What is Bitcoin? Cryptocurrencies explained - Which?

Why we need to think more carefully about what money is and how it works

Most of us have overlooked a fundamental problem that is currently causing an insurmountable obstacle to building a fairer and more sustainable world. We are very familiar with the thing in question, but its problematic nature has been hidden from us by a powerful illusion. We think the problem is capitalism, but capitalism is just the logical outcome of aggregate human decisions about how to manage money. The fundamental problem is money itself, or more specifically general purpose money and the international free market which allows you to sell a chunk of rainforest and use the money to buy a soft drink factory. (You can use the same sort of money to sell anything and buy anything, anywhere in the world, and until recently there was no alternative at all. Bitcoin is now an alternative, but is not quite what we are looking for.) The illusion is that because market prices are free, and nobody is forced into a transaction, those prices must be fair – that the exchange is equitable. The truth is that the way the general money globalised free market system works means that even though the prices are freely determined, there is still an unequal flow of natural resources from poor parts of the world to rich parts. This means the poor parts will always remain poor, and resources will continue to accumulate in the large, unsustainable cities in rich countries. In other words, unless we re-invent money, we cannot overturn capitalism, and that means we can't build a sustainable civilisation.
Why does this matter? What use is it realising that general purpose money is at the root of our problems when we know that the rich and powerful people who run this world will do everything in their power to prevent the existing world system being reformed? They aren't just going to agree to get rid of general purpose money and economic globalisation. It's like asking them to stop pursuing growth: they can't even imagine how to do it, and don't want to. So how does this offer us a way forwards?
Answer: because the two things in question – our monetary system and globalisation – look like being among the first casualties of collapse. Globalisation is already going into reverse (see brexit, Trump's protectionism) and our fiat money system is heading towards a debt/inflation implosion.
It looks highly likely that the scenario going forwards will be of increasing monetary and economic chaos. Fiat money systems have collapsed many times before, but never a global system of fiat currencies floating against each other. But regardless of how may fiat currencies collapse, or how high the price of gold goes in dollars, it is not clear what the system would be replaced with. Can we just go back to the gold standard? It is possible, but people will be desperately looking for other solutions, and the people in power might also be getting desperate.
So what could replace it? What is needed is a new sort of complementary money system which both
(a) addresses the immediate economic problems of people suffering from symptoms of economic and general collapse and
(b) provides a long-term framework around which a new sort of economy can emerge – an economy which is adapted to deglobalisation and degrowth.
I have been searching for answers to this question for some time, and have now found what I was looking for. It is explained in this recently published academic book, and this paper by the same professor of economic anthropology (Alf Hornborg). The answer is the creation of a new sort of money, but it is critically important exactly how this is done. Local currencies like the Bristol Pound do not challenge globalisation. What we need is a new sort of national currency. This currency would be issued as a UBI, but only usable to buy products and services originating within an adjustable radius. This would enable a new economy to emerge. It actually resists globalisation and promotes the growth of a new sort of economy where sustainability is built on local resources and local economic activity. It would also reverse the trend of population moving from poor rural areas and towns, to cities. It would revitalise the “left behind” parts of the western world, and put the brakes on the relentless flow of natural resources and “embodied cheap labour” from the poor parts of the world to the rich parts. It would set the whole system moving towards a more sustainable and fairer state.
This may sound unrealistic, but please give it a chance. I believe it offers a way forwards that can
(a) unite disparate factions trying to provoke systemic change, including eco-marxists, greens, posthumanists and anti-globalist supporters of “populist nationalism”. The only people who really stand to lose are the supporters of global big business and the 1%.
(b) offers a realistic alternative to a money system heading towards collapse, and to which currently no other realistic alternative is being proposed.
In other words, this offers a realistic way forwards not just right now but through much of the early stages of collapse. It is likely to become both politically and economically viable within the forseeable future. It does, though, require some elements of the left to abandon its globalist ideals. It will have to embrace a new sort of nationalism. And it will require various groups who are doing very well out of the current economic system to realise that it is doomed.
Here is an FAQ (from the paper).
What is a complementary currency? It is a form of money that can be used alongside regular money.
What is the fundamental goal of this proposal? The two most fundamental goals motivating this proposal are to insulate local human subsistence and livelihood from the vicissitudes of national and international economic cycles and financial speculation, and to provide tangible and attractive incentives for people to live and consume more sustainably. It also seeks to provide authorities with a means to employ social security expenditures to channel consumption in sustainable directions and encourage economic diversity and community resilience at the local level.
Why should the state administrate the reform? The nation is currently the most encompassing political entity capable of administrating an economic reform of this nature. Ideally it is also subservient to the democratic decisions of its population. The current proposal is envisaged as an option for European nations, but would seem equally advantageous for countries anywhere. If successfully implemented within a particular nation or set of nations, the system can be expected to be emulated by others. Whereas earlier experiments with alternative currencies have generally been local, bottom-up initiatives, a state-supported program offers advantages for long-term success. Rather than an informal, marginal movement connected to particular identities and transient social networks, persisting only as long as the enthusiasm of its founders, the complementary currency advocated here is formalized, efficacious, and lastingly fundamental to everyone's economy.
How is local use defined and monitored? The complementary currency (CC) can only be used to purchase goods and services that are produced within a given geographical radius of the point of purchase. This radius can be defined in terms of kilometers of transport, and it can vary between different nations and regions depending on circumstances. A fairly simple way of distinguishing local from non-local commodities would be to label them according to transport distance, much as is currently done regarding, for instance, organic production methods or "fair trade." Such transport certification would of course imply different labelling in different locales.
How is the complementary currency distributed? A practical way of organizing distribution would be to provide each citizen with a plastic card which is electronically charged each month with the sum of CC allotted to him or her.
Who are included in the category of citizens? A monthly CC is provided to all inhabitants of a nation who have received official residence permits.
What does basic income mean? Basic income is distributed without any requirements or duties to be fulfilled by the recipients. The sum of CC paid to an individual each month can be determined in relation to the currency's purchasing power and to the individual's age. The guiding principle should be that the sum provided to each adult should be sufficient to enable basic existence, and that the sum provided for each child should correspond to the additional household expenses it represents.
Why would people want to use their CC rather than regular money? As the sum of CC provided each month would correspond to purchases representing a claim on his or her regular budget, the basic income would liberate a part of each person's regular income and thus amount to substantial purchasing power, albeit restricted only to local purchases. The basic income in CC would reduce a person's dependence on wage labor and the risks currently associated with unemployment. It would encourage social cooperation and a vitalization of community.
Why would businesses want to accept payment in CC? Business entrepreneurs can be expected to respond rapidly to the radically expanded demand for local products and services, which would provide opportunities for a diverse range of local niche markets. Whether they receive all or only a part of their income in the form of CC, they can choose to use some of it to purchase tax-free local labor or other inputs, and to request to have some of it converted by the authorities to regular currency (see next point).
How is conversion of CC into regular currency organized? Entrepreneurs would be granted the right to convert some of their CC into regular currency at exchange rates set by the authorities.The exchange rate between the two currencies can be calibrated so as to compensate the authorities for loss of tax revenue and to balance the in- and outflows of CC to the state. The rate would thus amount to a tool for determining the extent to which the CC is recirculated in the local economy, or returned to the state. This is important in order to avoid inflation in the CC sector.
Would there be interest on sums of CC owned or loaned? There would be no interest accruing on a sum of CC, whether a surplus accumulating in an account or a loan extended.
How would saving and loaning of CC be organized? The formal granting of credit in CC would be managed by state authorities and follow the principle of full reserve banking, so that quantities of CC loaned would never exceed the quantities saved by the population as a whole.
Would the circulation of CC be subjected to taxation? No.
Why would authorities want to encourage tax-free local economies? Given the beneficial social and ecological consequences of this reform, it is assumed that nation states will represent the general interests of their electorates and thus promote it. Particularly in a situation with rising fiscal deficits, unemployment, health care, and social security expenditures, the proposed reform would alleviate financial pressure on governments. It would also reduce the rising costs of transport infrastructure, environmental protection, carbon offsetting, and climate change adaptation. In short, the rising costs and diminishing returns on current strategies for economic growth can be expected to encourage politicians to consider proposals such as this, as a means of avoiding escalating debt or even bankruptcy.
How would the state's expenditures in CC be financed? As suggested above, much of these expenditures would be balanced by the reduced costs for social security, health care, transport infrastructure, environmental protection, carbon offsetting, and climate change adaptation. As these savings may take time to materialize, however, states can choose to make a proportion of their social security payments (pensions, unemployment insurance, family allowance, etc.) in the form of CC. As between a third and half of some nations' annual budgets are committed to social security, this represents a significant option for financing the reform, requiring no corresponding tax levies.
What are the differences between this CC and the many experiments with local currencies? This proposal should not be confused with the notion, or with the practical operation, of local currencies, as it does not imply different currencies in different locales but one national,complementary currency for local use. Nor is it locally initiated and promoted in opposition to theregular currency, but centrally endorsed and administrated as an accepted complement to it. Most importantly, the alternative currency can only be used to purchase products and services originating from within a given geographical range, a restriction which is not implemented in experiments with Local Exchange Trading Systems (LETS). Finally, the CC is provided as a basic income to all residents of a nation, rather than only earned in proportion to the extent to which a person has made him- or herself useful in the local economy.
What would the ecological benefits be? The reform would radically reduce the demand for long-distance transport, the production of greenhouse gas emissions, consumption of energy and materials, and losses of foodstuffs through overproduction, storage, and transport. It would increase recycling of nutrients and packaging materials, which means decreasing leakage of nutrients and less garbage. It would reduce agricultural intensification, increase biodiversity, and decrease ecological degradation and vulnerability.
What would the societal benefits be? The reform would increase local cooperation, decrease social marginalization and addiction problems, provide more physical exercise, improve psycho-social and physical health, and increase food security and general community resilience. It would decrease the number of traffic accidents, provide fresher and healthier food with less preservatives, and improved contact between producers and consumers.
What would the long-term consequences be for the economy? The reform would no doubt generate radical transformations of the economy, as is precisely the intention. There would be a significant shift of dominance from transnational corporations founded on financial speculation and trade in industrially produced foodstuffs, fuels, and other internationally transported goods to locally diverse producers and services geared to sustainable livelihoods. This would be a democratic consequence of consumer power, rather than of legislation. Through a relatively simple transformation of the conditions for market rationality, governments can encourage new and more sustainable patterns of consumer behavior. In contrast to much of the drastic and often traumatic economic change of the past two centuries, these changes would be democratic and sustainable and would improve local and national resilience.
Why should society want to encourage people to refrain from formal employment? It is increasingly recognized that full or high employment cannot be a goal in itself, particularly if it implies escalating environmental degradation and energy and material throughput. Well-founded calls are thus currently made for degrowth, i.e. a reduction in the rate of production of goods and services that are conventionally quantified by economists as constitutive of GDP. Whether formal unemployment is the result of financial decline, technological development, or intentional policy for sustainability, no modern nation can be expected to leave its citizens economically unsupported. To subsist on basic income is undoubtedly more edifying than receiving unemployment insurance; the CC system encourages useful community cooperation and creative activities rather than destructive behavior that may damage a person's health.
Why should people receive an income without working? As observed above, modern nations will provide for their citizens whether they are formally employed or not. The incentive to find employment should ideally not be propelled only by economic imperatives, but more by the desire to maintain a given identity and to contribute creatively to society. Personal liberty would be enhanced by a reform which makes it possible for people to choose to spend (some of) their time on creative activities that are not remunerated on the formal market, and to accept the tradeoff implied by a somewhat lower economic standard. People can also be expected to devote a greater proportion of their time to community cooperation, earning additional CC, which means that they will contribute more to society – and experience less marginalization – than the currently unemployed.
Would savings in CC be inheritable? No.
How would transport distances of products and services be controlled? It is reasonable to expect the authorities to establish a special agency for monitoring and controlling transport distances. It seems unlikely that entrepreneurs would attempt to cheat the system by presenting distantly produced goods as locally produced, as we can expect income in regular currency generally to be preferable to income in CC. Such attempts would also entail transport costs which should make the cargo less competitive in relation to genuinely local produce, suggesting that the logic of local market mechanisms would by and large obviate the problem.
How would differences in local conditions (such as climate, soils, and urbanism) be dealt with?It is unavoidable that there would be significant variation between different locales in terms of the conditions for producing different kinds of goods. This means that relative local prices in CC for agiven product can be expected to vary from place to place. This may in turn mean that consumption patterns will vary somewhat between locales, which is predictable and not necessarily a problem. Generally speaking, a localization of resource flows can be expected to result in a more diverse pattern of calibration to local resource endowments, as in premodern contexts. The proposed system allows for considerable flexibility in terms of the geographical definition of what is categorized as local, depending on such conditions. In a fertile agricultural region, the radius for local produce may be defined, for instance, as 20 km, whereas in a less fertile or urban area, it may be 50 km. People living in urban centers are faced with a particular challenge. The reform would encourage an increased production of foodstuffs within and in the vicinity of urban areas, which in the long run may also affect urban planning. People might also choose to move to the countryside, where the range of subsistence goods that can be purchased with CC will tend to be greater. In the long run, the reform can be expected to encourage a better fit between the distribution of resources (such as agricultural land) and demography. This is fully in line with the intention of reducing long-distance transports of necessities.
What would the consequences be if people converted resources from one currency sphere into products or services sold in another? It seems unfeasible to monitor and regulate the use of distant imports (such as machinery and fuels) in producing produce for local markets, but as production for local markets is remunerated in CC, this should constitute a disincentive to invest regular money in such production processes. Production for local consumption can thus be expected to rely mostly – and increasingly – on local labor and other resource inputs.

submitted by anthropoz to sustainability [link] [comments]

A realistic way forwards (long, but I believe important)

Most of us have overlooked a fundamental problem that is currently causing an insurmountable obstacle to building a fairer and more sustainable world. We are very familiar with the thing in question, but its problematic nature has been hidden from us by a powerful illusion. We think the problem is capitalism, but capitalism is just the logical outcome of aggregate human decisions about how to manage money. The fundamental problem is money itself, or more specifically general purpose money and the international free market which allows you to sell a chunk of rainforest and use the money to buy a soft drink factory. (You can use the same sort of money to sell anything and buy anything, anywhere in the world, and until recently there was no alternative at all. Bitcoin is now an alternative, but is not quite what we are looking for.) The illusion is that because market prices are free, and nobody is forced into a transaction, those prices must be fair – that the exchange is equitable. The truth is that the way the general money globalised free market system works means that even though the prices are freely determined, there is still an unequal flow of natural resources from poor parts of the world to rich parts. This means the poor parts will always remain poor, and resources will continue to accumulate in the large, unsustainable cities in rich countries. In other words, unless we re-invent money, we cannot overturn capitalism, and that means we can't build a sustainable civilisation.
Why does this matter? What use is it realising that general purpose money is at the root of our problems when we know that the rich and powerful people who run this world will do everything in their power to prevent the existing world system being reformed? They aren't just going to agree to get rid of general purpose money and economic globalisation. It's like asking them to stop pursuing growth: they can't even imagine how to do it, and don't want to. So how does this offer us a way forwards?
Answer: because the two things in question – our monetary system and globalisation – look like being among the first casualties of collapse. Globalisation is already going into reverse (see brexit, Trump's protectionism) and our fiat money system is heading towards a debt/inflation implosion.
It looks highly likely that the scenario going forwards will be of increasing monetary and economic chaos. Fiat money systems have collapsed many times before, but never a global system of fiat currencies floating against each other. But regardless of how may fiat currencies collapse, or how high the price of gold goes in dollars, it is not clear what the system would be replaced with. Can we just go back to the gold standard? It is possible, but people will be desperately looking for other solutions, and the people in power might also be getting desperate.
So what could replace it? What is needed is a new sort of complementary money system which both
(a) addresses the immediate economic problems of people suffering from symptoms of economic and general collapse and
(b) provides a long-term framework around which a new sort of economy can emerge – an economy which is adapted to deglobalisation and degrowth.
I have been searching for answers to this question for some time, and have now found what I was looking for. It is explained in this recently published academic book, and this paper by the same professor of economic anthropology (Alf Hornborg). The answer is the creation of a new sort of money, but it is critically important exactly how this is done. Local currencies like the Bristol Pound do not challenge globalisation. What we need is a new sort of national currency. This currency would be issued as a UBI, but only usable to buy products and services originating within an adjustable radius. This would enable a new economy to emerge. It actually resists globalisation and promotes the growth of a new sort of economy where sustainability is built on local resources and local economic activity. It would also reverse the trend of population moving from poor rural areas and towns, to cities. It would revitalise the “left behind” parts of the western world, and put the brakes on the relentless flow of natural resources and “embodied cheap labour” from the poor parts of the world to the rich parts. It would set the whole system moving towards a more sustainable and fairer state.
This may sound unrealistic, but please give it a chance. I believe it offers a way forwards that can
(a) unite disparate factions trying to provoke systemic change, including eco-marxists, greens, posthumanists and anti-globalist supporters of “populist nationalism”, as well as large numbers of confused and worried "ordinary" people. The only people who really stand to lose are the supporters of global big business and the 1%.
(b) offers a realistic alternative to a money system heading towards collapse, and to which currently no other realistic alternative is being proposed.
In other words, this offers a realistic way forwards not just right now but through much of the early stages of collapse. It is likely to become both politically and economically viable within the forseeable future. It does, though, require some elements of the left to abandon its globalist ideals. It will have to embrace a new sort of nationalism. And it will require various groups who are doing very well out of the current economic system to realise that it is doomed.
Here is an FAQ (from the paper).
What is a complementary currency? It is a form of money that can be used alongside regular money.
What is the fundamental goal of this proposal? The two most fundamental goals motivating this proposal are to insulate local human subsistence and livelihood from the vicissitudes of national and international economic cycles and financial speculation, and to provide tangible and attractive incentives for people to live and consume more sustainably. It also seeks to provide authorities with a means to employ social security expenditures to channel consumption in sustainable directions and encourage economic diversity and community resilience at the local level.
Why should the state administrate the reform? The nation is currently the most encompassing political entity capable of administrating an economic reform of this nature. Ideally it is also subservient to the democratic decisions of its population. The current proposal is envisaged as an option for European nations, but would seem equally advantageous for countries anywhere. If successfully implemented within a particular nation or set of nations, the system can be expected to be emulated by others. Whereas earlier experiments with alternative currencies have generally been local, bottom-up initiatives, a state-supported program offers advantages for long-term success. Rather than an informal, marginal movement connected to particular identities and transient social networks, persisting only as long as the enthusiasm of its founders, the complementary currency advocated here is formalized, efficacious, and lastingly fundamental to everyone's economy.
How is local use defined and monitored? The complementary currency (CC) can only be used to purchase goods and services that are produced within a given geographical radius of the point of purchase. This radius can be defined in terms of kilometers of transport, and it can vary between different nations and regions depending on circumstances. A fairly simple way of distinguishing local from non-local commodities would be to label them according to transport distance, much as is currently done regarding, for instance, organic production methods or "fair trade." Such transport certification would of course imply different labelling in different locales.
How is the complementary currency distributed? A practical way of organizing distribution would be to provide each citizen with a plastic card which is electronically charged each month with the sum of CC allotted to him or her.
Who are included in the category of citizens? A monthly CC is provided to all inhabitants of a nation who have received official residence permits.
What does basic income mean? Basic income is distributed without any requirements or duties to be fulfilled by the recipients. The sum of CC paid to an individual each month can be determined in relation to the currency's purchasing power and to the individual's age. The guiding principle should be that the sum provided to each adult should be sufficient to enable basic existence, and that the sum provided for each child should correspond to the additional household expenses it represents.
Why would people want to use their CC rather than regular money? As the sum of CC provided each month would correspond to purchases representing a claim on his or her regular budget, the basic income would liberate a part of each person's regular income and thus amount to substantial purchasing power, albeit restricted only to local purchases. The basic income in CC would reduce a person's dependence on wage labor and the risks currently associated with unemployment. It would encourage social cooperation and a vitalization of community.
Why would businesses want to accept payment in CC? Business entrepreneurs can be expected to respond rapidly to the radically expanded demand for local products and services, which would provide opportunities for a diverse range of local niche markets. Whether they receive all or only a part of their income in the form of CC, they can choose to use some of it to purchase tax-free local labor or other inputs, and to request to have some of it converted by the authorities to regular currency (see next point).
How is conversion of CC into regular currency organized? Entrepreneurs would be granted the right to convert some of their CC into regular currency at exchange rates set by the authorities.The exchange rate between the two currencies can be calibrated so as to compensate the authorities for loss of tax revenue and to balance the in- and outflows of CC to the state. The rate would thus amount to a tool for determining the extent to which the CC is recirculated in the local economy, or returned to the state. This is important in order to avoid inflation in the CC sector.
Would there be interest on sums of CC owned or loaned? There would be no interest accruing on a sum of CC, whether a surplus accumulating in an account or a loan extended.
How would saving and loaning of CC be organized? The formal granting of credit in CC would be managed by state authorities and follow the principle of full reserve banking, so that quantities of CC loaned would never exceed the quantities saved by the population as a whole.
Would the circulation of CC be subjected to taxation? No.
Why would authorities want to encourage tax-free local economies? Given the beneficial social and ecological consequences of this reform, it is assumed that nation states will represent the general interests of their electorates and thus promote it. Particularly in a situation with rising fiscal deficits, unemployment, health care, and social security expenditures, the proposed reform would alleviate financial pressure on governments. It would also reduce the rising costs of transport infrastructure, environmental protection, carbon offsetting, and climate change adaptation. In short, the rising costs and diminishing returns on current strategies for economic growth can be expected to encourage politicians to consider proposals such as this, as a means of avoiding escalating debt or even bankruptcy.
How would the state's expenditures in CC be financed? As suggested above, much of these expenditures would be balanced by the reduced costs for social security, health care, transport infrastructure, environmental protection, carbon offsetting, and climate change adaptation. As these savings may take time to materialize, however, states can choose to make a proportion of their social security payments (pensions, unemployment insurance, family allowance, etc.) in the form of CC. As between a third and half of some nations' annual budgets are committed to social security, this represents a significant option for financing the reform, requiring no corresponding tax levies.
What are the differences between this CC and the many experiments with local currencies? This proposal should not be confused with the notion, or with the practical operation, of local currencies, as it does not imply different currencies in different locales but one national,complementary currency for local use. Nor is it locally initiated and promoted in opposition to theregular currency, but centrally endorsed and administrated as an accepted complement to it. Most importantly, the alternative currency can only be used to purchase products and services originating from within a given geographical range, a restriction which is not implemented in experiments with Local Exchange Trading Systems (LETS). Finally, the CC is provided as a basic income to all residents of a nation, rather than only earned in proportion to the extent to which a person has made him- or herself useful in the local economy.
What would the ecological benefits be? The reform would radically reduce the demand for long-distance transport, the production of greenhouse gas emissions, consumption of energy and materials, and losses of foodstuffs through overproduction, storage, and transport. It would increase recycling of nutrients and packaging materials, which means decreasing leakage of nutrients and less garbage. It would reduce agricultural intensification, increase biodiversity, and decrease ecological degradation and vulnerability.
What would the societal benefits be? The reform would increase local cooperation, decrease social marginalization and addiction problems, provide more physical exercise, improve psycho-social and physical health, and increase food security and general community resilience. It would decrease the number of traffic accidents, provide fresher and healthier food with less preservatives, and improved contact between producers and consumers.
What would the long-term consequences be for the economy? The reform would no doubt generate radical transformations of the economy, as is precisely the intention. There would be a significant shift of dominance from transnational corporations founded on financial speculation and trade in industrially produced foodstuffs, fuels, and other internationally transported goods to locally diverse producers and services geared to sustainable livelihoods. This would be a democratic consequence of consumer power, rather than of legislation. Through a relatively simple transformation of the conditions for market rationality, governments can encourage new and more sustainable patterns of consumer behavior. In contrast to much of the drastic and often traumatic economic change of the past two centuries, these changes would be democratic and sustainable and would improve local and national resilience.
Why should society want to encourage people to refrain from formal employment? It is increasingly recognized that full or high employment cannot be a goal in itself, particularly if it implies escalating environmental degradation and energy and material throughput. Well-founded calls are thus currently made for degrowth, i.e. a reduction in the rate of production of goods and services that are conventionally quantified by economists as constitutive of GDP. Whether formal unemployment is the result of financial decline, technological development, or intentional policy for sustainability, no modern nation can be expected to leave its citizens economically unsupported. To subsist on basic income is undoubtedly more edifying than receiving unemployment insurance; the CC system encourages useful community cooperation and creative activities rather than destructive behavior that may damage a person's health.
Why should people receive an income without working? As observed above, modern nations will provide for their citizens whether they are formally employed or not. The incentive to find employment should ideally not be propelled only by economic imperatives, but more by the desire to maintain a given identity and to contribute creatively to society. Personal liberty would be enhanced by a reform which makes it possible for people to choose to spend (some of) their time on creative activities that are not remunerated on the formal market, and to accept the tradeoff implied by a somewhat lower economic standard. People can also be expected to devote a greater proportion of their time to community cooperation, earning additional CC, which means that they will contribute more to society – and experience less marginalization – than the currently unemployed.
Would savings in CC be inheritable? No.
How would transport distances of products and services be controlled? It is reasonable to expect the authorities to establish a special agency for monitoring and controlling transport distances. It seems unlikely that entrepreneurs would attempt to cheat the system by presenting distantly produced goods as locally produced, as we can expect income in regular currency generally to be preferable to income in CC. Such attempts would also entail transport costs which should make the cargo less competitive in relation to genuinely local produce, suggesting that the logic of local market mechanisms would by and large obviate the problem.
How would differences in local conditions (such as climate, soils, and urbanism) be dealt with? It is unavoidable that there would be significant variation between different locales in terms of the conditions for producing different kinds of goods. This means that relative local prices in CC for agiven product can be expected to vary from place to place. This may in turn mean that consumption patterns will vary somewhat between locales, which is predictable and not necessarily a problem. Generally speaking, a localization of resource flows can be expected to result in a more diverse pattern of calibration to local resource endowments, as in premodern contexts. The proposed system allows for considerable flexibility in terms of the geographical definition of what is categorized as local, depending on such conditions. In a fertile agricultural region, the radius for local produce may be defined, for instance, as 20 km, whereas in a less fertile or urban area, it may be 50 km. People living in urban centers are faced with a particular challenge. The reform would encourage an increased production of foodstuffs within and in the vicinity of urban areas, which in the long run may also affect urban planning. People might also choose to move to the countryside, where the range of subsistence goods that can be purchased with CC will tend to be greater. In the long run, the reform can be expected to encourage a better fit between the distribution of resources (such as agricultural land) and demography. This is fully in line with the intention of reducing long-distance transports of necessities.
What would the consequences be if people converted resources from one currency sphere into products or services sold in another? It seems unfeasible to monitor and regulate the use of distant imports (such as machinery and fuels) in producing produce for local markets, but as production for local markets is remunerated in CC, this should constitute a disincentive to invest regular money in such production processes. Production for local consumption can thus be expected to rely mostly – and increasingly – on local labor and other resource inputs.
submitted by anthropoz to ExtinctionRebellion [link] [comments]

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  2. Complete the KYC process including ID verification
  3. Deposit $200 or more in crypto to receive your $20 in free Bitcoin bonus like Bitcoin, Ethereum and USDT. Bitcoin bonus is locked for 30 days after qualifying deposit and after 30 days you can keep or withdraw it. DO NOT WITHDRAW any crypto from your account during the 30 days after qualifying deposit OR YOU WILL LOSE the bonus. Wait until the bonus is unlocked.
  4. To earn an extra $20 in Bitcoin, go to 'Profile' -> 'Enter a promo code'. Enter the promo code SUMMER then deposit another $200 or more in crypto and hold it for 30 days. Bonus will appear under your Bitcoin wallet as 'locked' for 30 days. DO NOT WITHDRAW any crypto from your account for 30 days OR YOU WILL LOSE the bonuses. Wait until all bonuses are unlocked (after 30 days) if you wish to withdraw your crypto.
  5. 2 Bitcoin bonuses of $20 each will appear in your Bitcoin wallet as "LOCKED" after making the two deposits of $200+ (one for the initial deposit after signup, one for the SUMMER promo code)
Due to crypto prices go up and down, I recommend depositing at least 5% more in crypto to secure the bonuses. For example, if you need to deposit $200 or more to receive the SUMMER bonus of $20 in free Bitcoin, then deposit at least $210 in crypto.
I recommend using Crypto.com, Coinbase, Gemini, or BlockFi to buy crypto like Bitcoin or USD stablecoin and transferring to your Celsius Network account for the initial deposit and promo code.
Remember DO NOT withdrawal any crypto from your account for at least 30 days until the free crypto bonuses are unlocked. Besides every Monday you'll be earning interest on the crypto held in your Celsius Network account.
If you want to buy more CEL token (Celsius Network token) to earn higher interest on your crypto deposits, signup for Liquid crypto trading platform to buy or sell and earn 10% back on all trading fees - https://www.liquid.com/sign-up/?affiliate=InZmUQNE727430 (non-ref link)
Leave a comment or send me a message if you have any questions! :))
Have a great day!
submitted by cryptomiles to beermoneyuk [link] [comments]

Hottest News - CryptoCrunchApp News

Here's our digest with the hottest news:
Capitalization: $269 billion Trading Volume (24h): $57 billion BTC Dominance: 62.4% BTC: $9,119 (-0.56%)
🔹Many verified Twitter accounts were taken over in a major Twitter hack. Accounts were then used to take part in a well-known scam where victims are enticed to send Bitcoin to a fraudster’s wallet under the pretence that they will receive double the amount of Bitcoin back.
🔹The author of the "Rich Dad, Poor Dad" bestseller Robert Kiyosaki said that the price of Bitcoin will reach $75,000 within three years. The investor believes that as long as the spotlight is on the cryptocurrency, investments in real estate and gold can not be the future of finance.
🔹A number of crypto influencers believe that the new DeFi industry can turn into another financial bubble since more than $2 billion has already been invested in DeFi.
🔹Technical director of the Bitfinex exchange Paolo Arduino explained that high-frequency trading could cause a decrease in the Bitcoin volatility observed over the past few months. He noted that high-frequency trading firms generate about 80 percent of the volume and liquidity in their top markets (BTC/USD, ETH/USD).
🔹Binance Exchange has announced the launch of a crypto debit card in continental Europe and the UK. According to the announcement, the so-called Binance Card will allow users to use digital assets from their exchange accounts worldwide.
@Crypto_News
submitted by ArnitaHayward to CryptoCurrencies [link] [comments]

The beginning of the economic squeeze...

https://news.sky.com/story/coronavirus-largest-uk-recession-on-record-official-figures-12047521
Today stories following a similar tone to the one above began appearing in almost blanket fashion across UK media. For me this represents the next step. Covid as a cover for what many here of us see as an inevitable eventuality, the death of the present economic system ushering in the NEW NORMAL, a replacement currency. Alternative stores of value are also seeing investors flock en-masse - Gold, Silver, Bitcoin, all entering or having entered a bull-phase. I am not one of those who will tell you to put their money there, many who do have vested interests - frankly I'm not sure what the best course of action is right now hence this thread to start a discussion around what's going on.
Back to the article. Although the article sounds bad, it's not really and as usual doesn't tell the full story. A recession is just two successive periods of economic contraction - generating less than the periods before. Considering businesses were forced to close is it really a surprise the economy is in recession? The telling part is the way it's being spun "the worst is yet to come" which tells you all you need to know about the side this Chancellor bats for. Anyone with an ounce of credibility would take the news and positively spin it, explaining some of the points above... many people don't know what recession means to them it just means fear.
In terms of what I'm seeing my business, in the motor trade, has performed really well since reopening, I've also seen the businesses around me inundated with work and customers - people are spending money. However, many of the larger PLCs within my industry have initiated HUGE lay-offs, all under the guise of COVID - the real reason is they were burdened with unsustainable debt. I see hundreds losing their jobs every day from these sorts of businesses. While I feel for those people I don't feel bad about seeing those sorts of businesses close their doors. I appreciate the two things I've just said, people spending, people losing jobs are somewhat opposing each other. It's hard to know what's happening.
I started this thread to voice some feeling I have about the economy and also to hear yours and what you're seeing where ever you are. Although not a traditional conspiracy post I feel this sub has moved somewhat from the sci-fi take some conspiracy sites have with many on here having really useful and interesting insights into the real world they see with a very good perspective.
submitted by Mojo_Brother to conspiracy [link] [comments]

ETHE & GBTC (Grayscale) Frequently Asked Questions

It is no doubt Grayscale’s booming popularity as a mainstream investment has caused a lot of community hullabaloo lately. As such, I felt it was worth making a FAQ regarding the topic. I’m looking to update this as needed and of course am open to suggestions / adding any questions.
The goal is simply to have a thread we can link to anyone with questions on Grayscale and its products. Instead of explaining the same thing 3 times a day, shoot those posters over to this thread. My hope is that these questions are answered in a fairly simple and easy to understand manner. I think as the sub grows it will be a nice reference point for newcomers.
Disclaimer: I do NOT work for Grayscale and as such am basing all these answers on information that can be found on their website / reports. (Grayscale’s official FAQ can be found here). I also do NOT have a finance degree, I do NOT have a Series 6 / 7 / 140-whatever, and I do NOT work with investment products for my day job. I have an accounting background and work within the finance world so I have the general ‘business’ knowledge to put it all together, but this is all info determined in my best faith effort as a layman. The point being is this --- it is possible I may explain something wrong or missed the technical terms, and if that occurs I am more than happy to update anything that can be proven incorrect
Everything below will be in reference to ETHE but will apply to GBTC as well. If those two segregate in any way, I will note that accordingly.
What is Grayscale? 
Grayscale is the company that created the ETHE product. Their website is https://grayscale.co/
What is ETHE? 
ETHE is essentially a stock that intends to loosely track the price of ETH. It does so by having each ETHE be backed by a specific amount of ETH that is held on chain. Initially, the newly minted ETHE can only be purchased by institutions and accredited investors directly from Grayscale. Once a year has passed (6 months for GBTC) it can then be listed on the OTCQX Best Market exchange for secondary trading. Once listed on OTCQX, anyone investor can purchase at this point. Additional information on ETHE can be found here.
So ETHE is an ETF? 
No. For technical reasons beyond my personal understandings it is not labeled an ETF. I know it all flows back to the “Securities Act Rule 144”, but due to my limited knowledge on SEC regulations I don’t want to misspeak past that. If anyone is more knowledgeable on the subject I am happy to input their answer here.
How long has ETHE existed? 
ETHE was formed 12/14/2017. GBTC was formed 9/25/2013.
How is ETHE created? 
The trust will issue shares to “Authorized Participants” in groups of 100 shares (called baskets). Authorized Participants are the only persons that may place orders to create these baskets and they do it on behalf of the investor.
Source: Creation and Redemption of Shares section on page 39 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Note – The way their reports word this makes it sound like there is an army of authorizers doing the dirty work, but in reality there is only one Authorized Participant. At this moment the “Genesis” company is the sole Authorized Participant. Genesis is owned by the “Digital Currency Group, Inc.” which is the parent company of Grayscale as well. (And to really go down the rabbit hole it looks like DCG is the parent company of CoinDesk and is “backing 150+ companies across 30 countries, including Coinbase, Ripple, and Chainalysis.”)
Source: Digital Currency Group, Inc. informational section on page 77 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
Source: Barry E. Silbert informational section on page 75 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
How does Grayscale acquire the ETH to collateralize the ETHE product? 
An Investor may acquire ETHE by paying in cash or exchanging ETH already owned.
Source: Creation and Redemption of Shares section on page 40 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Where does Grayscale store their ETH? Does it have a specific wallet address we can follow? 
ETH is stored with Coinbase Custody Trust Company, LLC. I am unaware of any specific address or set of addresses that can be used to verify the ETH is actually there.
As an aside - I would actually love to see if anyone knows more about this as it’s something that’s sort of peaked my interest after being asked about it… I find it doubtful we can find that however.
Source: Part C. Business Information, Item 8, subsection A. on page 16 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Can ETHE be redeemed for ETH? 
No, currently there is no way to give your shares of ETHE back to Grayscale to receive ETH back. The only method of getting back into ETH would be to sell your ETHE to someone else and then use those proceeds to buy ETH yourself.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Why are they not redeeming shares? 
I think the report summarizes it best:
Redemptions of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the fee structure? 
ETHE has an annual fee of 2.5%. GBTC has an annual fee of 2.0%. Fees are paid by selling the underlying ETH / BTC collateralizing the asset.
Source: ETHE’s informational page on Grayscale’s website - Located Here
Source: Description of Trust on page 31 & 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the ratio of ETH to ETHE? 
At the time of posting (6/19/2020) each ETHE share is backed by .09391605 ETH. Each share of GBTC is backed by .00096038 BTC.
ETHE & GBTC’s specific information page on Grayscale’s website updates the ratio daily – Located Here
For a full historical look at this ratio, it can be found on the Grayscale home page on the upper right side if you go to Tax Documents > 2019 Tax Documents > Grayscale Ethereum Trust 2019 Tax Letter.
Why is the ratio not 1:1? Why is it always decreasing? 
While I cannot say for certain why the initial distribution was not a 1:1 backing, it is more than likely to keep the price down and allow more investors a chance to purchase ETHE / GBTC.
As noted above, fees are paid by selling off the ETH collateralizing ETHE. So this number will always be trending downward as time goes on.
Source: Description of Trust on page 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
I keep hearing about how this is locked supply… explain? 
As noted above, there is currently no redemption program for converting your ETHE back into ETH. This means that once an ETHE is issued, it will remain in circulation until a redemption program is formed --- something that doesn’t seem to be too urgent for the SEC or Grayscale at the moment. Tiny amounts will naturally be removed due to fees, but the bulk of the asset is in there for good.
Knowing that ETHE cannot be taken back and destroyed at this time, the ETH collateralizing it will not be removed from the wallet for the foreseeable future. While it is not fully locked in the sense of say a totally lost key, it is not coming out any time soon.
Per their annual statement:
The Trust’s ETH will be transferred out of the ETH Account only in the following circumstances: (i) transferred to pay the Sponsor’s Fee or any Additional Trust Expenses, (ii) distributed in connection with the redemption of Baskets (subject to the Trust’s obtaining regulatory approval from the SEC to operate an ongoing redemption program and the consent of the Sponsor), (iii) sold on an as-needed basis to pay Additional Trust Expenses or (iv) sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.
Source: Description of Trust on page 31 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Grayscale now owns a huge chunk of both ETH and BTC’s supply… should we be worried about manipulation, a sell off to crash the market crash, a staking cartel? 
First, it’s important to remember Grayscale is a lot more akin to an exchange then say an investment firm. Grayscale is working on behalf of its investors to create this product for investor control. Grayscale doesn’t ‘control’ the ETH it holds any more then Coinbase ‘controls’ the ETH in its hot wallet. (Note: There are likely some varying levels of control, but specific to this topic Grayscale cannot simply sell [legally, at least] the ETH by their own decision in the same manner Coinbase wouldn't be able to either.)
That said, there shouldn’t be any worry in the short to medium time-frame. As noted above, Grayscale can’t really remove ETH other than for fees or termination of the product. At 2.5% a year, fees are noise in terms of volume. Grayscale seems to be the fastest growing product in the crypto space at the moment and termination of the product seems unlikely.
IF redemptions were to happen tomorrow, it’s extremely unlikely we would see a mass exodus out of the product to redeem for ETH. And even if there was incentive to get back to ETH, the premium makes it so that it would be much more cost effective to just sell your ETHE on the secondary market and buy ETH yourself. Remember, any redemption is up to the investors and NOT something Grayscale has direct control over.
Yes, but what about [insert criminal act here]… 
Alright, yes. Technically nothing is stopping Grayscale from selling all the ETH / BTC and running off to the Bahamas (Hawaii?). BUT there is no real reason for them to do so. Barry is an extremely public figure and it won’t be easy for him to get away with that. Grayscale’s Bitcoin Trust creates SEC reports weekly / bi-weekly and I’m sure given the sentiment towards crypto is being watched carefully. Plus, Grayscale is making tons of consistent revenue and thus has little to no incentive to give that up for a quick buck.
That’s a lot of ‘happy little feels’ Bob, is there even an independent audit or is this Tether 2.0? 
Actually yes, an independent auditor report can be found in their annual reports. It is clearly aimed more towards the financial side and I doubt the auditors are crypto savants, but it is at least one extra set of eyes. Auditors are Friedman LLP – Auditor since 2015.
Source: Independent Auditor Report starting on page 116 (of the PDF itself) of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
As mentioned by user TheCrpytosAndBloods (In Comments Below), a fun fact:
The company’s auditors Friedman LLP were also coincidentally TetheBitfinex’s auditors until They controversially parted ways in 2018 when the Tether controversy was at its height. I am not suggesting for one moment that there is anything shady about DCG - I just find it interesting it’s the same auditor.
“Grayscale sounds kind of lame” / “Not your keys not your crypto!” / “Why is anyone buying this, it sounds like a scam?” 
Welp, for starters this honestly is not really a product aimed at the people likely to be reading this post. To each their own, but do remember just because something provides no value to you doesn’t mean it can’t provide value to someone else. That said some of the advertised benefits are as follows:
So for example, I can set up an IRA at a brokerage account that has $0 trading fees. Then I can trade GBTC and ETHE all day without having to worry about tracking my taxes. All with the relative safety something like E-Trade provides over Binance.
As for how it benefits the everyday ETH holder? I think the supply lock is a positive. I also think this product exposes the Ethereum ecosystem to people who otherwise wouldn’t know about it.
Why is there a premium? Why is ETHE’s premium so insanely high compared to GBTC’s premium? 
There are a handful of theories of why a premium exists at all, some even mentioned in the annual report. The short list is as follows:
Why is ETHE’s so much higher the GBTC’s? Again, a few thoughts:

Are there any other differences between ETHE and GBTC? 
I touched on a few of the smaller differences, but one of the more interesting changes is GBTC is now a “SEC reporting company” as of January 2020. Which again goes beyond my scope of knowledge so I won’t comment on it too much… but the net result is GBTC is now putting out weekly / bi-weekly 8-K’s and annual 10-K’s. This means you can track GBTC that much easier at the moment as well as there is an extra layer of validity to the product IMO.
I’m looking for some statistics on ETHE… such as who is buying, how much is bought, etc? 
There is a great Q1 2020 report I recommend you give a read that has a lot of cool graphs and data on the product. It’s a little GBTC centric, but there is some ETHE data as well. It can be found here hidden within the 8-K filings.Q1 2020 is the 4/16/2020 8-K filing.
For those more into a GAAP style report see the 2019 annual 10-K of the same location.
Is Grayscale only just for BTC and ETH? 
No, there are other products as well. In terms of a secondary market product, ETCG is the Ethereum Classic version of ETHE. Fun Fact – ETCG was actually put out to the secondary market first. It also has a 3% fee tied to it where 1% of it goes to some type of ETC development fund.
In terms of institutional and accredited investors, there are a few ‘fan favorites’ such as Bitcoin Cash, Litcoin, Stellar, XRP, and Zcash. Something called Horizion (Backed by ZEN I guess? Idk to be honest what that is…). And a diversified Mutual Fund type fund that has a little bit of all of those. None of these products are available on the secondary market.
Are there alternatives to Grayscale? 
I know they exist, but I don’t follow them. I’ll leave this as a “to be edited” section and will add as others comment on what they know.
Per user Over-analyser (in comments below):
Coinshares (Formerly XBT provider) are the only similar product I know of. BTC, ETH, XRP and LTC as Exchange Traded Notes (ETN).
It looks like they are fully backed with the underlying crypto (no premium).
https://coinshares.com/etps/xbt-provideinvestor-resources/daily-hedging-position
Denominated in SEK and EUR. Certainly available in some UK pensions (SIPP).
As asked by pegcity - Okay so I was under the impression you can just give them your own ETH and get ETHE, but do you get 11 ETHE per ETH or do you get the market value of ETH in USD worth of ETHE? 
I have always understood that the ETHE issued directly through Grayscale is issued without the premium. As in, if I were to trade 1 ETH for ETHE I would get 11, not say only 2 or 3 because the secondary market premium is so high. And if I were paying cash only I would be paying the price to buy 1 ETH to get my 11 ETHE. Per page 39 of their annual statement, it reads as follows:
The Trust will issue Shares to Authorized Participants from time to time, but only in one or more Baskets (with a Basket being a block of 100 Shares). The Trust will not issue fractions of a Basket. The creation (and, should the Trust commence a redemption program, redemption) of Baskets will be made only in exchange for the delivery to the Trust, or the distribution by the Trust, of the number of whole and fractional ETH represented by each Basket being created (or, should the Trust commence a redemption program, redeemed), which is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on the trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the ETH Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one ETH (i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Basket ETH Amount”). All questions as to the calculation of the Basket ETH Amount will be conclusively determined by the Sponsor and will be final and binding on all persons interested in the Trust. The Basket ETH Amount multiplied by the number of Baskets being created or redeemed is the “Total Basket ETH Amount.” The number of ETH represented by a Share will gradually decrease over time as the Trust’s ETH are used to pay the Trust’s expenses. Each Share represented approximately 0.0950 ETH and 0.0974 ETH as of December 31, 2019 and 2018, respectively.

submitted by Bob-Rossi to ethfinance [link] [comments]

Cryptocurrency and Taxes

Hello Guys, how is your day? It is nice to meet you. My name is Martin.
This article is going to be a bit long. Prepare yourself. I would like to use the internet as a way how to be opened minded. I do believe, that I will find a few people who have a similar point of view about life.
Let´s start. These books are the books which I have listened/read so far
Robert Kiyosaki: Rich Dad Poor Dad
Napoleon Hill: Think and Grow Rich
Robert Cialdini: Psychology of Persuasion
Dale Carnegie: How to Win Friends and Influence People
Eric Reiss: Lean Startup
Jason Fried and David Hansson: Rework
Henry Hazlitt: Economics in One Lesson
Mike Weinberg: New Sales Simplified
Mike Weinberg: Sales Management Simplified
Joe Girardi (I am using his previous surname because he had to change it due to business): How to Sell Anything to Anybody
Chriss Voss with Tahl Raz: Never Split the Difference: Negotiating As If Your Life Depended On It
Kevin Horsley: Unlimited Memory
Daniel Kahneman: Thinking Fast and Slow
Now I do hope, that you realized, that I am trying to improve if anyone has any book, which has value in the crypto sphere bring it here (or economy). I want to say, that I took my risk and I am comfortable with it.
I know that the tax year is next year, however it is better to be prepared now.
Let´s say that I am 23 years old. I don´t have commitments (expect bills and work) currently living in UK I realized, that I have two important dreams.
  1. Be independent ( Don´t get me wrong I like to work and gain the money for initial investment, however, I would rather be doing long term investing/ day trading and be around my kid (in the future), than working long hours as a waiter plus I realized, that people talking to me differently when they have a higher position. I do agree, that humanity was raised in a hierarchy, therefore I want to get out of it as soon as possible.
  2. Take care of my family and friends plus give the spare money back to the community (music festival, homeless people, donations, etc.
I made move-in crypto. I did some day trading 2-3 per day because I wanted to know if I can do it. Otherwise, I am thinking about it as long term ( I will go back to work when we open a restaurant). I did a few successful trades. Few not so much, but I waited and they become successful as well. I got lucky or fundamentals got lucky. I don´t know. I also realized, that for date trading I need more money.

My road map is.
a) Try to get as much as I can from this bull market
b) Leave the job and become day trader
I want to do everything legally, therefore here is the problem
https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals
https://koinly.io/ I have heard from other people who are using this software (on youtube) what are your thoughts?
1.) What if I am holding a Security token, which I have to convert to exchange token, therefore I will be paying capital gain tax or income tax? So far I know, that people converting to fiat money only Bitcoin.
I might miss something.
2.) How do I pay tax, If I don´t want to change my tokens to Cryptocurrency?
3.) Is it better to trade as an individual or create a business?
I know that this topic is complicated for many people therefore if my questions are hard to answer. Give me a shout and I will try to explain it.
Is there anyone who could help me out or give me a link on a good accountant? ( I am going to ask at work our accountant about this topis)
For me, this is serious problem. Obviously I want to pay as fewer taxes as I can because I will use this money for buying a house etc. therefore I will put the money back to the economy. On the other hand, I agree with paying taxes.
So far I am doing well guys I have a 75 percent return on investment in 2 months. It can go to 0 even minus, but I do believe it can go even higher.
Thank you for reading it so far! If you want I can get here more links of tax software providers. (I am curious how they are thinking about exchange, security and utility token).
I hope, that I can post it here because it is a cryptocurrency group.
I do like cryptocurrency. It consists of sociology, economy, international relationship etc.
Thanks to everyone who read it so far.
PS. I don´t want to promote anything. This is my life. I am real.
Kind Regards
Martin
submitted by MartinB666 to BitcoinUK [link] [comments]

Hottest News - CryptoCrunchApp News

Here's our digest with the hottest news:
Capitalization: $269 billion Trading Volume (24h): $57 billion BTC Dominance: 62.4% BTC: $9,119 (-0.56%)
🔹Many verified Twitter accounts were taken over in a major Twitter hack. Accounts were then used to take part in a well-known scam where victims are enticed to send Bitcoin to a fraudster’s wallet under the pretence that they will receive double the amount of Bitcoin back.
🔹The author of the "Rich Dad, Poor Dad" bestseller Robert Kiyosaki said that the price of Bitcoin will reach $75,000 within three years. The investor believes that as long as the spotlight is on the cryptocurrency, investments in real estate and gold can not be the future of finance.
🔹A number of crypto influencers believe that the new DeFi industry can turn into another financial bubble since more than $2 billion has already been invested in DeFi.
🔹Technical director of the Bitfinex exchange Paolo Arduino explained that high-frequency trading could cause a decrease in the Bitcoin volatility observed over the past few months. He noted that high-frequency trading firms generate about 80 percent of the volume and liquidity in their top markets (BTC/USD, ETH/USD).
🔹Binance Exchange has announced the launch of a crypto debit card in continental Europe and the UK. According to the announcement, the so-called Binance Card will allow users to use digital assets from their exchange accounts worldwide.
@Crypto_News
submitted by ArnitaHayward to CryptoMarkets [link] [comments]

Weekly Update: 4th Parachute League on Crypto Leagues, $ESH on CoinBene, Sentivate + NordVPN, Wibson at EthereumBA…– 29 May - 4 Jun'20

Weekly Update: 4th Parachute League on Crypto Leagues, $ESH on CoinBene, Sentivate + NordVPN, Wibson at EthereumBA…– 29 May - 4 Jun'20
Sup folks! Here’s Part III of VI of our May-June update catchup (29 May - 4 Jun'20):

For this week's #fridayprompt Jason got Parachuters to talk about items "from your childhood that you hold very dear to your heart" and why. Super congrats to Evan (TheEnjineer) for winning this week’s Parena and taking home a cool 20k $PAR. Naj hosted a 2 part trivia in TTR for 10k $PAR in prizes. Peace Love held his “Big Trivia” on Sunday. Victor hosted one in Tiproom as well. The Crex24 exchange peeps were nice enough to add $PAR as one of the contenders in their latest vote-for-listing round. Parachuters put up a great fight even though we didn’t make it in the end. But it was fun. The 4th Parachute League with a prize pool of 100k $PAR will be going live on Crypto Leagues next week. Paper trade your way to glory! For Two-For-Tuesday Gian got folks to share music that had "bands or song titles whose name has a number in it" for 500 $PAR. Like always, Sebastian volunteered to set up the playlist. Enjoy!
LordHades' collection of Turbo Cards were his entry to this week's #fridayprompt
Matthew from aXpire wrote about LEDES and why it mattered for eBilling. This week saw 200k $AXPR burned as part of the monthly burn event. 2gether CEO Ramon Ferraz shared about some of the recent challenges that they had to overcome in order to keep the ship sailing. The latest #XIOSocial prompt was focused on Citizens and we got to know more about the people behind some of the active XIDs. Dash shared an update on the newest developments on the dApp. Birdchain team published an important reminder for everyone about avoiding scams. If you missed Voyager CEO Stephen Ehrlich’s crypto investment webinar last week, fret not. You can watch it here. The June interest rates look pretty enticing. Still considering whether to get into Voyager? This article might help. Josh from Switch was interviewed by Bitcoin.com exchange this week. $ESH got listed on CoinBene. Folks new to Fantom can watch this intro video for a quick roundup. Uptrennd’s $1UP token was chosen for HitBTC’s latest token listing poll. Uptrennd continues to feature among the top monetized social media platforms by monthly pageloads. For the latest news roundup, click here. The team also announced a partnership with Global Digital Assets to expand market reach and user growth. A new update to the Opacity platform was released this week. Click here to read the latest District0x weekly report. Hydrogen integrated identity verification solution IDology to its platform for KYC checks. Don’t forget to check out Hydro’s report on Payments as a Service (PaaS) and how it will play a key role in Fintech. The ecosystem is growing too with 26 companies applying for Hydro grants to build on the platform. Silent Notary’s Ubikiri released a crowdfunding solution this week.
The fintech space continues to grow at breakneck speed: Source: Hydro’s PaaS report
Harmony turned 1 this week and announced that Binance’s $BUSD stablecoin will be added to its mainnet. The first ever HRC20 token went live on Harmony as well. ThreeFold announced support for Open Staking on its grid. In addition to $KEY as mentioned above, $ONE was listed on Swapzone as well. Edge and Atomic Wallet will support $ONE as well. All foundational node tokens have been committed to Open Staking. 3.5+ Bn $ONE are now staked by 195 validators. Congratulations to the winners of the Flash Quiz from last week. The team also sat down for an AMA with CoinDCX. The latest community proposal was discussed in a fireside chat. And what a fun way to represent your team. Haha. Did I miss out something? Check out the news roundup in case I did. Intellishare will be creating a fund to support products on its mainnet in order to build the $INE ecosystem. Read the detailed May update for GET Protocol here. $COTI got listed on Indodax. The first recipients of COTI Staking 2.0 rewards received anywhere between 28% to 43% in annualized returns. Read all about it here. Another round of KuCoin staking was launched this week. And if you already didn’t know, node operators can set their own full node fee on the COTI network. DoYourTip’s $DYT token got listed on Txbit exchange with eight different fiat trading pairs. Woohoo!
Yup, that’s the Harmony team. Good Luck figuring them out :D
SelfKey published a guide to key concepts in crypto lending. Australian crypto-lending solution Helio Lending joined the Loans Marketplace. $KEY was added to My Crypto Stats tracker and Swapzone exchange aggregator. The May progress report was published as well. To keep track of the dev updates, you can also check CoinCodeCap. For a high level understanding of how data flows are handled by Constellation, watch this video explainer by Wyatt. All the moving parts of the Hypergraph ecosystem were listed out here. Pynk’s crowdfunding campaign (which went live last week) was overfunded by 133% of the target within 9 hours. The team also did an AMA with the community as the fundraise went on. If you missed it, you can watch it here. CEO Seth Ward’s thoughts on the effects of COVID-19 on the tech sector was published in a Business Leader article. CyberFM completed its May payments this week. Click here to watch Wibson’s presentation at the Ethereum Buenos Aires event from last week. Wibson Marketing Manager Fiorella Scantamburlo spoke about digital identity at the Latam Blockchain Summit this week. Plus, here’s a handy guide to find out if your Facebook account is truly private. Sentivate’s first technology partner was revealed – it is NordVPN. This was quickly followed by a significant update. The development on the Mycro Hunter App continues unabated.

And with that, we have to close for this week! See you again with another update. Bye!
submitted by abhijoysarkar to ParachuteToken [link] [comments]

/r/Scams Common Scam Master Post

Hello visitors and subscribers of scams! Here you will find a master list of common (and uncommon) scams that you may encounter online or in real life. Thank you to the many contributors who helped create this thread!

If you know of a scam that is not covered here, write a comment and it will be added to the next edition.

Previous threads: https://old.reddit.com/Scams/search?q=common+scams+master+post&restrict_sr=on
Blackmail email scam thread: https://old.reddit.com/Scams/comments/g8jqnthe_blackmail_email_scam_part_5//
Some of these articles are from small, local publications and refer to the scam happening in a specific area. Do not think that this means that the scam won't happen in your area.

Spoofing

Caller ID spoofing
It is very easy for anyone to make a phone call while having any number show up on the caller ID of the person receiving the phone call. Receiving a phone call from a certain number does not mean that the person/company who owns that number has actually called you.
Email spoofing
The "from" field of an email can be set by the sender, meaning that you can receive scam emails that look like they are from legitimate addresses. It's important to never click links in emails unless absolutely necessary, for example a password reset link you requested or an account activation link for an account you created.
SMS spoofing
SMS messages can be spoofed, so be wary of messages that seem to be from your friends or other trusted people.

The most common scams

The fake check scam (Credit to nimble2 for this part)
The fake check scam arises from many different situations (for instance, you applied for a job, or you are selling something on a place like Craigslist, or someone wants to purchase goods or services from your business, or you were offered a job as a mystery shopper, you were asked to wrap your car with an advertisement, or you received a check in the mail for no reason), but the bottom line is always something like this:
General fraudulent funds scams If somebody is asking you to accept and send out money as a favour or as part of a job, it is a fraudulent funds scam. It does not matter how they pay you, any payment on any service can be fraudulent and will be reversed when it is discovered to be fraudulent.
Phone verification code scams Someone will ask you to receive a verification text and then tell you to give them the code. Usually the code will come from Google Voice, or from Craigslist. In the Google version of the scam, your phone number will be used to verify a Google Voice account that the scammer will use to scam people with. In the Craigslist version of the scam, your phone number will be used to verify a Craigslist posting that the scammer will use to scam people. There is also an account takeover version of this scam that will involve the scammer sending a password reset token to your phone number and asking you for it.
Bitcoin job scams
Bitcoin job scams involve some sort of fraudulent funds transfer, usually a fake check although a fraudulent bank transfer can be used as well. The scammer will send you the fraudulent money and ask you to purchase bitcoins. This is a scam, and you will have zero recourse after you send the scammer bitcoins.
Email flooding
If you suddenly receive hundreds or thousands of spam emails, usually subscription confirmations, it's very likely that one of your online accounts has been taken over and is being used fraudulently. You should check any of your accounts that has a credit card linked to it, preferably from a computer other than the one you normally use. You should change all of your passwords to unique passwords and you should start using two factor authentication everywhere.
Boss/CEO scam A scammer will impersonate your boss or someone who works at your company and will ask you to run an errand for them, which will usually be purchasing gift cards and sending them the code. Once the scammer has the code, you have no recourse.
Employment certification scams
You will receive a job offer that is dependent on you completing a course or receiving a certification from a company the scammer tells you about. The scammer operates both websites and the job does not exist.
Craigslist fake payment scams
Scammers will ask you about your item that you have listed for sale on a site like Craigslist, and will ask to pay you via Paypal. They are scamming you, and the payment in most cases does not actually exist, the email you received was sent by the scammers. In cases where you have received a payment, the scammer can dispute the payment or the payment may be entirely fraudulent. The scammer will then either try to get you to send money to them using the fake funds that they did not send to you, or will ask you to ship the item, usually to a re-shipping facility or a parcel mule.
General fraudulent funds scams The fake check scam is not the only scam that involves accepting fraudulent/fake funds and purchasing items for scammers. If your job or opportunity involves accepting money and then using that money, it is almost certainly a frauduent funds scam. Even if the payment is through a bank transfer, Paypal, Venmo, Zelle, Interac e-Transfer, etc, it does not matter.
Credit card debt scam
Fraudsters will offer to pay off your bills, and will do so with fraudulent funds. Sometimes it will be your credit card bill, but it can be any bill that can be paid online. Once they pay it off, they will ask you to send them money or purchase items for them. The fraudulent transaction will be reversed in the future and you will never be able to keep the money. This scam happens on sites like Craigslist, Twitter, Instagram, and also some dating sites, including SeekingArrangement.
The parcel mule scam
A scammer will contact you with a job opportunity that involves accepting and reshipping packages. The packages are either stolen or fraudulently obtained items, and you will not be paid by the scammer. Here is a news article about a scam victim who fell for this scam and reshipped over 20 packages containing fraudulently acquired goods.
The Skype sex scam
You're on Facebook and you get a friend request from a cute girl you've never met. She wants to start sexting and trading nudes. She'll ask you to send pictures or videos or get on webcam where she can see you naked with your face in the picture. The scam: There's no girl. You've sent nudes to a guy pretending to be a girl. As soon as he has the pictures he'll demand money and threaten to send the pictures to your friends and family. Sometimes the scammer will upload the video to a porn site or Youtube to show that they are serious.
What to do if you are a victim of this scam: You cannot buy silence, you can only rent it. Paying the blackmailer will show them that the information they have is valuable and they will come after you for more money. Let your friends and family know that you were scammed and tell them to ignore friend requests or messages from people they don't know. Also, make sure your privacy settings are locked down and consider deactivating your account.
The underage girl scam
You're on a dating site or app and you get contacted by a cute girl. She wants to start sexting and trading nudes. Eventually she stops communicating and you get a call from a pissed off guy claiming to be the girl's father, or a police officer, or a private investigator, or something else along those lines. Turns out the girl you were sexting is underage, and her parents want some money for various reasons, such as to pay for a new phone, to pay for therapy, etc. There is, of course, no girl. You were communicating with a scammer.
What to do if you are a victim of this scam: Stop picking up the phone when the scammers call. Do not pay them, or they will be after you for more money.
Phishing
Phishing is when a scammer tries to trick you into giving information to them, such as your password or private financial information. Phishing messages will usually look very similar to official messages, and sometimes they are identical. If you are ever required to login to a different account in order to use a service, you should be incredibly cautious.
The blackmail email scam The exact wording of the emails varies, but there are generally four main parts. They claim to have placed software/malware on a porn/adult video site, they claim to have a video of you masturbating or watching porn, they threaten to release the video to your friends/family/loved ones/boss/dog, and they demand that you pay them in order for them to delete the video. Rest assured that this is a very common spam campaign and there is no truth behind the email or the threats. Here are some news articles about this scam.
The blackmail mail scam
This is very similar to the blackmail email scam, but you will receive a letter in the mail.
Rental scams Usually on local sites like Craigslist, scammers will steal photos from legitimate real estate listings and will list them for rent at or below market rate. They will generally be hesitant to tell you the address of the property for "safety reasons" and you will not be able to see the unit. They will then ask you to pay them a deposit and they claim they will ship you the keys. In reality, your money is gone and you will have no recourse.
Craigslist vehicle scams A scammer will list a vehicle on Craigslist and will offer to ship you the car. In many cases they will also falsely claim to sell you the car through eBay or Amazon. If you are looking for a car on Craigslist and the seller says anything about shipping the car, having an agent, gives you a long story about why they are selling the car, or the listing price is far too low, you are talking to a scammer and you should ignore and move on.
Advance-fee scam, also known as the 419 scam, or the Nigerian prince scam. You will receive a communication from someone who claims that you are entitled to a large sum of money, or you can help them obtain a large sum of money. However, they will need money from you before you receive the large sum.
Man in the middle scams
Man in the middle scams are very common and very hard to detect. The scammer will impersonate a company or person you are legitimately doing business with, and they will ask you to send the money to one of their own bank accounts or one controlled by a money mule. They have gained access to the legitimate persons email address, so there will be nothing suspicious about the email. To prevent this, make contact in a different way that lets you verify that the person you are talking to is the person you think you are talking to.
Cam girl voting/viewer scam
You will encounter a "cam girl" on a dating/messaging/social media/whatever site/app, and the scammer will ask you to go to their site and sign up with your credit card. They may offer a free show, or ask you to vote for them, or any number of other fake stories.
Amateur porn recruitment scam
You will encounter a "pornstar" on a dating/messaging/social media/whatever site/app, and the scammer will ask you to create an adult film with hehim, but first you need to do something. The story here is usually something to do with verifying your age, or you needing to take an STD test that involves sending money to a site operated by the scammer.
Hot girl SMS spam
You receive a text from a random number with a message along the lines of "Hey babe I'm here in town again if you wanted to meet up this time, are you around?" accompanied by a NSFW picture of a hot girl. It's spam, and they'll direct you to their scam website that requires a credit card.
Identity verification scam
You will encounter someone on a dating/messaging/social media/whatever site/app, and the scammer will ask that you verify your identity as they are worried about catfishing. The scammer operates the site, and you are not talking to whoever you think you are talking to.
This type of scam teases you with something, then tries to make you sign up for something else that costs money. The company involved is often innocent, but they turn a blind eye to the practice as it helps their bottom line, even if they have to occasionally issue refunds. A common variation takes place on dating sites/dating apps, where you will match with someone who claims to be a camgirl who wants you to sign up for a site and vote for her. Another variation takes place on local sites like Craigslist, where the scammers setup fake rental scams and demand that you go through a specific service for a credit check. Once you go through with it, the scammer will stop talking to you. Another variation also takes place on local sites like Craigslist, where scammers will contact you while you are selling a car and will ask you to purchase a Carfax-like report from a specific website.
Multi Level Marketing or Affiliate Marketing
You apply for a vague job listing for 'sales' on craigslist. Or maybe an old friend from high school adds you on Facebook and says they have an amazing business opportunity for you. Or maybe the well dressed guy who's always interviewing people in the Starbucks that you work at asks if you really want to be slinging coffee the rest of your life. The scam: MLMs are little more than pyramid schemes. They involve buying some sort of product (usually snake oil health products like body wraps or supplements) and shilling them to your friends and family. They claim that the really money is recruiting people underneath you who give you a slice of whatever they sell. And if those people underneath you recruit more people, you get a piece of their sales. Ideally if you big enough pyramid underneath you the money will roll in without any work on your part. Failure to see any profit will be your fault for not "wanting it enough." The companies will claim that you need to buy their extra training modules or webinars to really start selling. But in reality, the vast majority of people who buy into a MLM won't see a cent. At the end of the day all you'll be doing is annoying your friends and family with your constant recruitment efforts. What to look out for: Recruiters love to be vague. They won't tell you the name of the company or what exactly the job will entail. They'll pump you up with promises of "self-generating income", "being your own boss", and "owning your own company." They might ask you to read books about success and entrepreneurs. They're hoping you buy into the dream first. If you get approached via social media, check their timelines. MLMs will often instruct their victims to pretend that they've already made it. They'll constantly post about how they're hustling and making the big bucks and linking to youtube videos about success. Again, all very vague about what their job actually entails. If you think you're being recruited: Ask them what exactly the job is. If they can't answer its probably a MLM. Just walk away.

Phone scams

You should generally avoid answering or engaging with random phone calls. Picking up and engaging with a scam call tells the scammers that your phone number is active, and will usually lead to more calls.
Tax Call
You get a call from somebody claiming to be from your countries tax agency. They say you have unpaid taxes that need to be paid immediately, and you may be arrested or have other legal action taken against you if it is not paid. This scam has caused the American IRS, Canadian CRA, British HMRC, and Australian Tax Office to issue warnings. This scam happens in a wide variety of countries all over the world.
Warrant Call
Very similar to the tax call. You'll get a phone call from an "agent", "officer", "sheriff", or other law enforcement officer claiming that there is a warrant out for your arrest and you will be arrested very soon. They will then offer to settle everything for a fee, usually paid in giftcards.
[Legal Documents/Process Server Calls]
Very similar to the warrant call. You'll get a phone call from a scammer claiming that they are going to serve you legal documents, and they will threaten you with legal consequences if you refuse to comply. They may call themselves "investigators", and will sometimes give you a fake case number.
Student Loan Forgiveness Scam
Scammers will call you and tell you about a student loan forgiveness program, but they are interested in obtaining private information about you or demanding money in order to join the fake program.
Tech Support Call You receive a call from someone with a heavy accent claiming to be a technician Microsoft or your ISP. They inform you that your PC has a virus and your online banking and other accounts may be compromised if the virus is not removed. They'll have you type in commands and view diagnostics on your PC which shows proof of the virus. Then they'll have you install remote support software so the technician can work on your PC, remove the virus, and install security software. The cost of the labor and software can be hundreds of dollars. The scam: There's no virus. The technician isn't a technician and does not work for Microsoft or your ISP. Scammers (primarily out of India) use autodialers to cold-call everyone in the US. Any file they point out to you or command they have you run is completely benign. The software they sell you is either freeware or ineffective. What to do you if you're involved with this scam: If the scammers are remotely on your computer as you read this, turn off your PC or laptop via the power button immediately, and then if possible unplug your internet connection. Some of the more vindictive tech scammers have been known to create boot passwords on your computer if they think you've become wise to them and aren't going to pay up. Hang up on the scammers, block the number, and ignore any threats about payment. Performing a system restore on your PC is usually all that is required to remove the scammer's common remote access software. Reports of identity theft from fake tech calls are uncommon, but it would still be a good idea to change your passwords for online banking and monitor your accounts for any possible fraud. How to avoid: Ignore any calls claiming that your PC has a virus. Microsoft will never contact you. If you're unsure if a call claiming to be from your ISP is legit, hang up, and then dial the customer support number listed on a recent bill. If you have elderly relatives or family that isn't tech savvy, take the time to fill them in on this scam.
Chinese government scam
This scam is aimed at Chinese people living in Europe and North America, and involves a voicemail from someone claiming to be associated with the Chinese government, usually through the Chinese consulate/embassy, who is threatening legal action or making general threats.
Chinese shipping scam
This scam is similar to the Chinese government scam, but involves a seized/suspicious package, and the scammers will connect the victim to other scammers posing as Chinese government investigators.
Social security suspension scam
You will receive a call from someone claiming to work for the government regarding suspicious activity, fraud, or serious crimes connected to your social security number. You'll be asked to speak to an operator and the operator will explain the steps you need to follow in order to fix the problems. It's all a scam, and will lead to you losing money and could lead to identity theft if you give them private financial information.
Utilities cutoff
You get a call from someone who claims that they are from your utility company, and they claim that your utilities will be shut off unless you immediately pay. The scammer will usually ask for payment via gift cards, although they may ask for payment in other ways, such as Western Union or bitcoin.
Relative in custody Scammer claims to be the police, and they have your son/daughtenephew/estranged twin in custody. You need to post bail (for some reason in iTunes gift cards or MoneyGram) immediately or the consequences will never be the same.
Mexican family scam
This scam comes in many different flavours, but always involves someone in your family and Mexico. Sometimes the scammer will claim that your family member has been detained, sometimes the scammer will claim that your family member has been kidnapped, and sometimes the scammer will claim that your family member is injured and needs help.
General family scams
Scammers will gather a large amount of information about you and target your family members using different stories with the goal of gettimg them to send money.
One ring scam
Scammers will call you from an international number with the goal of getting you to return their call, causing you to incur expensive calling fees.

Online shopping scams

THE GOLDEN RULE OF ONLINE SHOPPING: If it sounds too good to be true, it probably is.
Dropshipping
An ad on reddit or social media sites like Facebook and Instagram offers items at huge discounts or even free (sometimes requiring you to reblog or like their page). They just ask you to pay shipping. The scam: The item will turn out to be very low quality and will take weeks or even months to arrive. Sometimes the item never arrives, and the store disappears or stops responding. The seller drop-ships the item from China. The item may only cost a few dollars, and the Chinese government actually pays for the shipping. You end up paying $10-$15 dollars for a $4 item, with the scammer keeping the profit. If you find one of these scams but really have your heart set on the item, you can find it on AliExpress or another Chinese retailer.
Influencer scams
A user will reach out to you on a social media platform, usually Instagram, and offer you the chance to partner with them and receive a free/discounted product, as long as you pay shipping. This is a different version of the dropshipping scam, and is just a marketing technique to get you to buy their products.
Triangulation fraud
Triangulation fraud occurs when you make a purchase on a site like Amazon or eBay for an item at a lower than market price, and receive an item that was clearly purchased new at full price. The scammer uses a stolen credit card to order your item, while the money from the listing is almost all profit for the scammer.
Instagram influencer scams
Someone will message you on Instagram asking you to promote their products, and offering you a discount code. The items are Chinese junk, and the offer is made to many people at a time.
Cheap Items
Many websites pop up and offer expensive products, including electronics, clothes, watches, sunglasses, and shoes at very low prices. The scam: Some sites are selling cheap knock-offs. Some will just take your money and run. What to do if you think you're involved with this scam: Contact your bank or credit card and dispute the charge. How to avoid: The sites often have every brand-name shoe or fashion item (Air Jordan, Yeezy, Gucci, etc) in stock and often at a discounted price. The site will claim to be an outlet for a major brand or even a specific line or item. The site will have images at the bottom claiming to be Secured by Norton or various official payment processors but not actual links. The site will have poor grammar and a mish-mash of categories. Recently, established websites will get hacked or their domain name jacked and turned into scam stores, meaning the domain name of the store will be completely unrelated to the items they're selling. If the deal sounds too good to be true it probably is. Nobody is offering brand new iPhones or Beats or Nintendo Switches for 75% off.
Cheap Amazon 3rd Party Items
You're on Amazon or maybe just Googling for an item and you see it for an unbelievable price from a third-party seller. You know Amazon has your back so you order it. The scam: One of three things usually happen: 1) The seller marks the items as shipped and sends a fake tracking number. Amazon releases the funds to the seller, and the seller disappears. Amazon ultimately refunds your money. 2) The seller immediately cancels the order and instructs you to re-order the item directly from their website, usually with the guarantee that the order is still protected by Amazon. The seller takes your money and runs. Amazon informs you that they do not offer protection on items sold outside of Amazon and cannot help you. 2) The seller immediately cancels the order and instructs you to instead send payment via an unused Amazon gift card by sending the code on the back via email. Once the seller uses the code, the money on the card is gone and cannot be refunded. How to avoid: These scammers can be identified by looking at their Amazon storefronts. They'll be brand new sellers offering a wide range of items at unbelievable prices. Usually their Amazon names will be gibberish, or a variation on FIRSTNAME.LASTNAME. Occasionally however, established storefronts will be hacked. If the deal is too good to be true its most likely a scam.
Scams on eBay
There are scams on eBay targeting both buyers and sellers. As a seller, you should look out for people who privately message you regarding the order, especially if they ask you to ship to a different address or ask to negotiate via text/email/a messaging service. As a buyer you should look out for new accounts selling in-demand items, established accounts selling in-demand items that they have no previous connection to (you can check their feedback history for a general idea of what they bought/sold in the past), and lookout for people who ask you to go off eBay and use another service to complete the transaction. In many cases you will receive a fake tracking number and your money will be help up for up to a month.
Scams on Amazon
There are scams on Amazon targeting both buyers and sellers. As a seller, you should look out for people who message you about a listing. As a buyer you should look out for listings that have an email address for you to contact the person to complete the transaction, and you should look out for cheap listings of in-demand items.
Scams on Reddit
Reddit accounts are frequently purchased and sold by fraudsters who wish to use the high karma count + the age of the account to scam people on buy/sell subreddits. You need to take precautions and be safe whenever you are making a transaction online.
Computer scams
Virus scam
A popup or other ad will say that you have a virus and you need to follow their advice in order to remove it. They are lying, and either want you to install malware or pay for their software.

Assorted scams

Chinese Brushing / direct shipping
If you have ever received an unsolicited small package from China, your address was used to brush. Vendors place fake orders for their own products and send out the orders so that they can increase their ratings.
Money flipping
Scammer claims to be a banking insider who can double/triple/bazoople any amount of money you send them, with no consequences of any kind. Obviously, the money disappears into their wallet the moment you send it.

Door to door scams

As a general rule, you should not engage with door to door salesmen. If you are interested in the product they are selling, check online first.
Selling Magazines
Someone or a group will come to your door and offer to sell a magazine subscription. Often the subscriptions are not for the duration or price you were told, and the magazines will often have tough or impossible cancellation policies.
Energy sales
Somebody will come to your door claiming to be from an energy company. They will ask to see your current energy bill so that they can see how much you pay. They will then offer you a discount if you sign up with them, and promise to handle everything with your old provider. Some of these scammers will "slam" you, by using your account number that they saw on your bill to switch you to their service without authorization, and some will scam you by charging higher prices than the ones you agreed on.
Security system scams
Scammers will come to your door and ask about your security system, and offer to sell you a new one. These scammers are either selling you overpriced low quality products, or are casing your home for a future burglary.
They ask to enter your home
While trying to sell you whatever, they suddenly need to use your bathroom, or they've been writing against the wall and ask to use your table instead. Or maybe they just moved into the neighborhood and want to see how you decorate for ideas.
They're scoping out you and your place. They want to see what valuables you have, how gullible you are, if you have a security system or dogs, etc.

Street scams

Begging With a Purpose
"I just need a few more dollars for the bus," at the bus station, or "I just need $5 to get some gas," at a gas station. There's also a variation where you will be presented with a reward: "I just need money for a cab to get uptown, but I'll give you sports tickets/money/a date/a priceless vase."
Three Card Monte, Also Known As The Shell Game
Unbeatable. The people you see winning are in on the scam.
Drop and Break
You bump into someone and they drop their phone/glasses/fancy bottle of wine/priceless vase and demand you pay them back. In reality, it's a $2 pair of reading glasses/bottle of three-buck-chuck/tasteful but affordable vase.
CD Sales
You're handed a free CD so you can check out the artist's music. They then ask for your name and immediately write it on the CD. Once they've signed your name, they ask you for money, saying they can't give it to someone else now. Often they use dry erase markers, or cheap CD sleeves. Never use any type of storage device given to you by a random person, as the device can contain malware.
White Van Speaker Scam
You're approached and offered speakers/leather jackets/other luxury goods at a discount. The scammer will have an excuse as to why the price is so low. After you buy them, you'll discover that they are worthless.
iPhone Street Sale
You're approached and shown an iPhone for sale, coming in the box, but it's open and you can see the phone. If you buy the phone, you'll get an iPhone box with no iPhone, just some stones or cheap metal in it to weigh it down.
Buddhist Monk Pendant
A monk in traditional garb approaches you, hands you a gold trinket, and asks for a donation. He holds either a notebook with names and amounts of donation (usually everyone else has donated $5+), or a leaflet with generic info. This is fairly common in NYC, and these guys get aggressive quickly.
Friendship Bracelet Scam More common in western Europe, you're approached by someone selling bracelets. They quickly wrap a loop of fabric around your finger and pull it tight, starting to quickly weave a bracelet. The only way to (easily) get it off your hand is to pay. Leftover sales
This scam involves many different items, but the idea is usually the same: you are approached by someone who claims to have a large amount of excess inventory and offers to sell it to you at a great price. The scammer actually has low quality items and will lie to you about the price/origin of the items.
Dent repair scams
Scammers will approach you in public about a dent in your car and offer to fix it for a low price. Often they will claim that they are mechanics. They will not fix the dent in your car, but they will apply large amounts of wax or other substances to hide the dent while they claim that the substance requires time to harden.
Gold ring/jewelry/valuable item scam
A scammer will "find" a gold ring or other valuable item and offers to sell it to you. The item is fake and you will never see the scammer again.
Distraction theft
One person will approach you and distract you, while their accomplice picks your pockets. The distraction can take many forms, but if you are a tourist and are approached in public, watch closely for people getting close to you.

General resources

Site to report scams in the United Kingdom: http://www.actionfraud.police.uk/
Site to report scams in the United States: https://www.ic3.gov/default.aspx
Site to report scams in Canada: www.antifraudcentre-centreantifraude.ca/reportincident-signalerincident/index-eng.htm
Site to report scams in Europe: https://www.europol.europa.eu/report-a-crime/report-cybercrime-online
FTC scam alerts: https://www.consumer.ftc.gov/scam-alerts
Microsoft's anti-scam guide: https://www.microsoft.com/en-us/safety/online-privacy/avoid-phone-scams.aspx
https://www.usa.gov/common-scams-frauds
https://www.usa.gov/scams-and-frauds
https://www.consumer.ftc.gov/features/scam-alerts
https://www.fbi.gov/scams-and-safety/common-fraud-schemes
submitted by EugeneBYMCMB to Scams [link] [comments]

Crypto.com MCO Visa card: 10% cashback on groceries + 1-5% on other purchases + $50 bonus

I've rewritten my guide completely :)
Crypto.com is now finally shipping their MCO Visa cards in UK & EU! I have received my card this week and immediately got 10% cashback when trying it at Lidl: https://imgur.com/a/ITB39JX
I'm very enthousiastic about Crypto.com myself and all the products they offer. I'll try to explain here as clearly as I can.
I would appreciate it if you'd sign up through my link: https://platinum.crypto.com/sxzbhwuqje or use code sxzbhwuqje in the app. You will also be eligible for the $50 bonus then (see below).

What is Crypto.com?

Crypto.com offers an app with which you can easily buy and sell cryptocurrencies without additional cost. The company exists since 2016 (back then under the name Monaco, hence the MCO abbreviation) and now they have 2 million users.
Next to trading within the app you can also get interest on your cryptocurrencies up to 12% (complete overview here), similar to the likes of Celsius and BlockFi.

The MCO Visa card

Through their app Crypto.com also offers the MCO Visa card. This is a Visa card tied to the MCO cryptocurrency. There are 5 different card tiers and you get:
All cashbacks and bonuses are paid in the MCO cryptocurrency. You can immediately sell the MCO in the app for pounds/euros, which you can use again for purchases with the card if you want.
To get one of the non-free card tiers you need to buy MCO coin and stake them, which means holding on to them for 6 months. After the 6 months you can sell them again at the then current rate. The price of MCO is currently around £4,45 / €5,00, meaning that you have to lock £223 / €250 for six months to get the Ruby Steel card. You'll earn this back in about 7 months (see below),
These are the lower three card tiers:
Card Tier Midnight Blue Ruby Steel Jade Green/Royal Indigo
Stake (hold) None (free card) 50 MCO (~ £223 / €250) 500 MCO (~ £2230 / €2500)
Bonus after staking None $50 (in MCO) $50 (in MCO)
Cashback % 1% 2% 3%
Monthly Spotify Rebate No Yes Yes
Monthly Netflix Rebate No No Yes
LoungeKey Airport Lounge Access No No Yes
Metal card No Yes Yes

Calculation example payback time (7 months)

Below I've made an example calculation for the payback time of the Ruby Steel card, assuming a spend of £1000 / €1000 monthly with the card and that you use Spotify. After 7 months you will have earned back your initial investment :)
But, additionally you also have the 10% cashback on groceries until the end of June plus the worth of your MCO coins that you locked for 6 months. Even if they would be worth only half of what they are worth today, you'd still have a value of £112 / € 225 (see below about price expectation).

Value
$50 bonus immediately after staking £40 / €46
2% cashback on all purchases with the card (assuming montly spend of £1000 / €1000 during 7 months) £140 / €140
Spotify rebate (£10 / €10 per month) £70 / €70
Total £250 / €256

MCO price

The price of the MCO coin has been around £4,50 / €5 for a while. The cards have just been released for UK and EU. Because especially in EU cashback cards are not common, I expect that lots of people would be interested in getting a cashback card like this one. The good thing about that is that the demand for MCO coin would increase (because people need to lock them for 6 months) and I expect that the price of MCO will rise then (there are only 16 million of them, less than Bitcoins).
No guarantees, this is my personal opinion :) I advise you to think about it yourself.

Notes

submitted by blxyy to beermoneyuk [link] [comments]

Get Ticketing -- A Sleeping Giant

Here is an article by an author named Adnan about why Get Ticketing will explode:
https://medium.com/@adnanzzz/the-bullish-case-of-get-protocol-451ad6059f2d
Below is the same article copied and pasted for those who are too lazy to click the link. However, I recommend reading the article from the link instead as it has a lot of graphs, links, and pictures that gives a much fuller picture.
 
"GET protocol — the sleeping blockchain giant
Bear with me as I try to explain why the GET token is currently the most bullish crypto token in the space. The price surge will be driven by adoption and not just mere speculation. And adoption is already there but will only now start to gain huge momentum!
By the time you have read this blog you will come to see how most other crypto projects lose value in your eyes when you compare it to a project with amazing fundamentals, a project that doesn’t need an “altseason”, driven by mere mindless speculation, to give you nice returns!
Most people in the crypto space have never heard of the GET protocol. This is on one side suprising because there are 191.329 wallet holders to be exact. This means that 191.329 people have used the GET protocol, mostly without even knowing it!
The focus has always been on building a product that works and where there is demand for. Where other projects have focused and spent their funds on marketing in the crypto space (meaning luring in new investors) GET has neglected that part a bit.
Instead they focused their funds on building a waterproof system and acquiring clients who will use the protocol (venues, artists, governments, …). The effect of this is that the price hasn’t been affected by speculation.
The list of artists who use GET-fueled tickets is endless and I have honestly lost sight of everyone who uses it. But to give you an example of adoption, here is a list of some of the artists who sell GET-fueled tickets:
 
What is the GET protocol and what does it do?
The GET Protocol offers a blockchain-based smart ticketing solution that can be used by everybody who needs to issue admission tickets in an honest and transparent way. The goal of GET protocol is to become the worldwide ticketing standard.
To put it in simple terms: the ticketing industry is plagued by dishonest players. Not only ticket fraud but also scalping are an enormous problem in the industry. Once a ticket sale starts bots buy up the tickets and later sell them for enormous profits.
Fans are sidelined and are forced to buy tickets of their idols for a much higher price. The scalpers, not adding any value in the process, make tons of money at the expense of artists, fans, venues, event organizers, … and everybody who makes the event industry what it is.
 
This is where GET offers a solution proven to work
The tickets issued on the GET protocol are registered on your phone. This means that only the person in possession of the phone also owns the ticket. Every ticket is unique and is based on a QR code that updates itself and rotates to prevent fraud and scalping.
The tickets are all registered on the blockchain as a mean of transparency and accountability. This means that fans can check ticket authenticity whenever they want. This is also where the GET token comes in play but more on that later…
 
GET is currently the best adopted microcap
This is a bold statement but it’s not difficult to prove. Whereas other crypto “companies” confuse their investors with a lot of technical words that the average Joe doesn’t even understand and show off with meaningless partnerships, GET is actually changing the ticketing world for the better!
At the moment of writing there are 4 ticketing companies that are completely integrated in the GET protocol, and together have sold many GET-fueled tickets!
These companies currently run on the GET protocol:
Integrating an existing ticketing company is a low investment move (only the GET token is needed) that offers traditional ticketing companies several benefits. That is why I expect many ticketing companies to integrate and GET to scale quickly.
 
The supply
Some people are scared by the big difference in the circulating supply and the total supply. This is an unneccessary fear. The GET supply is made up of 3 portions:
This means that the circulating supply as it is now can only, ever, lightly increase for the purpose of growth. With the buybacks and burns being large enough the circulating supply will instead keep decreasing at a swift tempo.
 
GET in times of COVID19
In May Dutch group Di-Rect sold thousands of tickets for an online concert. They used GET’s technology to use a dynamic price setting. This means that fans were given the option to pay whatever they wanted for a ticket. Whoever paid €20 or more had the chance to win a lottery and be present at the concert.
Once the concert starts, whoever bought a ticket, will be able to watch the streamed concert on GUTS’ app. This is yet another proof of the advantages a digital ticket offers. As this was a big succes, the expectation is that more and more artists will make use of GET’s technology.
On 27/05 Dennis van Aarssen, The Voice Of Holland 2019 winner, announced that he will also do a livestreamed performance of classic covers and original music on June 7th. All tickets will be issued through the GET protocol.
GET also offers several advantages in different areas in the fights against COVID19. The right of access being linked to your mobile makes it possible for potential clients to monitor the number of visitors in real time all the time, to apply an automated seating selection which consideres an appropriate distance between all visitors, queue control, booking of timeslots for museums, shops, parks, beaches, … so overcrowding can be avoided.
When an event gets cancelled, whereas with paper tickets it’s sometimes impossible to track who owns the ticket at the current time, with GET’s technology the event organizer can, with one click, choose to make a refund to the current ticket owner, to communicate with him, to postpone the event, …
 
What more to expect in the (near) future?
There are so many amazing things to come in the very near future so I’ll only focus on a few of them:
Seeing the adoption the GET protocol has, the solution they bring and the enormous potential they have in conquering the ticketing industry, they have been asked by Kakao to join their blockchain “Klaytn”. So GET is an initial service partner of the Klaytn blockchain.
“Kakao’s global public blockchain project Klaytn is an enterprise-grade, service-centric platform that brings user-friendly blockchain experience to millions.”
The choice for choosing to be an Initial Service Provider of Klaytn is based on two aspects. The first aspect is the fact that Klaytn’s blockchain infrastructure is fully business and integration focused, more than any other blockchain in the market.
This results in huge improvements in areas as cost-efficiency, scalability, and data reliability. The second aspect is fueled by the potential of being part of the Klaytn ecosystem.
Kakao is a giant in South Korea. GET will bring its adoption to Kakao’s blockchain and Kakao, with its giant network, in return will open many doors in South Korea. A win-win for everyone involved!
In 2017 Kakao had more than 220 millions users on their messaging and content platform. The last few years the company has been rapidly expanding in other industry verticals.
 
GET fueled tickets sold for K-pop stars
As mentioned earlier: South Korean ticketing company getTicket will run fully on the GET protocol. They have already deals in line to sell tickets for K-pop stars in their country.
K-pop legend Mr. Won-Kwan Jung, as someone who has a lot of connections in the K-pop world, has joined the GET protocol as an advisor. He is an iconic figure and innovator in the world of K-Pop, owing to the fact that he was one of the three original members of SoBangCha, (or ‘Firetruck’ in English) which is regarded as the first K-Pop group to exist in the world.
In a survey conducted in 17 countries in 2019, around 37.5 percent of respondents stated that the genre K-pop was “very popular” in their country. The survey found that the popularity of K-pop reaches far beyond South Korean borders.
The fact that their idols will be selling GET-fueled tickets hasn’t reached the Korean audience yet. It is still a “public secret”. The news will be released in a directed marketing campaign later this year. You better believe that once the Koreans find out that they’ll be buying GET like hot cupcakes!
 
Tickets for museums and beaches to be in line with COVID19 restriction measures
With the Corona virus still not wiped out but more under control, many countries are lifting restrictions. This needs to be done in a safe and controlled manner. This means avoiding overcrowding. GET’s technology can and will surely help here.
GET’s system can do all that is needed now for a safe experience. Whether it’s booking a timeslot for the beach, for a museum,… or even for a shop from your home. The system lets the client monitor everything in real time. Someone can that way for example choose to go when there is less crowd. This all while fully respecting the user’s privacy.
The GET sales team has been busier than ever, being in contact with governments, museums, … and the dev team is constantly creating custom made smart ticketing solutions for new costumers. I’m sure we can expect some major announcements in this area soon!
 
Top tier exchange listings & marketing in the crypto space
The team has confirmed that listing on a top tier exchange has already been agreed. They’re just waiting for the right time to announce it, fitting in their marketing campaign. Besides that, a fiat on ramp exchange will list GET in a short timeframe.
Many projects invested most of their funds in exchange listings and fake volume, creating artifical demand. These exchange listings are almost always accompanied by paying for a market maker. Once the funds dry up (and we have seen this with many projects) delisting becomes a reality and the funds end up being spent in vain.
GET’s exchange listing and marketing campaign aren’t a means to pump the price but have the goal of creating liquidity for the end users (mainly ticketing companies) who will need to acquire a lot of GET from the open market in the short future.
 
Expansion in several other countries
GET’s business developer Sander:
"I am reached out by ticketing parties all around the world on a daily basis. The main challenge is to vet these parties. The goal of GET Protocol is to be the worldwide standard of digital admission rights and to get there we need to stay extremely lean and flexible in order to scale well.
In that sense we need to be 100% convinced the parties we partner up in this phase have a very high potential of becoming a big player in their respective geographies. From the onboardings we currently experience, we learn to speed up onboarding processes upcoming year."
And when asked how many tickets he expects to be sold in the near future and how many ticketing companies he expects to run on the GET protocol in 5 years time:
"Along the journey, we here at GET and GUTS learned quite a few things. One of them is avoiding to publicly announce ticket sale estimates as the chances are that we shoot ourselves in the foot with that. If we don’t meet our estimates, life sucks and the community will let us know which is fine and rightful, but to be honest for GET nothing to win.
If we meet our goal, it is okay but even then some people members manage to say they hoped for even better. In that sense, whatever we do, we can’t do well enough on that front, so I am reluctant about giving specific numbers (and I don’t have a crystal sphere either!).
That being said, regarding the amount of ticketing companies in 2025, I expect many, in many countries. It’s a matter of time that we can easier offer our products in a whitelabeled manner. Only this week we got requests for more information about our services from Germany, Paraguay, Mexico, UK and Italy and Australia.
This certainly doesn’t always mean a ticketing company could lead out of such a request, but the interest is certainly there. If we keep on doing what we do now, I believe we can boost ticketeers and event organizers around the world pretty soon and let them issue fully digital and blockchain registered tickets, all processed by GET Protocol. If more ticketing companies are onboarded, the amount of ticket sales processed by the protocol will grow exponentially."
Knowing how GET’s team has always been very careful with their promises, I take such statements very seriously. If the past has taught me anything: they’re probably making an understatement. So expect GET to spread its wings in many regions around the world and take the ticketing world by a storm!
 
Staking & nodes
GET’s blockchain developer Kasper Keunen has announced that a staking model is being developed. This means that you’ll be able to stake your GET. In return a portion of the ticketing fee will be rewarded to those stakers and nodes. So see it as a passive income. You sit down, relax and see it grow exponentionally as GET conquers the ticketing world :)
 
The end goal is to be an open source protocol
The endgoal of the GET protocol is to become open source. There will be a governance model where changes to the protocol will be determined by GET token holders. That’s why I expect ticketing companies to acquire a lot of GET in time as their revenue relies on the direction of the protocol.
GET will have a role as governance for the project as a whole. Such a role for the token is the most natural in a fully open-sourced environment of the protocol(currently not the case, yet).
As then governance by stakeholders (ticketing companies) with a serious stake in the game as their ticketing revenue relies on the direction/quality of the code to be on point.
As of yet, we do not really assign too much fundamental value to this role for the token (we barely mentioned it actually) as it is still a bit early for it to have serious merit.
So pushing that value of the token now would be a bit false advertising. As we onboard more and more ticketing companies we will develop the governance of the token role more and more!
 
Why the GET token is set to explode
Now that I’ve covered what the GET protocol is and where it’s going, it’s time to dig deeper in the token. And I have to say that I’ve never been more bullish on anything in my life. This for the simple reason that usage will drive the price to insanely high levels (where speculation isn’t even needed).
 
Tokenomics
As mentioned above: to have full transparency and accountability (both missing links to make the ticket industry fraud- and scalpfree) all tickets sold are registered on blockchain.
You can compare GET to a gas that is needed to fuel the protocol (every state change of the ticket needs to be registered — for which GET is needed). So for every ticket sold GET is bought back from the open market and burned forever.
 
GET’s valuation in the (near) future
Bear in mind that this is my own expectation, based on big changes in supply and demand that I will try to explain below. Also keep in mind that I’m not a financial advisor and nothing is guaranteed in the crypto space!
But I will try to explain why I personally believe that GET will be trading at 10€ per token and more in the near future.
As time goes on and more tickets are sold, the demand for GET will keep increasing while the supply will keep decreasing. You don’t need to have a PhD in economics to understand what this will do to the price!
 
What kind of demand/buybacks can we expect?
As explained above: for every ticket sold at least €0,28 worth of GET is needed by the ticketing companies. Most of this GET is bought back from the exchanges (the money to do this is included in the ticket fee).
Some GET is supplied by the “user growth fund”. This is a fund created to give potential new customers a discount. This is done by subsidizing them a portion of their need for GET so these new customers don’t need to pay the full price immediately. Bear in mind that as time goes by this fund will dry up and all the GET that is needed will from that moment on be bought from the exchanges.
Since the buybacks are based on the amount of tickets issued by the protocol, to calculate what kind of buybacks we can expect in the future we need to look at the ticket sales. As mentioned before there are 4 ticketing companies using the protocol right now (GUTS, ITIX, TecTix and getTicket). Below I will make an estimation of what to expect from them.
GUTS has sold over 400k tickets. From just the deals already signed, over a million tickets would have been sold in 2020. Due to Covid19 most events had to be posponed (not cancelled). In the meanwhile the GUTS sales team hasn’t been idle and has atracted many more customers.
This means that the 1 million tickets number is probably even on the low side. But let’s say a minimum of 1 million tickets will be sold the first year where all events will be allowed again. This means that at least €280.000 worth of GET will be needed in that year.
ITIX sells 2 million tickets a year on average. Once fully integrated they will thus need at least €560.000 worth of GET on a yearly basis.
TecTix, as a new ticketing company, it’s hard to predict what kind of numbers they’ll be running at the start. But given the expertise of the TecTix team I think 200.000 tickets is a safe bet to start with. That would put us on at last €56.000 worth of GET needed/year.
And finally getTicket, a ticketing company based in South Korea. In their case it’s also difficult to make a prediction because they’re new and we have no previous data to rely on.
But judging from the comments made by the team that “everything is bigger in Korea” and that they’ll be selling stadium concerts for K-pop stars (just one concerts can mean over 100.000 tickets sold) I think it’s safe to say that they’ll be selling at least 1 million tickets/year. That would bring their need for GET to at least €280.000 a year.
So if we put this together the 4 ticketing companies will need over € 1 million worth of GET on a yearly basis. Bear in mind that more ticketing companies will keep joining and the existing ticketing companies will keep growing, taking away marketshare from ticketing companies that can’t offer all of the advantages mentioned before.
Based on all of this I, pesonally, would say that €5 million/year in GET buybacks by 2023 is not an unreasonable prediction.
 
What can we expect from GET’s supply?
Demand for a token means nothing if the supply is unlimited. The best example of the importance of the supply is the recent Bitcoin halvening that got everyone excited.
Before the halvening around 1800 BTC were mined every day. Let’s say that at current prices this was around $16 million worth of BTC per day. The miners obviously have to sell a large portion of this to cover their costs. So even if there are no other sellers, a large number of BTC has to be bought from the market every day just to keep status quo of the current price.
Halvening basically means that the speed at which the supply increases will be halved (900 BTC mined on a daily basis instead of 1800). The supply of BTC will still continue to increase, only at a slower tempo.
Scarcity should be the ultimate goal when investing in utility tokens.
With GET’s utility token things are different: every GET bought by a ticketing company will be burned. Contrary to BTC the supply of GET will thus continue to decrease as time goes on, removing the stacks of those eager to sell.
This is not a dig at Bitcoin by the way as I’m a fan. Just highlighting the advantage an adopted utility token with good tokenomics has over “the king”.
I hope you now understand my expectation that the price will explode. Many holders will obviously not be willing to sell at current prices with such an increasing demand.
As the price is determined by many factors and we don’t know what the price will do exactly, it’s not possible to pin down the exact supply in the future. We do know that it will keep decreasing at a swift tempo unless the price goes parabolic.
 
Finding the equilibrum for the price
The demand for GET will keep increasing through adoption and the supply decreasing as the used GET are destroyed forever
The equilibrium price and equilibrium quantity occur where the supply and demand curves cross. The equilibrium occurs where the quantity demanded is equal to the quantity supplied. If the demand increases and the supply decreases then the price will rise until it finds a new equilibrium.
Putting a correct marketcap valuation on a crypto project is an extremely difficult task. With traditional companies we can for example rely on the revenue, profit, dividend payments, … to estimate what the company is/should be worth.
In most countries a 5% rental yield is considered a good investment. Of course it’s not fully comparable as these buybacks don’t automatically put money on your account. But they do increase the price and destroy the supply. So I think it’s in a way reasonable to extrapolate this 5% yield to our case.
Having explained why I expect atleast €5 million in yearly buybacks by 2023, that would mean the marketcap should be around €100 million (5% = the buyback of €5 million multiplied by 20).
The current circulating supply of GET is around 13,5 million. The expectation is that the burning mechanism will destroy more than half of that by 2023 (this takes into account an increasing price of the GET token). So let’s round it up to 5 million GET remaining.
A marketcap of €100 million with a supply of 5 million GET would mean a price of €20/GET. This would be an increase of 6566.67%.
Of course these numbers are not set in stone and merely a prediction but if you’ve been reading this blog you have come to understand why I am extremely bullish on the GET token.
I have completely taken the speculation factor or an “altseason” or “fomo” out of the equation and only focused on a price increase driven by an increasing demand and decreasing supply! So the focus is on an organic price growth.
Another great thing about holding a token with mass adoption and guaranteed buybacks is that I don’t have to worry about the price. As the buybacks are a guaranteed thing, the lower the price of GET the more GET is bought back and destroyed forever. So even a price decrease, as contradictory as it may sound, is bullish for longterm holders!
submitted by Damnyeahhh to CryptoMoonShots [link] [comments]

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