The Week In Bitcoin — Issue #95: ‘Double GST’ Being Removed In Australia, Ethereum Continues To 🚀 And Other News From The Week

Having worked for many years on this, it’s great to finally see the Australian Government announce a date for the removal of ‘double GST’ on digital currency transactions. According to the budget announcement, ‘double GST’ will be removed effective 1/7/2017 🎉🎊

However, it’s worth noting, we’re yet to see an exposure draft of the legislative changes 😮

Eth continues to climb in value 🚀🌙. This raises some interesting questions about what it might mean for the project.

Also, bitcoin isn’t causing malware 🙄 It’s just a convenient way for hackers to get paid 😂

Also, check out’s latest product (forgot to add it to last week’s newsletter — oops 🙄). Not sure what I think of it yet 🤔

— Alan Tsen, @alantsen 👊💯

Ps. If you like what I’m doing here please feel free to share it on your favourite social media network. Also, it’d be great if you forwarded this newsletter to a friend you think might enjoy it.


Let’s Grab 🍻 At Consensus 2017

This year I’ll be joining the Australian delegation to Consensus 2017.

So if you’re attending the conference or are located in NYC let’s grab a 🍻 🍸🍷 and talk chains (and other stuff)!

To tee something up just reply to this email and I’ll drop it into my diary. I’m really looking forward to catching up with some of my awesome readers while I’m in NYC!

Also, keep an eye out for some Consensus specific content next week 👀. Don’t forget to follow me on the Twitters as I’m planning to Periscope some of the chats I’ll be having in around the conference 🎥

News This Week

Australian Budget Announcement: Removal Of ‘Double GST’ On Digital Currency

This is the budget announcement from the Australian treasury in the removal of the double GST on digita currency which will come into effect 1/7/2017 in Australia.

What does $100 Ether Mean? 
 Today, Ether hit $100. I’m sure by the time you’re reading this it will be in The Guardian and the New York Times as a curiosity piece. Our market cap will approach ten billion dollars. By all and…

Why Bitcoin Is Not The Root Cause of Ransomware 
 Ransomware has been around for a while — turns out it’s about twenty years older than Bitcoin — but it’s been in the news again recently.

21 launches Lists, For Bitcoin Powered ‘Microconsulting’ CEO Balaji Srinivasan recently announced Lists, a new service designed to allow individuals to make money online. “Lists are curated groups of members who share a common profession, skill, or social network,” Srinivasan explains. Users who join a list receive a stream of list-specific tasks to earn money or fund charities.

Hedge Fund Scandals & How Smart Contracts Could Help Prevent Them: Part 1 — Ponzi Schemes 
 In a world defined by its interconnectedness, any mistakes or malevolent activity taking place in the trillion dollar asset management industry will cause ripples of consequence across continents and…

ICOs Are Changing The Way VCs Deal With Startups

Gone is the time when investing in a bitcoin company was enough to make you cool. Now, the really hip kids are into initial coin offerings, or ICOs, sales of cryptographically scarce data that offer the promise to raise millions of dollars in minutes, often with little more than a white paper and pictures of their technical team. In the first five months of this year alone, $136m has been raised in 37 token sales, according to ICO data firm Smith + Crown.

Why The Bitcoin Dominance Index Is Deceiving 
 While the scaling debate has been going on for years, more recently, there’s been a lot of complaining and speculation about how Bitcoin will soon lose supremacy as the largest coin and how other…

Ethereum’s Big Switch: The New Roadmap To Proof-Of-Stake 
 After years of development, ethereum has a new plan to update the algorithm that keeps its entire network in sync. Vitalik Buterin, ethereum’s creator, recently released a rough implementation guide that reveals the network’s developers will first start with a ‘hybrid’ system that merges bitcoin-style proof-of-work mining with its much-anticipated and still-experimental proof-of-stake system called Casper, created by Buterin.

The Blockchain Immutability Myth 
 If you ask someone well-informed about the characteristics of blockchains, the word “immutable” will invariably appear in the response. In plain English, this word is used to denote something which can never be modified or changed.

Ready For Take-off: Blockchain Adoption In Financial Services 
 No technology has captured the public’s imagination over the past couple of years more than blockchain. The technology entered full hype-cycle in but has begun to climb the ‘slope of engagement’ with real progress in 2017. What is the current state of blockchain adoption and what does this promise for the future?