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Monthly Archives: July 2017
Independence Day and the Second Amendment – Newnan Times-Herald
Posted: July 13, 2017 at 6:53 am
We recently celebrated Independence Day, and now that the echoes of the fireworks have faded, the hot dogs eaten and the bunting put away, lets reflect on what it really means.
At the heart of it is the Second Amendment.
Its customary on national holidays to express appreciation for people in the military and veterans. They indeed deserve the recognition and gratitude of the citizenry they serve.
However, those who fought in the American Revolution were not professional soldiers, sailors or marines. They were farmers, shopkeepers and tradesmen. They were revolutionaries.
They knew there would be bloodshed and violence when they signed the Declaration of Independence because monarchs, even as urbane and sophisticated as Englands king, do not give up power easily.
The American Revolution was indeed bloody and long. After it ended, when the men who fought in it took the reins of government themselves, they continued to think like revolutionaries rather than as noblemen with some divine right to rule. To their credit, they wanted to ensure American citizens never lost the ability to take back control of the government, through violent means if necessary.
They expected another revolution, perhaps in their own lifetimes. So, they saw the need to state explicitly in the Bill of Rights that citizens have a right to bear arms in order to be able to launch armed uprisings against the government.
Hunting was such a common activity in the 18th century that it never entered the minds of people then that it would require any constitutional protections. But armed revolt was something that dictators have always harbored an interest in preventing, and so the purpose of the amendment was to ensure no king, tyrant or democratic government would stand in the way.
No careful reading of history can lead to any other conclusion on the amendment's meaning.
Understanding how the authors interpreted the Constitution is important because it is a contract of sorts. Courts evaluate contracts in light of the meaning attached to phrases by the people entering into the agreement, in this case the Founding Fathers and the citizens of the states that ratified the Bill of Rights. Meanings change over time, but the only way to change the terms of a contract is to amend it. The Constitution has a process for amending it.
If you think the need for the Second Amendment to arm future revolutionaries is no longer valid because human nature has changed or 250 years of legal precedent is an ironclad safeguard, then it should be amended through the assent of the citizens who are a party to the agreement.
However, it would be wrong to attempt to change the interpretation of the words to reflect modern thinking the way some judges suggest when they describe the Constitution as "a living document." Because if it is that easy to do for one provision, then it could be easily done for others. And all citizens have an interest in safeguarding our personal liberties.
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Can Donald Trump block you? A First Amendment group is suing to find out. – Columbia Journalism Review
Posted: at 6:53 am
Official DHS photo by Jetta Disco.
It is where he inveighs against FAKE NEWS, promotes his television appearances, and trumpets his administrations accomplishments. Its also where he reports on meetings with world leaders, discusses policy positions, and announced his choice for FBI Director. President Donald Trumps Twitter feed is the epicenter of a new-age White House communications strategy that has earned the oft-repeated label unprecedented.
Whether Trumps demeanor in the messages he posts is presidential is debatable, but his own spokespeople have made clear that his tweets constitute official statements. Not everyone, however, can see those statements or participate in the discussion that occurs in the replies.
On Tuesday, the Knight First Amendment Institute at Columbia University filed a lawsuit against Trump and two of his top advisors on behalf of seven people who have been blocked from viewing tweets by the presidents @realDonaldTrump account. Attorneys at the Knight Institute argue that Trumps blocking of users who have criticized him amounts to viewpoint-based exclusion, which is not allowed under the First Amendment.
President Trumps Twitter account, @realDonaldTrump, has become an important source of news and information about the government, and an important public forum for speech by, to, and about the President. In an effort to suppress dissent in this forum, Defendants have excludedblockedTwitter users who have criticized the President or his policies. This practice is unconstitutional, the federal suit alleges.
The case raises complicated questions about how to apply constitutional principles written in a time of pamphlets and town square debates to the realities of the Facebook and Twitter era. Skeptics might say that blocking someone on Twitter doesnt make it impossible for that person to see tweets. He or she can simply sign out of that account or create a different one. Blocking adds a barrier to entry, to be sure, but its not an insurmountable obstacle. Additionally, as anyone who spends time on Twitter knows, comments on the platform can be crude, distasteful, and even scary, and blocking trolls allows for some measure of control over the people with whom you interact.
But attorneys at the Knight Institute have put forward a series of arguments that make a compelling case for thinking differently. They are not arguing that we redefine Twittera privately owned social media platformwrit large as a virtual town square where all voices are welcome. Rather, they claim that because of the way the President and his aides use the @realDonaldTrump Twitter account, the account is a public forum under the First Amendment.
If the presidents feed is defined as a public forum, citizens cannot be excluded from viewing his statements and engaging in discussions simply because they disagree. The lawsuit alleges that Trump, along with Press Secretary Sean Spicer and Social Media Director Dan Scavino, have violated the First Amendment rights of seven Americans who were blocked soon after criticizing or mocking the president, and that the block infringes on the plaintiffs First Amendment right to petition their government for redress of grievances.
When [government officials] open up a space and allow the general public to come in and comment in that space, whether a city council meeting or a Facebook page, that is a designated public forum, Katie Fallow, a senior attorney at the Knight Institute, tells CJR. The courts have held that when you do that, you cant then exclude people based on viewpoint. The Knight Institute, which has not been blocked by Trumps account, is also a plaintiff in the suit. It argues that users who arent blocked are being deprived of their right to read the speech of the dissenters.
The reaction from legal experts last month to the Knight Institutes letter declaring its intent to sue was mixed, with some supporting the effort and others arguing the plaintiffs had a tough legal hill to climb. But in the weeks since, the Supreme Court issued a decision in which Justice Anthony Kennedy described social media as the modern public square.
Trump recently referred to his use of social media as modern day presidential. It will now be left to the courts to decide whether that requires a modern day update to First Amendment protections.
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Hazelwood Schools to host First Amendment workshop with ACLU – STLtoday.com
Posted: at 6:53 am
Two months ago, the American Civil Liberties Union of Missouri was prepared to take the Hazelwood School District to court for suspending dozens of students who walked out in protest for unionized teachers.
Now, the district and ACLU are holding a community workshop together about the First Amendment in schools.
According to the district's website, the workshop will be held on Monday, July 31 from 6-8 p.m. at the Hazelwood administration building, which is at 15955 New Halls Ferry Road.
The suspensions of about 200 Hazelwood West High students in May sparked outcry from students, parents and civil rights activistswho viewed the incident as a violation of freedom of speech. The district, on the other hand, said the walkout was not peaceful and that students had been running and cursing during it. After three days of heavy community pressure,the district rescinded thesuspensions.
In 1988, Hazelwood was the subject of a U.S. Supreme Court case about freedom of speech in schools, Hazelwood v. Kuhlmeier. The court then ruled that school officials could exercise editorial control over the student newspaper and student speech so long as it was "reasonably related to legitimate pedagogical concerns."
The workshop's speakers include Hazelwood Superintendent Nettie Collins-Hart, ACLU of Missouri Executive Director Jeffrey Mittman and two Washington University School of Law professors: Gregory Maragian and Eric Miller. The event will be moderated by alumnus Reece Ellis, who graduated from Hazelwood East High this year.
Shake off your afternoon slump with the offbeat or overlooked news of the day.
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Hugh M. Hefner Foundation Announces First Amendment Award Winners for 2017 – Markets Insider
Posted: at 6:53 am
LOS ANGELES, CA--(Marketwired - July 12, 2017) - The Hugh M. Hefner Foundation is pleased to announce its 2017 First Amendment Award winners to those who have dedicated their profession, and some their lives, to upholding and exercising their First Amendment rights.
Christie Hefner established the Awards in 1979, in conjunction with Playboy Magazine's 25th anniversary, to honor individuals who have made significant contributions to protect and enhance First Amendment rights for all Americans. A press reception with the winners and judges will be held on August 7, 2017 at the Playboy Mansion.
This year's Lifetime Achievement Award will be bestowed upon Burt Neuborne, the Norman Dorsen Professor of Civil Liberties at NYU Law School, who for 45 years has been one of the nation's foremost civil liberties lawyers. He receives a Hugh M. Hefner First Amendment Award for his unwavering defense of civil liberties and civil rights and who, as founding legal director for The Brennan Center for Justice, had the vision and foresight to spearhead its establishment.
Highlights of Professor Neuborne's career include serving as National Legal Director of the ACLU from 1981-1986, Special Counsel to the NOW Legal Defense and Education Fund from 1990-1996, and as a member of the New York City Human Rights Commission from 1988-1992. He has argued numerous Supreme Court cases and has litigated hundreds of important constitutional cases in the state and federal courts. From 1995 to 2007, he directed the legal program of the Brennan Center, focusing on efforts to reinforce American democracy and secure campaign finance reform. The Brennan Center was established in 1994 to honor Justice William Brennan, Jr.'s monumental contribution to American Law.
"For decades, the First Amendment Awards have honored and celebrated distinguished individuals whose actions support and often fight to preserve the values of the First Amendment," says Christie Hefner, Chairman of the Hugh M. Hefner First Amendment Awards. "Especially now, it feels like the First Amendment is under assault, so it is more important than ever that we recognize those who fight to preserve this precious right."
Additional award winners, many of whom are unsung heroes, come from various walks of life and include:
Hasan Elahi (Arts & Entertainment), Associate Professor, Department of Art at the University of Maryland. Elahi is an interdisciplinary artist who asks Americans to explore issues in surveillance, privacy, migration, citizenship, technology, and the challenges of borders. An erroneous tip called into law enforcement authorities in 2002 subjected Elahi to an intensive investigation by the FBI. After undergoing months of interrogations before he was cleared of suspicions, Elahi conceived "Tracking Transience" and opened almost every aspect of his life to the public. Predating public knowledge of the NSA's PRISM surveillance program by over a decade, his project questions the consequences of living under constant surveillance and continuously generates databases of imagery that tracks the artist and his points of transit in real-time. Although initially created for his FBI agent, the public can also monitor the artist's communication records, banking transactions, and transportation logs along with various intelligence and government agencies who have been confirmed visiting his website.
Timothy Garton Ash(Book Publishing), Awarded for his book, Free Speech: Ten Principles for a Connected World (Yale University Press, 2016), that encourages us to examine how well-tried liberal principles can be applied and defended in daunting new circumstances. Professor Ash is the author of nine other books of political writing which have charted the transformation of Europe over the last forty years. He is the Professor of European Studies at the University of Oxford, Isaiah Berlin Professorial Fellow at St Antony's College and a Senior Fellow at the Hoover Institution, Stanford University. His essays appear regularly in the New York Review of Books and he writes a column on international affairs in the Guardian, which is widely syndicated in Europe, Asia and the Americas. Professor Ash established Free Speech Debate (freespeechdebate.com), a multilingual dynamic website devoted to free speech worldwide.
Jenni Monet (Print Journalism), Independent journalist and member of the Laguna Pueblo tribe. Monet's dispatches for Indian Country Media Network, Reveal, the Center for Investigative Reporting, PBS Newshour,High Country News and Yes! Magazine on the protests opposing the $3.8 billion project and the months-long militarized protection of the Dakota Access Pipeline, which is critical to understanding a volatile, important moment in American history. One of the most consistent voices from Standing Rock, Monet faithfully covered the protests when all other media moved on, providing important detail and context in a fair and accurate manner. She was wearing press credentials when she was arrested in February 2017. She still faces charges for criminal trespassing and engaging in a riot.
This year's distinguished judges and presenters include:
Erwin Chemerinsky, esteemed educator, litigator and legal scholar is Dean and and Professor of Law, University of California Berkeley School of Law. He was the founding dean of UC Irvine School of Law, a position he held for the past nine years. His five-year term at Berkeley began on July 1, 2017. While at Irvine, Chemerinsky also served as the Raymond Pryke Professor of First Amendment Law. His areas of expertise are constitutional law, federal practice, civil rights and civil liberties, and appellate litigation. He is the author of eight books, including The Case Against the Supreme Court published in 2014, and more than 200 articles in top law reviews.
Lara Bergthold, a Principal Partner at RALLY, is a campaign and communications strategist with a wealth of experience in positions such as philanthropic advisor, political and communications strategist, presidential senior campaign advisor, and PAC director. Since 1997, Bergthold has served as Executive Director of the Lear Family Foundation, a private foundation of Lyn and Norman Lear, where she has directed millions of dollars of grants annually to progressive organizations working on civil liberties, civil rights, the environment and the arts, among others.
Davan Maharaj, Editor-in-Chief and Publisher of the Los Angeles Times Media Group, oversees the largest daily newsgathering organization in the West. It includes the flagship Los Angeles Times and latimes.com; Times Community News, which consists of six suburban daily and weekly newspapers and websites; and the Spanish-language Hoy and Fin de Semana newspapers and websites. Maharaj, a 26-year veteran of The Times, added publisher to his title in March 2016. He was named editor and executive vice president in 2011.
About the Hugh M. Hefner Foundation:
The Hugh M. Hefner Foundation was established to work on behalf of individual rights in a democratic society. The primary focus of the foundation is to support organizations that advocate for and defend civil rights and civil liberties with special emphasis on First Amendment rights and rational sex and drug policies. For a complete list of past winners and judges, please visit: http://hmhfoundation.org/site/?page_id=90/
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Privacy blunder? Firefox’s Get Add-ons page uses Google Analytics – Ghacks Technology News
Posted: at 6:51 am
The Firefox web browser ships with an add-on management interface that users may load directly by typing about:addons in the browser's address bar, or by using menus of the browser the page is linked from.
The management interface comes with several pages that separate extensions from themes, plugins, services, scripts and other "add-ons" that users may add to Firefox in one way or another.
There is also a Get Add-ons page that lists add-on suggestions to users. It is making the rounds right now connects to Google Analytics when users access it.
Nicolas Petton posted a message on Twitter on July 11, 2017 that Mozilla was using Google Analytics on the about:addons page. The message was picked up on social news sites such as Reddit and Hacker News shortly thereafter.
Some users voiced concerned about the integration of Google Analytics in Firefox (on this one page), stating that a browser that advertises with being privacy-focused should not do that.
Mozilla employees provided detailed information on the implementation on various sites, including on GitHub where a issue was raised by a concerned user.
According to Mozilla employee Matthew Riley MacPherson, known as tofumatt on GitHub, about:addons loads an iFrame with content hosted on a Mozilla website which contains the Google Analytics script.
Mozilla has a special agreement with Google which means that the data is aggregated and anonymised. Another Mozilla employee, who goes by the handle potch, added on Hacker News that Mozilla negotiated a special deal with Google that only a "subset of data" is collected, and that the "data is only used for statistical purposes".
When asked why Mozilla was not using self-hosted analytics scripts like Piwik, Matthew replied that hosting their own analytics product -- Piwik in particular -- was more work for "a worse product".
Matthew suggested to disable the tracking for users who have opted out of Telemetry tracking in the Firefox browser. This has not been implemented yet, and it is unclear whether this is going to happen.
Ultimately, this seems to be Mozilla's stance on the issue right now according to Matthew:
We won't be discontinuing our usage of analytics for our web properties, but I do think it would be nice to consider easy opt-outs for users like yourself who clearly do not want to participate in analytics sharing.
The maker of uBlock Origin posted an interesting observation in the thread as well. The legacy version of uBlock Origin can block the requests on internal Firefox pages, while the WebExtension version cannot.
Legacy uBlock Origin can block the network request to GA.
However webext-hybrid uBO as per Network pane in dev tools does not block it. Same for pure webext Ghostery, the network request to GA was not blocked, again as per Network pane in dev tools.
What is concerning is that both uBO webext-hybrid and Ghostery report the network request to GA as being blocked, while it is really not as per Network pane in dev tools. It's as if the order to block/redirect the network request was silently ignored by the webRequest API, and this causes webext-based blockers to incorrectly and misleadingly report to users what is really happening internally, GA was not really blocked on about:addons, but there is no way for the webext blockers to know this and report properly to users.
The Tor browser developers, a browser that is a modified version of Firefox for added security and privacy, have voiced concerns as well.
Disallow 'about:addons' unless the extensions directory is volatile, because regardless of what Mozilla PR says about respecting privacy, loading Google Analytics in a page that gets loaded as an IFRAME as part of an 'about:' internal page, is anything but.
Tip: Firefox users who don't use Get Add-ons can disable the functionality in the following way:
Read also: Firefox: copy multiple text bits at once
See how to block automatic connections that Firefox makes for additional information, or the list of Firefox security and privacy preferences.
It is clear that there are multiple points of view on the issue at hand:
My personal stance on the matter is that I think it is unwise to integrate anything that connects back to Google in the Firefox browser. Unwise because it torpedos Mozilla's stance on privacy in the eyes of some Firefox users.
Now You: What's your take on this?
Summary
Article Name
Privacy blunder? Firefox's Get Add-ons page uses Google Analytics
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Mozilla Firefox connects to Google Analytics on the browser's internal Get Add-ons page. Some users see this is a privacy violation.
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Martin Brinkmann
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Ghacks Technology News
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Here’s How Entrepreneurs Are Making Cryptocurrency Mainstream And Starting A Revolution – Inc.com
Posted: at 6:50 am
Less than a year ago the average human did not know what Cryptocurrency was. The market was limited mostly to a techy crowd of developers and very early adopters, considering Bitcoin was the only major currency on the block back then. But thanks to a number of really smart entrepreneurs, rising prices, and a powerful community, everything is changing and crypto is going mainstream.
Ethereum, Stratis, Sia, AntShares/NEO, TenX and others are leading the charge of the technological revolution that is blockchain. Cryptocurrency based crowdfunding know as Initial Coin Offerings (ICOs) are also a major player in the revolution. Blockchain startups like TenX have raised $80 million dollars in a matter of literal minutes to solve a big challenge for Cryptocurrency holders, actually spending the currency in the real world.
Entire governments like China are considering utilizing a national digital currency. Even the President of Russia, Vladimir Putin, met with the founder of Ethereum, Vitalik Buterin. All of this good press and positive outlook has caused many billions of dollars to be added to the market in the last 7 months.
The excitement about the Cryptocurrency market has attracted a lot of entrepreneurs that are looking to disrupt big industries through Blockchain technology.
I think of Blockchain disruption as creating disrupters to the disrupters. This new wave of Blockchain startups, such as Sia, are looking to disrupt companies like Dropbox and Amazon AWS. If they are even remotely successful we are looking at many 10s if not 100s of billions of dollars being added to the overall Cryptocurrency market as they continue to grow.
Another example of entrepreneurship at its finest is TenX. They are literally solving the biggest spending issue in Cryptocurrency, actually making the tokens spendable in the real world. They are using debit/credit cards that physically store Cryptocurrency then instantly convert them into Fiat (USD, EUR, YEN, etc.)
Stratis is considered a sleeper Cryptocurrency because of its relative low price compared to its technological advancement. It's a BaaS (Blockchain as a Service) platform that aims to provide enterprise level Blockchains and services to companies like Microsoft. AntShares/NEO is also considered a sleeper Cryptocurrency by many.
Entrepreneurs are making Cryptocurrency mainstream by solving problems ranging from making Cryptocurrency spendable in the real world all the way up to disrupting the largest companies on the planet and offering Blockchain services to the Microsoft's of the world.
The Cryptocurrency market can seem volatile compared to traditional markets. There is more up and down movement, but the general trend line is a strong uptrend. A lot of people believe Ethereum alone will be worth $1,000+ a token in the next year or two. That will drive the prices of many other currency up a lot.
Bitcoin, the oldest of popular Cryptocurrencies and current market leader in terms of market cap but not technology, is facing a potential split on or around August 1st. There are a number of possible scenarios, including breaking Bitcoin into two separate coins. This could cause what is referred to as The Flippening to occur and for Ethereum to rapidly gain in price and for Bitcoin to fall off it's 1st place market share.
If (and most likely when) this event does happen, Ethereum could be more of the market indicator than Bitcoin currently is. Meaning, if Ethereum goes up everything else tends to go up which is moreso the case for Bitcoin recently as it tends to control the market.
The market as a whole though has shown particularly strong in recent weeks. Ethereum was worth as much as $420 a token and as little as the $180 range in the last few weeks. But, the strength of the market really shined when the $180 "drop" happened and it quickly re-tested $200 multiple times and showed that $200 was the current floor price. This creates a sense of security in the market and helps people believe in it more long term when they see these quick rebounds from "drops" in price.
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Here's How Entrepreneurs Are Making Cryptocurrency Mainstream And Starting A Revolution - Inc.com
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Bitfinex Cryptocurrency Exchange Adds Santiment’s SAN Tokens for Trading – Finance Magnates
Posted: at 6:50 am
Hong Kong based cryptocurrency exchange Bitfinex has added support for tradingSantiments token SAN against BTC, ETH, and USD. This comes very soon after thecrypto-market information networkraised over $10 million in a crowdfund.
Learn how to buy Bitcoin and Ethereum safely with our simple guide!
Santiment founder Maksim Balashevich said: Santiment is delighted to be trading on Bitfinex, the largest digital asset exchange. The launch of SAN trading marks a significant milestone in achieving Santiments mission to build the future datafeeds for the crypto-markets.
Bloomberg and Thomson Reuters serve a critical role in traditional financial markets but the cryptocurrency and blockchain space has lacked a viable counterpart. As Santiment begins trading on Bitfinex, with strong support from the community and Cofound.it behind us, we are perfectly positioned to be the financial market data and content platform of choice for the crypto market.
The developers say that data vending channels, including Bitfinex, eToro, and Bittrex, and asset management platforms like ICONOMI and Melonport, will also benefit from Santiments data solutions.
Bitfinex CSO Phil Potter: Santiments impressive development and partnerships as well as its highly successful crowdsale highlights the companys dedication to innovation and growing the cryptocurrency trading space with unprecedented data access. Bitfinex is proud to partner with Santiment and support our mutual goal to mature and grow faster the nascent crypto data industry.
Bitfinex will also enable margin trading for SAN pairs whenthe order book develops appropriate liquidity, letting users trade with leverage via funding from the peer-to-peer margin funding platform.
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Chamber Of Digital Commerce Implores FASB To Examine GAAP Standards For Cryptocurrency – ETHNews
Posted: at 6:50 am
News cryptocurrencies and tokens
In early June, the Chamber of Digital Commerce submitted a letter to request that the Financial Accounting Standards Board (FASB) consider a project to address digital currencies. The FASB will conduct preliminary research and discuss digital currency at a public board meeting.
The Financial Accounting Standards Board (FASB) will perform pre-agenda research on accounting standards for digital currency, and plans to discuss the topic at a public board meeting, on a date to be announced.Based on the presented research, the Board will decide whether to add digital currency accounting to its technical agenda and create an official project. The open meeting will be available on the FASBs YouTube channel.
The FASB is the primary organization that establishes and improves generally accepted accounting principles (GAAP) in the United States. The private, non-profit organizations input on digital currency accounting standards could help shape cryptocurrencys nebulous regulatory environment.
In early June, the Chamber of Digital Commerce petitioned the FASB, appealing for a project to address the accounting for digital currencies. Perianne Boring, president of the Chamber of Digital Commerce, authored the letter.
There is currently no authoritative literature under accounting principles generally accepted in the United States (U.S. GAAP), which specifically addresses the accounting for digital assets, including digital currencies. Although use and acceptance of digital currencies as a method of payment are not yet widespread, the increasing volume of transactions using digital currencies indicates the current need to develop accounting guidance addressing the recognition, measurement, presentation, and disclosure of digital currencies and related transactions.
Boring notedfour potential methods for cryptocurrency accounting: Accounting Standards Codification (ASC) 305 Cash and Cash Equivalents, ASC 825 Financial Instruments, ASC 350 Intangibles Goodwill and Other, and ASC 330 Inventory. For a myriad of reasons, she explainedthat digital currency does not fit neatly into any one of these existing classifications. Instead, Boring suggestedthe creation of a new-subtopic altogether.
Digital currencies are unique and unlike any other asset currently addressed in U.S. GAAP. Developing a new sub-topic would allow the standard setter to provide guidance that best represents the economic characteristics of digital currencies.
Authoritative accounting guidance should promote greater investor confidence as well as cryptocurrency research & development. At present, the FASB is also assessing whether to overhaul accounting standards for intangible assets. Its possible that cryptocurrency could receive some attention under this consideration.
For now, the Chamber of Digital Commerce has highlighted a mission critical issue while continuing to raise awareness about blockchain technology.
Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles.
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Chamber Of Digital Commerce Implores FASB To Examine GAAP Standards For Cryptocurrency - ETHNews
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What is Bitcoin? Everything you need to know – Telegraph.co.uk
Posted: at 6:50 am
The most recent candidate was Craig Wright, a former Australian academic, who claimed to be the bitcoin inventor. Wright wrote blog posts and gave interviews to Wired, BBC and the Economist in 2015 and 2016 saying he was behind bitcoin.
After failing to provide unquestionable proof, Wright posted an apology message that said: "I believed that I could put the years of anonymity and hiding behind me. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot."
There are asmany as 5.8 million users that have cryptocurrency wallets, according to research from the University of Cambridge, the majority of whom use bitcoin.
Bitcoin is has a range of uses, including funding companies, investing cash and transferring money without fees. It is commonly associated with criminal activity such as drug dealing, cyber crime and money laundering, since it can be near-impossible to tie a bitcoin wallet to any one individual.
Bitcoin can be spent online and at select retailers in the UK. They include CEX stores, Dell's website, Your Sushi restaurants, and some pubs. A full list of online and offline businesses that accept bitcoin is available here.They can also be withdrawn at a couple of dozen bitcoinATMs, which can be found here.
Others simply hold their bitcoins, hoping they will accumulate in value and prove to be a lucrative investment. Itsprice is notoriously volatile, and early investors are now sitting on massive gains.
The price of a bitcoin has jumped up and down since it first entered the mainstream consciousness in 2013. That year prices rose by almost 10,000 per cent before the collapse of Mt Gox, the biggest online bitcoin exchange, sent it crashing.
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What is Bitcoin? Everything you need to know - Telegraph.co.uk
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Morgan Stanley thinks bitcoin is nothing more than a poster child for … – MarketWatch
Posted: at 6:50 am
Bitcoin may be the reigning prima donna of the crypto market, but at least one big Wall Street bank is not impressed.
A team of Morgan Stanley analysts led by James Faucette on Wednesday held up bitcoin BTCUSD, -0.19% as a poster child for speculation while downplaying its potential as a legitimate currency.
In a scathing report, the analysts noted that the number of online merchants accepting bitcoin has dropped to just three, from five a year earlier. During the same period, the value of the cryptocurrency has soared more than 250%.
The disparity between virtually no merchant acceptance and bitcoins rapid appreciation is striking, Faucette wrote.
He blamed the lack of bitcoins appeal for retailers on hoarding by investors given its rapid appreciation, as well as higher costs and slow transaction times.
But ironically, the main culprit may be its own skyrocketing worth.
The ecosystem has focused more on value speculation rather than the foot-leather-eating work of increasing acceptance way easier to trade speculatively than convince new merchants to accept the cryptocurrency, said Faucette.
Read: How big is bitcoin, really? This chart puts it all in perspective
In June, Morgan Stanley had warned that for digital currencies to join the ranks of other traditional investment tools, they must accept government oversight, although it did not articulate what that would entail.
Meanwhile, until those regulations are introduced, the debate over whether bitcoin is just another form of Monopoly money or a bona fide currency is likely to continue without a definitive conclusion.
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Morgan Stanley thinks bitcoin is nothing more than a poster child for ... - MarketWatch
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