Ricardo Spagni Calls on 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 stance on the issue of privacy coins. Spagni believes that Binance's avoidance of taking sides in this matter is not beneficial to the industry as a whole. He argues that any protocol-level changes to make Monero compliant with regulations are unnecessary.
Spagni Criticizes Binance's Position on Delisting Privacy Coins
Ricardo "Fluffypony" Spagni has publicly criticized Binance's position on delisting privacy-focused coins. In a recent post, he expressed his concerns about Binance's stance, which could result in the delisting of these currencies in January.
Spagni's criticism is supported by a report from consulting firm Perkinscoie, which states that privacy coins protect legitimate individual and commercial privacy interests and that existing financial regulations adequately address the anti-money laundering (AML) issues associated with privacy coins. Spagni argues that Binance's compliance requirements are unjustified in light of this report.
Spagni's Plea to Binance
Spagni believes that Binance has a responsibility to take a stance on the issue of privacy coins. He argues that by not taking a clear position, Binance is doing a disservice to the industry and indirectly supporting attacks on personal privacy. He points out that even Apple has taken a stance against CSAM (Child Sexual Abuse Material), and therefore Binance should be able to fight for the right to privacy for everyone.
According to reports, one of the requirements that Binance may impose on privacy projects is the creation of "exchange only" addresses without privacy shielding 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 any compromise on that front will not be accepted. He firmly states that any protocol-level changes to compromise privacy will never happen within the Monero network.
Binance's History with Privacy Coins
In May, Binance announced that it would delist 12 privacy coins, including Monero and Zcash, in certain European Union (EU) countries. The exchange cited "local regulatory requirements" as the reason behind this decision. However, after receiving feedback from these projects and their communities, Binance backpedaled and explained that it had reassessed the classification of these currencies to ensure compliance with EU-wide regulatory requirements.
What are your thoughts on Ricardo Spagni's statements? Share your opinions in the comments section below.
Frequently Asked Questions
How to Open a Precious Metal IRA
It is best to open an IRA with precious metals through a Roth Individual Retirement Account.
This account is more advantageous than other types of IRAs, because you don’t have to pay taxes on any interest earned from your investments until they are withdrawn.
This makes it appealing to those who want to both save money and get a tax cut.
You are not restricted to investing only in gold or silver. You can put your money in almost any item that meets the IRS guidelines.
Although most people think of gold and silver when they hear the term “precious metal,” there are many kinds of precious metals.
You can find examples in palladium (platinum), rhodium (osmium), iridium and ruthenium.
There are many ways to invest in precious materials. There are two main options: buying bullion bars and coins, and purchasing shares in mining companies.
Bullion Coins & Bars
Buying bullion coins and bars is one of the easiest ways to invest in precious metals. Bullion can be used to refer to the physical ounces or gold or silver.
Bullion bars and bullion coin are real pieces of metal.
While you might not see any change in your pocket after you purchase bullion coins and bars at a store, you will notice some benefits over time.
For example, you will get a tangible piece of history. Each coin and bar is unique.
You'll often find that the face value of a coin is far lower than its nominal value. The American Eagle Silver Coin cost $1.00 an ounce in 1986 when it was first introduced. The price of an American Eagle is now closer to $40.00 a ounce.
Bullion has had a tremendous increase in its value since its introduction. This is why many investors choose bullion bars and bullion coin over futures.
Mining Companies
Another option for people who are interested in buying precious metals is to invest in shares of mining corporations. When you invest in mining businesses, you are investing in their ability to produce silver and gold.
You will then be entitled to dividends which are based upon the company’s profit. These dividends are then used to pay shareholders.
You will also benefit from the company's growth potential. As demand for the product increases, so should the share prices of your company.
You should diversify because these stocks have a tendency to fluctuate in their prices. This allows you to spread your risk among multiple companies.
However, mining companies are not immune to financial loss just like any stock-market investment.
If gold prices drop significantly, your share of ownership could be worthless.
The Bottom Line
Precious Metals such as gold or silver offer a safe haven in times of economic uncertainty.
But, silver and gold can be subject to price swings. You might be interested in long-term investments in precious metals. Consider opening a precious metals IRA with a reputable company.
You can enjoy tax benefits while still owning tangible assets.
What type of IRA is best?
It is crucial to find the right IRA for your needs. You must consider whether you want to maximize tax-deferred growth on your contributions, minimize taxes now and pay penalties later, or just avoid taxes altogether.
If you're saving for retirement and don't have much money invested, the Roth option could make sense. It's also worth considering if your plan is to work after the age of 59 1/2.
If you plan to retire early, the traditional IRA might make more sense because you'll likely owe taxes on the earnings of those funds. The Roth IRA is a better option if you plan to continue working well beyond age 65. It allows you to withdraw any or all of your earnings and not pay taxes.
What are the 3 types of IRA?
There are three types of IRAs. There are three types of IRAs: Roth, Traditional, and SEP. Each has its own advantages and disadvantages. We'll go over each of them below.
Traditional Individual Retirement Accounts (IRA)
A traditional IRA allows for you to contribute pretax money to an account, where you can defer tax on contributions made now and earn interest. Once you retire, withdrawals from the account are tax-free.
Roth IRA
Roth IRAs allow you to deposit after-tax dollars into an account. This allows earnings to grow tax-free. You can also withdraw money from the account to retire your funds tax-free.
SEP IRA
Similar to a Roth IRA except that employees must make additional contributions. The additional contributions are taxed but earnings remain tax-deferred. You may choose to convert the entire amount to a Roth IRA when you leave the company.
Can you make money from a gold IRA
To make money from an investment you must first understand how it works and secondly what products are available.
Trading should not be started if you don’t have sufficient information.
Find a broker that offers the best service to your account type.
You can choose from a variety of accounts, including Roth IRAs or standard IRAs.
You may also wish to consider a rollover if you already have other investments, such as stocks and bonds.
How does gold and silver IRA work?
An IRA for gold and/or silver allows you to invest without tax in precious metals such as silver and gold. They are a good investment option for those who wish to diversify their portfolios.
If you are above 59 1/2 years old, you do not have income tax to pay on the interest earned. You also do not have to pay capital gains tax on any appreciation in the account's value. The maximum amount that you can invest in this type of account is $10,000. The minimum amount that you can invest is $10,000. You can't invest if you're younger than 59 1/2. The maximum annual contribution is $5,500.
If you die before retirement, your beneficiaries may receive less than the full amount in your account. Your estate must include enough assets to cover the balance remaining in your account after all other expenses and debts have been paid.
Some banks offer a silver and gold IRA option. Others require you open a regular broker account, through which shares or certificates can be purchased.
Can I store my gold IRA at home?
An online brokerage account is the best option to protect your investment funds. You will have the same investment options available as traditional brokers, but you won't need special licenses. There are no fees to invest.
A lot of online brokers offer tools for managing your portfolio. To see the performance and trends of your investments, you can download charts from these brokers.
Statistics
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- 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)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
External Links
investopedia.com
wsj.com
en.wikipedia.org
regalassets.com
How To
How to Open a Precious Metal IRA
Precious and precious metals are one the most sought-after investment vehicles. Because they offer higher returns than traditional investments such as stocks and bonds, they are very popular. However, you need to be careful when investing in precious materials. This is what you need to know before you open your precious metal IRA.
There are two main types of precious metal accounts: physical precious metals accounts and paper gold and silver certificates (GSCs). Each type of account has its own advantages and disadvantages. GSCs and physical precious metals accounts can offer diversification, but they are difficult to trade and easy to access. You can read more about them below.
Physical precious Metals accounts consist of bullion, bullion, and bars. This option is great for diversification, but it has its drawbacks. Precious metals can be expensive to store, buy and sell. They can also be very difficult to transport due to their large size.
On the other hand, paper gold and silver certificates are relatively inexpensive. They can also be traded online and are easily accessible. This makes them an ideal choice for those who don’t desire to invest in precious metallics. But, they're not as well-diversified as physical counterparts. Because they are supported by government agencies such the U.S. Mint the value of these assets may decrease if inflation rates increase.
If you open a precious metal IRA, choose the right account for your financial situation. Consider the following:
- Your tolerance level
- Your preferred asset allocation strategy
- How much time do you have to invest
- It is up to you whether you intend on using the funds short-term for trading purposes.
- Which tax treatment would you prefer?
- Which precious metal(s) you'd like to invest in
- How liquid can your portfolio have to be
- Your retirement age
- You'll need somewhere to keep your precious metals
- Your income level
- Your current savings rates
- Your future goals
- Your net worth
- Special circumstances that may influence your decision
- Your overall financial picture
- Your preference between physical and paper assets
- Your willingness to take on risks
- Your ability to deal with losses
- Your budget constraints
- You desire to be financially independent
- Your investment experience
- Your familiarity in precious metals
- Your knowledge of precious metals
- Your confidence in the economy
- Your personal preferences
Once you've determined which type of precious metal IRA best suits your needs, you can proceed to open an account with a reputable dealer. These companies can be found through word of mouth, referrals and online research.
After opening your precious metal IRA you will need to decide how big you want it to be. There are different minimum deposits for precious metal IRA accounts. Some accounts only require $100, while others may allow you up to $50,000.
As stated above, the amount of money invested in your precious metal IRA is completely up to you. A higher initial deposit will help you build wealth over a prolonged period. You might prefer a lower initial deposit if you intend to invest smaller amounts every month.
You can purchase a variety of investments, regardless of whether the precious metals are actually used in your IRA. Here are some of the most common:
- Bullion bars and rounds of gold, as well as coins
- Silver – Rounds & coins
- Platinum – Coins
- Palladium – Bar and round forms
- Mercury – Round and bar forms
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