Thursday August 24, 2017
Total BTC mined: 0.10197878
Total BTC mined USD: $428.21 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1463.29
No changes in overall amount mined but value did slip about $2 compared to yesterday. Segwit is now activated for Bitcoin and it’s interesting to see the market’s lack of a reaction. I think the reason prices didn’t move very much was that a lot of the Segwit “value” has already been priced in over the last month following the decision to adopt and implement. At that time BTC jumped from the low 2000s to mid-3000s within the span of 10 days.
The lack of change in overall amount mined is due to Genesis shifting to payouts every two days so I’m not really concerned with that.
The biggest news of the day isn’t Segwit activation, rather it’s the revelation the IRS is now using chain analysis software to go after tax cheats as part of their plan to monitor cryptocurrency to spot money laundering and illegal activity. One of the advantages to Bitcoin has been the fact that you have some built in protection from taxation but there is a lot to worry about here.
Will increases in currency valuation count as capital gains if you sell and cash back out into a native currency? What about sales of currency that are issued to your account (i.e. Bitcoin Cash)? I’m thinking that a paper wallet not tied to anything that can be subpoenaed for personal information (think exchanges, 3rd party wallet providers) is the way to go for anyone with large amounts of cryptocurrency.
It’s clear the US government wants more of a role in cryptocurrency with the SEC now regulating ICOs and I think we’ll see this in more countries as Bitcoin developers/holders/users run up against governments eager to get a piece of the pie and regulate it as they see fit.
Today’s image comes to us from Tim Evanson