With the unexpected death of Gerald Cotten, CEO and founder of Quadriga Fintech Solutions Corp., his widow Jennifer Robertson has found herself in the middle of a complicated legal battle. She is facing off in defense of her husband’s legacy against former Quadriga CX investors and customers. Robertson never thought this was going to be a simple process. She has admitted that she has little to no experience dealing with Bitcoin, let alone running a company. But what came as a surprise for her was the amount of blowback she is receiving.
Cryptocurrency often breeds a great deal of uncertainty. After all, many places still view it as the new kid on the block(chain). Clearly, respect for cryptocurrencies has increased. After all, some governments and companies are going through great lengths to attempt to control it and profit from it. There is still a lot of bias against using these paperless currencies; some still look down at cryptocurrencies with suspicion and distrust. This is especially due to the fact that cryptocurrencies are decentralized and often anonymous. Nevertheless, the adoption and value of those currencies have skyrocketed. But soon, Canadian company Quadriga CX may not find much of either.
Continue reading “Law Firms Rush to Represent Quadriga CX Clients”
By Nick Hamilton | United States
Cryptocurrency is about to become much more accessible when making purchases in public.
Square, a major digital payment service that Twitter CEO Jack Dorsey leads, has won the patent to allow merchants to accept crypto payments, such as Bitcoin. The service would then transfer the payment into the local currency.
Cryptocurrency: Payment of the Future
Dorsey has said that he believes cryptocurrency will be the leading method of payment in ten years. Adding Bitcoin to this service that already supports many major credit cards is a way to make this a reality. This system also eliminates latency in these transactions, meaning approval on purchases will occur much faster. They’ll be able to do this via a blockchain that records Square-managed wallets in real time.
Tackling Major Obstacles
This, of course, means that cryptocurrency payments will process at the same speed of credit card payments. Previously, one of the big drawbacks of crypto was the increased transaction time. Another key issue was a very low accessibility, but Square is tackling both of these issues.
It’s not often that companies who do blockchain research have such an enthusiastic CEO when it comes to cryptocurrency. However, due to this patent, and Dorsey being so invested in cryptocurrency, we could see cryptocurrency emerge more in the mainstream. At the very least, it now will be considerably easier to use. This could mean that Bitcoin’s demand will rise, thus raising its price.
A Bright Outlook
The patent may affect the backbone of the future economy, at least according to Dorsey, who tweeted earlier this year that Bitcoin would become a path towards financial success for all.
Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.
We also made this! https://t.co/z3u0liDNk4
— jack (@jack) January 31, 2018
As the price of Bitcoin continues to rise, Dorsey’s dream of seeing crypto thrive in the future may be coming true.
To support 71 Republic, please donate to our Patreon, which you can find here.
By Nick Hamilton | United States
During an interview with Cheddar, Chris Stowe, the CTO of Reddit, asserted that Reddit hopes to bring back payments dealing with Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH).
Reddit stopped accepting Bitcoin in March of this year, when the Coinbase Merchant Services were experiencing some technical difficulties and bugs. This led the popular sharing site to drop the Cryptocurrency as an option for payment.
Coinbase has since announced the migration of Coinbase Merchant Services to a program called “Coinbase Commerce,” a program specifically designed for merchants. The migration of Coinbase Commerce will end on May 31st, which is when we could see a return of cryptocurrency payments to Reddit.
Reddit has always been very crypto friendly, with subreddits such as r/Bitcoin, r/Crypto, r/Litecoin, and r/Ethereum having tens of thousands of subscribers.
Stowe said the following Thursday:
The upcoming Coinbase change, combined with some bugs around the bitcoin payment option that were affecting purchases for certain users, led us to remove bitcoin as a payment option.
We have been looking at other cryptocurrencies. As a matter of fact, that was part of the issue with the high fees on the bitcoin network. We are looking at Ethereum and Litecoin that are both provided by Coinbase.
By Addie Mae Villas | United States
With few exceptions, most libertarians can agree that taxes are theft. The government taxes our money, for their own interests, and do so under threat of punishment. Although we should abolish nearly all taxes, the capital gains tax (CGT) is one of the worst. The government penalizes an investor for making money, drawing off of their rewards. One area that is being hurt the most from the CGT is cryptocurrency users, as the IRS is trying to enforce the tax on their gains, sacrificing the privacy of crypto users.
Before the GOP created their recent tax laws, Bitcoin users could simply transfer their coin to other cryptocurrencies and state that there was no gain. But now, the tax bill states that the exchange of cryptocurrencies is simply a property exchange. This makes all crypto exchanges eligible for taxation. With the new classification, government is able to tax cryptocurrencies anytime someone uses or exchanges it.
With the IRS cracking down on crypto users, users can forget about privacy. We can simply look to when the IRS requested that Coinbase send all the records of users from 2013-2015. In April, the IRS expects all crypto users to report their gains on their tax returns. However, this is an unreasonable request, as crypto users will have to forgo their anonymity with the market. This leads into the fact that 36% of investors plan to commit tax fraud. With the risk of losing privacy on the line, many expected this statistic to further rise.
The new classification of cryptocurrencies is just another way the government is trying to control the markets and an individual’s right to privacy. Cryptocurrencies have proven to be the future, as they are far more effective than our current currency. Ron Paul has stated time and time that we need to end the Federal Reserve to advance liberty. In its absense, cryptocurrencies provide a path forward for economic development. Seeing that cryptocurrencies are direct competition to a government-run bank, it’s no surprise that is under attack.
The funny thing about the government enforcing the CGT is that they are haltering investment, which hinders innovation, which in the end only harms the economy. Since we have the CGT in place, investments are more expensive, causing fewer people to invest. The OECD reported that innovation comes from investment, and the growth of an economy is reliant on innovation. The removed competition is inherently harming the economy.
The capital gains tax is just another tax government uses to assert unjust power over the people. The crackdown on crypto users is not only harming the crypto market but also removing the values of privacy from all the users. The CGT puts a consequence on being successful, and only adds onto a very high income tax for most taxpayers.The capital gains tax needs to be abolished to protect the crypto market and encourage investments for capital gain.
(Image from wccftech.com)