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The Monetary Future's Blog

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Government Sale of Bitcoin Establishes Fungibility Precedent

January 2, 2015 Comments (0)

By Jon Matonis CoinDesk Thursday, June 26, 2014 http://www.coindesk.com/government-sale-bitcoin-establishes-fungibility-precedent/ The US Marshals Service (USMS) will auction off the bitcoin seized from Silk Road to the highest bidder tomorrow. It amounts to 29,656.51 BTC contained in wallet files residing on Silk Road servers. In total, there will be nine blocks of 3,000 bitcoin and one block of around 2,656 bitcoin offered in the auction, representing the amount stated in the...

In Search of the Ideal Bitcoin Jurisdiction

January 2, 2015 Comments (0)

By Jon Matonis CoinDesk Tuesday, June 17, 2014 http://www.coindesk.com/search-ideal-bitcoin-jurisdiction/ Jurisdictions embracing bitcoin and bitcoin-related businesses can dramatically improve their countries' economies in a multitude of ways. But, what exactly would a favorable bitcoin jurisdiction look like? For starters, it would ideally have no VAT or capital gains tax on bitcoin transactions and would encourage an active two-way exchange market with national currencies....

DISH, Overstock, and Bootstrapping a New Currency

January 2, 2015 Comments (0)

By Jon Matonis CoinDesk Saturday, May 31, 2014 http://www.coindesk.com/dish-overstock-bootstrapping-new-currency/ On the heels of the recent Dish Network announcement to begin accepting bitcoin payments, we saw the same clueless chorus of naysayers and payment newbies come out claiming that Dish doesn't really accept bitcoin because they actually end up with US dollars. It would be just as ridiculous to say that a hotel in Barbados doesn't accept US dollars because, after the VISA credit...

Inching Towards Bitcoin Derivatives

September 21, 2014 Comments (0)

By Jon Matonis CoinDesk Tuesday, May 27, 2014 http://www.coindesk.com/inching-towards-bitcoin-derivatives/ Bitcoin derivatives are more in demand than ever, as bitcoin company executives seek a way to hedge balance sheet risk. A liquid futures and options exchange for bitcoin will provide commercial hedging opportunities as well as increase overall price stability. This is not disputed. What will be contentious, however, are the paths and methods necessary to get there. In this article, I...

When Payments Become Political Weapons of Mass Destruction

September 6, 2014 Comments (0)

By Jon Matonis CoinDesk Wednesday, May 7, 2014 http://www.coindesk.com/payments-become-political-weapons-mass-destruction/ Executives at Visa and MasterCard awoke yesterday morning to learn that Vladimir Putin’s Russia had passed legislation requiring foreign credit card brands to post $3.8 billion in total security collateral, the equivalent of two days’-worth of transactions processed in the country. After Russia reunified with (or annexed, depending on your point of view)...

Bitcoin Adoption, Not China's Central Bank, Is What Underlies Legitimacy

May 6, 2014 Comments (0)

 By Jon Matonis CoinDesk Wednesday, April 30, 2014 http://www.coindesk.com/bitcoin-adoption-chinas-central-bank-underlies-legitimacy/ The bitcoin ‘China Syndrome’ fills the news these days with attempts by Chinese authorities to steer bitcoin legitimacy. This gives us an excellent opportunity to contemplate and reiterate the core attributes of bitcoin’s overall strength. Bitcoin shows that national fiat money systems are an artificial construct. The debates around regulation are really...

Bitcoin's Role in Combatting Inflation

May 4, 2014 Comments (0)

By Jon Matonis CoinDesk Saturday, April 26, 2014 http://www.coindesk.com/bitcoins-role-combatting-inflation/ The economies of the developing world will feel the earliest and greatest impact from bitcoin. Not only are bitcoin’s enormous benefits very personal, they are also contextual depending on your political geography. Individuals residing in high-inflation countries with relatively sufficient Internet access as a percentage of population do seek refuge in bitcoin. The worst offenders...

The Bitcoin Word Game

May 3, 2014 Comments (0)

By Jon Matonis CoinDesk Friday, April 18, 2014 http://www.coindesk.com/bitcoin-word-game/ Words are very important. Even more so with bitcoin, competing constituencies craft specific words and phrases to evoke a predetermined image or outcome. With a little help from political wordsmith observer Bill Maher, let’s look at some popular examples of this practice in action. Avoiding the negativeFor a long time, assisted suicide as a positive right with legal protections had a difficult time...

IRS Bitcoin Ruling May Have a Bright Side

May 3, 2014 Comments (0)

By Jon Matonis CoinDesk Monday, March 31, 2014 http://www.coindesk.com/irs-bitcoin-ruling-may-bright-side/ Last week’s guidance from the IRS on tax treatment for bitcoin transactions may have temporarily impeded one avenue in a single jurisdiction, but it has opened up another more significant avenue. An IRS “property” classification for bitcoin reaffirms it’s status as “digital gold” because it tacitly encourages one type of monetary activity (store of value) over another (medium of...

New Binary Options Trading Service Takes Bitcoin-Only Payments

May 2, 2014 Comments (0)

By Jon Matonis CoinDesk Wednesday, March 26, 2014 http://www.coindesk.com/new-binary-options-trading-service-takes-bitcoin-payments/ A new service for financial options has launched a beta website for nine different binary options, including gold, silver and crude oil, plus six foreign exchange pairs. The offered currencies – euros, Australian dollars, New Zealand dollars, British pounds, yen, and Swiss francs – are all paired with the US dollar. Different than previous binary...