Blog

bitcoin mining

Crypto Mining Driving Up Chip Costs – How Long Will It Last?

It has come as no shock to many computer users that the prices of key components have increased in recent years, reversing what had for many years been a pattern of gradually dropping prices. Computer builders who may have sought to upgrade were suddenly faced with significantly increased prices for RAM, video cards, and other important hardware. While increased demand for smartphones and tablets has been at least partially responsible for that increase in price, the major driver has [...]

Read more...

WikiLeaks Loses Access to Coinbase Account

Online whistleblowing site WikiLeaks was just recently informed by Coinbase that its account held with the company would be closed. According to Coinbase, the company was found to be in violation of Coinbase’s terms of service. While WikiLeaks is perhaps best known for publishing US State Department diplomatic cables, documents from the Democratic National Committee, and classified information provided by then-Army Spc. Bradley Manning, the site also sells T-shirts and apparel to its supporters. WikiLeaks’ online store had previously faced [...]

Read more...

Kraken CEO Intends to Ignore New York AG’s Demands

In response to the New York Attorney General’s demands from cryptocurrency exchanges that they provide him with significant details about their operations, the CEO of San Francisco-based Kraken has announced that he intends not to answer those questions. Since the Attorney General had announced his intention to publicize any companies not answering his questions, Kraken’s move undercuts any public relations moves the Attorney General’s office may have attempted to use to force Kraken into submission. Kraken was one of the [...]

Read more...
law

New York Attorney General Demands Answers From Cryptocurrency Exchanges

New York Attorney General Eric Schneiderman has launched an inquiry into the business practices of 13 cryptocurrency exchanges. His office has sent letters to those exchanges to request, among other things, disclosures related to their operations, use of bots, conflicts of interest, and other issues. The companies targeted by the Attorney General include Coinbase, Gemini Trust Company, Bitfinex, Kraken, Binance, and Huobi. It is unclear what prompted the Attorney General to take action right now, although it fits into New [...]

Read more...
korean cryptocurrency

Korean Cryptocurrency Exchanges Move Towards Self-Regulation

The Korean Blockchain Association recently revealed that it has developed a self-regulatory framework for South Korea’s cryptocurrency exchanges. That framework would help move towards greater transparency of cryptocurrency exchange operations, as well as assuage government fears of money laundering, tax evasion, and other similar issues. South Korea isn’t the first country to develop a self-regulatory framework for the cryptocurrency industry, as Japanese cryptocurrency exchanges have already formed their self-regulatory organization (SRO). SROs offer cryptocurrency businesses the ability to benefit from [...]

Read more...
tax

Tax Day: The Difficulty of Calculating Cryptocurrency Taxes

Today is tax day, the deadline for all Americans to file their tax returns. And recent chatter about cryptocurrencies has been full of mentions about paying taxes on cryptocurrencies. For the first time, people are beginning to think seriously about whether or not they owe taxes on their cryptocurrency holdings. A recent post at CoinDesk illustrates just how difficult calculating taxes on cryptocurrency transactions can be. Trading Bitcoin, other cyptocurrencies, or other assets that can be used as money such [...]

Read more...
malta cryptocurrency

Malta Becoming Haven for Crypto Exchanges

In a move that could have implications for the future of cryptocurrency exchanges, major cryptocurrency exchange OKEx announced last week that it would be expanding its operations to Malta. The small Mediterranean island, a member of the European Union, has made great strides in recent months to open itself to cryptocurrency businesses. OKEx, which at the time of writing is the world’s fourth-largest cryptocurrency exchange, specializes in crypto-to-crypto transactions. But it isn’t the only exchange to move to Malta. Binance, [...]

Read more...
bitcoin rising

The Long-Term Outlook for Bitcoin

Many recent news reports have bemoaned the fact that Bitcoin has lost so much value this year. Never mind that Bitcoin traditionally hasn’t done well in the first part of the year, instead gaining value as the year progresses. Pundits focused on short-term performance looked at Bitcoin’s price teetering into the $6000s and saw only a downward progression from there on out. But those who believe in Bitcoin knew better. Bitcoin’s long-term growth potential will be one of the major [...]

Read more...
bitcoin rising

Be Wary of Crypto Pump-and-Dump Schemes

Cryptocurrencies are so new and exciting, and have appreciated so greatly in value just over the past year, that there are more and more investors seeking to purchase them all the time. But like any new market, there are unsavory characters out there looking to take advantage of those investors. Many of these new investors are young, and investing in cryptocurrencies may be their first time investing. And like many first-time investors, they may succumb to investing euphoria and [...]

Read more...
tax timer

It’s Tax Time: Is the Bitcoin World Ready?

With tax day rapidly approaching, many Bitcoin owners may be a little nervous this year. While IRS hasn’t taken a tough stance towards Bitcoin holders’ tax liabilities in the past, this year may be different. The tax agency has put together a task force to identify owners of Bitcoin and other cryptocurrencies who may owe the government a lot of tax money. With Bitcoin prices and transaction volume as high as they were last December, there may be many [...]

Read more...