Is there a comprehensive comparison of how cryptocurrency is taxes around the world? No "light" comparisons like this or this, but a comparison table or long-form article, taking into account not just tax rates, but how onerous reporting is. For example, this post says that the Australian Tax Office "wants every transaction, from every address, all of the fees, the prices of all tokens involved in AUD at the time of transaction". Compared to that, Form 8949 in the US, where you can report your gains per currency and without individual transactions, is a piece of cake. I suspect /CoinTracking/ (mods reddittor, gattacibus), Cointracker.io, Bitcoin.tax, CryptoTrader.tax (can't find subreddits for these?) and other crypto tax software has this data, and I understand it should be paid for, and that a crowdsourced solution (e.g. a wiki) may not be that trustworthy, though Wikipedia-style references to tax authority pages could back the information.
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Open Letter To The Australian Taxation Office for the Commonwealth of Australia regarding Crypto Strategies (trading as Coinspice)
Dear Australian Taxation Office for the Commonwealth of Australia, I am a concerned global internet user worried about the darkmarket illegal drugs/child pornography/weapons etc... "Silk Road" type connections to a cryptocurrency known as Bitcoin Cash and an Australian company. You might be aware that the head of the Bitcoin Cash operation (running at Bitcoin.com) is a Mr Roger Keith Ver, resident of St. Kitts & Nevis. He was quite rightly recently denied a visa to enter your country. He has been denied visas to enter Canada and the USA. This Roger Ver is a dangerous cryptoanarchist with a convicted federal felon with prison time served in the USA for selling, storage and shipment of explosives, so I am glad your immigration authorities have done their homework. His company however (Bitcoin.com) has become a platinum sponsor of the "Coinspice" event to be held in the city of Townsville, Queensland and his apparent reason to enter Australia was to speak at said conference. How does this relate to the ATO? Well Coinspice is just the brand name of a company called Crypto Strategies (ABN 17 421 429 725). I note from the abr.business.gov.au that the company is registered as a Individual/Sole Trader with Entity Name "OTTO, ****** ****" (censored for reddit). I adivse that you check what this "Sole Trader" is doing in the city of Townsville, Queensland because it certainly doesn't seem like a sole trader operation to me. You can see hundreds of hours of output on Youtube under the name "Coinspice", filmed by professional camera crews etc... and with professional editing and production. There are also livestreams and many other international productions and free giveaways of ATM machines etc... Also he is planning a big conference in the city. Some useful links: "Sole traders" website - https://coinspice.io "Sole traders" Youtube channel - note multiple employees: https://www.youtube.com/channel/UCCmyWwEXAo9uLnc9mO-Obvg "Sole traders" global conference - https://bitcoincashcity.com/ Example of "Sole trader" giving away 1 of 100 ATM cash machines: https://www.reddit.com/CryptoCurrency/comments/cgbnv4/giving_away_100_bitcoin_cash_pointofsale_machines/ May I suggest you look for records in his tax filings related to payments for such companies services, and perhaps if the records don't exist my I suggest to you that that he is being funded by Mr Roger Ver, in Bitcoin Cash all off the records and without any accounting, and he uses such funds to pay for camera opertors, video editors, live streamers etc... etc...if it looks like and smells like tax avoidance and money laundering it is certainly a nice spicy case for you to investigate. That's all - just as I take great pride in and have tremendous respect for your immigration authorities for their thorough investigation and denial of criminal Roger Ver entry to Australia, I am sure the tax investigation authorities are also up to the job. Thanks for you time. G'day! Jim (full name here - censored for reddit).
The Australian government may have inadvertently backed CSW's company, Cloudcroft Supercomputers Australia, to the tune of up to $54 million. Business incubator AusIndustry provides research and development support through its R&D Tax Incentive Scheme. Under the scheme, a company which turns over less than $20 million is eligible to apply for a cash rebate of 45 cents for every dollar spent on research and development activity.
Opponents claim that the supercomputer never existed, with the only evidence being a ZDNet article where SGI stated to them that "SGI has no record of the CO1N supercomputer ever being purchased or serviced from SGI, therefore SGI suspects it may have been purchased on the grey market," Conceicao said. "SGI does not operate, maintain, or provide any services for this supercomputer.
It has since come to light that SGI may have actually sold the hardware direct, contrary to local distribution agreements under an NDA. This is quite common (although dodgy) practice in direct to manufacturer deals. Basically the distributor is losing their commission, hence the need for an NDA. There is no hard evidence that this is the case, but it is totally plausible. Anybody in manufacturing and distribution knows that these kind of grey market deals happen every day.
There is some evidence of the C01N supercomputer existing.
There are transcripts of interviews with the ATO dated 18th Feb 2014 (long before the whole media circus, and unrelated to the Supercomputer fiasco) with discussions about mining Bitcoin in 2009. If you read the discussion, it is about Business Activity Statements and specifically arguing whether Bitcoin is a currency or a commodity. Is the community really persecuting somebody for going up against the tax man as a proponent of Bitcoin?
So it's quite possible that there was a stretch of the truth here, if he indeed did state that he'd completed that second PhD when he was still researching (first is in Theology believe it or not). I would hardly call this damning evidence, with which to publicly hang him. It's not like he just made up some fake degree and ran around telling everybody he's a Doctor. If there are other places besides LinkedIn where he said he actually had the completed degree, I'd be interested to see that. Either way - he now has it.
The whole CSW is Satoshi thing.
Wow, I don't know where to start with this one, as I don't even know where I stand on it without hard evidence either way. What I will say is that if CSW claiming to be Satoshi is a complete scam, it's an incredibly detailed and elaborate one, involving a lot of people, that was meticulously planned - until the exit plan. If this is true, how did he screw up the end so badly? What was his plan to finish the scam on a win? I'm not going to weigh too much of my opinion on this because I am still open to new facts and arguments, except to say that at this point I believe CSW was probably involved in Bitcoin from the very early stages, and that it is at least plausible that he and Dave Kleiman had an involvement in the beginnings of Bitcoin. It also seems plausible that whoever Satoshi is, he (or they) does not want to be known. There could be many legal and Tax implications for the real Satoshi. Whatever the real story, it is not black and white. I'm just going to leave some of my research trail here and you can make up your own minds: To get a solid overall picture, this article by Andrew O'Hagan is a good start and worth the long read. An article relating to the Trust with Dave Kleiman in Seychelles holding 1,100,111 BTC. If this is actually for real, it would explain why CSW does not have access to Satoshi keys or coins. Again, the ATO interview from 2014 discussing bitcoin related issues from 2009 Gizmodo Article about CSW and Dave K The Wired article claiming CSW to be a hoax, based on the supercomputer, the LinkedIn profile and the missing keys. And no other evidence. Forbes spreading the accusations further, causing them to be more widely accepted as fact. More opinions More reports that the ATO were after "the creator of Bitcoin" News that CSW's Australian Business is wound up. Again, no mention of any charges or fraud. Something interesting that maybe somebody else can get more out of than me. TLDR I see a lot of people slinging mud, but not a lot of actual facts being tossed around. Before you just join the chorus of regurgitation, do what I did and try to discover some real facts for yourself. If all of the accusations are fabricated, then you must ask yourself who is fabricating it and why? What are their motives? Is there a deeper story? And if you do find anything supporting either side of the arguments, I'm open ears and open mind. Just expect me to question your sources and to ignore statements of fact that can't be backed up.
I must be having an effect! I'm being stalked all over reddit by their big gun BitcoinXio! This is hilarious, cause he's only leaving more links to lead everyone to click on once I own him using just code. The BABies will know what I did was bad but totally understandable considering! #RedditWithXio
Transacting with bitcoin is akin to a barter arrangement, with similar tax consequences. Our view is that bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax (CGT) purposes.
Using bitcoin for personal transactions
Generally, there will be no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin (for example, acquiring personal goods or services on the internet using bitcoin). Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.
Capital gains There may also be capital gains tax consequences where you dispose of bitcoin as part of carrying on a business. However, any capital gain is reduced by the amount that is included in your assessable income as ordinary income. Mining bitcoin
Where you are in the business of mining bitcoin, any income that you derive from the transfer of the mined bitcoin to a third party would be included in your assessable income. Any expenses incurred in respect to the mining activity would be allowed as a deduction. Losses you make from the mining activity may also be subject to the non-commercial loss provisions. Bitcoin held by a taxpayer carrying on a business of mining and selling bitcoin, will be considered to be trading stock. You are required to bring to account any bitcoin on hand at the end of each income year. GST is payable on the supply of bitcoin made in the course or furtherance of your bitcoin mining enterprise. Input tax credits may be available for acquisitions made in carrying on your bitcoin mining enterprise.
For non-Aus people, our GST is 10% Bitcoin exchange transactions (including bitcoin ATMs)
Where you are carrying on a business of buying and selling bitcoin as an exchange service, the proceeds you derive from the sale of bitcoin are included in your assessable income. Any expenses incurred in respect to the exchange service, including the acquisition of bitcoin for sale, are allowed as a deduction. Bitcoin held by a taxpayer carrying on a bitcoin exchange will be considered to be trading stock. You are required to bring to account any bitcoin on hand at the end of each income year. GST is payable on a supply of bitcoin by you in the course or furtherance of your exchange service enterprise. Input tax credits are available for bitcoin acquired if the supply of bitcoin to you is a taxable supply. The tax consequences for transacting with a bitcoin exchange will depend on whether you are acquiring or supplying the bitcoin as part of a business transaction or for investment or otherwise (see the relevant guidance above and below).
Disposing of bitcoin acquired for investment
If you have acquired bitcoin as an investment capital gains tax could apply (although see information about using bitcoin for personal transactions). If you are not carrying on a business of bitcoin investment, you will not be assessed on any profits resulting from the sale or allowed any deductions for any losses made. However, if your transactions amount to a profit-making undertaking or plan then the profits on disposal of the bitcoin will be assessable income. Note: There are no GST consequences where the bitcoin is not supplied or acquired in the course or furtherance of an enterprise you are carrying on.
On 17 December 2014, we finalised a number of rulings (a GST Public Ruling and several Income Tax Determinations) relating to the application of tax laws for bitcoin and similar crypto-currencies. All of these rulings have application to tax periods before their date of issue as they discuss the operation of laws that were already operative. However, the Commissioner of Taxation will not generally apply compliance resources to tax periods that started before 1 October 2014 for goods and services tax, or 1 July 2014 for other tax issues. This is for taxpayers that can show they have made a genuine attempt to determine the tax treatment of bitcoin and have adopted a consistent position on this in those past tax periods.
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"Satoshi Nakamoto" the mysterious creator of Bitcoin is no other than the CIA
Bitcoin has surged to all time highs, Who created Bitcoin, and why? The creator of Bitcoin is officially a name, “Satoshi Nakamoto” – very few people believe that it was a single male from Japan. In the early days of Bitcoin development this name is associated with original key-creation and communications on message boards, and then the project was officially handed over to others at which point this Satoshi character never appeared again (Although from time to time someone will come forward saying they are the real Satoshi Nakamoto, and then have their posts deleted). Bitcoin could very well be the ‘one world currency’ that conspiracy theorists have been talking about for some time. It’s a kill five birds with one stone solution – not only is Bitcoin an ideal one world currency, it allows law enforcement a perfect record of all transactions on the network. It states very clearly on bitcoin.org (the official site) in big letters “Bitcoin is not anonymous” : Some effort is required to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. This is one reason why Bitcoin addresses should only be used once. Another advantage of Bitcoin is the problem of Quantitative Easing – the Fed (and thus, nearly all central banks in the world) have painted themselves in a corner, metaphorically speaking. QE ‘solved’ the credit crisis, but QE itself does not have a solution. Currently all currencies are in a race to zero – competing with who can print more money faster. Central Bankers who are in systemic analysis, their economic advisors, know this. They know that the Fiat money system is doomed, all what you can read online is true (just sensationalized) – it’s a debt based system based on nothing. That system was created, originally in the early 1900’s and refined during Breton Woods followed by the Nixon shock (This is all explained well in Splitting Pennies). In the early 1900’s – there was no internet! It is a very archaic system that needs to be replaced, by something modern, electronic, based on encryption. Bitcoin! It’s a currency based on ‘bits’ – but most importantly, Bitcoin is not the ‘one world currency’ per se, but laying the framework for larger cryptocurrency projects. In the case of central banks, who control the global monetary system, that would manifest in ‘Settlement Coin’ : Two resources available almost exclusively to central banks could soon be opened up to additional users as a result of a new digital currency project designed by a little-known startup and Swiss bank UBS. One of those resources is the real-time gross settlement (RTGS) system used by central banks (it’s typically reserved for high-value transactions that need to be settled instantly), and the other is central bank-issued cash. Using the Utility Settlement Coin (USC) unveiled today, the five-member consortium that has sprung up around the project aims to help central banks open-up access to these tools to more customers. If successful, USC has the potential to create entirely new business models built on instant settling and easy cash transfers. In interview, Robert Sams, founder of London-based Clearmatics, said his firm initially worked with UBS to build the network, and that BNY Mellon, Deutsche Bank, ICAP and Santander are only just the first of many future members. the NSA/CIA often works for big corporate clients, just as it has become a cliche that the Iraq war was about big oil, the lesser known hand in global politics is the banking sector. In other words, Bitcoin may have very well been ‘suggested’ or ‘sponsored’ by a banker, group of banks, or financial services firm. But the NSA (as we surmise) was the company that got the job done. And probably, if it was in fact ‘suggested’ or ‘sponsored’ by a private bank, they would have been waiting in the wings to develop their own Bitcoin related systems or as in the above “Settlement Coin.” So the NSA made Bitcoin – so what? The FX markets currently represent the exchange between ‘major’ and ‘minor’ currencies. In the future, why not too they will include ‘cryptocurrencies’ – we’re already seeing the BTC/EUR pair popup on obscure brokers. When BTC/USD and BTC/EUR are available at major FX banks and brokers, we can say – from a global FX perspective, that Bitcoin has ‘arrived.’ Many of us remember the days when the synthetic “Euro” currency was a new artificial creation that was being adopted, although the Euro project is thousands of degrees larger than the Bitcoin project. But unlike the Euro, Bitcoin is being adopted at a near exponential rate by demand (Many merchants resisted the switch to Euros claiming it was eating into their profit margins and they were right!). And to answer the question as to why Elite E Services is not actively involved in Bitcoin the answer is that previously, you can’t trade Bitcoin. Now we’re starting to see obscure brokers offering BTC/EUR but the liquidity is sparse and spreads are wacky – that will all change. When we can trade BTC/USD just like EUUSD you can bet that EES and a host of other algorithmic FX traders will be all over it! It will be an interesting trade for sure, especially with all the volatility, the cross ‘pairs’ – and new cryptocurrencies. For the record, for brokers- there’s not much difference adding a new symbol (currency pair) in MT4 they just need liquidity, which has been difficult to find. So there’s really nothing revolutionary about Bitcoin, it’s just a logical use of technology in finance considering a plethora of problems faced by any central bank who creates currency. And there are some interesting caveats to Bitcoin as compared to major currencies; Bitcoin is a closed system (there are finite Bitcoin) – this alone could make such currencies ‘anti-inflationary’ and at the least, hold their value (the value of the USD continues to deteriorate slowly over time as new M3 introduced into the system.) But we need to pay Here’s some interesting theories about who or whom is Satoshi: A corporate conglomerate Some researchers proposed that the name ‘Satoshi Nakamoto’ was derived from a combination of tech companies consisting of Samsung, Toshiba, Nakayama, and Motorola. The notion that the name was a pseudonym is clearly true and it is doubtful they reside in Japan given the numerous forum posts with a distinctly English dialect. Craig Steven Wright This Australian entrepreneur claims to be the Bitcoin creator and provided proof. But soon after, his offices were raided by the tax authorities on ‘an unrelated matter’ Soon after these stories were published, authorities in Australia raided the home of Mr Wright. The Australian Taxation Office said the raid was linked to a long-running investigation into tax payments rather than Bitcoin. Questioned about this raid, Mr Wright said he was cooperating fully with the ATO. “We have lawyers negotiating with them over how much I have to pay,” he said. Other potential creators Nick Szabo, and many others, have been suggested as potential Satoshi – but all have denied it: The New Yorker published a piece pointing at two possible Satoshis, one of whom seemed particularly plausible: a cryptography graduate student from Trinity College, Dublin, who had gone on to work in currency-trading software for a bank and published a paper on peer-to-peer technology. The other was a Research Fellow at the Oxford Internet Institute, Vili Lehdonvirta. Both made denials. Fast Company highlighted an encryption patent application filed by three researchers – Charles Bry, Neal King and Vladimir Oksman – and a circumstantial link involving textual analysis of it and the Satoshi paper which found the phrase “…computationally impractical to reverse” in both. Again, it was flatly denied. THE WINNER: It was the NSA The NSA has the capability, the motive, and the operational capacity – they have teams of cryptographers, the biggest fastest supercomputers in the world, and they see the need. Whether instructed by their friends at the Fed, in cooperation with their owners (i.e. Illuminati banking families), or as part of a DARPA project – is not clear and will never be known (unless a whistleblower comes forward). In fact, the NSA employs some of the best mathematicians and cryptographers in the world. Few know about their work because it’s a secret, and this isn’t the kind of job you leave to start your own cryptography company. But the real smoking Gun, aside from the huge amount of circumstantial evidence and lack of a credible alternative, is the 1996 paper authored by NSA “HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONIC CASH” The NSA was one of the first organizations to describe a Bitcoin-like system. About twelve years before Satoshi Nakamotopublished his legendary white paper to the Metzdowd.com cryptography mailing list, a group of NSA information security researchers published a paper entitled How to Make a Mint: the Cryptography of Anonymous Electronic Cash in two prominent places, the first being an MIT mailing list and the second being much more prominent, The American Law Review The paper outlines a system very much like Bitcoin in which secure financial transactions are possible through the use of a decentralized network the researchers refer informally to as a Bank. They list four things as indispensable in their proposed network: privacy, user identification (protection against impersonation), message integrity (protection against tampering/substitution of transaction information – that is, protection against double-spending), and nonrepudiation (protection against later denial of a transaction – a blockchain!). It is evident that SHA-256, the algorithm Satoshi used to secure Bitcoin, was not available because it came about in 2001. However, SHA-1 would have been available to them, having been published in 1993. Why would the NSA want to do this? One simple reason: Control. As we explain in Splitting Pennies – Understanding Forex – the primary means the US dominates the world is through economic policy, although backed by bombs. And the critical support of the US Dollar is primarily, the military. The connection between the military and the US Dollar system is intertwined inextricably. There are thousands of great examples only one of them being how Iraq switched to the Euro right before the Army’s invasion. In October 2000 Iraq insisted on dumping the US dollar – ‘the currency of the enemy’ – for the more multilateral euro. The changeover was announced on almost exactly the same day that the euro reached its lowest ebb, buying just $0.82, and the G7 Finance Ministers were forced to bail out the currency. On Friday the euro had reached $1.08, up 30 per cent from that time. Almost all of Iraq’s oil exports under the United Nations oil-for-food programme have been paid in euros since 2001. Around 26 billion euros (£17.4bn) has been paid for 3.3 billion barrels of oil into an escrow account in New York. The Iraqi account, held at BNP Paribas, has also been earning a higher rate of interest in euros than it would have in dollars. The point here is there are a lot of different types of control. The NSA monitors and collects literally all electronic communications; internet, phone calls, everything. They listen in even to encrypted voice calls with high powered microphones, devices like cellphones equipped with recording devices (See original “Clipper” chip). It’s very difficult to communicate on planet Earth in private, without the NSA listening. So it is only logical that they would also want complete control of the financial system, including records of all electronic transactions, which Bitcoin provides. Could there be an ‘additional’ security layer baked into the Blockchain that is undetectable, that allows the NSA to see more information about transactions, such as network location data? It wouldn’t be so far fetched, considering their past work, such as Xerox copy machines that kept a record of all copies made (this is going back to the 70’s, now it’s common). Of course security experts will point to the fact that this layer remains invisible, but if this does exist – of course it would be hidden. More to the point about the success of Bitcoin – its design is very solid, robust, manageable – this is not the work of a student. Of course logically, the NSA employs individuals, and ultimately it is the work of mathematicians, programmers, and cryptographers – but if we deduce the most likely group capable, willing, and motivated to embark on such a project, the NSA is the most likely suspect. Universities, on the other hand, didn’t product white papers like this from 1996. Another question is that if it was the NSA, why didn’t they go through more trouble concealing their identity? I mean, the internet is rife with theories that it was in fact the NSA/CIA and “Satoshi Nakamoto” means in Japanese “Central Intelligence” – well there are a few answers for this, but to be congruent with our argument, it fits their profile. Where could this ‘hidden layer’ be? Many think it could be in the public SHA-256, developed by NSA (which ironically, was the encryption algorithm of choice for Bitcoin – they could have chosen hundreds of others, which arguably are more secure): Claims that the NSA created Bitcoin have actually been flung around for years. People have questioned why it uses the SHA-256 hash function, which was designed by the NSA and published by the National Institute for Standards and Technology (NIST). The fact that the NSA is tied to SHA-256 leads some to assume it’s created a backdoor to the hash function that no one has ever identified, which allows it to spy on Bitcoin users. “If you assume that the NSA did something to SHA-256, which no outside researcher has detected, what you get is the ability, with credible and detectable action, they would be able to forge transactions. The really scary thing is somebody finds a way to find collisions in SHA-256 really fast without brute-forcing it or using lots of hardware and then they take control of the network,” cryptography researcher Matthew D. Green of Johns Hopkins University said in a previous interview. Then there’s the question of “Satoshi Nakamoto” – if it was in fact the NSA, why not just claim ownership of it? Why all the cloak and dagger? And most importantly, if Satoshi Nakamoto is a real person, and not a group that wants to remain secret – WHY NOT come forward and claim your nearly $3 Billion worth of Bitcoin (based on current prices). Did the NSA create Satoshi Nakamoto? The CIA Project, a group dedicated to unearthing all of the government’s secret projects and making them public, hasreleased a video claiming Bitcoin is actually the brainchild of the US National Security Agency. The video entitled CIA Project Bitcoin: Is Bitcoin a CIA or NSA project? claims that there is a lot of compelling evidences that proves that the NSA is behind Bitcoin. One of the main pieces of evidence has to do with the name of the mysterious man, woman or group behind the creation of Bitcoin, “Satoshi Nakamoto”. According to the CIA Project, Satoshi Nakamoto means “Central Intelligence” in Japanese. Doing a quick web search, you’ll find out that Satoshi is usually a name given for baby boys which means “clear thinking, quick witted, wise,” while Nakamoto is a Japanese surname which means ‘central origin’ or ‘(one who lives) in the middle’ as people with this surname are found mostly in the Ryukyu islands which is strongly associated with the Ry?ky? Kingdom, a highly centralized kingdom that originated from the Okinawa Islands. So combining Nakamoto and Satoshi can be loosely interpreted as “Central Intelligence”. Is it so really hard to believe? This is from an organization that until the Snowden leaks, secretly recorded nearly all internet traffic on the network level by splicing fiber optic cables. They even have a deep-sea splicing mission that will cut undersea cables and install intercept devices. Making Bitcoin wouldn’t even be a big priority at NSA. Certainly, anonymity is one of the biggest myths about Bitcoin. In fact, there has never been a more easily traceable method of payment. Every single transaction is recorded and retained permanently in the public “blockchain”. The idea that the NSA would create an anarchic, peer-to-peer crypto-currency in the hope that it would be adopted for nefarious industries and become easy to track would have been a lot more difficult to believe before the recent leaks by Edward Snowden and the revelation that billions of phone calls had been intercepted by the US security services. We are now in a world where we now know that the NSA was tracking the pornography habits of Islamic “radicalisers” in order to discredit them and making deals with some of the world’s largest internet firms to insert backdoors into their systems. And we’re not the only ones who believe this, in Russia they ‘know’ this to be true without sifting through all the evidence. Nonetheless, Svintsov’s remarks count as some of the more extreme to emanate from the discussion. Svintsov told Russian broadcast news agency REGNUM:“All these cryptocurrencies [were] created by US intelligence agencies just to finance terrorism and revolutions.”Svintsov reportedly went on to explain how cryptocurrencies have started to become a payment method for consumer spending, and cited reports that terrorist organisations are seeking to use the technology for illicit means. Let’s elaborate on what is ‘control’ as far as the NSA is concerned. Bitcoin is like the prime mover. All future cryptocurrencies, no matter how snazzy or functional – will never have the same original keys as Bitcoin. It created a self-sustained, self-feeding bubble – and all that followed. It enabled law enforcement to collect a host of criminals on a network called “Silk Road” and who knows what other operations that happened behind the scenes. Because of pesky ‘domestic’ laws, the NSA doesn’t control the internet in foreign countries. But by providing a ‘cool’ currency as a tool, they can collect information from around the globe and like Facebook, users provide this information voluntarily. It’s the same strategy they use like putting the listening device in the chips at the manufacturing level, which saves them the trouble of wiretapping, electronic eavesdropping, and other risky methods that can fail or be blocked. It’s impossible to stop a cellphone from listening to you, for example (well not 100%, but you have to physically rewire the device). Bitcoin is the same strategy on a financial level – by using Bitcoin you’re giving up your private transactional information. By itself, it would not identify you per se (as the blockchain is ‘anonymous’ but the transactions are there in the public register, so combined with other information, which the NSA has a LOT OF – they can triangulate their information more precisely. That’s one problem solved with Bitcoin – another being the economic problem of QE (although with a Bitcoin market cap of $44 Billion, that’s just another day at the Fed buying MBS) – and finally, it squashes the idea of sovereignty although in a very, very, very subtle way. You see, a country IS a currency. Until now, currency has always been tied to national sovereignty (although the Fed is private, USA only has one currency, the US Dollar, which is exclusively American). Bitcoin is a super-national currency, or really – the world’s first one world currency. Of course, this is all great praise for the DOD which seems to have a 50 year plan – but after tens of trillions spent we’d hope that they’d be able to do something better than catching terrorists (which mostly are artificial terrorists)
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Kraft & Scott R. Furlong 652 Working With Challenging Parents of Students With Special Needs: Jean Cheng Gorman 653 Statistics in Practice, 1st Edition: David S. Moore & William I. Notz & Michael A. Fligner 654 Introduction to Programming with C++,International Edition, 3rd Edition: Y Daniel Liang 655 Focus on Personal Finance, 5th Edition: Les Dlabay & Robert J. Hughes & Jack Kapoor & Melissa Hart 656 Leviathan: Thomas Hobbes, Edwin Curley 657 Exploring Microsoft Word 2016 Comprehensive (Exploring for Office 2016 Series): Mary Anne Poatsy & Linda Lau & Lynn Hogan 658 Real World Psychology, 2nd Edition: Catherine A. Sanderson & Karen Huffman 659 Sociology: A Down-to-Earth Approach, 13th Edition: James M Henslin
CheapAir.com appears to have chosen self-hosted payment processor BTCPay for its Bitcoin payments, removing BitPay. The firm stats that
Coinbase is sun-setting their merchant platform next week which has led to a need for an alternative processor. Coinbase mentioned that it would be retiring its merchant processing function in April which the cryptocurrency industry condemned.
Caspian Partners, a cryptocurrency portfolio and risk management platform announced a partnership with Bitmex. Caspian customers will now have a unified trading module with more liquidity. The firm provides order and execution management system (OEMS), risk management system (RMS), and a portfolio management system (PMS).
US transportation company Norfolk Southern Corp (NSC) revealed it is joining the Blockchain in Transport Alliance (BITA) in a company announcement yesterday. The BITA association formed in 2017 and aims to develop blockchain applications to the transport and logistics industries. BITA also includes organizations like FedEx (FDX), Uber, UPS (UPS) and GE Transportation.
Thailand’s largest bank has joined a trade finance program utilizing R3’s Corda distributed ledger technology (DLT). R3 is a consortium of over 200 companies that uses technology on blockchain to allow businesses to develop applications on top of its Corda platform.
The Bank of China will use blockchain technology to alleviate poverty in the Tibet Autonomous Region, a province with a poverty rate of 12.4%. The Bank of China has developed a cloud-based system to manage a local poverty reduction fund in the past. The bank has decided to upgrade the existing system with blockchain technology and set up a multi-node blockchain network to connect with their partners like the Agricultural Bank of China
A Czech Republic utility company will begin accepting payments in cryptocurrencies. Pražská Plynárenská is one of the major suppliers of natural gas in the Czech Republic. In June it will establish a payment payment gateway which will transfer bitcoin payments into fiat currency.
A recent study by the Warwick Business School claims that investor sentiment is driving cryptocurrency prices. The study analyzed the top 14 cryptocurrencies based on market capitalization. The primary conclusion was that hype and emotions played the most significant role in determining whether the price of a cryptocurrency rises or falls.
Bitcoin Gold (BTG) has suffered from a 51% attack resulting in a loss USD$17.5mm. The 51% attack permitted double spending to occur. According to the Bitcoin Gold (BTG) team, exchanges have been targeted rather than individual users.
South Africa’s Reserve Bank has chose to call cryptocurrencies “cyber-tokens” because they don’t meet the requirements of money.
In Colombia, two Bitcoin Cash (BCH) proponents have developed a payment processor called Bitek.co. The company offers merchants processing with payable invoices and accounting services as the Bitek platform provides merchants with the ability to accept BCH and covert all or a percentage of the funds into Colombian pesos.
Employees in Ukraine were recently caught using the police department’s resources for four months to mine Bitcoin. In April, mining equipment was found in the office of the Communications Deparment which include eight graphics cards, six power units, two hard drives, a motherboard and a complete system.
VeChain (VEN), a Shanghai-based blockchain startup is testing a blockchain application which verifies a wine supply chain and fights counterfeits. The Chinese wine industry is worth USD$2.8bn and reportedly the Chinese consume wine that is not authentic which as weakened public trust in the quality of the product.
Ireland has clarified taxation on the cryptocurrency space. In terms of direct taxes: corporation tax, income tax and capital gains tax are all applicable, but each case should be reviewed separately.
Barcelona will create a blockchain center in the city’s tech hub. The location will be next to Barcelona Tech City which opened in the Summer of 2016 and will most likely be occupied by Spanish blockchain network Alastria.
Bitfury-backed Hut 8 Mining Group mined more than 800 bitcoins in the first quarter of 2018. The company raised CAD$70mm to continue investing in hardware and generated nearly CAD$11mm in revenue.
Commerzbank and multinational conglomerate Thyssenkrupp have successfully conducted an FX transaction on a blockchain platform. Thyssenkrupp transferred 500,000 euros in an exchange rate between the euro and the Polish zloty at some point in future.
Surkus has raised USD$10mm in Series B funding led by EOS global, a USD$200mm venture fund formed earlier this year. The venture fund is making its first investment and it aims to leverage the EOSIO blockchain to catalyze the transformation of the digital assets space.
CoTrader is introducing a decentralized fund management platform that includes cryptocurrency. CoTrader is a blockchain trading platform and it plans to disrupt investment funds to become the world’s largest outlet for all assets.
The Deutsche Boerse, owner of the Frankfurt Stock Exchange is considering offering cryptocurrency products according to a report. A move into the crypto space may not be immediate as Jeffrey Tessler, the firm’s head of clients, said the firm must “make sure we understand the underlying transaction which isn’t the easiest thing to do”.
Two Russian financial institutions are set to test a regulatory platform that aims to make domestic initial coin offerings (ICOs) more transparent and secure for traditional investors. The Russian National Settlement Depository (NSD) announced on Thursday that it is working with Sberbank CIB, to test an ICO issuance platform launched by the Bank of Russia.
The US Department of Justice has reportedly launched a criminal investigation into cryptocurrency traders who may have manipulated the market with old-school illicit tactics, such as spoofing. The investigation is also being conducted with the Commodity and Futures Trading Commission (CFTC).
American Express is exploring using blockchain technology to increase security for both users and merchants. The firm is exploring an identity wallet and whether blockchain can be used.
Russian State Duma has approved its first reading of a legislation package that regulates crypto-related matters and activities. The legal texts will open the way for legalization of cryptocurrencies in the Russian Federation, including their exchange and circulation under certain conditions.
Revolut, a British based company that created the first app to allow customers to invest in Bitcoin, has announced it will be adding Ripple (XRP) and Bitcoin Cash (BCH) to its platform. Revolut began as an app allowing users to transfer fiat currencies, but now has four cryptocurrencies on its platform.
Banks are losing international payments business. Banks have lost 40% of market share for consumer-to-consumer (C2C) cross border payments to non-banks over the last year. Banks have also lost 30% of the consumer-to-business (C2B) and 5% of the business-to-business (B2B) payments market over the last year.
Japanese IT giant, GMO Internet is set to roll out the world’s first bitcoin mining device based on 7nm chips within the year. The firm is launching a new B2 miner on June 6 with mass production to follow and shipment starting by the end of October.
Coinbase has acquired a service called Paradex, a cryptocurrency trading service that lets users trade many digital tokens on a decentralized exchange. The exchange relies on smart contracts to allow users to trade tokens without a centralized authority to record the transactions on a blockchain.
Money Forward, Japan’s most popular personal budgeting app, is launching a crypto asset exchange this year. The firm plans to launch a crypto media platform by Summer followed by an exchange and the construction of a digital asset remittance and settlement system.
The Marshal Islands have replaced the USD$ with its own cryptocurrency. The bill was signed March first but the news is catching attention this week. US Dollars will still be accepted, yet the nation’s cryptocurrency, the “sovereign” will need to be integrated into the country’s financial system. An initial coin offering will take place and the supply will be capped at 24mm tokens
Bank of America has been awarded a patent to let users access a certain blockchain network known as a distributed validating network. Certain users will be granted permission and data will be stored in blocks in which a system can automate this process.
Singaporean-based virtual social trading platform, TrakInvest is looking to become one of the first Asian-based projects to use Hedera Hashgraph’s distributed ledger technology.
Norway’s central bank is preparing for a future in which it might issue a digital currency due to a drop in usage of cash in the country. The Norges Bank released a report titled “Central Bank Digital Currencies” which highlighted that the bank must consider several new attributes that are important for ensuring an efficient robust payment system
Overstock.com’s Tzero is planning to launch a regulated exchange for security tokens in collaboration with Box Digital Markets. The companies will seek approval from the SEC.
A Spanish Central Bank Governor believes that cryptocurrencies will bring more risk than benefits. Luis Maria Linde said that blockchain offers interesting possibilities but that is not quite mature.
Rural banks in the Philippines are looking to adopt blockchain technology in a bid to improve inclusion for residents. The initiative is led by the Union bank of the Philippines, one of the country’s largest banking institutions.
India is considering taxing cryptocurrency at 18% as ‘intangible property’ according to a report issued today. The report detailed that purchases or sales of cryptocurrencies are considered supply of goods and those facilitating transactions should be treated as services.
Every Capital is launching Australia’s first retail crypto hedge fund with the goal of making crypto assets accessible to every Australian investor. Investors will be able to sign up in a fund that covers a range of cryptocurrencies and initial coin offerings (ICOs).
The Pentagon and Defense department are weighing on whether owning cryptocurrency is problematic for those who already have security clearances and for those individuals requesting government security clearances.
Steemit, the platform of cryptocurrency of Steem (STEEM) has announced they have over 1,000,000 users. The blockchain processes over one million transactions daily. The Steemit.com website receives over 250,000 unique visitors every day
CheapAir.com adds Litecoin (LTC) Dash (DASH) and Bitcoin Cash (BCH) to its payment options for travelers. The firm first begin accepting cryptocurrency by agreeing to receive payments in Bitcoin (BTC) back in 2013.
The Monetary Authority of Singapore (MAS), is proposing changes to existing regulations that would ease market entry for blockchain-based and decentralized exchanges. According to a paper published yesterday, the MAS states that the single tier “recognized market operators” regulatory framework cannot meet the demand for new business models based on such emerging technologies.
Chilean President, Mario Marcel has recently made comments in favor of developing a regulatory apparatus for virtual currencies. This openness contrasts the country’s recent banking embargo targeting cryptocurrencies in Chile.
MIT is demoing a use case for bitcoin’s lightning network – how the cryptocurrency can be combined with smart contracts to not only handle millions of transactions, but also with more complexity. Verge (XVG) has experienced its second hack in less than two months.
Executives are citing a DDoS attack which is giving its blockchain a serious delay. The attack has lasted more than a few hours and has resulted in over 35mm XVG tokens being stolen. CoinGate, a payment gateway for cryptocurrencies, is planning to launch
Bitcoin Lightning Network payments on its platform. The company serves over 4,000 merchants globally and will allow companies to accept bitcoin and altcoin payments which can be transferred in BTC, EUR€ or USD$ as payouts.
The Ontario Securities Commission (OSC) is cracking down on unlicensed companies involved in the cryptocurrency space. Companies that the Commission is targeting include investment and trading companies.
A bank in Argentina could soon become the first in the world to begin using Bitcoin for customers’ international remittances. Banco Mansventas (BMV) partnered with local blockchain financial services firm Bitex and are looking to move away from the SWIFT clearing network which has seen multiple failures and security problems in recent years.
Payments startup, Circle has launched the full version of its crypto investment app. After a soft launch, the company has rolled out an investment focused app and one of the features is a “Buy the Market” tool for new cryptocurrency investors.
China Central Television (CCTV) has said that domestic initial coin offerings (ICOs) are still rampant despite a 2017 ban. The network went on to discuss that “air coins”, or token projects that are not backed by legally registered business entities have increased by 30x since the ICO crackdown.
A new crypto teller machine is now operational in Johannesburg, South Africa. The ATM supports several digital coins and joins a growing number of terminals offering automated crypto-fiat exchange services in the country and across the continent.
Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG) is partnering with Akamai to handle up to 1mm transactions per second using blockchain technology. The platform will confirm transactions within 2 seconds or less and batches of transactions will adhere to the same schedule.
Lawmakers in Taiwan are forming a new parliamentary group aimed to foster the growth of the nation’s emerging blockchain sector. The group will be called the Taiwan Parliamentary Coalition for Blockchain (TPCB).
The Bitcoin community is celebrating the 8th anniversary of the “Bitcoin Pizza Day” which is a celebratory day of a Pizza purchased with Bitcoin. On today’s date 8 years ago, Bitcoin was trading at $.0004 and Laszio Hanyecz purchased two pizzas from Papa John’s for USD$41 using 10,000 BTC
Ohio may become the latest US state to legally recognize smart contracts and records stored on a blockchain. The Senate Bill 300, amends sections of the Uniform Electronic Transactions act and will include blockchain records and smart contracts as electronic records.
Virtuse, a Singaporean cryptocurrency exchange, is connecting crypto markets with global financial assets, commodities, government emission allowances and stock indices to eliminate the middlemen and provide transparency to the financial sector.
The US Commodity Futures Trading Commission (CFTC) has issued an advisory statement for listing virtual currency derivative products. The director of the Division of Market Oversight (DMO) has said that the CFTC staff will seek to provide additional guidance to help market participants keep pace with innovation while complying with CFTC regulations.
American aviation company TapJets is considering adding Ripple (XRP) and Litecoin (LTC) to its fleet of payment options. The company inquired about which cryptocurrencies to add via a Twitter poll, and 57,000 users voted.
Spain’s financial regulator has clarified its position on regulated investment funds investing directly in cryptocurrencies. The regulatory body stated that an investment fund registered with the countries National Securities Market Commission can make investments in cryptocurrencies.
Blockchain startup ShareRing is developing a mobile application to consolidate sharing services worldwide. The sharing economy is currently valued at over USD$100bn according to Brookings.
Polish Finance Ministry is rolling back a cryptocurrency tax and is making promises to provide smarter regulation. The ministry will be conducting an “in-depth analysis” of the crypto space to create better regulation and taxation policies going forward.
Walmart has submitted a patent application to track items the store sells to customers. The proposed system would allow a customer to register the item after it is purchased.
TradingView, a software website that many cryptocurrency traders use just raised USD$37mm in funding which was led by Insight Venture Partners. Currently the company receives 75% of its revenues from monthly subscription plans that offer more charts, data and real-time server-side alerts
A “cryptosweep” was launched today in the US and Canada by a group of securities regulators. Nearly 70 inquiries and investigations, and 45 pending or completed enforcement actions will be taken, although it is unclear when the related enforcement actions will be publicly announced
The team behind Parity Technologies have announced they are shutting down PICOPS, a service used by ICO campaigns to comply with regulations by validating that the owner of an Ethereum wallet has already passed an ID background check.
The Australian Competition and Consumer Commission (ACCC) has shown in a report that crypto related fraud made up a tiny percent of scam activity in 2017. Of the 200,000 scams reporting, only 0.61% of the financial claims made were crypto related – USD$2.1mm
LMAX Exchange Group is setting up the first cryptocurrency exchange for institutional clients. The group will focus on liquid established cryptocurrencies which include: Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH).
Former OKEx cryptocurrency exchange CEO, Chris Lee, is now joining rival cryptocurrency exchange Huobi. In a public note, Lee suggested that OKCoin has experienced notable turnover in senior executives over the past few years which may have affected his decision.
Nearly 40% of all Chinese blockchain startups emerged in 2017, according to China’s Ministry of Industry and Information Technology. The report highlighted that China currently has 456 startups focused on blockchain technology development as part of their core business.
Japan Cryptocurrency exchange Coincheck will delist Monero and three other privacy coins from Coincheck, one of the country’s most popular exchanges. Japan’s Financial Services Agency (FSA) believes that users have too much anonymity with these cryptocurrencies.
Bankex Smart Justice is bringing arbitration to blockchain technology. If users are in disagreement, Bankex claims the firms technology can help users settle
Thomas Lee owns up to his failed prediction of Bitcoin (BTC) rising ahead of Blockchain week. In a note to clients before Consensus 2018, Lee predicted that Bitcoin (BTC) would surge anywhere from 10-70% yet during the week, the price of Bitcoin (BTC) fell
[AUSTRALIANS] - USING SMSF TO INVEST IN BITCOIN/CRYPTO VIA EXANTE OR DIRECTLY
Introduction Having now read numerous of conflicting posts/articles/comments in relation to not only investing in Bitcoin but making use of Self-Managed Super Funds (SMSF) in order to do so it is clear to me that there is a significant interest in this topic and subsequently a lot of misinformation, some people have it right, others woefully wrong. Perhaps part of the problem is the ever changing set of rules the ATO seems to publish which subsequently becomes outdated when amendments are made, the old rules fly around the internet quoted as fact. Therefore I’ve decided to write a post to help guide others and perhaps get feedback as to what in my mind is the safest most secure way to make use of the SMSF investment vehicle to invest in Bitcoin and other cryptocurrencies. I will discuss the current tax treatment of cryptocurrencies, recent legislative changes and options to invest, namely direct investment into cryptos or through a hedge fund linked to the price of crypto exchanges, I’ll be honest, I won’t hide the fact that I think hedge funds are the way to go but the point is both options have merit and can technically be done whilst meeting SIS 93 requirements. Background Since the Keating government implemented the compulsory employer contribution scheme in Australia back in 92 as a means for Australians to save and fund their own retirement as opposed to being reliant on government support, nearly every single employee in Australia will now have one or even several superfunds lying around, as of June 2017, Australia’s Superannuation industry has swelled to a total net value of 2.3 trillion. Most of these funds are industry or retail funds, from memory (although I may be wrong) there are about 500,000 + Self-Managed Super Funds, these funds are self-administered, every member is a trustee and every trustee is a member. Those more suited to a SMSF characteristically generally are educated in terms of financial literacy and prefer to manage and take charge of their own fund perhaps keeping in mind their own retirement strategy or also considering their overall portfolio’s and financial situation, they know what is best for themselves. Australia’s SMSF sector is heavily regulated and rightly so by the SIS Act 1993. The ATO is charged with ensuring that SMSF’s adhere to all necessary rules and regulations. Currently the rulings from the ATO as to how these rules would apply to the treatment of bitcoin and other cryptos within the super environment are minimalistic at best, making it hard to navigate the waters of compliance. However there are a number of underlying restrictions that would apply to any SMSF’s considering cryptocurrencies as an investment. That’s not to say the ATO hasn’t addressed such eventualities, guidelines have been posted (in haste) whilst they prepare more comprehensive reports, what we have available now is somewhat in a gray area and aspects of it open to interpretation. How are cryptocurrencies taxed? Under GST law, a 10% GST applies to supplies of goods and services. Money receives special treatment because it’s a medium of exchange and not something for final private consumption. Up until recently, the Australian Taxation Office (ATO) took the view that cryptocurrencies did not meet the definition of ‘money’ because they have an independent value rather than being a debt, credit or promise to make a payment, and they don’t meet the definition of money under GST law. The impact was that when people used digital currencies as payment, this could trigger GST twice; once on the goods or services being purchased, and also on the supply of the digital currency to the other party. So, the Government has changed the definition of money for GST purposes from 1 July 2017. Now, trades of cryptocurrency are disregarded for GST purposes, unless the trade is for a payment of money or digital currency (for example you are in the business of trading cryptocurrencies). Cryptocurrencies are now taxed in a similar way for GST purposes to foreign currency. Crypto’s in a SMSF for tax purposes, gains and losses in the fund are treated in the same way as other assets in the fund. That is, CGT may apply to any gains made on the sale or exchange of the currency. Investing in Bitcoin & Other Cryptocurrencies So to the big question, can a SMSF invest in cryptocurrencies? Arguably yes one way or another, a SMSF can invest directly or indirectly in cryptocurrencies but there are several factors to take into account before investing. It must be kept in mind that cryptocurrencies represent a high-risk instrument and should ideally be allocated a investment weighting that is in line with the investment strategy of the fund (although this can be amended), the trust deed allows for it at the time the investment is made (again, amendments can be made) and it represents an appropriate investment. However the main consideration in particular is of course the sole purpose test. The sole purpose test in the Superannuation Industry (Supervision) Act 1993 requires that the fund is maintained for the sole purpose of providing retirement benefits to your members, or to their dependents if a member dies before retirement. Trustees need to ensure that the risk associated to these currencies is in the best interests of the fund, writing up a minutes documenting the decision to invest in the cryptocurrency would be beneficial come audit time. Given, perhaps not the complexities, but rather the compliance & security issues that can and tend to arise from using SMSF and crypto together, I would advocate the use of a listed hedge fund as a medium in which to invest in crypto, on paper you buy units in a fund, I would like to hear peoples opinions. The Process – Setting up a Fund & Investing If you have super monies and want to go about setting up a SMSF, then probably the easier would be to seek advice from a financial planner (preferably one who is also a member of the financial planning association of Australia) You can search for FPA planners here at http://fpa.com.au – Find a Planner The benefit of an FPA planner is that they do tend to have more ethical requirements that must be adhered to otherwise they lose their license, the FPA do also tend to be rather vigilant in their supervision of associated financial planners. (there are around about 20,000 FPA members so it shouldn’t be too hard to find one near you) You CAN also go to an accountant, but well, since July 2016, the accountants licensing exemption, Regulation 7.1.29 was removed meaning technically SMSF are regarded as financial products and that professional accounts now require licensing to be able to recommend, wind up or conduct any business with an interest in SMSF. A lot of accountants were caught out by this, many either continued to unofficially conduct business which lead to a lot of legal headaches, others desperately sought to retrain and gain silencing and others simply stopped dealing with SMSF. Either way, a financial planner probably is a safer bet, lets face it, they know more.
Once an authorized person has setup up a SMSF for you, you will need a bank account for which you can initiate a transfer of existing super monies or external contributions into this account (into the SMSF). Next step would be to sign up with a cryptocurrency exchange using your SMSF company details ( take your time to choose a reputable exchange) from here you can purchase cryptos such as bitocoin using your super bank account. Should you trade bitcoins, it is vital to keep careful records on such trades, date/consideration/quantity ect. Additionally these funds should be directed back into your SMSF bank account, these movements should be documented. You should take care to be as vigilant as possible when mixing retirement savings with cryptos, the ATO recently allocated additional funding to the auditing of SMSF, it has also been acknowledged that in general, investment strategies are woefully inadequate and do not reflect the best interests of trustee members. Be careful, amend your investment strategy, amend your trust deed, and take careful records with all your various accounts/wallets/exchanges ect. So you are properly armed come audit time, it may cost you a small amount in the short run to be compliant, but having been involved in many audits over the years, it’s always better to err on side of caution.
Bitcoin/Crypto & SIS ACT - Potential problems investing directly in Crypto’s The sole purpose requirements as set out in Section 62 of SIS Act 93, restricts the provision of superannuation benefits by regulated superannuation funds to a range of prescribed or approved retirement or retirement related circumstances. Section 62(1)(a) requires such a regulated superannuation fund be maintained soley for one or more of the core purposes, what interests us here is that rather strictly a SMSF cannot directly or indirectly provide financial or any other benefit to its members prior to meeting a condition of release, most commonly retirement. This means that any movement or transfer between SMSF public IP addresses and a members public IP address even for the briefest of moments, would violate the sole purpose test and deem your fund non-compliant. An amusing scenario that illustrates the tenacity of the sole purpose test is as follows; let’s say a SMSF acquires artwork for the purpose of providing retirement benefits, perfectly legal however this artwork cannot be displayed or even stored at a members residence, it would be a violation of Section 62 if a member were to even glance at the picture, an entire SMSF could be deemed non-compliant should this occur, penalties include the loss of concessional tax treatment and the possibility of Trustees facing civil or criminal charges. Therefore most SMSF’s that acquire art tend to store it away under lock and key in dedicated depos. A public key address in the context of bitcoin are not inherently connected to any person or entity, instead they are controlled by whoever is in possession of the matching private key. Individual SMSF members aren’t allowed to be in control of the SMSF’s bitcoin at any one point, instead the SMSF itself would have to be in control of the public key. Fun fact: you can also acquire bottles of wine with a SMSF, just don’t drink it! Direct Bitcoin Investment and SMSF Investment Strategy Every SMSF must have an investment strategy that is reviewed regularly, personally I think these are just another bureaucratic box to tick as I’ve seen literally hundreds of strategies which are in short, just a sentence usually something along the lines of; ‘The fund may aim to obtain a rate of return exceeding CPI by 3% over a period of 10-15 years, investing in a portfolio which may include securities, property both domestically and overseas.' This is not a strategy, it means nothing, but if you don’t have this basic line of financial dribble then you will be deemed non-compliant. Moving on, the most serious issue in regards to direct bitcoin investment is the risky nature of bitcoin as an investment, given historically high degrees of volatility, the lack of any income yield and the only potential income being capital growth you must be very careful in the way you word both your trust deed AND investment strategy. SMSF’s generally can invest in high risk instruments such as derivatives or CFD’s but the appropriate wording is required to avoid potential lawsuits down the track. Then you need to consider how far you want to push the limits of compliance, actively trade the volatility or adopt a buy and hold strategy? The former may constitute carrying on a business which again carries its own implications. Security Issues It cannot be stressed enough that assets within a SMSF must have adequate protection put in place to protect against any potential loss, using artwork as an example again, artwork moved into a SMSF must be insured within seven days of acquisition. It must be recorded in writing that significant due diligence was undertaken to protect assets with a SMSF specifying what was actually undertaken. In the context of artwork, it could be that a 24/h security storage facility was leased to house the artwork and that the storage room itself was temperature controlled and artwork appraised and insured to prudent enough level. The same issue arises with Bitcoin, SMSF trustee’s control the bitcoin and to avoid consequences, it must be documented that adequate security measures were in place to protect your bitcoins from hacking, theft, ect. So perhaps consider installing Norton AntiVirus. (joke) Investing in a Crypto Hedge Fund Blockchain assets being of digital asset could be considered relatively new, assets that the larger institutional funds in financial markets have started to jump onto, albeit considerably late, the demand is there! The advantages of using a crypto linked hedge fund are simplicity, security and reportability, all of which are essential if you want to invest in cryptocurrencies through the medium of a SMSF, whilst avoiding auditing problems. Over the past 12 months, Hedge funds linked to the price of cryptocurrencies have been popping up everywhere. I make it no secret that I like and use EXANTE, they were the very first Bitcoin Hedge fund incorporated in 2012 achieving a 10,262 % performance in 2017. Recently larger players in financial markets have started jumping onto blockchain assets, albeit considerably late, so investor choice is growing by the day. I much prefer and am a huge fan of using crypto-linked hedge funds as a means of investing in crypto using SMSF monies, avoiding auditing problems, added simplicity, security, all of which I have found in EXANTE, I also like them for their flexibility and for tax purposes. So how does EXANTE make it work? Essentially, you buy units in hedge fund which 100% matches the price of bitcoin (or other cryptocurrencies, they have a lot). Big advantageous with EXANTE is that the potential risks of direct cryptocurrency investment is mitigated. Investment strategy requirements are bypassed, amendments to documents avoided as you are just buying units in a regular fund. Security problems are alleviated. When you buy units in the hedge fund, the fund instantly buys crypto, crypto is secured in storage, private keys are exported into a crypt-container, using algorithms the container password is split into three parts and distributed to distributed to three different bank vaults across the globe. Should a single depository be compromised no funds are lost, this is a very important consideration for both compliance and personal reasons as you are using retirement funds for speculative investments. Auditing risks are reduced significantly as you leave a clear paper trail, investments with EXANTE are secured, regulated by MIFID & Audited by KPMG. You gain the ability to short, for example – taking a short position on BCH (via units in hedgefund) You gain ability to leverage. You can request to register a demo account here with EXANTE - https://exante.eu/p/6537/fromalz/ to try out trading cryptocurrencies with theoretical dollars before opting to register a live account. If there are any Aussies, I’d like to hear your opinions.
The creation, trade and use of cryptocurrency is rapidly evolving. This information is our current view of the income tax implications of common transactions involving cryptocurrency. Any reference to 'cryptocurrency' in this guidance refers to Bitcoin, or other crypto or digital currencies that have similar characteristics as Bitcoin. If you're among those who are brimming with optimism about the potential riches from investing in cyptocurrencies like bitcoin, it's time to start thinking about tax. The Australian Taxation ... Therefore, Bitcoin also falls under subsection 108-5(1) of the Income Tax Assessment Act of 1997. The Australian Taxation Office’s Full Position on Bitcoin. Unlike the tax agencies of many other countries, the Australian Taxation Office has clearly done its homework on Bitcoin. The ATO’s “tax treatment of cryptocurrencies” document ... The Australian Taxation Office will not treat Bitcoin transactions as money, fuelling fears the industry will be driven offshore or underground. Thus far, Australian cryptocurrency traders have been able to avoid the gaze of the tax man without too much effort. But this week, the Australian This week, the Australian Taxation Office (ATO) launched a data-matching program, in an attempt to hunt down bitcoin and cryptocurrency evaders.
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