Weekend Roundup: New York Extend BitLicense Deadline, Blackcoin Making Moves, and Australia Issues Tax Guidance

1. New York Makes More Time for Comments on BitLicenses Proposal

On Friday, we reported that the NYDFS had extended the deadline for public commentary on its proposed regulatory framework for cryptocurrency businesses until Oct. 21.

“It’s really the collision of banking regulations with new technology, and we want to make sure we get it right.”

-Benjamin M. Lawsky, the superintendent of financial services

2. Blackcoin is Picking Up Momentum

Ian DeMartino reported Thursday that Blackcoin is now available for trading on Bittrex and new Genesis1 ATMs.

“It is that strong developer support that has given rise to a string of wins for the increasingly popular altcoin. Starting with the release of its multi-sig and smart contract client BlackHalo and continuing through debit card support, ATM support and Bittrex pairing.”

3. Australia’s Tax Office Releases Bitcoin Guidelines

Bogdan Ulm reported Wednesday that Australia had released guidance for its taxpayers as to how to treat Bitcoin for their 2013-2014 returns.

“It has been a long time coming as Cointelegraph initially reported that the ATO is planning to prepare the guidelines, and then postponing, then offering slightly more clarity, and now here we are.”

4. Chain Secures $9.5 MM in Funding

Diana Ngo reported Thursday that Bitcoin API provider Chain had secured a round of funding, led by Kholsa Ventures, bringing its total investment to nearly US$14 million.

“Chain builds Bitcoin APIs and helps developers build apps with as much ease as possible by providing quick access to the blockchain. Based in California, Chain was founded by Adam Ludwin, who is also an investor at VC firm RRE Ventures.”

5. Block.io: A Fool-proof API and Wallet that Shakes Service Fees

Alyssa Hertig reported Thursday on another API startup, Block.io, that is decimating development times for Bitcoin wallets.

“Want to create a Bitcoin wallet with Facebook login?” CEO Atif Nazir told Cointelegraph. “No problem, here’s the simple API you can slap Facebook’s widgets onto. Want to create a tipping bot? No problem, here are three lines of code you can build around.”

Elsewhere

Some of the best reading on Bitcoin, crypto and decentralization in general comes from people who spend time analyzing and contextualizing these innovations. That’s hard work in a space where things move so quickly.

Here are some good pieces of analysis for your weekend reading list:

• Social Multiequivalence: Money as Decentralization [Bitcoin Magazine]

• Decentralized Autonomy and Terence McKenna's Timewave Zero [Let’s Talk Bitcoin!]

• Venzen Khaosan’s Bitcoin Chart Analysis [CryptoCoinsNews]

Market activity

For you basketball fans: Bitcoin’s price chart for this week looks like the trajectory of a good, crisp bounce pass.

The flash crash of Monday/Tuesday has been covered ad nauseum, but it is worth it for the historical record to note that the average price according to Blockchain.info hit a low of about US$468, with prices into the mid-$300 range for a moment on BTC China.

By Thursday, the price had rebounded to a short-term peak of US$526, and the week closed comfortably above the US$500 mark.

Trade volume spiked to coincide with the price dip, and on Tuesday we saw $US12.55 million worth of Bitcoin trading. Since mid-August, daily trading volume has held above the US$6 million mark, a level we haven’t seen for most of the summer.

If the Bitcoin roller coaster has left you feeling queasy, here’s a chart that should make you feel better: