ruletheworld

Feb 192017
 

Melonport ICO Seed
The Melonport ICO (first round, seed) was completed in under 10 minutes, and the project raised 227,000 Ethereum, which is around $2.9 million. Melonport pitches itself as blockchain software for asset management. The ICO was finished way too early for many enthusiasts and therefore I believe the token wasn’t as widely distributed as it could have been.

In all, 500,000 Melon tokens were for sale to the public, out of the 750,000 created by the team for this round. The total supply of Melon tokens will not exceed 1,250,000 tokens, with the rest of the 500,000 tokens potentially being sold in a second round next year in 2018.

The Melonport ICO was notable in the frenzy returning to the ICO markets, reminiscent of the First Blood and Singular DTV ICOs of 2016 that also got filled in record time of under 15 minutes for both the projects.

Another interesting aspect of the Melon ICO was that 56,750 ETH were sold via Bitcoin Suisse via their services which accepts not just ETH like the Melonport ICO smart contracts, but also currencies like BTC and even fiat currencies like CHF. In this way, Bitcoin Suisse was acting as an ‘investment bank’ for this ICO, reserving and guaranteeing a certain supply to be sold out to investors via their services. Terms between Melonport and Bitcoin Suisse haven’t been made public. Bitcoin Suisse was able to reserve 25% of all the Melon tokens sold to the public in the ICO, i.e. 125,000 Melon tokens were sold via Bitcoin Suisse for a total of 56,750 ETH. The price per Melon token was around 2.20 ETH. Bitcoin Suisse charged investors a fee of 1.25% and a flat fee of 100 CHF. Therefore it is likely that some of the big fish in the crypto markets had gone through Bitcoin Suisse instead of the little guys.

There has been no announcement from funds like ICONOMI or Coin Fund on whether they invested in the Melon ICO or not. In any case, as the ICO frenzy showed, it is a well followed and well watched project.

The Melon tokens are expected to start trading and become liquid in around 4 weeks. We anticipate a large increase in the trading price compared to the ICO price when it starts trading.

Photo Credit: harsha

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Feb 142017
 

Dfinity Final Seed ICO Raise
Dfinity completed its seed ICO yesterday with a total amount raised at 3.9 million CHF. The project had a soft-cap for the ICO at 1 million CHF and an additional 24 hours from this time before close. This soft cap idea is a new one in crypto ICOs. At the end of the ICO, i.e. 24 hours after the soft cap was reached, the ICO closed with around 3.9 million CHF total raised. The soft cap of 1 million CHF was hit in only 75 minutes from the start of the Dfinity ICO.

An Interesting Way to ‘Cap’ the ICO

Dfinity tried an interesting way to cap the ICO. Instead of a hard cap, i.e. the ICO closes the moment the Ethereum contract receives the maximum amount of money defined in the contract, Dfinity opted for a ‘soft cap’. The soft cap was implemented as follows – the ICO closes 24 hours after the soft cap is reached. This has an advantage that investors don’t need to wake up at ungodly hours to meet a 15 minute ICO window, which happened with some hot tokens last year like the FirstBlood token. Such ‘insta-sale ICOs’ are bad for the project as they tend to concentrate the tokens in the hands of a few whales instead of distributing them widely to the community.

Of course, the flip side of this is that investors don’t really know the price of the token they are getting until the end of the ICO, which makes return calculations hard. For example, if investors place a risk-adjusted value of $2 million in this round, there is no way to know whether to invest or not, because the ICO might raise more or less than that amount. With a 24 hour window, it was at least mitigated though.

Blockchain Nervous System

Dfinity has created some interesting ideas, most notably the Blockchain Nervous System. This allows the token holders to vote and change important economic parameters. It also is a back-stop against bad behavior, or bad bugs, like preventing potential The DAO type situations. If the majority decide, they can pretty much do anything, although proposals come at a cost. This has a very different dynamic to the ‘code is law’ principle followed by Bitcoin and Ethereum Classic. It is a softer version of that.

Although Dfinity claims not to compete with Ethereum, it offers a Turing complete language to write smart contracts and applications in. The technology developed with mutually benefit Ethereum and Dfinity, but there is also definitely a competitive element. Dfinity will provide value to the token holders by bringing in projects and apps being built on it, which would otherwise have been built on Ethereum, likely. Dfinity also believes that some of the technology being developed by the team will help Ethereum. Collaboration among crypto projects is always welcome as it moves the whole ecosystem forward.

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Feb 142017
 

Santiment ICO
Santiment ICO presale (first round of the ICO) sold out within 2.5 hours, raising its target 12,000 Ethereum (ETH) during this time. The ICO presale had a lower limit of 4,000 ETH and an upper limit of 12,000 ETH. Unlike the recent Dfinity ICO seed round, the cap was a hard cap and therefore investors who weren’t able to get in during this time were out of luck. The presale ICO cap of 12,000 ETH, which was under $150,000 when the ICO closed, would be considered to be on the low side.

The contract, and its associated transactions can be viewed on the Ethereum blockchain.

About Santiment

The santiment project is a ‘crowd sentiment data platform for crypto and blockchain assets’. The value of the token comes from its use on the platform. The token is required to pay for services on the network, while contributors to the platform earn the token.

The project aims to help crypto traders improve with better data. For instance, users can play crypto games in simulated environments before putting real money on the line. In addition, the projects aims to develop better visualization tools than what exist today in the market. The platform’s data might also become useful for researchers looking into the crazy crypto markets.

The value proposition of Santiment depends highly on the community, and indirectly on the data produced by the users. The data generated by crypto markets may not be as easy to analyze as regular markets. However, crypto traders are an active bunch, and their ranks are growing. Santiment might tap into their natural tendencies to trade (or perhaps over-trade) and generate the data required.

Investors and Follow-up Rounds

Given the small maximum size, only a few investors were able to get the Santient tokens in the presale ICO. Notably, the ICONOMI.PERFORMANCE fund invested in Santiment. This would be ICONOMI’s third investment in the cryptocurrency space, after Golem and Byteball. This is an interesting move, because there was no prior indication to the market that ICONOMI might be interested in this ICO. That might be a deliberate move, given the small cap.

Some investors are looking forward. The project will use the funds raised today for its whitepaper and a minimum viable product (MVP). The creators estimate a time frame of 3 months for this.

Also, investors might like to know that this was just the presale to the main token crowdsale that will likely take place after the whitepaper and MVP are released. However, investors who were able to get in on the presale will get a 54% ‘bonus’ in terms of price.

 

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Feb 122017
 

Dfinity 1M CHF Raise
Dfinity, a new crypto ICO, raised its target of 1 million CHF (Swiss Francs) in just under 75 minutes. The Dfinity seed round started at 6:00pm GMT on 12th Feb 2017 and ended at 7:15pm GMT on the same day. Due to the soft cap of the round (see below), the seed round ICO will go on until around 7:15pm GMT on 13th Feb 2017.

This was for its ‘seed’ round. Dfinity will have another round of funding in the future as well, as part of its ICO efforts. Due to the earlier stage of the seed funding (and thus a higher risk of investment), there is a bonus to invest in the seed round compared to the follow-on round.

The project raised an impressive amount of money in a quick time. It is possible that institutional funds have invested a good amount of money in this project.

Dfinity ICO Soft Cap

Dfinity ICO is also unique in having a ‘soft cap’ on the amount of money raised instead of a hard cap or no cap.

In hard cap ICOs, the ICO ends whenever a certain threshold of funds is  reached. This presents problems if the ICO is ‘oversubscribed’ i.e. if many people want to invest in the ICO. For example, SingularDTV put a hard cap of $7.5 million on its ICO. However, it was sold out in under 15 minutes. This causes the token distribution to go to speculators more than the believers and early adopters of the project. This can be quite problematic when the purpose of the ICO is as much to create that initial set of users and early adopters as much as it is to raise money.

In no cap ICOs, there is only a time limit up to which an unlimited amount of funds can be raised. The biggest problem with this model is that investors don’t know how much the tokens they are buying are worth, because it depends on how much the total funds are going to be raised in the future. This can present situations like The DAO which would have been a worthy experiment at $5 million raised but not at $100 million raised.

Dfinity is structuring its ICO as a ‘soft cap’, which means they will allow 24 hours after the goal is reached as the cut-off. This will prevent ‘insta-ICO sellout’ situations like FirstBlood and SingularDTV tokens. Therefore the Dfinity ICO will still be open for the next 24 hours after reaching the 1 million CHF goal.

About Dfinity and the ICO Token

Dfinity is a project similar to Ethereum (although they say they don’t compete with Ethereum) in that it allows the execution and creation of arbitrary smart contracts. The biggest difference is that instead of the smart contract code being the ultimate authority (and having situations like The DAO when a bug in the contract code can cause a loss of funds), Dfinity has a group consensus process it is calling the Blockchain Nervous System (cheesy name). There are many limitations on using it, but it can be deployed for special situations that would prevent issues like The DAO.

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Feb 112017
 

ICO Investors of the future

ICO investors in the near future will likely look a lot different from what they are today. This is due to many factors, from secular changes in the industry to the types of projects raising capital, to the types of people who are involved as investors in these projects. Gone are the days of pseudonymous developers raising millions of dollars without a business plan or a whitepaper.

ICOs Are Changing

ICOs have evolved significantly over the last 5 years or so since they started, with Mastercoin being the first major one. Instead of just speculation, there are many dividend paying cryptocurrencies. The tokens also have economic value, beyond just being a mere cryptocurrency. ICOs today are made out of serious ambitious teams with a vision (and yes, a whitepaper at the very least). The valuation and return calculations are different. They also lend themselves better to valuation models, which is liked by more serious investors as they look for returns beyond speculation.

Therefore, the profile of ICO investors is changing. Let’s look at the trends, and understand the implications.

Who Invests in ICOs Today?

ICO investors today are usually comprised of early adopters. The cycle usually goes like this: some investors get ‘rich’ through one crypto investment, and that money gets recycled into other projects.

We see that play out often. The first big crypto was of course Bitcoin. Some notable names that made it big include the likes of Joseph Lubin, who went on to be a co-founder of Ethereum and the founder of the Ethereum venture studio Consensys.

We see this play out with Ethereum too. The DAO was able to raise over $100 million before its collapse. That money was mostly from the Ethereum investors that got rich from Ethereum. Since ETH has kept its value, more or less, all the new ICOs on Ethereum benefit from these investors wishing to invest in ETH-based tokens. Therefore you see tokens like SingularDTV or FirstBlood on Ethereum sell out in a matter of minutes.

ICO Institutionalization has Begun

One look at the numbers will tell you that ICOs are serious business. In 2016 alone, ICOs raised over $100 million. That’s serious money. With these types of investments, institutionalization is only natural. The profile of ICO investors is already shifting from a few big players, or ‘whales’ to institutions where regular people pool their money, thus giving the institutions more say in projects. This is an interesting trend, and something that every ICO investor and crypto-enthusiast should anticipate. It is important to understand the motivations and methods of institutions over individuals.

Here are some serious ICO investors today. I am listing the institutions in the space.

  • Coin Fund: Coin Fund is one of the most respectable institutional players in the ICO and crypto space in general. The provide some very good analysis of new projects for everyone, which lends credibility to their skills. It is an ever-changing field, and Coin Fund’s returns are in no way extraordinary so far. However, they manage investor risk especially when new investors are not too familiar with the various intricacies and nuances of crypto projects. Funds like this will likely come up more in the future.
  • Polychain Capital: Polychain Capital has adopted the more traditional hedge fund model for their fund. It is simply a hedge fund that investors in ICOs and cryptocurrencies. Notably, some of the biggest names in Silicon Valley Venture Capital have invested $10 million into this company. That’s serious money. As cryptocurrency grows as an asset class beyond just looking at Bitcoin as an asset class, traditional hedge fund structures will likely attract more money.
  • ICONOMI: ICONOMI is a recent project, and is itself funded through an earlier ICO, with its token already trading in the markets. ICONOMI has already invested in Golem, one of the recent ICOs. The funds managed by ICONOMI have a few million dollars in commitment. This will impact ICO investors in the future because it will be a big fish that will impact the markets. Keep an eye out.

The trends towards institutionalization are clear. ICO investors are shifting from being early adopter individuals to more savvy individuals. These individuals are relying more on funds and institutions. These funds act as a pool of capital. Therefore, by virtue of their increased size, they will play a bigger role in the future of cryptocurrency investments.

Photo Credit: francistoms

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Jan 162017
 

Spectrocoin review
This SpectroCoin review will dive into the features of SpectroCoin that make it stand apart – ability to hold multiple currencies, and use them to buy Bitcoin, and also its Bitcoin Debit Card which is as versatile as it gets when you want to use your Bitcoin to shop everyday. As Bitcoin expands in scope and use, there are many services that allow you to buy Bitcoin, sell Bitcoin, hold Bitcoin, and spend Bitcoin – essentially all the functions that you’d normally do with your own money. However, what makes SpectroCoin stand out is that it is able to do all these functions and more in the simplest way possible.

As a reminder, we do not recommend holding significant amounts of Bitcoin in any online wallet or service, even SpectroCoin. If you’re holding for the long-term, you should buy Bitcoin, and transfer it to a wallet whose private keys you control. If you hold significant amounts of Bitcoin, we strongly recommend getting Bitcoin hardware wallets.

Now let’s dive into the SpectroCoin review.

Note: This is a sponsored review by SpectroCoin.

Multiple Currencies to Buy and Sell Bitcoin

SpectroCoin allows you to hold multiple currencies. This is a feature severely lacking in many other Bitcoin services. Even the most popular of all, Coinbase, won’t allow you to hold multiple currencies. At SpectroCoin, you can hold US Dollars, British Pounds, and Euro. This is important to me, as it reflects the global nature of Bitcoin. It is also common in Europe to have multiple currencies (GBP and Euro, for example) and bank accounts with multiple currencies.

Spectrocoin accounts

Once you fund your account with USD, GBP, or Euro, you can buy Bitcoin or sell Bitcoin directly from the interface. The price is competitive and updated real-time. You will know the price when you’re buying or selling.

Buy Bitcoin SpectroCoin

Selling Bitcoin is very similar as well. If you’re depositing government currencies (USD, GBP, Euro), you need to fill in the profile with your personal details. This is actually a very good feature – you can register for SpectroCoin without providing identifying information. You only need to give this information when doing specific tasks like buy Bitcoin from the interface. This is a good privacy feature.

To transfer government money into your account, you can use a debit card, a credit card, or use a bank wire. SpectroCoin is one of the few ways you can use a credit card to buy Bitcoin.

Multiple Countries

SpectroCoin supports more countries than most other services out there. Remember though that the currency options are still limited to USD, GBP, and Euro. However, someone from Algeria or Qatar can still buy Bitcoin from SpectroCoin. You can see the list of all supported countries here. Again, if you’re in the US or Europe, you can probably use Coinbase, but outside of that, such services are limited. SpectroCoin is as good an option for US and Europe as it is for the rest of the world.

However, do remember that SpectroCoin will comply with EU regulations irrespective of where you’re physically located. This means you may be asked for state-issued identity, like a passport, to use some of the services like buying or selling Bitcoin, or transferring funds.

Bitcoin Debit Card to Spend Bitcoin

This part of the SpectroCoin review is for its debit card service. It is one of the few issuers of global Bitcoin debit cards. You can use the SpectroCoin debit card to shop regularly, or to withdraw cash at ATMs. If you hold Bitcoin in your SpectroCoin account, then they will automatically sell Bitcoin when you make a purchase with your SpectroCoin debit card.

Spectrocoin debit card

If you want to use the Bitcoin debit card, you should know about the fees. They charge $1 a month as service fees, and $9 shipping fees. There are other fees like conversion and forex fees. You can see the full set of fees here. A Bitcoin debit card is a great way to spend Bitcoin. You can also use the debit card to get cash out of ATMs globally, although I find the fees to be high.

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Dec 232016
 

Circle Alternative

We covered earlier this month that Circle ended support for buying Bitcoin. Since then, we’ve gotten a lot of queries about what the best methods to buy Bitcoin are. This post is to give you alternatives to Circle to buy Bitcoin that are as convenient as Circle (actually, Circle was really good and convenient to buy Bitcoin, so it isn’t the same, but close enough I suppose).

The news and timing of Circle pulling out of the Bitcoin market couldn’t have been worse. The price of Bitcoin is rallying, and as of writing this, the price is hovering around $903 per Bitcoin. Compare this to the price of Bitcoin around $750 when Circle announced the shut down of the ability to buy Bitcoin on its platform and you get the idea why people were really unhappy. With the price rally, many people new to the Bitcoin markets are looking to get into it. Here are some good ways for them to buy Bitcoin.

Coinbase: Coinbase is the service most like Circle, and is the closest alternative to Circle. It is available in 30+ countries including the United States. If you’re a US-based person, Coinbase is probably the easiest way to buy Bitcoin. You just need to connect your bank account with your Coinbase account, and you’re all set to go. There are varying limits and verifications. If you’re sufficiently verified, you can buy Bitcoin instantly. Coinbase also has an exchange called GDAX. In addition, you can use Coinbase to buy Ethereum as well.

Buy Bitcoin on Coinbase

Gemini: Gemini is the latest US based exchange run by the Winklevii twins (of Facebook/the social network fame). The twins are seriously trying to get the first Bitcoin ETF approved in the US, and have a pending ETF application with the SEC. In addition to being a regulated exchange, Gemini has a closing auction that moves a significant amount of volume sometimes (similar to what the NYSE does at closing). It is newer than Coinbase but is focused exclusively on Bitcoin and is professional-grade.

Gemini auction data

Local Bitcoins: This allows you to buy Bitcoin peer-to-peer. To buy Bitcoin, you will transfer money to someone and you will receive Bitcoin into your wallet after the transaction is confirmed. The prices tend to be a bit higher but this method provides you with greater anonymity when buying Bitcoin. In addition, there are many different sellers, and you can use many different methods to buy Bitcoin, from ACH to Wire transfer to PayPal. Obviously the prices may be higher if you’re using chargeback methods like PayPal but you have the option. Depending on the city, you might also be able to buy Bitcoin with cash here.

Buy Bitcoin from LocalBitcoins

Bitsquare: This is not the best alternative to Circle in the sense that they are on the opposite spectrum when it comes to ease-decentralization spectrum. Circle and Coinbase are very centralized, and easy to use. Bitsquare is completely decentralized and hard to use. However, in the spirit of decentralization that Bitcoin promotes, here’s an alternative if you’re looking for one.

Photo Credit: derekbruff

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Dec 102016
 

Olaf Hedge Fund A16z USV

‘Digital Asset’ trading is set to enter the mainstream financial industry with Polychain capital raising $10 million from venture capital firms Andreessen Horowitz and Union Square Ventures. The hedge fund, Polychain capital, is run by Olaf,the first Coinbase employee who quit earlier this year to start his own venture. The round is the first venture capital money raised for a company that actively trades digital currencies on behalf of clients. The hedge fund was created to trade not just Bitcoin but also other cryptocurrencies or ‘digital assets’ on various exchanges.

The investment round would be the first for some of the venture capitalists active in the space. Traditionally, the venture capital industry have focused on technology-based companies in this space that help expand the digital currency ecosystem. However, this investment round is different in that the hedge fund is purely a financial entity that takes money from investors to trade in the cryptocurrency markets.

Wall Street Calling

The move will ring some alarm bells on Wall Street with Silicon Valley encroaching its traditional turf. In addition, although several investment firms like Fortress and Global Advisors have gone on record disclosing Bitcoin investments, there hasn’t been any talk of firms involved in the broader cryptocurrency market, including altcoins.

It is also telling that Olaf was the first employee at Coinbase and perhaps shared some of the ethos of the founders, who have been vocal about ‘digital assets’ or ‘appcoins’ or more recently ‘protocol tokens’. However, it is important for large companies like Coinbase to tread carefully due to the many pitfalls and scams that litter the space. Missteps by large companies may not be looked upon kindly by the investors.

In addition, a lot of these tokens use the ICO model to raise money which has its own pitfalls and can resemble stocks in certain cases. That may not go down well with the SEC that regulates stock issuances very strictly. There are also questions around price fixing and influencing markets unethically that might be illegal under the SEC or CFTC rules, so firms need to be careful not to be caught up in the crosshairs.

Besides the regulatory aspects, however, there is ample opportunity for smaller firms to trade other people’s money, and will likely be good for the broader cryptocurrency ecosystem.

‘Altcoins’ Gain Respect

The idea of providing investment exposure to the broader cryptocurrency market, not just Bitcoin, is not new of course. The latest venture towards this goal is ICONOMI that plans to launch two funds on the Ethereum platform. However, teams like ICONOMI lack any financial knowledge around trading and index-construction and therefore very unlikely to see any serious investor uptake. With Polychain Capital, Olaf might be able to convince traditional investors to give cryptocurrency a try.

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Dec 072016
 

Circle ends Bitcoin buy

In a major blow to the way Bitcoin enthusiasts can buy Bitcoin, Circle, one of the best funded venture capital firms in the space has decided to end the ability to purchase Bitcoin through its service. Instead, Circle is referring customers and potential customers to Coinbase, once considered its competitor. Thus, Coinbase has become the best Circle alternative for those in the United States and rest of the world as well. Circle, led by Jeremy Allaire, is instead ‘pivoting’ to a ‘blockchain’ without providing any details. However, by the looks of their new marketing, Circle wants to pivot into being a ‘social payments app’, akin to Venmo.

For the Bitcoins already held by Circle, the owners can move them into a wallet they control, or leave them on the Circle app. They can also convert the Bitcoin into USD at Circle’s market rate.

Circle is the latest startup in a series of high-profile and well funded startups that were born as Bitcoin companies but have since pivoted into other areas. Chain, another Silicon Valley startup had done the same, pivoting from a Bitcoin API provider to a private blockchain solutions provider. It is unclear if this is a push from the startup founders or from the venture capitalists that back them during the initial growth stages and push for exit paths either through acquisitions or through going public.

For its part, Circle has remained a controversial company in the Bitcoin space. It charged no fees to buy and sell Bitcoin on its platform, thus helping many who were new to the space get their first Bitcoins. It also made it very easy to buy Bitcoin on its platform. However, its founder has gone on record criticizing Bitcoin and saying that he doesn’t believe it will last for a decade.

Circle was thought to be in competition with its other Silicon Valley startup, Coinbase. With Circle shutting its doors to Bitcoin, Coinbase remains the simplest way to purchase Bitcoin, other than on exchanges. However, be aware that Coinbase now charges 1.5% fees to buy or sell Bitcoin through its platform.

The other alternative US based investors have is to buy Bitcoin through exchanges like Gemini, or even Coinbase’s own exchange called GDAX.

Photo Credit: h-e-a-p

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Dec 062016
 

irs-logo

The U.S. government has always taken a somewhat hands-off approach concerning Bitcoin. With some countries around the world flirting with the idea of recognizing Bitcoin as legal tender, or officially adopting it, U.S. financial regulators instead classified the cryptocurrency as a commodity. This means that it’s viewed in a similar way to a stock or precious resource, rather than as a peer for the dollar or any kind of foreign currency.

That doesn’t mean Bitcoin has free reign, however. In fact, the Commodity Futures Trading Commission cracked down on cryptocurrency trading when it made the ruling that Bitcoin was a commodity, requiring trading platforms to comply with its own registration and regulation processes. But this didn’t really constitute any kind of direct government involvement or endorsement of Bitcoin.

This is in keeping with policies we see around the world, despite the aforementioned tendency of a handful of nations to get more involved. As one analysis of Bitcoin’s place in world markets put it, countries do not accept Bitcoin as a transactional currency between individuals and the state, even if they allow it to be used as an alternative to everyday currency. This is the case for several different reasons—among them the idea that many governments are wary of the fact that Bitcoin can be used as an “imaginary” currency aimed at purchasing illegal goods.

Interestingly enough, while Bitcoin cannot be used in financial transactions with the government, the government still wants to keep an eye on what exactly people are doing with it. A couple of years ago, the IRS referred to Bitcoin as property, which was significant in that the acquisition and sale of property must be tracked for taxing purposes. The alternatives were for Bitcoin to be taxed as capital gains, as currency, or not at all. But now it’s expected that anyone mining or being paid in Bitcoin must record the amounts (in U.S. dollars) as pieces of property.

Now, things are getting a little bit more complicated. Because Bitcoin grew so rapidly and wasn’t initially addressed by the IRS or the U.S. government, there are a few years’ worth of uncertain data that the IRS suddenly wants to get its hands on. Recently, the organization has ordered the release of customer records from Coinbase—the largest provider of Bitcoin services in the United States. While the IRS has not accused Coinbase itself of any wrongdoing, it stated that there may well be Bitcoin users who have (presumably either knowingly or unwittingly) committed tax fraud by failing to comply with policy regarding cryptocurrency.

Coinbase appears poised to fight the Justice Department regarding this order, and it’s likely to become a fairly big story in crytpocurrency circles. The idea of a service releasing specific customer information and transaction records is antithetical to the very purpose of Bitcoin, and what happens in this developing case could set some interesting precedents for how Bitcoin investors operate in the near future.

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