Area 51 bitcoin
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How do you begin to communicate with something that has no commonality with you?
Show an alien that exact structure in action, and it will allow us to form the basis of communication. Now they know that two is the next number after 1 and have begun to build the schema to use arabic numerals to communicate via math. English and all other languages are simply ways to add color to fact math and transmit value through communication. Once aliens begin to communicate with us mere earthlings, the next obvious realization is that they see us as just that: earthlings. The USD is the world reserve currency and is already widely used, but people will not be satisfied for long with having to use a currency in their everyday lives that they ultimately have no control over and that has no interest in seeing them succeed, no matter where they live on the planet.
If only we had a solution….
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Bitcoin will be the obvious way for us to unify our world under a common value system. Bitcoin will be how we transact with aliens. Bitcoin is effectively math money and, therefore, would be the first choice for aliens to transact with as well. Thanks to SegWit and the Lightning Network or at least what the Lightning Network could eventually become , it would be possible not only for aliens to transact in bitcoin locally local to Earth anyway , but also take it with them back to their own planets and create mesh Lightning Networks to trade there.
Effectively, aliens would be able to treat bitcoin in the same way Americans treat euros, and, assuming they also have a digital monetary system equal to bitcoin, we might be able to do the same with their currency. This is all assuming these aliens are not adversarial creatures.
Currently, miners get 6. But this reward changes roughly every four years, or after every , blocks are mined and gets reduced by half each time. This whole process is called bitcoin halving. Also Read The curious case of the glowing beaches. Till now we have had three bitcoin halving events; the most recent being on 11 May Notably, every halving brings with it a change in the bitcoin price.
When bitcoin was first launched in , miners used to earn 50 BTC as rewards for processing per block. After the first halving, the reward was reduced to 25 BTC, then to These miner rewards are what dictates the inflow of new bitcoins in circulation. So when these rewards are cut into half, the inflow of new bitcoins reduces. That is where the economics of demand and supply kicks in.
While the supply shrinks, the demand varies increases or decreases and the price changes accordingly. Inflation is the reduction in purchasing power for something, the currency in this case. But the core infrastructure of bitcoin is built for it to be a deflationary asset. Halving plays a pivotal role to ensure this. Its current inflation rate is 1.
This depends, in particular, on how the cryptocurrencies are being stored and the technical details of how such storage occurs. Specifically, with regard to stable coins, no general statement is possible whether financial market activities in connection with such coins require any financial market licence. Depending on their design features, stable coins must therefore be analysed on a case-by-case basis to determine whether any such licence is required. Design features such as i whether a single underlying or a basket of underlyings is used, ii the type of underlying, as well as iii if the stable coin in question gives the holder a contractual redemption claim with regard to the underlying s , respectively, the value of the underlying s , or if the token merely fulfils the function of evidencing an ownership position with regard to the underlying s , may be decisive.
For example, according to the FINMA Supplement, in particular issuers of stable coins that are linked to i fiat currency applying a fixed ratio e. For instance, FINMA may qualify a currency, security or commodity-linked stable coin that provides each holder with a redemption claim, whose value is derived from the value of a basket containing various currencies, securities, and commodities, as a collective investment scheme, provided that the underlying assets contained in such basket are managed by the issuer for the account and risk of the token holders.
The latter, according to FINMA, mainly means that all opportunities and risks of asset management in the form of profits or losses due to, among other things, interest rates, fluctuations in the value of the underlying assets, and counterparty and operational risks, are borne by the holders of the stable coin in question.
With regard to licensing requirements, it must further be kept in mind that Switzerland implemented the new FinIA along with the FinSA in These new acts set forth a new licensing requirement for individual asset managers and a registration requirement for client advisors. Such registration will be subject to certain requirements such as proof of sufficient education, training and professional experience in the respective area of practice.
Under the current Swiss insolvency regime, it is not sufficiently clear whether cryptocurrencies could be segregated in favour of the entitled creditors if a third-party custodian, such as a wallet provider, were to enter into bankruptcy proceedings. In view of these uncertainties, the DLT-Draft Law suggests certain amendments to the Swiss Debt Enforcement and Bankruptcy Act, in order to allow the segregation of cryptocurrencies for the bankruptcy estate of an insolvent third-party custodian. The segregation in favour of the creditor will, however, among other things, require that the cryptocurrencies or tokens in question can unambiguously be allocated to the respective creditor, whereby this allocation can be achieved via the distributed ledger itself or by other means, such as an internal register reflecting the respective cryptocurrency accounts of the respective creditors outside the distributed ledger or by giving each token a specific serial number that can be allocated to the respective creditors.
In this case, the proportion of the remaining tokens to which the entitled person in question is entitled can be segregated. In this way, it is possible to keep the tokens of several customers in one collective account or in several collective accounts. Therefore, the custody set-up under which the cryptocurrencies are stored is decisive for the question whether the cryptocurrencies can be segregated in insolvency.
Switzerland has no laws or regulations that are tailor-made to the phenomenon of cryptocurrencies or mining of cryptocurrencies.
Hence, mining of cryptocurrencies is permitted and the activity is not subject to particular laws and regulations. In Switzerland, there are no particular border restrictions or declaration requirements that would apply to cryptocurrencies. In Switzerland, making payments with cryptocurrencies is not a regulated activity and there are no reporting requirements to be met when such payments are made. In Switzerland, there are no particular estate planning or testamentary succession aspects concerning cryptocurrencies. Under Swiss law, heirs acquire the inheritance as a whole upon death of the testator by operation of law.
Bitcoin consumes 'more electricity than Argentina'
Therefore, all possessions with an inheritable value are transferred to the heirs by universal succession. Cryptocurrencies such as Bitcoin are considered to have an inheritable value. Bitcoins that are recorded on a blockchain are attached to the latter. Problems arise when the heir does not possess the necessary means usually the private keys to dispose of the inherited cryptocurrencies.
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Blockchain & Cryptocurrency Regulation 2021 | Switzerland
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Government attitude and definition. Cryptocurrency legislation. Sales regulation.
Once installed, the user can go to Slushpool. Mining one additional TH in the location scenario leads to a carbon footprint of 3. Although there were concerns that the pandemic might hurt business, foot traffic actually rose during lockdowns. The information currently available on the location of Bitcoin miners is scarce and inaccurate. In other words, miners have a degree of influence on the decision-making process on such matters as forking. Next, the sensitivity of the baseline model with respect to other key parameters was tested. Thus, the Canton of Zug will be the first Swiss canton in which taxes can be paid with cryptocurrencies.
Money transmission laws and anti-money laundering requirements. Promotion and testing. Ownership and licensing requirements. Border restrictions and declaration. Reporting requirements. Estate planning and testamentary succession. Back to top. Definition Swiss law does not define the term cryptocurrency or virtual currency. Utility tokens are tokens that are intended to provide access digitally to an application or service by means of a DLT-based infrastructure.
Asset tokens represent assets such as a debt or an equity claim against the issuer. Asset tokens promise, for example, a share in future company earnings or future capital flows. In terms of their economic function, therefore, such tokens are analogous to equities, bonds or derivatives.