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Mic Drop

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  1. Bitcoin Accounting Rule Change Today we learned of a MASSIVE change to the way in which companies will be allowed to measure the value of their Bitcoin (and other crypto) holdings. The FASB is introducing new accounting rules that will allow companies to use the Fair Value Accounting method. What does that mean? Fair value accounting means that a business can measure its liabilities and assets at their current market value. Why is this change important? Michael @Saylor had this to say: "Fair value accounting is coming to #Bitcoin. This upgrade to FASB accounting rules eliminates a major impediment to corporate adoption of $BTC as a treasury asset." The long term effects of this change have yet to be seen, but let's examine the Key Takeaways from today's news: New Accounting Rules for Bitcoin: US accounting standard-setters have decided to introduce accounting rules for businesses that hold or invest in Bitcoin (and other cryptocurrencies). Reporting at Fair Value: Companies will be required to report their Bitcoin holdings at fair value, reflecting the most current value of the asset. This includes capturing value rebounds after price drops. Implementation and Early Adoption: These rules will be effective from 2025, but companies can choose to adopt them earlier. Addressing Rulebook Gaps: Presently, there's no specific US accounting rulebook guidance for how companies should account for their crypto assets. Companies have been using the American Institute of CPAs practice guide which treats Bitcoin as an intangible asset, like trademarks or copyrights. This method does not allow for adjustments if the market recovers after a dip. Fair-value reporting will give investors a more relevant view of a company's financial position regarding their Bitcoin holdings. Mandatory Adoption: All companies, both public and private, will have to adopt these rules for fiscal years starting after Dec. 15, 2024. This implies a 2025 adoption for companies that follow the calendar year. Disclosure Requirements: Companies must create a separate entry for crypto assets in their balance sheets. They will disclose significant Bitcoin holdings and any related restrictions in their footnotes every reporting period. They will annually disclose changes in their crypto assets' opening and closing balances, categorized by type. Immediate Bitcoin-to-cash conversions will be exempted. Since Bitcoin will be measured at fair value, companies must adhere to disclosure requirements under the accounting rules, ASC 820. Scope of the Rules: FASB's rules cover assets on distributed ledgers based on blockchain technology, secured through cryptography, currently classified as intangible assets under US accounting rules, and are fungible. Non-fungible tokens (NFTs), stablecoins, and wrapped tokens are excluded. Despite several groups advocating for the inclusion of wrapped tokens, the majority of the board decided against it, stating the need for more market information. Background and Future Scope: FASB had previously declined to create crypto rules but changed their stance as major companies began investing in Bitcoin and other cryptocurrencies. The board will continue to monitor the crypto markets and might introduce more rules in the future. This current move is seen as the "right first step" by industry players. Overall, the introduction of these new accounting rules for Bitcoin and alternative cryptocurrencies is seen as a positive move towards mainstream adoption and provides clarity for companies holding or investing in Bitcoin. This is undeniably GOOD for Bitcoin.
  2. Guests on this month’s Bitcoin Brainstorm include: Rod Roudi - Co-Founder, Bitcoin Park Paul Itoi – CEO, Stakwork Laolu (Roasbeef) Osuntokun - CTO and Co-founder, Lighting Labs Kody Low - Head of Developer and Product Support, Fedi Cathie Wood – CEO, CIO and Founder, ARK Invest Yassine Elmandjra – Crypto Lead, ARK Invest Frank Downing – Nex Gen Internet Director of Research, ARK Invest Key Points From This Episode: 00:00:00 Intro to the Bitcoin Brainstorm with Yassine and Rod 00:02:39 Introduction to this month’s guests 00:04:10 Cathie Wood explains the impact and importance of the convergence between and among technologies 00:12:32 Paul discusses how AI has revolutionized coding and computer engineering 00:19:40 Kody applies the coding revolution to Bitcoin and explores how Bitcoin and AI are converging 00:26:42 Cathie and Laulu discuss Lightning HTTP 402 Protocol (L402) and internet payment flow generally 00:30:24 Frank and Paul explain that Bitcoin could be useful as money because it cuts out traditional intermediaries in payment processing and could decrease counter-party risk 00:39:00 What are some of the use cases of micro-payments and how do they compare to larger payments like monthly subscriptions 00:51:27 Kody explains why the first rendition of L402 used special cookies know as macarons 00:53:16 Frank and Laolu discuss the constraints of ChatGPT and what the potential of AI agents can be outside the walls of a chat window, if given a budget and proper integration points 01:01:30 Through the example of a web development project, Paul describes how Bitcoin and generative artificial intelligence are converging today 01:06:55 What does the next generation of knowledge workers look like with micro-payments allowing for more efficient payment allocation? 01:14:48 Closing thoughts and remarks on Bitcoin’s unique impact on artificial intelligence today Important Links Mentioned in This Episode: - AI4ALL Hackathon website: https://bolt.fun/tournaments/ai4all/o... - AI for All: Powering APIs and Large Language Models with Lightning: https://lightning.engineering/posts/2... - How (Actually) Open AI Wins: https://hivemind.vc/ai/ - AI & Bitcoin: https://ten31.vc/content/ai - Nostr: https://nostr.com - LangChain: https://www.langchain.com/ - AI4ALL Hackathon website: https://bolt.fun/tournaments/ai4all/o... - AI for All: Powering APIs and Large Language Models with Lightning: https://lightning.engineering/posts/2... - How (Actually) Open AI Wins: https://hivemind.vc/ai/ - AI & Bitcoin: https://ten31.vc/content/ai - L402: https://docs.lightning.engineering/th... - Lightning Network: https://lightning.network/ - Stakwork: https://www.stakwork.com/ - Replit: https://replit.com/ - Fedi: https://www.fedi.xyz - Bitcoin Park: https://bitcoinpark.com - ARK Bitcoin Brainstorms: https://ark-invest.com/podcasts/?foll...
  3. https://www.coindesk.com/consensus-magazine/2023/07/24/chainalysis-investigations-lead-is-unaware-of-scientific-evidence-the-surveillance-software-works/ Ekeland said Chainalysis’ Reactor is “a black box algorithm” that “relies on junk science.” In a hearing aimed to establish the admissibility of expert testimony, Bisbee was pressed for details on the accuracy of the Reactor software Chainalysis sells to governments for law enforcement purposes, including what evidence the company has that suggests it works. Bisbee said she was unable to provide the court with statistical error rates for Chainalysis’ Reactor software. She said she unaware of any scientific peer-reviewed papers or “anything published anywhere” attesting to the accuracy of Chainalysis Reactor. Instead, Chainalysis reportedly judges its software’s accuracy using customer feedback, she said.
  4. This could lead to unjustified account restrictions when blockchain surveillance tools are used for compliance, and in the worst case land unsuspecting individuals on the radar of law enforcement agencies without probable cause. https://www.btctimes.com/news/coindesk-pulls-l0la-l33tzs-article-questioning-whether-chainalysis-surveillance-software-works
  5. https://nypost.com/2023/09/01/i-make-hundreds-hot-bedding-by-renting-one-side-of-my-bed/?utm_source=gmail&utm_campaign=android_nyp
  6. Style boxes" are collections of thrifted, secondhand clothing personalized to the buyers' unique fashion style and measurements. https://fortune.com/2023/08/29/stylists-thrifting-secondhand-clothing-style-boxes-bundles-kg-lillian-tiktok/
  7. And in England... This means the typical home is now worth £14,600 less than 12 months ago - with an average property price of £259,153. https://news.sky.com/story/worse-than-expected-fall-in-house-prices-as-rate-hikes-hurt-market-12951508
  8. ...prices weakened month to month, according to Black Knight. While still gaining, which they usually do at this time of year, the gains fell below their 25-year average. This after significantly outdoing their historical averages from February through June. It’s a signal that a slowdown in prices may be underway again. https://www.cnbc.com/2023/09/01/home-prices-rise-in-july-but-may-be-on-the-verge-of-cooling-off.html
  9. A fastener that secures the rear shock absorber on the motorcycles may break, potentially causing damage to the rear tire and a loss of tire pressure. That can lead to a loss of control. https://www.usatoday.com/story/money/cars/recalls/2023/08/31/harley-davidson-recall-softail-2023/70718621007/
  10. https://www.theverge.com/2023/8/30/23852125/car-ownership-cost-increasing-us-public-transit-e-bikes Americans are now paying an average of $12,182 to own and operate a brand-new vehicle, or $1,015 per month, according to AAA.
  11. https://www.fox13memphis.com/news/scammers-using-barcodes-to-trick-customers-mlgw-says/article_2481f5bc-45c2-11ee-84a1-fb5660389fdc.html ...crooks posing as MLGW employees were sending customers a barcode via text message and asking the customers to go to Walgreens or Walmart to make payments.
  12. https://www.fox13memphis.com/news/some-used-cars-are-9k-more-expensive-than-in-2019-data-shows/article_48195210-3ae4-11ee-9fce-1f631402fa2e.html A used Toyota Camry won’t cost you what it would have cost you before the pandemic. If you can believe it, data from iSeeCars.com found that a used Toyota Corolla has increased by about $9,000 in price.
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