Recent reports have provided new insight into the Internal Revenue Service’s concerns about Bitcoin tax evasion, and appear to indicate that only a small portion of Bitcoin users ever bother to report their profits and losses in their annual filings with the agency. The revelations came as the IRS formally filed a lawsuit in federal court to force the Coinbase exchange to obey the agency’s John Doe Summons requiring the release of exchange customer information.
The global gaming market currently exceeds a market capitalization of 100 billion dollars, and is expected to steadily grow over the next 20 years. As of right now there is a tendency in the word of blockchain tech to overlook sectors like gaming, focusing instead on the financial industry. Gamecredits Inc aims to change cryptocurrency investors’ perspectives with the company’s latest announcement of its free to use API.
Our regular readers will recall my colleague Timothy Goggin’s January 17, 2017 interview with film producer Tony Caradonna, in which the two discussed the upcoming 2018 movie, the Pitts Circus. That film production has already made news as the first movie to use Ethereum for 100% of its financing. Now, the second stage of the project is set to kick off, as the project’s backers prepare to launch the Ethereum Movie Venture token on March 20, 2017.
It’s always gratifying to see positive mainstream media coverage of anything related to digital currency or its underlying technology. With Bitcoin’s price increase in recent weeks, the coverage has ranged from descriptions of Bitcoin as the “new gold” to gloomier assertions that it’s destined to bring disaster for investors foolish enough to choose it for their portfolios. A recent special report on CNBC’s site leans toward the optimistic, noting a prediction by one analyst who suggests that Bitcoin’s price could reach $3,000 by the end of 2017.
Transparency versus anonymity has been a hotly contested debate in the cryptocurrency industry. The debate however, has mostly been framed by one side as a way to hide their activity from government and law enforcement. The other side has made the rebuttal that anonymity provides cover for illegal activities and terror financing; which they are certain we are all guilty of. The truth lies somewhere in the middle, and both sides raise some valid points.
A group of more than thirty of the largest banks and technology companies have come together to form a new consortium focused on developing an Ethereum blockchain system that can be used by the finance industry. The Enterprise Ethereum Alliance was formed in December, and formally launched this week at a summit in Brooklyn, New York.
A number of Indian cryptocurrency companies have banded together to launch a new initiative called the Digital Asset and Blockchain Foundation of India, or DABFI, to facilitate self-regulation of their industry, help create standards for anti-money-laundering and know-your-customer rules, and promote awareness and acceptance for digital currency and blockchain technology. The Times of India recently reported that global law firm Nishith Desai Associates has been retained to assist in the development of self-regulations for the nation’s crypto industry.
Like many technological advances before it, cryptocurrency has spawned a rapidly developing industry. In this highly competitive field it is important to have every advantage you can get. Anyone can put together a team of individuals and give themselves impressive sounding titles, but few have watched the process of innovation take place first hand, because most are too young to remember the internet and personal computer booms, as well as the subsequent bubbles. The same cannot be said for DNotes co-founder Alan Yong, however – a man who has 40 years of business experience, including 20 years as a pioneering innovator in the software and personal computer industries.
His company, Dauphin Technology, went head-to-head with industry giants such as Apple computer Inc., Tandy Corp., and Motorola in the early days of the personal computer revolution. Since he has seen firsthand the trials and tribulations that projects in emerging tech sectors can face, he knows better than most how to avoid the pitfalls that threaten most entrepreneurs.
Are you considering an investment in Bitcoin? Or considering throwing some spare change at a promising alternative in the cryptosphere? Maybe unsure whether digital currency counts as ‘real’ money? The crypto-industry is rife with exciting developments, rapid environmental changes, and price movements that have made many people very happy, while news stories from less-fortunate people have caused would-be investors and consumers to question the long-term viability of digital money. Many people could have avoided harm if a comprehensive guide existed to inform investors with a base knowledge of cryptocurrency and a rubric for analyzing currencies that goes beyond the general myopic focus on short-term price speculation in the media. This multi-part guide has been compiled to make it easier to understand the value proposition of digital money, and to explain some of the factors that can affect its price and value over time.
A new report by Bank of Canada researchers suggests that Bitcoin and other digital currencies won’t succeed on a long-term basis without greater government regulation. To reach that conclusion, the report draws historical comparisons to a period in the 1800s when Canadians had access to government-issued currencies known as Dominion notes as well as other notes issued by private banks.
According to Coin ATM Radar, the world now has more than 1,000 Bitcoin ATMs in operation. According to reports, more than 60% of these machines – 621 – are at sites around the United States, with Canada coming in second in total Bitcoin ATM placement. The ATMs provide Bitcoin enthusiasts with easier access to Bitcoin transactions, and are viewed as an important tool for increasing awareness of the digital currency.
As many industry observers already know, The Australian Securities Exchange (ASX) has been working toward becoming the first exchange of its kind to use blockchain technology for its post-trade services. The exchange revealed late this week that it plans to increase its investment in the technology in 2017 as it pushes forward to build on the distributed ledger system currently being developed by Digital Asset Holdings.
The US regulation of digital currencies is out of date, impractical, and damaging to a potentially lucrative economy. The lack of unity in state regulations has created an unworkable system that makes the operations of Fintech (Financial Technology) companies complicated and confusing. A unified and clear regulatory policy would clear these muddy waters and benefit the digital currency industry, and have a positive impact on the American economy as a whole.
Crypto gaming store GameCredits recently announced that the company will be launching a crowdsale for its new MobileGo Token. The crowdsale is currently projected to begin in April, with active promotion in China and throughout the West. The crowdsale funds and issuing of tokens will be used to fund marketing of the company’s new Mobile Store and to develop Ethereum-based smart contract systems on the platform.
As DNotes celebrates its 3rd Birthday, Co-Founder Alan Yong offered his thoughts on DNotes’ long term vision to gain mass acceptance of digital currency and the blockchain technology that makes it possible. In his most recent remarks, Yong described this as a generational opportunity with world-changing implications.
The Austrian capital of Vienna is now home to what is being referred to as the world’s first Bitcoin bank. The newly-opened “Bitcoin Bank” is owned and managed by blockchain firm Bit Trust, and has opened for business in one of the more popular Vienna shopping areas on Mariahilfer Strasse. The bank was launched to help simplify the buying and selling process for Bitcoin enthusiasts in the area.
National Bank of Abu Dhabi (NBAD) recently announced that it has successfully employed the Ripple blockchain for its cross-border payment systems. The bank’s integration of the Ripple Distributed Financial Technology is expected to provide its customers with immutable, secure, and cost-efficient fund transfers. With this move, NBAD has become the first bank in the Middle East to officially implement the Ripple technology.
In a new article published today, DNotes Global Inc. Founder Alan Yong has his own thoughts to share on the current climate for U.S. businesses – with a special focus on new startups. Ever the realist, Yong doesn’t shy away from reminding us about just how bad things have been for small businesses in recent years.
In a recently-published transcript of a speech given at the FinTech Forum in Paris last month, French central bank Governor Francois Villeroy de Galhau signaled that the Banque de France is seeking greater collaboration with FinTech startups focused on blockchain technology. In the speech, de Galhau revealed that the central bank intends to open a new lab to strengthen its partnership with those blockchain firms and facilitate its broader goal of encouraging more FinTech innovation across France.
Elections have consequences. Understandably, it is seldom easy to accept a high level of uncertainty in the face of highly charged emotions. It is important to question everything, and equally important to keep an open mind. Contrary to the apocalypse some people are predicting with the Trump administration, I am quite optimistic for the fate of cryptocurrency under President Trump. President Trump has not commented publicly on cryptocurrency or Bitcoin, but he did appoint early Bitcoin adopter and South Carolina Congressman Mick Mulvaney as Budget Director.