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Adelaide Australia Crypto Art Crypto News NFTs

Australian Artists Are Creating Physical NFT Art Exhibitions

Australian multimedia artist Dave Court is the first in his field to stage a physical Non-Fungible Token (NFT) exhibition in his home state of South Australia, and one of the first in the southern hemisphere.

Court, who is based in the SA capital of Adelaide, decked out an otherwise ordinary brick house in colours and light as part of a unique art installation. The house has since been demolished, though collectors can still purchase a digital piece of it online.

Interior of the former Ironbank house, as painted by artist Dave Court

In what would become Court’s so-named ‘House Party’ exhibition, the house at Ironbank in the Adelaide Hills was enhanced with a kaleidoscope of colours in paint and light just before it was torn down in 2020.

It’s something I’ve wanted to do for a long time and then the opportunity came up to paint a house last year … I combined that with other things I was working on in the studio and it [all] came to fruition in this exhibition.

Adelaide artist Dave Court
Artist Dave Court in his Adelaide studio. Image: Angela Skujins/CityMag

The digital works that have outlived the house feature augmented and virtual reality which effectively recreates the original building. Included among these works is NFT artworks that can be bought online with cryptocurrency.

NFT Artworks Break Out in Australia and Worldwide

Earlier in June, Hobart’s Museum of Art & Philosophy (MAP) launched Australia’s first NFT gallery in the Tasmanian capital with an exhibition to coincide with Hobart’s annual Dark Mofo festival.

In June, Binance announced its own NFT Marketplace, saying it would support the NFTs of various creators from Australia through its ‘100 Creators’ campaign.

NFTs are also making waves in the international art world. Just two weeks ago, Sotheby’s sold an NFT artwork for a world record price of US$11,754,000.

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Australia Bitcoin Crypto News Cryptocurrency Law

Australian “Bitcoin Inventor” Wins Lawsuit Over Bitcoin Whitepaper Copyright Claim

Australian businessman Dr Craig Wright is a much derided figure within the Bitcoin community who infamously claims he is the creator of Bitcoin. Following his lawsuit filed earlier this year, the London High Court has granted default judgment for copyright infringement against “Cøbra”, the pseudonymous operator and publisher of the bitcoin.org website.

Did “Cøbra” lose the case on the merits? Not quite; he didn’t even bother defending it.

Wright Sues for Copyright Infringement

Earlier this year, Wright obtained permission to sue “Cøbra” for copyright infringement for unlawfully publishing the Bitcoin Whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System”.

Dr Craig Wright. Source: Coindesk

In his claim, the self-described student, researcher, lawyer, banker, economist, pastor, coder, investor and mathematician argued that he owned the copyright to the seminal document under the moniker “Satoshi Nakamoto”. Although he currently claims that Bitcoin is a ponzi, his legal team was quick to point out that:

Dr Wright does not wish to restrict access to his White Paper [which is freely accessible on his blog, https://craigwright.net/bitcoin-white-paper.pdf] but does not agree that it should be used by supporters and developers of alternative assets, such as Bitcoin Core, to promote or otherwise misrepresent those assets as being Bitcoin, given that they do not support or align with the vision for Bitcoin as he set out in his White Paper.

Ontier LLP, Source: https://www.ontier.net/ia/wright-v-cobra-ontier-press-release.pdf

Wright Claims a “Win” in His Lawsuit

In legal proceedings, there are two types of quick wins – summary judgment and default judgment. Summary judgment is awarded when the defendant has filed a defence but the court finds there is no prospect of success. Default judgment, however, is when the defendant doesn’t file a defence in the first place.

In the case against “Cøbra”, default judgment was awarded together with legal costs in the amount of £35,000 (US$48,400). In other words, the defendant didn’t even try to mount a defence, as it was considered “a waste of time”.

Aside from legal costs, the order also required that “Cøbra” remove the Whitepaper and put a notice on the website informing visitors of the default judgment for a period of six months.

In an underhand jibe directed at Wright, “Cøbra” issued the following statement on Twitter:

In a post, “Cøbra” noted that the Bitcoin Whitepaper located at https://bitcoin.org/bitcoin.pdf wouldn’t be accessible to UK-based visitors, but that ultimately, he hoped that the truth would prevail.

What Are the Odds That Wright Created Bitcoin?

Most Bitcoiners will tell you “no chance”, but if you were feeling charitable, you could argue the odds are marginally higher than zero.

Despite his credentials, Wright is largely discredited in crypto circles. Entire websites have been created to disprove his claim that he created Bitcoin, and even the otherwise reserved Ethereum founder, Vitalik Buterin, has called Wright a “fraud“. Most recently, he commented:

I view Craig Wright as being kind of like a Donald Trump figure and that, like, he’s not very intellectual. I think he gets a big audience because he says things that like to play to the resentments that people have.

Vitalik Buterin on the Lex Friedman Podcast

It’s not often that proponents of Bitcoin and Ethereum agree. The fact that they agree on the topic of Dr Wright is in itself revealing.

Wright’s litigious nature suggests the saga is not likely over. At the time of writing, he was still embroiled in court proceedings demanding access to 111,000 bitcoins held in two addresses which he claims were “stolen”.

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Australia Crypto Art Crypto News NFTs

Australia’s Most Valuable Historic Photo Collection to be Auctioned as NFTs

A treasure trove of more than 100,000 original photographs dating back to the 1880s and spanning five generations has been found in the spare bedroom of a Melbourne family home, hidden under some kids’ bunk beds. The entire catalogue, estimated to be worth millions, will be auctioned by Lloyds Australia.

From Ned Kelly to Phar Lap … and the Queen

The collection includes original glass plate negatives of some rare historical gems, including pictures of Ned Kelly’s armour taken during his trial in 1800, the 1915 Gallipoli landing, Queen Elizabeth II (when she was just a princess), and famous racehorse Phar Lap winning the Melbourne Cup in  1930.

The Rose Stereograph Company Collection, described by Lloyds as one of the most important photographic collections in Australia if not the world, is to be auctioned online, complete with NFTs to offer blockchain proof of ownership.

According to Lee Hames, Chief Operations Officer for Lloyds Auctions, “This has to be one of the most important photographic collections in Australia, if not the world.”

There are original glass negatives in this collection that capture the very first moments of not only Australian but world history and some that may even change the course of history. We believe this to be a world first to offer these tangible original glass plates which rival any modern photographic resolution.

Lee Hames, Lloyds Auctions CEO
M.V. Duntroon & Sydney Harbour Bridge, 1 of 1, Glass Plate Negative 1:1, NFT 1:1, original size: 8.8 x 13.9cm. Original negative & minted NFT are both included in this auction. Lloyds Auctions Australia

Collections Viewable Online

M.V. Duntroon & Sydney Harbour Bridge (above) is just one moment in time from the prestigious collection. Collections such as this one will be viewable online as the art world continues to adopt NFTs and digital gallery exhibitions.

Customers will be able to bid for ownership on both the Lloyds platform and in cryptocurrency on leading NFT marketplaces for rare digital collectibles. Winning bidders will receive the minted NFT along with a tangible one-of-one original glass plate negative.

Just last week, Lloyds announced it would accept major cryptocurrencies as payment for collector or sports cars.

Categories
Australia Crypto News Trading

ASIC Boosts Consumer Protection Around CFD Crypto Trading in Australia

The Australian Securities and Investments Commission (ASIC) has further tightened up regulations for crypto exchanges in the country. This follows recent news of the UK’s Financial Conduct Authority (FCA) imposing certain conditions on Binance, such as reducing leveraged trading, to protect retail traders.

FCA Tames Crypto Trading in the UK

On 26 June, the UK’s FCA ordered crypto exchange Binance to halt all regulated services and stop the promotion of certain products and trading services for British citizens.

On 29 June, ASIC reduced CFD (Contracts for Difference) leveraged trading available to retail traders from 30:1 to 2:1, following earlier pronouncements of the FCA.

Of late, ASIC has been prompted to regulate trading services due to the number of Aussie crypto investors who have been defrauded by scammers posing as crypto exchanges in the country.

We are also paying careful attention to changes in CFD providers’ reported holdings of retail client money and any misclassification of retail clients as wholesale clients, which would risk denying them important rights and protections. Protecting retail investors from harm, particularly at a time of heightened vulnerability, is a priority for ASIC.

Cathie Armour, ASIC Commissioner

While the trading of cryptoassets per se isn’t regulated by financial watchdogs in Australia and the UK, CFDs do fall into that category, and crypto exchanges must abide by certain conditions to promote CFD crypto trading and other products.

Categories
Australia Crypto News Cryptocurrencies Investing

Approximately 3.3 Million Aussies Own Crypto, According to Research

A recent survey shows an estimated 3.3 million Australians own crypto and 40% of Aussies are still likely to buy in 2021.

According to a survey conducted by Savvy, one of Australia’s largest online financial brokers, 40% of Australians range from “likely” to “extremely likely” to buy cryptocurrency in 2021.

Savvy Survey

With 17% of respondents saying they currently own crypto, 35% stated that they would like to own some cryptocurrency in the future.

Savvy Survey

The biggest barrier, according to 79.8% of Australians, it that they feel there should be more safeguards in place and that crypto should be more regulated to protect the consumer.

Younger Generations More Interested in Crypto

Close to a third of Australian crypto owners are Gen Z and 24% are Millennials. Younger generations show much more interest in digital assets and believe they have value. In comparison to traditional assets, 40% of Australian Millennials and 31% of Gen Zs would prefer to invest in crypto rather than property.

This month’s Millionaire Survey conducted by CNBC showed that nearly half of millennial millionaires put at least 25% of their wealth into crypto.

Female respondents expressed a higher interest in learning about the technology compared to men. However, more men than women claimed exceptional or average understanding of cryptocurrencies. Altogether, 71% of Australians either understand or are interested in learning more about cryptocurrency.

How Much are Aussies Investing in Crypto?

Savvy found 15% of Aussies had invested up to $5,000 in cryptocurrency, 2.5% had thrown in $5,000 to $10,000, and the 1% in the upper echelons had invested between $10,000 and $20,000.

This could mean more than 500,000 Australians have sunk at least $5,000 to $10,000 into cryptocurrency. With such heavy investing going on down under, the Australian Tax Office is bound to make sure Aussies are paying taxes.

Cryptocurrency may very well be the currency of the future. It’s time for the wider finance sector to embrace it rather than treat it as a fad, or they’ll be left behind.

Bill Tsouvalas, Savvy Managing Director
Categories
Australia Crypto News DeFi

Australia Urged to Launch CBDC ASAP as Digital Landscape is Changing Quickly

The rapidly changing global digital landscape means worldwide banks and regulatory bodies are looking to either regulate cryptocurrencies in their respective countries or launch their own CBDCs (Central Bank Digital Currencies).

Australia Under Pressure to Launch CBDC

While the RBA (Reserve Bank of Australia) is still researching CBDCs, other banks across the world are moving fast with their plans to launch digital currencies.

A week ago, the local government of the Chinese Xiong’an region announced it would pay its residents in digital Yuan, starting with construction workers.

The case for Australia is the back-and-forth of the RBA regarding a future CBDC, along with the unclear regulatory environment for cryptocurrencies. Unsurprisingly, many in the blockchain and crypto community in general have criticised Australian monetary authorities for not taking digital currencies seriously, something that seems to affect the banks as well.

We need to think, as a country, ‘what is crypto, how could it be used, and do you trade it?’ If it is something that should be traded safely, [how do] we make it safe? Those are the issues we need to think about, and quite quickly, because people are making a livelihood out of trading.

Ross McEwan, CEO, National Australia Bank

BIS Backing Stablecoins

The Bank of International Settlements (BIS) – dubbed the central bank for central banks – has shown support for the development of CBDCs in an attempt to modernise traditional finance and ensure “Big Tech” does not take control of money, according to a report from Reuters. 

This has rushed other banks to explore the technology of CBDCs as cryptocurrencies are booming and the world is gradually transitioning to digital payments. Further, at least 56 central banks and monetary authorities are exploring digital currencies.

Impact of Blockchain and DeFi on Traditional Finance

Australian venture capitalist Mark Carnegie recently spoke on the ABC’s The Business cryptocurrencies special about how DeFi and blockchain are changing the landscape for traditional finance.

Carnegie, who launched a crypto fund two months ago, said the idea behind cryptocurrencies is to bring on a decentralised financial world and not to focus solely on one crypto, referring to Bitcoin maximalists. When asked about the safety of DeFi, he said:

Look at the GFC [Global Financial Crisis of 2007]; in the end, the government had to step in to guarantee the world’s financial system. It’s safe because they decided to print money, it’s not safe because it’s safe, it’s because you’re essentially charged huge amounts of insurance embedded in all the fees you pay.

Mark Carnegie

Carnegie added that wholesale investors were coming into his fund looking for a mainstream fund manager willing to go into digital assets.

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Australia Crypto News Payments

Australian Auction House Lloyds Accepts Crypto to Buy Cars

Australian auction house Lloyds is accepting major cryptocurrencies as payment, sparking almost immediate interest from Aussies wishing to trade in crypto for collector or sports cars.

Lloyds now allows bidders to use major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) to pay for goods, with sellers paid in cash. The auction house is known for selling some of the most expensive cars in Australia but says it will be accepting crypto for all goods.

In the meantime, Lloyds has seen a surge of interest, and “within hours of offering cryptocurrency as a payment option, an A$100,000 custom-built caravan was paid for entirely by crypto“, according to Lloyds’ chief operations officer Lee Hames.

The longtime patron of Lloyds who bought the caravan said that he had no second thoughts about using crypto for the purchase and that he was amazed at how simple the process was.

Lloyds has joined the ranks of auction houses that accept crypto. On July 9, Sotheby’s will auction a very rare diamond and will allow bidders to bid online with crypto from June 25. Mecum, one of the world’s largest collector car auction companies, also accepts crypto as payment.

In April, CarBuyers.com.au announced a new payment system that allows Aussies to sell their vehicles for Bitcoin.

Crypto For Cars and Earthmoving Machinery

Since Lloyds allowed payment with digital currency, it has noticed more potential buyers looking at everything from classic cars to heavy earthmoving machinery. According to Hames, Lloyds’ dedicated crypto line has seen inquiries “pour in” since making the option available.

We have seen people using this as a way of divesting out of cryptocurrency and back into real-life assets. As prices drop, people are taking some profits off the table and transferring [them] to something like a classic car or bulldozer and putting it to work.

Lee Hames, Lloyds COO

Lloyds Auctions offers some of the rarest and most desirable collectible cars for sale in Australia, and by opening channels for crypto it has allowed people to acquire them as easily as paying with Visa or Mastercard. Sellers can choose to be paid in digital currencies or Australian dollars.

Lloyds Has Dabbled in Blockchain Technology Before

Earlier in June, Lloyds also announced it would be minting non-fungible tokens (NFTs) for a collection of glass plate negatives capturing 140 years of “arguably the most significant photographic collection” in Australian history. The NFTs will serve as proof of ownership, stored on the blockchain for the owners of each piece.

Categories
Australia Bitcoin Crypto News

An Estimated 19% of Bitcoin Supply Has Been Lost Forever

Of the approximately 18.5 million Bitcoins currently held (and of a total 21 million that will ever be created), it’s estimated that as many as 4 million have either been lost or stolen.

According to cryptocurrency data firm Chainalysis, 20 per cent of all Bitcoin accounts are owned by people who can’t access them.

Hard Drives, Hard Luck Stories

Stories are legion of lost Bitcoin, all of them sad though some not bereft of humour:

Very expensive landfill
  • British IT worker James Howells lost US$127 million in Bitcoin (BTC) when a forgotten hard drive containing a wallet with 7,500 BTC wound up in council landfill in 2013. Howells had spilt lemonade on his laptop and dismantled it, putting the hard drive in a drawer and later throwing it out after a clean-up. Those 7,500 BTC would be worth a cool $375 million today, if he could only convince council to dig up the landfill site to find the missing hard drive.
  • Earlier this year, a lost password locked San Francisco software developer Stefan Thomas out of his Bitcoin stash worth $US220 million. The secure hard drive, on which 7,002 BTC were stored, was an IronKey device that gives owners 10 chances to guess their password before encrypting the contents. Thomas only had two attempts left to guess correctly before the lockout occurred. His stash is worth about $350 million today.
  • When Gerald Cotten, CEO of Canadian crypto exchange QuadrigaCX.com, died unexpectedly aged 30 in 2018, he was the only person who knew the private keys used to access Quadriga’s crypto. An investigation by Ernest & Young identified six cold wallet addresses used by Quadriga to store Bitcoin. One of those wallets was since subject to an inadvertent transfer of Bitcoin. What happened to US$150 million in Quadriga crypto remains unresolved.

A Cautionary Tale From Closer To Home

Melbourne games developer Alex could have been a millionaire. In late 2009, when Bitcoin was still in its infancy and a single PC could “mine” a few coins in a day, the self-described technology enthusiast “got into it just for fun”. As it progressed, the Bitcoin program Alex was using grew to several gigabytes in size. “It kept on ballooning so eventually I deleted it [and] backed up the encrypted wallet file to keep on my USB stick.” That wallet contained the unique cryptographic keys for thousands of Bitcoins Alex had mined.

The thinking was that it’s offline, not on my PC, so in case something bad happened to the PC – [if] it blew up, or [was] hacked – I still had a backup.

‘Alex’, former Bitcoin miner

In late 2013, when the Bitcoin price peaked at just under $US980, Alex suddenly remembered his wallet. “[I plugged] the USB stick back in to access the file, but it died. It was one of those cheap made-in-China ones,” he said. His losses? Immeasurable. By the way, Alex is not his real name “because if my wife knows, I’m dead”.

World’s most valuable cheap USB?

Alex says now that if he “had the spare cash” he would consider getting back into Bitcoin, which he believes is a “fantastic gold substitute for long-term storage of wealth” that has many other useful applications.

Earlier this year, he mined “a lot” of Ethereum, the now second-most valuable cryptocurrency, which has similarly soared in value. “One day, maybe Ethereum might restore what I lost with Bitcoin.”

On average,  1,500 Bitcoins are lost every day. Again, those losses are permanent. As Bitcoin.com support has warned potential buyers, “All Bitcoin transactions are irreversible, so there is no way to reverse a transaction that has already been sent.” 

Categories
Australia Crime Crypto News Cryptocurrency Tax Superannuation

Australian Federal Taskforce Targets Crypto Fraud, Tax Avoidance

A multi-pronged taskforce that includes the Australian Tax Office (ATO), Federal Police, ASIC and the Australian Criminal Intelligence Commission (ACIC) is poised to investigate cryptocurrency transactions and their role in tax avoidance, fraud and money laundering.

The six-year-old SFCT (an acronym for the portentously named Serious Financial Crime Taskforce) claims responsibility for 40 current court cases involving individuals, along with 50 more operations it says are under investigation.

Focus On Money Laundering, Pandemic Stimulus Fraud and Misuse of Early Release Super Funds

Subjects of interest to the SFCT include the misuse of pandemic stimulus measures (such as JobKeeper), attempts to launder money via cryptocurrency, and fraud associated with last year’s early release of superannuation funds.

According to ATO deputy commissioner Will Day, who heads up the taskforce, “about 14” cryptocurrency exchanges are now sharing data with the SFCT.

Will Day, SFCT chief and ATO deputy commissioner

We’ve got a data matching program that we’ve had in place for a couple of years with digital currency exchanges … We are able to look at data matching to observe people’s spending habits, if they’re purchasing, say, luxury cars or real estate.

Will Day

In December 2018, the federal government injected $182 million in funding over four years to the ATO to extend its investigative brief. Also involved in SFCT activities are the federal Attorney-General’s department, the Commonwealth Director of Public Prosecutions, Border Force, and the Australian Transaction Reports and Analysis Centre.

Tax Time is Approaching in Australia

As tax time looms in Australia, the ATO is set to target Aussie crypto investors as they try to match data from crypto exchanges with taxpayers’ tax returns.

As well as investigating new crypto investors, the ATO may also target those who failed to declare their crypto holdings in previous years.

Categories
Australia Blockchain ChainLink

Congruent Labs Makes Cybersecurity Affordable For All With Chainlink Oracles

From its offices in Canberra, Congruent Labs has been working on a cybersecurity solution that will allow small businesses to ensure their data is kept safe.

Affordable and Easy To Use

According to Timothy Quinn – co-founder and managing director of Congruent Labs – the idea for the project came about when his team noticed the prohibitively high costs of cybersecurity solutions.

We’re building the future of cybersecurity, identity and privacy, all bundled into one. Back in 2017, our team was tired of seeing the high costs and complexities in the cybersecurity industry, which made it almost impossible for any person or business to easily secure themselves. We wanted to make online security affordable and accessible – so we did.

Timothy Quinn, MD, Congruent

Chainlink oracles help off-chain data to find its way onto the blockchain, where it can benefit from the top-level security offered by Chainlink labs – security used by many highly respected DeFi projects such as AAVE.

In Congruent’s case, the Chainlink integration will be used to check large payments, and to check whether the receiver of information about to be transferred has the right level of clearance.

This cutting-edge technology in the world of security will ensure we can provide a zero-trust payment, authentication, and authorisation so online platforms can reduce the cost of compliance and payments management. These systems will operate using common standards through a series of smart contracts and public off-chain systems.

Timothy Quinn

Congruent will integrate Chainlink oracles with their token, $SATA (Signata), which aims to protect your information from companies with invasive methods of collecting your personal information.

Congruent also plans to create further $SATA-related projects, such as Signata MFA and Signata Crypto – among other cybersecurity projects not necessarily related to blockchain.