Ricardo Spagni Urges Binance to Support Privacy Coins
Ricardo Spagni, the former lead maintainer of Monero, a prominent privacy coin in the cryptocurrency market, is calling on Binance, a major cryptocurrency exchange, to take a clear position on the issue of privacy coins. Spagni believes that Binance's neutrality in this matter is detrimental to the entire industry and argues that any changes made to Monero's protocol to comply with regulations are unnecessary.
Ricardo 'Fluffypony' Spagni Calls for Binance to Stand Up for Privacy Coins
Ricardo "Fluffypony" Spagni, the former lead maintainer of Monero, has publicly urged Binance to reconsider its stance on delisting privacy-focused coins. In a recent post, Spagni criticizes Binance's position, which could potentially lead to the removal of these currencies from the exchange in January.
Spagni's criticism is supported by a report from consulting firm Perkinscoie, which highlights that "privacy coins protect legitimate individual and commercial privacy interests" and argues that the existing financial regulations adequately address any anti-money laundering concerns related to privacy coins. Spagni strongly disagrees with Binance's compliance requirements.
Spagni expressed his viewpoint:
By not taking a stance, you are doing a disservice to the industry and supporting the continuous attacks on personal privacy. If Apple can take a stand against CSAM, then you, Binance, can also stand up and fight for the right to privacy for everyone.
Reports suggest that one of the requirements Binance may impose on privacy projects is the creation of "exchange only" addresses without privacy features. Firo, another privacy coin, is currently in the process of implementing these changes.
However, Spagni emphasizes that the Monero community prioritizes user privacy above all else and will never compromise on that goal. He states:
No changes to the protocol level are necessary and, moreover, they will never be implemented.
In May, Binance announced its intention to delist 12 privacy coins, including Monero and Zcash, in certain European Union (EU) countries, citing "local regulatory requirements" as the reason. However, following feedback from these projects and their communities, Binance reversed its decision, explaining that it had reevaluated the classification of these currencies to ensure compliance 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 Do You Make a Withdrawal from a Precious Metal IRA?
First, determine if you would like to withdraw money directly from an IRA. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
An IRA is not the best option if you don't mind paying a penalty for early withdrawal. Instead, open a taxable brokerage. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, figure out how much money will be taken out of your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you have an idea of the amount of your total savings you wish to convert into cash you will need to decide what type of IRA you want. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
Finally, you'll need to open a brokerage account once these calculations are completed. A majority of brokers offer free signup bonuses, as well as other promotions, to get people to open accounts. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
When you finally get around to making withdrawals from your precious metal IRA, you'll need a safe place where you can store your coins. While some storage facilities accept bullion bars and others require that you purchase individual coins, others will allow you to store your coins in their own safe. You will need to weigh each one before making a decision.
Bullion bars are easier to store than individual coins. But you will have to count each coin separately. However, individual coins can be stored to make it easy to track their value.
Some people like to keep their coins in vaults. Others prefer to store them in a safe deposit box. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
How much should precious metals make up your portfolio?
To answer this question, we must first understand what precious metals are. Precious metals refer to elements with a very high value relative other commodities. This makes them valuable in investment and trading. Gold is today the most popular precious metal.
However, many other types of precious metals exist, including silver and platinum. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It is also not affected by inflation and depression.
As a general rule, the prices for all precious metals tend to increase with the overall market. But they don't always move in tandem with one another. When the economy is in trouble, for example, gold prices tend to rise while other precious metals fall. This is because investors expect lower rates of interest, which makes bonds less attractive investments.
Contrary to this, when the economy performs well, the opposite happens. Investors choose safe assets such Treasury Bonds over precious metals. They are more rare, so they become more expensive and less valuable.
Therefore, to maximize profits from investing in precious metals, you must diversify across multiple precious metals. You should also diversify because precious metal prices can fluctuate and it is better to invest in multiple types of precious metals than in one.
Are You Ready to Invest in Gold?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. If you are unsure which option to choose, consider investing in both options.
Gold is a safe investment and can also offer potential returns. Retirees will find it an attractive investment.
Gold is more volatile than most other investments. This causes its value to fluctuate over time.
But this doesn't mean you shouldn't invest in gold. It just means that you need to factor in fluctuations to your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Unlike stocks and bonds, gold is easier to store. It can be easily transported.
You can always access your gold as long as it is kept safe. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
You'll also benefit from having a portion of your savings invested in something that isn't going down in value. Gold tends to rise when the stock markets fall.
You can also sell gold anytime you like by investing in it. You can easily liquidate your investment, just as with stocks. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all your eggs on one basket.
Also, don't buy too much at once. Begin by buying a few grams. Then add more as needed.
It's not about getting rich fast. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
What is a Precious Metal IRA?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These are “precious metals” because they are hard to find, and therefore very valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Bullion is often used to refer to precious metals. Bullion refers simply to the physical metal.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This means you'll receive dividends every year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, your gains are subject to a small tax. Plus, you get free access to your funds whenever you want.
What are the benefits to having a gold IRA
It is best to put your retirement money in an Individual Retirement Account (IRA). It's not subject to tax until you withdraw it. You can decide how much money you withdraw each year. There are many types of IRAs. Some are better suited to college savings. Some are for investors who seek higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. The earnings earned after they withdraw the funds aren't subject to any tax. This account may be worth considering if you are looking to retire earlier.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA that requires you to pay taxes on the gains you make while you wait to access them, a gold IRA does not have to do this. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. This means that you don't need to worry about making monthly deposits. To make sure you don't miss any payments, you can also set up direct deductions.
Finally, gold is one of the safest investment choices available today. Because it isn’t tied to any specific country, gold’s value tends to stay stable. Even during economic turmoil the gold price tends to remain fairly stable. Gold is a good option for protecting your savings from inflation.
What is the best precious metal to invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Gold has been traditionally considered a haven investment, but it's not always the most profitable choice. For example, if you need a quick profit, gold may not be for you. Silver is a better investment if you have patience and the time to do it.
Gold is the best investment if you aren't looking to get rich quick. If you want to invest in long-term, steady returns, silver is a better choice.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
irs.gov
bbb.org
investopedia.com
finance.yahoo.com
How To
Tips to Invest in Gold
One of the most sought-after investment strategies is investing in gold. This is because there are many benefits if you choose to invest in gold. There are several options to invest in the gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.
Before you buy any type of gold, there are some things that you should think about.
- First, make sure you check if your country allows you own gold. If so, then you can proceed. Or, you might consider buying gold overseas.
- You should also know the type of gold coin that you desire. You can choose between yellow gold and white gold as well as rose gold.
- The third factor to consider is the price for gold. Start small and build up. It is important to diversify your portfolio whenever you purchase gold. Diversify your investments in stocks, bonds or real estate.
- Remember that gold prices are subject to change regularly. You need to keep up with current trends.
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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
