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JPM criticizing bitcoin is not a new thing. That's an old practice taken up by Jamie to discourage the investors. He managed to successfully bog down the bitcoin price at his first attempt coupled with the China's ICO ban news. But the community decided to ignore his flawed comments about bitcoin since then and we haven't seen any impact on bitcoin due to his comments after the first time. It's an inevitable truth that Jamie will not keep his mouth shut when it comes to bitcoin, so let him do that. He is like a dinosaur, powerful but on the verge of extinction.
Also the inflation is never an effect of money printing. Inflation is caused by thousand other things and money printing probably one small factor of it. It's a good thing crypto currency can't be printed, so it is cutting down the cost of printing which is a significant one. So I see it as a strong point instead of weakness. Jemie has stopped making sense to the crypto community long back. It's better to start ignoring him for our own good.
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World's major IT companies like Google, Microsoft and Adobe is run by Indian CEOs. Also one fourth of NASA engineers are Indian. Where have you been all these years? India is a supreme place for qualified professionals and that's the reason why Indians are the preferred employees among many European and US companies.
It's just because of our government, we are not getting proper opportunities. The government is run by such people who doesn't have the brain power to understand the blockchain technology. But Indians are pretty much active in this sector and making good amount of profits as well. Even though the government have taken the midway for now, but eventually will accept Cryptocurrency to be traded within India and provide a tax framework for us. It will take some time, but will happen for sure.
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I tried searching the thread but didn't see anything mentioned about the KYC requirement.
Do the bounty hunters need to submit KYC documents to get bounty reward?
I believe, that is a very important information needs to be mentioned in the bounty thread itself to avoid confusion. Please let us know if it is required or not.
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I have one question to the development team of Debitum Network. I hope someone from the team will give a straight answer to it.
Question: Do I need to submit my KYC documents in order to get the bounty rewards? I reiterate, I am a bounty participant and not an investor.
I have sent a PM to the bounty campaign manager but didn't receive a reply yet. I expect someone from the developer team to answer my concern.
There is no KYC needed for bounty participation. Thank you for the clarification. |
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I have one question to the development team of Debitum Network. I hope someone from the team will give a straight answer to it.
Question: Do I need to submit my KYC documents in order to get the bounty rewards? I reiterate, I am a bounty participant and not an investor.
I have sent a PM to the bounty campaign manager but didn't receive a reply yet. I expect someone from the developer team to answer my concern.
P.S: I sent PM to the campaign manager more than 2 days ago and I tried the ANN thread to post this similar question more than 12 hours ago, but not received any reply from either one of them yet.
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The solution to the first problem is something that the market -- ie. ICO investors -- need to enforce. If people would actually demand proper documentation instead of simply throwing money at every shiny new project they see this problem wouldn't exist. No documentation, no funding. It could be easy as that, but fact of the matter is that most people don't really care all that much as long as there's a quick buck to be made.
The second problem is definitely the most interesting one. Given how much KYC data is being shuffled around in this space, I wouldn't be surprised if at one point gathering exploitable passport selfies becomes a core part of scammy ICO-based "businesses". I'm pretty sure most ICOs already break a bunch EU regulations concerning the gathering, handling and storing of personal data. But of course preventing possible attempts at small scale money laundering is much more important than protecting the personal data of private citizens. In practice I guess the solution is pretty much the same as with the first problem -- stop throwing money at questionable ICOs.
The third problem is simply scammy behaviour and indeed just needs honest up-front communication.
The second part is the major pain area. It is not easy to find a questionable ICO. Every ICO website is listing their facebook and LinkedIn profile details in their website. But that certainly doesn't assure the authenticity of their identity. Creating a fake profile is an easy job but it's not easy to fake a government ID especially when we have scope to verify directly from the government database. Since it is missing, we are not really sure to whom we are giving away our PII data. How they are going to prevent the misuse of that data!! PII data can be sold in the market very easily. That's where I am very much worried. While majority of the ICOs are scam, how can we ensure that we are dealing with a real company and not with some scammer!! |
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I have one question to the development team of Debitum Network. I hope someone from the team will give a straight answer to it.
Question: Do I need to submit my KYC documents in order to get the bounty rewards? I reiterate, I am a bounty participant and not an investor.
I have sent a PM to the bounty campaign manager but didn't receive a reply yet. I expect someone from the developer team to answer my concern.
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I support paying taxes to the government. If you like being treated like a slave, so be it. It's not about being slave. It's about being within the system and that is in existence and still being profitable. If I try to be rebellious, the government will simply put me behind the bars. It's too hard for an individual to go against government. Instead it is always better to find a solution. I pay taxes from my profits and keep the rest of it. Both are happy. That should be the conclusion. Government is certainly not taking up 100% of my profits as taxes. It will be a certain percentage and I get to keep the maximum portion of it. That's it! The way you are pointing towards things, it will make 100% of the world population looks like slaves only. |
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As the thread subject mentioned, I strongly believe the KYC documents requirement from the ICOs will open up a new area of scam to the world, much larger than the ICO itself.
Reason 1:
The basic idea of crypto currency is de-centralization and anonymity. I understand that ICO will have to comply with the regulatory requirements, but isn't it directly challenging the basic idea of crypto currency? If KYC is required for every ICO, then the whole idea of de-centralization and anonymity is gone. The ICO requirement should be the other way around. Means, every ICO should provide a proper KYC documentation to the public so that investors can be assured that they are not dealing with a bot or a child operating from his home computer.
Reason 2: (this is a big threat)
KYC means "Personally Identifiable Information" and it is a very serious level of data. Most of the governments have a very stringent rules against the breach of PII data, especially in USA. The SSN numbers of USA residents are traded in darkweb for $5-$10 each based on the details available. While most of the ICO owners are not identifiable to public (linkedin and FB profile can't be considered as valid here), they can secretly open up a secondary market for PII data, that will provide them an extra layer to their income. Most of the ICOs are not compliant with the infosec policy of many countries. No one is sure, what is going to happen with their data. It leads to a much larger future scam.
Reason 3:
It provides a big opportunity to the ICOs to deny the bounty hunters from their payment even after their promotional efforts. I am not sure we have already encountered some of these, but I am sure it will happen in future. I have seen no ICO bounty thread mentioned anything about the KYC requirement. There is no upfront communication. However, they may come back saying that KYC needs to be done before the bounty rewards can be released. That's complete miscommunication and cheating. If the ICOs can be upfront on their KYC requirement (which they are not), only bounty hunters and investors will join who can fulfill the requirement. The campaign managers needs to be upfront in this matter.
*While I don't know what needs to be done in order to regularize the first two reason, the third reason can be solved via upfront communication. Please share your thoughts.
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Official MyEtherWallet Statement from kvhnuke (Kosala): https://www.reddit.com/r/ethereum/comments/7wgnds/official_myetherwallet_statement/Here's the short version if you don't want to click on the link: Basically the 2 people that created MEW, Kosala and Taylor split (apparently nasty) and there are now 2 versions of MEW - Original MEW with Kosala and the new Mycrypto with Taylor. Taylor also apparently stole the official Twitter account of MEW and changed it to Mycrypto. There is also a pending lawsuit between the 2 parties Lawsuits between companies can go on in every sector. But the consumers should not be affected due to this. It seems like the new exchange already violated the basic trust factor by stealing the twitter account of MEW. It's better to avoid both if the business ethics is not followed. |
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all-in is not a good choice ， However, the interval between days is too short How do you make a plan? week?month or year ?  There is no specific interval for buying bitcoin. Going all-in is definitely not a good idea because of the price fluctuations. But if you can track the market closely, you will see many opportunities to buy. But if you don't want to track the market closely, then streamline the buying interval so that you can score bitcoins at various price points. Prefer monthly buying at a certain date because weekly buying may not impact much on your buying price. Also, always diversify your investment. Here I mean, invest in real-world assets along with Cryptocurrency. The best approach is to divide your monthly investment amount in to two parts and invest in both cryptos and bank or stock market assets. While bitcoin can generate much higher income than any real world investment, but it can fetch you huge losses as well. So if you invest in other assets, it will give you support if anything goes wrong with crypto market. Remember, bitcoin is a risky venture, so try to use other assets as well to make your finance look good. |
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As the subject line says, India's largest company Reliance planning for its own virtual currency in the brand name of Jio Coin. Even though the company didn't release any official notification regarding it, but big business newspapers have reported this news on Last Friday (1/12). The concern is, India has not yet made bitcoin or any crypto currency a legal tender. A committee is formed by the finance department and they are still debating on the potential outcome. But if Reliance launches its own virtual currency like Kodak is doing, do you think India will make bitcoin a legal tender? What kind of implication Jio Coin will have on Indian crypto community? The news: http://www.businesstoday.in/current/economy-politics/mukesh-ambani-reliance-cryptocurrency-jiocoin-virtual-currencies/story/267914.htmlShare your thoughts! These are the rumors and reliance has denied the same, they have no intentions to launch the jio coin or any other cryptocurrency at this moment. Reliance is a reputed company and they will never go against the government's policies; ndian government has refused to accept cryptos as legal tender. Thanks for the update. It is indeed a rumour. A little google search revealed the truth. I have updated the main thread. Reference news link: https://gadgets.ndtv.com/apps/news/jio-cryptocurrency-app-jiocoin-launch-fake-1807127 |
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Have no points regarding the topic, but I guess this thread does not belong to this section. It has nothing to do with Legality, but it is more of a discussion. So maybe you should take it out from this Child board and post it in Bitcoin Discussion.
It has a very strong relation with Legality. Imagine if the India's biggest company launches its own coin in a fully transparent manner. Here transparent means, you know the founder and the real persons behind it, you know the financial background of the company promoting it. The value will immediately go to moon. But if it really happens, Reliance group will strongly push the government to legalize the Cryptocurrency in India. The Indian government is still taking the middle route and didn't ban it yet. If Reliance steps in to this business, bitcoin will eventually be legalized along with it. So it's a hope for the crypto community of India for sure. That's how it's related to legal. |
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If this doesn't scream market manipulation, I don't know what it is.
There are some really large whales with 1bil+ in cash teamed up to manipulate crypto.
Call it Illuminati, Stone Masons, etc, that I don't believe in, but what I do believe in is that big HUGE whales are teamed up and have a very close communication.
That's a worrying news. I too have noticed the decrease in market cap and it seems like big players are pulling out the funds or investing in other assets. But I don't really believe in the whales here. While it's not impossible, but hard to execute because a lot of other factors can play a big role in it. But I really don't understand the background logic of manipulating the price for worse. If I am a whale in bitcoin market and have a large holding with me, I would definitely want the price to go up and I will help the bitcoin price in upward direction if I can. What profit I will get for decreasing price? Price decrease means, my holding value is also going down. Why would I want that to happen? That's where I am struggling to understand the logic. |
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Do you believe this will ever happen, and if so, how long?
Please select one of the options above for this poll.
I don't think people will use decentralized and trustless exchanges unless someone will try to hide their trade volumes. Also if a person wants to avoid tax on crypto earning, these kind of exchanges will be an ideal place for them. Your trades won't get recorded, you won't have any profit & loss statement and no kyc details will be required. Perfect place for tax evaders. The regulations have just started on crypto assets. It is expected be increased and the span of monitoring will also increase. You will either have to stay with the tax payers or with the tax evaders. The choice is yours and the decision on exchange usage will be heavily influenced by this factor. I personally don't use decentralized and trustless exchanges and won't encourage anyone to do so. I believe, it will never become mainstream because the inherent nature of the business. It is good for the underground market only. |
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It's true that bitcoin is being victimized for its decentralized bit we can hardly do anything about it. The main idea of bitcoin is basically against the centralized system that are existence since the birth of monetary system. If we see the history, the economy was always controlled by a central authority. Earlier it was the kings who used to issue currencies, then banks came into existence and took over the centralized system. When bitcoin came into existence, it introduced the idea of decentralization in the modern economy. So it is immediately became a rebellious idea for the governments. Even though fiat is used for criminal activities, but no one can say anything against fiat because it is the only option we have. But bitcoin is an extra option given to the mankind which are used normal people and by criminals as well. So bitcoin became bad in the eyes of the governments because it became harder for them to track. |
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Since you are experienced in stocks, you must know that every broker provides a P&L statement to their members which is a summary of all trades executed through them along with buying and selling price. It also mentions how much you have earned or how much you have lost in total. I believe the exchanges in US should be providing that for crypto trades as well. If not, they must have a section called "Trade history". Use the financial year to filter out the trades you have executed during the last financial year and download in excel. If the summary isn't given on that, you can use formulas to calculate that quickly. It would show the final earning on cryptos.
If you have made profits, you will be calculating taxes on it. If you have incurred losses, the loss amount should be deducted from your total earnings. That's the basic idea on crypto taxation. However, the tax system in US is state specific and they have different rules probably. But if you use the above mentioned logic, I think you are good to go. Hope this helps!
ya thanks, brokerage accounts are fine and established but none of the crypto places that I know send any tax info. You do get in email saying don't forget to pay your taxes but that's it. I know I can do the history thing but I'm very experienced with stocks and I was trading like a looney at first. So the exchanges will not send you the info to make it easy, I imagine that will change as the industry matures as they are a financial institution but I don't think they caught up with themselves yet I don't understand why the exchanges will not send you the info of your trades, even if you have made 1000s of trades. All your trades must be recorded in your trade history. Doesn't matter how many trades you have done in the pas year, you should be able to get all details. If not, try sending an email to their support team to get the data. It's your trading data and you must receive it from the exchanges. If the summary isn't given, it's simple enough to use excel and calculate the summary. That's it! If it's still confusing, go to a CPA and they will be able to assist you quickly on that! |
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