in the future, will there really be a need for fiat currency? Government can collect taxes in crypto, determine how to allocate it, and spend it in crypto. Ppl can receive salaries and do all commerce using crypto. Loans can be done in crypto. Fundraising can be in crypto. Sure, problems have to be worked out in terms of scalability, does it have to be completely decentralized, etc, the value has to become more stable. But theoretically, is there any reason to have fiat in the future?
It has been established that governments can now do taxation without representation by printing more money (which is a tax on everyone holding the currency), instead of trying to get a bill passed that allows it to increase the tax rate. With crypto this would be no more. All increased taxation would have to pass a vote.
From an economic standpoint, the idea that a country can stimulate its economy by adjusting interest rates is tenuous. There is just as strong an argument that lowering interest rates has caused speculation and bubbles, with calamitous results. In a crypto market economy, capital will flow from where it is needed less to where it is needed more.
The national cash and non-cash money of the states will not disappear anywhere. They were and will remain mandatory attributes of each state. Cryptocurrency can not significantly affect this type of financial relations in society. Cryptocurrency can only go in parallel with the national currencies of the states. So it will exist for a long time, until the only superstate or alliance of states with a single economic and political government will remain on our planet. However, such examples in the history of mankind do not yet know. Therefore, we can assume that the national money of the states will always exist. |
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The gold and silver is being here in this world since from a very long period of time so we cannot been comparing the Bitcoin to the the silver and gold will not be right thing because the stability of gold will be more stronger than anything people are using this is a huge future investment but in today's situation cryptocurrency play the same that's why the comparison is here.
Gold and silver were and remain eternal value. The value of cryptocurrency is not yet verified by time. On the prospects of cryptocurrency, it is too early to say anything. It takes at least a hundred years to be able to say that this type of investment and means of payment is stable and in demand. So far, the cryptocurrency has not occupied a certain niche in the financial relations of society, it has just begun to develop. |
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The problem is not the actual conduct of the KYC inspection, although for the bounty hunters its conduct is illegal and violates our right to privacy of the individual. I am in some danger of conducting a KYC audit at the end of an ICO or even after it, since, due to the lack of regulation of this type of activity, there is no single approach to the requirements of the KYC audit and sometimes the ICO teams require the provision of such documents that I cannot provide. If this happens in the final period of the ICO, then it threatens me with not paying out the earned tokens. This is quite reminiscent of fraud by the ICO team, and therefore the KYC check should always be carried out in the initial phase of the ICO, and not the final one.
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Cryptocurrency will not depend on banks. This statement is too categorical and unlikely to happen in reality. Banks and cryptocurrency will continue to exist on a mutually beneficial basis. However, this requires that the state first legalized cryptocurrency. This will be a good basis for their cooperation. It is unlikely that banks will provide such a multitude of services in cryptocurrency, which they provide in ordinary currency, but they will always exchange with fiat.
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#Signature
Bitcointalk username: Snaic
Forum rank: Full member
Number of posts: 960
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Tax law is dependent on your country and locality. Recently in the United States, the IRS has declared that Bitcoin is to be treated as property, not currency, for tax purposes. All income in the US is taxed, regardless of what form it takes. If you’re paid in bitcoins, you’re supposed to pay taxes on your earnings at the BTC/USD exchange rate when you receive payment.
Is it a good decision or bad?
Taxes for holders of cryptocurrency need to be paid so that the cryptocurrency can develop further. The state will only accept the cryptocurrency and will take measures to its use by citizens if it sees that the cryptocurrency brings income to the treasury. If citizens evade paying taxes, states will be forced to retaliate and limit the circulation of cryptocurrency. |
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I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.
Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.
What are your apprehensions about the KYC procedures that will soon be as popular as noodles?
I do not think that soon everywhere, including in all ICO campaigns, KYC verification will be used. In any case, now many ICO teams are refusing to use KYC checks against bounty hunters. For example, the Terra Green campaign, which launched the second round of the four planned ICOs, explicitly stated in the second round that, due to the current situation in the cryptocurrency market, they abandoned the KYC check scheduled at the end of the ICO. After that, the activity of bounty hunters in their campaign signatures increased markedly. Once the Internet has begun to openly trade our confidential data, those ICO teams that wish to ensure the high activity of bounty hunters in their bounty ICO campaigns should consider whether to carry out such a KYC check against bounty hunters or not. After all, such a test for bounty hunters is illegal. |
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The blockchain technology is designed to securely store and use large databases of any data online. Therefore, the use of this technology for voting in the elections of citizens abroad is just the direct application of this technology.
I think that in the future and the usual voting in elections to the authorities and administration in most industrialized countries will occur with the use of this technology, which is reliably protected from external interference by unauthorized persons.
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I'm here today to drop my own point about how KYC should be use
- KYC requirement for bounties and airdrops is so unreasonable ,KYC implementation is no doubt a good idea but it should be forced only on big investors that wants to buy large amount of a token either From Exchanges
- there should be limit for KYC requirements e.g like if an investor wants to buy 10,000$ worths of tokens upward then he or she must go through KYC ,just saying
It really is. The KYC check has the task of preventing the laundering of dirty money and fighting terrorism. If a small amount of funds is invested in an ICO project, there is no point in conducting a KYC check in this case. The ICO team may simply warn that China and the United States have banned their citizens from participating in ICO projects and before buying tokens investors must confirm that they know this and that they are not citizens of these states. With respect to bounty hunters, checking KYC is generally illegal. We are not investors in ICO projects and should not undergo such testing. |
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is has arrived the time we need cryptocurrency securities & capital organization? to monitor and maintain development orders in ensuring that their development teams are meeting the requirements required by the project and are responsible for maintaining the investor (as a primary goal.) in each region?
All the current difficulties of ICO projects can be solved if we put things in the most usual order in this activity with the help of state regulation. Vseravno, sooner or later, states will have to do it. If the ICO establishes clear rights and obligations of participants in this activity and the level of fraud has decreased markedly, then in the normal state of the ICO market they will again be able to work normally. Why do we need shares or something similar if there are tokens in the cryptocurrency? Maybe after that we will again go to the usual fiat? |
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Eth fork will definitely bring back past glory for eth and speed up the transactions speed and reduce the network conjunction
Yes, after the update, Ethereum will return its popularity, but most likely, that we will have to wait not for the intermediate update of Constantinople, but for the main update of Serenity. Buterin promised that he would have to wait no earlier than before the beginning of 2020. After this update, Ethereum really moves to a new level. Already today, ethereum was pleased by the fact that it once again returned to itself the second place in terms of capitalization and ripple again moved to third place. Moreover, the ethereum price has increased to $ 120 and in the CoinMarketCap table its price movement is green, at the same time bitcoin has dropped slightly, in price and its price movement is red. This does not significantly affect anything so far, however, it still indicates the readiness of this coin to grow upwards. |
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Cryptocurrency differs from another currency precisely in its high price volatility. It is due to the high volatility of many cryptocurrency brings a good profit. Therefore, without the possibility of earning a periodic sharp rise and fall in the price of cryptocurrency to many, of course, it will be boring.
However, the high volatility of cryptocurrency also has a negative side, as it prevents states from legalizing it and using it in business.
The current price of Bitcoin and other cryptocurrencies will be dissatisfied with many, as they still remember the recent high prices and compare the value of their coins and tokens with these high prices.
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This should be yet another reminder to never store coins online for long term, and always use strong 2FA on your account and your email.
true, but in this particular case 2FA was not preventing this man from stealing user's cryptocurrencies. he just chose those accounts without 2FA because it was more convincing to lie and say they were hacked compared to saying an account with 2FA was hacked! the moral of this story is not to trust any exchange with your money. the coins are in their database and no matter what password and 2FA you choose they can still rob you. Yes, in any case, if we store our cryptocurrency not in our wallet, there will always be the danger of it being stolen by various officials who will have access to them. Unfortunately, the security of our cryptocurrency will always be in doubt. Such crimes are quite difficult to prove and solve. Law enforcement agencies of Ukraine worked well here, given that the investigation led the usual district police department of the city of Kiev. |
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Hope should always stay as long as we support blockchain tech and crypto. I see all this long bear trend in another way, i think this bear trend along with accumulation and stabilization phases is super healthy for the coins technically because once the bear trend will be broken im sure the next bull run will be epic and patience will pay of nicely.
I also think so. Good promising projects continue to develop even now, despite the very long period of stagnation of the cryptocurrency market. Only useless projects and people who wanted to get rich quickly on cryptocurrency will leave the market. When the market starts to recover, it will be more sustainable, users of cryptocurrency will have their own awareness, this will be a new level of its use. |
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The era of blockchain has given many people to make their own currency with different visions from the Artificial intelligence, personal data, finance etc. as we know the traditional currency is very influential in society & supports economic activity around a worldwide. wel, if everyone has their own currency doesnt this is will make everyone no longer motivated to work and will be to waste more time in front of computer. so, what do you think?
The emergence of very many varieties of cryptocurrency, especially if individual citizens release their own cryptocurrency, will have practically no effect on the economies of the states, since such a cryptocurrency will be absolutely useless. Why should individuals create their own cryptocurrency if practically no one will use it, because such a cryptocurrency will not be of any value. What is the point of buying such a cryptocurrency? Cryptocurrency must perform a specific function and serve certain projects, otherwise the meaning of its existence disappears. |
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In order for people to use more cryptocurrency as a means of payment, it is necessary that more and more states legalize it on their territory. Also, cryptocurrency is still difficult to use for the average person. For people to start using cryptocurrency massively, it should be easily accessible, easy and safe to use. This has not yet been achieved. It is still bulky and massively hacked by hackers. A big problem for using cryptocurrency as a payment system is its high price volatility, and this is still one of the most intractable problems.
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The election of key officials in the country and in their legislative bodies, of course, can change the attitude to cryptocurrency, including changing the order and conditions of its circulation within the country at the legislative level. However, this should be considered not in general, but in relation to a specific state and specific political conditions of this state. However, it is not worthwhile to strongly hope for regular elections and a change in the political situation in the country, including in relation to cryptocurrency.
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These are still small temporary fluctuations in the bitcoin price and, most likely, are caused by some coincidence of supply and demand. Of course, such slight changes in its growth will already be pleasing. Now many are closely watching the bitcoin price movements, all in anticipation of the rise of the cryptocurrency market. After all, this is officially the longest-time bear market.
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Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?
KYC checks should be conducted only for traders with large trading volumes and large investors in ICO projects. For other categories of people it is meaningless. With respect to bounty hunters, KYC checking is generally illegal. It should be used only for the purpose for which it was created - the prevention of money laundering. In any case, it cannot be used on this forum to combat the presence of multiple accounts for some users. Violation of our right to privacy cannot be justified by this. In general, KYC verification - this should be a problem of state bodies. |
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Well i believe if he does fake his death it would be on major news. I think its real and thats what happen when only one person hold the private key in company and the think we learn its not good for company.
Cryptocurrency encryption also has its drawback and it is very serious. On the one hand, you need to keep your secret keys very secure, and on the other, there should be a mechanism for disclosing them to certain individuals in case of our death. However, we will never be ready for our death, and there will always be a loss of cryptocurrency. In this case, the lost $ 250 million in cryptocurrency is a very huge amount. |
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