OECD Summary | Reporting of ALL Crypto Trades & Transactions Soon Mandatory

The War on Crypto Privacy Intensifies. Automatic Reporting of All Trades and Transactions Soon Mandatory.

Massive overreach of international regulators to force all service providers in the industry to:

  • Record ALL crypto trades on exchanges, DEFI and DEXs;
  • Record (large) purchases from private wallets;
  • Record all transfers to cold storage and make lists with private wallet addresses;
  • Send all this info annually to the (tax) authorities;
  • And finally, force governments to pass these rules into domestic law.

The war on privacy continues. The aim: to tackle anonymous spending and exchanging of crypto.

As you’ll discover, these new regulations force upon us a system of complete surveillance and control.

This report explains exactly what to expect from the latest developments launched in October 2022…

Continue reading “OECD Summary | Reporting of ALL Crypto Trades & Transactions Soon Mandatory”

Do We Want Bitcoin To Be Worth 500k… So That We Can Buy The Rope On Which We Will Hang? [Opinion]

“The capitalists will sell us the rope with which we will hang them.”

This quote is attributed, apparently falsely, to Lenin. I never understood what it meant… Until recently.

It was on an episode of What Bitcoin Did from last year. Host Peter McCormack interviewed Kevin O’Leary, the famous investor, known from Shark Tank.

 

Continue reading “Do We Want Bitcoin To Be Worth 500k… So That We Can Buy The Rope On Which We Will Hang? [Opinion]”

US Congress Taking Revolutionary Steps Towards A Central Bank Digital Currency

US Congress Taking Revolutionary Steps Towards A Central Bank Digital Currency

The future of money is here; will the Federal Reserve Board be authorized to use distributed ledger technology for the creation, distribution and “recordation” of all the transactions of a Digital Dollar?

On July 28, 2021, a new bill was introduced in the US House of Representatives. This bill, sponsored by Congressman Don Beyer,1)“Press Release: Beyer Introduces New Legislation To Regulate Digital Assets,” (United States Congressman Don Beyer, Washington, July 28, 2021), accessed on September 6, 2021, https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307 aims to regulate crypto-currencies. But it does more…

The bill is called the “Digital Asset Market Structure and Investor Protection Act”2)“H.R.4741 – Digital Asset Market Structure and Investor Protection Act, 117th Congress (2021-2022),” (US Congress, Washington, July 28, 2021),
https://www.congress.gov/bill/117th-congress/house-bill/4741/
[author: there is on September 18, 2021 only one version of the bill].
(“Digital Asset Bill”). And for the majority, it sets out future rules for crypto. However, hidden in this bill, changes to the foundation of the Dollar are proposed.

And because nobody outside crypto (and frankly, few inside crypto) actually read the bill, these amendments have so far largely gone unnoticed. Continue reading “US Congress Taking Revolutionary Steps Towards A Central Bank Digital Currency”

References

References
1“Press Release: Beyer Introduces New Legislation To Regulate Digital Assets,” (United States Congressman Don Beyer, Washington, July 28, 2021), accessed on September 6, 2021, https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307
2“H.R.4741 – Digital Asset Market Structure and Investor Protection Act, 117th Congress (2021-2022),” (US Congress, Washington, July 28, 2021),
https://www.congress.gov/bill/117th-congress/house-bill/4741/
[author: there is on September 18, 2021 only one version of the bill].

US Crypto Regulation Far More Invasive Than We Thought

New US Crypto Regulation Far More
Invasive Than We Thought

US Congress intends to regulate crypto on a level far deeper
than currently understood―They will:

  • Designate Bitcoin, Ether, and their hard-forks as commodities and regulate their transactions accordingly;
  • Create legal uncertainty for all other crypto projects and ICOs by allowing them to be labeled as securities;
  • Ban the use of (unauthorized) stablecoins;
  • Introduce prison sentences for the use of mixers and privacy coins;
  • Rebrand smart-contracts that take longer than 24 hours to deliver as futures contracts and regulate them accordingly;
  • Re-define legal tender and change the way money is created by the Federal Reserve; and authorize the issuing of a digital USD of which all transactions are recorded;
  • Force Americans receiving over $10,000 in digital assets to verify the sender’s personal information, including Social Security number, and report to the government within 15 days;
  • Introduce foreign regulations into US law for all virtual asset service providers in the US (and with US clients).

In short: Congress wants to bring crypto-currencies under full oversight and control.

These new regulations introduce massive regulatory burdens on existing projects, ban and criminalize current normal activities, restrain innovation and free enterprise, and even introduce a transparent central bank digital digital currency that redefines money as we know it!

According to United States representative Don Beyer, congress should incorporate “digital assets into existing financial regulatory structures.”1)“Press Release: Beyer Introduces New Legislation To Regulate Digital Assets,” (United States Congressman Don Beyer, Washington, July 28, 2021), accessed on September 6, 2021, https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307 As you will see, they intend to do just that.

And it will change the way things are done for crypto forever… Continue reading “US Crypto Regulation Far More Invasive Than We Thought”

References

References
1“Press Release: Beyer Introduces New Legislation To Regulate Digital Assets,” (United States Congressman Don Beyer, Washington, July 28, 2021), accessed on September 6, 2021, https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307

FATF Summary | New Worldwide Regulation of Crypto Currencies

Governments Planning Worldwide Regulation of Crypto Currencies

The worlds’ wealthiest nations are aiming for cryptos, restricting, amongst others, the following:

  • Peer-to-Peer Transactions;
  • Stablecoins;
  • Private wallets (cold storage, phone and desktop apps);
  • Privacy (privacy coins, mixers, Decentralized exchanges, use of TOR and I2P);
  • Former ICOs and Future Projects (DeFi, NFT, smart contacts, second layer solutions, and much more).

In addition, these new regulations intend to: Continue reading “FATF Summary | New Worldwide Regulation of Crypto Currencies”

How To Recognize a Crypto Currency Scam

People often ask me advice about crypto investments. They have read about a amazing new coin, but wonder if this cryptocurrency is a scam.

In some cases, they’ve already invested and are trying to get their “investment” back.

It goes somewhat like this:

“Hey Wes, I’ve found this new XYZ coin. It is a new way of doing XYZ and it’s going to revolutionize the world. What do you think?”

Since this happens a few times each year, I’ve developed a few routine questions. Usually, it takes me a couple of minutes to figure out if it’s a scam or not. I might not even have to look at the website.

Some scams are setup quite well, and require a deeper look (but never to deep). Continue reading “How To Recognize a Crypto Currency Scam”