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South Korea is Not Banning Bitcoin but FUD Drives Price Down

Earlier today, unconfirmed and false rumors that the South Korean government will ban bitcoin and cryptocurrency exchanges led the price of bitcoin down.

[Image: x-18-1024x421.png]Bitcoin price falls below $14,000

South Korea is Not Banning Bitcoin

Reuters published a four-sentence article on December 27, claiming that the South Korean government will enforce new regulations and close down cryptocurrency exchanges. However, merely hours later, Reuters corrected the story by reporting that the South Korean government will close anonymous cryptocurrency exchange accounts, which was the plan since December 13, as CCN reported on many occasions.

Consequently, Reuters was criticized by many experts and analysts including IamNomad, leading Forbes to publish its previous article dated December 15, reaffirming that the South Korean government is in process of regulating the market to drive adoption and further stabilize the cryptocurrency industry.

Quote:[/url]


[Image: 8vZLKm6i_normal.jpg]Joseph Young@iamjosephyoung

Fake news on South Korea banning #Bitcoin led the price to decline. It was FUD. South Korea is disallowing anonymous trading, which was the plan SINCE DECEMBER 13. They will disallow foreigners and underaged investors from investing.
6:21 PM - Dec 28, 2017



Twitter Ads info and privacy



CCN also reported today, on December 28, that the South Korean government will disable anonymous accounts on cryptocurrency exchanges. In an emergency meeting held on December 13, the South Korean government and its cryptocurrency task force formed by the South Korean Ministry of Strategy and Finance, Financial Services Commission, Ministry of Justice, Fair Trade Commission, and Financial Supervisory Commission revealed that foreigners and underaged investors will be prohibited from trading bitcoin.

The foreign investor ban was enforced after a group of Chinese traders were caught laundering millions of dollars and taking advantage of the South Korean cryptocurrency exchange market’s premium rates by arbitraging bitcoin. Because the price of bitcoin in the South Korean market is around 20 percent higher than that of the global average price, the traders brought bitcoin from China, possibly from local miners, sold them in South Korea, and sent Chinese yuan back to their homeland.

The South Korean government introduced regulations to prevent such activities from occuring in the future, and to protect underaged investors from large risks involved in cryptocurrency trading. Previously, South Korean Prime Minister Lee Nak-yeon expressed his concerns over bitcoin mania in South Korea, as middle school to college students started to day-trade bitcoin on a daily basis.

Local Exchanges Want Regulations

Local exchanges like Bithumb, the world’s second largest cryptocurrency market based in Seoul, South Korea, said that they welcome regulations because it will allow the local bitcoin market to stabilize, mature, and grow at a faster rate. More to that, an increasing number of investors in the South Korean market are falling victim to cryptocurrency-related ponzi schemes.

As such, it is beneficial for the government to regulate the space so that investors trade bitcoin and other cryptocurrencies directly on exchanges, not through third party service providers and intermediaries, which leave investors vulnerable to scams and ponzi schemes.

Quote:”A right set of regulations will rather nurture the (virtual currency) market, and we would welcome that,” said Bithumb.
The false news around the South Korean government’s optimistic approach to regulating the local bitcoin market led the price of bitcoin to decline. In addition to the major correction of the entire cryptocurrency market which brought bitcoin down from $16,000 to $15,000, the price of bitcoin has declined to $14,000.

Source BITCOIN ANALYSIS DECEMBER 28, 2017 15:59

Read More Read More, Posted by: faishal77
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Cryptocurrency Influencers Accused of Aiding Pump and Dumps

Social media influencers are marketing manna, coveted for their highly engaged audience who hang on their every word. Sites such as Tomoson and Meltwater link brands with influencers who are eager to spread the word – for a fee. In the cryptocurrency space, however, where influential figures can send coins soaring via a single tweet, the practice is controversial. A number of prominent individuals now stand accused of promoting pump and dumps.

The Price of a Tweet
Cryptocurrency traders, who dispense advice which newcomers gratefully lap up, don’t give away their skills for free. They earn something in return, from buying their recommended picks before these tips are shared, and also via referral links to exchanges. These practices are at least transparent, and few would take issue with a cryptocurrency influencer profiting from their own knowledge. But what about influencers who do little more than shill a coin before sitting back and watching the carnage unfold?
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One figure whose name regularly crops up when pump and dumps are mentioned is John McAfee. The maverick programmer and playboy has been a vocal entrant to the world of cryptocurrency and he’s been quick to spot its potential. Specifically, he’s been swift to spot its potential for lining his pockets. With a Twitter audience of over half a million hanging on his every word, he’s taken to pumping altcoins with aplomb. Telegram trading groups now encourage followers to activate McAfee tweet alerts so they’re ready to pile into the next coin he recommends.
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The Dark Art of Social Marketing
Social media influencers are meant to disclose when they’re being paid to promote a product or service; numerous celebrities have run into trouble after failing to do so. The cryptocurrency world is murkier, however, exacerbated by its village-like feel, in which everyone seems to know everyone, and exchanging favors are all part of doing business. With influencers taking payment in cryptocurrency, transparency is all but impossible. Many thought leaders are happy to enter into such arrangements, but a handful have demurred, claiming to have turned down offers of $10,000 or more to shill tokens and ICOs.
[Image: coin-of-the-day-737x1024.jpg?resize=507%2C704&ssl=1]

[img=508x0]https://i0.wp.com/news.bitcoin.com/wp-content/uploads/2017/12/coin-of-the-day-737x1024.jpg?resize=507%2C704&ssl=1[/img]Computer security expert John McAfee alleges his account was hacked.
Most influencers aren’t as brazen as McAfee, whose huge follower count and exhortations to buy trigger frenzies that cause small coins to soar before slumping almost as fast. Things reached farcical levels on Wednesday when the anti-virus software tycoon’s “Coin of the week” tweet was replaced by a flurry of tweets in as many minutes shilling various coins, all of which experienced flash pumps.
The last on the list, before McAfee regained control of his allegedly hacked account, was ripple, accompanied by the promise that it would soon be coming to Coinbase. It is presumably no coincidence that ripple then rose 8%, overtaking bitcoin cash to become the third largest cryptocurrency, with 24-hour trading volume exceeding ethereum.

[Image: ripple-marketcap-1024x174.png?resize=696%2C118&ssl=1][img=695x0]https://i1.wp.com/news.bitcoin.com/wp-content/uploads/2017/12/ripple-marketcap-1024x174.png?resize=696%2C118&ssl=1[/img]
With Great Power Comes Great Responsibility
Even when they’re not trying to manipulate markets, cryptocurrency influencers can unwittingly cause prices to fluctuate. This is especially true with coins that are synonymous with a single developer, such as litecoin and ethereum. Both projects’ leads, Vitalik Buterin and Charlie Lee, carry great weight on Twitter. Even a passing recommendation, such as Buterin mentioning Omisego or Lee praising Decred, has a significant short-term impact on prices. Morbidly, the untimely death of either figure would dramatically affect the markets. In fact, fake news of Vitalik Buterin’s death fleetingly did just that earlier this year.[Image: Buterin-Classic-Core-269x300.jpg?resize=269%2C300&ssl=1]
[img=269x0]https://i0.wp.com/news.bitcoin.com/wp-content/uploads/2017/12/Buterin-Classic-Core-269x300.jpg?resize=269%2C300&ssl=1[/img]Vitalik Buterin.
If influencers such as John McAfee are to be taken at their word, they are simply trying to raise awareness of promising cryptocurrencies. But even so, their actions inspire copycat scammers. McAfee has had to distance himself from numerous fake accounts ran by scammers seeking as much as 25 BTC to shill a coin. In the intertwined world of cryptocurrency, eliminating conflicts of interest and the power of personalities seems an impossible ask. Thanks to its market share and decentralized nature, bitcoin is largely immune from pump and dumps. For every other cryptocurrency, however, it’s open season, and there’s no shortage of influencers lining up to take aim.
Do you think it’s wrong for cryptocurrency influencers to shill coins? Let us know in the comments section below.

Images courtesy of Shutterstock, and Pixabay, and Coincodex
AltcoinToday.com
Source: News.bitcoin


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Read More Read More, Posted by: faishal77
1. Fix bug date not showing in portrait mode samrtphone
I mostly use mobile device when opening this forum. I can't see the thread or latest post date. It's so troublesome to determine if the threads are still active or not.

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2. Tighten the rule not to repost promotional page.
I saw some members repost promotional give away and i can considered it as a spam.

3. Add new rule to close and make new thread instead of update giveaway.
This is just my opinion to make new member not confused by the giveaway thread.

Read More Read More, Posted by: carrpirates
I have tried everything to send XLM from my Stargazer wallet but nothing works.  Could it be that the personal account is somehow locked and, if so, how would I unlock it.  Any help would be greatly appreciated.

Read More Read More, Posted by: drrsm45
Be careful with this site !!!   https://claims.stellar.gifts

This is not the domain of stellar.org   (stellar.org    300     IN      A       104.20.59.10)
   
   

I  definitely [b]wouldn't enter the Secret key on this page!!![/b]
   

GC23CXVWDSDGB3NCVYRM5FUL7ZDLXVSZBNRCFB4WXT4DZTIAAUFEBSLH

Read More Read More, Posted by: kraksaa
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Japanese Banking Giant Wants To Prevent Another Mt. Gox

Japan’s Mitsubishi UFJ Trust and Banking is preparing to launch a service that will protect cryptocurrency holders if the exchanges they use shut down or are hacked, reports Japan-based online publication Nikkei Asian Review.

The banking giant will keep matching records from cryptocurrency exchanges of customers who opt-in for the scheme. In the event the exchange fails or is compromised, Mitsubishi UFJ will compensate its clients for their losses according to the records they maintain.

Nikkei reports that the service will start with Bitcoin trading and could launch as early as April. Crypto exchange users who opt-in to have their funds protected by the Mitsubishi UFJ will be charged a fee for the service.

However, as CEO of Tokyo-based exchange Bitbank Noriyuki Hirosue asserts, the extra fee may be an easy price to pay for those who prefer to trust traditional financial institutions:

Quote:
"customers will feel peace of mind knowing that a trust bank is managing their assets."

Japanese cryptocurrency investors are arguably especially sensitive to the risks of using crypto exchanges -- major Japan-based cryptocurrency exchange Mt. Gox infamously shut down in 2014 after hackers stole 850,000 of its customers’ bitcoins.
Japan is well-known as a global leader in cryptocurrency investment and regulation. Nikkei reports that Japan’s Financial Services Agency is set to recognize cryptocurrencies as assets that can be placed in trust by April 2018.  
Source Olivia Capozzalo cointelegaph.com

Read More Read More, Posted by: faishal77
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Japan’s Biggest Financial House MUFG Prepares to Secure Bitcoin Adopters

Japan’s largest financial group, MUFG, is preparing a service that will secure bitcoin adopters’ holdings against any failure or losses suffered by the cryptocurrency exchanges they use.

In what could be the first trust service of its kind anywhere in the world, the Mitsubishi UFJ Trust is preparing to offer bitcoin holders a service wherein their bitcoins are placed in a trust, separate from their cryptocurrency exchange’s assets. Japan has emerged among the world’s largest bitcoin trading markets despite the seismic collapse of Mt Gox in 2014, once the world’s largest bitcoin exchange.

In the event of any failure, mishandling or wrongdoing by the exchange’s operator, the security of holders’ bitcoins will be guaranteed by the trust bank. Mitsubishi UFJ Trust, a member of the Mitsubishi UFJ Financial Group, has already applied for the relevant patent protection, the Nikkeireports.

Bitcoin traders will need to opt-in for the service while trading at exchanges, allowing Mitsubishi UFJ Trust to monitor their accounts. The trust bank will reportedly flag suspicious activity and examine pending transactions. “A late-night sale of a huge amount of bitcoins, for instance, would get flagged for inspection instead of being processed immediately,” an excerpt from the report explains.

Mitsubishi UFJ trust will maintain logs of users’ transactions that used to guarantee will be ‘used to guarantee the safety of holders’ bitcoins’ in the event of any operator-based incident leading to losses. However, holders will not be secured from losses against price volatility.

While the service will entail a fee for users signing up with the financial giant, “customers will feel peace of mind knowing that a trust bank is managing their assets,” explained Noriyuki Hirosue, CEO of Tokyo-based bitcoin exchange.

The trust bank’s service will only be available to bitcoin traders at launch, tentatively in April 2018. Notably, the asset management service will only take shape after Japan’s Financial Services Agency – the country’s financial regulator and watchdog – recognizes cryptocurrencies as an asset akin to real estate or securities that can be placed in a trust.
Featured image from Shutterstock.
Source BITCOIN SERVICES DECEMBER 27, 2017 10:23

Read More Read More, Posted by: faishal77
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Bitpay Starts Implementing Bitcoin Payment Protocol Invoices Decreasing Wallet Support

This week the cryptocurrency payment processor Bitpay implemented the BIP70 Payment Protocol into their debit card bitcoin-to-dollar-load invoices. According to the company, the feature will prevent common payment errors and offer better security against man-in-the-middle attacks.
Using the Payment Protocol to Prevent Error and Man-In-the-Middle Attacks
[Image: jjevansaa-300x127-1.jpg?resize=300%2C127&ssl=1]Bitpay, the digital asset service provider based in Atlanta, Georgia, is the largest bitcoin payment processor worldwide. The company founded in 2011 has come a long way since then, and just recently started making significant changes to its business model. For instance, in 2018, due to the increased demand of the Bitcoin core network, Bitpay will begin supporting multiple blockchains starting with bitcoin cash. In addition to this change, the company is rolling out the BIP70 Payment Protocol to their merchant services.
The Payment Protocol is a bitcoin software implementation created in 2013 that claims to establish a more secure communication between merchants and customers. By using the protocol for invoices, payments and fees can be perfected, avoiding underpayments, overpayments, and fee rates that are too low. In addition to these benefits, it can help prevent man-in-the-middle attacks like the latest copy-n-paste bitcoin address changing malware.
“Many modern bitcoin wallets now support the Bitcoin Payment Protocol, a standard developed in 2013 to make bitcoin payments faster, safer, and less prone to error,” explains Bitpay this week.
Quote:
Quote:Payment Protocol does for Bitcoin what secured web-browsing (HTTPS) did for the internet — By using a payment protocol-enabled wallet, you can avoid mistakenly sending funds to an attacker, prevent underpayments and overpayments, and help your transactions to be received faster by Bitpay.
[Image: payment-protocol-example.png?resize=910%2C569&ssl=1][img=814x0]https://i1.wp.com/news.bitcoin.com/wp-content/uploads/2017/12/payment-protocol-example.png?resize=910%2C569&ssl=1[/img]When using the Payment Protocol feature, there will be a scannable QR code for wallets with BIP70 functionality and little green lock icon for copying and pasting the URL.
Slim Infrastructure Support for the Payment Protocol Leaves Only Five Wallet Choices
One issue with Bitpay’s new addition to their infrastructure is the fact that a vast majority of bitcoin-based wallets do not use the BIP70 Payment Protocol. Bitpay also details that it will soon require the Payment Protocol for payments, which leaves users only five wallets to choose from when using Bitpay’s services. The wallet clients that support BIP70 are the Bitpay Wallet, Copay, Mycelium, Electrum, and the Bitcoin core wallet.
“If your wallet is not on this list, it may fail to work with Bitpay,” emphasizes the Atlanta-based firm this week.
This means Bitpay invoices tied to a Payment Protocol URL will use the fastest median transaction fee rate. At the moment, according to Earn’s fee statistics, the quickest and cheapest transaction fee is 660 satoshis per byte. So today a typical median transaction size of 226 bytes will result in 149,160 satoshis or $23 at the time of writing. When paying a Bitpay invoice with the Payment Protocol feature, there will be a scannable QR code for wallets with BIP70 functionality and a little green lock icon for copying and pasting the URL. The payment will contain the approximate amount of network fees and transfer rate for how much BTC must be sent.
Bitpay has already started the Payment Protocol feature with its Visa debit cardbitcoin-to-dollar load invoices and will likely require it for other merchant invoices going forward in 2018.
What do you think about Bitpay requiring users to utilize Payment Protocol URLs? Let us know in the comments below.

AltcoinToday.com
Images via Shutterstock, and Bitpay’s blog and Pixabay.
Source: News.bitcoin

Read More Read More, Posted by: faishal77
Hi all,

Could you please argue the case for Stellar lumens? Why this particular currency is better than everything else? Please try to keep it short and quality reply. This is not just for me, but for anyone seeking concise information.

Thank you!

Read More Read More, Posted by: amaamaamadeus
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Bitcoin Mining Can Power Neuroscience, Says Matrix Chief AI Scientist

At this year’s BlockShow Asia, Yangdong Deng, chief AI scientist of Blockchain startup Matrix, explained how inserting Artificial Intelligence (AI) into the Blockchain ecosystem would make it possible to use Bitcoin mining computational power for scientific innovation.
According to Deng, the current computing power being used in Bitcoin mining operations is 8.23x10²² floating point operations per second (FLOPS for short), while the total computing power in the world is 1.2x10²³ FLOPS. According to these calculations, Bitcoin mining is consuming 17 percent of total global computing power, justifying the frequent accusations that Bitcoin mining is wasteful.
Matrix is seeking to reinvent mining algorithms by including AI into the equation through a Bayesian mining system that utilizes a Markov chain Monte Carlo algorithm (MCMC). Because these computations function similarly to traditional mining functions, they work well for Bitcoin mining.
As Deng argues, using AI, the computing power used to verify transactions on the Bitcoin network can be leveraged for other uses outside the world of cryptocurrencies.
One example he gave his scientific research -- a brain network simulation requires approximately 1018 FLOPS, while a complete human metabolic network simulation requires 1025 FLOPS.
According to Deng, other important non-crypto use cases that require massive computing power are chemical reaction simulations, medical diagnoses and complex finance modeling.
Intel recently filed a patent for a Blockchain-based system that also works to harness the energy used in cryptocurrency mining for scientific development - in this case particularly for genetic sequencing.
The BlockShow Asia conference this November included a number of innovative projects in addition to Matrix. 1,500 entrepreneurs and experts gathered at the event in Singapore to share and discover the latest developments in the industry.

Source:  
Jon Buck https://cointelegraph.com/news/bitcoin-m...-scientist


Read More Read More, Posted by: faishal77
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Strategist Tom Lee Boosts Bitcoin Price to $20,000 in Mid-2018

Tom Lee, co-founder of Fundsrat Global Advisors, the only major Wall Street strategist covering bitcoin, sees a silver lining in bitcoin’s current fallout and has raised his bitcoin price target from $11,500 to $20,000 for mid-2018,.

Lee said bitcoin’s intrinsic value has increased over the last month due to the growth of new bitcoin wallets, and that Fundsrat is buying bitcoin as the price has dropped, CNBC reports.

A Forecast 37% Price Jump

The revised target represents a 37% jump from the $14,600 price on Coinbase on Friday afternoon. Bitcoin fell 47% to $10,400 in the morning from its record $19,800 last Sunday. Bitcoin price is back above $15,000 today amid an ongoing recovery.

Fundstrat projects unique IP bitcoin wallet addresses will increase 50% by mid-2018 while user activity will rise 10% from present levels, Lee said. Lee has raised his mid-2018 projection twice since late November, when he raised it from $6,000 to $11,500. He initiated the $6,000 projection in August.

Bitcoin has surged nearly 1,900% this year, even with Friday’s steep decline.

Also read: Bitcoin a good bet for millennials, says bullish strategist Tom Lee

Speculative Activity Noted

Lee said there is a parabolic/speculative price activity taking place with bitcoin that he considers unhealthy, but he is not surprised bitcoin is currently selling off. The surge in the past few weeks was partly responsible for the increase in bitcoin wallets, as was speculation.

Lee said $11,000 is becoming a support price for bitcoin. The next downward support levels are $10,131, $7,918 and approximately $7,000.

Lee maintained his $25,000 bitcoin price target for 2022 based on the Bitcoin Investment Trust (GBTC) over-the-counter price moving from $1,300 to $2,200. GBTC’s price has jumped more than 1,500% to $1,900 this year. Lee, who was J.P. Morgan Chase’s chief equity strategist from 2007 to 2014 before helping to launch Fundstrat, became the first widely followed market strategist to focus on bitcoin’s price back in July. He is now Fundstrat’s managing partner and research head.
Featured image from Shutterstock.

Source BITCOIN ANALYSIS DECEMBER 26, 2017 19:29

Read More Read More, Posted by: faishal77
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Dogecoin Hits a Penny

This past year has seen massive gains for many cryptocurrencies. We know of the big names, Bitcoin, Litecoin, Ethereum, and IOTA. One cryptocurrency which has also had a huge rise this past year that many do not consider is Dogecoin. At the time of writing, one Dogecoin is worth one penny (and is also worth one Dogecoin).

DOGECOIN HITS A PENNY
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Considering that earlier this year, a penny could buy you between 3-5 doge, this is huge. It has been an early Christmas gift to the Dogecoin community, and it has catapulted the currency back into the top 35 cryptos on CoinMarketCap. Previously, Dogecoin was hovering somewhere around #40-50 in the rankings.
The old joke coin still has some bite to it, and the coin’s tenacity is upheld and strengthened by its great community. Even at its current price, Dogecoin is still cheap and forgiving enough as an entry point to cryptocurrencies, I believe. Perhaps that, along with some other market conditions (both known and unknown) are responsible for the price going up, since there are many new people coming into crypto and Dogecoin is an excellent model/example of how many blockchains work.
THE DOWNSIDE TO THE PENNY
While this development is very positive and will help give more exposure to the community, Dogecoin’s set fee of one doge per transaction is getting costlier and costlier. Transaction fees rise and fall parallel to the price of Dogecoin. While the fee is still only a penny, this is about four times as much as it was earlier this year. I’m not really complaining, but it is something to keep in mind.

ULTIMATELY, PRICE SHOULDN’T MATTER
One of the reasons I think Dogecoin has performed as well and lived as long as it has is because the price doesn’t really matter for many in the community. Go to its subreddit and just see how many comments on hype posts are “1 doge = 1 doge.” And this is a very good point. Community is what gives value to money. Money without communities isn’t worth anything.
It would be interesting if other crypto communities viewed their coins in the same way, as a standalone – something that was a non-correlated asset. Instead of bemoaning paying 10,000 BTC for two pizzas because of what that would be worth in USD now, people would just say, “Yeah, those pizzas cost 10k BTC.” It would bring crypto closer to being a community of users, rather than a community of speculators. At least, that’s my two doge.
AltcoinToday.com
Photo via Pixabay
Source: Themerkle

Read More Read More, Posted by: faishal77
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Are Bitcoin Tax Records Ever Optional With IRS? Expert Blog
Expert Blog is Cointelegraph’s new series of articles by crypto industry leaders. It covers everything from Blockchain technology and cryptocurrencies to ICO regulation and investment analysis. If you want to become our guest author and get published on Cointelegraph, please send us an email atmike@cointelegraph.com.
Cryptocurrency may be a new topic for the IRS and taxpayers to tackle but tax records are certainly not a new issue. Since the dawn of the income tax, some taxpayers have struggled with this, and the IRS knows it. At tax time, many taxpayers find themselves scrambling for receipts, looking in file folders and drawers.
These days, much of the looking is in computer files and with online services that you hope will still have the records you need. In fact, with large numbers of people placing increasing reliance on cloud services and similar types of records, the records problem today can actually be acuter than it was decades ago. There is much talk today about IRS investigations, enforcement and audits.
Yet when you come right down to it, our income tax system is largely one of self-assessment. We mostly do our own reporting, starting with self-reporting on our own tax returns. That is where it all begins, and to self-report, you need records. Besides, you need to be able to back up what you put on your tax return if you are asked.
Remember, you sign tax returns under penalties of perjury. Do not make up the numbers and do not estimate, except as a very last resort. In general, receipts and proof in tax matters are critical. In fact, the Internal Revenue Code and the Treasury Regulations are full of substantiation requirements. Receipts, invoices and canceled checks count big time.  
If you are ever audited and you need to account for any capital gain, especially long-term where the tax rate is reduced, you may have to show documentation to prove your position. You need to be able to prove any tax basis you claim. You need to be able to prove your holding period too.
Keep a record
The burden is always on you to keep documentation and perform recordkeeping. What if an exchange you are using suddenly goes out of business and disappears? You may suddenly not be able to get your records. That could mean not being able to establish your basis or your holding period.
That is one reason having a backup system of your own can make sense. However, you can keep it straight, try to keep good records of all your trading and investment activity. That is true with cryptocurrency or any other investment assets.
Downloading and exporting transaction details or copying it all down however works for you. Since purchases made with cryptocurrency are dispositions, keep a record of dates, amounts and details of those dispositions too. What happens though if there are holes in your records?
But if not..
It isn’t clear whether the IRS will apply different standards to cryptocurrency records. However, the substantiation requirements are likely to be similar in this context to others. Fortunately, there are some positive historical cases in which taxpayers have won tax cases even though their records were downright lousy.
That is, sometimes, the lack of a receipt may not prevent you from claiming a deduction or even prevailing in court if you end up in a fight with the IRS. In fact, if you can't find your records or receipts, it is worth remembering the so-called Cohan Rule. This tax rule had its genesis in Cohan v. Commissioner, 39 F.2d 540 (2d Cir. 1930).  
George M. Cohan was an early Broadway pioneer, authoring such hits as "Give My Regards to Broadway" and "Yankee Doodle Boy."  Cohan had a big appetite, and he spent money in a big way. His statue still stands in New York’s Times Square. But the IRS disallowed many of Cohan's show business travel and entertainment expenses for lack of receipts.
You see, Cohan often paid cash, it seems and sometimes took dozens of people out for dinner. The IRS demanded receipts for proof, and Cohan didn't like being effectively called a liar. He also didn't like losing out on tax deductions. So, he took the IRS to the Board of Tax Appeals, the precursor to today's US Tax Court.
It upheld the IRS, receipts being the stock in trade of a tax system. However, Cohan would not give up and appealed to the Second Circuit Court of Appeals. There, the IRS thought it had a rock solid case, arguing for requiring rigidity in tax records. However, the Second Circuit rocked the IRS back on its heels by announcing what would come to be known as the Cohan Rule.  
To this very day, it serves as an exception to stringent IRS recordkeeping requirements.  It allows taxpayers to prove by "other credible evidence" that they actually incurred the expenses for deductible purposes. That means testimony can itself be enough, even if you have no receipts.
Cohan rule
Will the Cohan Rule help and already suspicious IRS when it comes to Bitcoin or other digital currency? It is hard to say, but it would be a big mistake to think that you don’t require receipts. You should never consider the Cohan Rule as a get-out-of-jail-free card when it comes to taxes or tax records.  
In fact, the IRS still is lukewarm on this rule nearly 90 years after the case was decided.  The IRS doesn’t like it, and the Cohan Rule doesn't always work in court. The Cohan Rule has most classically been applied to travel and entertainment expenses.
However, it could apply to virtually any item not specifically subject to heightened substantiation requirements under the Tax Code or Treasury Regulations. There are special substantiation rules for certain travel and meal expenses, passenger automobiles, computers and cell phones. In those cases, the Cohan Rule can't apply.
The Cohan Rule does not permit a complete absence of substantiation.  Rather it allows a different kind of substantiation. If you can convince the IRS by oral or written statements or other supporting evidence and can give a reasonable approximation of the expense, you may be entitled to the deduction despite your lack of documentation.  
The Tax Court has applied the Cohan Rule to allow deductions for expenses for items such as education expenses, a beauty consultant's license fee, gambling losses, qualified research activities, the building and placement of signs, and a whole host of other expenses. Travel and entertainment expenses, however, are perhaps the most classic ones. Even charitable contributions have occasionally been allowed under the Cohan Rule.  
However, you can't use the Cohan Rule where there are special strict substantiation requirements, as there are for some charitable contributions. Those rules require you to have a receipt even for small cash donations, including $20 put in the collection plate on Sunday and, for donations of more than $250, a contemporaneous written acknowledgment from the charity before filing your tax return.
Robert W. Wood is a tax lawyer with a nationwide practice in the US. The author of more than 30 books, including "Taxation of Damage Awards & Settlement Payments.” Often listed among the best tax lawyers in America, Rob Wood has broad experience in corporate, partnership and individual tax matters.

Source By
 
Robert W. Wood https://cointelegraph.com/news/are-bitco...xpert-blog

Read More Read More, Posted by: faishal77
[Image: Cryptojacking-FINAL-1.jpg]
AS NEM CONSOLIDATES, DASH PRICES TRICKLE LOWER
[Image: DASHUSD-4HR-Chart-25.12.2017.png?resize=825%2C464]

[img=814x0]https://i1.wp.com/www.newsbtc.com/https://s3.amazonaws.com/main-newsbtc-images/2017/12/DASHUSD-4HR-Chart-25.12.2017.png?resize=825%2C464[/img]


Most alt coins today are trending lower. Dash prices in particular continues to trickle lower while NEM consolidates.
In my honest opinion, I really think the 20 period MA which was obliterated on December 22 will continue to hold an important role in the coming sessions.
DASH, Monero, IOTA and LTC prices might continue to trend lower, what do you think?
NEM CONSOLIDATES


[Image: XEMUSD-4HR-Chart-25.12.2017.png?resize=1200%2C675][img=784x0]https://i2.wp.com/www.newsbtc.com/https://s3.amazonaws.com/main-newsbtc-images/2017/12/XEMUSD-4HR-Chart-25.12.2017.png?resize=1200%2C675[/img]XEMUSD 4HR Chart for December 25, 2017
As per Saturday’s recommendation, we shall continue holding our bullish projection. It’s not really rocket science in my opinion.
In light of last week’s knee jerk reaction and failure of prices to close below the 50% Fibonacci retracement level drawn from last week’s high low, we shall hold a bullish projection.
The reason is simple, notice those long lower wicks and those higher highs relative to the lower BB after that reversal from the 23.6% Fibonacci retracement level on December 22? Well, if NEM prices close above the 20 period MA, then we enter long and aim at December 19 highs as our immediate, short term target.
DASH PRICES LOWER


[Image: DASHUSD-4HR-Chart-25.12.2017.png?resize=1200%2C675][img=784x0]https://i1.wp.com/www.newsbtc.com/https://s3.amazonaws.com/main-newsbtc-images/2017/12/DASHUSD-4HR-Chart-25.12.2017.png?resize=1200%2C675[/img]DASHUSD 4HR Chart for December 25, 2017
DASH prices are consolidating and when compared to December 23 price action, price action is actually testing support defined by 23.6% Fibonacci retracement level as drawn from last week’s high low.
Now, here’s the deal, as long as prices remain below the 20 period MA, we remain bearish. Because of this skew, we expect support at around $800 which is December 1 highs and 61.8% Fibonacci retracement level.
IOTA SELLERS FOCUS ON DECEMBER 22 LOWS

[Image: IOTUSD-4HR-Chart-25.12.2017.png?resize=1200%2C675]
[img=784x0]https://i1.wp.com/www.newsbtc.com/https://s3.amazonaws.com/main-newsbtc-images/2017/12/IOTUSD-4HR-Chart-25.12.2017.png?resize=1200%2C675[/img]IOTUSD 4HR Chart for December 25, 2017
On December 22, IOTA crashed to $1.1 but the recovery was swift. However, ever since that higher highs and close above $3.3 which was the base of our bull flag before this break below, buy demand has been low and has failed to close above the equilibrium line.
In higher time frame, last week prices were overextended with a whole candlestick closing above the upper BB.
Because of that, we expect prices to continue trickling lower especially if there is no attempt of close above the middle BB. In line with this search for equilibrium, sellers should target $1.1 as printed by December 22 lows.
MONERO BEARS NOW TARGET $160


[Image: XMRUSD-4HR-Chart-25.12.2017.png?resize=1200%2C675][img=784x0]https://i2.wp.com/www.newsbtc.com/https://s3.amazonaws.com/main-newsbtc-images/2017/12/XMRUSD-4HR-Chart-25.12.2017.png?resize=1200%2C675[/img]XMRUSD 4HR Chart for December 25, 2017
Monero prices continued with their collapse. Evidently, the 20 period MA couldn’t hold and you see the consequent lower lows confirming that.
If prices remain this way and the 20 period MA remain as ceiling, $215 should be the immediate seller’s target. Otherwise, if sellers persists, then lower lows to August 27 highs of $160 is likely.
LTC BEARS CONTINUE TO SUPPRESS PRICES

[Image: LTCUSD-4HR-Chart-25.12.2017.png?resize=1200%2C675]
[img=784x0]https://i0.wp.com/www.newsbtc.com/https://s3.amazonaws.com/main-newsbtc-images/2017/12/LTCUSD-4HR-Chart-25.12.2017.png?resize=1200%2C675[/img]LTCUSD 4HR Chart for December 25, 2017
LTC prices are still sliding and as it is, it looks likely to remain so. The middle BB and the resistance trend line continue to hold prices and encouraging sellers to get in.
As it is, bear pressure makes it reasonable for sellers to aim at $140  December 22 lows. Already, there is a stochastic sell signal which is in sync with daily chart short term trend.
Therefore, until a stochastic buy signal prints, sellers are in charge.
All charts courtesy of Trading View
Photo via Getty Images
AltcoinToday.com
Source: Newsbtc


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[Image: Samsung-shipyard-760x400.jpg]
Samsung SDS Successfully Pilots Blockchain Tech for Korea’s Shipping Industry

A sweeping government-backed blockchain pilot application to record and track shipping logistics and documents related to import/exports has proven successful in South Korea.

Samsung SDS, the IT subsidiary and technology provider of Samsung (Korea’s largest conglomerate), has successfully concluded a 7-month pilot of the application of blockchain technology to actual logistics locations in Korea’s shipping industry.

As reported by CCN in May, Samsung SDS commenced the pilot alongside the launch of a blockchain consortium comprising of Korea’s shipping logistics companies, state-run research centers, government authorities like Korea’s Customs Service and the Ministry and Oceans and Fisheries as well as shipping operators. The goal? To implement a blockchain application to power all logistics processes for “all exports and imports by the end of the year.”

The 7-month pilot proved successful. As Samsung SDS now reveals, documents related to imports/exports and logistics paperwork related to shippers, shipping companies, customs officers, and banks were stored on blocks and accessible on a real-time immutable ledger to simplify the overall document issuance process.

The pilot commenced soon after Samsung SDS launched ‘Nexledger’, its enterprise-ready B2B blockchain platform in April. An early trial saw the entire logistic process of a Korea-China shipment between the participating shipping company, port operators and cargo owners delivered using blockchain technology.

Beyond paperwork, the blockchain also facilitated fresh food marine transportation wherein data related to position, temperature and humidity of the food product was relayed to the ledger through IoT (internet of things) devices. The benefits of such real-time transparency allows for accurate estimation of marine insurance premiums during breakages or any other issues during the shipping process.

Kim Hyung-tae, vice president of logistics at Samsung SDS stated:

Quote:Through this pilot project, we have confirmed that the block chain technology can raise the level of shipping logistics information network to a new level.
Samsung shipyard image from Shutterstock.
Source BLOCKCHAIN NEWS DECEMBER 25, 2017 11:38

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