Distributed Digest: Monday, January 21, 2019
TurboTax offers support for cryptocurrency reporting, Gnosis issues an arbitrage challenge for the DutchX trading protocol, and Haven Protocol is still kicking.
Your daily distillation of crypto news for Monday, January 21, 2019:
TurboTax for the Crypto Tax Blues
With tax season upon us, Intuit’s TurboTax (and other tax-preparation software) is a common topic of conversation as folks decide how to best file their taxes. As many know, though, the filing process for US crypto investors is a tad more complicated. Digital currencies are considered property by Uncle Sam and are thus subject to capital gains and losses taxation rules.
To address the difficulty of cryptocurrency reporting (while not losing out to newer crypto-centric tax services), TurboTax has partnered with CryptoTrader.Tax. Customers can now create the necessary crypto tax reports on CryptoTrader.Tax and export them into TurboTax. Customers can also export these reports from the platforms Coinbase, Bitcoin.Tax, BitTaxer, and CoinTracker.
Arbitrage Bots on the DutchX
Gnosis aims to make its DutchX markets more efficient through an arbitrage challenge. DutchX is Gnosis’ decentralized, Dutch auction-based exchange protocol. The company invites traders and arbitrageurs alike to run its DutchX minimal liquidity bots: SellBot and BidBot.
Gnosis asserts that arbitrage opportunities on the DutchX may be worth at least $40 per auction. To gain the most value per auction, participants would need to «effectively clos[e] the entire auction volume marginally above -4%.»
Besides offering what it calls «free money,» Gnosis maintains that all traders on the DutchX would be treated equally, arbitrary decisions and changes would be minimized, and liquidity contributions would be redistributed to traders, among other potential benefits.
Haven Protocol Is Alive
According to recent rustlings on crypto project Haven Protocol’s Discord server, a couple of team members see the project as dead. Core developer havendev, they say, has been absent for weeks, but because havendev is reportedly the only person with access to the project’s code repository, other contributors have been precluded from helping with and reviewing the code.
Havendev has since responded to these Discord posts, mentioning that the protocol’s development «has been ongoing.» The developer said he will prepare the offshore code and deliver it to the Haven team so that new developers can work on the project. «I will continue to help the team where I can,» he noted.
Dani Putney is a full-time writer for ETHNews. He received his bachelor’s degree in English writing from the University of Nevada, Reno, where he also studied journalism and queer theory. In his free time, he writes poetry, plays the piano, and fangirls over fictional characters. He lives with his partner, three dogs, and two cats in the middle of nowhere, Nevada.
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