The entire point of this post is asking what happens to KYC when the business goes bust and there is no employees and if they delete accounts do they delete KYC information. Alot of exchanges going bust and I'm curious
Exchanges are usually offloading their KYC verification services to third party providers, who I'm sure have a data retention policy for a minimum number of years. I am not suspecting the case to be any different from LocalBitcoins, as the government could still subpoena whoever was handling KYC for LocalBitcoins for any individual's documents should they need them for whatever reason. Of course, I don’t know what powers your tax inspectors have, but as a rule, in order to carry out such operations, the tax office needs to create new departments and train people, and this procedure must comply with the law. In Russia, for example, initiative is punishable, and if the prosecutor’s office receives many complaints from citizens about violation of the law from such an initiative, then the author of the initiative and his assistants will have to take early retirement or look for work elsewhere. |
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@zasad@. Yes but that will be for another case. The case the community has been concerned about is whether their tokens are illegal securities which as ruled by a judge, which they by themselves are not really securities. However, they cannot do an act that makes the arguable to be securities like selling them to whales and institutional investors through presales and ICOs. This I speculate might make many projects' token issuance and markets creation more fair and more accessible for small minnows hehehe.
Are they illegal securities? Who cares at this point. Instead of wasting time in court about things like Ripple, why not go after the hundreds of shitcoins created on a regular basis that are clearly intended for pump and dump purposes, and miserably fail the Howey test? It shows that SEC's priorities are all whack and the consumer is not the person they actually intend on protecting primarily. In Russia, "take a look not where you lost it, but where there is light". It's probably the same in the USA. And in politics you need to do not what is right, but what is profitable. If the SEC goes after crap projects with small capitalization and ends up getting nothing, then everyone will laugh at them. To be respected and feared, you need to beat the biggest game, but so that its curators do not then kick back. Therefore, Ethereum is a commodity and cannot be touched, but Ripple... |
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https://cointelegraph.com/news/polygon-co-founder-steps-downPolygon co-founder steps down, will contribute ‘from the sidelines’ "Jaynti Kanani, the co-founder of Polygon, announced that he has stepped back “from the day-to-day grind” on the project for the first time in six years. In an Oct. 4 X (formerly Twitter) thread, Kanani said he planned to focus “on new adventures” while contributing to Polygon “from the sidelines.” Along with software engineers including Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, Kanani helped found the Matic network in 2017, which was later rebranded to Polygon. “Man this makes me emotional,” said Nailwal in response to the announcement. “What a ride we’ve had together brother. But its just the start for Polygon, i wish we could’ve done more for longer together in this crazy journey that is Polygon. But hey, you got to do what you got to do.”"
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Genuine question as per the title.
Firstly im not a Solona maxi. I will gladly move over to something else if it appears better (and im always looking).
Solona is just so far ahead of everything else right now and so undervalued. It looks like the only thing that could even get close to doing an Ethereum style run.
Really want to know what L1s do people go for over Solona as it makes no sense to me.
Solana has a very informative story about how market makers manipulate the price of a coin and sell the coin to hamsters at very high prices. A classic story that is described in the famous book by Edwin Lefebvre: "Memoirs of a Stock Operator". Ethereum looks more fundamental, but I have some Solana just in case. |
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https://cointelegraph.com/news/class-action-suit-filed-against-binance-alleged-harm-ftx-collapse"A class-action suit was filed against Binance.US and Binance CEO Changpeng Zhao on Oct. 2 in the District Court of Northern California, alleging various violations of federal and California law on unfair competition for attempting to monopolize the cryptocurrency market by harming its competitor FTX. The suit was brought by Nir Lahav, who is identified only as a California resident. At issue are posts made by Zhao on Twitter (now X) in early November on the eve of FTX’s collapse. The posts were made in conjunction with the decision by the defendants to liquidate their holdings in the FTX utility token, FTT (FTT), on Nov. 6. The plaintiffs estimated that Binance owned up to 5% of all FTT tokens."
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It's not always a matter of information availability. The government may know that a citizen has income, but in order to hold the citizen accountable there must be a procedure in accordance with the law. In my country, tax inspectors usually scare a citizen and ask him to agree to a fine, but when citizens come there with lawyers, the conversation is completely different.
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Obviously this group of hackers are sophisticated and highly intelligent individual, it's that they chooses to use on on the dark side of computers and be a criminals.
~snip~
If they are already so smart and intelligent, maybe they will avoid punishment and reach a settlement that would include some kind of house arrest while working for some three-letter agency. It is no secret that such things happen, and it is a real shame to let such people rot in prisons or to be employed by someone else when they are released. Besides, $6 million doesn't seem like a lot, at least not when we look at it globally. Oh come on! Did you really think they pulled off the greatest robbery of the century? Such hacks are done even now through an affiliate program, and if the victim pays a ransom, then the money is divided between those who infected the victim with the virus and the author of the software |
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Technical, Bitcoin is security, and since it always makes new ATH in the halving effect market through the effort and investment of others.
I don't think that's what they refer to as effort by others. That would be too confusing, and by that logic, any asset like gold would be a security too since you need help from miners and so on. That being said, I wouldn't be surprised if the government changes its interpretation to suit its goal if the opportunity comes. The government changing their interpretation to conform to their own purpose is the reason why I believe there's a chance that the Bitcoin spot ETF with the inclusion of Ethereum won't be approved this year and next year. Yes, if the ETF is approved it will help the whole cryptocurrency and also boost the positive stance of other institutional investors but this is somehow not something the government wants now. Do you know why there is still no spot ETF for Ethereum and Bitcoin in the USA. One cryptocurrency exchange lawyer told me this in private correspondence, but he did not ask to hide this information. Futures ET is much easier to open due to fewer requirements and this is approved by the CFTC. For a spot ETF, you must provide evidence that the market is not manipulative. Therefore, it is not Gary’s fault that this ETF still does not exist. |
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The Ripple company still violated other laws, so new court hearings will be held just during the next Bitcoin halving.
It’s as if the crypto market manipulators are preparing for a series of big positive news and the opening of a spot ETF. Before the elections, this saga will not be of interest to everyone.
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https://asumetech.com/five-out-of-six-largest-ethereum-block-builders-comply-with-ofac-sanctions-reveals-new-report/"Ethereum Block Builders and Growing Censorship Concerns Ethereum can set new records in 2023 A recent report reveals that five out of the six largest Ethereum block builders now comply with the United States Office of Foreign Asset Control (OFAC) sanctions. The report, authored by Ethereum researcher and data analyst Toni Wahrstätter, highlights a notable increase in censorship in recent months. Ethereum’s Censorship Concerns According to the report, censorship exists at multiple levels within the Ethereum ecosystem. Validators have the power to selectively include or exclude transactions in blocks, while relays can filter blocks based on certain rules. Builders can also choose to omit specific transactions. These layers of censorship raise concerns about the neutrality and decentralization of the blockchain. Wahrstätter’s report suggests that censorship resistance is crucial for maintaining political neutrality in blockchains. Decentralization is a fundamental principle, as centralization at any layer of the Ethereum stack can potentially harm the entire ecosystem."
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https://asumetech.com/five-out-of-six-largest-ethereum-block-builders-comply-with-ofac-sanctions-reveals-new-report/"Пять из шести крупнейших Block Builders Ethereum соблюдают санкции OFAC, говорится в новом отчете Недавний отчет показывает, что пять из шести крупнейших Block Builders Ethereum теперь соблюдают санкции Управления по контролю за иностранными активами США (OFAC). В отчете, автором которого является исследователь Ethereum и аналитик данных Тони Варштеттер, подчеркивается заметное усиление цензуры в последние месяцы. Проблемы цензуры Эфириума Согласно отчету, цензура существует на нескольких уровнях в экосистеме Ethereum. Валидаторы имеют право выборочно включать или исключать транзакции в блоки, а ретрансляторы могут фильтровать блоки на основе определенных правил. Block Builders также могут отказаться от определенных транзакций. Эти уровни цензуры вызывают обеспокоенность по поводу нейтральности и децентрализации блокчейна. В отчете Варштеттера говорится, что сопротивление цензуре имеет решающее значение для поддержания политического нейтралитета в блокчейнах. Децентрализация является фундаментальным принципом, поскольку централизация на любом уровне стека Ethereum потенциально может нанести вред всей экосистеме." https://censorship.pics/
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Хомяков то нужно как нибудь из монеты выгнать, я даже подобрать по 24 планирую  Кошмар, когда читаю такие вещи не знаю плакать или смеяться. Покупать фундаментально слабые проекты да еще в момент, когда рынок только будет нащупывать настоящее глобальное дно в цикле... Месье знает толк в извращениях... Серьезные люди торгуют акциями реальны компаний, которые имеют ценность. А чтобы такие хомяки туда не лезли и не богатели случайно, для них сделали песочницу, в которой они торгуют виртуальными фантиками, которые могут потерять 90% ценности все разом по щелчку регулятора. Если вы торгуйте другими монетами, думая что они фундаментальнее, то выеще не осознали, что вы такой же .. Мой риск менеджмент допускает % инвестиций даже в потенциальный скам. |
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Хомяков то нужно как нибудь из монеты выгнать, я даже подобрать по 24 планирую |
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I don't even understand why Gensler at first will have to think about bitcoin as being a security. Everyone who understands securities can wholeheartedly attest that bitcoin is not a security. Unless the person purposely wants to hurt bitcoin which will not even be successful because bitcoin is highly centralized.
It feels bad for someone in an esteemed office to speak front he two side of his tongues, it doesn't tell good of his personality.
If Bitcoin is not a security, then answer a very, very important question of our time: Why the hell does the SEC regulate Bitcoin if another organization, the Commodity Futures Trading Commission (CFTC), should do it? |
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What's the point of eating food if you end up going to the bathroom with dollars instead of toilet paper?
because toilet paper at this point in time is cheaper to use? if that ever became not the case then I think you know what would happen. We live in a time of change, when the old financial system is collapsing, and no one has yet proposed a new global financial project. Or America will find a new way to write off at least half of its debts, because the other half of the US government debt belongs to American citizens and companies.
If the Democrats by themselves can open the southern border and let millions of people flood into the country without any documentation or anything then trust me they can find a way to write off all their debt. It wouldn't have to be LEGAL you understand. They would just do it. Kind of like how they did this open border thing.  At first they were flying them in under the cover of darkness away from the prying eyes of the public but that could only last so long... Debts can only be legally written off through default. The ratio of government debt to US GDP unfortunately does not reflect real data, because all countries' GDP is greatly overestimated for statistics. Practically nothing is produced in the financial sector, so the 2022 GDP of 25 trillion can be reduced by 40-50%. |
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According to the latest 2021 data, the US budget is 6.8 trillion dollars, and taxes collected are 3.8 trillion dollars.
but what's the point of printing money if you plan to take back half of it? just print half of it to begin with and don't take anything. same end result right? If you print that many dollars every year, it will soon be cheaper to wipe your ass with dollars.
that's about how much the us dollar is worth at this point. soon to be even more worthless... This already looks like trolling What's the point of eating food if you end up going to the bathroom with dollars instead of toilet paper? We live in a time of change, when the old financial system is collapsing, and no one has yet proposed a new global financial project. Or America will find a new way to write off at least half of its debts, because the other half of the US government debt belongs to American citizens and companies. |
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andy_pelevin, Excimer поздравляю вас сновыми рангами!
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"It's not a security." Gensler finally said it, too bad he made a fool of himself. The hearing was tough on Gensler and I heard there were rumors he could be removed from office. He built his reputation as an enemy of Bitcoin and cryptocurrencies, but now he's paying the price. It is clear from the meeting that Bitcoin gained stronger positivity than before and that there is pressure on the (SEC) to approve Bitcoin ETFs, the decision on which was postponed for the first time, and the next date will be on 10/17/2023. We wait to see the results. I think that after this meeting, the positivity towards Bitcoin will be clearer and stronger than before. We hope that this positivity shown by Congress will contribute to the market’s recovery. Dissatisfaction with the activities of the SEC has long been growing in the American Congress, although I am not an expert on American politics, and perhaps I only receive this selection of news. The main question is which ETF will be the first, and it is possible that the first ETF in the US will be an Ethereum spot ETF. And after the Ethereum price pump, the spot Bitcoin ETF will be launched. |
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There are global accounting standards on the basis of which experts evaluate various global companies, their value, and so on.
But why is all this for individuals? Why do they need to know what value added tax is?
The state should be interested in individuals engaging in business, because this greatly reduces social costs. It is more profitable for the state for a citizen to do business rather than stand in lines for social benefits.
what i don't understand about taxes/royalties/whatever you want to call them. why not just instead of making people hand over their printed paper money. just print more of it so you don't need to ask them for theirs. what is the real difference? a little increase in inflation maybe? well if so then just don't print as much of it in the first place subtract off the amount of it you would be asking them to turn back in and then you don't need to collect taxes at all. just a thought. Don't you really understand how economics works? Bankers rule the world through global organizations such as the IMF and the Bank for International Settlements, the largest rating agencies, and all central banks are subject to their rules. If a country behaves badly, regulators deprive it of loans, and there is a crisis, and then a change of government. According to the latest 2021 data, the US budget is 6.8 trillion dollars, and taxes collected are 3.8 trillion dollars. If you print that many dollars every year, it will soon be cheaper to wipe your ass with dollars. |
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