republic of Seychelles, this platform known as “peer-to-peer margin trading” (peer-to-peer margin trading) offers leveraged contracts that can be bought or sold with Bitcoin.
BitMEX is the result of a long collaboration between 3 former bankers. The founders marked the site’s beginnings with simple arbitrage on Bitcoin exchanges. They quickly realized the value of trading financial derivatives.
BitMEX starts from a very simple premise: use the contract system to sell and buy cryptocurrencies. You can maximize your earnings by increasing your leverage, which is similar to a loan you make with the platform. This is a complex strategy and presents more risk, which is why this site may not be recommended for beginners.
If the market testifies in its favor, a user’s earnings can be profitable. On the other hand, if its leveraged position is losing, it will be closed automatically and the latter will lose all its wagered capital. To put it simply, leverage is then what will define and amplify its gains and losses.
BitMEX has established itself in the world ofu trading of cryptocurrency derivatives and manages to compete with other margin trading platforms such as Bitfinex. Its success can be explained in different ways:
- Leverage up to 100x ;
- Lack of KYC authentication (Know Your Customer);
- Significant liquidity in Bitcoin, i.e. 300% above average;
- Higher volumes of trade in the world ;
- 0.18% of the Bitcoin in circulation in the BitMEX insurance fund.
BitMEX is a platform where you can trade with the leverage effect. We borrows money to then trade a larger volume greater than his account balance. In this way, if you are in a winning position, you not only recover your winnings, but also your balance serving as a guarantee.
For example with a balance valued at € 2,000, if we use a 5x lever, we can then take a position at € 10,000 (including € 8,000 granted by the platform). The gains and losses will therefore revert to those of the € 10,000 position.
On the other hand, if your position reaches your initial loss (therefore € 2,000), the next losses will then have repercussions on the loan granted by BitMEX, it do not tolerate. Thus, the platform proceeds to what is called a liquidation : the position is closed, the platform recovers the stake and you will have lost everything.
here is a summary table on the maximum leverage that can be set up depending on the cryptocurrency:
Before you start using BitMEX, it is important to know its principle. Note that here, we are not really talking about a cryptocurrency exchange like Binance or Kraken would be. Indeed, only Bitcoin (XBT) is used as currency of exchange on this platform. It is not possible to deposit Fiat currency, let alone another cryptocurrency.
Here, it’s not about buying your own cryptocurrency, but more to open positions. To put it simply, we create orders who, once the conditions fulfilled, are active automatically to sell or buy what are called contracts. These same contracts are not strictly speaking cryptocurrencies, but derivative products. This guarantees more flexibility in legal and economic terms.
Since Bitcoin is the basis of your investment on this platform, you will need to buy own before. So, you can consult our guides allowing you to buy Bitcoin. For example, Coinbase is a platform that we recommend to you. Also, you must have a Bitcoin wallet, which is a storage system for your cryptoassets. Here too you can consult our guide to choosing the right wallet.
Contracts represent what we sells on the platform. Those offered by the company are so-called “Future Contracts” and “Perpetual Contracts”. These two offers allow users to choose their trading strategy by choosing the conditions that meet their requirements.
The futures correspond to the purchase or sale of cryptocurrencies at a predefined date and price in the future. Namely that this type of contract has a limited time in time and closes automatically after a certain time.
Perpetual contracts are similar to Futures Contracts with the only difference ofno expiration date. Indeed, a perpetual contract remains open as long as the user pays fees every 8 hours. Namely that this offer is limited to Bitcoin, Bitcoin Cash, Ethereum and Ripple, unlike the other contract which takes into account 8 platform cryptocurrencies.
Since it works as a contract, when we buy a cryptocurrency, we purchased more precisely contracts in the hope that the value goes up (we call it a “long” position). On the other hand, when we sells a cryptocurrency, we sell contracts hoping that the declining value (“short” position). We always stick to the currency rate. So it is necessary to always follow the course of cryptocurrency that interests us. On BitMEX, Bitcoin being the most traded cryptocurrency, always remember to check its value.
To be successful in your BitMEX trading activity, it is important to know how to use different features of the platform when creating a contract. The orders are what allow fine-tune the strategy of a trader. Among the different possible orders, there are three which allow a beginner to take his first steps.
The Limit order is what allows a user to buy or sell their contracts at a price they fixed by itself. This is the order the most used, because it is possible to speculate on the rise and therefore to gain a certain margin.
People who place Limit orders are called “Makers”, because it is the Internet users who fill the order, or “Order book”. To put it simply, they place orders with a price different from the current price cryptocurrency, both up and down. These are therefore waiting from a seller or buyer.
With a Market order, a user buys a cryptocurrency directly, and this at best price compared to the order book. Unlike the Limit order, which can make the user wait, because the latter will have to wait for the value of the cryptocurrency to correspond to its price, the Market order allows a purchase instantaneous.
In this case, investors are called “Takers”, because it is the people who place an order that will take it directly. They are the ones who go execute maker orders.
Note: The fees applied by the platform differ depending on whether you take a maker or taker position. You can consult them by clicking here.
This order is only activated when the price of a cryptocurrency reaches that specified by the user. It is mainly a tool used by Internet users to limit their losses. Generally, by placing a Limit order, we also set up a Stop Market order in order to buy back his position Limit and thus limit the breakage.
Unlike other cryptocurrency platforms, BitMEX does not offer trading with a large number of cryptocurrencies. At the time of writing this article, there are 8 of them. Thus, your contracts on the platform concern these cryptocurrencies:
- Bitcoin (XBT);
- Cardano (ADA);
- Bitcoin Cash (BCH);
- Ethereum (ETH);
- Litecoin (LTC);
- EOS (EOS);
- Tron (TRX);
- Ripple (XRP).
We note in passing that the currency symbol of Bitcoin used on the BitMEX platform is XBT and not BTC.
Reminder : Keep in mind that some contracts do not allow you to contract with all cryptocurrencies, as is the case with perpetual contracts. Remember to check the cryptocurrencies available according to the chosen contract.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Note that the platform is more suited to an investor audience experienced in the world of trading only to beginners. Nevertheless, the platform do not completely abandon the amateurs wishing to make their debut in margin trading.
First, BitMEX has made a point of designing a ergonomic and intuitive interface. It aims first and foremost to make the user experience pleasant by highlighting all the features that can help traders to establish their strategy. In addition, the interface is customizable. If you want to know more about the platform interface and its use, do not hesitate to consult our opinion on the platform.
Then, you should know that the platform offers a testnet. It’s about a trial version allowing you to take your first steps with a virtual account. The version being identical to the original, it is a very good tool to understand the use of the platform.
Now that you know more about the platform and its main features, you are probably wondering how use BitMEX ? To help you understand everything, we will explain all the steps for your trading activity, from registration to opening a position.
Before trying to understand how to use BitMEX, it is always useful to select from among the 5 languages available on the platform with which you are most comfortable. You have the choice between English, Chinese, Russian, Korean and Japanese. For the rest of this tutorial, we have decided on English.
Since the platform does not have a French version at the time of writing this article, it will be necessary to have a good level in English and learn about the different technical terms of the platform.
Opening an account on BitMEX can be done by only a few seconds. To do this, you just need to follow a few procedures:
- Go to the home page;
- Click on “Register” ;
- Enter your e-mail adress ;
- Create a password ;
- Indicate your country of residence ;
- Indicate your first and last name;
It’s about a usual procedure which consists in :
- Open the email corresponding to the address added during registration;
- Wait until the validation email has reached his inbox;
- Click on the activation link opening their individual BitMEX account.
Now that your account is created and validated, you can start your trading activity. You can then log into your account. To do this :
- Return to the home page of the site;
- Click on “Log In” to connect you ;
- Enter your email and password. Since this is your first connection to the platform, the part “Two-Factor Token (if enabled)” does not interest us at the moment.
Although this is optional, it remains important to ensure the security of your account. Remember that on BitMEX, you will be depositing Bitcoin there, and therefore money. Thus, it would be more than annoying to see all his balance being stolen by a hacker.
To counter this risk as much as possible, the platform offers two-factor authentication, or “2FA”. This is an additional layer of security that you will be asked for during your connection (in addition to the password, with the famous “Two-Factor Token (if enabled)” part), during your withdrawals and for the change of some parameters. This additional security takes the form of code obtained through an application or hardware.
Once logged into your account, click “Account”, and go to “Security Center”. The platform offers you two ways to activate two-factor authentication: TOTP (Time-based One-Time-Password) or YubiKey.
TOTP is a application in the manner of Google Authenticator. It will generate a code whenever it is needed. To activate it, click on “Add TOTP …”. Then install the application on your phone, click on the + icon and enter the code in the box “Two-Factor Token”. Finally, click on “Confirm TOTP”. Note that you can also scan a QR code.
YubiKey is hardware in the form of a USB key. To activate it, click on “Add YubiKey …”, insert your YubiKey into your computer, wait for the light lights up on the device, then press the illuminated button. All you have to do is complete the “YubiKey Token” and click on “Confirm YubiKey”.
Now that your registration is validated and your account is secure, you can now make a deposit. Remember, on BitMEX there is only one currency, or rather cryptocurrency, that is accepted: the Bitcoin.
To make your deposit, you must:
- Click on the link “Account” on the top bar of the dashboard;
- Click on the button “Deposit” which is in the menu on the left;
- Use the address provided to transfer your coins from your Bitcoin wallet (you can also use the QR code).
On the page, remember to read the different information regarding your deposit of funds. For example, you will see that the platform requires a minimum of 10,000 satoshis, is 0.0001 XBT. Also, you will see that the platform asks you not to deposit ONLY Bitcoin. Indeed, if you decide to deposit something else, you will just lose your money with nothing in return.
Your account is now credited, we can move on to the main thing: open a trade on BitMEX ! Bitcoin being the most traded cryptocurrency on the platform and the one that opens the most possibilities, we will take it in this example of sale of contracts.
First, go to the page “Trade”, which is the page you are redirected to when you log in. Head to the window on the left of the screen, titled “Place Order”.
Choose the order Limit, then enter the number of contracts you want to sell as well as their price. If you want to request a leverage, this happens on the part just below, “Your Position”. By activating leverage, ensure that the “Cost” is less than the“Available Balance”.
Then click on “Sell / Short”. You will then have a summary of your position, from the value to the amount where it will be liquidated. If you agree to all this, then click on “Sell”.
Once the price is reached, a green window will appear informing you of the sale of your contracts.
The Stop Market is what will allow you to redeem your initial position in case of danger. It is very important in classic trades and becomes necessary when using leverage.
To place your order, return to the game “Place Order”, then select “Stop Market”. Fill in the same number of contracts as your Limit order, then indicate the price you want to trigger the order. Then click on “Set Buy Stop” (the principle being to buy back your Limit order by prevention).
To note : Always think delete your orders once your trading activity completed, because it could be triggered without your knowledge. Your Stop Market, being placed only as a stepping stone to your Limit order, should be deleted once your Limit position is sold.
Once your trading activity is finished, remember to withdraw your bitcoins in order to place them safely in your Bitcoin wallet. For that :
- Head to the party “Account” ;
- Click on “Withdraw” ;
- Indicate the wallet address for the transfer
- Indicate the amount to be withdrawn;
- Enter the fees to be used for your withdrawal (for the cryptocurrency network)
- Click on “Submit Withdrawal”.
Note that the platform is carrying out a wave of manual withdrawals once a day. This is done daily at 13:00 UTC.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
BitMEX is a platform providing access to many features. We have covered the essentials to know for anyone wishing to take their first steps in margin trading. Note that on this platform, you have to know how to be proactive and keep your cool so as not to rush. Here is also some strategies to avoid the pitfalls in Bitcoin trading. Moreover, with regard to the price of Bitcoin, the platform offers you its own forecasts for 2020. To register on bitMEX, it’s here.
First Mover: Bitcoin Passes $12K, Dollar Worries Grow, OMG Jumps, Portnoy’s Orchid #Pump
Bitcoin (BTC) was flat after jumping on Monday to a new 2020 high above $12,400.
Related: Market Wrap: Bitcoin Slides to $11.8K; Uniswap at $7M in Monthly ETH Fees
Elsewhere, prices for the recently-and-strangely-launched Curve DAO token slid 26% on Monday, even as total value locked into the affiliated Curve Finance protocol rose above the $1 billion mark. That’s a five-fold increase over the past week, in the latest episode of this year’s frenzy in decentralized finance, or DeFi.
Suddenly, It’s Not Just Bitcoiners Who Think the Dollar’s Going Down
By Bradley Keoun
Related: Blockchain Privacy Firm HOPR Releases Mixnet Hardware Node for Ethereum
As the news broke in recent days that Warren Buffett’s Berkshire Hathaway had bought shares in a gold miner, commentators immediately began to wonder if the billionaire investor might be betting against the U.S. economy or the dollar.
Bitcoin analysts and investors wondered why it took him so long, given the trillions of dollars of money pumped into the financial system this year by the Federal Reserve to help fund the ballooning U.S. national debt.
“The money printer working overtime is obviously causing Buffett and his board grave concern,” Mati Greenspan, of the foreign-exchange and cryptocurrency research firm Quantum Economics, wrote Monday. “While Buffett is perhaps not so sure how to react to a world that no longer values bonds and government debt, others are sure.”
There’s a growing sense among members of the cryptocurrency community that their longstanding assessment of the traditional financial system as unsustainable is finally gaining traction among Wall Street experts and mainstream investors. If the concerns spread, it might buoy prices for bitcoin, which many digital-asset investors view as an inflation hedge similar to gold.
Goldman Sachs, which in May of this year panned bitcoin as “not a suitable investment,” hired a new head of digital assets earlier this month and acknowledged rising interest in cryptocurrencies from institutional clients. The firm warned in July that the U.S. dollar was at risk of losing its status as the world’s reserve currency.
Dick Bove, a five-decade Wall Street analyst who now works for the brokerage firm Odeon, wrote last week in a report that the U.S. dollar-ruled financial system could come to an end amid challenges from a possible multi-currency system, which include digital currencies.
“The case for bitcoin as an inflationary hedge and sound investment is being articulated with crystal clarity by influential people outside of our crypto bubble,” the digital-asset analysis firm Messari wrote last week. Buffett didn’t return a call for comment.
Whether or not bitcoin and other cryptocurrencies are the answer, there’s little on the horizon that might turn investors away from the gnawing sense that U.S. finances are becoming more precarious.
Goldman Sachs economists predicted in an Aug. 14 report that the Federal Reserve will pump $800 billion more into financial markets by the end of this year, followed by another $1.3 trillion in 2021.
According to Bank of America, there’s a risk investors might shift their “portfolio allocation out of U.S. dollar assets” to position for the “erosion of the hegemony of the dollar as a reserve currency.”
“A constitutional crisis is one dynamic that could potentially accelerate the process of de-dollarization,” they wrote, noting that November’s presidential election might be “fiercely divisive” and “contested.”
According to the bank, a recent survey of fixed-income money managers showed nearly half of respondents expect foreign central banks to decrease their reserve holdings of dollars and dollar-denominated assets over the next year.
It may not sound outlandish to bitcoin bulls.
By Omkar Godbole
Bitcoin rose 3.2% on Monday to about $12,300, confirming an ascending triangle breakout on the daily chart.
The pattern resumes the uptrend from July lows under $9,000. The focus now is on resistance at $13,200 (July 2019 high) and $13,800 (June 2019 high).
The on-chain data is supportive of continued gain in bitcoin. For instance, the balance of coins held on cryptocurrency exchanges sank to 21-month lows on Monday, indicating a strong holding sentiment in the investor community.
The bullish momentum looks strong as the cryptocurrency’s recent gains have been accompanied by increased miner supply. According to crypto data company ByteTree’s miner’s rolling inventory (MRI) figure, miners have run down inventory by selling more than what they mined over the past five weeks. In other words, buyers have been able to absorb extra miner supply.
From a technical analysis perspective, the bullish bias would be invalidated if prices dropped back below $12,000 on Tuesday.
OMG (OMG) gets boost from blockchain backup: Rising congestion on the Ethereum blockchain is spurring interest in crypto projects that might speed traffic on the network. Prices for OMG, the token for the OMG network – a “layer-2” scaling solution for Ethereum transactions – rose by more than 70% over the past weekend, according to data source CoinGecko. It reached as high as $3.30 earlier on Monday and then quickly fell below $3. The OMG network uses a protocol called Plasma to scale up Ethereum transactions. Market participants are looking for OMG to “spreadhead layer-2 solutions,” said Denis Vinokourov, head of research at the London-based digital asset firm BeQuant.
– Muyao Shen
The Federal Reserve is propping up the junk-bond market.
Economist says the “real recession has yet to emerge.”
George Soros says market sustained by expectation of more stimulus.
Bond market appears to believe Fed won’t fight inflation.
China regulator says Fed money printing erodes U.S. dollar, financial stability.
Japan’s economy shrinks most on record.
– Sebastian Sinclair
- First Mover: Bitcoin Passes $12K, Dollar Worries Grow, OMG Jumps, Portnoy’s Orchid #Pump
- First Mover: Bitcoin Passes $12K, Dollar Worries Grow, OMG Jumps, Portnoy’s Orchid #Pump
Author: Bradley Keoun, Omkar Godbole, Muyao Shen and Sebastian Sinclair
Daqo New Energy to Announce Unaudited Second Quarter 2020 Results on August 18, 2020 | Markets Insider
SHIHEZI, China, Aug. 7, 2020 /PRNewswire/ — Daqo New Energy Corp. (NYSE: DQ) (“Daqo New Energy” or the “Company”), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced that it will release its unaudited financial results for the second quarter ended June 30, 2020 before U.S. markets open on Tuesday, August 18, 2020.
The Company has scheduled a conference call to discuss the results at 8:00 AM U.S. Eastern Time on August 18, 2020 (8:00 PM Beijing / Hong Kong time on the same day).
The dial-in details for the earnings conference call are as follows:
Participant dial in (U.S. toll free):
Participant international dial in:
China mainland toll free:
Hong Kong local toll:
Please dial in 10 minutes before the call is scheduled to begin and ask to join the Daqo New Energy Corp. call.
A replay of the call will be available 1 hour after the conclusion of the conference call through August 25, 2020. The dial in details for the conference call replay are as follows:
U.S. toll free:
Canada toll free:
Replay access code:
Participants will be asked to provide their name and company name upon entering the call.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, Daqo’s strategic and operational plans in this announcement contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company’s ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company’s ability to lower its production costs; and the duration of the coronavirus outbreak and its impact on the Company’s business and financial performance. Further information regarding these and other risks is included in the reports or documents that the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company”) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2008, the Company is one of the world’s lowest cost producers of high-purity polysilicon. Daqo’s highly-efficient and technically advanced manufacturing facility in Xinjiang, China currently has an annual polysilicon nameplate capacity of 70,000 metric tons.
For more information, please visit https://www.dqsolar.com
Daqo New Energy Corp.
Phone: +86-187 1658 5553
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
View original content:https://www.prnewswire.com/news-releases/daqo-new-energy-to-announce-unaudited-second-quarter-2020-results-on-august-18-2020-301108285.html
SOURCE Daqo New Energy Corp.
Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.
Author: finanzen.net GmbH
Akon Is Ready To Build A $6 Billion Cryptocurrency City
LOS ANGELES, CALIFORNIA – NOVEMBER 15: Akon attends the Akon Lighting LA – Disclosure Festival at … [+] 3BLACKDOT on November 15, 2019 in Los Angeles, California. (Photo by Gabriel Olsen/Getty Images)
Akon City, a “futuristic cryptocurrency themed city” founded by music mogul Akon, is ready to begin construction in Senegal, after securing $4 billion from investors. The city will exclusively use the “Akoin” digital currency and plans to have parks, universities, schools, a stadium, hotels, and more. It will be the de facto currency in a Senegalese city he’s constructing on land donated by the government. Will cryptocurrencies become the tool that puts African nations on the path to overcoming their economic challenges?
The Breakdown You Need To Know:
Akoin, is now part of the nearly 1,600 cryptocurrencies trading around the world in an industry with a market capitalization of more than $267 billion, according to data from CoinMarketCap. The digital currency was originally announced in 2018 and CultureBanx reported that along with his team they plan to build a whole ecosystem around Akoin, including construction of the city and initiatives to support young entrepreneurs.
“Akoin is a cryptocurrency powered by a marketplace of tools and services fueling the dreams of entrepreneurs, business owners, and social activists as they connect and engage across the rising economies of Africa and beyond,” according to the project’s website.
More than 60% of people in Africa are under 25 years old, unbanked, and heavily rely on mobile phones to do everything. This means Akoin could really take off across the continent, since 6 of the 10 fastest-growing economies are in Africa. In 2034, Africa is expected to have the world’s largest working-age population of 1.1 billion, according to the World Economic Forum Forum, which also projects that the continent’s consumers will spend $2 trillion by 2025.
Crypto CIty Concerns:
Many African governments have expressed skepticism about the viability of cryptocurrencies. Zimbabwe’s Reserve Bank banned banks from processing digital currency payments only for the country’s High Court to reverse the order. South Africa’s Revenue Service recently published guidance on how it would tax cryptocurrencies sparking debate about their classification. Kenya’s Central Bank has slow-walked issuing regulations on cryptocurrencies.
All of this skepticism relates to concerns these countries have about the riskiness of digital currencies and the potential for people in these countries to lose money. While it may seem far-fetched to some people, integrating blockchain technology into city building has been gaining traction in recent years. Though none of the projects have been successfully realized yet.Time will tell whether cryptocurrencies like Akoin will bring stability to African economies or leave consumers wishing they had kept their money in traditional currencies.
Akon joins a host of other celebrities involved in cryptocurrencies. For example, Nas is an investor in cryptocurrency trading platform Coinbase. The Game is on the advisory board at Paragon, a cryptocurrency startup tailored to the marijuana industry.
Akon City’s phase 1 is expected to be completed by the end of 2023. It will include road construction, a Hamptons Hospital campus, a Hamptons Mall, residences, hotels, a police station, a school, a waste facility and a solar power plant. Phase 2 will run from 2024 to 2029, will you be visiting?
Author: Kori Hale
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