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The latest Messages 2
2021-04-16 01:01:28
The Nexus Between Cryptocurrencies and Taxation
The world has been watching the crypto realm keenly, even as Bitcoin and other virtual assets continue to grow in value. Bitcoin, specifically, has been registering record highs amid widespread support.
Apart from law enforcement agencies, the Internal Revenue Service (IRS) has been hard at work trying to regulate the crypto industry. Today, for all persons holding or planning to own cryptocurrencies, the subject of tax liability is critical – whether you intend to buy, sell or mine it.
The idea of crypto taxes began with a 2014 IRS decision that ruled cryptocurrency should be considered a capital asset, just like traditional stocks and bonds, as opposed to fiat currencies. The decision brought about major changes in the crypto industry, and ushered in a host of implications for people in the context of complex tax laws.
Do You Owe Taxes on Crypto?
Essentially, capital assets must be taxed at the point where an individual sells it at a profit. When you buy goods or services with virtual currency, and the amount of digital coin you spend has grown in value compared to the initial investment, spending it will attract capital gains taxes.
Using a hypothetical example: if you bought Bitcoin worth $50 and stored it until it gained value to become $200, spending the crypto to purchase $200 worth of goods will attract capital gains taxes on the $150 profit you made. This rule holds true against the reality that you seemingly spent the Bitcoin, rather than sold it.
The practice of crypto mining, where an individual employs computers to solve complex equations and enter data on the crypto ledger system, is also subject to the IRS requirements. When you mine crypto and receive payment in the form of new tokens, you owe taxes on the whole value of cryptocurrency gained through mining.
In addition, apart from being taxed for receiving cryptocurrency via a marketing promotion exercise, all activities involving the receipt of payments in form of cryptocurrency qualifies for taxation – the government calls this “taxable income”.
Further, in case you convert or exchange one cryptocurrency for another, such as swapping Bitcoin for Ethereum, you’ll owe taxes on all gains made through such a transaction. This holds true to such engagements despite the fact that you were just exchanging one form of digital asset with the next.
Why Crypto Is Taxed
According to an explanation provided by Jeff Hoopes, associate professor at the University of Carolina and research director of the UNC Tax Center, the IRS decision to tax cryptocurrency as a capital asset is pegged on how its holders treat it – people hold virtual assets as a form of investment.
Quite obviously, we can all understand why the IRS decided to join the crypto party considering that the virtual asset industry had begun raking in tens of millions of dollars each day in trading volumes. Bitcoin and the other crypto assets presented a very attractive tax revenue source to the taxman.
Nonetheless, the subject of crypto taxation must be understood from the lens of capital gains vs. capital losses. A digital currency holder only owes taxes whenever they spend or sell and end up earning a profit. In cases where a user spends or sells cryptocurrency at a loss, they are exempted from taxation as far as the relevant transaction is concerned.
For instance, if an individual purchased $20,000 worth of Bitcoin and sold it for $25,000, their taxable gain becomes $5,000. But if the same person sold the same amount of crypto for $10, 000, they’d owe nothing in taxes. In fact, they could even use a portion of the $10,000 in Bitcoin losses to counter other investment gains.
#Crypto
665 views22:01
2021-04-13 19:35:32
Security of Bank Transfer
#Guide
265 viewsedited 16:35
2021-04-12 22:51:16
Former Police Employee Denies Selling Guns on the Darkweb
A 57-year-old Swiss man who formerly worked for the police denied selling diverted police weapons on the darkweb.
The defendant, a 57-year-old Swiss man who worked as the head of logistics at the Schwyz Cantonal Police, is accused of earning more than 180,000 swiss francs from the unlawful sale of weapons directly to various individuals and as well as through a darkweb vendor account.
The defendant was arrested and placed in pre-trial detention for two months in early 2018 as a result of investigations conducted by The Office of the Attorney General of Switzerland with support from Fedpol and the Zurich Cantonal Police. The investigation resulted in the seizure of 80 weapons and tens of thousands of cartridges from the suspect’s home.
According to the indictment presented during the defendant’s hearing at the Federal Criminal Court in Bellinzona, between 2012 and 2013 the defendant placed dubious gun orders on behalf of the Schwyz Cantonal Police. The Schwyz Cantonal Police subsequently paid for the guns and the defendant diverted them into his possession.
After acquiring the guns, the defendant and his co-conspirator–who was recently convicted of selling guns on the darkweb in Germany–advertised the firearms on the darkweb.
During the hearing, the defendant admitted that he had ordered guns for himself at the expense of the Schwyz Cantonal Police. He claimed that he had not diverted the guns for resale. He also argued that the guns seized by the police carried a value of only 40,000 francs instead of 180,000 francs.
The defendant then told the court that he was not involved in the sale of weapons on the darkweb. He also said that he had neither sold any weapons to the convicted gun dealer in Germany nor to other individuals associated with the dealer.
At the end of the hearing, the prosecutor asked the court to sentence the defendant to four years in prison. The defense called for the defendant’s acquittal. The sentencing hearing will take place on April 22, 2021.
#Arrests
286 views19:51
2021-04-12 01:28:03
How Much Does Your Identity Cost on the Dark Web?
Experts have found compelling evidence to show how personal identities are traded on dark web marketplaces – sensitive data belonging to U.S. citizens, ranging from Social Security numbers, banking information, and hacked payment platform credentials are being sold for about $8.
A team of researchers from Comparitech scanned through the dark web in search of prices that define the sale of personal data and information. The investigators discovered adverts for “fullz”, which refers to “full credentials” that may be used by buyers to access accounts and platforms.
The sets personal information could be traced to about 50 various darknet marketplaces, with countries such as Japan, United Arab Emirates, and a host of EU nations accounting for the most costly identities being traded at an average price of $25 on the dark web.
Researchers also noted critical price ranges in the context of stolen credit card numbers, which pointed to steep differences from about 11cents to $1,000. The same observation was made in cases involving stolen PayPal account data, which attracted figures of between $5 and and $1,767.
#LawEnforcement
222 views22:28
2021-04-09 23:19:42
Why's Bitcoin stuck under $60,000? The gold market cap may hold the answer
After rallying more than 100% in 2021, Bitcoin (BTC) seems to be struggling to turn the $60,000 level into support. After all, what is so special about this magic round number and its accompanying $1 trillion market capitalization?
Gold's $11 trillion market cap might hold the answer, as Bitcoin's current trading volume and the amount held by institutional investors seem to match 10% of the precious metal's numbers.
Technical indicators and derivatives data provide interesting short-term insights. But to analyze cryptocurrencies in a broader context, one should focus on market capitalization, precious metals and global wealth.
#Crypto
278 views20:19
2021-04-06 21:41:26
Darknet Market Link Provider, Dаrk.faіl Claims It’s Bitcoin Donor’s Accounts Were Frozen
The administrator of dаrk.faіl, a website providing verified links to darknet markets, claims that exchanges are unfairly closing accounts donating Bitcoin to the service after implementing a Chainalysis transaction flagging system.
The admin alleged in a tweet that two donors of Bitcoin to the website had their accounts blocked by exchanges that recently implemented Chainalysis’ new KYT — or Know Your Transaction — blockchain monitoring service.
#Crypto
286 views18:41
2021-04-04 22:15:28
MDMA Gang On The Darknet Dismantled In Drug Network Probe
The cops had recently dismantled a gang from Britain trading MDMA and ecstasy online through the darknet. A series of raids and interceptions had been carried out, states National Crime Agency (NCA). The officers turned out to be suspicious and started enquiring last summer following the interception of large parcels of MDMA. The packages were destined for Asia, Europe and the United States.
During the investigation, the NCA mentioned that 134 kgs of amphetamine, over 6000 alprazolam or Diazepam tablets, and 90 kgs of MDMA had been recovered in total. Combinedly, all three drugs bore a street value of £4.3 million. On analyzing the encrypted messages on EncroChat messaging app, the cops could identify the suspects behind the drug trade. The suspects were also believed to conduct money laundering that they had earned via the black market trading utilizing cryptocurrency.
The accused duo had been identified to be men of ages 24 years and 31 years. The pair had been arrested on Thursday in Hebburn and South Shields of South Tyneside. They had been detained under the charges of importing and trading class A, B and C drugs and remained in custody for questioning.
The investigators had also discovered that the alleged drugs had been imported from the Netherlands and being desperately sold on the various dark web markets using four pseudonyms – 100and1000s, Hundredsandthousands, HundredsUK and Sundaefundae.
#Drugs
293 views19:15
2021-04-02 09:29:03
DeepDotWeb Admin Admits Laundering $8.4 Million in Bitcoin
Tal Prihar, the administrator of the darkweb news site DeepDotWeb, pleaded guilty to one count of conspiracy to commit money laundering. He admitted laundering $8.4 million in cryptocurrency earned through the use of referral links on DeepDotWeb.соm
Prihar created and ran DeepDotWeb, a darkweb news and link portal, from 2013 until his arrest in May 2019. DeepDotWeb was one of the first sites to cover news with an explicit focus on the darkweb. The site quickly became the sole authoritative source of marketplace and forum links for many years.
#Fraud
289 views06:29
2021-03-31 11:23:11
Adam Back unveils Blockstream’s new Bitcoin mining security token
Canadian-based Blockchain tech firm Blockstream introduced the launch of a security token backed by the corporate’s mining manufacturing on March 29.
It presents a substitute for investing in Bitcoin mining shares, with the corporate offering non-US certified buyers publicity to Bitcoin mining by way of the Blockstream Mining Note security token. BMN represents 2,000 terahash per second of hashrate from Blockstream’s mining amenities.
The Bitcoin mined for BMN will probably be held in chilly storage for 3 years, and will probably be distributed to the ultimate token holders on the finish of that timeframe.
Blockstream plans to start BMN mining operations by July 9, with the next tranches anticipated to be launched within the third quarter of this yr.
292 views08:23
2021-03-30 04:07:46
Aleph introduces DApp to 'back up' NFT art pieces
NFT "rug pulls" can be a serious risk when the file is stored on a centralized platform.
Aleph.іm, a decentralized filesharing platform, has launched a decentralized application, or DApp, that lets users automatically back up the data underlying their nonfungible tokens, or NFTs, on a censorship-resistant, decentralized network.
The concept of NFTs has generated considerable buzz in the last weeks due to their application for buying and selling digital art. The immutable token stands in as the unique and non-counterfeitable representation of a specific piece of art, even if the specific art piece is fully digital and could be copied by anyone. While this issue is often highlighted by NFT critics, sometimes the opposite problem exists.
Generally, NFT files are created and hosted on the InterPlanetary File System, or IPFS, a decentralized storage network. Files stored on IPFS are immutable and uncensorable, making it a great location for storing the underlying art of an NFT. However, the tokens sometimes point to centralized file storage solutions, including Amazon S3.
Centrally stored NFTs is where Aleph comes in with its DApp, allowing anyone holding such an NFT to easily back it up on the distributed network. Jonathan Schemoul, founder of Aleph, told Cointelegraph that this system protects the owner of the NFT if the underlying file is deleted or modified. The DApp takes a snapshot that persists no matter what happens to the original file.
Storing the underlying file of an NFT on centralized storage systems means that its creator could always choose to modify or remove the digital art item. The file’s longevity can also be a cause of concern, as the hosting provider’s account may be closed by the platform due to a number of issues.
The file storage contradiction was exemplified by James Prestwich, co-founder of Summa, who is responsible for what could be the first “NFT rug pull” back in December 2020. Eli Krenzke, a researcher at Polychain, had purchased an NFT of one of Prestwich’s tweets, which Prestwich promptly deleted. While the particular episode was seen as a joke aimed to prove a point, the issue could be serious for much more expensive NFTs..
Compared with storing via IPFS, the Aleph team said that its solution is more resilient, as content on the IPFS network would need to be “pinned” to be always accessible, a service usually provided by centralized platforms. The Aleph platform supports NFTs from SuperRare, Rarible and OpenSea, though the tokens must effectively exist as NFTs, and not as gasless mints tracked internally by the platforms.
205 views01:07
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