Shiba Inu Crypto Investors Turn Multimillionaires After Almost Jobless, Relying on Stimulus Checks

Two brothers have shared the story of how they became millionaires after investing in Shiba Inu, the cryptocurrency nicknamed “dogecoin killer,” for just under two months. Before the investment, the covid-19 pandemic almost killed their business, and the government’s stimulus checks did not last long.

Shiba Inu Crypto Investors Become Millionaires

Two brothers from Westchester, New York, have shared their story of how they went from nearly jobless, and relying on the government’s stimulus checks, to becoming multimillionaires by investing in cryptocurrency, CNN reported Friday.

Tommy, 38, and James, 42, put $200 each into Shiba Inu (SHIB), the ERC-20 token nicknamed “dogecoin killer,” in late February. One Shiba Inu coin was worth a fraction of a cent at the time but one of their friends, whom they called “a crypto expert,” told them that the coin could be a big moneymaker. In just two months, the brothers became millionaires.

Before investing, Tommy said:

I kind of thought about bitcoin — that was once a fraction of a penny and now it’s tens of thousands of dollars, and this happens to people, it’s possible. I trusted my friend and I figured if it went to zero, that’s OK. I thought of it as a lotto ticket that wouldn’t expire.

The brothers also presented their investment idea to their mom, dad, sister, and a few other family members.

“My mother and sister were skeptical but they each put in $100, too. After a few weeks when it was up about 300% they put another $100 in each, and then it kept going up,” Tommy recalled. He added that in total they invested about $7,900 altogether and as of Thursday, their investment was worth almost $9 million.

Prior to the coronavirus pandemic, the brothers made a living by filming weddings. However, the Covid-19 outbreak nearly shuttered their business. Instead of booking 30-40 weddings that year, James said they only did eight weddings.

Tommy explained:

We kind of fell through the cracks. The government stimulus checks weren’t enough to sustain us. I’m a positive person but it was really tough, and not knowing the future was kind of scary.

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Their Shiba Inu crypto investment, however, kept rising. After it shot up to $100K, it kept climbing, Tommy described, elaborating:

We woke up the next morning and it doubled. We were like, ‘Oh my god.’ Then it went up to $700,000 and I told my brother it’s going to hit a million. I kept refreshing my phone.

The next day, their investment hit a million dollars. “The day it hit a million — my mom and sister, they didn’t think it was real,” he recalled.

Bitcoin News recently reported on a few other people becoming millionaires by investing in cryptocurrency. In April, a dogecoin investor became a millionaire after investing in DOGE for two months. He got into the meme cryptocurrency after being inspired by Tesla CEO Elon Musk. Last week, a Goldman Sachs executive reportedly left the investment bank after making millions of dollars in dogecoin.

Survey: 1 in 4 American Investors Believe Dogecoin is the Future

The meme-based crypto asset dogecoin has seen a phenomenal year, capturing a whopping 19,723% against the U.S. dollar during the last 12 months. Dogecoin’s price gains have pushed interest toward the cryptocurrency, quickly making it a recognizable name. A recently published survey from the web portal gamblerspick.com suggests one out of every four Americans “believe dogecoin is the future.”

Dogecoin Survey Shows Meme-Coin Has Been Getting Attention in the US

In mid-April, gamblerspick.com conducted a study with 1,001 American respondents that are “familiar” with cryptocurrencies. The survey team leveraged the Amazon Mechanical Turk survey platform in order to present a series of questions.

59.3% of survey participants identified as men, while 40.7% identified as women. Gamblerspick researchers also detailed that the respondents were Gen Zers (5.9%), millennials (60.8%), Gen Xers (22.6%), and baby boomers (10.7%).

Survey: 1 in 4 American Investors Believe Dogecoin is the Future

According to the poll statistics, social media is where people are hearing about dogecoin (DOGE) the most, with 33.7% saying they heard about the coin via social media platforms. 21.7% of the survey participants said they heard about DOGE via word of mouth and “friends and family.”

Survey: 1 in 4 American Investors Believe Dogecoin is the Future

45% of respondents had heard of Dogecoin, and roughly 27.6% had invested in it. Another standout statistic shows that 30% of the surveyed individuals “believe that dogecoin was the new bitcoin.”

Not all survey participants who invested in dogecoin are pleased with their choices. 40% regretted investing in dogecoin. 48.8% regretted investing in “Reddit-hyped stocks”, like the recent Wallstreetbets’ GME stock hype. 15.2% disapprove dogecoin, while 41.1% are indifferent and 43.6% approve of DOGE.

Survey: 1 in 4 American Investors Believe Dogecoin is the Future

When it came to considering Elon Musk’s part in the dogecoin hype, most respondents liked what he had to say about DOGE or did not care about his dogecoin opinions.

“Most respondents either approved of or didn’t care when it came to Musk’s Doge-related information,” the survey noted. about:blank

More Than Half Invested in Dogecoin to ‘Get Rich’

Toward the end of the survey, Gamblerspick researchers highlighted that roughly one out of every four Americans “believe dogecoin is the future.” 23% of survey participants are confident DOGE will reach $1 per unit this year. 46.4% invested in dogecoin “just for fun,” while 53.6% invested because they saw it as an “opportunity to get rich.”

Survey: 1 in 4 American Investors Believe Dogecoin is the Future

As far as the cryptocurrency ecosystem, in general, Gamblerspick survey respondents believe the “financial industry” will be impacted the most. The financial industry is followed by “retail,” “casino/gambling,” and “cannabis” respectively.

“Most people thought it would be a perk for Amazon to accept Dogecoin as payment,” the Gamblerspick survey notes. “While other stores were considered, 41.1% of respondents said they didn’t really want any stores to accept Dogecoin.”

At the time of writing, dogecoin (DOGE) was down over 4% during the last day and down 25% over the last week. Dogecoin is exchanging hands for $0.47 per coin but is still up 590% during the last month.

What do you think about the Gamblerspick survey about dogecoin? Let us know what you think about this subject in the comments section below. South Korean Banking Association Concerned Over Surge of the Altcoin Trading Frenzy ALTCOINS | 19 hours ago Digital Yuan Trial Hotspot Not Seeing Wide Acceptance, Claims Report ALTCOINS | 1 day ago

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Elon Musk Hints at Tesla Accepting Dogecoin for Payments

Elon Musk, also referred to in social media as the ‘Dogefather,’ due to its affiliation with the Dogecoin currency, has hinted Tesla could start accepting the currency as a payment for its cars. The company, which is now accepting bitcoin as payment for its cars and holds it as part of its reserves, could also include dogecoin as part of its accepted cryptocurrency roster.

Elon Musk Hints at Tesla Accepting Dogecoin

Elon Musk, CEO of Spacex and Tesla, has hinted today at the possibility of the electric car company accepting dogecoin (DOGE), the now-famous meme coin as payment for its cars. Musk asked today in a poll on Twitter to his fans if they would like this to happen. Unsurprisingly, he got a mostly positive answer, with more than 70% of the polled answering they would like it at the time of writing. https://platform.twitter.com/embed/Tweet.html?creatorScreenName=BTCTN&dnt=true&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X2VtYmVkX2NsaWNrYWJpbGl0eV8xMjEwMiI6eyJidWNrZXQiOiJjb250cm9sIiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1392030108274159619&lang=en&origin=https%3A%2F%2Fnews.bitcoin.com%2Felon-musk-hints-at-tesla-accepting-dogecoin-for-payments%2F&sessionId=92aad7d823316925de235ad43fc377576286542a&siteScreenName=BTCTN&theme=light&widgetsVersion=82e1070%3A1619632193066&width=550px

Musk is has been one of the main proponents of cryptocurrency in the corporate arena. Tesla is already accepting bitcoin (BTC) as payment for its cars directly on its website, but dogecoin is a relatively unstable currency in terms of price compared to the former, and if it indeed received by the company, it’s unclear if it would be sold for fiat money.

The company bought $1.5 billion in bitcoin last February and it has declared it is holding the bitcoin has received as payments vehicle sales in the long term, after acknowledging they sold 10% of its bitcoin holdings to prove the liquidity of bitcoin as an alternative to cash. about:blank

Is Musk Serious?

The question is whether or not this is a serious inquiry to the people? Musk is known in internet social media circles as a big troll, going to the limits of making statements that had affected Tesla’s finances on Twitter. Musk declared last year Telsa’s stock price was ‘too high,’ triggering a selloff that took stock prices 12% low, and earning the ire of its shareholders at that time.

But that has not been the only time Musk has messed up big in social media: In August 2018, Musk tweeted he was planning to take Tesla private, and that he had secured funding to do it. Again, this statement earned him a lawsuit from the SEC, which argued these tweets could be seen as a way of manipulating stock prices up, give that the actual stock price was actually less than the $420 price announced.

However, if this idea really gets executed, it would not be the first time a company associated with Musk accepts dogecoin as payment. Last week, Spacex also announced they had approved the launch of the dogecoin-paid DOGE-1 mission, which would carry a commercial payload to the moon.

Tesla uses three free months of ‘Full Self-Driving’ to push year-end sales

The “Full Self-Driving” system that Tesla sells as a $10,000 option isn’t available in subscription form yet, but the car company is already using that idea to boost sales. Reported earlier by Electrek and confirmed in a tweet by Elon Musk, “All Tesla cars delivered in the final three days of the year will get three months of the Full Self-Driving option for free.” https://platform.twitter.com/embed/index.html?creatorScreenName=Rjcc&dnt=false&embedId=twitter-widget-0&frame=false&hideCard=false&hideThread=false&id=1340592138829099009&lang=en&origin=https%3A%2F%2Fwww.engadget.com%2Ftesla-fsd-3-month-offer-011341156.html&siteScreenName=engadget&theme=light&widgetsVersion=ed20a2b%3A1601588405575&width=550px

For buyers going all-in at purchase, the option is like about more advanced capabilities that may come in the future, but with just three months new Tesla owners can use the features currently available:

  • Navigate on Autopilot: automatic driving from highway on-ramp to off-ramp including interchanges and overtaking slower cars.
  • Auto Lane Change: automatic lane changes while driving on the highway.
  • Autopark: both parallel and perpendicular spaces.
  • Summon: your parked car will come find you anywhere in a parking lot. Really.
  • Traffic Light and Stop Sign Control: assisted stops at traffic controlled intersections.

While Musk recently said the subscription package will be available early next year, adding the tech for good has come at varying prices over the last few months. Now, as Tesla pushes to meet goals for record deliveries by the end of the year, it’s become an incentive.

Not everyone is happy about the offer however, particularly because of how Tesla advertises its Autopilot “advanced safety and convenience feature” and the “Full Self-Driving” tech. As the the Tesla website notes in slightly smaller print “The currently enabled features require active driver supervision and do not make the vehicle autonomous.”

NTSB member Jennifer Homendy noted the difference in a thread of tweets, saying “‘Full self-driving’ suggests that the vehicle can drive itself right now, without input from a human operator. That’s not true. There should be safeguards in place to prevent such deceptive claims.”

Tesla: Soaring share price creates army of ‘Teslanaires’

Tesla’s rocketing share price this year has created an army of millionaires – self-named ‘Teslanaires’.

Shares in Elon Musk’s electric car firm have risen more than 700% during 2020 to become the world’s most valuable car company.

But it’s been a roller-coaster ride for long-term investors with wild swings since it joined the stock market a decade ago.

For those who have stuck with Tesla, it has been a very wealthy journey.

This month was a milestone for the car company as it joined the S&P 500, an index of the biggest stocks in the US which includes the likes of Apple, Microsoft and Facebook. Tesla shares rocketed and it became one of the top 10 most valued companies on the index.

Tesla stock is now worth more than the combined valuations of General Motors, Ford, Fiat Chrysler Automobiles and Toyota. Yet, Tesla makes just a fraction of the cars of its more established rivals.

“Tesla is a very polarising stock. It has its fans, many of whom do own Tesla cars, and its fair share of critics, particularly in the financial community, who say the company’s shares are overvalued,” said Will Rhind, chief executive at investment firm GraniteShares.

“Investors that bought shares early on, have done very well and some are now millionaires as a result.”

Much of Tesla’s share price growth has come from its improving car sales, boosted by strong demand from China and hopes of subsidies for electric vehicles. The shift towards electric cars globally has put car companies like Tesla in the sweet spot.

Many investors also believe there is strong growth to come from other parts of Tesla’s business including its self-driving software and battery power storage.

Tesla's billionaire Elon Musk.
Elon Musk took Tesla public in 2010

Overvalued?

Tesla went public in June 2010 at a price of $17 per share. This week, the price stood at more than $650 – and that’s even after a 5-for-1 stock split earlier this year that boosted the number of shares in circulation.

Given its rapid share price rise this year, even more surprising given it has come during a global pandemic, Tesla critics say it is overvalued.

In a research note earlier this month, analysts at JPMorgan wrote:”Tesla shares are in our view and by virtually every conventional metric not only overvalued, but dramatically so”.

But other investment experts argue not to look at Tesla as just a car company. “Part of the appeal of Tesla for many investors is that it is more than a car company and the success of their batteries will open many revenue streams,” said Edward Moya, a senior market analyst at OANDA.

“Think about the role Tesla is playing in the transition from fossil fuels to electric power and storage. In that sense, the question for investors today is how do you value the technology of tomorrow?” added Mr Rhind.

Tesla also sells solar panels and back-up residential power for homes.

“Teslanaires”

There is an army of fans who believe strongly in Tesla and predict the share price to continue rising, based on a bright future for Elon Musk’s car firm.

Los Angeles-based engineer Jason DeBolt’s first investment in Tesla was 2,500 shares which cost him $19,000. “I first started investing in Tesla in 2013 after purchasing a Tesla Model S and going on a factory tour,” he said. Since then, he has been buying more shares, and the 15,000 he now owns are worth around $10m.

Jason DeBolt's has become a millionaire from his Tesla investments.
Jason DeBolt’s has become a millionaire from his Tesla investments.

He agreed it has been a roller-coaster ride as a long-term investor and that “it was very difficult seeing the media attack Elon and Tesla. That was worse for me than the share price decline, which I knew would eventually bounce back.”

Mr DeBolt is a member of the Tesla Shareholders Club and regularly chats with other investors via the Facebook group.

New York-based Scott Tisdale began investing in Tesla when he first laid eyes on the Model S back in 2013 and has built up a holding of around 4,000 shares which are currently worth around $2.8m.

“I am not finished investing in them yet because I think their real story is just about to begin and people have been saying the stock is ‘overvalued’ since before the time I began to buy it,” he said.

“As amazing as it is to be included in this growing group of ‘Teslanaires’, it is almost as satisfying to be able to tell all the naysayers ‘I told you so.'”

The road ahead

Experts say it is unlikely Tesla’s share price will see growth of more than 700% again next year, limiting the number of new Teslanaires created.

They also point to growing competition from the likes of Apple which has revitalised plans to build an electric car along with Chinese rivals. “Tesla’s competition has bigger pockets and can afford to take bigger risk,” added OANDA’s Mr Moya.

Investment experts also caution about investing in a single stock and recommend funds that spread your money across a number of companies.

Buy a Tesla before 2021 and get Full Self-Driving for free, Elon Musk says

Well, free for three months, according to the CEO. That’s still quite a deal, considering its price.

Tesla CEO Elon Musk is out here making marketing moves on Twitter as we head into the final few days of 2020. Tuesday evening, Musk tweeted that anyone who purchases a new Tesla will receive three months of the company’s Full Self-Driving mode free of charge. Access to the software, which remains in beta and not complete, typically costs $10,000 extra just to experience it. https://platform.twitter.com/embed/index.html?creatorScreenName=CNET&dnt=false&embedId=twitter-widget-0&frame=false&hideCard=false&hideThread=false&id=1344044584712728581&lang=en&origin=https%3A%2F%2Fwww.cnet.com%2Froadshow%2Fnews%2Fbuy-tesla-full-self-driving-free-elon-musk%2F&siteScreenName=CNET&theme=light&widgetsVersion=ed20a2b%3A1601588405575&width=550px

All new Teslas come with a form of the firm’s Autopilot system, a Level 2 partially automated technology on the SAE’s scale of autonomy, but Full Self-Driving hopes to one day live up to its name. The company rolled out the technology to limited groups of drivers earlier this year and plans expand the invites to those who paid for the option to take advantage of the features. Even Tesla says the system may do the wrong thing at the wrong time, so it’s definitely not ready for hands-free driving, but many owners found it works well with lots of supervision.

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To take advantage of Musk’s latest flash deal, buyers need to complete all documents and take delivery by Dec. 31 at midnight, so it’s probably best to shop Teslas currently in stock if you really want the Full Self-Driving freebie. We also heard earlier this month Tesla authorized its staff to toss in free Supercharging once again for anyone purchasing a new EV as the automaker pushes for record deliveries in 2020.

We won’t know if the tactics worked until early next year, but Musk is sort of the master of spurring fans to purchase when it counts.

Tesla’s Model 3 simplifies the EV

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Filecoin Founder Accuses Justin Sun of Spreading Lies About FIL Tokens as Fresh Dumping Allegations Emerge

Juan Benet, a founder at Filecoin, is attacking Justin Sun for spreading completely false accusations about the movement of the FIL tokens soon after listing. In his long Twitter rebuff, Benet accuses Sun of spreading lies with the intention of harming the Filecoin project financially. Calling the accusations ridiculous, Benet says no one from the Filecoin team sold the FIL token on the day of listing.

Filecoin Founder Accuses Justin Sun of Spreading Lies About FIL Tokens as Fresh Dumping Allegations Emerge

Soon after the FIL token went live on many exchanges, Sun unexpectedly tweeted alleging that Benet and others at Filecoin had exit scammed. This follows reports the Filecoin team had dumped 1.5 million tokens on some exchanges. Sun alleged that the community had not been informed about the transfer of tokens to exchanges. He went on to encourage the United States-based FIL token buyers to report the matter to the U.S. Securities and Exchange Commission.

The Sun Filecoin Hard Fork Theory

However, in a long Twitter thread in which he also responds to the other allegations against Filecoin, Benet speculates the motives behind Sun’s attack on the FIL token as he writes:

My guess is that Justin plans to fork Filecoin as well, and hopes to trump up a reason. Sorry, Justin, you’re nobody’s saviour.

Benet, who uses an expletive to dismiss Sun’s allegations, reminds his followers about his controversial takeover of Hive.

In March, reports emerged that some prominent community leaders of Steem, possibly dissatisfied with Sun’s hostile takeover, were hatching a plan to hard fork. Eventually, the hard fork occurred leaving Sun without access to the developer’s reward.

Meanwhile, continuing his attacks on Sun, Benet warns Filecoin miners against supporting any such hard fork saying:

Look at the history of projects associated with Tron, and confirm you want that. [And] you may become the victim of a huge pump and dump scam. Good Luck.

Benet, however, admits that there are questions about some of the “unvested FIL sent to some exchanges.” Still, he insists that these “were not sales of FIL from PL or any team members.” Benet explains the elaborate steps taken by the Filecoin team to stabilize the token “in the early days after launch when prices are at risk of being volatile.”

The FIL token, which had opened at $200 on some exchanges, lost more than half of its value in the first 24 hours. At the time of writing, the token had lost further ground and was trading at $30.

New Dumping Allegations

However, as Benet insisted that no token dumping had occurred, fresh reports emerged suggesting that even more FIL Testnet tokens were moved to exchanges and sold. Explaining the events as they occurred, one Twitter user, Crypto Chris G says:

“Basically miners dumped their testnet coins crashing the price then complained they should change the locking schedule since more supply was on market. Filecoin had to accept the miners’ proposals & 25% immediately unlocked. How did testnet coins become real? Was there a code bug?”

In the long thread, Crypto Chris G explains why he thinks miners are not as innocent as they have been portrayed. The user concludes his analysis by stating that “miners aren’t victims of the Filecoin team releasing coins early.” Instead, he says “they played this great, pulled huge profit from testnet coin selling for real $ then crying wolf to gain more.”

Filecoin Founder Accuses Justin Sun of Spreading Lies About FIL Tokens as Fresh Dumping Allegations Emerge

Soon after listing, Filecoin miners went on strike alleging the ineffectiveness of the economic model used. However, in his own thread, Benet dismisses the reports while claiming that miners are “following protocol and making a ton of money doing so.”

However, in comments that appear to corroborate Crypto Chris G’s account, Benet says:

“There are many people hoping to get rich quick with Filecoin without contributing value to the network — that’s just not how it works. This isn’t what the protocol rewards.”

$10 Billion in BTC Reserves: Companies With Bitcoin Treasuries Command Close to 4% of the Supply

The web portal bitcointreasuries.org now shows close to two dozen firms with a large number of bitcoin reserves. Currently, the aggregate total bitcoin held in reserves by the 23 companies listed is roughly 785,999 BTC worth well over $10 billion dollars.

This past August the billion-dollar firm Microstrategy announced it purchased 21,454 BTC for around $250 million. Then the Nasdaq listed company bought another 16,796 BTC and Microstrategy raised its reserve status to 38,250 bitcoins.

Following Microstrategy’s lead during the first week of October, the firm Square Inc. revealed it purchased 4,709 bitcoins for its treasury reserves. Since these two companies made the announcements it sparked the creation of a web portal called bitcointreasuries.org, which highlights an aggregate list of companies holding bitcoin treasuries.

When news.Bitcoin.com first reported on bitcointreasuries.org there were 13 companies listed with a combined total of 598,237 BTC ($7.6B) or 2.85% of the total supply on October 10. Fast forward to today, and there’s now 23 firms represented on the bitcoin treasury list and a lot more crypto added to the equation.

$10 Billion in BTC Reserves: Companies With Bitcoin Treasuries Command Close to 4% of the Supply
Prices for this bitcointreasuries.org report were recorded at approximately 3:00 p.m. (EST) on Wednesday, October 21, 2020.

The list is now broken up into three categories which include publicly listed businesses, private firms, and ETF-like organizations. 15 of the companies are public firms including Microstrategy, Square Inc., Galaxy Digital Holdings, Hive Blockchain, Coin Citadel Inc., and Argo Blockchain. These 13 public firms have an aggregate total of 67,536 BTC worth $863 million today.

Below the catalog of public companies, is a list of three private organizations including Block.one (140,000 BTC), the Tezos Foundation (24,808 BTC), and Stone Ridge Holdings Group (10,889 BTC). These three private firms have an aggregate total of 175,697 BTC worth $2.2 billion today.

In the ETF-like section of businesses listed on bitcointreasuries.org, there are five organizations mentioned. The ETF-like firms include the Grayscale Bitcoin Trust (456,537 BTC), Coinshares XBT (69,730 BTC), 3iQ The Bitcoin Fund (8,295 BTC), ETC Group Bitcoin ETP (5,215 BTC), and 21Shares AG (2,989 BTC). These five ETF-like organizations have an aggregate total of 542,766 BTC worth $6.9 billion today.

The combined total of all 23 companies listed on bitcointreasuries.org holds 785,999 BTC worth over $10 billion using current exchange rates. The 785k BTC is approximately 3.74% of bitcoin’s 21 million capped supply. The list does not include Tahinis restaurant chain or the company Snappa, two firms that claimed a percentage of bitcoin reserves but not an actual BTC count.

Bitcointreasuries.org says that companies like Tahinis were not included because they only added firms “that can be easily verified.” In addition to the firms’ Tahinis and Snappa, another company called Mode announced on Wednesday it acquired bitcoin for reserves as well. However, according to calculations, the number of bitcoins Mode holds in reserves is only around 6.7 BTC.

Chainalysis and Integra Win $1.25 Million IRS Contract to Break Monero

Crypto intelligence firm Chainalysis and data forensics company Integra Fec have won a combined $1.25 million contract to provide tools that break the privacy-focused coin, monero, for the U.S. Internal Revenue Service (IRS).

Floated early September, the one-year contract specifically covers transactions involving monero (XMR) and second-layer payment solutions such as bitcoin’s lightning network (LN) – features considered by the IRS as conduits for criminal financial activity.

Privacy coins are primarily built for the purpose of hiding financial transactions from unwanted attention, such as law enforcement.

But the IRS is paying both Chainalysis and Integra up to $625,000 each – a total of $1.25 million – to do just that, trace obfuscated wallet addresses and transaction amounts.

Per the original request, the firms will be advanced $500,000 each to develop the required tracing tool, and then another $125,000 if the submitted solution proves successful and is approved. A working submission is due in eight months. Testing and development will occur in the ensuing120 days.

The IRS hopes that the solution will help it track transactions to a specific user, identify specific transaction details as well as provide specific information on network activity.

Chainalysis has previously said that it can track 99% of transactions involving Zcash, and almost all of Dash’s – coins that both fancy themselves as private and untraceable.

But that’s only because the majority of users do not utilize the optional privacy-enhancing features available on the two blockchains.