Cryptocurrency Archives

Dogecoin’s Australian co-founder let rip on cryptocurrency as an ‘inherently right-wing… get rich quick’ scam for billionaires

Simon Thomsen - July 15, 2021 3 MIN READ

Dogecoin’s Australian co-inventor, Jackson Palmer, has made a rare foray into public debate about the worth of cryptocurrencies, condemning them a cult-like get rich quick scheme for billionaires taking advantage of “the financially desperate and naive”. In a 10-tweet thread, Palmer, whose Twitter account is normally silent, lambasted cryptocurrencies as “almost purpose built to make… Read more »

Advice

Cryptocurrency 101, Part III: How to spend it

Casey Tonkin, Information Age - July 2, 2021 6 MIN READ

The world of cryptocurrency is weird and complicated. In this four-part series, we look at the history of crypto, how you can get your hands on some, what you can do with it, and the Australian innovators looking to capitalise on this emerging technology. Part III: Throughout this series (Part I and Part II), we’ve learned about… Read more »

Advice

Investing in cryptocurrencies is a taxation minefield: here’s what you need to know

Davide Costanzo - July 1, 2021 3 MIN READ

The last few weeks have highlighted the volatility of the cryptocurrency market. We live in a world where a few tweets affect values which is pretty worrying for your average investors. At the same time, keeping abreast of the tax issues associated with cryptocurrency is now as challenging as ever. Within Australian tax legislation, there… Read more »

Cryptocurrency

A teenager and his brother have pulled off a $5 billion cryptocurrency scam

Casey Tonkin, Information Age - June 24, 2021 2 MIN READ

Two young brothers behind South African cryptocurrency investment firm Africrypt have disappeared with an estimated $5 billion worth of investors’ money in what could be the largest ever cryptocurrency scam. Raees and Ameer Cajee – 21 and 18-years-old respectively – founded Africrypt in 2019 and promised customers significant returns on investment, reportedly as high as… Read more »

Advice

Cryptocurrency 101, Part II: How to buy and store it safely

Casey Tonkin, Information Age - June 18, 2021 5 MIN READ

The world of cryptocurrency is weird and complicated. In this four-part series, Casey Tonkin looks at the history of crypto, how you can get your hands on some, what you can do with it, and the Australian innovators looking to capitalise on this emerging technology. Part II: Now that you know a bit about bitcoin, its history,… Read more »

Advice

Cryptocurrency 101: the history of bitcoin

Casey Tonkin, Information Age - June 11, 2021 6 MIN READ

The world of cryptocurrency is weird and complicated. In this four-part series, we look at the history of crypto, how you can get your hands on some, what you can do with it, and the Australian innovators looking to capitalise on this emerging technology. Part I: Well, it looks like an historic cryptocurrency bull run is over.… Read more »

Cryptocurrency

China and Elon Musk combine to smash cryptocurrencies

Casey Tonkin, Information Age - May 20, 2021 3 MIN READ

Billions of dollars have fled the cryptocurrency market as an historic bitcoin bull run appears to be over. Fresh from an all-time high price of $83,000 per bitcoin in mid-April, the cryptocurrency held its price in the mid $70,000s for much of May before a dramatic 30% fall in the past week. As of Thursday… Read more »

Cryptocurrency

Bitcoin’s dirty secret: Elon Musk’s change of heart is a warning to cryptocurrencies to clean up their carbon footprint

John Hawkins - May 18, 2021 4 MIN READ

Over the weekend, Tesla chief executive Elon Musk suggested his company could sell off its Bitcoin holdings, sending the cryptocurrency plummeting. It followed Musk’s announcement earlier this month that his company would no longer accept Bitcoin in payment for its electric cars, due to the fossil fuels needed to create the digital currency. Bitcoin is… Read more »

Cryptocurrency

BitTorrent’s inventor has created a new, greener cryptocurrency, Chia, that could push up the cost of hard drives

Mohiuddin Ahmed - May 5, 2021 3 MIN READ

It has been a big year for cryptocurrency. Bitcoin is worth six times what it was 12 months ago, and the joke currency Dogecoin has seen a hundredfold increase in price. A boom in “non-fungible tokens”, or NFTs – tradable tokens based on the same technology as cryptocurrency – is transforming the art market. With… Read more »

Cryptocurrency

Reinventure’s bet on Coinbase returns $546 million, boosting Westpac’s bottom line by $288m

Simon Thomsen - April 28, 2021 2 MIN READ

January 2015 was an interesting time for bitcoin and Westpac’s fintech venture capital fund, Reinventure. Simon Cant and Danny Gilligan, co-founded the VC with Westpac the year before. Bitcoin kicked off the year at around US$300, before crashing to $170 within a fortnight. The cryptocurrency would climb to $465 before the year was out and… Read more »

Cryptocurrency

Howling at the moon: Dogecoin backers inhale 420 masterplan

Simon Thomsen - April 21, 2021 2 MIN READ

Joke cryptocurrency Dogecoin (pronounced dodgy-coin by some sceptics), which has spawned a metaverse of additional puns during a 400% rise in value over the past week has finally come off the boil after hitting its 420 punchline in trade overnight. Social media users dubbed April 20 as #DogeDay, riffing on the drug subculture reference to… Read more »

Cryptocurrency

Dogecoin explodes!

Simon Thomsen - April 16, 2021 < 1 MIN READ

Meme joke cryptocurrency Dogecoin more than doubled in price in the last 24 hours, briefly hitting a high of US28c today, and currently sits around 80% up for the day Elon Musk’s favourite Twitter shout out has climbed nearly 300% for the week, putting it into the top 10 cryptocurrencies by market capitalisation for the… Read more »

Cryptocurrency

Cryptocurrencies are hitting record highs ahead of Coinbase going public

Simon Thomsen - April 14, 2021 2 MIN READ

Bitcoin and other cryptocurrencies have gone on a tear this afternoon, surging to record highs ahead of the direct listing of US crypto exchange Coinbase on the Nasdaq tonight. The listing is also good news for Westpac and its investment fund, Reinventure, which dropped $50 million investment in Coinbase back in 2015 and could be… Read more »

Cryptocurrency

How a simple Apple App Store scam stole $1.3 million worth of bitcoin from one cryptocurrency investor

Casey Tonkin, Information Age - April 7, 2021 2 MIN READ

A man lost 17.1 bitcoin – worth $1.3 million today – in an Apple app store scam that serves as a warning to people wanting to track their cryptocurrency on smart phones. Over the course of a few years, Phillipe Christodoulou banked up the bitcoin, watching as its value started to climb last year, according the Washington Post.… Read more »

Cryptocurrency

Thanks to Bitcoin, I stand to make $200 million more than Elon Musk in 2021

John Hawkins - March 5, 2021 4 MIN READ

Elon Musk, the chief executive of Tesla, recently announced his company had bought US$1.5 billion (almost A$2 billion) of Bitcoin. The announcement led to a flurry of enthusiasm and a quick surge in price for the controversial cryptocurrency. This price bump has been good news for Musk in the short term. At one point, Tesla’s… Read more »

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