Day: December 18, 2019

‘TurboTax’ for Crypto: Accounting Firm Lukka Debuts Tax Tool for Retail Investors

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Lukka, one of the first accounting firms for digital assets, is offering a TurboTax-like service to retail crypto investors starting on Jan. 15.  The move, announced Wednesday, comes after the U.S. Internal Revenue Service (IRS) issued updated guidance for calculating taxes on cryptocurrencies in October. The last time the IRS issued such guidance was in 2014, when the crypto market was less complex and fewer taxpayers held the assets.  “One of the first questions on the IRS’s tax form is whether you have crypto assets,” Lukka CEO Jake Benson told CoinDesk.…

‘TurboTax’ for Crypto: Accounting Firm Lukka Debuts Tax Tool for Retail Investors

boss

Lukka, one of the first accounting firms for digital assets, is offering a TurboTax-like service to retail crypto investors starting on Jan. 15.  The move, announced Wednesday, comes after the U.S. Internal Revenue Service (IRS) issued updated guidance for calculating taxes on cryptocurrencies in October. The last time the IRS issued such guidance was in 2014, when the crypto market was less complex and fewer taxpayers held the assets.  “One of the first questions on the IRS’s tax form is whether you have crypto assets,” Lukka CEO Jake Benson told CoinDesk.…

MARKETS DAILY: Crypto Bears Circle While Hackers Rethink Their Malware Strategy

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The bears are running as bitcoin brushes against $6,500 while cryptomining malware falls in popularity. This is CoinDesk Markets Daily, a podcast featuring Adam B. Levine and Brad Keoun. More ways to Listen or Subscribe (MP3 Download Here) Adam B. Levine: On Today’s episode, we’re talking crypto market downdrafts, Decentralized, or Blockchain Application usage, and Canaan’s post-IPO blues. It’s December 18, 2019, and you’re listening to Markets Daily, I’m Adam B. Levine, editor of Podcasts here At Coindesk, along with our senior markets reporter, Brad Keoun, to give you a…

A Year of Careful, Prosaic, BUIDLing

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This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Brian Behlendorf is the Executive Director of Hyperledger, an open source group advancing cross-industry blockchain technology. 2019 has been a year of growth and maturity in the use of blockchain technology for real business needs. Even the term “blockchain” is mostly out of favor, never fully shaking its association with get-rich-quick schemes and behavioral engineering, and now avoided by anyone trying to get upper-management…

Bitcoin ‘UTXOs in Loss’ at Record Highs Amid Price Sell-Off

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A key metric is hovering at record highs, suggesting investors are likely holding bitcoins even when deep in the red.  The number of unspent transaction outputs (UTXOs) in loss rose to all-time highs above $45 million on Dec. 17, representing a 578 percent rise from the July 1 figure of $6.69 million, according to on-chain market intelligence firm Glassnode. Bitcoin: UTXOs in LossSource: Glassnode A UTXO is basically leftover bitcoins after a transaction. It’s a little bit like getting back change when paying for something in cash using large bills.  …

10 Events to Look Out for in 2020

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This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Galen Moore is a senior research analyst at CoinDesk Research, focused on developing metrics and analysis for crypto asset investors. Christine Kim is a research analyst for CoinDesk. She focusses on producing data-driven insights about the cryptocurrency and blockchain industry. Things change fast in crypto. The only prediction that seems safe is that the narratives and metrics that seem important today will be eclipsed by new ideas,…

Erisx Launches Regulated Bitcoin Futures Market

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Crypto trading platform Erisx has launched a bitcoin futures market regulated by the U.S. Commodity Futures Trading Commission (CFTC). Its physically settled bitcoin futures contracts trade alongside its spot market which supports four cryptocurrencies. Erisx has obtained a license from the U.S. Financial Crimes Enforcement Network (FinCEN) and is currently approved to operate in 44 states, with a plan to expand to 53 states and U.S. territories. Also read: Regulatory Roundup – Crypto ‘Inevitable’ in India, China Rankings, NY Streamlines Policy Physically Settled, Regulated Bitcoin Futures Erisx announced on Tuesday…

How Crypto Exchanges Are Tackling Poverty

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Ongoing technological advancement in digital currencies is a phenomenon that can help developing countries both politically and economically. Cryptocurrencies can solve problems that are unique to these countries by providing access to a bank account, easy transfer of money across borders, and fractionalized payments. Improving the accessibility of financial services can help improve developing economies by providing greater transparency in transactions and reducing corruption at all levels, and including previously unbanked persons into the financial system stimulates economic growth and enables more accurate forecasting, risk management, and analysis. Cryptocurrency allows…

Alchemy Is Going to Become the Microsoft for Blockchain

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While it may sound like a marketing gimmick or a play on words, two founders behind blockchain startup Alchemy believe that their two-year-old startup might become the “Microsoft” of blockchain technology. In a series of serendipitous events, the founders Nikil Viswanathan and Joe Lau (who are both Stanford graduates) have been able to raise about $15 million from several investors that include billionaire Charles Schwab, Reid Hoffman who is LinkedIn’s co-founder, Stanford University and Jerry Yang who is Yahoo’s co-founder. Chris Kelly who is the former legal chief to Facebook…

Monero’s ‘Fluffypony’ Steps Down as Lead Maintainer of Privacy Coin Project

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After five years at the helm, monero’s lead maintainer says he is stepping down. Riccardo Spagni, better known by the alias “Fluffypony,” will relinquish his day-to-day leadership role in the privacy coin project. Longtime contributor “Snipa” will assume the responsibilities of lead maintainer, according to a post by the monero core team. The post says the move is being made to “better streamline developments and collaborations” but does not say when the changeover will take place, although it notes Spagni “will continue as a backup maintainer to relieve Snipa during…