Guia bitcoin stocks
I am only concerned with the way the concept is being presented here. However, I am sure that much of this was due to space restrictions as much as anything. The concept of side chains is an intriguing one. It is also clearly attempting to address a major problem with the whole Bitcoin scheme- namely the verification latency it introduces for transactions. This is only one of the hurdles facing Bitcoins acceptance into the world of commerce, but it is a considerable one.
But how that happens is a matter for the sidechain. Gendal, how do you suppose private chains will be secured? For example, the CEO may decide to adjust history and there is not much stopping him, since he controls all the mining.
One approach is the periodic checkpoints sent to the blockchain. I think sidechains become a huge security hole that might corpse whole Bitcoin eco-system. But the situation is no different than a firm today that offers bitcoin safekeeping services, right?
Am I missing something? I see the benefits for the organization in using the private chain as another form of internal database, with better security properties. It can also be used where a service bus product would be today, to facilitate integration, conformance, monitoring, audit. Anything else on the benefits side that I missed?
Buy what is lost with private chains is non-repudiation of transactions, as PoW can now be manipulated, by the company itself, hackers and the governments.
Checkpointing with the main chains is a good start, but is not enough. I am interested in discussing possible solutions to the problem. It all comes down to the table I drew in this post: My take is that the Bitcoin architecture is a solution to the problem of how to maintain consensus about a ledger when the participants are unknown and many of them are adversarial I know this is loose language… computer scientists working in the consensus space are more precise but I think this captures the essence….
Security is so bad, employees are so untrustworthy, etc. But they are both problematic. Any thoughts on how one might do this? As blockchain ecosystem grows all kinds of data transformation tools will appear e. Inside blockchain could be tuned to be less PoW intensive and to cut blocks faster.
We need to construct a lot of hoops for hackers to jump through, as permitter defense is not holding up anymore. And we need to make our systems anti-fragile. The blockchain data structure is a good tool, other P2P tools can be used too. Also, the blockchain has initiated a renaissance of crypto tech, like multisig, payment channels. Store only what is necessary for the immediate access in a decrypted form on encrypted drives in a database sort of like cold and hot wallets.
When homomorphic encryption matures even DB records could be encrypted. Each network participant will incorporate either a full node or an SPV client instead of trusting the access token. I would submit a 5 to your list, economic software design, inspired by the blockchain: These clear boundaries started to erode with the extranets in the 90s, then with the multi-tenant cloud platforms, and lately with the smartphones and the IoT.
As we move forward we will see value chains where participants have multiple roles and affiliations. We will be designing token based systems that produce gains for any participants, internal or external. My team is working on the following preliminary identity design right now: There is no uniqueness of names in real life either. Instead the identity is just a hash of a [json] object that contains a public key. Identity object can not be modified directly, but a new version of it can be created, pointing to a previous version.
The owner of the identity object can optionally connect it with the real life credentials, e. This allows a spectrum of identities from fully anonymous to fully disclosed and verified. This also allows a person to have multiple identities, for work, for social, for gaming, for interest-specific forums.
What are you storing? The hash of the JSON object? The JSON object itself? Here is the rationale:. Mastercoin and Counterparty are embedded consensus protocols or meta-protocols that use the blockchain to store their transactional data. Bitcoin devs, except Peter Todd who was hired by both teams to help them find a proper solution, are very unhappy, to say mildly, about storing the data on the blockchain.
Heated discussions on this topic go on for hundreds of pages on bitcointalk and Mastercoin github issue. Mining pools like Eligius started censoring Mastercoin transactions not sure if they are continuing with this practice right now, but the operators of this pool are adamant that data do not belong to the blockchain.
I think this conservative position without offering an alternative solution, will result in bitcoin ceding the market to Ethereum, much like Apple created an entrance to a much inferior at the time Android by signing an iPhone exclusivity deal with some carriers.
I talked yesterday with Adam Krellenstein of the Counterparty and censorship was threatened, but he said did not yet happen. Yet, as I gathered, it is a remaining concern that can undermine their whole business. Thus Tradle set out to build a meta-protocol that saves the data in the overlay network, and only puts minimal referencing data on the blockchain.
There is a general grumpy consensus among bitcoin core devs and mining pool operators on allowing one small data chunk, a hash, per transaction.
Many devs say it is not possible to secure this second overlay network. I agree, unless we use the blockchain to help with the task. We have a partial solution working, and are preparing a new design to improve it partial, as it can not yet handle all known attacks.
We are actively sharing the designs at various meetups and on the github and are inviting devs to find attack vectors and propose solutions. It is also capable of handling attachment files, needed in the healthcare and financial industries.
So there needs to be a way to prove that the identity being asserted really was issued to the owner of the private key associated with the bitcoin transaction that asserts it. I guess this could work in a world with address reuse. Or am I missing something? Employee's Withholding Allowance Certificate. Employer's Quarterly Federal Tax Return. Employers engaged in a trade or business who pay compensation.
Popular For Tax Pros. Apply for Power of Attorney. Apply for an ITIN. Among other things, this means that: Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes.
Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply. Some of his holdings are income producing and some not, and he adjusts his portfolio frequently at the advice of his adviser. Recently, Terry's adviser told him that he should invest in cryptocurrency. On that advice Terry purchased a range of cryptocurrency which he has added to his portfolio.
Terry doesn't know much about cryptocurrency but, as with all of his investments, he adjusts his portfolio from time to time in accordance with appropriate investment weightings. If Terry sells some of his cryptocurrency the proceeds would be subject to CGT.
He has acquired and held his cryptocurrency as an investment. Some capital gains or losses that arise from the disposal of cryptocurrency that is a personal use asset may be disregarded. Cryptocurrency may be a personal use asset if it is acquired and kept or used mainly to purchase items for personal use or consumption. However, all capital losses you make on personal use assets are disregarded. Michael wants to attend a concert. The concert provider offers discounted ticket prices for payments made in cryptocurrency.
Having regard to the circumstances in which Michael acquired and used the cryptocurrency, the cryptocurrency is a personal use asset. Peter has been regularly acquiring cryptocurrency for over six months with the intention of selling at a favourable exchange rate.
He has decided to buy some goods and services directly with some of his cryptocurrency. Because Peter acquired the cryptocurrency as an investment, the cryptocurrency is not a personal use asset. In the context of carrying on a business, funds or property you receive through the acquisition and disposal of cryptocurrency are likely to be ordinary assessable income where you:. If these gains or profits are ordinary income, you may be able to claim deductions, and any capital gains you make are reduced to the extent that they are also ordinary income.
Proceeds from the sale of cryptocurrency held as trading stock in a business are ordinary income. Examples of businesses that involve cryptocurrency include:.
Not all people acquiring and disposing of cryptocurrency will be carrying on businesses. To carry on business, you need to:. Whether you are carrying on a business and when the business commences are important pieces of information. Money received or property received prior to a business being carried on is not generally assessable income.
Likewise, you cannot claim deductions incurred prior to the business being carried on. If you receive cryptocurrency for goods or services you provide as part of your business, you need to include the value of the cryptocurrency in Australian dollars as part of your ordinary income. This is the same process as receiving any other non-cash consideration under a barter transaction. One way of determining the value in Australian dollars is the fair market value which can be obtained from a reputable cryptocurrency exchange.
Where you exchange one cryptocurrency for another cryptocurrency, you dispose of one CGT asset and acquire another CGT asset.