• Litecoin

    Autopsy on a pile of b.s.: What we can learn from LitePay’s collapse

    It seemed too good to be true because it was

    Payments processor LitePay abruptly shut its doors Monday, taking a good 10 percent off the top of the Litecoin price too. The proposed company was supposed to make seamless transactions using Litecoin and a proprietary debit card that could even work at cash ATMs. However, there was one big problem: The whole thing appeared sketchy. Litecoin founder Charlie Lee—who goes by the humble but entertaining handle “SatoshiLite” on Twitter—said, “Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence…

  • cryptocurrencies/dollars
    Alt coins,  Bitcoin,  Cryptocurrencies,  Litecoin

    You just got paid in a weird crypto. Now what?

    What to do when your “bitcoin” isn’t bitcoin

    Until it’s normal to pay for things like coffee or groceries with cryptocurrency, it has to be turned into fiat money for its value to be conventionally useful. Every American exchange of consequence allows for conversion between bitcoin and U.S. dollars, but bitcoin isn’t the only game in town. Satoshi Nakamoto’s invention is surely the poster child of cryptocurrency at large, but a host of B- and C-List cryptocurrencies fill the same niche with less of a spotlight. This refers to altcoins, popular and unknown alike, including Litecoin, DogeCoin, Peercoin, FeatherCoin, Zetacoin, and so on. These currencies lack bitcoin’s name recognition though they solve the same problem, securely transmitting value…

  • bitcoin taxes
    Alt coins,  Bitcoin,  Cryptocurrencies,  Ethereum,  Litecoin,  Regulation,  United States

    Crypto exchange sued by IRS unveils crypto tax calculator

    Keep calm, trade, and don’t forget to play nice with the government

    We already know that cryptocurrency exchange Coinbase really wants its users to pay taxes on their holdings. Now it’s unveiled a new tool to more easily calculate how much money you owe Uncle Sam for all those profitable bitcoin trades. The government is profoundly hip to cryptocurrency, taking steps to implement and regulate its use for formal purposes like paying tax. It’s also paying deadly attention to people who might be hiding their wealth in crypto assets, which is why the IRS ordered Coinbase to hand over information on nearly 15,000 users it identified as moving more than $20,000 through crypto; it ended up going to court late last year.…

  • Google
    Alt coins,  Bitcoin,  Litecoin,  Media

    Even Google searches for ‘bitcoin’ are dropping, too

    Why google what you already know?

    Fewer and fewer people are searching for “bitcoin” these days, and speculators are wondering what to make of it. Bloomberg first noticed the damning Google Trends report. This chart condenses the past year of people typing “bitcoin” into a Google search bar, and it shows that searches for this particular cryptocurrency are approaching new six-month lows. They’re down some 80% since bitcoin hit its all-time high in December. The crypto community are mostly scratching their heads at this data point. Why aren’t people googling “bitcoin” anymore? Does it mean something or nothing for bitcoin’s price? Google Trends reveals that this decline isn’t strictly limited to bitcoin. A similar pattern, more…