Bitcoin Bubble Tracker: A new Blow to Bitcoin … and Buffett!

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What's Next In Payments®
3:00 AM EST March 28th, 2014

Link to live trading on the Bitcoin markets http://Bitcoincharts.com/markets/.

Follow 189 Cryptocurrency Market Capitalizations here: http://coinmarketcap.com/.

Bitcoin Tracker | Week 17

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Uh oh. The tax man cometh this week, and in his sights is Bitcoin. Yes, who needs regulation when you can affect just about any outcome by taxing it (or not). The big news in Bitcoin land this week was the IRS deciding that bitcoins are property and not a currency, and taxed on its gains. So much for the theory of spending Bitcoin appreciation at your friendly, bitcoin-accepting retailer. And in other news, Bitcoin’s Number One fan, Marc Andreessen, lumped Warren Buffett into the category of “old white men crapping on new technology” when asked at a conference about Buffett’s criticism of the crypto currency. Way to make friends and influence the richest man in the world. Yeah, Buffett may like railroads as the richest man in the world, and he has just a smidge of credibility when it comes to making money and placing bets, wouldn’t you agree?  And, yes, you can now use bitcoins to purchase rifles in Austin, Texas, and Circle, with its latest round of funding, can help even more merchants get connected.

Hope you enjoy, and if you have any news you’d like to share, please send it our way at contactus@pymnts.com.

On the Plus Side …

Innovation continues in the field of cryptocurrencies, with one of the newest payment providers for emerging startups, Stripe, opening its acceptance to include Bitcoin payments. Iceland, which is teetering on economic fallout, is trying to save itself with bitcoins, and everyone in Dubai will have access to a Bitcoin ATM before too long.

  • March 27, 2014 – Stripe will soon permit its customers to accept Bitcoin payments.
  • March 26, 2014 – Circle Internet Financial announced its inaugural payments product and that it has raised $17 million in new capital.
  • March 25, 2014 – Payward, which runs the alt-coin exchange Kraken, raised $5 million.
  • March 24, 2014 – Auroracoin was launched in Iceland to save the countries economy. It will be distributed to the 330,000 citizens, and the price of each Auroracoin has continued to drop since the first batch of coins was distributed.
  • March 24, 2014 – A financial startup is trying to create an exchange where people can bet on the future direction of Bitcoin’s value.
  • March 23, 2014 – Dubai is going to have 400 Bitcoin ATMs installed.

 

On the Dark Side …

Uncle Sam wants your bitcoin upside! The IRS ruled that bitcoins will be taxed as property, not currency, and those who have moved under the radar of the government will have to report their earnings. Now with checkout comes paperwork. Talk about friction.

  • March 27, 2014 – New information on the Mt. Gox attacks show that ‘malleability’ attacks aren’t to blame, casting further doubt on the failure of the exchange.
  • March 27, 2014 – Smartscope rifles may now be purchased with Bitcoins. A small gun shop in Austin is also accepting Bitcoins. While the purchases aren’t anonymous and a background check is still required, it is a bit unnerving.
  • March 27, 2014 – Reddit CEO Yishan Wong used some sharp words to criticize Bitcoin evangelists.
  • March 26, 2014 – Marc Andreessen called Warren Buffett one of “those old white men crapping on new technology.”  Anyone now with a legitimate criticism of bitcoin will be labeled as either old, stupid (“you just don’t get it”) or a Luddite.
  • March 26, 2014 – Warren Buffett is still staunchly anti-Bitcoin and stands by his statement that Bitcoin is “a mirage.”
  • March 25, 2014 – The IRS decided that it would treat bitcoins as property instead of currency. The IRS was very clear that Bitcoin “does not have legal tender status in any jurisdiction.” There goes spending that appreciation of bitcoin on Overstock or Lord and Taylor.
  • March 23, 2014 – A small Bitcoin exchange in Beijing, Vircurex, had to freeze withdrawals after it was nearly drained of its funds.
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Comments
  • http://www.batman.com Alison Lapoint

    It’s April fouls I got believe eny thing I’m told or hear or am saposto know. But I have the prof that the gov.took all my cash and control every thing I do and for the last 10 years I have been paying them to take my money and cut me of from eny body that sent a rapest,or a killer or a theif or just plain crazy or dangeress. And eny thing that wll help me to live like frainds family and I haven’t got a dime in 6 mounth sence thay cut off my check 6 mounth ago.im only aloud to live down in the industrial dist of Seattle on the sreet with the housed sex offenders because thares no one down here that maters.and thay just sweep in at least ones a year and take every thing I Owen .incloding shelter so I’ll be a easer target so thay can test study get thare rocks off film sell .me getting hurt and seeing how I Handel it my ip is sold all over the world . A I got a small business license years ago.and thay seam to pass a legislation egainest eny thing that was legit that I could continiue or start back doing like crawfishing witch I have the corner on the market and buy my self could make easy in just 3 hours of injoyable work a day a easy 35000 a day with About a10 doller business expernce over head a day .thay past a law that eny body owing child support could not come ritually fish for craw fish . My daughter was kid apt from me buy her amotionaly disterbed father , buy no falt of his Owen and he had plenty of money and he best lawyers.he was cold working for a local tug companie.and I was given 4 mill and my roommate at he time whare I had my network set up and I was studding to bea data tech and emailed FBI Microsoft telling them what I was trying to accomplish in my life. So thay gave me programs and accsess to data sites like ncic. Stuff like that.but my roomate found out hat my ex was killed and kicker me out of here house and was forever to go back and live on the streets with the housed sex afenders,tole my money Ssi checks and sined my name on a doc from whare she work at the up mental hospital she is a sertified wake job and a Meath head. And forged me sig on a paper giving up my
    Legal rights wich I don’t have and never have had even though my an steers came over here on the May flower, and I was born in SNFwhare I was born early and to save my life R&D royal sucity, asked my mom to sigh. Me over to them that thay old save my life buy giving me oxegen with you go blind from eve truly she was going to give. E up eny way like my older sister .that I would like to find so I could tell her she was lucky and Bartley ovoded that .map ha gnome DNA . Ppgrct is my

    • Ty Hub

      Are you you for REAL!!! I’ve never seen anything as bad as your bullshit essay! Just lie down and die!

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