But is that Trust Misplaced?

● Fiat (not crypto) is taking longer than expected to arrive in your bank / Binance account. Yves Mersch, 바이낸스 (more info here) a member of the executive board of the European Central Bank stated “Euro banknotes and coins are a method of payment of stable value, acceptance of which is compulsory, and thus they are superior to alternative methods of payment. Bitcoin is the default currency on the dark web – but the speculators driving the current bubble are making it difficult to use Bitcoin for actual transactions. Experts monitoring exchanges were able to cancel customer transactions involving Bitcoin before they were able to be completed. On top of this, the little volumes traded on Bitcoin exchanges effect in cost that is very explosive. In order to combat this, the IRS is focusing regulations on cryptocurrency exchanges, specifically Coinbase, to send data of users who have bought, sold, sent, or received more than $20,000 in the last year.

For example, each year from 2013 to 2015 only around 800-900 people filed necessary forms indicating that they had sold cryptocurrency. This kind of gain is not typical for all Bitcoin investors; however it is an example of both how the market for Bitcoin is growing and how average people can stand to gain a great deal if they are willing to take the risk that Koch did. Any kind of morning sleepiness was quickly gone by the ensuing surge of adrenaline when realizing what was going on. But I, for one, am going to stick with the sellers with five stars. In fact, some of the actions and words from participants would indicate that they have adopted a zero-sum mentality. As such, there is a possibility that the actions of one participant can be for the mutual benefit of all participants (the “win-win” situation). If participant groups view the currency sector of the financial market as a zero-sum game, then it will directly influence their actions. As great as the security features are at Binance, it is important to note that the platform was actually hacked in May 2019. The malicious actors were able to remotely steal surplus of 7,000 Bitcoin, which at the time amounted to a market value of just over $40 million.

Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity. The purchase, at a minimum, involves a broker-dealer that makes the trade, and the purchaser’s and the seller’s banks. Crypto exchanges and wallets are similar to traditional banks in set-up and execution. It’s likely that this decision was made partly due to the increasing scrutiny on cryptocurrency exchanges by governments around the world. These regulations set a clear precedent, allowing the IRS to issue summons to other cryptocurrency exchanges to reveal user identities. More legislation will likely be needed for Bitcoin in order to set standards for modern banking systems to deal with cryptocurrency. Zero-sum games have been used to define many social systems. Some international banks such as the Dutch Rabobank have taken more extreme measures to fight back against Bitcoin users. Clearly, the banks that are currently shutting down accounts of Bitcoin users such as Wells Fargo and Rabobank would indicate that banks are fearful of the growing influence of these virtual currencies. Rabobank has not released a statement on these actions, but the ethical and legal repercussions are still a major source of contention for all involved parties.

Despite literally telling users that the crypto was a ponzi scheme, Ponzicoin still grew to a market cap of $250,000. This includes its SAFU offering, which is a reserve pot put in place to reimburse users in the event of an external hack. Regulators, though, have yet to respond in full to the rise of virtual currencies as seen through the inaction of groups such as the IMF and Federal Reserve. In doing so, the IRS has laid the groundwork to regulate virtual currencies. As one of the key agencies involved against tax evasion and money laundering techniques, the IRS supports regulation as a tool to protect against criminal activity. Criminals that participate in money laundering, tax evasion, cybercrime, terrorism financing, drug trafficking, and other illegal activities can use cryptocurrencies’ anonymity to execute their transactions without risk of detection. However, cryptocurrencies have created friction with regulatory institutions because user’s anonymity is secure on the network, making it easy for criminals to conduct operations or launder money.

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