Thursday, March 30, 2017
Japan Prepares to Recognize Bitcoin as Method of Payment on April 1
In February, Bitcoin.com reported that the first Japanese bill containing digital currencies, recognizing Bitcoin as a method of payment, was expected to enter into force sometime in April. Last week, the Japanese Financial Services Agency (FSA) officially announced that the exact date for this bill to become law is April 1.
Also read: Countdown: Bitcoin Will Be a Legal Method of Payment in Japan in Two Months
Bitcoin Officially a Method of Payment
The bill recognizes Bitcoin as a method of payment but not currency. It has “asset-like values”, explains the largest bitcoin exchange by volume, Bitflyer. They are “usable as payment to indefinite parties for the cost of purchase or rent of items or receipt of services and which can be transferred by means of electronic data processing systems”, the exchange describes, adding that:
The new law defines Bitcoin and other virtual currency as a form of payment method, not a legally-recognized currency. Bitcoin will continue to be treated as an asset unless there are future revisions or directives to Japanese tax law.
Burden on Exchanges and their Customers
Along with making Bitcoin an officially recognized method of payment, the bill also imposes a number of requirements on bitcoin exchanges. They will be required to register with the Prime Minister and must meet a number of requirements.
For example, they must have a minimum capital of 10 million yen as well as a sufficient IT system for theft and loss prevention. They must also establish several systems and processes, such as employee training, internal rules, governance, and guidance for outsourcing.
The bill that will go into effect on April 1 also revises ‘the Act on Preventing of Transfer of Criminal Proceeds’. Bitcoin.com recently reported on how this affects bitcoin exchanges as well as their customers. To comply with the rules set forth in the bill, exchanges are introducing stricter know your customer (KYC) procedures.
Accounting Uncertainties
Nikkei Asian Review reported on Wednesday that the bill “poses an accounting dilemma” for Japan’s early Bitcoin adopters. The current Japanese accounting standards do not address digital 
Therefore, many people and companies simply leave their digital currency holdings off their books. Those who report them often mark their bitcoin holdings as “inventory” on their balance sheets. Issuers usually report them as a “liability”. However, the lack of standards means, “there is a risk that companies that hold virtual currency could turn out to have distorted valuations or that huge losses surface suddenly”, said Chikako Suzuki, a partner at Pricewaterhousecoopers Aarata. Nikkei Asian Review wrote:
The Accounting Standards Board of Japan decided Tuesday to begin consideration, expected to take six months, of a framework for treatment of virtual currency.
What do you think of the new Japanese bill to recognize Bitcoin? Let us know in the comments section below.
Images courtesy of Shutterstock
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Wednesday, March 29, 2017
Would Bitcoin ‘Function’ in a Societal Collapse?
The question is a large obstacle to the mass adoption of digital currencies and it should be addressed head-on. The audiences being targeted as adopters are also a problem. The question and a problem overlap.
Also read: A Decentralized Money Needs A Distributed Web for Maximum Freedom
Calls for mass adoption usually aim at the mainstream and often translate into some form of government approval. This approach alienates two significant categories of people who should be fellow travelers: “preppers” and “survivalists.” (For the differences between them, click here.
Preppers and survivalists are rigidly individualistic and anti-government. The crypto-community needs them to counterbalance the trend toward licenses, regulation, and state control.
There are two problems with outreach, however: some voices in the crypto-community are openly hostile or scornful to preppers and survivalists; many preppers and survivalists view bitcoin with skepticism. The later ask a reasonable question which is often shrugged off: will bitcoin survive a collapse of infrastructure which could include the electric grid?
I have no doubt that digital currencies will not only survive but also grow as they have in the chaos that is Venezuela. But, again, the question is reasonable and deserves a respectful response.
The Crypto-Community
Preppers and survivalists were once viewed as bizarre dissidents but this is an antiquated attitude. Many of their lifestyle strategies, such as stockpiling canned goods and precious metals, are now mainstream and don’t occasion a sideways glance. Nevertheless, sophisticated bitcoiners may feel alienated from people who actively espouse a less technical lifestyle. This is not a barrier with outreach to these groups, however, as much as it is a barrier to connecting with the vast majority of average people.
Not reaching out is one thing. Being openly hostile is quite another. Many within the digital community may not be blatantly antagonistic to preppers and survivalists. But, to the extent preppers and survivalists are addressed, it is often in a tone of contempt. For example, Jeff Berwick wrote about the subject at The Dollar Vigilante,
[T]hese people [“Shit Hits The Fan” people] have a subconscious hatred for bitcoin because a) Gold has not performed as well as bitcoin and b) because they missed out on the massive gains to date. To those people, you need to let go of your hatred. Your hatred manifests in your own body and people just really won’t even want to be around you as you shout at the TV every time they say bitcoin has hit a new all-time high. And, as well, your obsession with SHTF scenarios is also not healthy. As I said above, the scenarios are very real. But they also may not happen.
Berwick’s psychoanalysis of SHTF people is baffling. Nevertheless, he raises two points that spin into the next barrier raised against preppers and survivalists from adopting digital currencies.
• the scenarios of a possible collapse are “very real;”
• the scenarios may never occur.
A common reason why preppers and survivalists reject digital currencies is because it requires the internet and electricity, both of which could easily become unreliable or unavailable. A sack of gold beneath the woodpile can be easily accessed and exchanged for the necessities of life. Digital currency…not so much.
In Defense Of The SHTF People
To take preppers and survivalists seriously, consider just one unfolding situation: North Korea. The leader Kim Jong-un is an egotistical madman who may soon have the nuclear capacity to reach American soil. He may currently be able to attack American military bases in the region as well as Japan.
A simplistic sketch of background. In March, Kim test-fired four missiles into seas off Japan. Recent U.S.-Japanese naval ‘exercises’ in the area were followed up by a stern warning from Secretary of State Rex Tillerson of a possible pre-emptive military strike, presumably to take out missile sites. North Korea counter-threatened with a nuclear strike if the Americans so much as fired one rifle and, then, it tested “a new…high-thrust rocket engine.” Another test occurred last Friday.
Meanwhile, Tillerson’s talks with Chinese leaders – the only nation able to rein Kim in – appear to have gone poorly. And the installation of a powerful American anti-missile system in South Korea could not have helped. Upcoming talks between Trump and China may be more productive but only if someone budges on profound disputes such as who owns the South China Sea Islands.
The preceding detail is offered as proof that worrying about your safety and your family’s is not hysterical. Not worrying may be the ridiculous position.
But will a nuclear war happen? I don’t believe so. Nuclear war is highly unlikely if only because it would devastate every nation in the region, including the initiator.
It is far, far more likely that the threats will continue and deepen the cold war that’s been spreading for decades: namely, computer attacks aimed especially at financial institutions and infrastructure.
A severe economic collapse seems inevitable, however
Whither Bitcoin During A Cold War?
The question remains. Even without nuclear war, would bitcoin be able to function during a collapse or a cold war?
Yes. Electricity and the internet may be less reliable or more expensive but they would be available. An increasing dependence on the blockchain would make it a top economic priority.
It would also be a top military priority. In October 2016, the Pentagon revealed it was actively exploring blockchain technology “to create tamper-proof military computer systems, including those used to control America’s nuclear weapons.” Other nations are undoubtedly doing the same.
Conclusion
The bad news: an economic collapse or a cold war would negatively affect the internet and the electrical grid.
The good news:
• Aspects of the internet were specifically designed to survive war by being decentralized.
• The blockchain will be essential to both societal and global functioning which means the internet will be given top priority.
• Local economies will be also be built on the blockchain. “Most of the technologies already exist. Distributed Identity (Blockstack, Bit ID, etc) combined with on chain issuance of assets (MSC, Counterparty, Colored Coins) combined with off chain transference and transactions of such assets (Hyperledger, Open Transactions, etc).”
‘Civil’ society and foreign policy will not be pretty in the next few decades. This is all the more reason to reach out to preppers and survivalists, who are generally “gold-bugs.” They should consider both precious metals and digital currency.
Phil Champagne, author of the “Book of Satoshi,” offered an excellent reason. Flexibility has a huge survival value which requires options. He wrote, “While gold and silver are in their natural form in the physical world, they require the trust in a 3rd party when transferred in the electronic world. With Bitcoin, it is just the opposite, it is in its natural form in the electronic world but requires the trust in a third party if it was exchanged in the physical world (think of a paper note representing bitcoins held in custody, or a physical coin with a private key embedded in it – where you have to trust the manufacturer). So to me, they are absolutely complementary and both should be considered. It is funny that I have sometimes a hard time to convince people in the Bitcoin community to make them consider buying gold and silver.”
As long as Champagne means “funny” as a synonym for “odd”…then agreed. Odd ducks should flock together.
What do you think about functioning in a Societal Collapse? Let us know in the comments below.
Images via Pixabay, and the UScrow.org
Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.
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After Changetip’s Failure – Minitip Retries the Bitcoin Tipping Thing on Reddit
An early stage, Reddit-only application has recently launched within the social media giant, allowing users to tip each other small amounts of bitcoin. This free and simple system uses no other website or account and was created to replace the now-retired Changetip service.
Also read: Zeronet Wants to Replace the Dark Web by Marrying Bitcoin to Bittorrent Over Tor
A Changetip Replacement
On Friday evening, a Reddit user named ‘Minitip’ (u/Minitip) announced a new “free bitcoin tipping service whose only interface is Reddit”. The system was developed by Reddit user Cobos (/u/Cobosbfb) who said:
I created Minitip because Changetip shut down a few months ago and I wanted to revive the concept of bitcoin tipping on Reddit, since it can be quite fun, brings people together, and brings a lot of exposure to Bitcoin as well.
Using Minitip, Reddit users can tip each other in bitcoin by replying to their posts or comments. Everything is done using Reddit’s interface and there is no third party website 
The service is ready for testing now but Cobos recommends using it with caution, citing that the service is in its infancy. “Please use with caution, at entirely your own risk, and make sure you only deposit small amounts if you choose to use it”, he wrote. He encouraged users to contact him if they found any bugs or have suggestions for improvement. Commenting on his system, he noted:
The best part is that we have no internal ledgers for transactions, so your tips never leave the blockchain. It is almost entirely peer-to-peer, which, given Bitcoin’s core philosophy of decentralized people power, I feel is quite fitting.
Using Minitip
Basic Commands
While there is no account to set up, at the time of writing, there are six commands with which users can manage their Minitip usage. All of them work by sending a Reddit private message to ‘u/Minitip’ with one 
- Balance – allows users to check their Minitip balance. This command will also return instructions on how to top-up (deposit) bitcoin to be used for tipping.
- History – allows users to view all previous tips which they have sent or received.
- [address] – allows users to assign their own Bitcoin address for receiving tips and withdrawals from Minitip.
- Deposit – allows users to deposit some bits for tipping.
- Withdraw – allows users to withdraw funds from Minitip to their personal address.
- Donate – allows users to donate their Minitip balance to Minitip.
Tipping
When using the ‘Balance’ command, Minitip will return a message stating the user’s account balance in bits and dollar equivalent. It will also give the user a unique Bitcoin 
Once some bits are deposited into the Bitcoin address, the Reddit user can tip another user by replying to a post or comment and typing “/u/Minitip [number of bits to tip]”, explains the Minitip instructions. For example, typing “/u/Minitip 1000 bits” in reply to a user’s comment will send that user a bitcoin tip of 1000 bits.
Minitip currently charges “a flat miner’s fee of 100 bits (~$0.10)” for each tip sent, which is deducted from the tipper’s balance. “Though in the current Bitcoin climate this is a bit low, we feel that this strikes a good balance for small tips here and there that are by no means time-sensitive”, Cobos described.
Receiving Tips
Tips received are directly deposited into a personal Bitcoin address which the user specified by using the [address] command. If no address is specified, the tips received will reside in the system until it is used to tip others or a withdrawal address has been assigned. Once the recipient specifies a personal Bitcoin address, “all future tips will go directly to the address you specified”, Cobos explained.
On top of the danger of losing a few bits from this being a new and untested system, another potential problem is that the identity of the developer, Cobos, is unknown. Reddit user Francispouliot wrote, “what are guarantees that you simply won’t run-off with the funds? It’s not like you’re an exchange and you created your Reddit account 6 hours ago”.
“You’re right and making it as trustless as possible is the best way, just like with Bitcoin itself”, Cobos responded, adding that “I’ve been trying to think of ways to make it 100% peer-to-peer so that no funds are stored on our end at all. Might implement something like multisig in future, as long as it’s still convenient”.
Would you use Minitip? Let us know in the comments section below.
Images courtesy of Shutterstock and Reddit
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World-Renowned Blockchain Experts Will Come to Moscow
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
On April 19, the most well-known global specialists in the sphere of blockchain technologies will come to Moscow. Together with Russian bankers and entrepreneurs they will discuss Russian and foreign blockchain projects in financial and non-financial spheres.
The meeting will be driven by the annual Blockchain & Bitcoin Conference Russia that features presentations from the representatives of IBM, Microsoft, Sberbank, NRU HSE and State Duma.
The last Blockchain & Bitcoin Conference, which took place at Digital October on November 10, brought together 500 players of blockchain and bitcoin markets. This year, organizers, Smile-Expo event company, are expecting to see even more foreign attendees.
“Many speakers, with whom we are in discussions now, actively present at blockchain conferences on the West, but have never visited similar events in Russia,” said conference curator Pavel Likhomanov.
Participants will be able to attend two concurrent streams – for financiers and representatives of non-financial sphere.
Topics of the Finance stream will include: blockchain application in banking sphere and state administration, as well as legislative issues. Speakers will summarize the first real steps to move banking processes to blockchain and discuss changes in the bitcoin market. What will be the results of strengthening the bitcoin policy in China; what shape will the draft on cryptocurrency regulation offered by the Russian Ministry of Finance take; which factors will influence the bitcoin rate and what price for 1 BTC can be expected by the end of the year.
The Pro stream will be dedicated to the use of blockchain in business not connected to finances: e-commerce, retail, logistics, media. Discussion topics will be interesting for both entrepreneurs and developers. Practical issues will be discussed here: in what projects blockchain will be useful, what tasks it will solve and how to promote a new product in the market.
Alongside the conference there will be an exhibition, where developers will showcase hardware and software for mining, crypto wallets, payment systems and other products for B2B and B2C segments.
News about the project and results of the events held in 2014-2016 are available on the website Blockchain & Bitcoin Conference Russia.
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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