Home Tags About
If the safety of your bitcoins is keeping you awake at night, perhaps it’s time you considered a more secure solution. Exchanges can be hacked, smartphones can die, and hardware wallets can be lost. For the ultra-paranoid, there’s only one storage option that’s impregnable to all known attack vectors – the brainwallet. If you get it right that is. Also read: New Wallet from Opendime, the Coinkite Coldcard, is Cypherpunk Cool Bitcoin on the Brain Bitcoin is thought of as a digital currency, but unlike Paypal or credit card, it’s equally suited to the analogue world. You can’t spend bitcoin offline, but you can store it in the form of a paper wallet (saving the pass key on a piece of paper). Take that approach one step further, by removing the paper, and you’ve got yourself a brainwallet. It’s the only bitcoin wallet that’s 100% impervious to phishing or hardware failure. If you die, the wallet dies with you, but by that stage, bitcoins – and indeed life itself – will no longer be your..
Any American bitcoin investors who were hoping to avoid paying taxes for their profits this year by trading them for altcoins are in for an unpleasant surprise. New regulations have been tailored specifically to make sure U.S. taxpayers can’t use this method to avoid giving the IRS their cut. Also Read: South Africa Wants to Track and Tax Bitcoin Trading Bitcoin to Altcoin is Not a “Like Kind” Exchange Until today a crafty tax attorney or accountant could have tried claiming that trading bitcoin for another cryptocurrency is not a taxable event, but U.S. authorities are now moving in fast to plug this loophole. The latest tax bill contains clarifications which make this a non-valid tax-minimizing strategy going forward. The issue arises from the IRS categorizing bitcoin as property, which can be argued makes crypto to crypto trades “like kind” exchanges under Section 1031 of the Internal Revenue Code. The new tax bill defines “like kind” exchanges to pertain only to real estate deal..
A prominent Twitter-based critic of Bitfinex, AB33, has announced his intention to initiate a class-action lawsuit against Ifinex – a BVI based company of which Bitfinex has previously asserted it is owned and operated by. The announcement of AB33’s desire to seek litigation against the company came shortly after the surfacing of documents revealing that Ifinex had been struck off from Singapore’s Accounting and Corporate Regulatory Authority (ACRA) register. Also Read: Bitfinex Experiences Withdrawal Difficulties AB33 Claims to be Organizing Litigation Against Ifinex On the 11th of December, AB33 published a post stating his intention to organize a “class action against iFinex.” AB33 accuses the exchange of “market manipulation,” “misleading patrons,” and “publicly trading shares of a private company” illicitly. Most of the accusations likely relate to Bitfinex’s conversion of BFX tokens into iFinex shares following the major hack suffered by the exchange during 2016. After losing ..
The half a trillion dollar cryptocurrency market is for the taking, and savvy market makers are not going to give up positions easily. Cboe was the first futures market for bitcoin, launching last Sunday a full week ahead of its crosstown and much larger competitor, CME Group Inc. With the might and heft CME brings into the space on Monday, Cboe is stealing a little of its thunder with TD Ameritrade’s announcement that it too will allow clients bitcoin futures on the same day. Also read: Tezos Foundation Board Member Quits as Lawsuits, Allegations, Tensions Mount Manic Monday, TD Ameritrade’s Cboe Bitcoin Futures Play “At this point,” TD Ameritrade announced in an email, “we believe the market is showing signs of adequate liquidity for the Cboe product. Therefore, on Monday, December 18th, we will launch the Cboe bitcoin futures contract on our platform for a subset of qualified retail clients.” The popular online retailer will require a minimum 25,000 USD in order to trade future..
The Department of Justice has announced another potential auction of seized bitcoin, totalling over 8 million USD. There’s a noticeable uptick in bitcoin-related prosecutions since at least 2014 and the Ross Ulbricht, Silk Road affair. With the price of bitcoin rising to stratospheric heights, the phenomenon has made bitcoiners relatively wealthy; it might have also brought law enforcement scrutiny, as loose asset forfeiture regulations create potentially perverse incentives for police. Also read: Tezos Foundation Board Member Quits as Lawsuits, Allegations, Tensions Mount Asset Forfeiture Auction of Bitcoin is New Territory for U.S. Attorney Utah’s United States Attorney wants to put seized bitcoin back on the market, and fast. Its office has come upon the world’s most popular cryptocurrency by way of a sleepy Utah town opioid drug bust back in late 2016. At the point of seizure, the digital asset’s worth was ‘only’ half a million dollars. With the time it takes to prosecute a case,..