In the ever-evolving world of cryptocurrency, Sangho Grolleman has emerged as a trailblazer. As the CEO of Cryptopia, he brings a wealth of experience and a deep passion for gaming to the table. In a recent interview on the Bitcoin.com News Podcast, Sangho discussed the decentralized gaming market and highlighted the importance of prioritizing fun in game development.
A Multifaceted Expert in the Cryptocurrency Realm
Sangho's journey in the cryptocurrency realm began in 2018. Since then, he has been actively involved in various cryptocurrency startups, taking on key roles such as CEO and COO. With a diverse skill set encompassing entrepreneurship, digital marketing, full stack development, teaching, and training, Sangho has become a trusted advisor and a respected figure in the industry.
However, his expertise extends beyond the world of cryptocurrencies. Sangho is a seasoned gamer with over three decades of experience. This unique combination of skills and passions allows him to approach the decentralized gaming market with a fresh perspective.
Empowering Individuals in the Web3 Era
Sangho firmly believes in the transformative potential of Web3 technology. He sees it as an opportunity to address the shortcomings of its predecessor, Web2, and put power back into the hands of the people. One of his key advocacies is empowering individuals to regain control over their digital identities.
Furthermore, Sangho champions the idea of granting gamers ownership rights over their in-game items. This ensures that players receive a fair share of the profits generated by their virtual possessions. By infusing sensibility into the capitalist market mechanism, he aims to create a more equitable and just digital landscape.
Cryptopia: Where Gaming Meets Web3
At Cryptopia, Sangho and his team are on a mission to deliver an unparalleled gaming experience that focuses on enjoyment and genuine character progression. The platform offers a variety of gameplay options, allowing players to choose their own path. Whether they want to be strategic Tycoons, adventurous Adventurers, daring Pirates, or righteous Bounty Hunters, Cryptopia caters to every gaming preference.
Cryptopia also addresses key challenges within the Web3 ecosystem. The platform provides user-friendly access through an integrated multisig wallet, eliminating the need for players to own cryptocurrencies or NFTs before getting started. Additionally, Cryptopia's player-run node mesh network efficiently manages networking traffic, ensuring accessibility and excitement for all players.
Join the Cryptopia Community
If you're interested in learning more about Cryptopia and its vision for decentralized gaming, visit their website at cryptopia.com. You can also engage with the vibrant Cryptopia community on Discord or follow the team on Twitter. For more insights from Sangho Grolleman, be sure to follow him on Twitter as well.
Frequently Asked Questions
What Should Your IRA Include in Precious Metals?
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. You don’t need to have a lot of money to invest. There are many ways to make money on silver and gold investments without spending too much.
You may consider buying physical coins such as bullion bars or rounds. Stocks in companies that produce precious materials could be purchased. You may also be interested in an IRA transfer program offered by your retirement provider.
You'll still get the benefit of precious metals no matter which country you live in. They offer the potential for long-term, sustainable growth even though they aren’t stocks.
And unlike traditional investments, they tend to increase in value over time. So, if you decide to sell your investment down the road, you'll likely see more profit than you would with traditional investments.
What are the benefits of a gold IRA
There are many advantages to a gold IRA. It can be used to diversify portfolios and is an investment vehicle. You can control how much money is deposited into each account as well as when it's withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. This will allow you to transition easily if it is your decision to retire early.
The best part is that you don't need special skills to invest in gold IRAs. They're available at most banks and brokerage firms. You do not need to worry about fees and penalties when you withdraw money.
There are, however, some drawbacks. Gold is known for being volatile in the past. Understanding why you invest in gold is crucial. Are you looking for growth or safety? Is it for insurance purposes or a long-term strategy? Only then will you be able make informed decisions.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. One ounce won't be enough to meet all your needs. Depending upon what you plan to do, you could need several ounces.
A small amount is sufficient if you plan to sell your gold. You can even get by with less than one ounce. These funds won't allow you to purchase anything else.
How much money should my Roth IRA be funded?
Roth IRAs let you save tax on retirement by allowing you to deposit your own money. These accounts are not allowed to be withdrawn before the age of 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. First, your principal (the original deposit amount) cannot be touched. This means that no matter how much you contribute, you can never take out more than what was initially contributed to this account. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule is that you cannot withdraw your earnings without paying income taxes. You will pay income taxes when you withdraw your earnings. For example, let's say that you contribute $5,000 to your Roth IRA every year. Let's say you earn $10,000 each year after contributing. On the earnings, you would be responsible for $3,500 federal income taxes. That leaves you with only $6,500 left. Because you can only withdraw what you have initially contributed, this is all you can take out.
The $4,000 you take out of your earnings would be subject to taxes. You'd still owe $1,500 in taxes. You would also lose half of your earnings because they are subject to another 50% tax (half off 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
Two types of Roth IRAs are available: Roth and traditional. A traditional IRA allows you to deduct pre-tax contributions from your taxable income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. You have the option to withdraw any amount from a traditional IRA.
Roth IRAs don't allow you deduct contributions. But once you've retired, you can withdraw the entire contribution amount plus any accrued interest. There is no minimum withdrawal amount, unlike traditional IRAs. You don’t have to wait for your turn 70 1/2 years before you can withdraw your contributions.
What tax is gold subject in an IRA
The fair market value at the time of sale is what determines how much tax you pay on gold sales. If you buy gold, there are no taxes. It is not considered income. If you sell it later you will have a taxable profit if the price goes down.
Loans can be secured with gold. Lenders seek to get the best return when you borrow against your assets. For gold, this means selling it. It's not guaranteed that the lender will do it. They may keep it. Or they might decide to resell it themselves. Either way you will lose potential profit.
So to avoid losing money, you should only lend against your gold if you plan to use it as collateral. If you don't plan to use it as collateral, it is better to let it be.
Can I own a gold ETF inside a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
An IRA traditional allows both employees and employers to contribute. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
An Individual Retirement Annuity (IRA) is also available. An IRA allows for you to make regular income payments during your life. Contributions to IRAs do not have to be taxable
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
irs.gov
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
cftc.gov
- Fraud Advisory: Precious Metals Fraud
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