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TheJournal publishes article discussing taxation and cryptocurrencies

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We get a surprising amount of emails from readers of BitcoinsInIreland.com emailing in asking questions relating to taxation surrounding bitcoin and other cryptocurrencies. The capital gains tax tag on the website also gets quite a large number of hits. While we’re not in a position to give investment advice, Barry Flanigan of Taxback.com recently published a pretty interesting article on TheJournal.ie which explores some of the things you might need to consider if you’re buying, selling or trading cryptocurrencies in Ireland, and how you might want to file your income tax returns if you have been trading and want to keep everything Source: https://bitcoinsinireland.com/thejournal-publishes-article-discussing-taxation-and-cryptocurrencies/

Blockchain

Dave Portnoy Says Bitcoin is a Big Ponzi Scheme But He’ll Be Back

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Just months after making a grand entrance in the cryptocurrency space, the Barstool Sports Founder Dave Portnoy reaffirmed that he’s out of the field. In a recent podcast with Anthony “Pomp” Pompliano, the controversial day trader justified his exit by claiming that Bitcoin is a giant Ponzi scheme.

Portnoy’s Controversial Bitcoin History

Portnoy has become one of the most influential and controversial faces of legacy market day trading. Earlier this year, he declared that he’s “coming to Bitcoin,” which attracted lots of attention. Even the Winklevoss twins offered their help to educate him on Bitcoin.

However, his controversy quickly followed him in the vigilant cryptocurrency field, where the community rapidly spotted his pump and dump techniques. After buying several altcoins and claiming a loss of $25,000, Portnoy said that he’s out.

In Pomp’s recent podcast, he reaffirmed that he doesn’t own any digital assets as of now. He went even further by asserting that Bitcoin is “in my mind one big Ponzi scheme.” He argued that “you get in, and you just have to not be the one left holding the bag.”

Interestingly, though, his 2020 purchase of Bitcoin wasn’t the first. He admitted that he bought about $50,000 worth of BTC during the parabolic price increase in 2017 at about $15,000. When asked if he still holds the coins, Portnoy said that he lost the hardware wallet.

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Dave Portnoy (Left) And Anthony Pompliano (Right). Source: Twitter
Dave Portnoy (Left) And Anthony Pompliano (Right). Source: Twitter

Lack Of Accountability Is A Problem, But I’ll Be Back: Portnoy

One of the most notable features regarding Bitcoin has been the anonymity of the creator – Satoshi Nakamoto. Although the pseudonym is well-known and disputed, and some people claim to be Nakamoto, the true identity remains a mystery to this day.

Portnoy believes that this is a problem. He argued that if he ends up losing money or being scammed, he prefers to know who’s the person behind the entire operation. With Bitcoin, though, this “lack of accountability” raises concerns that he’s not comfortable with. Nevertheless, he noted that he’s planning to get back into BTC:

“I’ll get back. I’ve been saying that I’ll be back into Bitcoin. I don’t know when, but I’ll be back.”

He argued that the community and mostly the memes attracted him the most in the first place, and it’s what he misses the most.

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Source: https://cryptopotato.com/dave-portnoy-says-bitcoin-is-a-big-ponzi-scheme-but-hell-be-back/

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China’s Blockchain-Based Service Network (BSN) Integrates Tezos

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  • The popular blockchain company Tezos has become the last integrated network into China’s ambitious Blockchain-based Services Network (BSN).
  • Developers can employ the Tezos protocol through BSN’s global public city nodes and portals for a “simplified development and deployment experience.”
  • All three global public city nodes, namely Hong Kong, California, and Paris, have integrated with the Tezos Blockchain in both mainnet and testnet. 
  • Developers wanting to utilize the Tezos blockchain need to set up an account on BSN’s website and head towards the “permissionless services” section.
  • Upon choosing the preferred public city node, developers need to “create a new project” and “choose the chain” (mainnet or testnet). 
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  • After seeing the new project’s creation based on the Tezos blockchain, the next step is to insert Project ID, Project Key, and Access Address from the Project List. 
  • “All APIs provided by Tezos can be accessed in similar ways, and the original data format will be returned.”

  • China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. It enables developers to build applications, smart cities, and even digital economies on top of it without participants having to design a new network from scratch.
  • Prior to Tezos, BSN integrated other popular blockchain companies starting with Chainlink’s oracle. 
  • BSN also integrated the Chinese-based platform NEO to accelerate the adoption of the blockchain technology in the country.  
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Source: https://cryptopotato.com/chinas-blockchain-based-service-network-bsn-integrates-tezos/

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Kraken Daily Market Report for September 25 2020

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Overview


  • Total trading volume at $210.1 million, near the weekly average of $218.6 million.
  • The crypto markets were mainly neutral, following strong gains yesterday. Bitcoin was within -1.5% and 0% all day over USD and EUR.
  • Today was another strong day for Link, which was 9.9% of the total crypto trading volume. Link had 8.2% returns over USD and had 29% returns yesterday. The hottest coin of the day was Cardano (+17% over USD).

September 25, 2020 
 $210.1M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$10693. 
↓0.4% 
$104.9M
ETH 
$351.79 
↑0.8% 
$34.9M
USDT 
$1.0004 
↑0.03% 
$22.2M
LINK 
$10.704 
↑8.2% 
$21.9M
DOT 
$4.4203 
↑0.7% 
$4.89M
XRP 
$0.2415 
↑3.7% 
$4.63M
ADA 
$0.0969 
↑17% 
$3.96M
USDC 
$1.0000 
↓0.01% 
$3.07M
XTZ 
$2.2092 
↑2.4% 
$2.2M
BCH 
$216.5 
↑0.12% 
$1.75M
LTC 
$45.962 
↑2.3% 
$1.68M
XMR 
$92.865 
↑0.9% 
$1.62M
OXT 
$0.2994 
↓1.0% 
$1.58M
ATOM 
$4.7897 
↑6.8% 
$1.09M
ALGO 
$0.3176 
↑8.0% 
$1.09M
OMG 
$3.1362 
↑0.7% 
$917K
SNX 
$4.9459 
↑7.0% 
$776K
EOS 
$2.5438 
↑0.4% 
$737K
TRX 
$0.0271 
↑3.2% 
$701K
KAVA 
$2.1031 
↑5.4% 
$687K
XLM 
$0.0745 
↑5.9% 
$664K
DAI 
$1.0096 
↓0.13% 
$595K
ETC 
$5.7994 
↑0.03% 
$521K
XDG 
$0.0027 
↑2.8% 
$450K
CRV 
$0.9774 
↓1.6% 
$415K
DASH 
$68.467 
↑0.9% 
$397K
PAXG 
$1877.2 
↓0.12% 
$372K
MLN 
$34.810 
↑6.1% 
$357K
ZEC 
$54.819 
↓0.6% 
$297K
COMP 
$139.10 
↑0.2% 
$269K
WAVES 
$2.3839 
↑0.7% 
$226K
BAT 
$0.2323 
↑2.7% 
$220K
REP 
$14.399 
↑0.5% 
$208K
ICX 
$0.4136 
↑0.3% 
$203K
SC 
$0.0027 
↑4.6% 
$197K
KNC 
$0.9805 
↑4.4% 
$190K
GNO 
$43.784 
↑5.3% 
$180K
STORJ 
$0.3648 
↑7.9% 
$164K
NANO 
$0.7710 
↑2.6% 
$124K
QTUM 
$2.3604 
↑1.8% 
$96.5K
LSK 
$1.2031 
↓0.4% 
$93.0K
KSM 
$36.844 
↑0.18% 
$86.3K
BAL 
$15.304 
↓0.8% 
$68.4K
REPV2 
$14.116 
↓1.6% 
$36.7K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (September 25 2020)



Figure 2: Mid-size trading assets: (measured in USD) (September 25 2020)



Figure 3: Smallest trading assets: (measured in USD) (September 25 2020)



#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (September 25 2020)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (September 25 2020)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (September 25 2020)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (September 25 2020)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/6436/kraken-daily-market-report-for-september-25-2020/

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