• Blockchain
    Distributed Leisure,  Innovators

    Venture capitalists talk about blockchain startups

    Lots of “scammy, spammy crypto projects” right now

    We were back on the Columbia University campus a couple of weeks ago for another panel on blockchain, this time part of the “Startup Columbia Entrepreneurship Festival” series of tech talks. While the seats in the university’s Miller Theater were more comfortable than in most of the other venues we’ve been to recently, the almost absolute darkness and prohibition on using electronics made note taking a bit more challenging. Fortunately, this was a more freewheeling discussion among the moderator, Nat Kelner, associate director of the Columbia Entrepreneurship Blockchain Studio, and three venture capitalists who focus on the blockchain ecosystem. We attended several events earlier in the year where proponents of…

  • crypto theft
    Alt coins,  Innovators

    How to have $2 million in crypto stolen from you while the whole world watches on livestream

    Trading streamer Ian Balina learned not to store passwords on Evernote

    A popular YouTuber was robbed of millions of dollars worth of cryptocurrency on Monday as hundreds of people watched it live. Crypto trader Ian Balina was two hours into a livestream about the latest crypto coin offerings when a user told him that hackers stole $2 million from his account. “Ian, did you know that somebody transferred all your tokens from your account,” one user asked in the comments. “Hope that it’s controlled movement.” The popular streamer brushed it off and noted that lots of people were commenting and it was hard to keep up; anyone who reads the comment section of a livestream will find them a bit random…

  • bitcoin taxes
    Bitcoin,  United States

    Yes, you need to pay taxes on your crypto profits

    Data suggest you’re probably not going to tell the IRS about your gains

    As popular as it is to trade cryptocurrency, it seems it’s even more popular to hide it from the government. The American tax deadline is nigh, so U.S. citizens are tabulating their finances for Uncle Sam to take his cut. But a survey of 250,000 people filing their taxes on a platform called Credit Karma reveals that only 100 of them are declaring capital gains income from their cryptocurrency holdings. It’s a safe assumption that most traders aren’t reporting jack squat. Bitcoin tredecupled in value (that is, it climbed in value more than 13 times) last year, helping to turn cryptocurrency at large into a $500 billion sector. Thomas Lee,…

  • Bitcoin being mined.

    What bitcoin’s biggest hour ever tells us about its future

    December was the gold rush, April is the creation of a market that can function smoothly at at any level

    The price of bitcoin surged over $1,200 in just one hour Thursday morning as more bitcoin changed hands than at any time in its 9-year history. Over $1.2 billion in bitcoin traded over the course of half an hour, beginning at 7 a.m. While analysts can’t find a credible reason why, the real big story of the day is how smoothly the networks handled this huge surge. In April 2017, when bitcoin traded at $1,100, a single transaction cost $0.84. That same transaction in December, when bitcoin edged up to $20,000, may have cost up to $54.90. On Thursday, with a billion-dollar hour on the books, those trades cost less…