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Author Topic: [2019-09-03] 'Big 4' Giant PwC Accepts BTC in Filthy-Rich Tax Haven Luxembourg  (Read 131 times)
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September 05, 2019, 08:35:56 AM
 #1

'Big 4' Giant PwC Accepts Bitcoin in Filthy-Rich Tax Haven Luxembourg

The Luxembourg unit of the Big Four accounting firm PricewaterhouseCoopers has announced that its clients will be able to pay for services in Bitcoin a month from now.

In a press release, PwC Luxembourg indicated that it will begin accepting Bitcoin payments from October 1. The accounting firm will partner with a Luxembourg-based cryptocurrency exchange to integrate the Bitcoin payments.

Luxembourg, long considered a tax haven for corporations and ultra-rich individuals around the world, also houses Europe's second-largest share of ultra-high worth individuals (net-assets above $30 million) after Monaco.


Read more: https://www.ccn.com/pwc-luxembourg-bitcoin-accepted/

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September 05, 2019, 10:10:06 AM
 #2

This is great news, it may even change the number of investment injections in bitcoin
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September 05, 2019, 06:46:03 PM
 #3

Good to see Bitcoin adaption. It'll be great chance to see how much rich corporate/individual who think about their privacy (even if AML/KYC applied in this case) or thought Bitcoin is good investment.

Hopefully they'll share some statistic about how much or percentage of corporate/individual who use Bitcoin

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September 05, 2019, 08:13:19 PM
 #4

Curious to see how this will pan out especially if PwC is testing it out of a small market not to mention most of them being millionaires in that group. This might just act out as a experiment for the accounting firm for something bigger and if it is one I hope that it will have a positive feedback in order for us to see PwC roll it out globally. This is really something what I want to see unlike what Facebook did where they try to compete with Bitcoin, PwC doing this is just showing that Bitcoin and Blockchain still has a future in our world.

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September 05, 2019, 08:40:48 PM
 #5

This is from their press release:

Quote
Thomas Campione, Director, Blockchain & Crypto-assets Leader, PwC Luxembourg, states: “As part of the Firm’s market assessment, what quickly became clear is that we could not continue to invest in the field, promote it, build solutions for clients and support their transformation while not also being exposed to it.
https://www.pwc.lu/en/press-releases/2019/pwc-luxembourg-embraces-crypto-payments.html

One thing struck me, they claim thay are already heavenly involved in this, have they openly acknowledged with this they actually told their clients to invest in bitcoin? Wow, this a new one! The promotion part I have a feeling is pure bs but still, pretty damn interesting.


Hopefully they'll share some statistic about how much or percentage of corporate/individual who use Bitcoin

I doubt they will, their clients won't be happy with any information leak that might somehow expose their well-cooked books.

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September 05, 2019, 09:12:02 PM
Merited by 1Referee (1), stompix (1)
 #6

One thing struck me, they claim thay are already heavenly involved in this, have they openly acknowledged with this they actually told their clients to invest in bitcoin?

no, PwC invested themselves, and they did not buy BTC. What they did was give seeding money to Bitcoin development companies, one of which was Blockstream. I'm rather glad that Blockstream are less relevant to funding Bitcoin development than they once were, Chaincode (who are funded by Bitcoin early adopters IIUC) are a more significant part of the funding these days.

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September 05, 2019, 11:17:17 PM
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I'm rather glad that Blockstream are less relevant to funding Bitcoin development than they once were, Chaincode (who are funded by Bitcoin early adopters IIUC) are a more significant part of the funding these days.

Another CLEAR sign that Blockstream (aka the banking cartel according to some noobs) doesn't control the development and the roadmap of Bitcoin at all. Blockstream's contributions have been slowing down consistently over the course of the last 12 months. Too bad the stupid people falling for the big block propaganda are too stupid to realize that.

What got me turned off was them openly praising Tether, and that while Tether has done everything to signal that they thrive on funny business. Why did they do that? Right, to have Tether be a Liquid client, a private side chain that has been an awful performer. Absolute waste of resources. Centralized crap it is.

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September 06, 2019, 05:10:35 AM
 #8

Hopefully they'll share some statistic about how much or percentage of corporate/individual who use Bitcoin

I doubt they will, their clients won't be happy with any information leak that might somehow expose their well-cooked books.

I specifically meant general data/statistic such as :
1. n from m client uses Bitcoin
2. n from m transaction uses Bitcoin

Anonymized data would be great, even though it's still to risky in this case.

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September 06, 2019, 08:33:26 AM
 #9

One thing struck me, they claim thay are already heavenly involved in this, have they openly acknowledged with this they actually told their clients to invest in bitcoin?

no, PwC invested themselves, and they did not buy BTC. What they did was give seeding money to Bitcoin development companies, one of which was Blockstream. I'm rather glad that Blockstream are less relevant to funding Bitcoin development than they once were, Chaincode (who are funded by Bitcoin early adopters IIUC) are a more significant part of the funding these days.

Thanks for sharing, didn't know about Chaincode, just looked up their projects and they're behind Bitcoin Core's fee estimation heh (all good, all good). Definitely more relevant projects as you said, unfortunately not visible or as prominent or as savvy I guess as Blockstream. To the guys like me, it's still the latter who're visible, things like the Satellite network and then their Lightning implementation are what keeps them in the line of sight.

So if PwC, for example, were to ever consider backing projects, it's still going to be those of the Blockstream cloth I guess.


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September 06, 2019, 08:45:29 AM
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To the guys like me, it's still the latter who're visible, things like the Satellite network and then their Lightning implementation are what keeps them in the line of sight.

right.

when Blockstream just invested money in development or infrastructure (the satellite network or c-lightning), they did a good job. When they try to do anything that actually turns a profit, (Lightning Labs did the same with Lightning Loop), they have a tendency to end up alienating more or less everyone

really, the most profitable way to invest in the Bitcoin is to accept it for existing business models (as PwC are here), or to invest directly in BTC as an asset. Any successful new business model is going to be something that's pro-competition, the economy all over the world is currently over-saturated with monopolies and oligopolies as it is.

Bitcoin breaks up established business monopolies, trying to use it to create new monopolies (as Blockstream and Lightning Labs tried to with Liquid and Lightning Loop) just causes people to say "but surely there's some innovative way around these wannabe mafiosas", which there always will be. Getting around bullies to level the playing field is the whole point of Bitcoin.

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September 06, 2019, 12:49:50 PM
 #11

EY did the same in 2016 - not sure if they really got payed some amounts at all ...

https://www.handelszeitung.ch/blogs/bits-coins/beratungsfirma-ey-laesst-sich-kuenftig-bitcoins-bezahlen-1275755

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September 15, 2019, 10:45:51 AM
 #12

You should think companies like PricewaterhouseCoopers are corruption free, until you start digging a little deeper.. https://medium.com/bull-market/pwc-fights-california-overtime-class-action-but-reputation-risk-is-high-9b507e3844ac   Roll Eyes

I think one of the main reasons why they want to get involved with Bitcoin and Crypto currencies are that the whole financial system might be going in that direction and that they want to be one of the auditing companies that would be able to audit them. See this article : https://thenextweb.com/hardfork/2019/06/20/pwc-halo-tool-audit-cryptocurrency/

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September 15, 2019, 03:00:52 PM
 #13

only proves my suspicion that the companies like PricewaterhouseCoopers , JpMorhan have always been heavily invested into bitcoin even if not in the official capacity
their analysts are among the best in the world and to not notice an elephant that is bitcoin in the chinashop of  investments was out of the question
it is interesting how they are starting to shift towards opening investments in bitcoin to general public , probably their own test runs showed that they simply can't pass on this golden opportunity
more than sure that a good part of their employees are heavily invested in bitcoin
with JpMporgan plans to launch their own crypto in February , BlackRock analysts finally "noticing" bitcoin and waiting for it become "legitimate" to launch an ETF
and now PWC making a step forward I'm sure we shall see a breakthrough soon with more and more tops like Fidelyty , Vangard etc. announce some sort of a crypto-related project or investment opportunity
in this business they can't allow a competitor to monopolize the market , so if one of them is successful , wait for the rest to enter very soon

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September 15, 2019, 06:22:08 PM
 #14

@veleten.

Smart money tries to distract you from the truth by saying how shitty Bitcoin is, how it can't work, and why governments will crack down on it.

It has always been like this. I remember the same shenanigans when the biggest institutions were accumulating stocks of tech companies such as Facebook. They tried to make it look like it was the worst possible investment, that governments would not approve their business model, etc. In the meanwhile, they were accumulating in full force.

When these entities start promoting that what they preached against some years ago, know that they have what they want. Smiley

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September 15, 2019, 08:48:01 PM
 #15

I think one of the main reasons why they want to get involved with Bitcoin and Crypto currencies are that the whole financial system might be going in that direction and that they want to be one of the auditing companies that would be able to audit them. See this article : https://thenextweb.com/hardfork/2019/06/20/pwc-halo-tool-audit-cryptocurrency/
That makes sense because it's a whole new industry they are trying to penetrate. It's an easy yet effective way to increase revenue and profit streams by getting their hands on a first mover advantage.

The bigger the whole crypto ecosystem grows, the more likely it is that these players will jump on the bandwagon and acquire startups left and right because it's a joke how little you need to gain long term exposure to this industry.

At the end of the day, this is what people years ago have been dreaming about. Institutions are getting in. They will however reshape this industry the more grip they get on it, so we'll have to see how this industry looks in the future.

 
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joelsamuya
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September 18, 2019, 11:25:48 PM
 #16



I am happy that this unit of the popular and big PricewaterhouseCoopers business is now starting to accept Bitcoin in its operation. Let's hope that other units of this accounting firm will also be interested with Bitcoin. This is a very good example of adoption and right now business organization should hear the message that it is the right time to get involved with cryptocurrency while their competitors are still sleeping.

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September 20, 2019, 10:18:08 AM
 #17

'Big 4' Giant PwC Accepts Bitcoin in Filthy-Rich Tax Haven Luxembourg
...
Read more: https://www.ccn.com/pwc-luxembourg-bitcoin-accepted/

I love how a supposed news operation blatantly editorializes in their title.  I could understand a bit more if it was an editorial of course, but this purported to be a news item.  Seems it could be written by people who are enviously coveting and missed the boat on bitcoin.
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