Garrett Hyde

37 Flips | 1 Magazine | 1 Follower | @garretthyde | Keep up with Garrett Hyde on Flipboard, a place to see the stories, photos, and updates that matter to you. Flipboard creates a personalized magazine full of everything, from world news to life’s great moments. Download Flipboard for free and search for “Garrett Hyde”

This week in bitcoin: IRS declares bitcoin is property, price falls below $500

Advertisement<p>10 Comments<p>Credit: Thinkstock/Nevarpp<p>In this week’s bitcoin review, we recap the first formal U.S. government stance on the …

For Bitcoin, Lessons In The History Of Failed Currencies

If someone were to perfect a flying car, governments around the world would be faced with a conundrum. Over the centuries humans have developed a transport system complete with quaint country streets, bustling six-lane highways, electronic toll booths and police officers to monitor it all. So …

IRS Rules Bitcoin Is Property, Not Currency

The IRS has officially stated that bitcoin is a property – similar to any other valuable commodity – rather than a currency. What does this mean? Not much. In short, if you pay someone in bitcoin – in the same way you could pay them in gold – the wages are taxed accordingly. It is also not …

The Bitcoin Taxman Cometh: Calculating How Much Crypto-Investors Owe IRS Could Be Easy

With April 15 just weeks away, the IRS dropped its long-awaited “virtual currency guidance,” decreeing that cryptocurrencies such as Bitcoin will be regarded as property rather than currencies. “In general, the sale or exchange of convertible virtual currency, or the use of convertible virtual …

The Most Dangerous Man In Bitcoin Isn’t A Criminal

U.S. Attorney Preet Bharara has busted Wall Street insiders and dark web drug dealers. Now he’s setting out to do what Marc Andreessen, the Winklevoss Twins, and cryptocurrency nuts can’t: clean up bitcoin.<p>Preet Bharara tells the hotel ballroom full of bankers. “I could either come around, or you …

Bitcoin exchange Kraken raises millions of dollars

Aiming to become the new hot virtual-currency exchange, Kraken lands $5 million in a Series A round of funding from Hummingbird Ventures.<p>It appears the Kraken Bitcoin exchange is aiming to become the new Mt. Gox. And, in its endeavors, it's managed to raise a $5 million Series A round of …

In Gox we trust? Mt. Gox finds $116M worth of Bitcoins in an old wallet

Think finding a couple of quarters in your couch is cool? Try $116 million worth of Bitcoins.<p>The ongoing saga of Bitcoin exchange Mt. Gox took another strange turn this morning when the firm announced (PDF) that it has found an old wallet full of 200,000 Bitcoins, worth around $116 million. The …

Enter The Blockchain: How Bitcoin Can Turn The Cloud Inside Out

Drop whatever you’re doing and go read Maciej Cegłowski’s absolutely magnificent essay <i>Our Comrade The Electron</i>, an astonishing history of the amazing Russian engineer Lev Sergeyevich Termen. Make sure you read right down to its punchline, “the most badass answer imaginable.” But if time is short, …

The “Stolen” Mt.Gox Data Contained Malware That Robbed Users Of Bitcoin

Security researchers at Securelist have found that the data “stolen” from Mark Karpeles’ computer actually contained a BTC-stealing Trojan that masqueraded as a back-end app for managing Mt.Gox trades. The app searched user directories for Bitcoin-related files – wallet.dat and bitcoin.conf – and …

Japan says Bitcoin is not a currency

Over the past 24 hours, a man believed to be the founder of Bitcoin was chased through the streets of Los Angeles, only to deny having any involvement in the project. But the identity of the mysterious Satoshi Nakamoto isn't the only Bitcoin news of the day: Japan has decided that Bitcoin isn't …

Bankrupt Exchange Mt. Gox Still Has $600 Million in Bitcoins, Hackers Claim

Japan-based Bitcoin exchange Mt.Gox has been dysfunctional, bankrupt and shrouded with a veil of mystery for weeks. The site's owners said in …

Bitcoin community donates £16,400 to model train enthusiast wrongly identified as reclusive creator

The Bitcoin community has raised £16,400 in donations for the 64-year-old man who denies Newsweek's claim that he is the digital currency's mysterious founder, to help "say sorry for the mess"<p>The 64-year-old model train enthusiast living near Los Angeles was named as the reclusive creator of …

Bitcoin

Mt. Gox files for Chapter 15 bankruptcy protection in US

The Bitcoin exchange has already filed for bankruptcy on its home turf of Japan. Meanwhile, hackers deface the blog of Mt. Gox's CEO, alleging fraud.<p>Mt. Gox, the controversial Bitcoin exchange that saw its service hacked and cryptocurrency stolen from its users, has filed for bankruptcy protection …

Mt. Gox, Mark Karpeles Targeted In Alleged Bitcoin Hack

Mt. Gox, the Bitcoin exchange that was the victim of a massive hacker attack that stole hundreds of millions of dollars of its users’ bitcoins—forcing the company to file for bankruptcy protection—is under attack again. This time, the exchange says a group of hackers has broken into the company’s …

Associated Press News

CrossCoin Ventures launches first Ripple startup accelerator

Advertisement<p>3 Comments<p>Credit: CrossCoin Ventures/Eric Millette<p>With Bitcoin’s woes, could it be time for Ripple to shine? CrossCoin Ventures plans to …

Native American tribes adopt Bitcoin-like currency, prepare to battle US government

MazaCoin could be what the Lakota people need to boost them out of longstanding poverty, but is it legal?<p>The programmer and Native American activist Payu Harris raised a gavel Monday night and vigorously banged the bell to open trading at The Bitcoin Center, a meeting space for virtual currency …

Overstock Passes $1 Million in Sales Generated from Bitcoin Orders

Overstock.com has surpassed $1 million in sales generated from Bitcoin transactions. The retailer partnered with Coinbase on January 9 to let consumers purchase items with the digital currency, meaning the milestone was achieved in less than two months.<p>As you can see in the charts above shared by …

Hundreds want to join Mt Gox lawsuit, says UK law firm

Selachii to file suit in London against parent company and Mt Gox chief Mark Karpeles<p>More than 400 people have signalled they would join a class action against Mt Gox, the world's biggest marketplace for the digital currency bitcoin before its abrupt collapse, British-based law firm Selachii …

Bitcoin

Humint Proposes A Way To Recover The Lost Treasures Of Mt. Gox

Like the King Solomon’s Lost Mines or the treasures of the Spanish Main, the 750,000 BTC lost in the Mt. Gox implosion isn’t gone – it’s just really, really hard to get back. The solution, then, is a sort of treasure hunt/dedicated vigilante mission with a bit of crypto thrown in. It’s called …

Flexcoin shuts down after heist drains it of nearly 900 Bitcoins

Another day, another Bitcoin bank security breach.<p>Flexcoin, a popular Bitcoin storage service, was robbed from its hot wallet on Saturday, according to a statement on its website. The theft resulted after someone got access to Flexcoin’s servers and sent the entirety of its funds, 896 Bitcoins …

Visa, MasterCard don't view bitcoin as a threat

Visa Inc. and MasterCard Inc., which processed $7.4 trillion in purchases last year, are among leading payments networks that devote thousands of words in filings to every perceived threat to their business. "Bitcoin" isn't one of them.<p>"I'm a bit skeptical," said Discover Financial Services Chief …

Mt. Gox call center to answer Bitcoin queries

And so begins Mt. Gox's bid for recovery, days after it filed for bankruptcy protection and acknowledged a massive loss of the virtual currency.<p>Fresh off its filing for bankruptcy protection, Bitcoin exchange Mt. Gox is taking the first steps to set its ship aright.<p>The Japan-based Mt. Gox said in a …

Mt.Gox Posts New Statement On Alleged Bitcoin Theft, Bankruptcy Filing

Mt.Gox, a leading Bitcoin exchange that filed for bankruptcy protection on Friday, just issued another statement today. The company, which had been conspicuously silent over the past several months as customers sought to withdraw funds, is adding a bit more clarity on the state of its losses.<p>Much …

Mt. Gox Source Code Leaked By Hackers Along With Team Information, Customer Data

Those interested in building a Bitcoin exchange should look no further than this chunk of source code posted by a “Russian leaker” called nanashi_. It alleges to contain the 1,700-line source code for Mt. Gox’s electronic exchange.<p>The code describes the Bitcoin class for Mt. Gox and the various …

Mt. Gox Confirms Loss of 750,000 Bitcoins

Troubled Bitcoin exchange Mt. Gox, once the largest of its kind, filed for bankruptcy protection last week. Today, the exchange released a statement that confirms approximately 750,000 Bitcoins deposited by users and about 100,000 Bitcoins belong to Mt. Gox had disappeared in February.<p>This …

Mt. Gox files for bankruptcy protection after losing $473M worth of Bitcoins, has $63M in debt

The rumors were true: Mt. Gox lost a boatload of Bitcoins.<p>The former popular Bitcoin exchange, which shut down suddenly this week to “protect the site” and its users, announced this morning that it is officially filing for bankruptcy protection, the Wall Street Journal reports.<p>In a Tokyo District …