How should consumers view cryptocurrency commercials?
Hello everyone, this is Commercial! The season for filing taxes is unsettled.@xi10jun1is.
Bitcoin has finally recovered to the 1,000,000 yen level, hasn’t it? Since the rebound was weak, I thought it might drop again, but I’m glad it didn’t.
I’d be grateful if the NEM I bought can return to the 100 yen range as well.
※This column is designed so that half of it can be read for free, a charitable, almost compassionate setup. Of course, if you read up to the paid portion (updated weekly for 400 yen per month, so roughly 80–100 yen per article), I would be very encouraged, and I’d be happy if you subscribe as a kind of tip!
This week’s performance (February 9, 2018 to February 15, 2018)
First, as always, the performance. I’ll announce the changes first.
- Last week (until February 8, 2018) assets: 62,067 yen
- This week (until February 8, 2018) assets: 62,218 yen
- Change: +151 yen
This week was a constant range market, so there were many tough moments. Therefore I traded sparingly, but it hurts that I couldn’t buy when it surpassed 1,000,000 yen.
I’d like to increase my assets dramatically soon, but I must keep my own pace.
So this time I’ll be discussing Zaif’s new commercial. It has a more column-like feel than usual.
Why do virtual currency service providers’ commercials sing, dance, and repeatedly shout keywords?
Here is Zaif’s commercial.
→“If you’re going to Bitcoin, Zaif” ~ Happiness Edition ~ (TVCM 15s ver.) - YouTube
Actress Ayame Goriki is appearing, and as of today Zaif’s top page has also changed to Goriki.
Up to now, commercials for cryptocurrency services have featured four companies: bitFlyer, Coincheck, DMM Bitcoin, and Zaif. And what these four have in common is that a celebrity appears and sings or dances, or they repeatedly shout keywords (Bitcoin, cryptocurrency, service name).
For example, in a car commercial, you see clear expressions of performance (how well it can be used) or fuel efficiency (how many km per liter). But crypto commercials don’t convey clearly what’s attractive.
This reason is something someone involved in investing, especially cryptocurrency, would somewhat understand: it’s about how much the general consumer who watches the CM can understand.
Cryptocurrency trading is essentially finance. Because financial sectors have strict advertising standards, like securities firms’ commercials, they can’t convey deeply into details.
So, clearing laws and regulations, within 15 seconds, the best way to convey the charm of cryptocurrency is likely those singing, dancing, and shouting keywords.
Therefore, when you watch that commercial, will you read into it as “cryptocurrency has financial risks”? Or will you take it at face value as “cryptocurrency looks fun”? I think that’s where the difference lies.
Free summary: Read between the lines from the commercials
Because commercials are designed so that all viewers can understand them.
If you want to express the world of cryptocurrency, full of katakana terms, so that everyone understands it, you’ll inevitably end up with singing, dancing, or repeating keywords... even I might have to do that.
But that’s precisely why you need the skill not to take visuals at face value. With cryptocurrency-related fraud rampant nowadays, let’s clearly discern the essence.
So this paid column will write about the future outlook.
Final Corner 1: Latest information on taxes! Updated February 9, 2018!
The National Tax Agency’s site has updated the latest legal views on Bitcoin.
That’s here →No.1524 Taxation when profits are gained from using Bitcoin | Income Tax | National Tax Agency
December 1, 2017 update: Documents on how to calculate income have been posted on the National Tax Agency site.
That’s here →Income calculation methods for virtual currencies, etc. (pdf) | National Tax Agency
※As laws and tax interpretations may change, which could alter how you file taxes or pay taxes, please confirm with your nearest tax office or a tax accountant before filing.
February 9, 2018 update: services that help calculate cryptocurrency taxes are appearing everywhere. BitFlyer released that by using a service called CRYPTACT, it’s possible to compute profits from transaction histories.
BitFlyer release →Notice on the renewal of the transaction report and about taxes on Bitcoin and other cryptocurrencies (pdf)
CRYPTACT here →https://tax.cryptact.com/
CRYPTACT is free to use and supports 15 exchanges (domestic: bitFlyer, Zaif, bitbank, coincheck, GMO Coin; international: binance, bitfinex, bittrex, changelly, CoinExchange, cryptopia, HitBTC, kraken, poloniex, Quoine) and 1,680 types of cryptocurrencies, enabling cross-exchange calculation of cryptocurrency-related income.
However, as noted in BitFlyer’s release, neither the exchange operators, CRYPTACT, EY Tax Corporation, nor I assume responsibility for the outcome of tax filing based on service results. Please file your taxes at your own responsibility.
Final Corner 2: In planning
I was thinking of writing about new cryptocurrency-related news soon, but I haven’t thought of anything yet. I’ll post it here once a plan is decided!
※ The free portion ends here. The rest will be detailed analysis and future outlook, so it will be paid. If you want to read more, or even just as a tip, I’d be very grateful for your subscription. Thank you for your continued support!
