This is how it works:
A rich person is having assets worth $50 billion. Out of that, he announces that he is "donating" $40 billion for charity (any resemblance to criminals such as Bill Gates is purely unintentional). Now he forms a "charity trust" with him and other relatives as the board members. $40 billion worth of cash and other assets such as stocks and bonds are moved to a bank account earmarked for this charity. Any income in the form of interest payments or dividends are tax-free, as the account is owned by the charitable trust.
Now comes the irony. Instead of purchasing luxury houses and yachts from his own account, the billionaire will just purchase them using the charitable trust. Instead of bribing politicians openly with his own money, he will do so with the bank account owned by the trust, in the form of "speaking charges". On top of that, he will write down a few million USD every month for himself in the form of salary.
salary Pfft the richguy can put (instead of $40b in one go..) $2B a year for 20 years the trust can sell upto $2b/yr of asset and invest in-kind in a 'loan facility'. thus no capgain... and give a'personal' loan to himself from trust to personal. so rich guy receives a loan (tax free money) and as a repayment(to himself as trust) puts another $2b into trust. to cancel loan. which again is no gain for trust |
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Personally, I haven't gotten insurance for my business yet, but I'm thinking about it. Right now, my main goal is to save up so I can kickstart another business in a completely different field from what I'm doing now. Gotta keep those options open as we never know.
there is different levels of insurance as a minimum for running a business... liability its the legal costs if you or your product causes harm or loss to an employee, customer or guest then there is buildings/contents insurance. but these can be at different levels. whether its fully inclusive or only contains one or more of: accidents, arson, no fault fire, flood, storm, lightning, damage, theft, etc |
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insurance is important.. but the correct insurance is more important
a story of a business lady who never experienced flood in 50 years would not pay a higher premium that has a "flood protection" add-on.. but then the flood happens and oops, still not covered.
many people pay basic insurance for false security and find out they dont qualify for a claim when the worse happens
get the RIGHT INSURANCE not just the basic insurance
the other option is to look at the costs of repair/replacement. and then look at the premium amount to insure. and calculate if its worth paying a premium or setting aside that amount as a 'emergency savings' pot to cover repairs
EG
a. if you know you can buy new flock of chickens and it takes 4 months to full grow them to sell.. for 1k
and renting a chicken coup for 4 months is 2k (total 3k to get back to work)
b. if rebuilding a coop for yourself is 15k and will take 6 months and ontop you pay 1k to get a flock of chickens
3k to be at a point of selling chickens in 4 months
vs
16k to be at a point of selling chickens in 10 months
work out is it better to pay premiums to insure the 16k cost. or put aside the premium amount into your own savings for emergency to cover 3k to get straight back to operating under rent
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Treasury Secretary Janet Yellen said that Tuesday's action was the largest settlement in the department's history.
"I want to make sure that folks really understand how unprecedented this monitorship is," a senior official told reporters earlier on Tuesday. "We're not just going after the egregious conduct … but we're also … getting Binance out of the U.S. entirely."
binance.us is still online though right now just goes to show how binance doesn't really take things too seriously. if they had any sense they would have an announcement on the very front page saying "DON'T CREATE A NEW ACCOUNT WE'RE CLOSING DOWN!". irresponsible behavior towards their us customers...
Frankly it looks to me like the USA is backing coinbase and allowed this attack. I don't understand why CZ went into the US in the first place it was very likely going to be this way. What I don't like is Coinbase may end up being the only exchange for USA citizens. binance.COM has to exit servicing US customers binance.us will be allowed to continue to operate with US customers
it even says it in your own coindesk link The official clarified that the separate exchange called Binance.US, which is the operating name for BAM Trading Services, a U.S. affiliate for Binance, is a registered money services business and therefore is not affected by Binance's exit.
binance.com is under probation (monitoring) binance.US has not been charged, not plead, nor sentenced. binance.us is not in trouble |
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its not about any rich person needing to help others.. its about the ones that say they will help others using 95% of wealth.. but the results dont match the sales pitch/promise/pledge separate subject The same politicians whose pockets are filled by these entrepreneurs? It's no secret who the biggest donors to politicians are, and it's also no secret how those same politicians return the favor when they come to power. Politicians are just pawns, someone else makes the moves, and we know that the one with the most money has the most power.
But we vote the politicians in and not the elite, so who should we hold accountable? when there are millions of people leaning towards one political position.. who is chosen as the local and national representatives is not done by the public.. there is alot of internal posturing and garnering donations and sucking up to win favour within the close doors of political party meetings yes the public then vote on who sounds better of those chosen representatives to then decide which party should be elected based on the parties representatives/spokesman.. but there is much more going on behind te scenes of who got chosen as representative/spokesman for the party and dont get me started on gerrymandering and also community/social media pandering that swings votes |
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blackhatcoin has not idea what fungibility even means
just look at how they treat invested fiat(capgains) different to employment income or inheritance..
look how they treat lumps of $1000 different to lumps of $10,001 at the borders
bitcoin is treated differently eg spent with merchant vs deposited to cex
the issue is not bitcoin itself. its due to being declared a recognised currency in 2013
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whos next: barry silbert (DCG)
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if teachers knew the secret to financial success..... they would not be teachers, they would be sunbathing on an exotic beach
in most cases academics are taught the basic principles and its for them to be motivated to look deeper and understand more and get involved more..
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they operate binance.us and to fully say cz has zero to do with binance.us was likely impossible. thus the us went after them.
I always wonder why they would operate binance.us as it would tie them into usa taw rules.
They started binance.us as a separate thing to avoid problems such as this. Apparently that didn't work as well as they hoped.
Only Binance know why they did it but I thought Binance did it when they felt bigger risk from the trade war between two big nations. Crypto Exchange Giant Binance to Launch US Trading Tuesday. It is in September 2019. The China–United States trade war began since January 2018 but was escalated more some months later. It can be one of reasons or coincidence but it is not a matter now for Binance. the charges clearly state... from 2017 to october 2022 CZ and binance .com they 'conspired' to not do full KYC to identify US residences to then comply with regulations from 2018 to may 2022 CZ and binance .com they 'conspired' to not do full KYC to identify iranian residences to then comply with regulations they cared more about increasing their customer base, rather than putting in restrictions that would turn people away https://storage.courtlistener.com/recap/gov.uscourts.wawd.328551/gov.uscourts.wawd.328551.1.0.pdf starting from middle of page 6 17 E. THE SCHEME
18 18. Beginning no later than August 2017 and continuing until October 2022,
19 Defendant and its co-conspirators, including Zhao and Individuals 1 and 2, knowingly and
20 willfully conspired (i) to operate as an unlicensed MTB that failed to comply with
21 registration requirements under U.S. law and (ii) to violate the BSA by failing to establish,
22 implement, and maintain an effective AML program at Binance.
23 19. MSBs, including money transmitters with effective AML programs, collect
24 KYC information that allows them to, among other things, identify users who are subject
25 to U.S. sanctions programs and prevent U.S. persons from conducting prohibited
26 transactions with persons subject to U.S. sanctions. During the relevant time period, many
27 MSBs, particularly those doing business wholly or in substantial part in the United States,
1 had AML programs that used KYC and other information to identify users subject to U.S.
2 sanctions programs and prevent U.S. persons from conducting prohibited transactions with
3 persons subject to U.S. sanctions.
4 20. The purpose of the conspiracy was to allow Binance to operate as a virtual
5 currency exchange and gain market share and profit as quickly as possible. Defendant and
6 its co-conspirators accomplished this goal by attracting a substantial number of U.S. users
7 to Binance.com—particularly U.S. VIP users, who accounted for a significant percentage
8 of the overall trading volume on Binance.com. Defendant chose not to comply with U.S.
9 legal and regulatory requirements because it determined that doing so would limit its ability
10 to attract and maintain U.S. users. Defendant and its co-conspirators concealed Binance’s
11 avoidance and noncompliance with U.S. law.
12 21. Defendant’s decision to prioritize its growth over compliance with U.S. legal
13 requirements meant that it facilitated billions of dollars of cryptocurrency transactions on
14 behalf of lts customers, including users in comprehensively sanctioned jurisdictions such
15 as Iran, without implementing appropriate KYC procedures or conducting adequate
16 transaction monitoring. During the relevant period, Defendant knew that U.S. law
17 prohibited U.S. persons from conducting certain financial transactions with countries,
18 groups, entities, or persons sanctioned by the U.S. government. Defendant knew that it
19 serviced users from comprehensively sanctioned jurisdictions and that these users were
20 prohibited from conducting transactions with U.S. persons. Defendant further l‹new that its
21 matching engine, i.e., Binance’s tool that matched customer bids and offers to execute
22 cryptocurrency trades, had been designed to execute cryptocurrency trades based on price
23 and time without regard to whether the matched customers were prohibited by law from
24 transacting with one another. Defendant also 1‹new that it did not block transactions
25 between users subject to U.S. sanctions and U.S. users and that its matching engine would
26 necessarily cause such transactions, in violation of U.S. law. During the relevant period,
27 Defendant nonetheless did not implement the necessary controls that would have prevented
1 Binance from causing U.S. users to conduct cryptocuiTency transactions with users in
2 comprehensively sanctioned jurisdictions.
As a result of Defendant’s decision not to implement comprehensive controls
4 blocking illegal transactions between sanctioned users and U.S. users, Defendant willfully
5 caused transactions between U.S. users and users in comprehensively sanctioned
6 jurisdictions in violation of U.S. law. Specifically, between in or about January 2018
7 through May 2022, Defendant caused at least 1.1 million transactions in violation of IEEPA
8 between users it had reason to believe were U.S. persons and persons it had reason to
9 believe resided in Iran
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You treat Bitcoin as a person or God, and then get insulted when someone criticizes your behavior with regards to it. Let's me repeat. Bitcoin is a network of computers that manage the units of the number 21 million. Nothing related to economy exists in this. The network just simulates bank deposits (which represent debt - an actual economic resource) and in that way attracts users. The whole thing is a digital version of the Monopoly game. The only difference being, of course, that the properties traded for simulated money are real - which makes Bitcoin a pyramid scheme.
you keep forgetting the economics or real costs involved.. learn about PoW.. then look at the crapcoins and dumb tokens that have no PoW and go harrass them. but atleast understand economics first |
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Sounds great, but I wanted to know how many times you transferred your Bitcoin to a different address.
not revealing all details but i have 3 allocations of funds one i call my hoard.. many addresses of 85% of total. which has not really moved in atleast 9 years (funds have been added to it within that time but not moved out) - this is my retirement fund style of investing (that said i did use small amounts to buy asics in 2013 era. but not noteworthy) one i call the cycle wallet.. many addresses of about 10% of total. which moves a couple times per 4 year cycle funds in and out over the years, accumulating and when over 10% i move into hoard - this is the tidal wave investment ATH -> correction shorting one i call my 'dont care, play money' many addresses. 3-5% can move daily or quarterly. its another accumulator and what i would dip into for yearly expenses and if accumulating after expenses id put into my hoard |
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We warned people years ago, that this was coming. Keep your coins off centralized exchanges or other centralized platforms.
it is cautionary warning however the government have not accused, charged or made him plead to any claims of user fund fraud. lets use CZ's words in his tweet On that note, I am proud to point out that in our resolutions with the U.S. agencies they:
- do not allege that Binance misappropriated any user funds, and
- do not allege that Binance engaged in any market manipulation. but yes best advice.. keep coins off an exchange.. an exchange should be 'value-in swap value-out' same day. its an exchange not a bank. its a exchange not a savings account. so do your exchanging and get funds out same day |
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CZ's "crimes"
1. operating a money transmitter service
2. not registering a money transmitter service
3. facilitating money transmits to iran
you don't think he should have to do jail time? those are very serious things. someone shouldn't be able to just pay their way out of time in the joint like that. sad to see... plea settlement deal* if he pays $50m before february sentencing deadline also his "crimes" were NOT of theft. rape, or murder.. in short no one was physically harmed.. its more bureaucratic "criminal civil violation" of moving money without US government consent to be a money mover *still sketchy on this detail of possible prison time.. because the whole point of plea settlements is to get a deal to settle the case. media is announcing upto 18months.. but reading CZ tweets he is not prepping for prison time but wanting to passively invest, do some work on DeFi and some mentoring.. |
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reading through the court docs. part of the deal/plea/settlement was binance to release CZ of his CEO title. and put in compliance officers for the next 3 years. so this is not banning binance from operating. its settling the legality of operating unlicenced and setting them up to be in compliance
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and you think zero onchain growth is SCALING
and you think huge leaps is SCALING
but you dont think progressive adjustments is scaling.
(facepalm x3)
i also said it is not just about the blocksize. its more nuanced.. but you prefer ignorance rather then understanding. so go back to being ignorant.
as for freedoms
doomad loves to get people banned.
doomad loves to get OTHERS to lock their funds with custodian services for channel hopping via hubs, or mixing via middlemen. even if he doesnt use it himself he wants other to suffer the risks of their freedom/control of their value. he doesnt want people to have the freedom to transact reasonably onchain he loves censoring and voiding transactions unless people pay premiums
i do honestly feel sorry for him.. putting all that effort in for years but not even getting a kiss back from those he promotes
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we dont need "gigabytes now"
you pretend we do
we dont need LEAPS..
you pretend we do
learn about SCALING.. stop insinuating LEAPING.. learn the difference that LEAPING is not scaling. do you atleast concede in realising that fact of basic concepts..
the options are not 2
a. gigabyte leap
or
b. LN
the scaling debate is more nuanced then that, progressive with multiple options
anyways.. your question scanerio(the 1mb lean vs 4mb lean full space utility scenario, and what to do after):
2009- 2016 1mb was (as satoshi wrote in 2010 allowing "upto 4200tx a block")
so 4mb would be 16800tx a block
yes we are congested at a <4k tx a block(but with 4mb. but not getting the 4x tx count).. so for now scaling to allow 6k 12k 16k to become 4mb full utility block would have been SCALING of the last 6 years
instead we got 4MB 6 years ago.. but not the 16k transaction ability fo that 4mb.. we are still not even above satoshis own math of the 4200tx a block average of 1mb
now read closely
if we did have a full utility 4mb block to allow upto 16ktx that would be scaling.. compared to the 1mb tx count averages
when 4mb 16k lean tx causes longterm congestion in the future.. we SCALE again..
but wait.. really try to read this.. take a couple minutes to prepare yourself to read this:
i said SCALE. meaning not dramatised/exaggerated LEAPS to 1gb
let me say it again. not LEAPS to 1gb
but scaling to a new blocksize. EG 8mb-16mb blocks
even you must realise periodic SCALING where by the time we get to 16mb blocks a 4 year PC lifecycle is only 3.4gb of added data.
the cost of a 20TB hard drive would be the cost of a 4TB hard drive now. meaning affordability
you keep pretending 1gb per block is needed now insinuating todays PC's needed 210TB hard drives now to do doomads version of "scaling".. THEY DONE, WE DONT
as for the other crap "LN is solution to scaling" .. and about subnetworks(plural)
i knew you had no clue about real experience of LN you were just reading the utopian promotional material.. that much was obvious. but i do find it strange you dedicate 6 years of your trolling to promote something you dont use but want other people to use.
i guess you were just hoping some day LN devs would notice your promotions and put you on the pay roll.. i kinda feel sorry for you now, realising you were an trolling unpaid promoting a product but gaining nothing from it.. that must hurt. all that effort you put into ass kissing LN and the dev team for nothing.
anyways
seeing as your not contracted to troll for them.. have you ever had a thought about a fresh subnetwork without the LN flaws.. are you open to that idea to have a subnetwork to fill the niche of a subset of users that want subnetworks for subclass of utility,, but without it being LN specifically .. or are you still stuck on only idolising the utopian (broken)promises of LN
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hoarding since 2012
What? Since 2012? I am glad to hear from an old-timer who still has access to his Bitcoin hodling. This means you have overcome many temptations to sell. You have been able to overcome countless FUDs caused by many events. How were you able to cope when there were various predictions of the death of Bitcoin? most "death" talk is just price mania.. not fundamental technology failure.. if im not wanting to sell i have no need to care about the price whims of that period. price becomes meaningless to me.. its like people dont worry about tidal waves or tsunami's if they are not going near a beach Keeping Bitcoin for 11 years is bravery to me because it takes uncommon faith and patience. It takes financial planning and prudence to live within your means to avoid selling your investment.
i do sell small % to cover my yearly costs. and although i do plan and am frugal. i do travel and enjoy life so its not like im torturing myself to "live within my means" It beats my imagination how people believed in a strange coin and kept holding it even when they had various opportunities to sell and make some profit. I just feel that people who are still keeping their coin visualized or saw what others didn't.
early years for me 2012-2014 i was a day trader.. not looking to exit for fiat profit, but instead to accumulate coin. i did not see the price as a $ figure i seen it as a % ↑ ↓ of last trade i measured it in +/- sats. i didnt care what the price was. it was just a mindset of: 'is order B a better accumulation than order A exposure' if the price was $6-$12 in 2012 or was $250-$500 another year i just seen it as 2x on both occasions. the monetary amount didnt bother me. it was about % and multipliers and sat amounts then i took a back seat away from day trading thus didnt need to look at price drama on a daily rate i do however notice the cycle events of ATH-> corrections... so i do put some to sell on the high. and buy more on the correction and when i do have spare fiat i do accumulate more on the correction. |
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My reply was to the post that said "It's rare to see a billionaire helping those in need". I don't think that's true. Generalizing like that isn't fair on the ones that actually help don't you think? Because there are millionaires and billionaires actually helping instead of just acting like they're helping.
there are people that do help.. but its more about of the billions shuffling around. how much of it actually gets to the intended frontline need to actually help those that need help for instance where im from there is a foodbank "trust" registered charity, that asks for financial donations. aswell as food but if i was to donate: £100 to the "trust" charity vs 40 tins of beans (£100) to the local front line foodbank the monetary £100 of donation to a "charity" does not end up as 40 tins of beans just checking out their annual reports shows charity income: £34m £28m goes to the "foodbanks" grants (82%) but wait. that is not 82% going to buy food. its grants.. these grants end up paying for admin of referral services locally authorising vouchers. and advertising local campaigns.. training staff, offering other hardship advice(debt, financial advice, help to get social security payments, budgeting, downsizing), etc etc etc of the £100 monetary donation less than £10 ends up as food |
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And even if you got what you claim you want, "lean transactions" and a totally locked-down, autocratic chain where users have no freedom and there's no witness space, just an even 4mb for all. That volume of throughput still pales in comparison to what off-chain can offer. Without off-chain, there would still be a finite capacity and once we grow to reach that capacity, you'd be asking for another increase. Because you have literally nothing else to offer. Gigablocks isn't what you're asking for now. It's your long-term plan because you have no other plan. Prove me wrong.
your mindset is LEAP to gigabyte blocks. then YOUR mindset is do nothing now because (in YOUR VIEW) gigabyte cant be handled now you forget SCALING is not "gigabytes by 2024" so just stop with that rhetoric also you keep promoting a CRAP subnetwork as the sole solution available today YOU keep promoting that bitcoin should not do anything, should not scale BITCOIN until YOUR favoured crappy subnetwork populates to mass adoption. and then only scale BITCOIN when bitcoin cant cope with your favoured subnetworks session gates(opens/closings) we have all read your preferences of getting everyone to use subnetworks and "dont buy coffee/pizza on bitcoin" we have all read your preferences of telling anyone not core to not ask core to offer community benefits on the bitcoin network we have all read your preferences of telling anyone not core. to not 'attack' the network and instead create a fork altcoin and see who follows you dont want bitcoin network to scale because you are deeply entranched into promoting people move over to your preferred subnetwork you dont want reasonable fee's on bitcoin because it screws up your middleman commission syphoning of the subnetwork strategy i am not saying a new bunch of subnetworks without flaws wont have niche utility . but telling the community to do nothing for 6 years "coz LN" has not been helpful to scaling BITCOIN.. and we are seeing the repercussions of doing nothing for 6 years as for your silly narrative that you mention about risks to decentralisation, you love cores central point existence your other adorations: backward stripped blocks nodes centralise a more concentrated group off less full nodes(with full archival, full verification, full IBD peer services) pruned nodes centralise a more concentrated group off less full nodes(with full archival, full verification, full IBD peer services) fee market causes less people to transact daily onchain so dont need/want to run a node 24/7, concentrating a less amount of 24/7 full nodes users using subnetworks and now subnetwork litewallets like greenlight. also removes usecases to want/need to be a full node as for your silly narrative of exaggerating "node cost" if hardware costs of a full node are $400 for historic AND next 4+ years... but a tx fee is $20 you are saying the 'cost' that people should only transact 20 times in 4 years (if $400 is too expensive in your mind for 4 years) 5 transactions a year is not a reason to motivate someone to be a full node 24/7 the real problem of COST is not hardware.. but fees... but you love high fee's becasue it promotes the abandonment of using the bitcoinnetwork in favour of your preferred subnetwork if you are also saying people should lock their BTC up on bitcoin network. and play with hub created channel balance on subnetwork and not settle for 3 months.. again why would they want to be a full node. all of your preferences are not in the aid of decentralising the blockchain or the auditing of the blockdata. especially when you love to keep features that bypass verification of all bytes of the blockchain..
we all see your motivations of 'dont enhance bitcoin, instead promote LN' is the promises they made that you can syphon fee's as a router middlemen from other users.. now here is 3 questions: how has that paid off for you? has LN gave you a sustainable living? or has all your time/promotions just been an empty promise? |
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