Cryptoliteracy

12/05/2022

Take care, folks.

Stablecoins are de-pegged at present.

After the issues with Luna and UST, we have just seen USDT (Tether) temporarily de-peg (currently sitting at $0.96) and USDC jump to $1.10.

Markets are incredibly volatile right now.

BTC has dipped below $27,000 for the first time since December 2020.

If you have leveraged positions, be very careful.

Volatility is normal in these types of markets, so remember to never invest, exchange, or trade with anything that you cannot afford to lose.

24/03/2022

Big news from Blockchain Week 2022!

ANZ Bank has become the first in the world to mint a bank issued stablecoin.

Pegged to the AUD, the coin is being piloted on the Ethereum network as an ERC-20 token.

Absolutely huge news, and it's happening right here in Australia.

13/02/2022

The raft of NFTs being created for so many different things these days raises many questions about copyright and how it applies to NFTs.

The running joke about right-click and save as for NFT avatars and other images is an obvious starting point.

Well, with the incoming wave of litigation on this front, things are about to become a lot clearer.

13/02/2022

The SEC has published a proposal to amend alternative trading systems regulation, followed fast-behind by an exacting dissent from Commissioner Hester Pierce.

The proposed change would expand the scope of what constitutes a securities exchange and aims to address misconduct and promote transparency in the securities based swap markets.

DeFi is clearly in the sights of the SEC.

The SEC has published a proposal to amend alternative trading systems regulation, followed fast-behind by an exacting dissent from Commissioner Hester Pierce. The proposed change would expand the scope of what constitutes a securities exchange and aims to address misconduct and promote transparency....

25/01/2022

Over the last few months, we at Cryptoliteracy have been running a specialised course for tax professionals to help them navigate the world of crypto, particularly so they can assist you, their clients, when it comes to dealing with tax on crypto.


As part of the course, we heard from ATO Assistant Commissioner Adam O'Grady.


Here's a short clip from the Q&A session regarding one of the hot topics at the moment: rebase tokens.


If you want to be part of our future crypto courses, let us know in the comments!

06/12/2021

This has just come in:

Melbourne exchange myCryptoWallet has gone into liquidation.

If you are affected, please get in touch with the liquidators as soon as possible.

Link in comments.

26/11/2021

𝐇𝐚𝐯𝐞 𝐲𝐨𝐮 𝐞𝐯𝐞𝐫 𝐡𝐚𝐝 𝐚 𝐜𝐥𝐢𝐞𝐧𝐭 𝐦𝐞𝐞𝐭𝐢𝐧𝐠 𝐢𝐧𝐯𝐨𝐥𝐯𝐢𝐧𝐠 𝐜𝐫𝐲𝐩𝐭𝐨 𝐚𝐧𝐝 𝐰𝐚𝐥𝐤𝐞𝐝 𝐚𝐰𝐚𝐲 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮𝐫 𝐞𝐲𝐞𝐬 𝐠𝐥𝐚𝐳𝐞𝐝 𝐨𝐯𝐞𝐫 𝐚𝐧𝐝 𝐧𝐨 𝐢𝐝𝐞𝐚 𝐰𝐡𝐚𝐭 𝐭𝐡𝐞𝐲 𝐣𝐮𝐬𝐭 𝐬𝐚𝐢𝐝 𝐭𝐨 𝐲𝐨𝐮?


Join us in our live 4 session Crypto for Tax Professionals course kicking off next Tuesday, November 30, so you never have to go through that ever again!


Inside the course, you'll learn about:

• the rapidly expanding array of crypto assets out there that your clients are jumping into without ever speaking to you (including basics like the differences between a coin versus a token and all the other variations),

• how you can get ahead of the potential mess your clients might create for you and themselves,

• and how to assess and treat their crypto activities for tax purposes.


We will be exploring concepts like mining, staking, crowdloans, yield farming, smart contracts, decentralised finance (DeFi), NFTs, wrapping, investing, trading, personal use assets, scams, rugpulls, and so much more.

You will never be left scratching your head again when a client starts rabbiting on with their crypto-babble.

So you can hit the ground running, we'll take a look under the hood of some of the different software packages out there your clients might be using, and talk about which are the best for you.

Nothing beats practical application, so throughout the course you will get to review some case studies, and we have a special guest lined up for you as well.

The link to this one time only offer is below the video 👇

I can't wait to see you and your colleagues there!

24/11/2021

We have seen banks completely backflip on crypto, and now we are seeing major Super Funds dipping their toe into this brave new world.

If you haven't had any dealings with crypto assets of any kind, then you're probably going to have some indirect involvement through your superannuation or some other link before you know it.

Many people are leveraging their Self Managed Super Fund (SMSF) but there are pitfalls and clauses that you need to be aware of before you can do that.

Make sure you understand the benefits and the rules around having crypto in your portfolio, especially when it comes to your Super Fund.

09/11/2021

ℂ𝕆𝕄𝕀ℕ𝔾 𝕊𝕆𝕆ℕ!

Cryptoliteracy will be launching an Academy very soon.

We hope to help people who are trying to find their feet in the crypto space a leg up to get you started the right way.

There is also a specialised course that will be tailored to Australian accountants to help them better serve their clients who are active in the crypto markets.

Pre-register your interest here:

https://cryptoliteracy.com.au/academy

02/11/2021

...and so it begins.

Commonwealth Bank of Australia (CBA) has done an amazing backflip in crypto announcing they will be adding crypto to their app.

Until recently they have been blocking all crypto related transactions and even gone so far as debanking customers for participating in the crypto space.

This is a massive turnaround, and the start of something very big.

If you thought crypto was mainstream, you ain't seen nothin' yet.

Link 👇

01/11/2021

DYOR. Do Your Own Research.

We see it, we hear it... but how many people actually do it?

Over the last few days, the popularity of Squid Game (I still have no idea what that is.... one of these days I'll get to finding out) saw people flocking to a token by the same name that popped up online.

Promising the ability to earn while gaming, the expectation of massive profits from the sheer popularity of the name started to look likely.

As you can see below, the token rapidly gained momentum in the last 24 hours... only there was a catch. You can't sell it.

With the enormous spike, the token went from a starting price of $0.01 and peaked at $2,861.80.

Let's put that in perspective.

If you bought just $10 worth of SQUID early on, at the peak your $10 would have grown to almost $3 MILLION....
...and just 5 minutes later it was worth just 80 cents.

If you want to read more, we will have a complete breakdown available on our website.

Beware the rugpull.