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I Survived the Eternal Boy Playground, But Will Puerto Rico?

I Survived the Eternal Boy Playground, But Will Puerto Rico?

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. I Survived the Eternal Boy Playground, But Will Puerto Rico? "Everyone's a burner now." My eyes opened wide. He probably thought I was going to kiss him. But it was just the sentiment, the way it clashed against the scene. Outside one of the most popular clubs in San Juan, locals were being swiftly displaced by a newer, more exotic crypto enthusiast. Sure, there was the normal dichotomy, button-ups and slacks, graphic tees and jeans, but another faction of the movement has emerged in Puerto Rico. Silver rings, steampunk vests and wide-brimmed hats; they probably wore them "on the playa." The playa. Puerto Ricans might understand that to mean the beach, but that's not what they mean. No, these people mean more than 4,000 acres of...
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The Maddening Task of Calculating Taxes on Crypto

The Maddening Task of Calculating Taxes on Crypto

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Please share if you find this article interesting. The Maddening Task of Calculating Taxes on Crypto Jeremy Drane is the chief commercial officer at Libra, a provider of accounting, audit and tax software for the blockchain and cryptocurrency industry. The following article is an exclusive contribution to CoinDesk's Crypto and Taxes 2018 series. For many in Cryptoland, "decentralize everything" is a common mantra. And, it's something I personally believe in, to a point. However, for various business processes that require aggregated data to execute, decentralization creates problems that are very challenging for individuals and enterprises to navigate. Case in point: tax compliance. Now, this is not a sexy topic and probably something you might wish to skip entirely. But, we ...
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Everything You Were Afraid to Ask About Crypto Taxes

Everything You Were Afraid to Ask About Crypto Taxes

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Please share if you find this article interesting. Everything You Were Afraid to Ask About Crypto Taxes Busayo Ogunsanya is the CEO of AMUS Inc., an artificial intelligence tax platform, and the managing partner of BigAppleTaxReturn, a CPA firm in New York. The following article is an exclusive contribution to CoinDesk's Crypto and Taxes 2018 series. Many cryptocurrency investors have made a fortune the past several years selling high-flying bitcoin and other cryptocurrencies for cash. Unfortunately, far too many of them in the U.S. did not report this taxable income to the IRS. The agency figures hundreds of thousands of U.S. residents did not report income from sales or exchanges of cryptocurrency and it might be able to collect several billion dollars in back taxes, penalt...
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Winner-Turned-Loser ICON Tanks 40 Percent as Crypto Markets Falter

Winner-Turned-Loser ICON Tanks 40 Percent as Crypto Markets Falter

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Please share if you find this article interesting. Winner-Turned-Loser ICON Tanks 40 Percent as Crypto Markets Falter The last week of March has offered no relief to the battered crypto markets. The total value of all cryptocurrencies fell to $251 billion today - the lowest level since November 23, according to CoinMarketCap. Week-on-week, total market capitalization has declined by 25.6 percent to $263 billion. That's also down 68 percent from the record high of $830 billion seen in early January. Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, fell to $6,617 in Asian hours today - its lowest level since Feb. 6. The cryptocurrency has depreciated 19.9 percent on a weekly basis. Elsewhere, ether (ETH) today printed a fresh 2018 low of $368, as did bitc...
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Does the IRS Get a Cut of Your Bitcoin Cash?

Does the IRS Get a Cut of Your Bitcoin Cash?

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Please share if you find this article interesting. Does the IRS Get a Cut of Your Bitcoin Cash? Omri Marian is a professor of law at the University of California, Irvine. He contributed to several projects on the taxation of cryptocurrencies at the American Bar Association Section on Taxation. The views expressed are his own and do not constitute tax advice. The following article is an exclusive contribution to CoinDesk's Crypto & Taxes 2018 series. If you owned bitcoin on July 31, 2017 (and did not dispose of it), by the end of the next day you also owned (or at least you were entitled to claim ownership of) an equal amount of bitcoin cash. If bitcoin owners in the U.S. instead got cash (the old-fashioned kind) that day, there is no question they would have to report those g...
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Bitcoin Eyes Bottom After 50-Day Low Below $7K

Bitcoin Eyes Bottom After 50-Day Low Below $7K

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Please share if you find this article interesting. Bitcoin Eyes Bottom After 50-Day Low Below $7K Bitcoin (BTC) prices dropped to a 50-day low of $6,630 earlier today, but a glimmer of good news for the bulls is that the cryptocurrency appears to be nearing a bottom. To start with, BTC tends to reverse course every time the relative strength index (RSI) drops to or below 30.00, according to historical data (see chart below). As of writing, the relative strength index is close to that mark, at 32.00. At press time, bitcoin is changing hands at $6,950 on Bitfinex, while the average price across leading exchanges, as represented by CoinDesk's Bitcoin Price Index is seen at $6,930. Daily chart Looking at historical chart, BTC repeatedly makes bull reversals after sub-30.00 drops
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Taxing Every Bitcoin Purchase Will Backfire for the IRS

Taxing Every Bitcoin Purchase Will Backfire for the IRS

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Please share if you find this article interesting. Taxing Every Bitcoin Purchase Will Backfire for the IRS Joe Colangelo is the founder and CEO of Boxcar, the "Airbnb of parking." The following article is an exclusive contribution to CoinDesk's Crypto and Taxes 2018 series. Bitcoin has a remarkable way of teaching people very rapidly about the law of unintended consequences.   A great example is when the Chinese government began inspecting regulated exchanges in February 2017. Believing that the exchanges might get shut down (they eventually did), buyers flocked to Localbitcoins, a peer-to-peer exchange whose volume surged 3,600% in the course of a month. By trying to keep better track of and control bitcoin users in China, the government drove them to a method that was much
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Bitcoin Breaks Below $7K to Fall to 50-Day Low

Bitcoin Breaks Below $7K to Fall to 50-Day Low

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Please share if you find this article interesting. Bitcoin Breaks Below $7K to Fall to 50-Day Low The price of bitcoin is back below $7,000 and trading at its lowest price since Feb. 7. According to CoinDesk's Bitcoin Price Index, the world's largest cryptocurrency is changing hands at $6,700, a move that follows its steady decline from around $8,000 since the start of the Mar. 29 trading session, a 15 percent dip within a day. Stepping back, that price puts bitcoin at a 51-day low, down 42 percent from its recent high at $11,660 on Mar. 5, and 60 percent from its 2018 high of $17,144 observed on Jan. 7. However, the 2018 low of bitcoin still remains at $5,947 on Feb. 6, according to CoinDesk's data. Still, bitcoin's drop also follows a broader market decline. Data from CoinM
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Ether Drops Below $400 to Hit Lowest Price Since November

Ether Drops Below $400 to Hit Lowest Price Since November

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Please share if you find this article interesting. Ether Drops Below $400 to Hit Lowest Price Since November The price of ether, the cryptocurrency of the ethereum network, fell below $400 on Thursday for the first time since November. Ether hit a low of $387.85, according to CoinDesk data, and as of press time is trading at roughly $394. On GDAX, the cryptocurrency exchange operated by startup Coinbase, ETH is currently trading at around $392. The cryptocurrency's price hasn't been below the $400 level since November 23, according to data from CoinMarketCap. At the time, the price had nearly reached an all-time high and would go on to surpass $1,200 as the broader cryptocurrency market shot to its peak. As previously reported, ether is one of several major cryptocurrencies t...
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Major Cryptocurrencies Are Hitting 2018 Lows Today

Major Cryptocurrencies Are Hitting 2018 Lows Today

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Please share if you find this article interesting. Major Cryptocurrencies Are Hitting 2018 Lows Today Bitcoin's drop to an 11-day low of $7,438 is hogging the limelight, as usual, but other cryptocurrencies are struggling too. Today, ether (ETH), Ripple's XRP and bitcoin cash (BCH) all having dropped to fresh lows for the year so far. Thursday's market developments highlight the continued crunch in the crypto markets, which has solidified in the months since many crypto-assets soared to all-time highs. Indeed, during the first week of January, the overall market capitalization of the cryptocurrency market exceeded $800 billion - as of today, that figure has dropped to roughly $275 billion, according to data from CoinMarketCap. Ether Ethereum's ether token, the second-largest cry