Ricardo Spagni Urges Binance to Stand for Privacy Coins
Ricardo Spagni, the former lead maintainer of Monero, one of the most widely used privacy coins in the cryptocurrency market, has called on Binance to take a clear stance on the issue of privacy coins. Spagni believes that Binance's neutrality is doing a disservice to the entire industry and argues that any protocol-level changes to make Monero compliant are unnecessary.
Spagni Criticizes Binance's Position on Delisting Privacy-Focused Coins
In a recent post, Ricardo "Fluffypony" Spagni criticizes Binance's position, which could potentially lead to the delisting of privacy-focused coins in January. He argues that Binance should reconsider its stance, especially in light of a report by consulting firm Perkinscoie, which states that privacy coins protect legitimate individual and commercial privacy interests and that existing financial regulations adequately address any anti-money laundering concerns related to these coins.
Spagni further emphasizes that by not taking a stance, Binance is undermining personal privacy and opening the door to attacks against it. He points out that even Apple has taken a stance against Child Sexual Abuse Material (CSAM) and urges Binance to stand up for privacy rights for everyone.
Monero Community's Stance on Privacy
According to reports, Binance may require privacy projects to create "exchange only" addresses without privacy shielding features. However, Spagni highlights that the Monero community prioritizes user privacy above all else and will never compromise on this goal. He firmly states that any protocol-level changes to compromise privacy will never be accepted by the Monero community.
In May, Binance had announced plans to delist 12 privacy coins, including Monero and Zcash, in certain European Union (EU) countries, citing local regulatory requirements. However, after receiving feedback from these projects and their communities, Binance reversed its decision, claiming that it had reviewed the classification of these coins to comply with EU-wide regulations.
What are your thoughts on Ricardo Spagni's statements? Share your opinions in the comments section below.
Frequently Asked Questions
How much of your portfolio should you hold in precious metals
Physical gold is the best investment to protect yourself against inflation. Because you are buying into the future value of precious metals and not the current price, when you invest in them, it is a way to protect yourself from inflation. You can expect your investment to increase in value with the rise of metal prices.
Any gains you make from investments that you hold onto for at least five year will be tax-free. After that time, capital gains taxes will be due. Visit our website to find out more about buying gold coins.
Can I physically possess gold in my IRA account?
Many people are curious if they can possess physical gold in an IRA. This is a legitimate concern because it is illegal.
If you take a closer look at the law, there is nothing that can stop you from having gold in your IRA.
The problem is that most people aren't aware of how much money they could be saving by putting their precious gold in an IRA.
It's easy to throw away gold coins but not so easy to put them in an IRA. If you decide to keep your gold in your own home, you'll pay taxes on it twice. One for the IRS, and one for your state.
It is possible to lose your gold and pay twice as much tax. Why would you keep your gold in the house?
You might argue that it is important to know that your gold remains safe in your house. You can protect your gold from theft by storing it somewhere more secure.
If you are planning to visit frequently, your gold should not be left at home. Thieves can easily steal your gold if you don't keep it safe.
Better yet, store your gold inside an insured vault. Your gold will be safe from fire, flood and earthquake as well as robbery.
Another advantage to storing your gold in a vault is that you won't have to worry about paying property tax. Instead, any gains that you make by selling your gold will be subject to income tax.
If you prefer not to pay tax on your precious metals, an IRA may be a good option. An IRA allows you to keep your gold free from income taxes, even though it earns interest.
You don't have to pay capital gains taxes on gold. This means that you can cash out the entire value of your investment at any time you like.
Because IRAs have federal regulation, it won't be difficult to transfer your gold to another bank if there is a move.
The bottom line is that you can own gold in your IRA. Fear of theft is all that holds you back.
Can you keep precious metals inside an IRA
This depends on the IRA's owner's desire to diversify or keep his holdings in silver and gold.
He can choose to diversify if he so desires. He could either buy bars of physical gold and/or sterling from a dealer or simply sell these items back at the end. However, suppose he isn't interested in selling back his precious metal investments. In such a case, he should not sell his precious metal investments. They would be perfect for storing in an IRA account.
Are gold and Silver IRAs a good idea or a bad idea?
This could be a great way to simultaneously invest in gold and silver. There are also many other options. If you have any questions regarding these types of investments, please feel free to contact us anytime. We are always happy to assist!
How can you withdraw from a Precious metal IRA?
You may consider withdrawing your funds if you have an account with a precious metal IRA company such as Goldco International Inc. If you decide to sell your metals this way, they will be much more valuable than if they were inside the account.
Here's how to withdraw your precious metal IRA money.
First, check to see if your precious metal IRA provider permits withdrawals. This option is available from some companies, but not all.
The second step is to determine if selling your metals will allow you tax-deferred gain. This benefit is offered by most IRA providers. Some providers do not offer this benefit.
Third, you should check with the provider of your precious metal IRA to determine if there are fees for these steps. The withdrawal may cost extra.
Fourth, it is important to keep track of your precious-metal IRA investments for at most three years after you have sold them. You should therefore wait until January each year to calculate capital losses on your investment portfolio. Then file Form 8949, which provides instructions for calculating the amount of gain you realized.
Not only must you file Form 8949 but also have to report to the IRS the sale of precious metals. This step ensures that you pay taxes on all profits earned from your sales.
Before selling precious metals, it is a good idea to consult an attorney or trusted accountant. They will ensure you are following all the procedures and avoid making costly mistakes.
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Silver must be 99.9% pure • (forbes.com)
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to Start Buying Silver with Your IRA
How to buy silver with an IRA – Direct ownership of physical bullion is the best way to invest. Because they provide liquidity and diversification, silver bars and coins are the most preferred form of investment, however, many prefer to own physical bullion rather than paper certificates or electronic currencies.
There are many options available if you wish to purchase precious metals such as gold and silver. You can purchase them directly from their producers, such as mining companies and refiners. You can also buy bullion products from dealers, but this will not save you the trouble of dealing with producers directly.
This article will help you to start investing silver with your IRA.
- Investing In Gold & Silver Directly – This is the best option to buy precious metals. This allows you to get the bullion directly and have it delivered directly to your home. Some investors keep their bullion at home, while others store it in a secure storage unit. Make sure you properly store your precious metal when you keep it. Many storage facilities provide insurance coverage against fire, theft, and damage. But, even with insurance, you can lose your investments because of natural disasters and human error. It is always a good idea to store precious metals in safe deposit boxes at banks or credit unions.
- Online Precious Metals Buying – If you prefer not to transport heavy boxes of precious metal around, then buying bullion online is an option. Bullion dealers offer bullion in a variety of forms, including bars and coins. You can find coins in many sizes, shapes, or designs. Coins are generally easier to transport than bars and more affordable. Bars come in different weights and sizes. Some bars weigh hundreds of pounds, while others only weigh a few ounces. It is important to think about what you intend to use the bar for when choosing the type of bar that you should buy. If you plan to use it as a gift, you might want to consider something smaller. On the other hand, if you want to add it to your collection and display it proudly, you might want to spend a little extra money and get something larger.
- Precious Metals From Dealers – A third option to buying bullion is from a dealer. Most dealers only specialize in one type of market, either silver or gold. Some dealers are experts in specific types of bullion such as rounds and minted coins. Others are more skilled in certain regions. Others are specialists in bulk purchases. You'll find them all to be competitive in price and offer convenient payment methods.
- Buying Precious Metallics Through Retirement Accounts – While not technically considered an “investment,” another way to gain exposure to precious metals is by investing in retirement accounts. Investments in precious metals must be made through a qualified retirement plan to receive tax benefits as per Section 219 of IRS Code. These include IRAs as well 403(b), 401(k), and 403 (b) plans. These accounts are designed to help you save for retirement and often provide higher returns than other investment vehicles. You can also diversify your holdings by opening these accounts. The drawback? Investments in retirement accounts aren't available to everyone. Only employees who have been sponsored by an employer can invest in retirement accounts.
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