Monday, September 30, 2019

This AI Platform Identifies Privacy Threats in Social Networks and Messengers

       No comments
AI Platform Identifies Privacy Threats in Social Networks and Messengers

Preserving your online privacy has become almost a lost cause these days. Thankfully, some entrepreneurial minds have taken it upon themselves to help web users stay informed of privacy risks and take action to thwart attempts to access their personal data. Guard is a platform which is doing exactly that.

Also read: Bankers Start to Recognize Bitcoin’s Role in Financial Evolution

Reading the User Agreement

Everyone has multiple online accounts, and most of us are worried about their digital personality being targeted by data collectors and marketing researchers. But we are also guilty of compromising our own security as very few people actually read the small print when subscribing to a service.

The people behind Guard have analyzed the privacy policies of major social networks, forums, and messengers, including some of those that are widely used by the crypto community. Their quest has produced some interesting and helpful results.

This AI Platform Identifies Privacy Threats in Social Networks and Messengers

The developers have examined the user agreements many of us have with platforms such as Twitter, Instagram, Youtube, Whatsapp, Linkedin, Tinder, Pinterest, Netflix, and Aliexpress. Forums and messengers used by cryptocurrency enthusiasts like Reddit and Telegram are also part of their study.

Guard has discovered privacy threats and data leak scandals involving these services and has ranked them according to the findings. The platform has employed artificial intelligence to produce its ratings. It also surveys visitors on its website to learn what they consider a threat to their privacy and to teach the AI taking into account their input.

Analyzing the Privacy Policy

Among the networks that are of particular interest for members of the crypto community, Reddit, which offers a platform for cryptocurrency news and discussion, has received a “neutral” verdict from Guard. There have been no scandals around its user data practices but 24 privacy threats have been identified by the research.

The two risks that have been singled out in the report about Reddit concern the possibility of your information being shared with advertisers and the fact that your data may be recorded indefinitely. The forum keeps a complete log of all sent messages even when the accounts are deleted and retains the IP addresses from which they were created.

Telegram, the messenger that enjoys the most popularity with crypto enthusiasts because of its encryption features, has a “good” verdict. Telegram assures users that it never shares personal data with anyone and does not store your secret chats on its servers. Guard’s analysis has found only one potential threat in its privacy policy, a line that reads: “We never delete your funny cat pictures, we love them too much.”

This AI Platform Identifies Privacy Threats in Social Networks and Messengers

Among the popular social networks, Twitter, Instagram and Tumblr have scored poorly in the ratings. There’s also a notable omission – Facebook, despite its own share of cases involving compromised user data. However, Guard accepts suggestions about the next site or product you think should be analyzed and rated. The company is also developing specialized software that will be able to block trackers, delete online activity, confuse algorithms and pollute collected personal data.

Privacy in financial transactions is best guaranteed by decentralized currencies and related services. If you want to join the crypto space, you can do so by acquiring your first coins at buy.Bitcoin.com, where you can safely and securely purchase BCH and other leading cryptocurrencies with a credit card. You can also trade your crypto assets on our noncustodial, peer-to-peer marketplace, local.Bitcoin.com, which already has thousands of users.

Have you thoroughly read the privacy policies of the social networks and messaging platforms you are using? Share your thoughts on the subject in the comments section below.

Images courtesy of Shutterstock.

Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card.

The post This AI Platform Identifies Privacy Threats in Social Networks and Messengers appeared first on Bitcoin News.



via Lubomir Tassev

Financial Giant Fidelity Backs Bitcoin Derivatives Yield Fund

       No comments
Financial Giant Fidelity Backs Bitcoin Derivatives Yield Fund

The Los Angeles-based Wave Financial has announced the launch of a bitcoin derivatives-based yield fund and Fidelity will provide custody for the fund’s BTC reserves. Wave Financial’s crypto fund commencement is part of a growing trend toward launching BTC derivatives products. CME Group has also revealed the derivatives marketplace will provide options on its bitcoin futures during the first quarter of 2020.

Also read: Fidelity’s Cryptocurrency Arm Starts Offering Institutional Investor Services

Wave Financial Launches Bitcoin Derivatives Yield Fund

Option strategies are becoming a popular trend within the cryptocurrency industry and just recently Wave Financial started a new bitcoin derivatives-based yield fund. A derivative is basically a contract that derives its value from the price of things like commodities, currencies, stocks, and bonds. Since 2017, BTC market prices have been used for indexes and market sentiment data. With these instruments, financial institutions create swap agreements, forward contracts, options contracts, and futures.

Financial Giant Fidelity Backs Bitcoin Derivatives Yield Fund
Wave Financial revealed the launch of a bitcoin derivatives-based yield fund and Fidelity will hold the fund’s BTC.

Usually, options are established after futures markets become more mature and they allow traders to profit from the ebb and flow tethered to market sentiment. The Wave BTC Income & Growth Digital Fund is an incorporated fund stemming from the British Virgin Islands. The fund plans to let investors generate yield by selling call options on the BTC reserves held in the Fund. According to the firm, Fidelity Digital Assets is providing custody for the fund’s BTC reserves.

“For high net worth investors, appetite for innovative yield product with upside potential is strong,” explained Benjamin Tsai, President of Wave. “This product monetizes higher volatility of BTC to deliver yield, independent of the interest rate environment while keeping some upside exposure.”

Wave says the yield fund plans to distribute a dividend of 1.5% of net asset value (NAV) per month. From there the fund is aiming for an 18% target annual yield and any excess will be used to purchase more BTC. The excess, minus a performance fee, will help the overall NAV grow further, explains Wave. “The fund would generate this premium by selling call options with strikes higher than the current price, which also leaves room for investors to capture potential BTC upside,” the company added.

Financial Giant Fidelity Backs Bitcoin Derivatives Yield Fund
Wave’s select 20 cryptocurrency index.

CME Group and Binance Join the Derivatives and Options Party

The news follows the recent CME Group announcement that the options marketplace will offer options on bitcoin futures in early 2020. CME said it plans to add options strategies because of the “growing interest in cryptocurrencies and customer demand for tools to manage bitcoin exposure.” Tracks will be regulated and settles will be actively traded in CME bitcoin futures. The company emphasized that the new products will offer BTC traders potential to save on margins through margin offsets and the products can “expand choices for managing risk and building strategies.” Moreover, at around the same time in Q1 2020, market participants may see BCH-based futures on a CFTC-regulated exchange.

Financial Giant Fidelity Backs Bitcoin Derivatives Yield Fund
CME Group says bitcoin options are coming in Q1 2020. At roughly the same time, bitcoin cash (BCH) futures will be launched on a CFTC-regulated exchange.

In addition to Waves and CME, the cryptocurrency exchange Binance plans to get into the crypto derivatives and options movement. During the first week of September, the firm revealed it acquired the trading platform JEX. The acquisition will allow the Malta-based exchange to participate in futures markets, options strategies, and a variety of token-based derivative products. Binance aims to manage the JEX token as well in order to boost the derivatives market’s foundation. The Wave BTC Income & Growth Digital Fund also plans to issue a fund-based token in order to trade on “alternative trading systems at a later date.”

“The mission of Wave is to provide investors with diversified exposure to crypto assets,” said David Siemer, CEO of Wave during the launch announcement. “This is an alternative way to hold BTC exposure.”

What do you think about the Wave bitcoin derivatives-based yield fund? What do you think about CME Group offering BTC options based on its future products? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Image credits: Shutterstock, CME Group, Wave Financial, and Wave’s 20 Index.

Do you want to keep an eye on moving cryptocurrency prices? Visit our Bitcoin Markets tool to get real-time price updates, and head over to our Blockchain Explorer tool to view all previous BCH and BTC transactions.

The post Financial Giant Fidelity Backs Bitcoin Derivatives Yield Fund appeared first on Bitcoin News.



via Jamie Redman

Central Banks in Panic Mode – Extreme Tactics Like Helicopter Money Discussed

       No comments
Central Banks in Panic Mode - Extreme Tactics Like Helicopter Money Discussed

Central banks worldwide continue to inject more stimulus into the economy as they predict the onset of a new financial crisis. In the face of a sluggish economy, monetary easing, negative interest rates, and ‘normalizing’ the balance sheet is the name of the game these days. Now central banks are contemplating even more unconventional methods of monetary policy like helicopter money to save the economy.

Also Read: Money and Democracy: Why You Never Get to Vote on the Most Important Part of Society

Rate Cuts, Negative Yeilding Bonds, Overnight Repos, and Now Helicopter Money

The world’s reserve banks are attempting to guide the economy in hopes that they can steer clear of a financial meltdown. There’s been a domino effect of monetary easing where at least 19 central banks have slashed interest rates, participated in large-scale asset purchases, cut reserve requirement ratios, purchased debt securities, and pumped billions into specific markets. For instance, during the third week of September, in a two-day period, the U.S. Federal Reserve injected roughly $128 billion into markets through a repurchase agreement.

This month European Central Bank (ECB) president Mario Draghi revealed the commencement of printing more funds in order to purchase financial assets. The International Monetary Fund’s Christine Lagarde will take Draghi’s role as the ECB’s president on November 1. According to reports, Lagarde, Draghi and other ECB members discussed unorthodox methods of monetary policy like the macroeconomic concept Modern Money Theory (MMT) and helicopter money.

Central Banks in Panic Mode – Extreme Tactics Like Helicopter Money Discussed
Central banks are in panic mode initiating easing practices like negative interest rates, overnight repos, and now they are discussing helicopter money and MMT.

Helicopter money or direct financing is a form of monetary policy that starts when central banks transfer money directly to the private sector and even taxpayers. Essentially, the process can be a direct distribution of funds into the economy and some have called the idea a citizens’ dividend. Years ago helicopter money was considered a last resort type of scheme and was deemed worse than quantitative easing.

In 2016, the leading global bond investor PIMCO wrote that since the 18th century there were approximately 57 types of helicopter money situations implemented up until 2007 and “all had dire economic consequences.” A decade later, however, ideas like MMT, basic income, and helicopter money financing have been seen in a positive light by certain groups of individuals. MMT is a controversial, hybrid Keynesian concept that promotes the idea that government can print as much as it wants while also offering tax cuts or direct financing to special interest groups at the same time.

Central Banks in Panic Mode – Extreme Tactics Like Helicopter Money Discussed
Helicopter money is a form of printing funds for direct distribution.

Deutsche Bank: Direct Distribution Could Be Highly Effective if Properly Deployed

In June 2016, the Bank of Japan (BoJ) contemplated using helicopter money to stimulate the economy. According to reports at the time, the Japanese central bank considered dropping sub-$100 payments to low-income residents. A month later the BoJ decided not to use the helicopter money approach but did approve a $274 billion stimulus package instead. In 2016 Japan would have become the first modern economy to print money for direct distribution. “I think helicopter money remains off the table for now,” Mizuho Financial Group’s (MHFG) senior economist Colin Asher told the press at the time. Fast forward to today, and bankers and economists are starting to believe that ideas like helicopter money and MMT are innovative economic concepts.

Central Banks in Panic Mode – Extreme Tactics Like Helicopter Money Discussed
Deutsche Bank says central banks will “explore more unconventional policies” in the near future.

Deutsche Bank’s recent report has argued for helicopter money and the financial institution says because the economy is so bleak, central banks are planning to “explore more unconventional policies.” Deutsche Bank thinks that traditional methods of monetary easing are not enough, and central banks will need more stimulus in their arsenal. The recent report emphasizes that central planners using direct distribution methods could spur more consumerism and spending. “[Helicopter money] could be highly effective if properly deployed,” Deutsche Bank pointed out.

The Fed: Current Easing Is “Organic” – Don’t Call It QE4

There are many signs showing that bankers and central planners are unnerved and panicking over the looming recession. However, the central banks themselves are to blame for the mess they have caused as there’s roughly $15 trillion in negative-yielding sovereign and corporate debt worldwide. The yield below zero percent interest has scared the daylights out of economists who believe negative yields never equate to strong monetary policy.

In September, the Federal Reserve started its easing program last minute when it cut rates for the first time in 10 years. Not all the Federal Reserve board members agreed with the easing policy, and the first quarter-point reduction was voted in by a 7-3 vote. Fed Chairman Jerome Powell explained that the voting committee’s dissent was healthy to the central bank’s planning process. After printing $128 billion, Powell asked the press not to call the process the fourth round of quantitative easing, or QE4. Unlike prior QE schemes, Powell said the current procedure is an “organic” approach.

Central Banks in Panic Mode – Extreme Tactics Like Helicopter Money Discussed
Chairman Jerome Powell and the Fed have said the recent stimulus is not QE4 or the fourth round of QE, but merely an “organic” process.

Besides discussions about helicopter money, central banks like the Federal Reserve inject fiat into the system by purchasing Treasury securities from specific agents within a repo. The Federal Reserve Bank recently conducted a few spot repo operations, which provides smaller banks with the opportunity to trade Treasuries and other forms of securities for cash advances. The concept is just another form of the ‘trickle-down economics’ and proponents of the scheme believe the cash helps fund the repo dealers. The repo agents are then supposed to distribute the funds throughout certain sectors of the financial sector. During the start of Q4 2019, the New York-based Fed revealed an overnight repo operation where dealers introduced more than $63 billion in collateral.

Central Banks in Panic Mode – Extreme Tactics Like Helicopter Money Discussed

A liquidity crunch, slow economic growth, and inflation are the main reasons why the central bankers are scrambling to fix the problem they see growing into a financial crisis. Back in 2008, there were similar methods used during the onset of the economic meltdown where short-term yields were extremely volatile, and banks started participating in overnight repurchase programs. The Fed and many other banks have already started conducting overnight repurchase operations. Once again, central banks that think printing stimulus and bailouts are the only way to help the situation.

What do you think about the central banks’ extreme measures and ideas of using helicopter money to save the economy? Do you think cryptocurrency will help the situation? Let us know in the comments section below.

Image credits: Shutterstock, The Federal Reserve, Deutsche Bank, Zerohedge, and Pixabay.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Central Banks in Panic Mode – Extreme Tactics Like Helicopter Money Discussed appeared first on Bitcoin News.



via Jamie Redman

Bittrex, Coinbase and Kraken Set up Crypto Rating Council

       No comments
Bittrex, Coinbase, Kraken and Others Set up Crypto Rating Council

The heavy hand of regulators has been stifling the growth of the cryptocurrency industry in the U.S. and caused innovators to flock abroad. In a bid to mitigate one aspect of this problem, major players have now created a joint system for rating what constitutes a security token.

Also Read: International Crypto Exchange Luno Adds Bitcoin Cash Trading

Uniting Against Regulatory Uncertainty

A group of digital finance companies has announced the formation of the Crypto Rating Council, a member-operated organization created to help market participants comply with U.S. federal securities laws. The founding members of this new industry body are Anchorage, Bittrex, Circle, Coinbase, DRW Cumberland, Genesis, Grayscale Investments and Kraken.

The purpose of the Crypto Rating Council is to provide a joint assessment of whether a specific token should be considered a security under U.S. law. This definition has direct legal implications on companies that trade and manage digital assets in the U.S., but reaching this decision can be costly for any one company as it requires the assistance of expensive lawyers who specialize in such matters. Moreover, as it is a fuzzy legal definition and not a matter of code, different lawyers might reach different conclusions. A joint effort should help companies deal with the lack of clear-cut rules from the U.S. Securities and Exchange Commission (SEC).

Bittrex, Coinbase and Kraken Set up Crypto Rating Council

Bill Shihara, the CEO of Bittrex, stated: “The Crypto Rating Council’s mission of operationalizing SEC guidance is one that deeply resonates with Bittrex, and me. Today’s regulatory complexity and uncertainty creates a challenging environment for emerging US blockchain technologies. By uniting as a Council to set industry standards and help clarify regulatory guidance, we can reinvigorate responsible blockchain and cryptocurrency growth in the US.”

The Securities Rating Framework

In order to judge whether an asset is a security, experts are asked a number of questions that are derived directly from SEC guidance and relevant case law. These are designed to address important characteristics such as the usage of securities-like language, the sale of tokens or token interests prior to the existence of token utility, marketing of the token suggesting an opportunity to earn profits, and decentralized development and usage.

The Crypto Rating Council’s analytical framework results in a score between 1 and 5. A score of 1 means the asset has few or no characteristics consistent with a traditional regulated security while a score of 5 means that an asset has many characteristics strongly consistent with treatment as a security. For example, Monero (XMR) got a 1.0 rating and Ripple’s XRP got a 4.0.

Bittrex, Coinbase and Kraken Set up Crypto Rating Council

“Coinbase is proud to bring together many of the largest and most credible companies in the cryptoeconomy to implement the first industry wide crypto rating system,” commented Chief Legal Officer Brian Brooks. “Like the Motion Picture Association’s system for rating movies, this new system will provide clarity and a common language for assessing important aspects of individual cryptoassets—in this case, securities law compliance.”

What do you think about industry players forming the Crypto Rating Council? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.

The post Bittrex, Coinbase and Kraken Set up Crypto Rating Council appeared first on Bitcoin News.



via Avi Mizrahi

Darknet Markets Are Thriving Despite the Mysterious Death of Dread

       No comments
Darknet Markets Are Thriving Despite the Mysterious Death of Dread

Obtaining reliable information about darknet markets (DNMs) is a constant struggle, given the propensity of news sites and forums to come and go. No sooner has one portal gained ascendancy than it’s been toppled by law enforcement or exited under mysterious circumstances. The recent disappearance of darknet forum Dread has left a gaping hole in the DNM community – and a host of unanswered questions.

Also read: Despite Setbacks, Darknet Markets Show Continuous Growth in 2019

Hugbunter Flicks the Dead Man’s Switch

Dread is dead. The darknet forum where buyers and sellers gathered to exchange links, rate vendors, and discuss opsec has been offline for almost a fortnight. The site didn’t hold cryptocurrency deposits or directly facilitate DNM transactions, but was nevertheless a crucial cog in the darknet economy. The site went offline 10 days ago, prompting speculation as to what may have happened to its pseudonymous admin, Hugbunter. DNM tracker site dark.fail currently displays a warning that reads:

Dread is offline, Hugbunter is missing. Assume Dread and its team are compromised. Rotate all passwords you may have used there immediately. Assume all unencrypted private messages you sent have been compromised. Re-evaluate your OPSEC.

Users of darknet markets should not be directly affected by Dread’s disappearance, unless they’ve used the same password to access DNMs or sent incriminating private messages on its forum that may now be in the hands of law enforcement or hackers. “HugBunter’s Deadman Has Been Switched” reads the front page of Dread, with the remainder of the site inaccessible.

Darknet Markets Are Thriving Despite the Mysterious Death of Dread
The current homepage of Dread

A dead man’s switch is “designed to be activated or deactivated if the human operator becomes incapacitated, such as through death, loss of consciousness, or being bodily removed from control.” It’s been used in the past by Julian Assange, for instance, as a means of guaranteeing that damaging information on adversaries will be released in the event of his arrest or death. Edward Snowden is also believed to have set one up.

Dread Is Dead But r/Darknet Lives On

Dread went down on September 20 for maintenance, with Hugbunter promising a “huge update to provide increased stability as the platform grows” including “a variety of bug fixes.” When the site failed to return online, Dread admin “Paris” signed a message to the site which reads: “HugBunter’s deadman has been switched. It has been three full days without any contact … All I can hope is he is alive and well. Not harmed, captured, or dead. However we must assume the worse in this case.”

With Dread seemingly gone for good, Paris has recommended that DNM users congregate on one of the following forums:

Darknet Avengers: https://ift.tt/2wcvMPp

Envoy Forum: https://ift.tt/2Gu8L1o

The Hub Forum: https://ift.tt/2wc33dk

For clearnet users, there’s also sub-reddit r/Darknet which, as news.Bitcoin.com recently reported, is going strong with 65,000 users. Previous sub-reddits such as r/Darknetmarkets have been shut down in the past, however, as has DNM site Deepdotweb, highlighting the hazards of disseminating information on drugs which many nations still deem to be illegal.

Darknet Markets Are Thriving Despite the Mysterious Death of Dread

The hypocrisy of countries criminalizing the same drugs their three-letter agencies traffick and use to entrap targets, while selling over-the-counter medicines that cause greater death and addiction, is well-documented. Cryptocurrency users are well aware of the double standard at play. It was the primary driver for many bitcoiners to shun the filthy fiat system in the first place in favor of sounder money.

While powerless to dictate the whims of governments and their censorship-crazy apparatchiks, cryptocurrency users draw solace from the fact that the war on drugs – like the war on all amorphous concepts – is going badly. 50 years of failed policies have shown that criminalization does nothing to diminish the public’s desire to decide what they put into their bodies. On the darknet, business is booming, with DNMs such as Point, Berlusconi, and Empire enabling thousands of users a day to obtain goods and services in exchange for cryptocurrencies such as BTC, BCH, ETH, and XMR. Despite Dread’s loss, darknet markets aren’t just surviving – they’re thriving.

What are your thoughts on Dread’s disappearance? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post Darknet Markets Are Thriving Despite the Mysterious Death of Dread appeared first on Bitcoin News.



via Kai Sedgwick

Massive Layoffs: Banks Cutting Nearly 60,000 Jobs Worldwide

       No comments
Massive Layoffs: Banks Cutting Nearly 60,000 Jobs Worldwide

Banks are laying off workers across the globe as revenue declines throughout the sector. According to reports, banks have announced nearly 60,000 job cuts so far this year, with most of the layoffs happening in Europe, especially in Germany.

Also read: Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000

Almost 60,000 Job Cuts

Bank employees are being laid off worldwide. Negative interest rates, political uncertainty and threats of trade wars on a global level have all played their part in eroding banks’ balance sheets, along with interest rate cuts which further reduce margins.

According to year-to-date company filings and labor union disclosures compiled by Bloomberg, banks have announced that they are cutting 58,200 jobs so far this year. The biggest layoffs are in Europe, where 52,424 jobs, or 90% of the total layoffs, are being slashed, as the European banking sector continues to struggle with profitability. Moreover, 2,769 workers in North America are being let go, as are 2,487 in the Middle East and Africa and 513 in the Asia Pacific region.

Massive Layoffs: Banks Cutting Nearly 60,000 Jobs Worldwide
Global layoff breakdown. Source: company filings, labor union disclosures, and Bloomberg.

Furthermore, the data shows ten banks that have laid off the most workers in Europe, with Deutsche Bank leading the pack with 18,000 job cuts. The other banks on the top 10 list are Banco Santander, Commerzbank, HSBC, Barclays, Alfa Bank, KBC, Societe Generale, Caixabank, and the National Bank of Greece.

German Banks Lag Behind Others

The health of Germany’s financial sector has been a top concern for regulators and politicians for quite some time. The low interest rate environment, a global economic slowdown, trade tensions, geopolitical uncertainty, added to structural vulnerability and domestic economic weakness, have negatively impacted German banks. Lenders in Europe’s largest economy sit on large deposits so they are more dependent on lending than those in many other European countries.

The European banking sector has long faced calls for consolidation as banks struggle to generate profits. Two leading German banks — Deutsche Bank and Commerzbank — have attempted a merger, but it fell through early this year, resulting in the pair independently announcing major layoffs.

Massive Layoffs: Banks Cutting Nearly 60,000 Jobs Worldwide

At the top of the downsize list is Deutsche Bank, which began laying off 18,000 workers in July as part of an $8.3 billion overhaul. According to reports, Germany’s largest bank plans to exit its equities sales and trading business as well as its fixed-income business, but will retain a small equity capital markets business. The bank had 91,737 employees at the end of 2018, almost 6,000 fewer than the previous year. The layoffs would shrink its workforce to roughly 74,000 employees by 2022. Deutsche Bank is also dealing with German authorities probing for information about the relation of its Frankfurt headquarters to Danske Bank, which is currently at the center of a massive money-laundering scandal.

Domestic rival Commerzbank, with about 1,000 branches and offices in almost 50 countries, is also downsizing. The German government is a major shareholder of this bank. Commerzbank announced last week a plan to lay off 4,300 of its 49,000 employees in some areas, but will add 2,000 jobs in “strategic areas.” A fifth of its branches will also be closed down in a strategy overhaul.

Massive Layoffs: Banks Cutting Nearly 60,000 Jobs Worldwide

Layoffs Happening Worldwide

Other European and global banks have made similar announcements. “The main factors that could substantially impede European economic sentiment and growth remain the risk of further economic de-globalization, including an escalation of trade conflicts, Brexit and political turmoil in some euro area countries,” KBC Group detailed in its second-quarter earnings presentation for analysts. The bank-insurance group employs 42,000 people, has 1,389 bank branches, and operates primarily in Belgium, the Czech Republic, Slovakia, Hungary, Bulgaria and Ireland. The group also announced this month that its Belgian workforce will be reduced by 1,400 in three years.

Banking giant HSBC is also downsizing. Following the stepping down of former CEO John Flint after being on the job for only 18 months, the bank announced in August that it will cut 4,700 jobs. CFO Ewen Stevenson said up to 2% of the bank’s workforce will go. HSBC group employes 237,685 as of June 30.

Massive Layoffs: Banks Cutting Nearly 60,000 Jobs Worldwide

British multinational bank Barclays already cut 3,000 jobs in the second quarter, CEO Jes Staley and CFO Tushar Morzaria confirmed on an earnings call in August. At the end of last year, the group employed 83,500 staff, according to its annual report.

Spain’s largest bank, Banco Santander, agreed with unions in June to lay off 3,223 workers in Spain as part of the bank’s effort to integrate Banco Popular, a financial services conglomerate with 1,600 branches across Spain. At the end of March, Santander had 32,366 employees and 4,366 branches in Spain. Earlier this year, the bank said it will close 140 branches in the U.K., putting more than 1,200 jobs at risk. Another Spanish bank, Caixabank, announced in January a layoff of 2,157 employees, cutting 7.3% of its total workforce. The largest Catalan bank also plans to close down over 800 branches in Spain out of its 4,461 branches in operation by 2021.

Massive Layoffs: Banks Cutting Nearly 60,000 Jobs Worldwide

One of the largest privately owned banks in Russia, Alfa Bank, is also reducing its workforce. The bank currently employs more than 24,000 workers. CEO Vladimir Verkhoshinsky reportedly said that 3,000 employees, or 12% of the bank’s workforce, will be laid off by the end of the year. This number adds to the 2,000 workers who left the bank during the first quarter. According to reports, the layoffs are mainly due to the bank’s decision to migrate from providing loans in brick-and-mortar stores to offering them online.

France’s third-largest bank, Societe Generale, has also revealed its plans to cut 1,600 jobs, mainly at its corporate and investment banking arm. The bank, which employs 18,000 people in 30 countries, also said in April that it would cut 750 jobs in France.

Other banks that are downsizing include Citigroup, which revealed in July its plans to lay off hundreds of people. BNP Paribas reached an agreement with unions in March to cut as many as 2,500 jobs at its Belgian retail banking unit by 2021. The bank employs 13,000 people in Belgium. Further, the data compiled by Bloomberg shows that the National Bank of Greece is laying off 1,700 workers.

What do you think of banks’ massive layoffs? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock and Bloomberg.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Massive Layoffs: Banks Cutting Nearly 60,000 Jobs Worldwide appeared first on Bitcoin News.



via Kevin Helms

Sunday, September 29, 2019

IRS Releases ‘Tax Cheat’ Info Raising Concerns About Crypto Theft

       No comments
IRS Releases 'Tax Cheat' Info Raising Concerns About Crypto Theft

The U.S. Internal Revenue Service (IRS) released a new report and infographic on Thursday illustrating unpaid or underpaid taxes for the years 2011 – 2013. The numbers reflect estimates based on the last such findings, for the years 2008 – 2010. With commissioner Chuck Rettig citing the importance of voluntary compliance, and crypto’s popularity on the rise, the IRS is growing increasingly concerned with opportunities for tax evasion afforded by the new digital money.

Also Read: Bitcoin Is a Viable Way to Remove the State From Your Life

Voluntary Compliance

The new report and colorful, accompanying infographic don’t show anything out of range from the agency’s estimates last go-round, which found that 83.8% of taxes were paid “voluntarily and on time” for the years 2008 – 2010. The new data shows an 83.6% rate, which is basically unchanged, but also doesn’t show any marked improvement, either. The gross tax gap for the current data has $441 billion in taxes unpaid and/or underreported, with an expected net gap of $381 billion to remain after predicted payments and enforcement results come in. IRS commissioner Chuck Rettig stated:

Voluntary compliance is the bedrock of our tax system, and it’s important it is holding steady.

Those who are familiar with the IRS’s collection methods may question the idea of “voluntary compliance,” with some Americans even viewing the entire scheme as immoral. That notwithstanding, the agency wants its money, and is increasingly concerned with a free radical called crypto that has since entered the scene, facilitating non-compliance.

IRS Releases 'Tax Cheat' Info Raising Concerns About Crypto Theft
Source: https://ift.tt/2nLjXQR

Thanks to Bitcoin, tax gap data for the next few years will be interesting to see. The years 2011 – 2013 represent a slice of time when crypto was still basically a cultural obscurity. That obviously no longer is the case, and growing IRS concern with tax evasion via crypto is all too palpable in the current climate.

Decentralized, permissionless digital assets afford knowledgeable users the ability to barter, trade and transact in relative anonymity. Given the masses of taxpayers required to keep the current U.S. Keynesian debt-liner afloat, and not come crashing into the iceberg of economic reality, the understaffed and underfunded agency is forced to resort to what some see as fear-mongering in place of logical, well-organized policy. Supporting this thesis is Rettig’s almost desperate proclamation that:

Maintaining the highest possible voluntary compliance rate also helps ensure that taxpayers believe our system is fair.

Hopefully it is more than belief upholding an expected $3.4 trillion-yielding federal tax collection drive for 2019, much of which will be spent on policies and actions large slices of the populace view as objectionable, inefficient, or immoral.

IRS Releases 'Tax Cheat' Info Raising Concerns About Crypto Theft
An IRS Criminal Investigation Division agent practices encouraging voluntary compliance.

The Global Crypto Threat

The IRS’s concern with tax evasion via crypto doesn’t end at the U.S. border. The recently formed J5 (Joint Chiefs of Global Tax Enforcement) is a coalition of enforcement agencies around the world comprised of the IRS’s criminal investigation division (IRS-CID), the “Australian Criminal Intelligence Commission (ACIC) and Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Fiscale Inlichtingen- en Opsporingsdienst (FIOD), HM Revenue & Customs (HMRC).” The goal of the coalition is “combatting transnational tax crime through increased enforcement collaboration.” The J5 declares:

We will work together to gather information, share intelligence, conduct operations and build the capacity of tax crime enforcement officials.

Regarding tax evasion and money laundering via cryptocurrencies, the group maintains “We will also collaborate internationally to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime and to make the most of data and technology.”

In light of the not-so-subtle language coming from the IRS and related agencies, many crypto traders are turning to groups and services aimed at making the murky waters of crypto tax reporting more navigable. These services include actual CPAs as well as DIY software, some of which is guided by professional advice. Whatever one’s path, the age of crypto has arrived, and the next “hard fork” may be between those who wish to leverage the full capabilities of crypto as permissionless digital asset, and those whom the IRS succeeds in pressuring to voluntarily comply, completely. The next tax gap report will likely tell the tale.

What are your thoughts on the new IRS data? Let us know in the comments section below.

Image credits: Shutterstock, fair use.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post IRS Releases ‘Tax Cheat’ Info Raising Concerns About Crypto Theft appeared first on Bitcoin News.



via Graham Smith

Bitcoin Is a Viable Way to Remove the State From Your Life

       No comments
Bitcoin Is a Viable Plan to Remove the State from Your Life

The last decade has seen central banks print trillions of dollars, governments grown much larger, wars continue with no end, and ordinary citizens taxed even more. Thankfully there are individuals and small pockets of people all around the world who believe something is wrong. Many of these people have a plan to help end the illegitimacy of the nation states. Whether it be through protests, unschooling, and spreading stateless education, there are various methods available in this day and age. Bitcoin and the cryptoconomy are also great forms of protest, providing an experiment of voluntarily trade in an untaxed, unregulated economy.

Also read: Software Engineer Reveals Oracle Creation Platform for Bitcoin Cash

Satoshi’s Invention Unleashed an Alternative to the Rigged Financial System

Despite the negativity surroundings the failures of governments worldwide, some people have a strategy to fight back. As the years have progressed, bureaucrats have continued to plunder the everyday lives of billions of people worldwide. They wage wars, devalue currencies and cause inflation. The state and colluding corporations pollute and perpetuate violence on a regular basis. Even though things look bleak, there are people fostering a slow evolution toward a free society. Various methods and tools can be used to build a comprehensible plan that removes the state from every individual’s life. One of the tools that’s being used to achieve more liberty is Satoshi’s bitcoin and the wide variety of other digital currencies born afterward. Using a digital currency can remove the state from economic equations and bypass intrusive bureaucracies.

Governments get most of their power from the financial system and they have rigged the structure so as to drain the world’s wealth to a small corrupt group of individuals. To a lot of people, using a digital currency to circumvent the rigged system is morally valid in the face of the nation state’s deceit and fraud. At any point in time, individuals can use a cryptocurrency like bitcoin cash to remove themselves from the manipulated economy that funds evil.

Bitcoin Is a Viable Way to Remove the State From Your Life

When Satoshi unleashed the network in January 2009, the creator gave people an alternative to the state’s tender and the ability to remove ourselves from the global banking system. Cryptocurrencies have been around for over 10 years now and they have provided individuals and organizations with the ability to pull value away from the corrupt monetary system the world’s bureaucrats have created. Alternative monetary systems can make the nation state’s filthy fiat irrelevant.

Bitcoin Is a Viable Way to Remove the State From Your Life

Anarchy, Agora, Action: Building a Strong Counter Economy

Despite the fact that a lot of digital assets are tied to public ledgers, there are still ways to transact anonymously. People can barter or work for cryptocurrencies and obtain them in a private fashion. They can pay cash for digital currencies as well by skipping over the banking rails entirely. Certain cryptocurrencies like bitcoin cash (BCH) can be mixed with shuffling platforms like Cashshuffle. There are coins have high sets of anonymity and blockchains that render transaction analysis null and void. People can still use Tor, virtual private networks (VPNs) and trade printed paper bearer bonds as well.

Bitcoin Is a Viable Way to Remove the State From Your Life
Using bitcoin or cryptocurrency solutions to bypass the state is a form of agorism. The philosophy of agorism is based on the principles of counter economics and free markets. State monopolies are challenged because there is no restriction on the voluntary exchange of goods and services in the counter economy.

With some determination and good operations security (opsec), anyone can transact with cryptocurrencies in a private manner. Over time, individuals can create a better financial system that’s both anti-establishment but which also develops a priori axiomatic tenets toward a strong counter economy. All it takes to join this sub-economy is some effort and a passionate drive toward freedom. In April 2014, Bitcoin Not Bombs founder Davi Barker explained in a Daily Anarchist blog post that the counter economy is the most efficient tactic against the state, writing:

The key to putting both feet in the counter economy is taking the initiative, soliciting feedback, and making a profit. Agorism provides the most sustainable activist strategies because it’s rooted in the market, not in the political system.

It may take a while for the counter economy to defeat the state but it’s wielding more strength every day. Satoshi’s invention has, at the very least, shown the world that there are alternatives to this manipulated monetary system. There are lots of people who believe Nakamoto was a libertarian who gave the world a new tool to fight against the status quo.

“We will not find a solution to political problems in cryptography, but we can win a major battle in the arms race and gain a new territory of freedom for several years,” Satoshi said in November 2008. “Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.” Bitcoin’s inventor outlined a permissionless roadmap for peer-to-peer electronic cash that attracted people who rejected the traditional financial incumbents.

Bitcoin Is a Viable Way to Remove the State From Your Life
An interview I did with Cody Wilson in 2015.

Cryptocurrencies derive their value and power from voluntary consumers while the state takes its power from stealing from nonviolent consumers they call citizens. Without continued support from consumers, the state and its monetary system will eventually fall apart. All people have to do is convince enough individuals to support the counter economy.

Do you want to learn more about the counter economy? Check out these links below.

What do you think about bitcoin and digital currencies being used as a tool to circumvent the state? What do you think about the relationship between cryptocurrencies and agorism? Let us know what you think about this subject in the comments section below.

Op-ed Disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

Image credits: Shutterstock, Bitcoin Not Bombs, Davi Barker, Jamie Redman, Wiki Commons, and Pixabay.

Did you know Bitcoin.com offers a peer-to-peer trading platform that allows for private, noncustodial over-the-counter trading? Check out Local.Bitcoin.com today. Alternatively, you can head over to our Purchase Bitcoin page where you can easily buy BTC and BCH with a credit card. Or register for our online trading platform Exchange.Bitcoin.com. At Bitcoin.com we want everyone to get access to cryptocurrencies.

The post Bitcoin Is a Viable Way to Remove the State From Your Life appeared first on Bitcoin News.



via Jamie Redman

International Crypto Exchange Luno Adds Bitcoin Cash Trading

       No comments

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH, but more options could be on the way once Luno determines that they are credible enough.

Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US

Luno Adds Bitcoin Cash Trading

Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH.

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Marcus Swanepoel, CEO of Luno, said, “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and application of cryptocurrencies. Luno has been part of this change and has listened to, and always worked hard to understand the needs of these developing economies. It is for this reason we have moved to expand our offering of secure and legitimate digital currencies to individuals, enabling cross-functional accessibility and transfer of funds.”

Available in 40 Countries Around the World

The Luno team promised their clients that the offering will continue to expand after the addition of bitcoin cash, with new digital assets to trade on the platform. However, they also assured users that safety will continue to come first and explained that any new coins added to the platform will have been monitored by the company for several years, having the credibility to make it onto one of the world’s leading cryptocurrency exchanges.

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Marius Reitz, General Manager Africa for Luno, commented, “There are over 2,000 cryptocurrencies in the market and we take our role as a trusted platform very seriously. We are therefore very cautious about new coins. We only add new coins once we are confident of their security, credibility, and market traction.”

The company claims to have around 3 million users worldwide, spread across 40 countries. Luno also has local offices in South Africa, Indonesia, Nigeria, Singapore and Malaysia, with a workforce of over 300 employees around the world.

If the platform you are using does not support bitcoin cash, besides convincing the company to do so, you can purchase it directly at buy.Bitcoin.com, buy it from peer-to-peer traders at local.Bitcoin.com, or simply join exchange.Bitcoin.com.

What do you think about Luno adding bitcoin cash trading? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.

The post International Crypto Exchange Luno Adds Bitcoin Cash Trading appeared first on Bitcoin News.



via Avi Mizrahi