Day: December 16, 2022

The outcome of SBF’s prosecution could determine how the IRS treats your FTX losses

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FTX founder Sam Bankman-Fried has received official criminal charges after the collapse of his cryptocurrency exchange, which is more than just a moral victory for the exchange’s roughly 1 million individual investors. While not locked in yet, things appear to be on track for these investors to take a more favorable tax position as SBF’s fate continues to unravel. What kinds of losses can FTX investors claim on their taxes? Earlier this fall, it appeared that assets lost in the FTX collapse would be considered a capital loss under the…

Bahamas Corrections Commissioner Says FTX Co-Founder Bankman-Fried Is in ‘Good Spirits’ in the Prison Sick Bay – Bitcoin News

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According to local reports, former FTX CEO Sam Bankman-Fried (SBF) is in “good spirits” and is being kept in the maximum security unit in the sick bay. SBF is held in custody at the Bahamas Department of Correctional Services (BDOCS), a jail called Fox Hill that is known for being filthy, and was accused of prison maltreatment last year. Acting commissioner of The Bahamas Corrections, Doan Cleare, detailed that SBF is in a dorm-style cell with roughly five other inmates. Sam Bankman-Fried Now Resides in an Overcrowded, Filthy Prison —…

Argentina’s province to issue US dollar-pegged stablecoin

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The province of San Luis in Argentina approved a legislation allowing the issuance of its own stablecoin pegged to the United States dollar. The token, dubbed the “Activo Digital San Luis de Ahorro”, will be available to all citizens of the province over the age of 18 and 100% collateralized in liquid financial assets of the province.  The bill authorizes the province to issue the stablecoin up to 2% of its annual budget. It also stipulates that assets can be transferred between parties, but it does not specify which chain…

Dr. Adam Back shares his life of hacks

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It’s been a life of hacks for Dr. Adam Back, the CEO and co-founder of Blockstream. One of the few people quoted on the Bitcoin Whitepaper, hacking highlights of Back’s life are brought to life in the latest animated Crypto Story from Cointelegraph’s video team.  Over a game of Jenga in a park, Back told Cointelegraph that he’s always had a “kind of security mindset.” From his days as a student, he tinkered with door codes, pin pads and locks, testing out code and gaining access to places he “wasn’t…

proof of work is a feature, not a flaw

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When taking its blockchain public, “there was an adjustment period where we had to learn to love crypto,” Kadena founder and CEO Stuart Popejoy said. The admission sounded more like a technical adjustment than a surge of emotion on his lips, but he added, “The people who participate in your ecosystem really are your network and that is obviously not a very enterprise-y thing, that’s very grassroots.”  The merits of private blockchains remain a matter of debate, but Kadena transitioned from a private JPMorgan blockchain in 2016 to a public…