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Doxing, Bitcoin, and more tech lingo you need to know

Natt Garun
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Bitcoin currency exchange
Man, those Redditors are some Web-savvy people. They’re constantly talking about Internet subjects before they make it big on most news outlet headlines, which is why it’s important to be able to catch up with what they’re saying. Today, we discuss a hot new Web currency and other Internet-based activities.

Circle jerking

There’s a much cruder, NSFW definition to “Circle jerking” that we’re just going to let you Google or assume the meaning, but the Internet jargon refers to something similar to an echo chamber. Circle jerking brings people together to express similar opinions or ideas about a topic, regardless of whether it’s true. In journalism, circle jerking can spread false information when groups of outlets begin sharing the same biases.

“I circle jerk because I’m a narcissist.”

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Bitcoin

A subject of recent Internet conversations, Bitcoin is a digital currency that isn’t centrally managed by any one authority. The weird thing about Bitcoin is how it can be digitally mined out of thin air, yet converted into a currency that can be used to pay for physical goods. Bitcoin to U.S. dollar exchange also varies greatly; last week, it hopped anywhere between $10 to a whopping $250 per one BTC. Not many places are accepting Bitcoin as official forms of payment just yet – but lots of shops are beginning to, including several bars and restaurants in New York City. It’s a trend we should definitely keep our eyes on, but not convert to entirely.

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“Today’s Bitcoin value rose to $125. I’m buying everyone a drink at the bar!”

Doxing

The process of investigating for more information about a particular subject based on initial, limited data. Doxing activities were on a high in the last couple of weeks when the Internet tried to figure out who various Web figures were based on a post on Reddit or Instagram pictures – such as @itsLavishbitch or the man who allegedly admitted to murder via a meme.

“Is it fair for publications to start doxing various online figures and publishing personal information online?”

Jailbreak

To remove limitations from an original operation system and install custom firmware. Jailbreakers like to do this to their iOS devices so they can add custom skins, functionalities, or download free apps they’d otherwise have to pay full price for. To learn more about jailbreaking, here’s our interview with the man behind Cydia, the jailbroken version of the Apple App Store.

“Friend 1: Just got an unreleased version of Badland for free and it’s an awesome game. You can too if you just jailbreak your iPhone already.
Friend 2: No thanks, I like to keep things legal.”

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Natt Garun
Natt Garun
Former Digital Trends Contributor
An avid gadgets and Internet culture enthusiast, Natt Garun spends her days bringing you the funniest, coolest, and strangest…
The IRS is cracking down on people who didn’t pay taxes on Bitcoin earnings
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If you've been trading Bitcoin and haven't been reporting your earnings to the IRS, you might be getting a surprise in your mailbox.
The IRS is cracking down on cryptocurrency traders who didn’t report their earnings on their taxes. By the end of next month, around 10,000 people are expected to get letters from the IRS asking them to pay back taxes on unreported earnings from cryptocurrency trading, Engadget reports.
Last year the IRS launched a “Virtual Currency Compliance campaign” to address noncompliance related to the use of virtual currency.
“U.S. persons are subject to tax on worldwide income from all sources including transactions involving virtual currency. IRS Notice 2014-21 states that virtual currency is property for federal tax purposes and provides information on the U.S. federal tax implications of convertible virtual currency transactions,” reads the announcement. “The Virtual Currency Compliance campaign will address noncompliance related to the use of virtual currency through multiple treatment streams including outreach and examinations. The compliance activities will follow the general tax principles applicable to all transactions in property, as outlined in Notice 2014-21. The IRS will continue to consider and solicit taxpayer and practitioner feedback in education efforts, future guidance, and development of Practice Units. Taxpayers with unreported virtual currency transactions are urged to correct their returns as soon as practical. The IRS is not contemplating a voluntary disclosure program specifically to address tax non-compliance involving virtual currency.”
Last week the IRS started sending “educational letters” to some taxpayers. The names of those who are receiving the letter were acquired from “various ongoing compliance efforts” conducted by the IRS.
"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest, and penalties," said IRS Commissioner Chuck Rettig. "The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”
Taxpayers that do not accurately report their earnings through cryptocurrency trading are liable for the tax for those earnings as well as penalties and interest. In some cases, the IRS notes that those who have not paid taxes on cryptocurrency earnings could potentially face criminal prosecution.

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What is Libra? Here’s what you need to know about Facebook’s new cryptocurrency
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In a white paper released by Facebook, the company outlined the objectives and specifications of a new cryptocurrency called Libra. The cryptocurrency, which has been in development for a more than a year, is designed to allow payments to be processed over the internet globally, and to incorporate the 1.7 billion people around the world who don't have a bank account or a line of credit.

While the cryptocurrency won't fully launch until 2020, here's what you should know before adopting the platform.
What is Libra?
Rumors have been circulating about a cryptocurrency developed and/or managed by Facebook for at least a year, and now it is finally out in the open for people to see in the form of Libra. Libra is a cryptocurrency managed by the Libra Association that allows users to exchange fiat currency for Libra (i.e. buy and sell Libra) for use in online transactions. In order to drive the widest adoption, Libra does not require users to have a bank account or a line of credit such as a credit card in order to own any Libra cryptocurrency -- they simply have to convert money into or out of Libra to use it.

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Facebook’s crypto isn’t a new Bitcoin, it’s Disney Dollars for a new world order
A broken Bitcoin over a grey background.

Facebook is getting into the cryptocurrency market. It announced a digital wallet called Calibra on Tuesday, which it plans to launch in 2020.

The company wants to be the one to bring the reported 1.7 billion "unbanked" adults into the world of financial services under its umbrella. But the company's solution isn't another Bitcoin -- far from it. Libra, as the currency is known, is designed to allow Facebook users to make purchases on the social network and on other websites online.

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