Former Monero Lead Dev Ricardo 'Fluffypony' Spagni Calls on Binance to Stand for Privacy Coins
Ricardo Spagni, the former lead maintainer of Monero, one of the most used privacy coins in the cryptocurrency market, has called on Binance to take a stance on the issue of privacy coins. Spagni believes that avoiding taking sides in the process is a disservice to the whole industry and that any protocol-level changes to make Monero compliant are unnecessary.
In a recent X post, Ricardo "Fluffypony" Spagni criticizes Binance's stance on privacy-focused coins, which could potentially lead to their delisting in January. He argues that Binance should change its position and support privacy coins.
Spagni references a report by consulting firm Perkinscoie, which highlights that privacy coins protect legitimate individual and commercial privacy interests and that existing financial regulations sufficiently address the anti-money laundering (AML) issues associated with privacy coins. He questions Binance's compliance requirements in light of this report.
Spagni emphasizes the importance of taking a stance to support personal privacy. He compares Binance's position to that of Apple, which took a stance against Child Sexual Abuse Material (CSAM). He urges Binance to fight for the right to privacy for everyone.
According to reports, one of the requirements that Binance would be asking privacy projects to fulfill is the creation of "exchange only" addresses without privacy shielding features. However, Spagni argues that the Monero community values user privacy above all else and will not adopt any changes that compromise that goal. He firmly states that any protocol-level changes to make Monero compliant are unnecessary and will never happen.
Binance had previously announced plans to delist 12 privacy coins, including Monero and Zcash, in certain European Union (EU) countries due to "local regulatory requirements." However, after receiving feedback from these projects and their communities, the exchange reversed its decision and stated that it had reviewed the classification of such currencies to comply with EU-wide regulatory requirements.
Ricardo Spagni's statements have sparked a discussion on the issue of privacy coins and Binance's stance. What are your thoughts on this matter? Share your opinions in the comments section below.
Frequently Asked Questions
How to Open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. Next, fill out Form 5204. This will determine the type of IRA that you are eligible for. This form should be completed within 60 days after opening the account. Once this is done, you can start investing. You may also choose to contribute directly from your paycheck using payroll deduction.
If you opt for a Roth IRA, you must complete Form 8903. Otherwise, the process will be identical to an ordinary IRA.
To qualify for a precious Metals IRA, there are specific requirements. The IRS says you must be 18 years old and have earned income. For any tax year, your earnings must not exceed $110,000 ($220,000 for married filing jointly). Additionally, you must make regular contributions. These rules are applicable whether you contribute through your employer or directly from the paychecks.
You can use a precious-metals IRA to purchase gold, silver and palladium. But, you'll only be able to purchase physical bullion. This means that you will not be allowed to trade shares or bonds.
You can also use your precious metals IRA to invest directly in companies that deal in precious metals. This option is available from some IRA providers.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they don't have the same liquidity as stocks or bonds. It's also more difficult to sell them when they are needed. Second, they don’t produce dividends like stocks or bonds. Also, they don't generate dividends like stocks and bonds. You will eventually lose money rather than make it.
Who is entitled to the gold in a IRA that holds gold?
An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is to use it.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
Consult a financial advisor or accountant to determine your options.
Can I keep physical gold in an IRA?
Not only is gold paper currency, but it's also money. It's an asset that people have used for thousands of years as a store of value, a way to keep wealth safe from inflation and economic uncertainty. Today, investors invest in gold as part a diversified portfolio. This is because gold tends do better in financial turmoil.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
One reason is that gold has historically performed better than other assets during periods of financial panic. Between August 2011 to early 2013, gold prices rose close to 100 percent while the S&P 500 fell 21 per cent. Gold was one asset that outperformed stocks in turbulent market conditions.
The best thing about gold investing is the fact that there's virtually no counterparty risk. Your stock portfolio can fall, but you will still own your shares. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, gold offers liquidity. This allows you to sell your gold whenever you want, unlike many other investments. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows for you to benefit from the short-term fluctuations of the gold market.
Is gold a good investment IRA?
If you are looking for a way to save money, gold is a great investment. You can also diversify your portfolio by investing in gold. There is much more to gold than meets your eye.
It's been used throughout history as a currency, and even today, it remains a popular form of payment. It is often called “the oldest currency in the world.”
But gold, unlike paper currency, which is created by governments, is mined out from the ground. It's hard to find and very rare, making it extremely valuable.
The supply and demand for gold determine the price of gold. When the economy is strong, people tend to spend more money, which means fewer people mine gold. The value of gold rises as a consequence.
On the flip side, people save cash for emergencies and don't spend it. This means that more gold is produced, which reduces its value.
It is this reason that gold investing makes sense for businesses and individuals. You will benefit from economic growth if you invest in gold.
Your investments will also generate interest, which can help you increase your wealth. Additionally, you won't lose cash if the gold price falls.
What tax is gold subject in an IRA
The fair market value of gold sold is the basis for tax. If you buy gold, there are no taxes. It is not income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
Gold can be used as collateral for loans. When you borrow against your assets, lenders try to find the highest return possible. In the case of gold, this usually means selling it. It's not guaranteed that the lender will do it. They might just hold onto it. Or they might decide to resell it themselves. Either way you will lose potential profit.
If you plan on using your gold as collateral, then you shouldn't lend against it. It is better to leave it alone.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
irs.gov
forbes.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Lawful – WSJ
How To
How to hold physical gold in an IRA
The most obvious way to invest in gold is by buying shares from companies producing gold. However, there are risks associated with this strategy. It isn't always possible for these companies to survive. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
Another option is to purchase physical gold. This requires you to either open up your account at a bank or an online bullion dealer or simply purchase gold from a reputable seller. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It's also easier to see how much gold you've got stored. A receipt will be sent to you indicating exactly how much you paid. This will allow you to see if there were any tax omissions. There's also less chance of theft than investing in stocks.
There are however some disadvantages. Bank interest rates and investment funds won't help you. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. Finally, the taxman might want to know where your gold has been placed!
BullionVault.com has more information about how to buy gold in an IRA.
—————————————————————————————————————————————————————————————–
By: Sergio Goschenko
Title: Former Monero Lead Maintainer Calls on Binance to Take a Stance on Privacy Coin Issue
Sourced From: news.bitcoin.com/former-monero-lead-maintainer-calls-on-binance-to-take-a-stance-on-privacy-coin-issue/
Published Date: Sat, 30 Dec 2023 10:30:01 +0000
Leave a Reply