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The greatest wealth transfer of this century! An analysis: British-US-Chinese Empires: Gold, Silver, Bitcoin, Ethereum!

"Inflation makes you pay 50 dollars for the 20 dollar haircut you used to get for 5 dollars when you had hair!"
Let's embark on a journey that made the United States the number 1 economy of the world.

1. Despite the British Empire's claim that it would for ever remain the leading empire,history can serve as a harbinger for what's to come...

At the peak of its power, in 1913, "the empire on which the sun never sets", controlled 25% of the planet's land mass and about the same percentage of the world's population. Britain was both the naval an imperial power of the 19th century, and between 1812-1914, its dominance resulted in relative peace in Europe and the rest of the world. The industrial revolution transformed Britain into the workshop of the world.
By the start of the 20th century things changed as both Germany and the United States started to challenge Britain's economic and influential leadership. As often happened during human history such challenging lead to war and although Britain achieved its largest territorial influence after WW1, the war had destroyed much of its economic strength, with losses in industrial and military power marking the begin of its demise.
During WW2, Japan occupied Britain's colonies, and after WW2, India, Britain's most valuable and populous possession, achieved independence. Much of the British Empire's influence is now enshrined in the Commonwealth Charter, stating shared values like democracy, human rights and the rule of law.
The United Kingdom's pound sterling was its world's reserve currency during its reign and by controlling the supply of money, Britain was able to influence its global power.
"Permit me to issue and control the money of a nation, and I care not who makes its laws!" Mayer Amschel Rothschild

2. The US Empire repeats this blueprint by claiming the U.S. Dollar's reserve currency status as its birthright!

The Federal Reserve Act.
The Panic of 1907 triggered many American's belief that The Federal Reserve Act, passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913, was necessary for financial and economic stability. The law created the Federal Reserve System, the central banking system of the United States.
The Bretton Woods System.
The FED ended immobile reserve issues and the inelastic currency problems and successfully internationalized the U.S Dollar as the global reserve currency. The usage of the prior nationally used U.S. Dollar expanded a first time when the Allies agreed to the terms of the Bretton Woods System, establishing the rules for commercial as well as financial regulations among the United States and its allies. Canada, Western Europe, Australia and Japan accepted the U.S. Dollar, which was backed by a gold exchange standard, making the U.S. Dollar "as good as gold". This was only possible because the United States controlled two thirds of the world's gold reserves.
Soviet representatives, who claimed that institutions like the IMF and the International Bank for Reconstruction and Development (IBRD) were Wall Street branches, didn't participate in Bretton Woods and later proved to be right, as the United States printed too much money (not backed by its gold reserves) to wage war on Vietnam, destroying a big part of the value of the U.S. Dollars held by its allies, due to the inflation of the U.S. Dollar money supply.
Yet, the initial demand for U.S. dollars created the American way of life: a consumer driven economy fueled by products made outside the U.S. in return for U.S. Dollars. As the Allied countries couldn't really buy any "Made in America"-products, due to the fact that the United States' elites rather outsourced their manufacturing, they instead invested their hard labor into U.S. Treasuries.
On August 1971, President Richard Nixon announced the unilateral cancellation of the direct international convertibility of the United States dollar to gold, in a response to halt the Allied countries' continuous attempts to exchange their U.S. Dollars for Gold. By 1973, the Bretton Woods system was replaced by the current freely floating fiat currency system.
The petro dollar system.
The second wave of U.S. Dollar adoption was the result of the petro dollar, making the global trade of oil U.S. Dollar denominated. Every country on this planet needed and still needs oil to operate and grow its economy, creating an enormous growth in U.S. Dollar demand and like mentioned before, those dollars had to be earned. Especially China served the United States consumer model by producing almost everything Americans can buy in Wall Mart and other stores. By relying on the U.S. Dollar reserve currency status, the American elites have made the mistake of outsourcing manufacturing to China, as often predicted by Donald Trump in the 1980's. The y figured it was easier to just print wealth.
The tradewar.
President Donald Trump, decided it was time to bring jobs back to the U.S. and started an ongoing trade war with China, the country that supplied the U.S. consumer driven economy, and proud owner of $1.07 trillion in Treasury holdings. The trade war has negatively impacted the economies of both the United States and China and will most likely result in the decoupling of both economies.
What is to come? My personal insights.
I see huge problems for the U.S. and the rest of the western liberal democracies. But especially the United States, who's currency amounts to no less than 60% of all the world's reserve assets, is vulnerable if and when China who only accounts for 1 or 2 %, says it is time for change. Most likely we will experience another banking crisis, with or without Covid-19, and unfortunately a bigger one when compared to the 2008 dissaster. Did you know that the global debt tripled since then? Many economists and politicians advocate the end of the U.S. Dollar reserve currency system and predict a reset. Every financial system has a limited lifespan similar to a human live: it is created, it grows, it matures, and unfortunately, it ages, weakens and dies. It happened to the Brittish Pound Sterling, and I am afraid that the days of this financial hegemony are numbered as well.
And I did write "afraid", why?
History tells us that these transition periods are particularly dangerous and have often led to full-blown military conflicts if not world wars. The current wealth transfer, the result of manufacturing outsourcing to mainland China, impoverished the United States and destroyed its middle class. President Donald Trump's analysis that the U.S. needs a strong manufacturing base is correct, yet without its allies the United States will not be able to turn the tide.
It took China decades to build its manufacturing base, and President Trump doesn't have the privilege of having the political luxury to design five year plans, as the United States capitalistic and political model specializes more on presidential campaigning and less on economic planning, which is exactly China's strength.

3. The Chinese 'digital' empire.

China is ideally positioned to become the new global power: it produces many of our products and dominates most supply chains. It has been hoarding gold and mines most of the Bitcoin. It might just have the right reserve assets to back its DCEP, the digital Yuan, which will be pilot tested during the 2022 Winter Olympics hosted by China. Despite the fact that the United States and other western nations might not want to adopt the Yuan or allow it to be part of the world's reserve assets, China can demand payment in Yuan for its products. It's that simple! This is why outsourcing is such as stupid economic voluntarily yet fatal policy. If you only print money and don't produce goods, how long will the world play ball?
One of the results of Trump's trade war is that China and other countries such as Russia and Iran no longer want to be vulnerable to U.S. sanctions that come in the shape of being denied access to the financial system through Swift. The United States can indeed destroy a big part of Iran's economy, but Iran is now becoming a big cryptocurrency player. In other words, bullying those countries might work in the short-term, but in the long-term they will simply adopt a new standard: and I believe that the Yuan will likely play a major role in the financial system they will adopt.
This trend means that the expansion of the demand in U.S. Dollars will stop and reverse, when countries no longer want to use the currency whose issuer can economically destroy them through sanctions. The alternatives for such countires are cryptocurrencies like Bitcoin, Ethereum and many others, national CBDC's (Central Bank Digital Currencies), and the adoption of the digital Yuan.
This digital Yuan will be attached to the One Belt, One road initiative, finding adoption whilst developing huge infrastructure projects that will lead to a Eurasian trading zone. If the U.S. Military leaves the Middle East, as Trump brings home troops, this will create the right conditions for China to emerge as the victor.

4. Surveillance Capitalism - Insights on the DCEP (Digital Currency Electronic Payment, DC/EP):

  1. This centralized digital financial system works on blockchain and cryptographic principles and aims to increase the circulation of the RMB, in the hope it can become a reserve currency like the U.S. Dollar.
  2. Created and sanctioned by the Chinese Government, it is the only legal digital currency in China.
  3. The system offers Chinese regulators better monitoring abilities and will be an efficient tool against anonymous counterfeiting, money laundering and illegal financing. At the same time it reduces costs involved in maintaining and recycling bank notes and coins.
  4. As mentioned above, China aims to bypass Swift, which it regards to be a U.S. entity, and will be able to collect real-time data related to money creation, bookkeeping, essential information for the implementation of monetary policies.
  5. The pilot institutions for DCEP, China Construction Bank, Agricultural Bank of China, Bank of China and Industrial and Commercial Bank of China, will serve as a production test for China's new currency system, after which the DCEP will be distributed to large fintech companies such as Tencent and Alibaba to be used in WeChat Pay and AliPay. Transfers will not go through bank accounts, but through electronic wallets.
  6. By mandating that all merchants who accept digital payments must accept DCEP, the DECP will become the most accepted digital currency in the world.

5. Sings of hope.

If the United States adopts blockchain and issues a CBDC (Central Bank Digital Currency) backed by Bitcoin, they will have a reasonable chance to offer the western democracies a new type of dollar standard that can be an anchor versus the coming RMB. If not, I fear the worst is yet to come for the U.S. Dollar and its economy.
Many smart American economists and Wall Street goeroe's have finally figured out the remarkable strength of Bitcoin, the world's first and most favorite digital form of gold.
Some of the smartest investment capitalists like Ray Dalio and Warren Buffet have allocated more money into gold, a clear sign of trouble. Bitcoin might be a step too far for Warren Buffet, but rest assure that Wall Street investment management companies have figured it out by now, have you?
You can expect more institutions to allocate a % of their portfolio's wealth into Bitcoin and other cryptocurrencies, as a hedge against the systemic risk in our global financial system, which will inevitable start feeling the effects of the trillions that have been printed.
"Inflation makes you pay 50 dollars for the 20 dollar haircut you used to get for 5 dollars when you had hair!"
submitted by O_My_Crypto to Bitcoin [link] [comments]

Forex Investment Scams

Since my business account on Instagram reached 1000 followers, I've been getting lots of spammy messages, mostly like this one:
"I’m a Bitcoin Investor lincense by SFOX .. I make my money off crypto investment and ForexTrading.. I Work online in the Social market. all I do is move commission profit From my wallet into your account by adding your personal online account while logged from outside the account after the deposit has been verified & posted for withdrawal you keep 40%each day and send back 60%(invest back 40% and keep 60% for myself)We can do this for as long as your are 100% trustworthy"
"I gon deposit $3k for being our first deal and if you keep your words,I will increase it to $5k and we can keep it that way famz, I can get profit only twice a week and I will be deposit $5k to on every deposit after our first transaction goes well and trustworthy, we can eat together for long if you keep to your words.I’ll need the following details to make the deposit into your account;
Full name on the account: Username: Password: Phone No:"
This goes on to say it can be an empty account as long as we are both honest"
I'm curious, what is the actual scam here? Is it gaining from moving money around through microtransactions (like some weird online money laundering thing?
Is it illegal investment that he wants to not use his own account for?
Is it just trying to get personal info?
What do you guys think?
submitted by HappensByChance to NoStupidQuestions [link] [comments]

I was scammed and need help!

My name is Gabriel Acosta, a small business owner seeking representation in a securities fraud case. I am a victim of online broker scam; a operation I was coerced into, and as a result of which I was defrauded by a company named Tridixoptions (Tridixoption.net), claiming to have a registered address at 1407 Moon Harbor ct, Saint Augustine, FL United States, representing itself as a “financial broker”.
The perpetrators approached me through the social media platform, Instagram, using profiles inquiring whether I was interested in making a small investment into their platform, Tridixoptions. I decided to give it a try with $300 USD. In my eyes, this was an opportunity and decided to incorporate a business to use as a personal investment structure and decided to use this "online broker" as a catalyst for the opportunity. Shortly after the initial deposit, they began charging me fees as the “investment value” increased on the platform. These fees included fees to increase wallet value, enable auto-trading and finally a withdrawal insurance fee, among other various "fees". The value listed on their "platform" consistently showed an increase in value; I went ahead and believed their listed returns and continued to deposit funds into the account. At the time of payout, I was shown to have a value of over 108,000 USD and had personally invested approximately 50,000 USD into their platform. Unfortunately, on May 31, 2019 after depositing the withdrawal insurance fee, I received communication from the platform informing me that if I had not received my payout by then that I will not receive one and to proceed with filing a lawsuit against them.
I am able to provide email documentation detailing what is described above, it is house and organized within the company OneDrive.
Upon further reflection, it is evident that this Merchant is operating the online platform under the address http://www.tridixoption.net/ and the deposit of funds were directed into a false and fictitious “trading account”. The cryptocurrency deposits I made into their account are as follows:
  1. Bitcoin (BTC) totally equal to 10,541.15 USD bought via Coinbase, LocalBitcoins and BitBase exchange (www.bitbase.es) platforms;
  2. Bitcoin (BTC) totally equal to 24,016.00 USD bought via Paxful exchange (www.paxful.com) – owned and operated by Paxful Inc., a company registered under the laws of the United States, having its registered address at 3422 Old Capitol Trail PMB # 989 Wilmington, DE 19808-6124;
  3. A wire funds totaling to 9,720.08 USD to another entity acting as Beneficiary, namely Coin Trader LLC, registered in the US with company number 1293008-93, based in 4621 SW KELLY AVE STE 200, Oregon, USA and holding an account with Keybank National Association. These funds were used to purchase additional virtual currency (BTC) and transferred into the e-wallet of the fictitious e-wallet.
The entirety of purchased BTC (virtual currency) were deposited into the following wallet addresses, as designated by the Merchant:
1EqldoPtl96ZDYF2uoATG5YV6Bj3uih4u9 (https://www.blockchain.com/btc/address/1EqLdoPtL96ZDYF2uoATG5YV6Bj3uih4u9?page=12)
3Qd7ghJ39CA3VrTc4DtATAyT3kVjvGcv6b (https://www.blockchain.com/btc/address/3Qd7ghJ39CA3VrTc4DtATAyT3kVjvGcv6b) AND 3QfSA27pAU68YRahSbbusCtEyKnNyNxp48 (https://www.blockchain.com/btc/address/3QfSA27pAU68YRahSbbusCtEyKnNyNxp48?page=1)
The aforementioned should have never been treated as owned by the Merchant. Neither the Merchant nor the beneficiary of payments demonstrated capacity to keep segregated accounts for such investment endeavors. It remains unclear how the Merchant passed through the on-boarding procedures of the cryptocurrency exchange, respectively whether the Merchant acted on his own or by an authorized representative in his relations with the cryptocurrency exchange. Following the principle that possible breaches of banking and financial laws, such as the allowance of payment processing in favor of unregulated legal entity, shall be observed and established by the competent authorities, I hereby report alleged financial fraud.
This situation has destroyed the potential of the company and my personal finances. The pain and suffering I have incurred due to these actions include: destruction of my personal credit, repossession of the company vehicle, eviction from my residence and subsequent homelessness and inability to provide health care of myself or my pet.
Herewith I kindly request:
I am searching for an attorney that can complete the following:
  1. File a lawsuit against the brokers that house the perpetrators e-wallet and where the virtual currency was transferred into. To elaborate: The prior twelve (12) months, I have been collaborating with a company based out of Europe that was tasked with informing all stakeholders and regulators of the issues I have been facing and attempt to make recovery of the funds (mychargeback.com). As of today, we have informed the authorities and the exchanges where the currencies were purchased (Paxful, LocalBitcoins, Bitbase, Coinbase) and have conducted an online trace of where the funds were transferred into using state-of-the-art cryptocurrency technology (Cyphertrace). There are two (2) exchanges that have processed the transactions and have violated domestic and international banking laws by not conducting proper due-diligence on both sides of the transactions: one located here in the United States (Paxful, Delaware) and the other located in Singapore (Luno). I have informed both entities of the illegal activities and at this moment, they are conducting internal investigations to protect their interests and contain liability. According to email documentation, they have traced the perpetrators and flagged their accounts to hopefully prevent another victim.
  2. Obtain the results of the subpoena and provide me additional representation in filing a lawsuit in an attempt to recover the stolen funds and provide justice for these illegal acts. This item may also involve filing a lawsuit against the cryptocurrency exchanges that failed to conduct proper investigations on both sides of the transaction to ascertain that the money was not going to fund terrorism, money-laundering, racketeering, trafficking or other illegal activities. These exchanges are now liable for violating both domestic and international law. They have failed to act in a manner consistent with being a "good banker”.
I have exhaustive documentation that is located in 3 separate links (https://www.dropbox.com/sh/dyp29kbutj03lhg/AABuQkRZJB2XgpHbmrtWdE_1a?dl=0 [1], https://www.dropbox.com/sh/rmimegg0vibp85o/AADQKR6AdEHuDPOw4pycij1Va?dl=0 [2], https://www.dropbox.com/sh/1pdsa1rua0inzd0/AAArv2BQ_Zr7Z7-vhhzQ2wNDa?dl=0 [3]) and organized in a manner to support my case. I seek representation to assist me in "digging myself out of the hole that I have been thrown into". I am hoping that someone out there can assist me in removing the "poison" from the "bite" that i received from these illegal actions and help me find justice, not only for myself but for the entire system which could cause societal crash and us into an new age of darkness and rampant avarice.
Thank you for your time and consideration,
Gabriel Acosta
submitted by My_Fathers_Keeper777 to Bitcoin [link] [comments]

Round up of Cryptocurrency News #10 Week 28/09 - 4/10

Hello and sorry all its been about a month since serious post. So what has happened this week? 1. Kucoin exchange was hacked for over $150 Million in Bitcoin. Bitfinex and Tether freezes $33 Million of stolen funds. Over this past week we have seen many cryptocurrencies on the exchange be released from the freeze. However, users are still waiting on the main cryptos to be released as KuCoin is working on their security of their platform to make sure it does not happen again. The hacker itself tried to dump his tokens over Binance... Good try lol https://news.bitcoin.com/kucoin-hack-17m-laundered-via-decentralized-exchanges-blockchain-analysis-firm-claims-this-can-still-be-traced/ (HOLY MOLY) https://news.bitcoin.com/kucoin-ceo-says-exchange-hack-suspects-found-204-million-recovered/ 2. Bitcoin outperforms Gold, Nasdaq, 10 year treasury and S&P 500. not surprising at all for us but still very interesting, Bitcoin is up 48% since the start of the year. It appears more people are becoming interested in cryptocurrency as Bitcoin continues to be the best performing asset not just in the past 10 years but of all time. On a more personal note, I was at a small gathering today (within covid restrictions) and I was just saying how i was really interested in cryptocurrency. For the first time ever everyone around me was really interested in what it was and how it worked also talked to a lot of my stock market friends and almost all have pulled out or thinking of pulling out. related: https://dailyhodl.com/2020/10/01/report-details-unprecedented-levels-of-wall-street-interest-in-bitcoin-and-cryptocurrency/ https://dailyhodl.com/2020/10/02/former-goldman-institutional-trader-says-large-investors-now-buying-bitcoin-and-gold-at-same-pace-heres-why/ 3. CBDC news - US federal reserve is actively working on the a digital dollar. From a previous post we know that the European Union is working on a Digital Euro and China is working on their own digital dollar. For me this is a bit of a worrying issue and seems like an upgrade for their own outdated systems completely removing the idea of decentralisation. In addition to this, I find it interesting that in Australia all cryptocurrency tax laws were written in late 2017/2018 and continues to be adapted. In Russia their are harsh penalties for unreported cryptocurrency holdings. In my controversial view I think the technology of blockchain can actually be used to recreate and rewrite a much better future through its innate abilities. we can avoid things like this: https://news.bitcoin.com/jpmorgan-fraud-billion-dollar-settlement/ 4. Highlights on cryptojacking - if you dont know what this is it is when a script or code runs on a computer to mine cryptocurrency using your computer resources. You can block these using other programs or scripts and being safe over the internet. 5. World economic forum names XRP as crypto asset most relevant in central bank digital currency space. Many partnerships in the space plus flare coming later. https://dailyhodl.com/2020/09/30/ripple-matchmaking-effort-discovered-featuring-170-financial-institutions-is-xrp-front-and-cente i definitely have a love hate relationship with XRP. 6. https://dailyhodl.com/2020/09/28/defi-movement-shatters-11000000000-in-total-crypto-assets-locked/ https://news.bitcoin.com/uniswap-captures-2-billion-locked-dex-volume-outpaces-second-largest-centralized-exchange/ 7. https://www.ey.com/en_au/blockchain/blockchain-platforms 8. https://dailyhodl.com/2020/09/29/twitter-ceo-jack-dorsey-says-bitcoin-and-blockchain-will-fuel-financial-freedom-and-transform-future-of-content-delivery/ 9. https://news.bitcoin.com/easily-spend-your-bitcoin-via-prepaid-debit-card-or-a-paypal-account-with-bitcoin-of-americas-easy-to-use-trading-platform/ 10. https://news.bitcoin.com/bitcoin-com-exchange-to-list-aspire-and-aspire-gas-as-newest-digital-asset-creation-platform-comes-to-market/ 11. https://news.bitcoin.com/onecoin-victims-petition-establishment-european-crypto-fraud-compensation-fund/ 12. https://news.bitcoin.com/atari-announces-ieo-collaboration-and-listing-of-the-atari-token-with-bitcoin-com-exchange/ Atari also partners with Cryptocurrency project ULTRA. Don't sleep on NFT projects, they may be a niche but they help with organisation, collectability and simplifies processes. 13. https://news.bitcoin.com/aurus-disrupts-the-gold-industry-today-its-ecosystem-lists-at-a-value-of-75m/ 14. https://dailyhodl.com/2020/10/01/irs-deploying-two-firms-to-track-crypto-transactions-in-million-dollar-deal/ 15. https://dailyhodl.com/2020/10/01/number-of-crypto-users-shatters-100000000-worldwide-cambridge-study/ https://news.bitcoin.com/bitcoin-posts-a-66-day-consecutive-streak-above-the-10k-price-range/ 16. https://news.bitcoin.com/cryptocurrency-exchange-diginex-trading-nasdaq/ 17. https://news.bitcoin.com/smart-contract-protocol-rsk-attempts-to-bring-defi-to-the-bitcoin-network/ 18. Bitmex news: https://news.bitcoin.com/bitmex-criminal-charges-prison/ well this happened. https://news.bitcoin.com/open-interest-on-bitmex-drops-16-investors-withdraw-37000-btc-in-less-than-24-hours/ https://dailyhodl.com/2020/10/02/bitmex-fires-back-after-us-accuses-crypto-exchange-of-failing-to-prevent-money-fraud/ https://dailyhodl.com/2020/10/03/440000000-in-bitcoin-exits-bitmex-as-crypto-traders-respond-to-cftc-allegations/ 19. Contract to break monero privacy: https://news.bitcoin.com/chainalysis-and-integra-win-1-25-million-irs-contract-to-break-monero/ 20. https://news.bitcoin.com/stacking-satoshis-leveraging-defi-applications-to-earn-more-bitcoin/ 21. https://dailyhodl.com/2020/10/02/bitcoin-whale-issues-big-warning-to-traders-heres-why-he-believes-group-of-crypto-assets-are-at-risk-from-regulators/ 22. https://news.bitcoin.com/venezuelas-state-run-defi-crypto-exchange-goes-live-after-maduros-anti-blockade-speech/ 23. https://news.bitcoin.com/crypto-exchange-coinbase-hands-over-customer-data-to-uk-tax-authority/ 24. https://news.bitcoin.com/jeff-booth-bitcoin-price-of-tomorrow/
25. https://news.bitcoin.com/eth-volumes-top-125-billion-in-q3-high-risk-dapps-dominate-tron-network/ 
Here is a small cross post for price movement: https://dailyhodl.com/2020/09/30/bitcoin-btc-tezos-xtz-cardano-ada-etoro-crypto-roundup/
Seems like everyone is bullish on bitcoin and leading crypto projects to make big gains over the next year, sooner rather than later. Bitcoin also holds above $10.5K with over 1Million wallets. Bitcoin interest is gaining throughout the world as many parts are hit by economic crisis.
Ethereum 2.0 roadmap updated, plans to exponentially increase scalability! VERY BULLISH. https://dailyhodl.com/2020/10/03/vitalik-buterin-updates-ethereum-2-0-roadmap-details-plans-to-exponentially-increase-scalability/
submitted by IOTAbesomewhere to Gravychain [link] [comments]

The Travel Rule is Coming in 2021 - Here’s What You Need to Know

Link to BTCTimes: https://www.btctimes.com/news/the-travel-rule-is-coming-in-2021-here-is-what-you-need-to-know
On June 30th, the Financial Action Task Force (FATF) released the outcomes of the June FATF Plenary, a report that concluded a 12-month review of cryptocurrency businesses as they prepare for the Travel Rule and its extended information sharing requirements.
The result back then: the FATF would extend the preparation period by another 12 months, allowing the industry more time to become compliant with the Travel Rule and avoid penalties.
The year-long extension did not come as a surprise: “I expect FATF to only reiterate their guideline expectations on member countries during the plenary. This will help ensure that more VASPs [virtual asset service providers] can work with greater confidence towards firm Travel Rule compliance deadlines in each country following the June plenary,” said Michael Michael Ou, CEO of CoolBitX, on June 9th, prior to the June Plenary report.
Another extension of the preparation period, however, is unlikely according to David Riegelnig, Head of Risk Management at Bitcoin Suisse AG.
“From the regulators’ point of view, they’ve granted one more year to implement the travel rule and they see that the industry is moving,” he told the BTC Times. “I expect regulations to come into effect at least mid-next year.”

What Is the FATF?

The Financial Action Task Force on Money Laundering (FATF) sets international standards to prevent money laundering and terrorist financing. Its primary objective is to develop and enforce FATF Recommendations, which describe a comprehensive plan for a globally coordinated effort to identify the transfer of funds for illicit purposes.

What Is the Travel Rule?

The Travel Rule was first created in the U.S. on May 28th, 1996 through the Bank Secrecy Act and was issued by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
The rule requires all intermediary financial institutions to share customer information with one another for fund transfers exceeding $3,000. The type of information that must be provided include the name, address, and the bank account number of the sender.
With the emergence of Bitcoin, a new, unregulated asset class has stepped into the picture and continues to draw interest from both young and established financial institutions. In light of this, the FATF is currently developing new standards for virtual asset service providers (VASPs) to comply with the Travel Rule.
On June 21st, 2019, the FATF updated the existing FATF Recommendation 16 to include the FATF Travel Rule specifically to address the challenges law enforcement faces in monitoring and identifying the use of cryptocurrency for money laundering or terrorist financing. This new Travel Rule is similar to the audit regulations of the United States’ Bank Secrecy Act, but extends the obligation to cryptocurrency transfers world-wide.

Which Cryptocurrency Companies Need to Comply With the Travel Rule?

The Travel Rule applies to businesses that exchange, transfer, or safekeep cryptocurrencies, as well as those who provide financial services related to cryptocurrencies.
“If you custody, process, or exchange crypto, you’re a VASP. But if you are a wallet software provider, you might be excluded,” David Riegelnig told the BTC Times.
But what about “decentralized” exchanges and lending protocols that facilitate transactions through smart contracts?
“FATF is increasingly thinking about this [space], especially with the recent DeFi frenzy,” Riegelnig shared. “If a smart contract is controlled by humans through admin keys, it’s very possible that they will be treated as intermediaries.”
Privacy-enhancing services such as CoinJoin providers, according to Riegelnig, likely have no reason to worry about the Travel Rule as they don’t typically control the private keys of CoinJoin participants.

What Will Change for Businesses and Customers?

With the FATF extending its review period by another 12 months, the Travel Rule is anticipated to be enforced by June 2021.
Therefore, customers of cryptocurrency businesses that operate in one of the FATF’s 39 participating member states should expect personally identifiable information to be collected and shared should they transfer cryptocurrency from one institution to another. This includes countries such as the United States, the United Kingdom, China, and Japan.
However, the Travel Rule will have an impact on businesses all over the world as members may choose not to interact with those who aren’t compliant.
“It's true that FATF requirements are binding only to member states. But in reality, they are effective beyond this group. After this migration period, no transfers will be done with VASPs in countries that are ‘non-cooperative’. You can simply not risk your license for that,” Riegelnig concluded.
submitted by BlockDotCo to u/BlockDotCo [link] [comments]

Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
 
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction
 
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
 
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
 
Decentralisation
 
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
 
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships
 
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
submitted by haveyouheardaboutit to CryptoCurrency [link] [comments]

Russia Proposes Harsh Penalties for Unreported Cryptocurrency Holdings

Russia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their cryptocurrency holdings above a certain level. Penalties include jail terms and fines.
The Russian Ministry of Finance has sent out a new draft bill addressing the circulation of cryptocurrency in Russia to interested government departments, local news outlet Kommersant reported this week. The bill contains amendments to the Russian Criminal Code, the Criminal Procedure Code, the Administrative Code, the Tax Code, and the law on combating money laundering, the publication conveyed, claiming to be familiar with the bill.
The main changes from the previous bill concern the obligation of citizens to declare their cryptocurrency operations as well as the content of their cryptocurrency wallets. The ministry proposes requiring exchanges and users to inform the tax authority about cryptocurrency transactions.
Noting that the market views the previous draft law as posing significant restriction to the circulation of cryptocurrency in Russia, Kommersant reported that the new draft law is even more strict. “In particular, any person (natural or legal) who has received digital currency or digital rights of more than 100,000 rubles [$1,280] in a calendar year is obliged to inform the tax authority and submit an annual report on transactions with such assets and the balances of these assets.”
Bryan Cave Leighton Paisner (Russia) LLP’s senior tax lawyer Dmitry Kirillov explained that if the amendments are adopted, the first report will have to be submitted by April 30, 2021, for the 2020 tax filing year. He added:
" For failure to report to the tax authority, you can get a fine of 30% of crypto assets, but not less than 50,000 rubles."
Roman Yankovsky, a member of the commission on legal support of the digital economy of the Moscow branch of the Russian Lawyers’ Association, noted that foreign cryptocurrency businesses, including crypto exchanges and depositories, must send the tax authority quarterly information about their Russian cryptocurrency operations. While believing that “hardly anyone will take this rule seriously,” he elaborated:
"The liability is not limited to fines. Non-declaration of a crypto wallet if more than 1 million rubles [$12,796] have passed through it per year becomes a criminal offense of up to three years in prison. Also, forced labor can be used as a punishment."
Experts criticize the amendments are too harsh. Malta-based broker Exante co-founder Anatoly Knyazev, for example, believes that the penalties are disproportionate to the violations.
The Ministry of Finance also emphasized that recommendations by the Financial Action Task Force (FATF) are being considered, but noted that no final decision has been made on the regulation of cryptocurrencies in Russia.
The Ministry of Justice has confirmed that the proposed bill is under consideration for adoption in connection with the law on digital financial assets and digital currencies which will enter into force on Jan. 1, 2021.
Originally published by Kevin Helms | September 26, 2020 Bitcoin.com
submitted by kjonesatjaagnet to JAAGNet [link] [comments]

The next XVG? Microcap 100x potential actually supported by fundamentals!

What’s up team? I have a hot one for you. XVG returned 12 million percent in 2017 and this one reminds me a lot of it. Here’s why:
Mimblewimble is like Blu-Ray compared to CD-ROM in terms of its ability to compress data on a blockchain. The current BTC chain is 277gb and its capacity is limited because every time you spend a coin, each node needs to validate its history back to when it was mined (this is how double spending is prevented). Mimblewimble is different - all transactions in a block are aggregated and netted out in one giant CoinJoin, and only the current spending needs to be verified. This means that dramatically more transactions can fit into a smaller space, increasing throughput and lowering fees while still retaining the full proof of work game theory of Bitcoin. These blockchains are small enough to run a full node on a cheap smartphone, which enhances the decentralization and censorship resistance of the network.
The biggest benefit, though, is that all transactions are private - the blockchain doesn’t reveal amounts or addresses except to the actual wallet owner. Unlike earlier decoy-based approaches that bloat the chain and can still be data mined (XMR), Mimblewimble leaves no trace in the blockchain, instead storing only the present state of coin ownership.
The first two Mimblewimble coins, Grin and Beam, launched to great fanfare in 2019, quickly reaching over $100m in market cap (since settled down to $22m and $26m respectively). They are good projects but grin has infinite supply and huge never-decreasing emission, and Beam is a corporate moneygrab whose founding investors are counting on you buying for their ROI.
ZEC is valued at $568m today, despite the facts that only 1% of transactions are actually shielded, it has a trusted setup, and generating a confidential transaction takes ~60 seconds on a powerful PC. XMR is a great project but it’s valued at $1.2b (so no 100x) and it uses CryptoNote, which is 2014 tech that relies on a decoy-based approach that could be vulnerable to more powerful computers in the future. Mimblewimble is just a better way to approach privacy because there is simply no data recorded in the blockchain for companies to surveil.
Privacy is not just for darknet markets, porn, money launderers and terrorists. In many countries it’s dangerous to be wealthy, and there are all kinds of problems with having your spending data be out there publicly and permanently for all to see. Namely, companies like Amazon are patenting approaches to identify people with their crypto addresses, “for law enforcement” but also so that, just like credit cards, your spending data can be used to target ads. (A) Coinbase is selling user data to the DEA, IRS, FBI, Secret Service, and who knows who else? (B) What about insurance companies raising your premiums or canceling your policy because they see you buying (legal) cannabis? If your business operates using transparent cryptocurrency, competitors can data mine your customer and supply chain data, and employees can see how much everyone else gets paid. I could go on, but the idea of “I have nothing to hide, so what do I care about privacy?” will increasingly ring hollow as people realize that this money printing will have to be paid by massive tax increases AND that those taxes will be directly debited from their “Central Bank Digital Currency” wallets.
100% privacy for all transactions also eliminates one HUGE problem that people aren’t aware of yet, but they will be: fungibility. Fungibility means that each coin is indistinguishable from any other, just like paper cash. Why is this important? Because of the ever-expanding reach of AML/KYC/KYT (Anti-Money Laundering / Know Your Customer / Know Your Transaction) as regulators cramp down on crypto and banks take over, increasingly coins become “tainted” in various ways. For example, if you withdraw coins to a mixing service like Wasabi or Samourai, you may find your account blocked. (C) The next obvious step is that if you receive coins that these chainalysis services don’t like for whatever reason, you will be completely innocent yet forced to prove that you didn’t know that the coins you bought were up to no good in a past life. 3 days ago, $100k of USDC was frozen. (D) Even smaller coins like LTC now have this problem, because “Chinese Drug Kingpins” used them. (E) I believe that censorable money that can be blocked/frozen isn’t really “your money”.
Epic Cash is a 100% volunteer community project (like XVG and XMR) that had a fair launch in September last year with no ICO and no premine. There are very few projects like this, and it’s a key ingredient in Verge’s success (still at $110m market cap today despite being down 97% since the bubble peak) and why it’s still around. It has a small but super passionate community of “Freemen” who are united by a belief in the sound money economics of Bitcoin Standard emission (21m supply limit and ever-decreasing inflation) and the importance of privacy.
I am super bullish on this coin for the following reasons:
Because it doesn’t have a huge marketing budget in a sea of VC-funded shitcoins, it is as-yet undiscovered, which is why it’s so cheap. There are only 4 Mimblewimble-based currencies on the market: MWC at $162m, BEAM at $26m, GRIN at $22m, and EPIC at $0.4m. This is not financial advice and as always, do your own research, but I’ve been buying this gem for months and will continue to.
This one ticks all the boxes for me, the only real problem is that it’s hard to buy much without causing a huge green candle. Alt season is coming, and coins like this are how your neighbor Chad got his Lambo back in 2017. For 2021, McLaren is a better choice and be sure to pay cash so that it doesn’t get repossessed like Chad!
  1. A https://www.vice.com/en_us/article/d35eax/amazon-bitcoin-patent-data-stream-identify-cryptocurrency-for-law-enforcement-government
  2. B https://decrypt.co/31461/coinbase-wants-to-identify-bitcoin-users-for-dea-irs
  3. C https://www.coindesk.com/binance-blockade-of-wasabi-wallet-could-point-to-a-crypto-crack-up
  4. D https://cointelegraph.com/news/centre-freezes-ethereum-address-holding-100k-usdc
  5. E https://www.coindesk.com/us-treasury-blacklists-bitcoin-litecoin-addresses-of-chinese-drug-kingpins
  6. F https://www.youtube.com/channel/UCWkTxl5Z6DNN0ASMRxSKV5g
  7. G http://epic.tech/whitepaper
  8. H https://medium.com/epic-cash/epic-cash-on-uniswap-22447904d375
  9. I https://epic.tech/wp-content/uploads/2019/09/figure-3.1.jpg
Links:
submitted by pinchegringo to CryptoMoonShots [link] [comments]

Just how bad is Chainalysis?

I've read about how some guy got his account blocked in Binance because he sent a transaction from Wasabi wallet. I've read it goes deep into several iterations after the mix. For instance:
You send the coins into a mixer -> send it back to you to address A -> send it back to you to address B -> send it to an exchanger.
Chainalaysis will notice the coins are mixed even if you've send it to 2 "clean addresses" before that. This is insanity. It could put people into trouble since one could mix the coins, send it to someone else, then this person sends it to an exchange where he is identified with his real name, and he ends up in some money laundering investigation scheme. Just nuts.
Does it recognize all mixers? If you use helix, chipmixer or whatever else... how would it even know? Do they just keep adding more and more "blacklisted" addresses? In a long enough timeline the % of ending up in some "money laundering investigation" is increasingly higher.
Until we have proper fungibility in Bitcoin, I wouldn't send a single satoshi to an exchanger that doesn't come from:
1) Coins you've bought from an exchange that uses Chainalysis (whitelisted by default since they had it on their custody wallet, one would assume those are safe)
2) Mined coins with no tx history
These f*ckers are just developing an scheme to put people in trouble and confiscate coins. Use bisq outside of the above mentioned cases IMO. Just assume 0 privacy when dealing with your average big exchange. Better safe than sorry. Our only hope is smart devs crush their Chainalysis dreams where every coin has an ID.
submitted by cryptomann1 to Bitcoin [link] [comments]

HOW TO BUY BITCOIN WITH GIFT CARD

HOW TO BUY BITCOIN WITH GIFT CARD

How Gift Cards Work?

Gift cards are prepaid debit cards that are loaded with cash at the time of purchase. As the majority of prepaid debit cards, they typically have a quite small maximum available balance, usually in the range from $20 to $500. You can easily purchase a gift card online or in a physical store. Similar to prepaid debit cards, customers are typically not required to show their ID or SSN when they are purchasing a gift card.
Unlike certain prepaid debit cards, gift cards are not reloadable, meaning a card holder is not able to add additional funds to a gift card. Typically, gift cards are Visa or Mastercard and have a unique brand of the company that issued a particular card. Gift cards are not connected to a bank account like debit cards. We accept some gift cards and our customers can instantly buy Bitcoin with a gift card on our website.

https://preview.redd.it/lugu9fksbep51.png?width=680&format=png&auto=webp&s=f7a0e60b70d0de1cbc5dc7151aef5e93a5d50235
Prepaid gift card as a payment method is convenient because your payment transactions are secured by financial institutions and typically processed immediately. As a result, you can receive your Bitcoin in minutes, if you buy Bitcoin with a prepaid gift card. This is not the case when you are using bank wire transfers and some other payment methods to purchase Bitcoin.

Where to Buy Bitcoin with a Gift Card?

Some cryptocurrency exchanges allow their users to use prepaid debit gift cards as a payment method. However, regulators all over the world require stricter regulations of crypto exchanges, crypto wallets, and other crypto related businesses. Therefore, such companies are forced to be compliant with financial regulations and implement more rigorous and time consuming Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.
At the same time, we observe a growing demand for online fiat-to-crypto services that can improve customer experience and make Bitcoin purchase process faster and easier. Such Fintech companies as MoonPay and Simplexuse a simplified KYC process and allow their customers to buy Bitcoin with certain gift cards instantly. We partner with MoonPay and our customers can seamlessly buy Bitcoin with some gift cards, including VISA and Mastercard.

https://preview.redd.it/h0n4e5jubep51.jpg?width=1601&format=pjpg&auto=webp&s=ed075dd99926165843997693ca4be9c80b06ece0
You can learn more about Bitcoin investment products and strategies here.
Legal Disclosure: The information contained in this article is the property of Digital Finance LLC and cannot be republished without our prior permission.
Digital Finance is a Washington, DC, financial company that specializes exclusively in the Bitcoin market. We provide easy and compliant exposure to digital assets and help our customers from all over the world to instantly buy Bitcoin and earn up to 6% annually on their Bitcoin holdings.
submitted by MaximNurov to u/MaximNurov [link] [comments]

HOW TO BUY BITCOIN WITH PREPAID CARD

HOW TO BUY BITCOIN WITH PREPAID CARD

How Prepaid Cards Work?

Prepaid cards are debit cards that are loaded with cash by a card holder in advance. Many prepaid cards are Visa or Mastercard and they look like a typical debit or credit card. However, prepaid cards are not connected to a bank account like debit cards. Prepaid cards are convenient because you can seamlessly buy it online or in a physical store. Customers are usually not required to show their ID or Social Security Number (SSN) when they are purchasing a prepaid card. Prepaid cards have a relatively small maximum available balance, typically limited to $500.

https://preview.redd.it/wdhaeiakbep51.jpg?width=988&format=pjpg&auto=webp&s=811b247bf0c6e7285b4bf7fe4ee52608919d6234
There are two types of prepaid cards — reloadable and non-reloadable. Non-reloadable prepaid cards can be loaded only once, at the time of purchase. When customers are purchasing reloadable prepaid cards, they can load more money into the card, within the predetermined maximum balance. Governments often use prepaid cards as a convenient way to distribute cash payments. Cash App, for example, supports most government-enabled prepaid cards. We also accept some prepaid cards and our customers can instantly buy Bitcoin with a prepaid card on our website.
Prepaid gift card as a payment method is convenient because your payment transactions are secured by financial institutions and typically processed immediately. As a result, you can receive your Bitcoin in minutes, if you buy Bitcoin with a prepaid card. This is not the case when you are using bank wire transfers and some other payment methods to purchase Bitcoin.

Where to Buy Bitcoin with a Prepaid Card?


https://preview.redd.it/7l8si0igbep51.jpg?width=1920&format=pjpg&auto=webp&s=c7fd1f08640a5fad82b12d532bac53289f7e406f
Some cryptocurrency exchanges allow their users to use prepaid cards as a payment method. However, regulators all over the world require stricter regulations of crypto exchanges, crypto wallets, and other crypto related businesses. Therefore, such companies are forced to be compliant with financial regulations and implement more rigorous and time consuming Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.
At the same time, we observe a growing demand for online fiat-to-crypto services that can improve customer experience and make Bitcoin purchase process faster and easier. Such Fintech companies as MoonPay and Simplexuse a simplified KYC process and allow their customers to buy Bitcoin with certain prepaid cards instantly. We partner with MoonPay and our customers can seamlessly buy Bitcoin with some prepaid cards, including VISA and Mastercard.
You can learn more about Bitcoin investment products and strategies here.
Legal Disclosure: The information contained in this article is the property of Digital Finance LLC and cannot be republished without our prior permission.
Digital Finance is a Washington, DC, financial company that specializes exclusively in the Bitcoin market. We provide easy and compliant exposure to digital assets and help our customers from all over the world to instantly buy Bitcoin and earn up to 6% annually on their Bitcoin holdings.
submitted by MaximNurov to u/MaximNurov [link] [comments]

HOW TO BUY BITCOIN WITH CREDIT CARD

HOW TO BUY BITCOIN WITH CREDIT CARD

How Credit Cards Work?

A credit card is a plastic card issued by a bank or any other financial institution that allows cardholders to borrow funds to pay for goods or services. Credit card holders need to pay back the principal amount and any applicable interest, in accordance with the credit card terms and conditions.
Credit card as a payment method is convenient because your payment transactions are secured and processed immediately. As a result, you can receive your Bitcoin in minutes, if you buy Bitcoin with a credit card. This is not the case when you are using bank wire transfers and some other payment methods to purchase digital assets.

https://preview.redd.it/ei79l81vaep51.png?width=466&format=png&auto=webp&s=b895bff653b4a0ec1a09e2d1fcbf10b82bea7a56

Where to Buy Bitcoin with a Credit Card?

Almost all crypto exchanges and online services such as Cash App and eToro accept credit cards. Cash App supports credit cards from Visa, MasterCard, American Express, and Discover. Unlike cryptocurrency exchanges and other online services, Digital Finance makes Bitcoin purchase process really quick and easy. You can instantly buy Bitcoin with credit card on our website. Currently, we accept all major credit cards, including Visa and Mastercard.

How to Buy Bitcoin with a Credit Card?


https://preview.redd.it/83boonswaep51.jpg?width=1656&format=pjpg&auto=webp&s=1ae47c9ea08b89da22bccd2fa073efb5c14e5d02
The most common but unfortunately not fastest way to buy Bitcoin is purchasing it with credit card on a cryptocurrency exchange, such as Binance or Coinbase. The issue is that Know Your Customer (KYC) process is time consuming. Because of that, customers usually need to wait several days and are not able to buy Bitcoin until their identity is verified and exchange account is activated. Moreover, some trading expertise is needed to place a buy order and properly execute it on a crypto exchange.

How to Buy Bitcoin with a Credit Card Instantly?


https://preview.redd.it/19dqm9kyaep51.png?width=775&format=png&auto=webp&s=d557ed54a96ef700b826e42dd9812e315d2e35e4
Regulators all over the world require stricter regulations of crypto exchanges, crypto wallets, and other crypto related businesses. Therefore, such companies are forced to be compliant with financial regulations and implement more rigorous and time consuming Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.
At the same time, we observe a growing demand for online fiat-to-crypto services that can improve customer experience and make Bitcoin purchase process faster and easier. Such companies as MoonPay and Simplex use a simplified KYC process and allow their customers to buy Bitcoin with credit card instantly.
You can learn more about Bitcoin investment products and strategies here.
Legal Disclosure: The information contained in this article is the property of Digital Finance LLC and cannot be republished without our prior permission.
Digital Finance is a Washington, DC, financial company that specializes exclusively in the Bitcoin market. We provide easy and compliant exposure to digital assets and help our customers from all over the world to instantly buy Bitcoin and earn up to 6% annually on their Bitcoin holdings.
submitted by MaximNurov to u/MaximNurov [link] [comments]

HOW TO BUY BITCOIN WITH DEBIT CARD

HOW TO BUY BITCOIN WITH DEBIT CARD

How Debit Cards Work?

A debit card is a plastic card issued by a bank that allows cardholders to pay for goods or services using funds on their checking account. Debit cards are the most common payment methods used by individuals who want to buy Bitcoin. Unlike credit cards, debit cards can only be used if the card holder has sufficient funds on a bank account.
Debit card as a payment method is convenient because your payment transactions are secured and processed immediately. As a result, you can receive your Bitcoin in minutes, if you buy Bitcoin with a debit card. This is not the case when you are using bank wire transfers and some other payment methods to purchase digital assets.

https://preview.redd.it/ozn9ljmfaep51.png?width=752&format=png&auto=webp&s=7710953f53f74dbc2856d8a29a820d5c9267f2e4

Where to Buy Bitcoin with a Debit Card?

Almost all crypto exchanges and online services such as Cash App and eToro accept debit cards. Cash App supports debit cards from Visa, MasterCard, American Express, and Discover. However, it currently does not accept PayPal and business debit cards. Unlike cryptocurrency exchanges and other online services, Digital Finance makes Bitcoin purchase process really quick and easy. You can instantly buy Bitcoin with debit card on our website. Currently, we accept all major debit cards, including Visa and Mastercard.

How to Buy Bitcoin with a Debit Card?

The most common but unfortunately not fastest way to buy Bitcoin is purchasing it with debit card on a cryptocurrency exchange, such as Binance or Coinbase. The issue is that Know Your Customer (KYC) process is time consuming. Because of that, customers usually need to wait several days and are not able to buy Bitcoin until their identity is verified and exchange account is activated. Moreover, some trading expertise is needed to place a buy order and properly execute it on a crypto exchange.

https://preview.redd.it/526czj1iaep51.jpg?width=1656&format=pjpg&auto=webp&s=7c660d4f64ed7f89868e70a4c379d7efbe2811fa

How to Buy Bitcoin with a Debit Card Instantly?

Regulators all over the world require stricter regulations of crypto exchanges, crypto wallets, and other crypto related businesses. Therefore, such companies are forced to be compliant with financial regulations and implement more rigorous and time consuming Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.
At the same time, we observe a growing demand for online fiat-to-crypto services that can improve customer experience and make Bitcoin purchase process faster and easier. Such companies as MoonPay and Simplex use a simplified KYC process and allow their customers to buy Bitcoin with a debit card instantly.

https://preview.redd.it/d401n3nlaep51.jpg?width=1280&format=pjpg&auto=webp&s=0c795ccdd118d2e8203bd337cc3558f133c9e725
You can learn more about Bitcoin investment products and strategies here.
Legal Disclosure: The information contained in this article is the property of Digital Finance LLC and cannot be republished without our prior permission.
Digital Finance is a Washington, DC, financial company that specializes exclusively in the Bitcoin market. We provide easy and compliant exposure to digital assets and help our customers from all over the world to instantly buy Bitcoin and earn up to 6% annually on their Bitcoin holdings.
submitted by MaximNurov to u/MaximNurov [link] [comments]

HOW TO BUY BITCOIN WITH VIRTUAL CARD

HOW TO BUY BITCOIN WITH VIRTUAL CARD

How Virtual Cards Work?

A virtual prepaid card has the same functionality as a regular prepaid debit card. The only difference is that it can be used for online purchases only. Since virtual cards are designed for online purchases only, they are not accepted by physical stores. Virtual cards provide an extra level of security as they are not linked to an individual checking bank account and therefore minimize the risk of unauthorized withdrawals.
Virtual cards have a 16-digit card number and a CVV number, like regular debit cards. Since virtual cards are prepaid, only a card balance can be spent by a card holder. Virtual cards are not a common payment method and crypto exchanges have different policies regarding virtual cards. Our clients can instantly buy Bitcoin with some virtual cards on our website.

https://preview.redd.it/2sbgvop4cep51.jpg?width=565&format=pjpg&auto=webp&s=a22371bafe8c81fcd3b7c1f75a72c04d23fd80dc
Virtual card as a payment instrument is convenient because your payment transactions are secured by financial institutions and typically processed immediately. As a result, you can receive your Bitcoin in minutes, if you buy Bitcoin with a virtual card. This is not the case when you are using bank wire transfers and some other payment methods to purchase Bitcoin.

Where to Buy Bitcoin with a Virtual Card?


https://preview.redd.it/t0ptw7nccep51.jpg?width=900&format=pjpg&auto=webp&s=a052bc5ae7d98455f2b80ac4145197b6e29dca70
Some cryptocurrency exchanges allow their users to use virtual cards as a payment method. However, regulators all over the world require stricter regulations of crypto exchanges, crypto wallets, and other crypto related businesses. Therefore, such companies are forced to be compliant with financial regulations and implement more rigorous and time consuming Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.
At the same time, we observe a growing demand for online fiat-to-crypto services that can improve customer experience and make Bitcoin purchase process faster and easier. Such Fintech companies as MoonPay and Simplexuse a simplified KYC process and allow their customers to buy Bitcoin with certain virtual cards instantly. We partner with MoonPay and our customers can seamlessly buy Bitcoin with some virtual cards, including VISA and Mastercard.
You can learn more about Bitcoin investment products and strategies here.
Legal Disclosure: The information contained in this article is the property of Digital Finance LLC and cannot be republished without our prior permission.
Digital Finance is a Washington, DC, financial company that specializes exclusively in the Bitcoin market. We provide easy and compliant exposure to digital assets and help our customers from all over the world to instantly buy Bitcoin and earn up to 6% annually on their Bitcoin holdings.
submitted by MaximNurov to u/MaximNurov [link] [comments]

Stablecoins Are Not as Safe as You Think. How Your USDT, PAX, BUSD Get Frozen in a Moment

Stablecoins Are Not as Safe as You Think. How Your USDT, PAX, BUSD Get Frozen in a Moment
Being created on the basis of blockchain, stablecoins were considered to be a safe haven for investors… until recently. Why is their immunity elusive and how does the Financial Action Task Force (FATF) plan to control them?
Established in 1989 by the G7, the FATF inter-governmental organization develops policies to resist money laundering and financing of terrorism. It sets standards and implements legal and regulatory measures to combat illegal financial transactions.
They developed recommendations for the monitoring of money laundering and keep revising them regularly. In case of non-compliance, law enforcement is executed via regional financial organizations. As of 2019, there are 39 full members of FATF, including the USA, UK, Australia, most EU countries, Singapore, India and the Russian Federation.
Since 1st July, the FATF organization has been headed by Marcus Pleyer. During the last FATF meeting, the new president expressed his concerns about global stablecoins and organizations that issue them. Although the organization had already dealt with these cryptocurrencies, it highlighted that, “it is essential to continue closely monitoring the ML/TF risks of so-called stablecoins, including anonymous peer-to-peer transactions via unhosted wallets”.
Is it ever possible to control crypto wallets that are not hosted on online exchanges? – you’d ask. We’re used to the fact that cryptocurrencies are outside the reach of banks and governments. However, when it comes to stablecoins, things are different.

It’s in the code

What makes stablecoins special is that they are pegging to fiat currency, for example, 1 TUSD = $1 USD. This means that such assets should be backed up by real money stored in the bank accounts of the issuing organization. Consequently, stablecoin creators need to comply with the requirements of the SEC, FATF and other controlling agencies, if they are to operate in the cryptocurrency sphere and be authorised to sell stablecoins. Transparent reports are not the only requirement, stablecoins must also provide the possibility of account blocking.
Surprisingly, this feature is implemented in each stablecoin. The experts from QDAO DeFi are covering several stablecoin protocols that enable this function.

OMNI-based USDT

Issued by Tether Limited, USDT is a stablecoin that was originally created to be worth $1 with each token backed by a $1 real fiat reserve. The currency was successfully promoted and added to major cryptocurrency exchanges but stayed a controversial asset. Despite the claims of Tether Limited, they failed to provide any contractual right or other legal claims to guarantee that USDT can be swapped for dollars or be redeemed.
In April 2019, Tether’s lawyers explained that each USDT was backed by only $0.74 in cash or equivalent assets. No audit of dollar collateral was done. A month before that, it changed the backing to include loans to affiliate companies. The scandal also involved the Bitfinex exchange that was accused of using USDT funds to cover $850 million in funds lost since 2018. They were also accused of manipulating USDT to push the BTC price.
Tether is available on five blockchains: Omni, Ehereum, EOS, Tron and Liquid. Only the latter does not have a freezing feature. Omni was the first protocol for USDT. Blocking of users’ accounts is possible, thanks to the following piece of code:

https://preview.redd.it/uqho45l33om51.png?width=690&format=png&auto=webp&s=c0feebdae086b0deeccde05278eaf3cc760f9e2b
Apparently, it’s used to blacklist addresses and contracts.

PAX

The concerns about PAX were centered around the notorious MMM BSC Ponzi scheme. Before the widespread adoption of DeFi services, it was the second-largest gas consumer after Ethereum. Out of 25,000 daily transactions, 5,000 were performed by MMM BSC. It was reported to be a scam but none of the accounts were frozen. Does it mean PAX lacked the resources to regulate illicit activities?
Evidently, not. The protocol code has a LAW ENFORCEMENT FUNCTIONALITY function that allows for the freezing/unfreezing of contracts or burning assets on blacklisted accounts. It turns out, anyone risks having their PAX coins destroyed during an investigation process while their accounts stay blocked.

History of frozen accounts

In 2019, the ZCash Foundation and Eric Wall conducted research on the privacy of stablecoins and revealed several frozen addresses. It’s not clear why exactly they were blocked. Most probably, it happened shortly after the exchange withdrawal – users took this action after witnessing platforms being hacked.

https://preview.redd.it/pkbruqm83om51.png?width=838&format=png&auto=webp&s=b068c5b8c5e5439892eaf5feefa3fbc93c694c8c
USDT was implicated at least twice in scandals to do with freezing. In April 2019, about $850 million in Tether dollars sent by Crypto Capital Corp. were frozen by a New York court. Tether and Btfinex were accused of participating in a cover-up to hide about $850 million worth in clients’ funds. By July 2020, Tether had frozen 40 Ethereum addresses with millions of USDT (some of them are shown in the screenshot above).
The Centre Consortium was the next to follow their lead; about a month ago, it blacklisted an address with USDC worth $100,000. That was done in response to law enforcement.
Yet, it’s not only Europe and the USA imposing control over cryptocurrencies. Since June 2020, the Chinese government managed to block several thousands of users’ bank accounts. It was done to resist illicit activities, especially money laundering. On some of those accounts, no activity had been detected for several months. Meanwhile, prior to April 2020, Chinese residents moved over $50 billion worth of crypto outside the country borders – more than is officially allowed (a maximum of $50,000 per person).
The authorities claim that USDT and other stablecoins are often used in illegal activities. Together with the People’s Bank of China (PBOC), they are developing new ways of investigating digital crimes and money laundering operations involving exchanges and crypto wallets. Local financial bureaus and police are working tight-lipped about investigating startups and crypto exchanges. And they are succeeding at it.
In July 2020, Chinese authorities confiscated BTC, ETH and USDT worth $15 million from people who allegedly ran a fake cryptocurrency scheme.
By the way, not only corporate accounts are being closed. One investor claims his account had been frozen after using yuan to purchase crypto. Also, users who transfer illegally obtained money outside of the mainland in large amounts are under suspicion. Does it mean the Chinese government has started tightening the screws on cryptocurrency users?

DAI, USDT on Liquid and USDQ are the main options for stablecoin deposits

So, where can you store your crypto assets? USDT on Liquid and DAI are not the only solutions available. Consider making a deposit in USDQ, the stablecoin of the QDAO ecosystem. Like other stablecoins, it’s 1-to-1 pegged to USD. However, it cannot be frozen by a government, financial organization or anyone from the QDAO team. You can check it yourself by reading our Smart contract and USDQ Audit.
In QDAO, users’ accounts are never frozen by a single person – all account issues are solved by the entire QDAO community, with the help of a QDAO governance token.
In case of blocking (the chances of which are almost non-existent), you can address the QDAO community and get timely help.

Bottom Line

With FATF taking this new course of action, we might witness serious pressure on stablecoin providers. Some projects will resist it, but it’s still not safe to store your assets in popular stablecoins, especially USDT. Your account can be frozen by authorities for dozens of reasons without the possibility of retrieval.
Yet, there are a number of reliable alternatives and USDQ stablecoin is one of them. QDAO DeFi platform users feel free to manage their crypto reserves and make profitable deposits.
Want to be the first to hear QDAO DeFi news and updates? Visit our website and stay in touch with us on social media: Twitter, Facebook, Telegram and LINE (for the Japanese-speaking community).
submitted by QDAODeFi to u/QDAODeFi [link] [comments]

Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ

Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase support number 1844-699-6794 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located. #@$#@YUYIUO
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Coinbase pro support number 1844-699-6794 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Coinbase support number 1844-699-6794's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Coinbase pro support number 1844-699-6794 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Coinbase support number 1844-699-6794's headquarters?
This seemingly simple question is actually more complex. Until February, Coinbase support number 1844-699-6794 was considered to be based in Malta. That changed when the island European nation announced that, no, Coinbase support number 1844-699-6794 is not under its jurisdiction. Since then Coinbase support number 1844-699-6794 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. Coinbase support Service number 1844-699-6794 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
"Wherever I sit, is going to be the Coinbase support number 1844-699-6794 office. Wherever I need somebody, is going to be the Coinbase support number 1844-699-6794 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Zhao said Coinbase support number 1844-699-6794 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Coinbase Phone support number 1844-699-6794 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Coinbase support number 1844-699-6794 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Coinbase support number 1844-699-6794, announced that the exchange had frozen the funds. He also added that Coinbase Helpline support number 1844-699-6794 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase Complaint Number☎️ 1844-699-6794 ☎️||| Coinbase Contact US || YTUJHJHHGJ
Coinbase support number 1844-699-6794 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located. #@$#@YUYIUO
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Coinbase pro support number 1844-699-6794 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Coinbase support number 1844-699-6794's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Coinbase pro support number 1844-699-6794 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Coinbase support number 1844-699-6794's headquarters?
This seemingly simple question is actually more complex. Until February, Coinbase support number 1844-699-6794 was considered to be based in Malta. That changed when the island European nation announced that, no, Coinbase support number 1844-699-6794 is not under its jurisdiction. Since then Coinbase support number 1844-699-6794 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. Coinbase support Service number 1844-699-6794 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
"Wherever I sit, is going to be the Coinbase support number 1844-699-6794 office. Wherever I need somebody, is going to be the Coinbase support number 1844-699-6794 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Zhao said Coinbase support number 1844-699-6794 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
Coinbase Support Number
Coinbase Pro Support Number
Coinbase Helpline Number
Coinbase Customer Service Number
Coinbase Compailnt Number
Coinbase Pro Helpline Number
Coinbase Phone support number 1844-699-6794 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Coinbase support number 1844-699-6794 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Coinbase support number 1844-699-6794, announced that the exchange had frozen the funds. He also added that Coinbase Helpline support number 1844-699-6794 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
submitted by Beautiful_Implement7 to u/Beautiful_Implement7 [link] [comments]

Bitcoin used by terrorists to launder money? Use of Bitcoin and Crypto for Money Laundering Minuscule ... Cryptocurrency & Money Laundering - YouTube $4 Billion 💰 Bitcoin Money Laundering Operation Revealed ... How to Send Money With a Bitcoin Wallet - YouTube

To start, Bitcoin is sent from a clearnet wallet to one of the hidden Torwallets. These kinds of transactions are called ‘hops,’ and can be done multiple times across dark web Bitcoin addresses, adding a layer of obfuscation with every ‘hop’. With it stored on a dark web wallet, it’s time to run it through a tumbler. Criminals use crypto money laundering to hide the illicit origin of funds, using a variety of methods. The most simplified form of bitcoin money laundering leans hard on the fact that transactions made in cryptocurrencies are pseudonymous. The same concepts that apply to money laundering using cash apply to money laundering using cryptocurrencies. “There are people clearly trying to launder money through our BTMs in ... Former federal prosecutor Arnold Spencer uses a Dallas convenience-store BTM to add Bitcoin to his digital wallet on Dec ... The current Alpha release of Dark Wallet supports Stealth Addresses, in addition to CoinJoin and Multisig. A Stealth Address is another privacy-related feature in the works for Bitcoin. They don’t launder funds, so much as break, the usual chain of custody the blockchain provides for tracking bitcoins. Here’s how criminals use Bitcoin to launder dirty money. ... one Bitcoin wallet hosted on the ‘clearnet,’ (a fancy word for the standard internet). ... AML regulations actually receive 36 ...

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Bitcoin used by terrorists to launder money?

**On today's episode of The Cryptoverse:** We’ll check in on the progress to Segwit lock in. And the MtGox case has been cracked wide open thanks to new repo... If asked right now, can you explain what money laundering is? More importantly, did you know that money laundering is the reason for pizza in USA? In this vi... Bitsonline's Daniel Rojas explains the basics of sending and receiving funds using a Blockchain(.com) bitcoin wallet. Bloomberg reports on the evils of Bitcoin ATMs for laundering money for criminals. ... CRYPTOCURRENCY HARDWARE WALLETS ... Money Laundering 101 💰 How Criminals Use Bitcoin To Hide Illegal Money ... Money Laundering 101 💰 How Criminals Use Bitcoin To Hide Illegal Money 🔫💎🗡 - Duration: ... David Hay Recommended for you. 16:33. WEBCAST: Current Trends in Anti-Money Laundering ...

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