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A Deep Dive Into IRS Crypto Audits (Podcast & Highlights)

Hey all - the newest episode of The BitcoinTaxes Podcast is live. For anyone unfamiliar, it's a podcast where I interview experts in the crypto/blockchain/fintech spaces. In this episode I speak with a tax controversy lawyer about how to handle a CI agent showing up at your door about your crypto, and what to do to avoid getting to that point.
Full disclosure, I work for BitcoinTaxes and also host this podcast. I typically post my interviews to our own subreddit and one or two other subreddits (not trying to spam people). This subreddit's community seems to enjoy/engage with the episodes when I post them. If there's any issue with me posting here please let me know, otherwise I hope you guys enjoy this episode and gain some valuable knowledge. Feel free to hit me with any questions and I can relay them to Alex.
----
Links:
Podcast Page Link
Audio Only

Brief Summary:
This episode's guest is Alex Kugelman. Alex is a tax controversy lawyer with expertise in cryptocurrency and IRS audits. Alex is a frequent guest on this podcast - back in July 2019 he came on the show to discuss the IRS Educational Letters that were being sent out. Before that, in May, he shared some excellent information about IRS cryptocurrency audits. Today, he elaborates on these topics and goes in-depth about what could happen in a potential crypto audit.
Alex provides tips in the case of an IRS CI agent showing up at your door, revisits compliance post-2019 IRS FAQ update, and gives us his take on the effect of COVID-19 in taxes and crypto.

Some good quotes:
"In the past year, what I've seen, the single common element of all IRS criminal investigations relating to cryptocurrency is that there is evidence that there have been sales of cryptocurrency and it cannot be reconciled to the tax return." (07:10)
"I think it's very likely that exchanges are providing information to the government if it's requested, especially U S based exchanges that are trying to be in the good graces of regulators." (09:44)

EPISODE HIGHLIGHTS AND DISCUSSION

Don't Under-Estimate Over-Reporting (03:12)

Alex: I'm a big believer of over-reporting, which means give as much detail as you possibly can. I think a lot of people get into trouble. They go: “Oh, I reported my transactions”... and you look at the tax return and it's a single line that says “cryptocurrency” and the net number. You have to think through objectively. I've not seen an issue where the IRS has taken a really hard position on lost records as long as you're making reasonable assumptions and using fair market value data.

A CI Agent's M.O. (10:30)

Alex: CI's agents are fairly sophisticated. If they have some information, and they can see these different transfers to different exchanges or wallets - they can piece it together and there's nothing to stop them from going and getting that data at that point as well. That's why I think it's really important that people...try to do the most reasonable good faith effort because it's hard to make a criminal case out of an accounting error. It's much easier to make a criminal case when someone's sold hundreds of thousands of dollars of cryptocurrency and then transferred that fiat into a U S bank account.

Unmatched Trades and Missing Data (12:16)

Alex: The more transactions that you have...with missing information...could lead to more questions. The question becomes where or how did you obtain this cryptocurrency and why is it that you don't have records?
A very common example is Mt. Gox. The exchange goes down, the records go down. That's really common. If that's the story, I wouldn't be worried about it. But, if you were being paid in cryptocurrency for a couple of years, never reported it as income, and now you're selling it - that's more problematic. It could lead to issues down the line.

CI Agents Paying You A Visit (14:35)

Alex: A lot of times when a CI agent shows up it's meant to catch people off guard. If a CI agent is showing up at your door regarding cryptocurrency, it means they already have information that they believe there was a crime and that would lead to a conviction of a crime. So you're not going to explain that away in an hour long conversation in your living room. It's not going to happen. That's not the way it works.
There's always going to be two agents, because one is going to be a witness for this conversation. You just need to remember: decline the interview. There's nothing wrong with that. Get a card and: “my counsel will contact you”. That's it.
The other thing to keep in mind that's really important is that you don't want to start doing things that are new crimes. You don't want to go in and start destroying records or erasing emails. Taking those kinds of steps is only going to make it worse.

Coronavirus, Audits, and Amended Returns (31:05)

Alex: The IRS is, for the most part, shutdown. That means that they're not really issuing new audits right now. It also means that the forced collections, when you owe money to the IRS and they levy your bank account or issue liens - that’s not going on right now. So for clients or for taxpayers who owe the IRS money...if they are currently in an installment agreement with the IRS, then actually they can forego those monthly payments right now.
The IRS is already an underfunded agency, and it was affected by the government shutdown recently. There's really a big backlog to begin with. I mean it's hard to estimate how much this [virus] is going to affect the administration of tax compliance. I think it's a great time to amend a tax return or to get into compliance.
submitted by Sal-BitcoinTax to BitcoinMarkets [link] [comments]

This week had a lot of movement in the crypto-space

Hi everyone!
The Cryptocurrency Informer has released its 21st episode with the most relevant events of the crypto-space in a 6 minutes episode.
On today's episode we talk about the letter the IRS is sending to crypto enthusiasts and traders asking them to report their financial status in cryptocurrencies. Also, Akoin, the project in Senegal led by Akon, is gaining traction and hoping to create a place in Africa with a decentralized system that runs independently of governmental and economic troubles in the region. And finally, in case you did not know it yet, former US representative Cynthia Lummis, has won the GOP Senate primary in Wyoming. She is a crypto friendly politician, as well as others before her such as Tom Emmer, that have taken a positive stand regarding cryptocurrencies. Learn more about it in the episode. An interesting week for crypto. Find the full episode here!
Episode Page
Audio Only
Full disclosure, I work for the Bitcoin Taxes team where we produce this show, If you find that this content is not relevant for this subreddit please let me know. Not trying to spam anybody. I just thought it would be valuable for the community, it is a quick way to stay informed on a weekly basis. Stay tuned for more updates next Friday!
submitted by IsaN-BitcoinTax to Bitcoincash [link] [comments]

This week had a lot of movement in the crypto-space

Hi everyone!
The Cryptocurrency Informer has released its 21st episode with the most relevant events of the crypto-space in a 6 minutes episode.
On today's episode we talk about the letter the IRS is sending to crypto enthusiasts and traders asking them to report their financial status in cryptocurrencies. Also, Akoin, the project in Senegal led by Akon, is gaining traction and hoping to create a place in Africa with a decentralized system that runs independently of governmental and economic troubles in the region. And finally, in case you did not know it yet, former US representative Cynthia Lummis, has won the GOP Senate primary in Wyoming. She is a crypto friendly politician, as well as others before her such as Tom Emmer, that have taken a positive stand regarding cryptocurrencies. Learn more about it in the episode. An interesting week for crypto. Find the full episode here!
Episode Page
Audio Only
Full disclosure, I work for the Bitcoin Taxes team where we produce this show, If you find that this content is not relevant for this subreddit please let me know. Not trying to spam anybody. I just thought it would be valuable for the community, it is a quick way to stay informed on a weekly basis. Stay tuned for more updates next Friday!
submitted by IsaN-BitcoinTax to Crypto_General [link] [comments]

Big companies and names going into crypto this week

Hi everyone!
The Cryptocurrency Informer has released its 20th episode with the most relevant events of the crypto and blockchain space in a 6 minutes episode.
Today's show is all about big mainstream money going into crypto: famous internet pizza man Dave Portnoy goes all-in on Bitcoin, a publicly-traded NASDAQ company bought a couple of hundred million dollars worth of BTC, and JPMorgan may be investing $50 million in a very well-known blockchain tech company.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest episodes on several subreddits, and I have noticed people seem to enjoy them. However, if you find an issue posting this here let me know (not trying to spam people).
I hope you guys enjoy the episode and share your comments and suggestions with us.
Find the full episode here!
Episode Page
Audio Only
Have a great weekend, stay safe and sound.
submitted by IsaN-BitcoinTax to CryptoCurrencies [link] [comments]

Crypto news this week

Hi everyone!
The Cryptocurrency Informer has released a new episode this week. In our show, we cover news from the crypto and blockchain technologies that I believe might be interesting to the community. In this episode, we discuss the potential new BCH split, a 51% attack on ETC, a whale of a Bitcoin transfer, and the way it was possible to find out who the Twitter hacker was.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest episodes on several subreddits, and I have noticed people seem to enjoy them. However, if you find an issue posting this here let me know (not trying to spam people).
I hope you guys enjoy the episode and share your comments and suggestions with us.
Find the full episode here!
Episode Page
Audio Only
Have a great weekend, stay safe and sound.
submitted by IsaN-BitcoinTax to tech_news_today [link] [comments]

Big companies and names going into crypto this week

Hi everyone!
The Cryptocurrency Informer has released its 20th episode with the most relevant events of the crypto and blockchain space in a 6 minutes episode.
Today's show is all about big mainstream money going into crypto: famous internet pizza man Dave Portnoy goes all-in on Bitcoin, a publicly-traded NASDAQ company bought a couple of hundred million dollars worth of BTC, and JPMorgan may be investing $50 million in a very well-known blockchain tech company.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest episodes on several subreddits, and I have noticed people seem to enjoy them. However, if you find an issue posting this here let me know (not trying to spam people).
I hope you guys enjoy the episode and share your comments and suggestions with us.
Find the full episode here!
Episode Page
Audio Only
Have a great weekend, stay safe and sound.
submitted by IsaN-BitcoinTax to ckm_official [link] [comments]

Bitcoin and Crypto Loans

Hello!
Is there anyone who loves learning by listening to podcasts?
I’m personally a true believer of podcast as a format to learn and stay up-to-date with the most innovative and insightful topics in the crypto space. For this reason I would love to recommend the latest episode of The BitcoinTaxes Podcast. In this podcast, we interview experts in the crypto/blockchain/fintech spaces who share their insights and opinions.
For our latest episode, we speak with Adam Reeds, CEO and Co-Founder of the Canadian-based cryptocurrency loan and savings platform Ledn, and we discuss bitcoin-backed loans and savings accounts.
Learn about the benefits of crypto and btc loans, including the pretty amazing tax benefits!
BTW, if you want to be on the show (or if you know anyone who might be a good fit), please let me know. We are always looking for exciting topics to discuss in the show and add value to the crypto community.
Find the full episode here!
Episode Page
Audio Only
_______________
Episode highlights & Discussion
Bitcoin Collateral Loans and Cryptocurrency Savings Accounts (06:46)
Adam: We offer lending and savings products – really everything is on the mission to help more people save in Bitcoin and digital assets. We have a loan product wherever you can put up Bitcoin as collateral and access a US dollar (USD) loan available to be dispersed in USD to your bank account, or in stablecoins to an address of your choosing. We also have a product called Buy 2X or B2X for short – that is a loan to purchase additional Bitcoin. On the saving side, we have a Bitcoin savings account that currently pays 6.5% APY, and we have a USDC savings account that pays 10% APY.
Tax Advantages of Bitcoin Loans (09:45)
Adam: It’s tax deferral. If you have large capital gains built up in BTC and you have a lower adjusted cost basis by taking a loan…you can borrow against the value of that asset, perhaps invest it other assets that you have a strong conviction in, and then when the timing is right, repay that loan and then sell the Bitcoin at a later date.
Simplifying Crypto Borrowing and Lending (15:07)
Adam: It’s really just a simplifying that decision-making process: You own Bitcoin. Did you want more of it? That’s B2X. Do you want to take out dollars because you have an expense or investment that you want to cover? That’s our borrow product. Do you want to just simply save [BTC] and earn an interest rate? That’s our save product.
submitted by IsaN-BitcoinTax to Bitcoin [link] [comments]

Crypto news this week

Hi everyone!
The Cryptocurrency Informer has released a new episode this week. In our show, we cover news from the crypto and blockchain technologies that I believe might be interesting to the community. In this episode, we discuss the potential new BCH split, a 51% attack on ETC, a whale of a Bitcoin transfer, and the way it was possible to find out who the Twitter hacker was.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest episodes on several subreddits, and I have noticed people seem to enjoy them. However, if you find an issue posting this here let me know (not trying to spam people).
I hope you guys enjoy the episode and share your comments and suggestions with us.
Find the full episode here!
Episode Page
Audio Only
Have a great weekend, stay safe and sound.
submitted by IsaN-BitcoinTax to CryptoNews [link] [comments]

Crypto news this week

Hi everyone!
The Cryptocurrency Informer has released a new episode this week. In our show, we cover news from the crypto and blockchain technologies that I believe might be interesting to the community. In this episode, we discuss the potential new BCH split, a 51% attack on ETC, a whale of a Bitcoin transfer, and the way it was possible to find out who the Twitter hacker was.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest episodes on several subreddits, and I have noticed people seem to enjoy them. However, if you find an issue posting this here let me know (not trying to spam people).
I hope you guys enjoy the episode and share your comments and suggestions with us.
Find the full episode here!
Episode Page
Audio Only
Have a great weekend, stay safe and sound.
submitted by IsaN-BitcoinTax to atbitcoin [link] [comments]

Bitcoin and Crypto Loans

Hello!
Is there anyone who loves learning by listening to podcasts?
I’m personally a true believer of podcast as a format to learn and stay up-to-date with the most innovative and insightful topics in the crypto space. For this reason I would love to recommend the latest episode of The BitcoinTaxes Podcast. In this podcast, we interview experts in the crypto/blockchain/fintech spaces who share their insights and opinions.
For our latest episode, we speak with Adam Reeds, CEO and Co-Founder of the Canadian-based cryptocurrency loan and savings platform Ledn, and we discuss bitcoin-backed loans and savings accounts.
Learn about the benefits of crypto and btc loans, including the pretty amazing tax benefits!
BTW, if you want to be on the show (or if you know anyone who might be a good fit), please let me know. We are always looking for exciting topics to discuss in the show and add value to the crypto community.
Find the full episode here!
Episode Page
Audio Only
_______________
Episode highlights & Discussion
Bitcoin Collateral Loans and Cryptocurrency Savings Accounts (06:46)
Adam: We offer lending and savings products – really everything is on the mission to help more people save in Bitcoin and digital assets. We have a loan product wherever you can put up Bitcoin as collateral and access a US dollar (USD) loan available to be dispersed in USD to your bank account, or in stablecoins to an address of your choosing. We also have a product called Buy 2X or B2X for short – that is a loan to purchase additional Bitcoin. On the saving side, we have a Bitcoin savings account that currently pays 6.5% APY, and we have a USDC savings account that pays 10% APY.
Tax Advantages of Bitcoin Loans (09:45)
Adam: It’s tax deferral. If you have large capital gains built up in BTC and you have a lower adjusted cost basis by taking a loan…you can borrow against the value of that asset, perhaps invest it other assets that you have a strong conviction in, and then when the timing is right, repay that loan and then sell the Bitcoin at a later date.
Simplifying Crypto Borrowing and Lending (15:07)
Adam: It’s really just a simplifying that decision-making process: You own Bitcoin. Did you want more of it? That’s B2X. Do you want to take out dollars because you have an expense or investment that you want to cover? That’s our borrow product. Do you want to just simply save [BTC] and earn an interest rate? That’s our save product.
submitted by IsaN-BitcoinTax to btc [link] [comments]

Bitcoin and Crypto Loans

Hello!
Is there anyone who loves learning by listening to podcasts?
I’m personally a true believer of podcast as a format to learn and stay up-to-date with the most innovative and insightful topics in the crypto space. For this reason I would love to recommend the latest episode of The BitcoinTaxes Podcast. In this podcast, we interview experts in the crypto/blockchain/fintech spaces who share their insights and opinions.
For our latest episode, we speak with Adam Reeds, CEO and Co-Founder of the Canadian-based cryptocurrency loan and savings platform Ledn, and we discuss bitcoin-backed loans and savings accounts.
Learn about the benefits of crypto and btc loans, including the pretty amazing tax benefits!
BTW, if you want to be on the show (or if you know anyone who might be a good fit), please let me know. We are always looking for exciting topics to discuss in the show and add value to the crypto community.
Find the full episode here!
Episode Page
Audio Only
_______________
Episode highlights & Discussion
Bitcoin Collateral Loans and Cryptocurrency Savings Accounts (06:46)
Adam: We offer lending and savings products – really everything is on the mission to help more people save in Bitcoin and digital assets. We have a loan product wherever you can put up Bitcoin as collateral and access a US dollar (USD) loan available to be dispersed in USD to your bank account, or in stablecoins to an address of your choosing. We also have a product called Buy 2X or B2X for short – that is a loan to purchase additional Bitcoin. On the saving side, we have a Bitcoin savings account that currently pays 6.5% APY, and we have a USDC savings account that pays 10% APY.
Tax Advantages of Bitcoin Loans (09:45)
Adam: It’s tax deferral. If you have large capital gains built up in BTC and you have a lower adjusted cost basis by taking a loan…you can borrow against the value of that asset, perhaps invest it other assets that you have a strong conviction in, and then when the timing is right, repay that loan and then sell the Bitcoin at a later date.
Simplifying Crypto Borrowing and Lending (15:07)
Adam: It’s really just a simplifying that decision-making process: You own Bitcoin. Did you want more of it? That’s B2X. Do you want to take out dollars because you have an expense or investment that you want to cover? That’s our borrow product. Do you want to just simply save [BTC] and earn an interest rate? That’s our save product.
submitted by IsaN-BitcoinTax to CryptoCurrencies [link] [comments]

Visa Going All In On Crypto; Steve Wozniak Sues YouTube; The Twitter Attack and everything we know a week later.

Hello everyone - the latest episode of The Cryptocurrency Informer is live. In this podcast, we provide a short and meaningful account of the most relevant news in the cryptosphere every week. In this episode, we discuss Visa’s claim that digital currency is in their DNA, Steve Wozniak’s decision to sue YouTube. Plus, Twitter’s hack last week and everything we have found out about it so far.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest Cryptocurrency Informer episodes in similar subreddits, and I have noticed it seems to be valuable for the community. I hope you guys enjoy this episode and stay informed. PS: Please let me know if you find an issue posting the show here. I have no intention to spam people but to add value.
Find the full episode here!
Episode page Audio only
submitted by IsaN-BitcoinTax to CryptoNews24by7 [link] [comments]

Blockchain Security with Michael Shaulov

Hello everyone - the latest episode of The BitcoinTaxes Podcast is live. In this podcast, we interview experts in the crypto/blockchain/fintech spaces who share their insights and opinions. In this episode, we speak with Michael Shaulov, CEO and Co-Founder of Fireblocks, and we discuss security as it relates to blockchain technology and cryptocurrency; and the unique challenges that exist in the space.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest episodes on this as well as other subreddits, and I have noticed people seem to enjoy/engage with them. However, please let me know if you find an issue posting this here (not trying to spam people). Otherwise, I hope you guys enjoy this episode and gain some valuable knowledge. Feel free to hit me with any further questions so I can relay them to Michael.
BTW, if you want to be on the show (or if you know anyone who might be a good fit), please let me know. We are always looking for exciting topics to discuss in the show and add value to the crypto community.
Find the full episode here!
Episode Page
Audio Only
_______________
Episode highlights & Discussion
A Lengthy History of Cyber Security Experience (00:40) Michael: I started in cyber security about 20 years ago in the Israeli cyber command, basically the corresponding unit to the American NSA. About nine years ago, I started my previous company…doing mobile security for enterprise customers. Basically, protecting their mobile devices from being hacked; malware attacks over WIFI, phishing and so on. We had folks like Intel, Samsung, and Geico as part of our customer base. About three years ago I sort of stepped into the Bitcoin & blockchain space – we actually were investigating a fairly big hack that happened in South Korea. That was sort of the first time that I stepped into this asset class and then realized that there is work to be done here to increase the security. Fireblocks Aims To Solve An Age-Old Cyber Security Issue (03:30) Michael: A lot of trading related activities and setups were being established from hedge funds to exchanges, to proprietary trading groups, to a lot of different brokers, OTCs, lending providers – generally speaking they need a very different infrastructure. You clearly have a lot of both external cybersecurity risks, but also internal cyber security risks inside the institutional environments. Our average transaction size is north of $100,000 – you have zero room to make a mistake because the nature of public blockchains is that there is no recourse. Because there were so many mistakes or hacks…most organizations had a lot of operational constraints in terms of how they were actually sending the transactions: they will do all the tests transfers, they will have multiple people approve and sign those transactions to make sure that there are no errors…you are only able to do those transactions incidents during certain windows during the day…A lot of different constraints, anxiety, and operational deficiency. It’s not a good return on capital. You are still susceptible to the human factor. You actually need to do 100 transactions per day, and you have three, four people in your operations team. At some point they will make an error, right? That’s just a numbers game over there. Basically, what we’ve created is a solution that solves all those issues. First, we provide our customers with a high secure, high SLA storage that is institutional grade. Second, is basically what we call the Fireblocks Network is essentially an authentication network for settlements between counter parties. We currently have integration to about 30 exchanges. We have over 60 market participants on our platform. Overall, 90 organizations that are on our platform, transferring coins between them with a click of a button without actually being susceptible to making a human error or susceptible to any of those hacks. Three Critical Attack Vectors Exploited by Hackers to Steal Digital Assets (Text From Fireblocks WhitePaper; Discussion @ 12:25) Wallet Compromise Access to your wallet is powered by private keys which control your funds stored on the blockchain. This means that as soon as a malicious actor acquires your private key they too have control and can transfer the funds from the wallet. The most common methods for compromising private keys are: • Infecting a server with malware that steals the private key. • Stealing the HSM authentication token and forcing the HSM to sign a withdraw transaction. • An authorized internal employee steals the private key. Deposit Address Spoofing Derived from the public key, deposit addresses are long strings of alphanumeric values that designate the public address of a wallet to which funds are sent. In order for two parties to facilitate a transaction, they need to exchange the deposit address. However, as there is no current end-to-end security protocol for the address exchange, hackers can target the procedure at any number of points along the way. Such methods include: • Spoofing the address while copy and pasting between the web browser and the wallet’s app. • Hijacking javascript(s) on the exchange’s website and spoofing the address at the origin. • Malicious chrome plugins that hijack the web browser (man-in-the-browser). • Malware that hijacks the wallet interface or driver. Credentials and API Keys Currently, each exchange and liquidity provider requires a set of credentials (username and password) in order to gain access. In addition, API-keys can be generated for automated access to the platforms. These credentials are particularly vulnerable to many traditional forms of malware such as keylogging and phishing. API-keys stored in trading software can be harvested if the server or code repository is compromised. Once a hacker obtains elevated credentials or API-keys they could: • Instruct unauthorized withdrawal of funds from an exchange. • Manipulate the market using pre-funded assets on a compromised account.
submitted by IsaN-BitcoinTax to BlockchainNews [link] [comments]

Blockchain Security with Michael Shaulov

Hello everyone - the latest episode of The BitcoinTaxes Podcast is live. In this podcast, we interview experts in the crypto/blockchain/fintech spaces who share their insights and opinions. In this episode, we speak with Michael Shaulov, CEO and Co-Founder of Fireblocks, and we discuss security as it relates to blockchain technology and cryptocurrency; and the unique challenges that exist in the space.
Full disclosure, I work for BitcoinTaxes and also help with the production process of this podcast. I have been posting our latest episodes on this as well as other subreddits, and I have noticed people seem to enjoy/engage with them. However, please let me know if you find an issue posting this here (not trying to spam people). Otherwise, I hope you guys enjoy this episode and gain some valuable knowledge. Feel free to hit me with any further questions so I can relay them to Michael.
BTW, if you want to be on the show (or if you know anyone who might be a good fit), please let me know. We are always looking for exciting topics to discuss in the show and add value to the crypto community.
Find the full episode here!
Episode Page
Audio Only
_______________
Episode highlights & Discussion
A Lengthy History of Cyber Security Experience (00:40) Michael: I started in cyber security about 20 years ago in the Israeli cyber command, basically the corresponding unit to the American NSA. About nine years ago, I started my previous company…doing mobile security for enterprise customers. Basically, protecting their mobile devices from being hacked; malware attacks over WIFI, phishing and so on. We had folks like Intel, Samsung, and Geico as part of our customer base. About three years ago I sort of stepped into the Bitcoin & blockchain space – we actually were investigating a fairly big hack that happened in South Korea. That was sort of the first time that I stepped into this asset class and then realized that there is work to be done here to increase the security. Fireblocks Aims To Solve An Age-Old Cyber Security Issue (03:30) Michael: A lot of trading related activities and setups were being established from hedge funds to exchanges, to proprietary trading groups, to a lot of different brokers, OTCs, lending providers – generally speaking they need a very different infrastructure. You clearly have a lot of both external cybersecurity risks, but also internal cyber security risks inside the institutional environments. Our average transaction size is north of $100,000 – you have zero room to make a mistake because the nature of public blockchains is that there is no recourse. Because there were so many mistakes or hacks…most organizations had a lot of operational constraints in terms of how they were actually sending the transactions: they will do all the tests transfers, they will have multiple people approve and sign those transactions to make sure that there are no errors…you are only able to do those transactions incidents during certain windows during the day…A lot of different constraints, anxiety, and operational deficiency. It’s not a good return on capital. You are still susceptible to the human factor. You actually need to do 100 transactions per day, and you have three, four people in your operations team. At some point they will make an error, right? That’s just a numbers game over there. Basically, what we’ve created is a solution that solves all those issues. First, we provide our customers with a high secure, high SLA storage that is institutional grade. Second, is basically what we call the Fireblocks Network is essentially an authentication network for settlements between counter parties. We currently have integration to about 30 exchanges. We have over 60 market participants on our platform. Overall, 90 organizations that are on our platform, transferring coins between them with a click of a button without actually being susceptible to making a human error or susceptible to any of those hacks. Three Critical Attack Vectors Exploited by Hackers to Steal Digital Assets (Text From Fireblocks WhitePaper; Discussion @ 12:25) Wallet Compromise Access to your wallet is powered by private keys which control your funds stored on the blockchain. This means that as soon as a malicious actor acquires your private key they too have control and can transfer the funds from the wallet. The most common methods for compromising private keys are: • Infecting a server with malware that steals the private key. • Stealing the HSM authentication token and forcing the HSM to sign a withdraw transaction. • An authorized internal employee steals the private key. Deposit Address Spoofing Derived from the public key, deposit addresses are long strings of alphanumeric values that designate the public address of a wallet to which funds are sent. In order for two parties to facilitate a transaction, they need to exchange the deposit address. However, as there is no current end-to-end security protocol for the address exchange, hackers can target the procedure at any number of points along the way. Such methods include: • Spoofing the address while copy and pasting between the web browser and the wallet’s app. • Hijacking javascript(s) on the exchange’s website and spoofing the address at the origin. • Malicious chrome plugins that hijack the web browser (man-in-the-browser). • Malware that hijacks the wallet interface or driver. Credentials and API Keys Currently, each exchange and liquidity provider requires a set of credentials (username and password) in order to gain access. In addition, API-keys can be generated for automated access to the platforms. These credentials are particularly vulnerable to many traditional forms of malware such as keylogging and phishing. API-keys stored in trading software can be harvested if the server or code repository is compromised. Once a hacker obtains elevated credentials or API-keys they could: • Instruct unauthorized withdrawal of funds from an exchange. • Manipulate the market using pre-funded assets on a compromised account.
submitted by IsaN-BitcoinTax to BlockchainStartups [link] [comments]

All features that the best QR code generator should have

All features that the best QR code generator should have
QR codes have become an important part of marketing, sharing information, and adding value to the product to different products and services. From showcasing extensive information about a particular product to tracking user’s data using a dynamic QR code generator, QR codes can be your next winning digital marketing strategy.
So, how to find the best QR code generator that gets results? The Internet is filled with dozens of dynamic QR code generators each one offering something new than the others. As this post talks about the best QR code generator, we’ll talk to you through the necessary features to look into a QR code generator.
How to Choose the Best QR Code Generator?
QRTiger is your one-stop shop to all QR code needs, from Wi-Fi to Multi URL QR codes to social media channels to Emails, able to produce QR codes of any type. The must-haves of the best QR code generator are related to:
Multiple Options
Almost every QR code generator provides more than two types of QR codes. But there are a few who can get you over 10+ QR codes types. In this regard, the best QR code generator can help you create QR codes for:
· A website URL
· Multi URL redirection
· File upload as PDF
· HTML5 text editor
· WiFi
· MP3
· Bitcoin
· Vcard
· Facebook, Instagram, Pinterest, YouTube
· Email
· Text
Moreover, the ability to make multi URL QR codes sets us apart from most QR code generators available online. A multi URL QR code redirects users to multiple URLs depending on certain conditions like location, time, and device type of the user.
Credibility
Never make a mistake to use unreliable QR code generators. You are most likely to use your private information behind QR codes so using an unreliable QR code generator can put your privacy at risk. An ideal yet best QR code generator will have a high number of trusted users. This indicates the credibility of the QR code generator to perform QR code tasks with ease. It is recommended to go through user recommendations, blog comments, or reviews on the QR code generator site that you’re deciding to use.
Dynamic QR Codes
Almost all QR code generators provide the accessibility to create static QR codes. To be honest, static QR codes aren’t going to improve your marketing tactics in any way. This is where dynamic QR codes come in handy. Concerned about the difference between static and dynamic QR codes? Well, here is the difference:
· Static QR Codes: Once the information is added behind a static QR code, it cannot be changed afterward. Thus, you must create new QR codes and start all over in case you wish you to change something behind the code.
· Dynamic QR Codes: One can change the saved information in the QR codes as much as possible. This lets companies use the same QR codes to offer different deals or menus. It does not only save time but also a lot of your marketing revenue. In addition, dynamic QR codes offer real-time user tracking to devise a successful QR code campaign. You can track the total number of scans, location, time, date, and device type of the user.
As a business marketer, you might be after a dynamic QR code generator. It adds convenience and flexibility to QR code marketing. No doubt static QR codes are free, but they’re just a bunch of basic QR codes with no functionality.
Conversion Tracking
This only works for dynamic QR codes and is offered by most QR code generators. Tracking is important. If you aren’t keeping track of your QR code scans, you are most likely dumping money in the garbage and leaving a lot of sales opportunities to your competitors.
The best QR code generator with real-time conversion tracking that allows you to keep track of the total number of scans, location, time, and device type of the user. Even the exact GPS location of the scanned QR code is also possible when using QR codes in your marketing strategies.
In this way, you can analyze your targeted audience in different cities or even countries. You can analyze which of your products are getting more scans. Are they Android users or iOS users? What time do you get the highest sales? Which of your products is failing? And then come up with a winning marketing strategy to generate more sales. Sounds good? Thus, choosing a QR code generator with real-time tracking is necessary.
Multiple Designing Options
When was the last time you scanned a basic QR code with black and white squares? That was a long time ago, right? Today, QR code generators allow you to custom design your QR code per your product packaging or brand theme.
For example, you can change colors, eyes, add an image or logo, and style of your QR codes to make them look appealing on your website, products, posters, brochures, etc. With that being said, QRTIGER is able to custom design your QR codes by:
· Choosing different design patterns
· Customizing eyes at the corners
· By adding a logo or image of your brand/product

https://preview.redd.it/hctfg0piilk41.jpg?width=602&format=pjpg&auto=webp&s=05e3c41cf86651266d9f6076962578a5f7d23472
Customizing colors per your brand
Custom-Designed QR codes are more likely to get scanned than traditional QR codes. Customizing your QR code per your brand or product identity will make it stand out and offer another reason to your targeted audience to engage with your product or brand.
Different Formats
An ideal yet best QR code generator lets you print QR codes on print media to distribute among your targeted audience. For instance, if you own a restaurant, you can print dynamic QR codes on your menu to provide additional information about your restaurant i.e. origin of the restaurant recipes, and ingredients used in the food. Thereby, most QR code generators allow users to download QR codes in raster formats like JPG, SVG, PDF, PNG, etc.
Final Verdict
The best QR code generator with a logo must have the mentioned things to help you in your QR codes marketing strategy.
submitted by benjamin_claeys to qrcodegenerator [link] [comments]

A Deep Dive Into IRS Crypto Tax Audits (Podcast and Highlights)

Hey all - the newest episode of The BitcoinTaxes Podcast is live. For anyone unfamiliar, it's a podcast where I interview experts in the bitcoin/blockchain/fintech spaces. In this episode I speak with a tax controversy lawyer about how to handle a CI agent showing up at your door about your crypto, and what to do to avoid getting to that point.
Full disclosure, I work for BitcoinTaxes and also host this podcast. I typically post my interviews to our own subreddit and one or two other subreddits (not trying to spam people). I've not really posted past episodes to this subreddit, but I thought it would be a pretty interesting listen for bitcoin/crypto enthusiasts and traders. If there's any issue with me posting here please let me know, otherwise I hope you guys enjoy this episode and gain some valuable knowledge. Feel free to hit me with any questions and I can relay them to Alex.
----
Links:
Podcast Page Link
Audio Only (~35 mins)

Brief Summary:
This episode's guest is Alex Kugelman. Alex is a tax controversy lawyer with expertise in cryptocurrency and IRS audits. Alex is a frequent guest on this podcast - back in July 2019 he came on the show to discuss the IRS Educational Letters that were being sent out. Before that, in May, he shared some excellent information about IRS cryptocurrency audits. Today, he elaborates on these topics and goes in-depth about what could happen in a potential crypto audit.
Alex provides tips in the case of an IRS CI agent showing up at your door, revisits compliance post-2019 IRS FAQ update, and gives us his take on the effect of COVID-19 in taxes and crypto.

Some good quotes:
"In the past year, what I've seen, the single common element of all IRS criminal investigations relating to cryptocurrency is that there is evidence that there have been sales of cryptocurrency and it cannot be reconciled to the tax return." (07:10)
"I think it's very likely that exchanges are providing information to the government if it's requested, especially U S based exchanges that are trying to be in the good graces of regulators." (09:44)

EPISODE HIGHLIGHTS AND DISCUSSION

Don't Under-Estimate Over-Reporting (03:12)

Alex: I'm a big believer of over-reporting, which means give as much detail as you possibly can. I think a lot of people get into trouble. They go: “Oh, I reported my transactions”... and you look at the tax return and it's a single line that says “cryptocurrency” and the net number. You have to think through objectively. I've not seen an issue where the IRS has taken a really hard position on lost records as long as you're making reasonable assumptions and using fair market value data.

A CI Agent's M.O. (10:30)

Alex: CI's agents are fairly sophisticated. If they have some information, and they can see these different transfers to different exchanges or wallets - they can piece it together and there's nothing to stop them from going and getting that data at that point as well. That's why I think it's really important that people...try to do the most reasonable good faith effort because it's hard to make a criminal case out of an accounting error. It's much easier to make a criminal case when someone's sold hundreds of thousands of dollars of cryptocurrency and then transferred that fiat into a U S bank account.

Unmatched Trades and Missing Data (12:16)

Alex: The more transactions that you have...with missing information...could lead to more questions. The question becomes where or how did you obtain this cryptocurrency and why is it that you don't have records?
A very common example is Mt. Gox. The exchange goes down, the records go down. That's really common. If that's the story, I wouldn't be worried about it. But, if you were being paid in cryptocurrency for a couple of years, never reported it as income, and now you're selling it - that's more problematic. It could lead to issues down the line.

CI Agents Paying You A Visit (14:35)

Alex: A lot of times when a CI agent shows up it's meant to catch people off guard. If a CI agent is showing up at your door regarding cryptocurrency, it means they already have information that they believe there was a crime and that would lead to a conviction of a crime. So you're not going to explain that away in an hour long conversation in your living room. It's not going to happen. That's not the way it works.
There's always going to be two agents, because one is going to be a witness for this conversation. You just need to remember: decline the interview. There's nothing wrong with that. Get a card and: “my counsel will contact you”. That's it.
The other thing to keep in mind that's really important is that you don't want to start doing things that are new crimes. You don't want to go in and start destroying records or erasing emails. Taking those kinds of steps is only going to make it worse.

Coronavirus, Audits, and Amended Returns (31:05)

Alex: The IRS is, for the most part, shutdown. That means that they're not really issuing new audits right now. It also means that the forced collections, when you owe money to the IRS and they levy your bank account or issue liens - that’s not going on right now. So for clients or for taxpayers who owe the IRS money...if they are currently in an installment agreement with the IRS, then actually they can forego those monthly payments right now.
The IRS is already an underfunded agency, and it was affected by the government shutdown recently. There's really a big backlog to begin with. I mean it's hard to estimate how much this [virus] is going to affect the administration of tax compliance. I think it's a great time to amend a tax return or to get into compliance.
submitted by Sal-BitcoinTax to Bitcoin [link] [comments]

Tokenization and Crypto Taxation

Hi everyone, I’m Isa, producer of The Bitcoin Taxes Podcast and I want to share with you our new episode regarding Tokenization and Crypto Taxation. I hope you find it interesting and informative, also if you have any topics you would like us to discuss in further episodes please let me know. Our purpose is to help individuals better understand the relationship between cryptocurrency and taxation.
Enjoy the episode
Episode Page
Audio Only
Our guest today is Andrew (Drew) Hinkes, an Attorney at Carlton Fields and Adjunct Professor at the NYU Stern Business School and the NYU School of Law. Last time Drew was on the podcast, back in June 2019, we discussed gaps in the current crypto tax guidance and what it was like to have the unique opportunity to teach a college course on cryptocurrency.
Drew updates us on what has changed in his world, and the world of crypto, since we last spoke. He shares how the coronavirus impacted his life as a professor, lawyer, and cryptocurrency advocate. In addition, Drew gives us a crash course on tokenization – providing our listeners with an analysis of the current landscape, and future of, tokenized assets.

Episode Highlights

Drew’s Background in Law and Tech (02:32)

Many lawyers don’t necessarily have a technical background. Law has not traditionally been the most technology progressive sort of industry. So I had a little bit of a head start over many of my peers because I know how to read some code. I understand databases and because I had experience working with technology, I had a little bit of a head start on wrapping my head around Bitcoin. I think it probably only took me about a year and a half to really get it.

The effects of Coronavirus on Tax Guidance (04:55)

It could be that the issuance of additional guidance is just not a priority right now. I have no independent insight what the IRS is or is not thinking or doing right now. I will say anecdotally, other agencies that are focused more on enforcement, like the SEC and the CFTC, have not stepped down their efforts because of the coronavirus. Again, we’re sort of reading tea leaves here, but it would not surprise me if we saw some of the same issues that plagued the IRS between 2014 and 2019 pop back up where showing additional guidance might be de-prioritized at least on a temporary basis.

The Coronavirus and Crypto (10:45)

From a sort of a macro standpoint, there has always been certain sort of non traditional communities that flocked to Bitcoin and to cryptocurrencies generally. Some of the earlier communities were very focused on alternative economic systems – seeing Bitcoin as something that can change the way the world works, separate money from the state and so forth. And there was a large community of people who are preppers thinking that governments were gonna fall and that economic systems, since they’ve gone off the gold standard in 1970 we’re destined for failure. And to a certain degree, these communities probably feel somewhat vindicated because we’d seen the overall fragility of our economy.

The Future of Crypto (24:35)

I think the coronavirus challenge has brought to the forefront some elements of how the economy works that we don’t usually really think about that much. Mostly folks in the finance world think about who’s really pulling the levers and how central governments control economies. We’ve seen the need to get cash out into people’s hands and how, at least in the United States, the federal reserve can produce as much money as is necessary in order to fund this. So in these new change conditions, there are new opportunities.
Again, I try not to give business or legal advice on a podcast, even this one Sal, but my suggestion would be for people to think about being flexible and to think about being adaptive. I don’t think a successful investor strategy right now looks at the economy the same way that they did a year ago. And so as people start to think outside of their comfort zones, and start to figure out ways to be nimble as conditions change. It’s entirely possible that folks will come around and understand that instruments like Bitcoin and some of the other alternatives arising out of the crypto world, might become new attractive options.

A Crash Course in Tokenization (26:42)

I guess the simplest way to think about tokenization…is the attempt to create a digital representation of a real life thing. Whether it’s property, whether it’s a right or some sort of asset. The concept behind tokenization is you can create a digital twin of the item and then take advantage of the powers and rights associated with tokenization versus the physical asset. For example, a token that represents a property right or a house. The argument goes if you tokenize that asset, you can take advantage of the speed of transaction, the liquidity associated with the assets. That sort of thing is the big picture idea.
If you like smart contracts, one of the appeals of the smart contract is that you can, using logic, automate or streamline transactions. But smart contracts, as we have learned, work best in the blockchain context when the assets at issue are digital. So if you can create a digital version of an external thing, the idea goes, you can make a bunch of new more efficient transactions related to that thing. That’s sort of the big picture idea. But of course there are some complications to this.

Complications of Tokenization (28:15)

Let’s take the house as an example. I have a token that represents my house and the idea is I can do a transaction of that token to another party and then the bearer, or the holder, or the party that controls the token can then control the house. Cool idea, but it sort of ignores all of the legal and regulatory infrastructure around a home.
If you want to actually replicate that transaction in a digital way, you have to either change the way the law works, or you have to have the law recognize this new system. To my knowledge, there are very few tokenized systems that actually are designed around and reflective of the law that impact the item that has been tokenized.
submitted by IsaN-BitcoinTax to bitcoinpodcast [link] [comments]

Crypto, taxes, and the coronavirus (Podcast Episode and Summary)

Hey All!
My name is Isa and I’m the newest member of the BitcoinTaxes team. I’ve been working with Sal (u/Sal-BitcoinTax) in the production and distribution of new episodes of the Bitcoin Taxes Podcast. We typically share our episodes on a few different cryptocurrency subreddits.
Our newest episode of the podcast is out today. This week’s guest is Matt Metras ( BitcoinTaxesMe ) who was on the podcast back in January - a lot has changed in the world since then. Matt is an EA who is super knowledgeable about crypto and crypto taxation.
In this episode, we discuss the IRS tax deadline extension that was issued as a result of COVID-19. We talk about how the pandemic has affected the crypto space, and our roles in it. Matt also shares his experience with the 2020 closed-door crypto IRS Summit, and relays which topics were focused on and which were neglected.
Enjoy the episode, and feel free to let us know if you have any questions.
Episode Page
Audio Only
Episode Highlights

Tax Deadline Extension (03:50):

The IRS deadline for any returns or payments due April 15th has been extended to July 15th.
*Since recording this episode, the IRS has provided even more tax extensions to cover individuals, trusts, estates corporations and others.
Read More: IRS Notice 2020-23

The IRS Crypto Summit (25:35):

Matt attended this summit on March 3rd in Washington DC. It was an invite-only event and although it was not focused on the personal side of taxation, it was discussed. The main focus was the business side of taxation. Of note, an organized central repository of tax transaction information to develop a standardized form for cryptocurrency reporting was discussed. Matt shares his views on the use-case and practicality of something of this magnitude.
In addition, Matt shares with us which topics were glossed over or not even brought up during the summit.

The Impact of The Coronavirus on Crypto Tax Rules (35:11):

Prior to the coronavirus, it seemed as though we were finally making progress on receiving crypto tax guidance. Matt shares his thoughts on how the coronavirus could play both a positive and negative role in affecting that progress.

Avoiding Scams (41:20):

The coronavirus has shown the goodness of humanity, but it has also given bad actors more opportunities to scam victims. Matt shares some cryptocurrency scams he has encountered in his line of work.

The BCH Halving (51:25):

The BCH Halving occurred this month – Matt gives us a quick rundown about what a halving is, why it occurs, and what it means for crypto traders and enthusiasts.
submitted by IsaN-BitcoinTax to bitcointaxes [link] [comments]

Crypto, taxes, and the coronavirus (Podcast Episode and Summary)

Hey All!
My name is Isa and I’m the newest member of the BitcoinTaxes team. I’ve been working with Sal (u/Sal-BitcoinTax) in the production and distribution of new episodes of the Bitcoin Taxes Podcast. We typically share our episodes on a few different cryptocurrency subreddits. If this is against any rules here, please let me know and I will take down my post.
Our newest episode of the podcast is out today. This week’s guest is Matt Metras ( BitcoinTaxesMe ) who was on the podcast back in January - a lot has changed in the world since then. Matt is an EA who is super knowledgeable about crypto and crypto taxation.
In this episode, we discuss the IRS tax deadline extension that was issued as a result of COVID-19. We talk about how the pandemic has affected the crypto space, and our roles in it. Matt also shares his experience with the 2020 closed-door crypto IRS Summit, and relays which topics were focused on and which were neglected.
Enjoy the episode, and feel free to let us know if you have any questions.
Episode Page
Audio Only
Episode Highlights

Tax Deadline Extension (03:50):

The IRS deadline for any returns or payments due April 15th has been extended to July 15th.
*Since recording this episode, the IRS has provided even more tax extensions to cover individuals, trusts, estates corporations and others.
Read More: IRS Notice 2020-23

The IRS Crypto Summit (25:35):

Matt attended this summit on March 3rd in Washington DC. It was an invite-only event and although it was not focused on the personal side of taxation, it was discussed. The main focus was the business side of taxation. Of note, an organized central repository of tax transaction information to develop a standardized form for cryptocurrency reporting was discussed. Matt shares his views on the use-case and practicality of something of this magnitude.
In addition, Matt shares with us which topics were glossed over or not even brought up during the summit.

The Impact of The Coronavirus on Crypto Tax Rules (35:11):

Prior to the coronavirus, it seemed as though we were finally making progress on receiving crypto tax guidance. Matt shares his thoughts on how the coronavirus could play both a positive and negative role in affecting that progress.

Avoiding Scams (41:20):

The coronavirus has shown the goodness of humanity, but it has also given bad actors more opportunities to scam victims. Matt shares some cryptocurrency scams he has encountered in his line of work.

The BCH Halving (51:25):

The BCH Halving occurred this month – Matt gives us a quick rundown about what a halving is, why it occurs, and what it means for crypto traders and enthusiasts.
submitted by IsaN-BitcoinTax to Crypto_General [link] [comments]

[Crypto, taxes, and the coronavirus] THE BITCOIN TAXES PODCAST | Episode #20 - Crypto Taxes and The Coronavirus | https://talk.bitcoin.tax/crypto-taxes-and-coronavirus-matt-metras/

Hey All!
My name is Isa and I’m the newest member of the BitcoinTaxes team. I’ve been working with Sal (u/Sal-BitcoinTax) in the production and distribution of new episodes of the Bitcoin Taxes Podcast. We typically share our episodes on a few different cryptocurrency subreddits. If this is against any rules here, please let me know and I will take down my post.
Our newest episode of the podcast is out today. This week’s guest is Matt Metras ( BitcoinTaxesMe ) who was on the podcast back in January - a lot has changed in the world since then. Matt is an EA who is super knowledgeable about crypto and crypto taxation.
In this episode, we discuss the IRS tax deadline extension that was issued as a result of COVID-19. We talk about how the pandemic has affected the crypto space, and our roles in it. Matt also shares his experience with the 2020 closed-door crypto IRS Summit, and relays which topics were focused on and which were neglected.
Enjoy the episode, and feel free to let us know if you have any questions.
Episode Page
Audio Only
Episode Highlights

Tax Deadline Extension (03:50):

The IRS deadline for any returns or payments due April 15th has been extended to July 15th.
*Since recording this episode, the IRS has provided even more tax extensions to cover individuals, trusts, estates corporations and others.
Read More: IRS Notice 2020-23

The IRS Crypto Summit (25:35):

Matt attended this summit on March 3rd in Washington DC. It was an invite-only event and although it was not focused on the personal side of taxation, it was discussed. The main focus was the business side of taxation. Of note, an organized central repository of tax transaction information to develop a standardized form for cryptocurrency reporting was discussed. Matt shares his views on the use-case and practicality of something of this magnitude.
In addition, Matt shares with us which topics were glossed over or not even brought up during the summit.

The Impact of The Coronavirus on Crypto Tax Rules (35:11):

Prior to the coronavirus, it seemed as though we were finally making progress on receiving crypto tax guidance. Matt shares his thoughts on how the coronavirus could play both a positive and negative role in affecting that progress.

Avoiding Scams (41:20):

The coronavirus has shown the goodness of humanity, but it has also given bad actors more opportunities to scam victims. Matt shares some cryptocurrency scams he has encountered in his line of work.

The BCH Halving (51:25):

The BCH Halving occurred this month – Matt gives us a quick rundown about what a halving is, why it occurs, and what it means for crypto traders and enthusiasts.
submitted by IsaN-BitcoinTax to PodcastSharing [link] [comments]

Tokenization and Crypto Taxation [PODCAST]

Hi everyone, I’m Isa, producer of The Bitcoin Taxes Podcast and I want to share with you our new episode regarding Tokenization and Crypto Taxation. I hope you find it interesting and informative, also if you have any topics you would like us to discuss in further episodes please let me know. Our purpose is to help individuals better understand the relationship between cryptocurrency and taxation.
Enjoy the episode
Episode Page
Audio Only
Our guest today is Andrew (Drew) Hinkes, an Attorney at Carlton Fields and Adjunct Professor at the NYU Stern Business School and the NYU School of Law. Last time Drew was on the podcast, back in June 2019, we discussed gaps in the current crypto tax guidance and what it was like to have the unique opportunity to teach a college course on cryptocurrency.
Drew updates us on what has changed in his world, and the world of crypto, since we last spoke. He shares how the coronavirus impacted his life as a professor, lawyer, and cryptocurrency advocate. In addition, Drew gives us a crash course on tokenization – providing our listeners with an analysis of the current landscape, and future of, tokenized assets.

Episode Highlights

Drew’s Background in Law and Tech (02:32)

Many lawyers don’t necessarily have a technical background. Law has not traditionally been the most technology progressive sort of industry. So I had a little bit of a head start over many of my peers because I know how to read some code. I understand databases and because I had experience working with technology, I had a little bit of a head start on wrapping my head around Bitcoin. I think it probably only took me about a year and a half to really get it.

The effects of Coronavirus on Tax Guidance (04:55)

It could be that the issuance of additional guidance is just not a priority right now. I have no independent insight what the IRS is or is not thinking or doing right now. I will say anecdotally, other agencies that are focused more on enforcement, like the SEC and the CFTC, have not stepped down their efforts because of the coronavirus. Again, we’re sort of reading tea leaves here, but it would not surprise me if we saw some of the same issues that plagued the IRS between 2014 and 2019 pop back up where showing additional guidance might be de-prioritized at least on a temporary basis.

The Coronavirus and Crypto (10:45)

From a sort of a macro standpoint, there has always been certain sort of non traditional communities that flocked to Bitcoin and to cryptocurrencies generally. Some of the earlier communities were very focused on alternative economic systems – seeing Bitcoin as something that can change the way the world works, separate money from the state and so forth. And there was a large community of people who are preppers thinking that governments were gonna fall and that economic systems, since they’ve gone off the gold standard in 1970 we’re destined for failure. And to a certain degree, these communities probably feel somewhat vindicated because we’d seen the overall fragility of our economy.

The Future of Crypto (24:35)

I think the coronavirus challenge has brought to the forefront some elements of how the economy works that we don’t usually really think about that much. Mostly folks in the finance world think about who’s really pulling the levers and how central governments control economies. We’ve seen the need to get cash out into people’s hands and how, at least in the United States, the federal reserve can produce as much money as is necessary in order to fund this. So in these new change conditions, there are new opportunities.
Again, I try not to give business or legal advice on a podcast, even this one Sal, but my suggestion would be for people to think about being flexible and to think about being adaptive. I don’t think a successful investor strategy right now looks at the economy the same way that they did a year ago. And so as people start to think outside of their comfort zones, and start to figure out ways to be nimble as conditions change. It’s entirely possible that folks will come around and understand that instruments like Bitcoin and some of the other alternatives arising out of the crypto world, might become new attractive options.

A Crash Course in Tokenization (26:42)

I guess the simplest way to think about tokenization…is the attempt to create a digital representation of a real life thing. Whether it’s property, whether it’s a right or some sort of asset. The concept behind tokenization is you can create a digital twin of the item and then take advantage of the powers and rights associated with tokenization versus the physical asset. For example, a token that represents a property right or a house. The argument goes if you tokenize that asset, you can take advantage of the speed of transaction, the liquidity associated with the assets. That sort of thing is the big picture idea.
If you like smart contracts, one of the appeals of the smart contract is that you can, using logic, automate or streamline transactions. But smart contracts, as we have learned, work best in the blockchain context when the assets at issue are digital. So if you can create a digital version of an external thing, the idea goes, you can make a bunch of new more efficient transactions related to that thing. That’s sort of the big picture idea. But of course there are some complications to this.

Complications of Tokenization (28:15)

Let’s take the house as an example. I have a token that represents my house and the idea is I can do a transaction of that token to another party and then the bearer, or the holder, or the party that controls the token can then control the house. Cool idea, but it sort of ignores all of the legal and regulatory infrastructure around a home.
If you want to actually replicate that transaction in a digital way, you have to either change the way the law works, or you have to have the law recognize this new system. To my knowledge, there are very few tokenized systems that actually are designed around and reflective of the law that impact the item that has been tokenized.
submitted by IsaN-BitcoinTax to Tokenization [link] [comments]

Tokenization and Crypto Taxation [PODCAST]

Hi everyone, I’m Isa, producer of The Bitcoin Taxes Podcast and I want to share with you our new episode regarding Tokenization and Crypto Taxation. I hope you find it interesting and informative, also if you have any topics you would like us to discuss in further episodes please let me know. Our purpose is to help individuals better understand the relationship between cryptocurrency and taxation.
Enjoy the episode
Episode Page
Audio Only
Our guest today is Andrew (Drew) Hinkes, an Attorney at Carlton Fields and Adjunct Professor at the NYU Stern Business School and the NYU School of Law. Last time Drew was on the podcast, back in June 2019, we discussed gaps in the current crypto tax guidance and what it was like to have the unique opportunity to teach a college course on cryptocurrency.
Drew updates us on what has changed in his world, and the world of crypto, since we last spoke. He shares how the coronavirus impacted his life as a professor, lawyer, and cryptocurrency advocate. In addition, Drew gives us a crash course on tokenization – providing our listeners with an analysis of the current landscape, and future of, tokenized assets.

Episode Highlights

Drew’s Background in Law and Tech (02:32)

Many lawyers don’t necessarily have a technical background. Law has not traditionally been the most technology progressive sort of industry. So I had a little bit of a head start over many of my peers because I know how to read some code. I understand databases and because I had experience working with technology, I had a little bit of a head start on wrapping my head around Bitcoin. I think it probably only took me about a year and a half to really get it.

The effects of Coronavirus on Tax Guidance (04:55)

It could be that the issuance of additional guidance is just not a priority right now. I have no independent insight what the IRS is or is not thinking or doing right now. I will say anecdotally, other agencies that are focused more on enforcement, like the SEC and the CFTC, have not stepped down their efforts because of the coronavirus. Again, we’re sort of reading tea leaves here, but it would not surprise me if we saw some of the same issues that plagued the IRS between 2014 and 2019 pop back up where showing additional guidance might be de-prioritized at least on a temporary basis.

The Coronavirus and Crypto (10:45)

From a sort of a macro standpoint, there has always been certain sort of non traditional communities that flocked to Bitcoin and to cryptocurrencies generally. Some of the earlier communities were very focused on alternative economic systems – seeing Bitcoin as something that can change the way the world works, separate money from the state and so forth. And there was a large community of people who are preppers thinking that governments were gonna fall and that economic systems, since they’ve gone off the gold standard in 1970 we’re destined for failure. And to a certain degree, these communities probably feel somewhat vindicated because we’d seen the overall fragility of our economy.

The Future of Crypto (24:35)

I think the coronavirus challenge has brought to the forefront some elements of how the economy works that we don’t usually really think about that much. Mostly folks in the finance world think about who’s really pulling the levers and how central governments control economies. We’ve seen the need to get cash out into people’s hands and how, at least in the United States, the federal reserve can produce as much money as is necessary in order to fund this. So in these new change conditions, there are new opportunities.
Again, I try not to give business or legal advice on a podcast, even this one Sal, but my suggestion would be for people to think about being flexible and to think about being adaptive. I don’t think a successful investor strategy right now looks at the economy the same way that they did a year ago. And so as people start to think outside of their comfort zones, and start to figure out ways to be nimble as conditions change. It’s entirely possible that folks will come around and understand that instruments like Bitcoin and some of the other alternatives arising out of the crypto world, might become new attractive options.

A Crash Course in Tokenization (26:42)

I guess the simplest way to think about tokenization…is the attempt to create a digital representation of a real life thing. Whether it’s property, whether it’s a right or some sort of asset. The concept behind tokenization is you can create a digital twin of the item and then take advantage of the powers and rights associated with tokenization versus the physical asset. For example, a token that represents a property right or a house. The argument goes if you tokenize that asset, you can take advantage of the speed of transaction, the liquidity associated with the assets. That sort of thing is the big picture idea.
If you like smart contracts, one of the appeals of the smart contract is that you can, using logic, automate or streamline transactions. But smart contracts, as we have learned, work best in the blockchain context when the assets at issue are digital. So if you can create a digital version of an external thing, the idea goes, you can make a bunch of new more efficient transactions related to that thing. That’s sort of the big picture idea. But of course there are some complications to this.

Complications of Tokenization (28:15)

Let’s take the house as an example. I have a token that represents my house and the idea is I can do a transaction of that token to another party and then the bearer, or the holder, or the party that controls the token can then control the house. Cool idea, but it sort of ignores all of the legal and regulatory infrastructure around a home.
If you want to actually replicate that transaction in a digital way, you have to either change the way the law works, or you have to have the law recognize this new system. To my knowledge, there are very few tokenized systems that actually are designed around and reflective of the law that impact the item that has been tokenized.
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