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Banco Central Europeo: Bitcoin no debe ser ignorado o despedidos
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:On an average day, the bitcoin market sees a few hundred million dollars in worldwide trading activity. Over the last 24 hours, that activity took the form of 67,054 transactions recorded in the Bitcoin blockchain, in which 630,633.08 BTC changed hands. Next to Wall Street, where the NYSE alone trades 1.4 billion shares and $58 billion in value daily, these numbers pale in comparison.
This gap, however, looks poised to narrow considerably. The bitcoin market is about to get slammed with more capital and more trading sophistication than it’s ever faced. Anyone who tells you they know what the impact of this inflow will be is smoking their own supply.
SecondMarket founder and CEO Barry Silbert tweeted yesterday:
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Barry Silbert @barrysilbert
Requests from 38 institutional investors representing +$250 billion to meet with me re bitcoin at Barclays Emerging Payments Forum tomorrow
8:45 PM - 23 Mar 2014
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Silbert’s tweet was presumably in reference to his forthcoming institutional bitcoin exchange, but may also indicate interest in his firm’s $55 million and growing Bitcoin Investment Trust (BIT). It would only take a small fraction of that $250 billion in capital to dramatically alter the bitcoin trading landscape.
SecondMarket isn’t the only group bringing sophisticated investors into the bitcoin fold. Silbert’s suggestive tweet comes on the heels of Pantera Capital announcing the first close of $150 million in institutional capital – initial backers include Fortress Investment Group, Benchmark, and Ribbit Capital – for its Pantera Bitcoin fund earmarked for bitcoin trading.
It’s not just institutional money that is eyeing the bitcoin markets either. Both SecondMarket and the Winklevoss brothers are in the process of creating regulated, and publicly traded bitcoin funds that, once available, should dramatically simplify the process of retail investors accessing the bitcoin markets, while also adding a measure of transparency and sophistication to the process.
In other words, bitcoin is about to go from a niche, hobbyist market to a mainstream one frequented by professionals. All told, the amount of capital flowing through the global bitcoin markets seems likely to grow many times over.
Bitcoin bulls like to cite the “market cap” of the entire bitcoin system, which is currently around $7 billion. Ignoring the fact that market cap is the wrong term for this figure – ecosystem value or something to that effect would be more appropriate – these discussions regularly fail to acknowledge that only a fraction of this sum was ever invested into bitcoins.
There’s only a few thousand coins available for sale on the world’s exchanges any particular moment. The price, and thus the “market cap” of the system is predicated on this relatively small sample. The bulk of bitcoins were mined or purchased at very little cost, and a large percentage have never changed hands since, despite appreciating in value hundreds or thousands of times over in the years since. The big question is, how will a dramatic increase in capital in the system change this behavior.
Bitcoin has been in a relatively stable period for the last month, fluctuating between $550 and $650, and moving only single digit percentages on most days. This is after a year in which bitcoin raced from approximately $15 up to an all-time high of over $1,200, rising and falling by upwards of 100 percent on many days, often on the back of emotional news coverage around events like regulatory changes, exchange hacks, and Wall Street research reports.
A capital inflow of a few hundred million dollars, should it occur, would dramatically alter the bitcoin landscape. The first and most obvious impact is likely to be a significant uptick in price. Economics 101 suggests that an increase in demand without commensurate increases in supply should increase the price of any good. The rate of bitcoin creation is fixed, so the only variable is the number of people willing to sell their bitcoin holdings – and at what price.
But it’s far from certain that this uptick in price will be a good thing or that the systems in place across the bitcoin ecosystem are prepared for this level of activity and the scrutiny that’s sure to trinc. Silbert and his ilk have acknowledged this fact and are working feverishly to build the next-generation of bitcoin platforms to ensure that the Mt. Gox situation doesn’t repeat itself. But with anything this new, the only certainty is often uncertainty.
Less clear is the impact that Wall Street involvement will have on the stability of the bitcoin market. The irrationality and emotional nature of Mr. Market is well documented, so it’s tough to predict that bitcoin will stabilize overnight. But more capital, and more trading activity, should eventually increase liquidity and help bitcoin find a more predictable trading range. Finally, Wall Street’s tacit endorsement of bitcoin should add an air of credibility as regulators decide how to govern this emerging new financial landscape.
It’s been a rocky four-plus years for bitcoin since its inception. But with the world’s eyes now fixed squarely on the crypto-currency, it appears bitcoin is being called up to the big leagues, and quick. The questions is, can this proverbial 19-year-old withstand the glaring lights of starting in the World Series?
[Image via Fdecomite]
Veo que, como siempre, se sesgan las noticias en una dirección perdiéndose los indicadores para medir el rumbo real.
Para tratar de mantener el justo equilibrio en el hilo:
1) Zip-Zap suspende su proyecto con Pay Point:
Cuando se anunció con bombos y platillos que se podría comprar bitcoins (nunca vender, siempre comprar) en la red de 24.000 puntos de cobro de Pay Point en Inglaterra, se aplaudió la noticia hasta con las orejas.
Ahora acaba de avisar Pay Point que, hasta que no haya "regulación" no pueden seguir con el negocio así que, los muchachos de ZipZap se quedan sin vender bitcoins a los ingleses.
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Está claro como el agua que SIN regulación NO va a poder hacerse negocios "reales" con el bitcoin y esto parece no haber calado claramente aún en algunos participantes que no terminan de entender que:
a) O bitcoin "va por libre" y no se cruza con el mundo real.
b) O bien, si se quiere "hacer negocios" con el mundo real y comprar y vender cosas y servicios, la regulación es necesaria y, adelantarse a los reguladores ignorantes ofreciendo una versión "bitcoinera" de la misma sería un golpe estratégico.
Por esos misterios de Dios (o no tanto) la ingenua idea de algunos chiquillos es que:
c) Que bitcoin no se regule y me dejen hacer negocios... no sean malos... caca y pis.
Así nos va.
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2) Y los 400 ATMs de Bitcoin en Dubai ?
También en el foro se dieron grititos de alegría anunciando que los dubaitíes estaban a punto de marcar la punta con la instalación de 400 ATMs para comerciar bitcoin en Dubai... el mundo del futuro a mano hoy.
Sin embargo, ahora resulta que fue todo un BULO y que los 400 aparatos son meros puntos de pago para facturas de servicios de toda la vida.
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La triste realidad ?
Que en Dubai el UNICO COMERCIO que recibe bitcoins es una pizzería ! :S
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La política de ir anunciando bulos que luego en la realidad o bien no existen, o son un fracaso (pero allí nadie se acuerda de anunciarlo), hace que muchos pierdan el contacto con la verdadera evolución del asunto.
Por caso me gustaría saber cuánto falta para que cierre el cacareado "NEO&BEE" en Chipre. Si no he sacado mal la cuenta -y no consiguen nuevos "inversores", búsqueda que verán pronto por la red- les debe quedar dinero para dos o tres meses de alquiler y sueldos.
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Espero que la regulación llegue pronto o, nos vamos a quedar SIN PROYECTO por falta de interés, novedad y "combustible" cualquier día de estos.
Lo mejor que le puede pasar al bitcoin en estos momentos es que PRONTO ingresen al juego los "grandes" y revitalicen el sector o, al final, nos vamos a quedar todos mirando la cotización en los exchanges chinos (sin comisión) y esperando que algo mágico ocurra para que el proyecto tome un nuevo impulso.
Espero que la regulación llegue pronto o, nos vamos a quedar SIN PROYECTO por falta de interés, novedad y "combustible" cualquier día de estos.
"nos"? Compraste a 1200$? 😀
Veo que, como siempre, se sesgan las noticias en una dirección perdiéndose los indicadores para medir el rumbo real (...) La política de ir anunciando bulos que luego en la realidad o bien no existen, o son un fracaso (pero allí nadie se acuerda de anunciarlo), hace que muchos pierdan el contacto con la verdadera evolución del asunto.
Espero que la regulación llegue pronto o, nos vamos a quedar SIN PROYECTO por falta de interés, novedad y "combustible" cualquier día de estos.
Bitcoin Is Property Not Currency in Tax System, IRS Says
The U.S. government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Internal Revenue Service said in its first substantive ruling on the issue.
Today’s IRS guidance will provide certainty for Bitcoin investors, along with potential income-tax liability that wasn’t specified before. Purchasing a $2 cup of coffee with Bitcoins bought for $1 would trigger $1 in capital gains for the coffee drinker and $2 of income for the coffee shop.
“The Internal Revenue Service’s guidance today provides clarity for taxpayers who want to ensure that they’re doing the right thing and playing by the rules when utilizing Bitcoin and other digital currencies,” Senator Thomas Carper, a Delaware Democrat, said today in a statement.
The IRS, faced with a choice of treating Bitcoins like currency or property, chose property.
“The danger is the creation of an electronic black market, similar to the cash economy,” Joshua Blank, a tax law professor at New York University, said in a December interview. “That’s what the IRS wants to avoid.”
Digital Currency
Bitcoin, the most popular digital currency, emerged from a 2008 paper written by a programmer or group of programmers under the name Satoshi Nakamoto. The Bitcoin network uses a public ledger to record transactions made under pseudonyms, a technological breakthrough that allows purchases and sales without using a trusted third party, such as Visa Inc. or Western Union (WU) Co.
Powerful computers that record the transactions and guard against double-spending the same currency generate new Bitcoins, a process referred to as mining. Mining has made some early Bitcoin adopters wealthy in dollar terms.
Others bought into the currency in early 2013, before its price rose more than 50-fold to peak at $1,200 in early December. A Bitcoin was worth $581.91 at 2:48 p.m., New York time, according to the CoinDesk Bitcoin Price Index. That’s 0.7 percent below today’s high.
Under the IRS ruling, Bitcoin investors would be treated like stock investors. Bitcoins held for more than a year and then sold would pay the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase.
Capital Losses
For investors with losses, U.S. tax law allows taxpayers to subtract capital losses from any capital gains. They can also subtract up to $3,000 of capital losses a year from ordinary income.
If Bitcoin were treated as a foreign currency, ordinary -- not capital gains -- tax rates would apply. Losses would be easier to deduct, however.
As with stocks, Bitcoin dealers would be subject to different rules that wouldn’t allow for capital gains treatment.
Bitcoin miners would have to report their earnings as taxable income with a value equal to the worth on the day it was mined. If they mine as part of a business, they would have to pay payroll taxes as well.
The IRS will require information reporting similar to how the tax agency receives notification of stock transactions and payments to independent contractors.
Immediate Effect
The ruling takes effect immediately and covers past and future transactions and tax returns. The IRS said in the notice that it may offer relief from penalties to people who engaged in transactions before today and can show “reasonable cause” for any underpayments or failure to file.
The ruling comes fewer than three months after National Taxpayer Advocate Nina Olson said the IRS should issue guidance to taxpayers on digital currency transactions.
“It is the government’s responsibility to inform the public about the rules they are required to trinc,” Olson, who runs an independent office within IRS, wrote in her annual report to Congress in January. “The lack of clear answers to basic questions such as when and how taxpayers should report gains and losses on digital currency transactions probably encourages tax avoidance.”
To contact the reporters on this story: Richard Rubin in Washington at rrubin12@bloomberg.net; Carter Dougherty in Washington at cdougherty6@bloomberg.net
To contact the editors responsible for this story: Jodi Schneider at jschneider50@bloomberg.net Mark McQuillan
estos americanos ya empiezan con algunas regulacciones
Servicio de Impuestos Internos para tratar de Digital como propiedad para fines fiscale
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Dinamarca declara Trades Bitcoin son libres de impuestos
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“We see the outcome of bitcoin transactions as a result of something purely private. Therefore, any gains on bitcoin are tax-exempt, and losses are not deductible.”
... Emigrando a Dinamarca en 3, 2, 1...
... Emigrando a Dinamarca en 3, 2, 1...
Roger-that y Remonster: esto os va a gustar!
La Ley de Metcalfe dice que el valor (V) de una red de telecomunicaciones es directamente proporcional al cuadrado del numero (N) de usuarios conectados:
V ~ N^2
El número de usuarios de bitcoin crece 3'2x al año (tomando como referencia el numero de transacciones, excluyendo las direcciones más populares, que publica blockchain.info) , y el precio 10x al año, cumpliendo dicha Ley ( 3'2^2 ~10).
Gráficamente, desde 2010 tenemos esta correlación:
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Bitcoin no es una "red". La Ley de Metcalfe no tiene nada que hacer aquí.
Bitcoin es un protocolo de validación de propiedad inviolable mediante aplicación criptográfica y UNO de sus posibles uso sería el de emular moneda.
Por una degeneración del mercado se tomó como único fin UNO de los muchos posibles y se lo derivó a una vorágine especulativa.
Ninguno de los posibles "uso de red" del bitcoin está en operaciones hoy día. Incluso y pese a especular con él desde una perspectiva monetaria, ni siquiera lo usan para comprar cosas (en proporción a la fase especulativa).
Bitcoin no es una "red". La Ley de Metcalfe no tiene nada que hacer aquí.
Bitcoin es un protocolo de validación de propiedad inviolable mediante aplicación criptográfica y UNO de sus posibles uso sería el de emular moneda.
Por una degeneración del mercado se tomó como único fin UNO de los muchos posibles y se lo derivó a una vorágine especulativa.
Ninguno de los posibles "uso de red" del bitcoin está en operaciones hoy día. Incluso y pese a especular con él desde una perspectiva monetaria, ni siquiera lo usan para comprar cosas (en proporción a la fase especulativa).
El mítico paper de Satoshi Nakamoto habla de establecer un sistema de transmisión de cash electrónico sin necesidad de un tercero en el que confiar
Link or didn't happenSe rumorea que pronto habra noticias y de las fuertes en el mundo bitcoin
Dinamarca declara Trades Bitcoin son libres de impuestos
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