Best Twitter threads of the day – August 28th

Twitter is an alpha gold mine if you know where to look.

I compiled the top 5 alpha tweets I read this week for your convenience.👇

— Miles Deutscher (@milesdeutscher) August 27, 2023

1. Banger post by @CryptoCred on funding rates and how they work. https://t.co/yIcK1AZtv0

— Miles Deutscher (@milesdeutscher) August 27, 2023

2. Great observation regarding the current state of the market. Eloquently sums up how a lot of us are feeling (and why). https://t.co/OQ7o68xWrm

— Miles Deutscher (@milesdeutscher) August 27, 2023

3. Very interesting and well-put together thread. Highlights the importance of on-chain wallet tracking. https://t.co/kZCJd9WY2L

— Miles Deutscher (@milesdeutscher) August 27, 2023

4. Why thinking in first principles is a crucial skill. https://t.co/KqtKEbPdGB

— Miles Deutscher (@milesdeutscher) August 27, 2023

5. Amazing master thread on the top crypto airdrops. https://t.co/4aJFCgSwYR

— Miles Deutscher (@milesdeutscher) August 27, 2023

🚨 BREAKING: 🇭🇰 Hong Kong's Financial Secretary Drops Bombshell Prediction about Web3 and #Crypto 🔥

🇨🇳 A seismic move that even CHINA can't ignore 😳

A thread 🧵 pic.twitter.com/VwTXTISI37

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

1️⃣ Financial Secretary's Viewpoint:

👉 Hong Kong's Financial Secretary, Paul Chan Mo-po, believes that the future of digital tech growth in Hong Kong will be powered by blockchain and Web3 technologies. pic.twitter.com/7wzaFQyPgz

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

2️⃣ Emerging Sectors:

👉 Within Web3, sectors like NFTs (digital art and collectibles), GameFi (gaming with financial mechanics), Play-to-Earn gaming (games where players can earn real-world value), and immersive entertainment are expected to be the forefront of digital… pic.twitter.com/Bybx6Ju7h5

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

3️⃣ Advantages of Web3:

👉 Web3's underlying blockchain technology offers many benefits, including:

➡️ Disintermediation: Removes middlemen.

➡️ Security: Provides secure digital interactions.

➡️ Transparency: Offers clear, transparent operations.

➡️ Immutability: Ensures data… pic.twitter.com/RUNJFGxwYd

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

4️⃣ Digital Entertainment Leaders Forum:

👉 Paul Chan recently attended this three-day blockchain event held at Cyberport in Hong Kong. pic.twitter.com/z5dUMGf1CO

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

5️⃣ Cyberport's Role:

👉 It's a significant tech and multimedia hub in Hong Kong that supports tech and digital entertainment companies.

👉 Chan allocated an extra $50 million to boost the Web3 ecosystem here.

👉 Over 180 Web3-focused companies are currently based in Cyberport,… pic.twitter.com/7V1WTKG48X

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

6️⃣ Hong Kong vs. China:

👉 While mainland China has been against #crypto for years, Hong Kong is taking a more open approach.

👉 Hong Kong has introduced crypto-friendly laws, aiming to be a global center for digital assets.

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

7️⃣ Hong Kong's Web3 Initiative:

👉 The region has formed a Web3 task force, aiming to provide guidance on the industry's sustainable growth. pic.twitter.com/pugLFAQGHH

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

8️⃣ Local #Crypto Exchange:

👉 HashKey, a local crypto exchange in Hong Kong, recently got approval to offer crypto assets to regular people, expanding from just institutional clients. pic.twitter.com/whlBK6yMx3

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

9️⃣ Summary:

👉 In short, Hong Kong is heavily investing in and supporting the growth of Web3 and related technologies, aiming to be a leader in the digital tech arena.

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

🚨 URGENT: 🇺🇸 U.S. just unleashed a game-changer for #Crypto taxation! 😲

If you're in crypto, you NEED to read this! 🔥

Thread 🧵#CryptoNews #RichQUACK $QUACK #Bitcoin #binance pic.twitter.com/jR4C1Dd8td

— RichQuack (@RichQuack) August 27, 2023

1/ The Proposal Unveiled:

👉 U.S. Treasury aims for #crypto platforms to disclose user transactions to the IRS.

👉 Introducing Form 1099-DA for this purpose. pic.twitter.com/UAm9QYQfjk

— RichQuack (@RichQuack) August 27, 2023

2/ Why This Rule?

👉 Simplifies tax calculations for #crypto users.

👉 Aligns crypto reporting with traditional financial instruments. pic.twitter.com/YagpUc5fWQ

— RichQuack (@RichQuack) August 27, 2023

3/ Who's Considered a "Broker"?

👉 Centralized & decentralized exchanges alike.

👉 Payment processors in #crypto.

👉 Certain online wallets. pic.twitter.com/GHomZLSjU2

— RichQuack (@RichQuack) August 27, 2023

4/ Rule's Origin:

👉 Stemming from the 2021 $1T Infrastructure Bill.

👉 Targets enhanced tax compliance, potentially generating $28B over a decade. pic.twitter.com/ApSgUY4TYY

— RichQuack (@RichQuack) August 27, 2023

5/ Implementation Timeline?

👉 Expected to be active by 2025, affecting 2026 tax filings. pic.twitter.com/ORYp5VOnOB

— RichQuack (@RichQuack) August 27, 2023

7/ Decentralized Worries:

👉 Rule could label many decentralized entities as "brokers".

👉 Ambiguity around the term "effectuating" transfers. pic.twitter.com/mVLQ2qzxtW

— RichQuack (@RichQuack) August 27, 2023

8/ Who Could Be Impacted?

👉 Wallets like Metamask.

👉 DEXs like Uniswap.

👉 Multi-sig smart contracts may need new ID rules. pic.twitter.com/xf23a7Av1Y

— RichQuack (@RichQuack) August 27, 2023

9/ Lawmakers Weigh In:

👉 Rep. Patrick McHenry among those calling for clearer guidelines. pic.twitter.com/Fn1j8VDVzh

— RichQuack (@RichQuack) August 27, 2023

11/ Next Moves:

👉 Public feedback open until Oct. 30.

👉 Public hearings set for Nov. 7-8 for further discussions. pic.twitter.com/xp6yowZ5ps

— RichQuack (@RichQuack) August 27, 2023