Bitcoin Lawsuit OK -- Coinlab Bitcoin Startups -- Bitcoin Tax Evasion!

Here's a summary of the August 7, 2013, "Bitcoin Lawsuit OK -- Coinlab Bitcoin Startups -- Bitcoin Tax Evasion!" MB episode:

1. Main Topics Discussed:

• Bitcoin Lawsuit: A Texas federal judge ruled the SEC could proceed with a lawsuit against a man accused of running a Bitcoin-based Ponzi scheme, determining Bitcoins are considered securities.
• CoinLab Incubator: CoinLab, a Bitcoin exchange, announced plans to incubate new Bitcoin businesses, starting with AlliDan, focusing on internal idea generation and external talent recruitment.
• Bitcoin Tax Evasion: Discussion about the potential (and likely future limitations) of using Bitcoin for tax evasion, with the IRS showing increased interest.

2. Key Quotes:

• "The Securities and Exchange Commission could proceed with a lawsuit against a Texas man accused of operating a Ponzi scheme based on the popular virtual currency known as Bitcoin." (Regarding the lawsuit)
• "The IRS are becoming very, very interested in Bitcoin." (Regarding tax evasion)
• "The race to the bottom is merely a rationalization." (Opening statement, setting a tone)

3. People Mentioned:

• Matt Bitts (Host)
• Finn (Mentioned regarding IRS interest)
• Defendant in the Bitcoin lawsuit (unnamed)

4. Bitcoin Price:

• The price was hovering in the $105-$110 range, with a last price of $106, a high of $107, a low of $105, and a volume of 8,422.