Issue #73
18 - 24 April 2015
The big news this week is Jackson Palmer, the founder of Dogecoin announcing via Twitter that he is leaving the cryptocurrency space because of its "toxic" culture. I agree with him that there are too many scams in this industry and hope that this industry cleans up its act fast and Jackson will return to the community soon.
Bobby
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Latest News
Dogecoin founder Jackson Palmer has announced a "leave of absence" from the digital currency community.
A Superwallet is an open digital wallet, which allows national and digital currencies to transact cross company, cross border, and cross currency in an instantaneous and free manner.
An update of an independently conducted investigation of the missing MtGox bitcoins. Most or all of the missing bitcoins were stolen straight out of the MtGox hot wallet over time, beginning in late 2011. As a result, MtGox operated at fractional reserve for years (knowingly or not), and was practically depleted of bitcoins by 2013.
Market
David Berger, the CEO of the Digital Currency Council (DCC) shares his thoughts that the biggest problem surrounding Bitcoin is that of acquiring users trust.
Tim Swanson attempts to dive deeper into Bitpay's transaction numbers after the publication of an infographic by Bitpay. On average BitPay processed 1,544 transactions worth $435,068 per day in 2014. Once mining and precious metals are removed, the BitPay “economy” involves $57.5 million per year.
21 CEO and Andreessen Horowitz partner Balaji Srinivasan hinted at his secretive company's larger mission at the second annual Bitcoin Job Fair.
Ecosystem
It’s come to light that Ripple gateways have the ability to “freeze” user funds at will. Ripple Labs has already used its influence to convince Bitstamp, a prominent gateway and exchange, to freeze $1 million worth of funds belonging to Ripple’s departed founder Jed McCaleb.
The three Bitcoin core developers who were, up until now, funded by the Bitcoin Foundation will join the MIT Media Lab's newly established Digital Currency Initiative.
Legal
The Internal Revenue Service (“IRS”) last year issued a notice addressing the tax treatment of Bitcoin. It chose to treat bitcoin as “property” rather than “currency” for tax purposes. In this article, attorney, Bob Derber explains the bitcoin tax classification options that the IRS has considered, what it chose to do in its notice of March 2014, and why.
Coinbase published a blog post explaining how North Carolina's Money Transmitters Act is a very good approach to regulating the digital currency industry.
Bitcoin exchange itBit has filed an application for a state banking license in New York, the NYDFS reports.
Learn
Ray Dillinger shares a step-by-step tutorial in creating an altcoin. Certainly a technical guide you must read if you are considering creating an altcoin.
Joel Monegro of Unions Square Ventures shares his thoughts on how Bitcoin Is like SMTP and because SMTP is an open protocol, there is no barrier to entry. Bitcoin is like SMTP in that it can be the bridge between different financial applications.
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