Ricardo Spagni Urges Binance to Support Privacy Coins
Ricardo Spagni, the former lead maintainer of Monero, one of the most widely used privacy coins in the cryptocurrency market, is urging Binance to take a stance on the issue of privacy coins. Spagni believes that Binance's neutrality is doing a disservice to the entire industry and argues that any protocol-level changes to make Monero compliant are unnecessary.
Former Monero Lead Dev Ricardo 'Fluffypony' Spagni Calls on Binance to Stand for Privacy Coins
Ricardo "Fluffypony" Spagni, the former lead maintainer of Monero, is calling on Binance to reconsider its position on delisting privacy-focused coins. In a recent post, Spagni criticizes Binance's stance, which could potentially lead to the delisting of these currencies in January.
Spagni's criticism is supported by a report produced by consulting firm Perkinscoie, which argues that "privacy coins protect legitimate individual and commercial privacy interests" and that existing financial regulations adequately address the anti-money laundering (AML) concerns associated with privacy coins. Spagni strongly disagrees with Binance's compliance requirements.
Spagni states:
"By not taking a stance, you do the industry a disservice and support the barrage of attacks against personal privacy. If Apple can take a stance against CSAM, you can grow a backbone and fight for the right to privacy for everyone."
According to reports, one of the requirements that Binance is asking privacy projects to fulfill is the creation of "exchange only" addresses without privacy shielding features. Firo, another privacy coin, is in the process of implementing these changes.
However, Spagni emphasizes that the Monero community values user privacy above all else, and any compromise to that objective will never be accepted. He emphasizes:
"Any protocol-level changes are unnecessary, and they simply will never happen."
Binance had previously announced its intention to delist 12 privacy coins, including Monero and Zcash, in certain European Union (EU) countries in May. The exchange cited "local regulatory requirements" as the reason for these actions. However, after receiving feedback from the affected projects and their communities, Binance reversed its decision, stating that it had reevaluated the classification of these currencies to "comply with EU-wide regulatory requirements."
What are your thoughts on Ricardo Spagni's statements? Share your opinions in the comments section below.
Frequently Asked Questions
How Much of Your IRA Should Include Precious Metals?
You should remember that precious metals are not only for the wealthy. You don't have to be rich to invest in them. There are many ways to make money on silver and gold investments without spending too much.
You might consider purchasing physical coins, such as bullion bars and rounds. Stocks in companies that produce precious materials could be purchased. You may also be interested in an IRA transfer program offered by your retirement provider.
No matter what your preference, precious metals will still be of benefit to you. They are not stocks but offer long-term growth.
Their prices are more volatile than traditional investments. So, if you decide to sell your investment down the road, you'll likely see more profit than you would with traditional investments.
How does gold perform as an investment?
Gold's price fluctuates depending on the supply and demand. It is also affected by interest rates.
Due to limited supplies, gold prices are subject to volatility. There is also a risk in owning gold, as you must store it somewhere.
Who holds the gold in a gold IRA?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
A financial planner or accountant should be consulted to discuss your options.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
cftc.gov
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- How do you keep your IRA Gold at Home? It's not exactly legal – WSJ
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example and Risk Metrics
How To
Online buying gold and silver is the best way to purchase it.
Before you can buy gold, it is important to understand its workings. It is a precious metal that is very similar to platinum. Because of its resistance to corrosion and durability, it is very rare. It's difficult to use, so most people prefer purchasing jewelry made from it rather than actual bars.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. Legal tender coins are designed for circulation in a country. They often have denominations like $1 or $5 or $10.
Bullion coin are not intended for investment. However, their value will increase with inflation.
They aren’t exchangeable in any currency exchange. For example, a person who buys $100 worth or gold gets 100 grams. This gold has a $100 price. Each dollar spent by the buyer is worth 1 gram.
When looking to buy precious metals, the next thing you should be aware of is where it can be purchased. There are a few options if you wish to buy gold directly from a dealer. First off, you can go through your local coin shop. Another option is to go through a reputable site like eBay. You may also be interested in buying gold through private sellers online.
Individuals selling gold at wholesale prices and retail prices are known as private sellers. Private sellers will charge you a 10% to 15% commission for every transaction. Private sellers will typically get you less than a coin shop, eBay or other online retailers. This option is often a great one for investors in gold, as it gives you greater control over the item's value.
The other option is to purchase physical gold. While physical gold is easier than paper certificates to store, you still need to make sure it is safe. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.
To purchase gold by yourself, you can visit a bank and a pawnshop. A bank can provide you with a loan to cover the amount you wish to invest in gold. These are small businesses that let customers borrow money against the items they bring to them. Banks often charge higher interest rates then pawnshops.
A third way to buy gold? Simply ask someone else! Selling gold is also easy. It is easy to sell gold by contacting a company like GoldMoney.com. You can create a simple account immediately and begin receiving payments.
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By: Sergio Goschenko
Title: Former Monero Lead Maintainer Calls on Binance to Take a Stance on Privacy Coin Issue
Sourced From: news.bitcoin.com/former-monero-lead-maintainer-calls-on-binance-to-take-a-stance-on-privacy-coin-issue/
Published Date: Sat, 30 Dec 2023 10:30:01 +0000
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