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  1. The Global Public Blockchain Technology Assessment Index (CCID) is a government organisation responsible for monthly reviewing blockchain projects based on the following criteria: The project should have its own independent main chain The node can be freely created It should have a published block explorer where block information can easily be tracked; Open source code The project’s website page is available and the project’s team member can be contacted. Being a scientific research institute of the Ministry of Industry and Information Technology, the CCID has a strong overall strength in the information industry research and policy-making, software testing and other related fields. Here (article) you can find more information about this organisation eo. Here is their sixth and latest report: Interesting to see Bitcoin so low while it is said that Bitcoin is primarily controlled by Chinese miners. To bad they rated Ripple in stead of XRP?
  2. https://www.washingtonpost.com/news/democracy-post/wp/2018/01/17/in-venezuela-money-has-stopped-working/?utm_term=.a708b4e333e6 I've mentioned historical examples before, but this is the latest. The suffering these people are going through is very real. This is also a great example as to why cryptos are a threat to governments like Venezuela's. Today, the people living there had to watch as their liquid assets, money, became worthless. When they tried to convert that money into hard assets, like food, they created hyperinflation so bad that almost nothing is left. In today's world corrupt governments can effectively steal massive wealth from their own populations by hyperinflation. They could also try to do so by force or taxation. If the people of Venezuela had been able to convert their money to something like XRP every time they got paid, then the hyperinflation by the government would have done nothing as the asset value of the crypto would have just risen with it. It'll get worse before it gets better, but eventually normalcy will come back in Venezuela. When it does, don't be surprised if the population there choses to hold their wealth in some form of crypto instead of the local currency. What would be amazing to find out is whether or not anyone there was able to transfer their wealth into crypto before the hyperinflation.
  3. As a California resident, this is why I'm holding onto my XRP indefinitely: What are your tax strategies? Obviously only suggest legal tax avoidance maneuvers. I suppose it's ok to talk about "shady" tax dodgers as long as we don't advocate people doing it. My tax strategy involves moving to a jurisdiction with more favorable tax outcomes, but from what I hear the State of California has it's tentacles in you up to 18 months after you move. It also appears that the "like kind" exchange is about to go away. Any other suggestions? UPDATE: Alright I'd like to post an update with some additional thoughts. I know this is morbid, but what about gifting XRP to my grandmother and inheriting it back from her estate? As long as it's not worth more than ~$5million I shouldn't owe any estate taxes. Am I missing something or would this be a legitimate tax strategy? UPDATE #2 Confirmed that this is a legitimate/legal tax strategy if executed correctly.
  4. 01.11.2018 Korea sell off with some notes about the Korean crypto investor There is is a sell off in all crypto in Korea at the moment. (Edit, seems to have bottomed out since I began writing this article.) I write this post to give people a little insight into the Korean market. I want everybody to understand that there is great enthusiasm, and instability. Don't place too much faith in the Korean crypto investor. Case in point, Roger Ver was recently on Korean TV to talk about cryptocurrencies. However, most people were talking about a 23 year-old who was also on TV because he claimed to have started with a 80 dollar investment and turned it into a 30 million dollar crypotocurrency portfolio. To me, the story about the investor doesn't completely ring true. However, this encapsulates the both the interest, craziness, and the growing mania surrounding cryptocurrencies in Korea. Reason for the sell off today: Comments made to reporters at noon today. 박 장관은 이날 과천 법무부 청사에서 열린 신년 기자간담회에서 "가상화폐에 대한 우려도 굉장히 커 법무부는 기본적으로 거래소를 통한 가상화폐 거래를 금지하는 법안을 준비 중"이라며 이같이 말했다. 정부는 지난달 28일 가상화폐 투기 근절을 위한 추가 특별대책을 추가로 내놓을 때 비이성적 투기 상황을 방치할 수 없다면서 거래소 폐쇄를 위한 특별법 제정도 검토하겠다는 입장을 공식적으로 밝힌 바 있다. Park said at the New Year's Press conference held at the Gwacheon Justice Office on the day, "The Ministry of Justice is preparing legislation that basically prohibits virtual currency trading through exchanges. The government has officially announced that it will consider imposing a special law on the closing of exchanges, saying, "We can not neglect irrational speculation when we add additional special measures for eradicating virtual currency speculation on September 28. How people -that I spoke to - are viewing this in Korea This is not new. As the article states, this is what the minister stated in September of 2017. It seems unlikley. However, because it was said again, it is causing concern for some in Korea. The rumor mill in Korea This is not to stoke rumor but give people an insight into some of the crazy conversations that people are having in Korea. You can compare this to some of the conversations on this forum. Unfortunately, there may be less investment based on fundamentals in Korea than in other countries. A great amount of investment, but not all, is driven by crazy rumors and here is some of that. Don't place all of your trust in the rationality of crypto investors because as you know, there may be very little of that. Also, don't place all of your trust in Korean investors just because the volume of Korean investment is so high so they must be more enlightened because they are able to quickly recognize emerging trends. There is a lot of craziness in investment/investors here as well. Without further delay, here are some rumors today: 1. The government may move towards closing exchanges (this seems unlikely. with the amount of money circulating through exchanges, and the potential economic stimulus this could bring it seems unlikley...unless the government feels confident they can push all of this money back into the stock market, but this is unlikely.) 2. The government is moving towards curtailing money laundering by conglomerates (There is a rumor that Hyundai is using crypto to build slush-funds outside of Korea - this is in line with the conduct of conglomerates in Korea. This has always gone on. Recently, the former chairman of Samsung is catching heat for hidden wealth/stocks. Probably true, but unlikely that it can be the main motivator of government policy. ) 3. The government is trying to push down prices to encourage investors to not leave the stock market, or encourage investors to move back towards the stock market (I haven't seen the figures but somebody stated 5 trillion won left the Korean stock market) 4. The government is trying to push down prices before a wave of new crytpo investors expected in late January 5. Politicians in Korea are pushing down the market so they can find an entry point and invest themselves. (This is most likely untrue but funny. This rumor is probably circulating because Korean politicians so so incredibly corrupt. They are very, very, very corrupt. What is probably true is that they are muscling operators of exchanges for kickbacks. The focus over and over again has been the amount of money circulating through the exchanges and how it is unregulated.) 6. Wild rumor - Chinese crypto exchanges will open again. The rumor, is that somebody sued the chinese government for the money he lost when they closed the exchanges. The supreme court ruled the government is not liable for losses but that the petitioner should have been able to buy and sell on exchanges. (This one seems like the craziest rumor. I would bet on this one being part of a pump and dump strategy with an altcoin) Side Note 1 One of the people involved in statements about banning crypto (Choi Heung-sik, Director of the Financial Supervisory Service,)is really angering people. There is an online petition on the Blue House (Korean equivalent of the White House) website to have him removed from his position. I support this. He doesn't seem to be in step with officials and the current policies in other countries. However, despite the petition, his removal seems unlikely. I believe, but not sure if I can trust my memory 100%, that he has a little bit of a vendetta against crypto. If I remember correctly, in a press conference in the past, he assured reporters that bitcoin was a fad. He asked if anybody wanted to bet that the price of bitcoin would drop because he believed it would. Well, it didn't at the time and reporters being reporters, they needled him about this. I believe he was a little embarrassed. Side Note 2 There is increasing pressure for government regulation. I spoke to a lawyer who is suing the government on behalf of crypto investors in Korea. He says regulation is coming. There are many complaints by investors who feel they have been wronged by crypto exchanges. They claim fraud (crashes of exchange servers at times when it is beneficial to the exchanges) and unfair practices (the high premiums levied by exchanges). While some are suing the government to relax restrictions, others are petitioning the government launch regulatory measures.
  5. Just to clear up the situation in Korea. 1. There was an erroneous post by a newspaper site. There was no article, but rather just a headline. It stated "Breaking News" the gov't will close all crypto exchanges. This was posted by a large, reputable online site. http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=100&oid=001&aid=0009777618 2. It has since been revealed the reporter misinterpreted the government press release. The government position is that in light of recent scams, ponzi schemes etc... it will consider closing illegal exchanges, or those that don't comply with gov't regulations. The gov't also says it will relax at least one previous restriction. http://opm.go.kr/m/news/news01.jsp?mode=view&article_no=97333 3. The price of currencies dropped rapidly when the headline was first posted. Most of the drop has since recovered but not fully. There is also some uncertainty affecting the complete recovery of the price. 4. There is wild rumor the misleading headline was intentional, that the reporter was working for a "whale" who wanted to create and take advantage of the quick drop and recovery. Others believe it is just a case of poor reporting. In any case, there are some angry people who lost money, and happy people who bought the dip. 5. (old news: the originally proposed government regulations in Korea) Forbes article: South Korea Is Not Banning Bitcoin Trade, Financial Regulators Clarify https://www.forbes.com/sites/pamelaambler/2017/12/12/south-korea-is-not-banning-bitcoin-trade-financial-regulators-clarify/#13ad7a521427 Edit: I'm in Seoul and everybody is talking about it right now. Edit 2: A possible reason for the confusion may be the announcement the government will ban anonymous accounts. However, if the name on your bank account matches the name on your account on an exchange, the government will permit this. This should only affect "dirty" money. Edit 3: Speculation. Many people believe the reason for the quickly increasing government interest and planned regulation in Korea, and today's announcement is: A. The government wants to accurately track how money is moving around the crypto space by tracking bank accounts attached to exchange accounts B. The government is doing A. in preparation to tax profits from cryptocurrencies, currently there aren't any taxes. Edit 4: More confusing news Yonhap - the news organization that was responsible for the misleading headline that caused today's dip - has reported, in english, that the Korean government is planning to ban the creation of new accounts at crypto exchanges. However, this isn't consistent with the other information that has been put out. This report seems untrue and seems is an example of poor translation because other materials assert the government wants to link exchange accounts to a real bank account which are both under a single user's real name. What they mean to say is the government is banning the creation of crypto exchange accounts that are NOT linked to your real bank account, under your real name. http://m.yna.co.kr/mob2/en/contents_en.jsp?cid=AEN20171228005651315&site=0200000000&mobile There is so much misinformation right now and confusion on the government end. Everybody in Korea, hold on to your hats because it may start to get confusing.
  6. I've done some research on the trend of decentralized exchanges, and I think traders might need to start taking a look at these options - I talk about the impact on worldwide regulations and also my take about how it will affect XRP & Ripple. With China being the first country to seriously step in the way of crypto-currency trading, I think the trend towards serious adoption of decentralized exchanges might be in our future. Is this a good thing? Maybe... I hope you enjoy the read! Please leave any feedback below and feel free to share on any other media. My blog announcements on other media: Twitter Reddit Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
  7. Hello everyone. I am new to the cryptocoin world and I was wondering if it is possible in the future that governments will start creating their own cryptocoins like e-dollar, e-euro, etc. , that will probably replace fiat money? What would happen with bitcoin, ripple and altcoins if that happens?
  8. Any word on the latest in regard to crypto-currencies and taxes? is Uncle Sam going to start coming after us soon?
  9. Okay guys, I just had a thought, and it wasn't pretty. Every transaction that we have completed on the exchange, given they are regulatory compliant, is reported to the government: the amount you spent and how much XRP you got in return. The government isn't exactly up to date on operating systems and protections for their computers. What happens when a bad-guy happens to get access to that information through some hole in the GOVT's defenses, finds your information, gets your address and cases you? Have you heard of the $5 wrench attack? Someone who knows that you have X amount of XRP can take that information, case your house or where you work, abduct you and beat you with a wrench until you tell them the information they want. You have your XRP stored on something like the Ledger Nano S, and you have it set up with your PIN, and hopefully a passphrase. Ledger has added the capability to use a Passphrase or "Duress Pin" to create a hidden wallet with some spare change in it. This passphrase is given to the attacker in order to let them have access to the hidden wallet (what we would see as a security/sacrificial wallet) that has very little XRP in it. Hopefully they don't beat you further in an attempt to get you to reveal more. My point: through regulatory compliance, our personal information regarding our investments is pretty much in a very worrisome predicament, where the GOVT forces you to disclose this information and could potentially be readily available to a substantially sophisticated attack on the database that stores this information. How do we protect ourselves from this scenario? I really wish there was a way to make these things private, without it being disclosed on our taxes! If the govt knows what you have, and you just pay your fair share of taxes, nobody else should even know what you have. Especially when it comes to something as potentially explosive as XRP. What are your thoughts?
  10. http://www.rollingstone.com/politics/news/why-is-the-obama-administration-trying-to-keep-11-000-documents-sealed-20160418 The Panama Papers coupled with this impending leak will cause a massive loss of confidence in the dollar. The source on this news is Wikileaks via FB.
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