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September 29, 2023

Bitcoin News Roundup: Your Accountant, Your Bitcoin; A Bitcoin Slip; Such Bitcoin, Very Mine, Wow | 04.01.14

What Your Accountant Thinks About Your Bitcoins [BBW]
Given that few people really understand taxes and even fewer understand Bitcoins, it’s tempting to believe that tax issues surrounding the cybercurrency would be mind-blowingly complex. In most cases, Whatley says, things remain fairly simple. The Internal Revenue Service tried to clear things up last week by saying it considered Bitcoin property, not money—and anyone making money from Bitcoins should tell the government about it.

Bitcoin Slips In The Wake Of The IRS’s Tax Decision [TC]
Earlier this week, the IRS decided that Bitcoin is property, not currency, setting in place a regulatory structure that could see users of the cryptocurrency forced to keep price score in a rapidly shifting market. Bitcoin had a rough time of it last week, as GigaOm reported, losing around 17% of its value. Part of that was tied to a rumor regarding Bitcoin in China, and part, I think due to the IRS’s decision. Prices have continued to slip through the weekend.

Makers of Bitcoin A.T.M.s See a Not-Quite-Cashless Future [NYT]
“I drove about 20 miles to come use the A.T.M.,” said Mitch Frink, who took $160 out of the machine in its first week in operation. “I wanted to be able say, ‘Yeah, I sold Bitcoin for straight cash and could get it within 30 minutes.’ ”

Texas-based gun company allows customers to make purchases using bitcoin [Fox News]

PBOC Official Blogs Skepticism About Bitcoin [WSJ]
An official from China's central bank voiced his skepticism toward bitcoin on his personal microblogging account, a move that comes amid uncertainty around the digital currency's future in China. Zhang Niannian likened bitcoin exchanges to "casinos" on Chinese microblogging website Sina Weibo in a post dated Friday. Mr. Zhang asked several rhetorical questions in his posting, including "Aren't you afraid that a bitcoin platform will leave with your money?" as well as, "Do you think the court would protect you?" "Cherish life, walk away from bitcoin," he added.

Bitcoin at a ‘Fork in the Road,’ Analyst Says [DealBook]
"Many consumers and retailers may use the generic Bitcoin transactions technology, saving on the transactions charge from conventional credit card and money transfer companies, but avoiding the I.R.S. reporting burden. So they will want to transact in Bitcoin, but not hold it, and they will be pretty much indifferent which [digital currency] they use. Exposure will be infinitesimally short."

I am a tax attorney, here is the truth about 1099s and the $600 minimum threshold (for U.S. Taxpayers) [Reddit]
A tax attorney helps clear things up in /r/bitcoin

Hackers Ditch "Tricky" Bitcoin In Favour of Dogecoin: Anything For An Easy Mine [Know Your Mobile]

‘Shit Bitcoin Fanatics Say’ Will Have You In Stitches [CoinDesk]
"To paraphrase Mark Twain, he adds, 'The reports of bitcoin’s death have been greatly exaggerated.'"

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