With MtGox effectively dead, Bitcoin can now enter the third stage of evolution, explains BitGo CEO Will O'Brien in an extensive essay. More »
Erik Voorhees, a respected Bitcoin entrepreneur who created SatoshiDice and now runs Coinapult, shares his views about MtGox and the future of Bitcoin. More »
Hollywood could learn a lot from Silk Road 2 about heightening stakes and creating suspense in this epic whodunnit thriller where 4000 bitcoins were stolen! More »
In this extensive video, Bitcoin Leah interviews Brock Pierce, Alan Meckler, Sam Cole, and companies including BitGo, GoCoin, Lamassu and more. More »
Venture Capitalist Brad Feld On Bitcoin: Likes the Platform, Not the Currency
Brad Feld has been an early stage investor and entrepreneur since 1987. Prior to co-founding Foundry Group, he co-founded Mobius Venture Capital and, prior to that, founded Intensity Ventures. Brad is also a co-founder of TechStars.
His investments include successful exits like Zynga, MakerBot, and AdMeld, as well as hot startups like Fitbit, 3D Robotics, and Moz.
In a blog post on his personal site, Feld shared his current thoughts about Bitcoin. “I think bitcoin is interesting on several levels, including as a real-life experiment with a semi-decentralized currency,” he said.
Feld explained that he has concerns with the concept of Bitcoin as a currency to displace fiat currencies like the dollar, because, he feels, Bitcoin is inherently deflationary and that is “bad” if you were to ask an economist.
On the other hand, Feld was optimistic of Bitcoin as a protocol, albeit only a few years old.
As a software person, I think of this as a platform. A new electronic payment platform that may have significant advantages over most of the existing ones. To get broad adoption, platforms need killer apps. So far, there aren’t killer apps for bitcoin. But there are some possible raw materials for killer apps. Cheaper international payments. Completely anonymous electronic payments. But the great thing about platforms is that it’s often quite hard to predict early on what the killer apps might be. Particularly for the really disruptive ones.
Feld said in the comments to his post that he owns 10 Bitcoin as an experiment.
This public statement by Feld follows other seasoned venture capitalists who are publishing their own thoughts on the currency. Recently, Fred Wilson from Union Square Ventures stated that he owned 7.39 Bitcoin, but has purchased 175 over time and given most away.
CC image by Rocky Mountain Joe.
Bitcoin Week: Senate Hearings, Richard Branson, Newegg, Trading, Tax
Bitcoin Week
Here is a roundup of the top Bitcoin news from last week.
Senator Tom Carper held a committee hearing in Washington D.C. to learn more about Bitcoin from business owners and law enforcement representatives. The tone was positive and the dialog open. We provided a full summary of the hearing.
Billionaire Richard Branson announced that you can now book tickets with Virgin Galactic using Bitcoin. The first person to buy a ticket with Bitcoin was a stewardess who was an early investor in the crypto-currency.
Bitcoin saw increased trading activity and some exchanges could not hold up, preventing investors from capitalizing on the gains and falls of the currency.
Tax is an increasingly important issue. Tyler S. Robbins, Esq. authored a whitepaper outlining the considerations for taxation, disclosure, and penalties when operating in Bitcoin.
E-commerce giant Newegg hinted that they may accept Bitcoin soon.
And much more!
All News
Monday, November 18
Tuesday, November 19
Wednesday, November 20
Thursday, November 21
Friday, November 22
Saturday, November 23
Newegg Hints at Accepting Bitcoin for Consumer Electronics
In a tweet, consumer electronics powerhouse Newegg hinted that it is exploring the option of accepting Bitcoin.
It’s a possibility, #staytuned :)RT @thedatascape: @Newegg Do you have any plans to add Bitcoin as one of your payment methods?
— Newegg (Official) (@Newegg) November 23, 2013
If this was to happen, Newegg would be the latest in a string of online and physical merchants to accept the digital currency.
Just last week, it was discovered that some Subway restaurants are allowing payments in Bitcoin. In Seattle, you can buy a grilled cheese sandwich with the cryptocurrency, and in Palo Alto you can pay for your coffee with Bitcoin.
Bitcoin Gets You to Space with Virgin Galactic, Says Richard Branson
Sir Richard Branson, billionaire entrepreneur and founder of Virgin Group, has made a major public endorsement for Bitcoin with one tweet.
Want to spend your #bitcoins? How about a ticket to space! Will discuss today live on @SquawkCNBC @virgingalactic
— Richard Branson (@richardbranson) November 22, 2013
Now you can buy a ticket to space on Virgin Galactic with Bitcoin, Branson confirmed in a blog post.
Mr. Branson followed up in a video interview with CNBC explaining why he decided to make this move. “Why not? It’s a new exciting currency,” said Branson.
Mr Branson explained that he sees Virgin Galactic customers in early Bitcoiners. People who got in early on Bitcoin and made a lot of money might want to go to space, he said. In fact, a flight attendant in Hawaii was the first customer to buy a ticket using Bitcoin. Virgin accepted her payment in Bitcoin, then transferred to dollars.
As an investor in Bitcoin himself and pioneer in commercial space travel, Branson believes Virgin Galactic and Bitcoin are both transformational ideas.
Branson also commented on the recent Senate Committee hearings this past week, saying that he hopes regulators create policy that does not stifle innovation.
Read our extensive coverage about the Senate Committee hearings
Learn more about Virgin Galactic in the video below.
A Primer on Bitcoin Taxation, Disclosure and Penalties
As Bitcoin further enters the mainstream and people start earning gains by owning, trading, or transacting with the crypto-currency, there are real tax implications to consider.
Tyler S. Robbins, Esq. is an attorney licensed to practice in New York and New Jersey, whose area of interest is cross-border taxation and compliance.
Mr. Robbins has authored and published a whitepaper entitled “A Primer on Bitcoin Taxation“. In it, Mr. Robbins discusses important topics including:
- Taxable events
- Income from Bitcoin sales
- Disclosure of foreign brokerage accounts
- Wash sale rules
- Penalties
- And more
We have embedded the PDF below, but we also recommend you visit www.bitcointax.info for the latest updates from Mr. Robbins.
CC image by 401(K) 2013
