[ANN] | DUSK Network | Privacy-oriented blockchain for Digital Securities!

[levyashin]

The reasons for KYC in crypto are

- The government does not want people to run their own money system free from taxation.
- Banks were jealous crypto was unregulated, eating into their profit. They had a lot of regulations forced upon them after the financial crisis of 2007, the result of years of deregulation.
- Banks again. They want to slow down crypto adoption to catch up and corner the market with their own tech.
- Officially to prevent crime and terrorism, but in reality FUD to get public support for regulations for the reasons above.

Depending on how crypto friendly the country is the steps to take can range from trivial to making your life a hell. Just look at the US IRS, requiring people to declare tax on every crypto transaction.

Thank god that is not where I live, I wouldn't know where to start...........

In some places that will remain a requirement, whether it is a privacy coin or not. Even if you would use Monero or DUSK in the future to obfuscate your transactions, once you deposit a large amount of fiat money seemingly out of nowhere (a crypto exchange with fiat gateway for example) to your savings account, your bank will warn the tax office and then you got some explaining to do.

In my country, they warn an institution called as financial crime investigation commission. They check it first, if you can't tell the source of the money that is a big problem. If you say and it seems you make a profit from something or received money in return of some service and etc., they are warning the tax office which is also problematic.

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[Makkara]

The idea with crypto however would be to use it directly to pay without passing to fiat. If you go back in fiat you cannot expect to just fill your account with undeclared cash.

[the_donald]

The idea with crypto however would be to use it directly to pay without passing to fiat. If you go back in fiat you cannot expect to just fill your account with undeclared cash.

yep, that's the problem crypto was created to solve. the idea that you have to declare your income is anti-freedom.

[Frank37]

The idea with crypto however would be to use it directly to pay without passing to fiat. If you go back in fiat you cannot expect to just fill your account with undeclared cash.

yep, that's the problem crypto was created to solve. the idea that you have to declare your income is anti-freedom.

Hehe, I would declare my income, but neither the tax office nor the crypto-tax consultants that I had interviewed had the same opinion.
A huge mess, not to mention the way how to note each trade at different exchanges and wallets, airdrops, minting, losses through scams and so on.
Nobody, really nobody could give me a secure answer how to do all this stuff.

[pynetx]

Yes, I would also like to know more about the token creation process and the benefits of choosing DUSK over other blockchain networks.

it certainly won't be a good idea to introduce KYC for token creation. why wouldn't anyone just choose ETH then?

In my opinion it could be a good thing also. We don't need tons of shit tokens. By implementing kyc in token creation process the amount of shit tokens could be reduced by a large.

[DuskNetwork]

[INTERVIEW] Crypto Beadle x Emanuele

Another exciting video and this time its not only technical, but also includes a little bit more background and insight into the life of Emanuele, our Tech Lead. Enjoy!

[matjas]

Great interview, he really explains in details and he really knows what hes talking about although i had some problems with understanding some parts.

[Felipeo]

[INTERVIEW] Crypto Beadle x Emanuele

Another exciting video and this time its not only technical, but also includes a little bit more background and insight into the life of Emanuele, our Tech Lead. Enjoy!

"Crypto Beadles" does a great technical analysis and its a good PR marketing for Dusk. We definitely need more of these at this moment of market. Dusk doing a great job in keeping regular communication with its investors and attracting new users to the community. Good luck.

[batako]

[INTERVIEW] Crypto Beadle x Emanuele

Another exciting video and this time its not only technical, but also includes a little bit more background and insight into the life of Emanuele, our Tech Lead. Enjoy!

"Crypto Beadles" does a great technical analysis and its a good PR marketing for Dusk. We definitely need more of these at this moment of market. Dusk doing a great job in keeping regular communication with its investors and attracting new users to the community. Good luck.

Nice interview which surely will give a plus point for dusk. And yes, dusk is one of the best project so far and it can be determined by the activity of the team to give us fresh and interesting news regularly.

[kraterion]

The idea with crypto however would be to use it directly to pay without passing to fiat. If you go back in fiat you cannot expect to just fill your account with undeclared cash.

yep, that's the problem crypto was created to solve. the idea that you have to declare your income is anti-freedom.

Hehe, I would declare my income, but neither the tax office nor the crypto-tax consultants that I had interviewed had the same opinion.
A huge mess, not to mention the way how to note each trade at different exchanges and wallets, airdrops, minting, losses through scams and so on.
Nobody, really nobody could give me a secure answer how to do all this stuff.

If I don't exchange crypto to fiat but I trade only crypto to crypto how can they tax if I didn't touch fiat currencies at all ? And how can they if I trade with privacy currencies ?

[MandatoryOption]

The idea with crypto however would be to use it directly to pay without passing to fiat. If you go back in fiat you cannot expect to just fill your account with undeclared cash.

yep, that's the problem crypto was created to solve. the idea that you have to declare your income is anti-freedom.

Hehe, I would declare my income, but neither the tax office nor the crypto-tax consultants that I had interviewed had the same opinion.
A huge mess, not to mention the way how to note each trade at different exchanges and wallets, airdrops, minting, losses through scams and so on.
Nobody, really nobody could give me a secure answer how to do all this stuff.

If I don't exchange crypto to fiat but I trade only crypto to crypto how can they tax if I didn't touch fiat currencies at all ? And how can they if I trade with privacy currencies ?

I am not an expert at all and I guess a lot of countries still don't know how exactly they can tax crypto trade. But I guess when you trade crypto for crypto both what you get and what you paying for it have a certain fiat value at the time of the trade. And then you have to pay taxes on the profit.

[Rigorous]

If I don't exchange crypto to fiat but I trade only crypto to crypto how can they tax if I didn't touch fiat currencies at all ? And how can they if I trade with privacy currencies ?

The way they look at it in the US is by replacing the word crypto with anything you would sell at eBay or a yard sale. Technically if you make a gain selling an antique radio, a baseball card, a Picasso or a Bitcoin, you have to report it to the IRS. If you purchased it more than a year ago you have to pay a maximum of 28% tax on the capital you gained. If you sell it within the same year as you purchased it, it is considered the same as income and you pay up to 39.6% tax.

[magisterr]

If I don't exchange crypto to fiat but I trade only crypto to crypto how can they tax if I didn't touch fiat currencies at all ? And how can they if I trade with privacy currencies ?

The way they look at it in the US is by replacing the word crypto with anything you would sell at eBay or a yard sale. Technically if you make a gain selling an antique radio, a baseball card, a Picasso or a Bitcoin, you have to report it to the IRS. If you purchased it more than a year ago you have to pay a maximum of 28% tax on the capital you gained. If you sell it within the same year as you purchased it, it is considered the same as income and you pay up to 39.6% tax.

So every trader will must to pay tax % for trading or purchasing security tokens? But in this way DUCk cant be anonymous coin?

[o48o]

[INTERVIEW] Crypto Beadle x Emanuele

Another exciting video and this time its not only technical, but also includes a little bit more background and insight into the life of Emanuele, our Tech Lead. Enjoy!

Wow, that was a fun one to watch and where can i find that nerd jazz? . I have been told that air traffic control employers are often good in trading. Have you tried it Emanuele?

[lobat999]

If I don't exchange crypto to fiat but I trade only crypto to crypto how can they tax if I didn't touch fiat currencies at all ? And how can they if I trade with privacy currencies ?

The way they look at it in the US is by replacing the word crypto with anything you would sell at eBay or a yard sale. Technically if you make a gain selling an antique radio, a baseball card, a Picasso or a Bitcoin, you have to report it to the IRS. If you purchased it more than a year ago you have to pay a maximum of 28% tax on the capital you gained. If you sell it within the same year as you purchased it, it is considered the same as income and you pay up to 39.6% tax.

So every trader will must to pay tax % for trading or purchasing security tokens? But in this way DUCk cant be anonymous coin?

Naturally in U.S. and most of other Governments, they require their people to declare income and pay taxes accordingly and omitting other facts in those reports could lead to very heavy consequences no one wants to be with such that tax evasion is a very serious offense that most crypto entities chose to comply with Government regulations to avoid penalties.

[belechau]

Yes, I would also like to know more about the token creation process and the benefits of choosing DUSK over other blockchain networks.

it certainly won't be a good idea to introduce KYC for token creation. why wouldn't anyone just choose ETH then?

In my opinion it could be a good thing also. We don't need tons of shit tokens. By implementing kyc in token creation process the amount of shit tokens could be reduced by a large.

That would be an interesting step, considering that today among hundreds of tokens in our portfolios, only 1% has real value, or does not require a hurry to leave, for fear of loss. There are, yes, their advantages, but I see more disadvantages, since we lose the power of freedom and the soul of decentralization

[Rigorous]

Naturally in U.S. and most of other Governments, they require their people to declare income and pay taxes accordingly and omitting other facts in those reports could lead to very heavy consequences no one wants to be with such that tax evasion is a very serious offense that most crypto entities chose to comply with Government regulations to avoid penalties.

Very serious indeed. After abandoning the gold standard money is backed by military force. To deny a country their rightful share to your gains is to wage war against it.

[Twinkledoe]

Yes, I would also like to know more about the token creation process and the benefits of choosing DUSK over other blockchain networks.

it certainly won't be a good idea to introduce KYC for token creation. why wouldn't anyone just choose ETH then?

In my opinion it could be a good thing also. We don't need tons of shit tokens. By implementing kyc in token creation process the amount of shit tokens could be reduced by a large.

That would be an interesting step, considering that today among hundreds of tokens in our portfolios, only 1% has real value, or does not require a hurry to leave, for fear of loss. There are, yes, their advantages, but I see more disadvantages, since we lose the power of freedom and the soul of decentralization

Very true. Tokens with no real foundation lost its value very fast especially those designed for pump and dump only. With such implementation, I believe potential scammers will be lessened or at least they will think twice of creating a crap one. Or they might find a way to submit fake docs. One way or another, there is a good benefit of having such procedure.

[PS92]

The idea with crypto however would be to use it directly to pay without passing to fiat. If you go back in fiat you cannot expect to just fill your account with undeclared cash.

yep, that's the problem crypto was created to solve. the idea that you have to declare your income is anti-freedom.

Unfortunately we're years/decades away from that. Even when people say you can now pay taxes in some states/one state, but that doesn't mean they accept crypto, they accept fiat and offer a payment function in crypto

[Token Williams]

[INTERVIEW] Crypto Beadle x Emanuele

Another exciting video and this time its not only technical, but also includes a little bit more background and insight into the life of Emanuele, our Tech Lead. Enjoy!

For some reason I can't click on the link, can you post the url?