November 22, 2019 | Club Laura

How to Navigate the Minefield of Cryptocurrency Taxation

November 22, 2019 clublaura_e7xtqv

National tax agencies have recently made it clear that the long arms of the law will be wielded to ensure bitcoiners pay the appropriate tax on their earnings. Motivated by surging interest in crypto, authorities are cracking the whip and instilling fear in those who have, until now, dismissed the notion that they might be pursued for tax on their trading. Also read: IRS Dispels Crypto Tax Confusion A Taxonomy of Crypto Tax Requirements Quantifying gains and losses on cryptocurrency purchases, and determining which transactions are liable to tax (and…

Bitcoin.com Accelerates Cryptocurrency Adoption With Racer Endorsement

November 22, 2019 clublaura_e7xtqv

Luke Vanna and the Bitcoin.com car are competing for top honors in the Australian Toyota 86 Racing Series. Sports partnerships like this can introduce cryptocurrency to new audiences as well as attract more businesses to join the ranks of the many merchants already accepting bitcoin cash across the country. Also Read: Bitcoin.com to Launch $200 Million BCH Ecosystem Investment Fund Bitcoin.com in Australian Toyota 86 Racing Series This weekend, Luke Vanna will be competing in a car exclusively branded with Bitcoin.com’s logo and colors in the final round of the…

Bitcoin Code to be Kept in Arctic Vault Facility

November 22, 2019 clublaura_e7xtqv

Bitcoin’s open-source code, at least its latest committed version, may be kept in a Svalbard vault, joining other projects in the GitHub Arctic Vault project. Satoshi’s Protocol Delivered to Svalbard Vault Bitcoin’s protocol, being an open-source project, is eligible to join thousands of other GitHub repositories in deep storage. The encoded repositories will be filed in microfilm with 1,000 year longevity. The Svalbard code project resembles the Arctic seed vault on the archipelago, where samples of the world’s crop seeds are stored in a dry and cold environment. Ashlee Vance,…

Bitcoin Breaks $7,000 as Whale Dumps on Huobi

November 22, 2019 clublaura_e7xtqv

Bitcoin kept bleeding on Friday, extending the gradual losses from the past weeks. BTC broke below $7,000 just around the time US markets opened on Friday, sliding to $6,791.46. Is the Bitcoin Whale the Plus Token Scammer? The reason for the breakdown of bitcoin may be the wallet of the Plus Token scam, which is once again selling its haul through Huobi. In the past months, the size and scale of the scheme became known, as well as one of its chief wallets containing 38,000 BTC. While the mainstream bloggers…

HSBC Closes Account Used to Support Hong Kong Protesters

November 22, 2019 clublaura_e7xtqv

For months on end, Hong Kong has been the scene of intensive confrontation between pro-democracy activists and its Beijing-supported government. It now seems the financial establishment has taken a side in this conflict. Banking giant HSBC has decided to close an account used to support the protest movement in the special administrative region of China. Also read: Economic Turmoil in Hong Kong Escalates as Colonial-Era Law Is Imposed Account Collecting Donations for Demonstrators Suspended The corporate account was closed earlier this week after HSBC found that the actual activities it…

Just In: Craig Wright to Cough Up $658K in Court Fees

November 22, 2019 clublaura_e7xtqv

The estate which accused Craig Wright of stealing $10 billion worth of Bitcoin from his deceased partner, Dave Kleiman, is asking him to cough up about $658K in court fees. The declaration appears after Magistrate Judge Bruce E. Reinhart issued sanctions against Wright for not complying with the court order that asked him to surrender half of his Bitcoin holdings to plaintiff Ira Kleiman, brother of Dave. At the same time, the judge ordered Wright to pay for Ira’s legal costs. However, the Kleiman estate got an extension after both…

Market Update: Cryptos Shed Billions in Rapid Sell-Off

November 22, 2019 clublaura_e7xtqv

Digital currency prices have been dropping in value this week and on November 21 the entire cryptoconomy fell below $200 billion. At the moment, most cryptocurrencies are down between 4-12% in the last 24 hours and 10-25% over the last seven days. Traders are currently pondering what will happen next as prices haven’t been this low since May. Also Read: The Bank of Google Wants Your Spending Data Crypto Markets Swim in a Sea of Red Crypto market prices have dropped substantially this week with much of the losses occuring…

What Tone Vays Hates Most About Ripple’s XRP Token

November 22, 2019 clublaura_e7xtqv

If you’ve been following veteran cryptocurrency trader and analyst, Tone Vays, on Twitter or Youtube for the past six months, it’s possible that you might have noticed a hint of negative sentiment from him towards XRP and Ripple. In an exclusive interview with Bitcoinist, we tried to get to the bottom of what he dislikes the most about the project. The battle against the ‘XRP army of the brain dead’ begins. Take it away, Tone… 1. XRP is just a security masquerading as a cryptocurrency $XRP is a token created &…

No One is Spending Bitcoin For Fear of the Tax Man

November 22, 2019 clublaura_e7xtqv

Spending Bitcoin (BTC) may be easy, but mainstream users are avoiding it. There may be one reason – the recent interest of the taxman in digital coins. Bitcoin Income May Create Taxable Event Not only US citizens, but also internationals, see the usage of BTC as creating a taxable event. Certainly, the IRS and other entities are not tracking the BTC transactions just yet. However, there are tools to see revenues recognized from crypto-related services. But there are also doubts that even buying and selling with coins may become taxable,…

Tackling 7 Myths About Bitcoin for Beginners

November 22, 2019 clublaura_e7xtqv

For those long involved in the crypto space, it’s easy to forget just how overwhelming and mystifying the world of bitcoin was when first encountered as a fresh-faced neophyte, unable to tell the difference between a bitcoin and a blockchain, or even what a private key was. In that interest, it stands to examine 7 common myths surrounding the permissionless digital asset, to help disperse some of the troublesome fog that can obscure the true nature of crypto for beginners. Also Read: Here Are Some Fun Things to Do With…