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Integrating TurboCASH and Bitcoin

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Blockchain explained

Started by Philip Copeman Jun 28. 0 Replies

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Tags: blockchain, bitcoin

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Comment by Philip Copeman on June 29, 2017 at 14:47

I have prepared some links to update you on what TurboCASH is doing with Articial Intelligence and Blockchain. Ignore if these topics don't interest you and join the groups if they do.

1) pricing cryptos

A really interesting article pricing  cryto currencies in terms of each other. There must be saddles in their hundreds out there.

https://blog.timescale.com/analyzing-ethereum-bitcoin-and-1200-cryp...


It would be an interesting exersise to pull the Gitub data and cross check their figures.

2) Using Crytos as a source of Deferred Tax

I am getting push back from the accountants on my idea of using Crytos as a source of  deferred tax.   I have chosen instead to go directly to the authorities. Revenue authorities are perplexed with cryptos, caught like deers in the lights .  I made contact with Revenue in South Africa, Israel, and Hong Kong. I am looking for contributors to help with these negotiations to establish clarity.

The basis of my wedge is that Crypto currencies are a store, similar to financial securities. This means that they should only be taxable on realisation to a recognised currency. The argument that the revenue should be recognised on accrual and not on closing the open transaction is easy to avoid. You simply invoice in the crypto currency - which is arguably worthless,  but can be brought into the books as a revalued security and deffered tax.   IFRS is itself confused about the handling of cryptos. There is no specific guidance in IFRS or US GAAP on accounting for cryptocurrencies, despite accelerating use. Here is PWC on the confusion https://www.pwc.lu/en/ifrs/docs/pwc-ifrs-march17.pdf

Revenue are terrified (or should be if it were their own money at stake). First one to make a positive move stands to make a killing as these currencies are moving rapidly. 

3) AI group
I have created a group on http://copeman.ning.com/groups/ai to accomodate discussionion AI in financial instruments. Sign up here if these topics interest you.

4) UK Digital Tax
TurboCASH is also part of the UK working group to digitise tax submission.  https://www.gov.uk/government/publications/making-tax-digital/overv...
Join this group to get more info http://turbocash.ning.com/group/turbocash-uk


5) Working with Dokka
I have begun interaction with Dokka and AI startup in Tel Aviv. We are working and bringing in documents for TurboCASH users. The idea being that you can scan a paper document and use AI to turn these scans into an electronically readable TurboCASH document or batch. I have created a TurboCASH group for interested Dev contributors.
https://www.dokka.me/
Comment by Philip Copeman on June 29, 2017 at 14:47


6) Blockchain to IFRS
I still remain committed to making TurboCASH the leading accounting package for blockchain but this is still the wild west and We are still getting used to the concept of no central controllers. We have some really powerful allies. The bigger they are the more confused they are. Anyone interested in building an auditing framework with me should look at https://www.hyperledger.org/

Anyone interested in contributing should join this group http://turbocash.ning.com/group/bitcoin

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