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Cryptocurrency Round-Up: Australian Bitcoin Inquiry and Rand Paul Donation

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Most major cryptocurrencies have once again suffered from a market-wide downturn.(IBTimes UK)

Bitcoin and other cryptocurrency markets have taken another tumble following a few days of relative stability, with dogecoin the worst affected by the downturn with a price dive of over 15% since yesterday.

Across all markets, one of the biggest gains came from Isracoin, the unofficial cryptocurrency of Israel. A second airdrop to Israeli citizens is currently underway, which has pushed Isracoin's price up by 35% over the last 24 hours.

Inquiry into Australian bitcoin taxation

An inquiry into the definition of cryptocurrencies like bitcoin under Australian taxation laws has been called for by chairman of the Australian Digital Currency Commerce Association (ADCCA), Ronald Tucker.

In August 2014 the Australian government classified bitcoin as a non-monetary entity as a result of concerns it could be used to assist tax avoidance.

"I am pleased the inquiry announced today will look at tax treatment issues, which I hope will lead to a correction of the current interpretation of bitcoin as a taxable supply," Tucker said in a statement.

"ADCCA recognises the need to bring digital currencies under the auspices of appropriate regulatory bodies to ensure the highest standards of consumer protection and safeguard national security."

BitPAC to donate to politicians

Eight US Congress members, including Rand Paul, Chuck Schumer, and Paul Ryan, are to receive $250 in bitcoin donations as part of a new initiative to spread political awareness of the cryptocurrency.

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Cryptocurrency Round-Up: Australian Bitcoin Inquiry and Rand Paul Donation

Reddit gets $50m funding, plans new cryptocurrency to share the wealth

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Self-styled front page of the Internet site Reddit.com is flush with case all of a sudden, after confirimg a new $50 million funding round. Its a bucket-load of cash to be sure, but whats more interesting is that the site is promising as much as 10 percent of the amount will be shared with community members through the creation of a new cryptocurrency.

Reddit users do deserve a share of the spoils, for theyve helped make the site the huge success it is today. One thing its particularly good at is spotting Internet trends and news long before the mainstream media does, and of course its a great place to find things like stolen nude celebrity photos or hunt for terrorists.

Reddit CEO Yishan Wong wrote in a blog post that the investors have agreed to hand over 10 percent of their shares to community members, as part of the terms of the deal. However, it seems Reddit doesnt know exactly how its proposed cryptocurrency will work just yet. It could be that the cryptocurrency is used as a kind of ownership token of shares in the site a concept thats been proposed by several crypto 2.0 projects in the past.

Nor is Reddit the only company to announce a plan like this Overstock.com made a similar announcement last July.

Wong attempted to clarify things on the r/blog subreddit, saying that the idea is to create a special-purpose cryptocurrency backed by the values of shared created by this funding round. We are thinking about creating a cryptocurrency and making it exchangeable (backed) by those shares of reddit, and then distributing the currency to the community, wrote Wong. The investors have explicitly agreed to this in their investment terms.

Given the potential benefits for site users, Wong feels the idea is worth trying, although he warns that Reddit is currently just exploring the idea. CAVEAT: KEEP IN MIND THAT THIS PLAN COULD TOTALLY FAIL, he added in a later post.

As for the rest of the money, Reddit plans on using it to bolster its production development staff and community management teams, and to increase its mobile presence. Just this month, Reddit launched an official mobile app for its popular Ask Me Anything sessions, so we can expect to see more developments in this area.

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Reddit gets $50m funding, plans new cryptocurrency to share the wealth

Reddit is planning its own cryptocurrency to give users part ownership of the site

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It seems like theres a cryptocurrency for everything these days, so why not Reddit? The social news site, which calls itself the front page of the internet, has just raised $50 million in venture capital based on a total valuation of $500 million. Reddit CEO Yishan Wong says that 10% of that money is earmarked for the Reddit community itself. As for how to distribute the shares, Reddit is looking at creating its own cryptocurrency similar to Bitcoin, but hopefully more long-lived than Coinye.

With existing cryptocurrencies, users can mine more units of the currency by running increasingly difficult computations on computer hardware. This proof of work entitles them to a certain share of new coins when they are created. In some cases, this computation also works to keep the transaction records in sync so coins cant be spent more than once. Reddits cryptocurrency, however, will be backed by the allocated shares of Reddit.

If this plan is actually put into action, each share would presumably be sliced up into smaller pieces represented by a snippet of code handed out to members of the community. It is unclear how it would be distributed the Reddit user base is vast and many people have multiple accounts. Whoever is granted their own sliver of Reddit could use that Redditcoin however they like sell it, trade it, give it away, or hide it and watch as it appreciates in value.

There are still plenty of legal and logistical challenges standing in the way of making Redditcoins a reality. Its possible the idea will fall apart, but investors did agree to the plan in theory when handing their money over to Reddit. If this doesnt work, Reddit will find another way to give shares of Reddit to the community.If it works, they would be crazy not to call it Reddit Gold, which is the optional premium version of Reddit.

Now read:The best porn and gore of Reddit

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Reddit is planning its own cryptocurrency to give users part ownership of the site

US top cop decries encryption, demands backdoors

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US Attorney General Eric Holder

Attorney General Eric Holder, the US top law enforcement official, said it is "worrisome" that tech companies are providing default encryption on consumer electronics. Locking the authorities out of being able to physically access the contents of devices puts children at risk, he said.

Holder's remarks, while he did not mention any particular company by name, come two weeks after Apple announced its new iPhone 6 models would be equipped with data encryption that prevents authorities from accessing the contents of the phone. At the same time, Google said its upcoming Android operating system will also have default encryption.

The encryption decision by two of the world's biggest names in tech is a bid to gain the trust of customers in the wake of the Edward Snowden surveillance revelations.

Holder said he wants a backdoor to defeat encryption. He urged the tech sector "to work with us to ensure that law enforcement retains the ability, with court-authorization, to lawfully obtain information in the course of an investigation, such as catching kidnappers and sexual predators."

Recent technological advances have the potential to greatly embolden online criminals, providing new methods for abusers to avoid detection. In some cases, perpetrators are using cloud storage to cheaply and easily store tens of thousands of images and videos outside of any home or businessand to access those files from anywhere in the world. Many take advantage of encryption and anonymizing technology to conceal contraband materials and disguise their locations.

The attorney generalwho plansto step down from the position he has held for six years as soon as a successor takes officeis the highest-ranking member of the President Barack Obama administration to assail encryption in the wake of the Apple and Google announcements.

James Comey, the Federal Bureau of Investigation director, last week said he was concerned aboutthe marketing of smart phones that can't be physically searched by law enforcement.

"What concerns me about this is companies marketing something expressly to allow people to place themselves beyond the law," Comey said. He said the bureau has reached out to Apple and Google "to understand what they're thinking and why they think it makes sense."

It seems that the law is on the tech sector's side, however.

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US top cop decries encryption, demands backdoors

Red Hat to move away from Linux brand dependence

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While Linux remains US open source technology provider Red Hat's leading solution, the company aims to move away from being associated solely as a provider of the operating system.

"Linux remains our flagship product. But many people still see us simply as a Linux vendor, although we're much more than that. Today we stand as an end-to-end player of technology products and services based on open source," Paulo Bonucci, Red Hat VP for Latin America, told BNamericas.

Bonucci has been head of Red Hat operations in Latin America for the past 12 months. During this period, he has been working to boost awareness of Red Hat across the region and one of the ways of doing so was through the Red Hat Forums.

The forums consist of roadshow conferences to promote the company's solutions with clients and partners in key Red Hat LatAm markets, but also to discuss business strategies and technology trends.

The 2014 Brazilian edition of the event took place last week in So Paulo, after editions in Santiago and Buenos Aires.

FROM SOFTWARE TO CLOUD

Currently a leader in the open source software segment for enterprises, Red Hat also aims to become a significant corporate cloud player, through the offer of the OpenShift open hybrid platform-as-a-service (PaaS) and, principally, the open source infrastructure-as-a-service (IaaS) OpenStack.

"With OpenStack, we have a positioning infrastructure for those who want to operate in cloud structures," Bonucci said.

Red Hat is not alone in this venture. In early September, the company announced with Cisco an integrated infrastructure for cloud deployments based on OpenStack. Previosuly, Red Hat did the same for the telecom segment with Nokia.

In Latin America, Bonucci sees Brazil and Argentina "one step ahead" of others in the implementation of open source cloud applications, followed by Chile and some Caribbean islands. Mexico, in turn, has been "more conservative than other regions regarding the adoption of these new technologies," he said.

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Red Hat to move away from Linux brand dependence

Julian Assange: I’m not unwell, but Google is sleeping with the NSA

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JULIAN ASSANGE has complained that he is under constant surveillance and the victim of smears and falsehoods.

Although Assange has been living in a room for over a year now, this week he ventured out as a hologram to appear at an event and spoke out about his stay at the Ecuadorian embassy in London. It seems that living in a room at a foreign embassy is not the high life that Google chairman Eric Schmidt wants us to believe.

According to report at CBC News, Assange claims that Google is in bed with the US government and is just as snooptastic as its buddy.

He claimed that Eric Schmidt met with him a couple of years ago and took along a girlfriend of his. That girlfriend, he claims, set about creating a dossier on Assange and his whistleblowing and began sharing it with the US authorities. It is all in the book that he has coming out.

"What we do know is that the information collected as a result of the interview, very quickly, some parts of it, went to the US State Department, to the top of the US State department," he said.

"She doesn't formally work for the US State Department, she has no formal role in being the back channel for the US State Department, but of course, within the State Department, they had known about this visit. This got me very interested in how was it that the chairman of Google was literally in bed in a way with the US State Department."

Assange added that Google and the NSA have been cosy since 2002 and that if that agency says "jump", Google jumps.

"This close connection between Google's business activities, its business model, which it can't get away from, and the US government, created an opportunity for the NSA to stick its fangs into everything that Google was collecting," he added.

Assange, who we should remember does not get out much, claimed to be the picture of health, despite reports or rumours to the contrary.

"I'm pretty hard to kill. And I come from a very long-lived family line," he said.

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