Bitcoin is very social [from a different perspective]
Friday, June 6, 2014
Tax and Bitcoin in Australia
bitcoinmagazine.com / TRISTAN WINTERS /JUNE 2, 2014
Bitcoin adoption is increasing globally. Global jurisdictions are working through the tax implications for business and consumers. In Australia the local Bitcoin Association (BAA) is currently working with the relevant authorities, exploring the tax outcomes which are most appropriate.
The following represents a summary of the full position paper prepared by the BAA for presentation to the relevant authorities. A full version of this position statement is available by contacting the Bitcoin Association of Australia. The full version includes all relevant case and legislative citations.
Adoption of Bitcoin
Major Australian exchanges estimate that combined they have approximately 40,000 local users. Australian adoption growth mirrors the global trend.
Australia now has an estimated 192 businesses accepting Bitcoin. While these numbers are low compared to the traditional banking network, they indicate high growth rates created by rapidly increasing user and merchant adoption.
Bitcoin’s market capitalisation currently sits at $6 billion USD. The Bitcoin Association of Australia estimates that the Australian share of this market capital is approximately 2%. This means that the market capitalisation for Australia is approximately $120 million. - READ MORE: http://bitcoinmagazine.com/13618/tax-bitcoin-australia
The Boring Bitcoin Report: Week Of June 2
forbes.com / Perianne Boring / 6/02/2014 1:15AM
The price of bitcoin has been on a tear the past two weeks. In the week following the annual Bitcoin conference in Amsterdam, bitcoin values jumped as much as 30%. This week we have continued to watch prices rise an additional 12.5%, from $575 to $647. The price increases are likely due to new money moving in this space, mostly institutional investors and previous investors increasing their positions in bitcoin. This price hike began just two days after the conclusion of the Amsterdam Bitcoin conference, where many positive predictions about the future of the industry were made.
Let’s take a close look at some of the market moves over the past week.
Government Bitcoin Initiatives:
Sanctions Could Be Dropped Against Trendon Shavers
Trendon Shavers met his May 30th deadline to file a response to the sanctions the Securities and Exchange Commission moved to have imposed on him. The SEC is charging Shavers with operating an alleged ponzi scheme. The sanctions would find him automatically liable without being given a chance to present a case. Shavers’ attorney, Jason Seibert, states that
“At this point the Government has two weeks to respond to our filings. After that, we have to wait and see if the Court is going to allow the case to move forward. We hope he [the judge] does.”
Seibert is defending Shavers on a donations basis because the SEC froze Shavers assets. Seibet is expecting the larger bitcoin community will support Shavers’ case because of the precedent the SEC could establish over all bitcoin exchangers. - READ MORE: http://www.forbes.com/sites/perianneboring/2014/06/02/the-boring-bitcoin-report-week-of-june-2
Bitcoin 2014: Building the Digital Payments-network (reflections on a million-dollar conference)
bitcoinmagazine.com / AARON VAN WIRDUM /JUNE 2, 2014
A Dutch version of this article originally appeared on Coincourant.
“The reason I am so committed to Bitcoin and crypto, is that crypto can solve the problem that centralized organizations present to society.”
Overstock CEO Patrick Byrne’s fiery opening speech at Bitcoin 2014 is geared straight at the libertarian spirit of Bitcoin-hardliners. In his philosophical keynote address, the man who was heralded onto the main stage of the conference as a leader in exposing Wall Street corruption makes no mistake about his commitment to support the crypto-revolution: “Society sets us up with regulators to protect us from certain industries, from certain forces. But sometimes these regulators have the tendency to get captured. They get owned by the industries they are supposed to help defend us from.” And: “It’s not just the regulators that get captured by the bad guys. It’s regulators, and congressmen, and police, and journalists, and judges, and academics… The capture goes very deep.” Byrne delivers an exciting kick-off for Bitcoin 2014.
For one weekend, Amsterdam poses as the epicenter of a new financial paradigm, as conveyed by the confident slogan near the entrance of the main conference hall: “Building the Digital Economy”. It’s still early when the morning sun shines intensely through the tall glass walls of the spacious Passenger Terminal in the Dutch capital, soaking the wide hall in natural light. But free rounds of coffee are quickly fueling optimism among speakers and attendees alike: the buzzing chatter in the Passenger Terminal gradually increases as the conference gets underway. - READ MORE: http://bitcoinmagazine.com/13600/bitcoin-2014-building-digital-payments-network-reflections-million-dollar-conference/
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