Can Bitcoin Be Shutdown? Let’s See… - The Money Mongers

Can Bitcoin Cash Be Shutdown In Case of Government Intervention?

If the government wakes up one day and decides crypto is too threatening and they go full force against it by imposing an absolute ban on all crypto, including going after any individual that's keeping a certain blockchain running. What will happen to Bitcoin Cash then?
Technically speaking, wouldn't all crypto currencies be doomed except for BTC? I make this assumption because BTC is the only one with no central figure behind it. Satoshi can't be threatened/ found as he/she/they are anonymous.
TLDR: If worldwide governments wage war against all cryptocurrencies, including any figure behind them (imprisonment, stiff penalties etc..), wouldn't all cryptos be doomed except for Bitcoin Core since it's the only blockchain who's creator is anonymous?
Please only reply if you have valuable input to add. Not trying to antagonize anyone, just trying to have a healthy constructive dialogue.
Disclaimer: I don't own any Bitcoin Core. I actually own Bitcoin Cash.
EDIT: thank you all for your insightful comments.
submitted by mr9714 to Bitcoincash [link] [comments]

Government CAN’T Shutdown Bitcoin But The CAN Regulate It! Kevin Werbach Interview

Government CAN’T Shutdown Bitcoin But The CAN Regulate It! Kevin Werbach Interview submitted by WebSwiftSEO to CryptocurrencyVideos [link] [comments]

Launch of Bakkt Physical Bitcoin Futures Likely Delayed Further from Government Shutdown – Crypto.IQ | Bitcoin and Investment News from Inside Experts You Can Trust - CryptoIQ

Launch of Bakkt Physical Bitcoin Futures Likely Delayed Further from Government Shutdown – Crypto.IQ | Bitcoin and Investment News from Inside Experts You Can Trust - CryptoIQ submitted by ulros to fbitcoin [link] [comments]

Crypto Today: US Government Shutdown Can Delay Bakkt, Bitcoin Fundamentals Getting Stronger

Crypto Today: US Government Shutdown Can Delay Bakkt, Bitcoin Fundamentals Getting Stronger submitted by n4bb to CoinPath [link] [comments]

Crush The Street - Government CAN’T Shutdown Bitcoin But The CAN Regulate It! Kevin Werbach Interview

Crush The Street - Government CAN’T Shutdown Bitcoin But The CAN Regulate It! Kevin Werbach Interview submitted by Yanlii to cryptovideos [link] [comments]

Can Bitcoin Cash Be Shutdown In Case of Government Intervention? /r/Bitcoincash

Can Bitcoin Cash Be Shutdown In Case of Government Intervention? /Bitcoincash submitted by SimilarAdvantage to BitcoinAll [link] [comments]

01-20 19:25 - 'Chuck Schumer - "Make DACA Great Again While I Still Get Paid!!!" "I got time to make a speech but I can't make time to stop a government shutdown" #SchumerShutdown #ShutdownSchumer' (youtube.com) by /u/chadherrella removed from /r/Bitcoin within 17-27min

Chuck Schumer - "Make DACA Great Again While I Still Get Paid!!!" "I got time to make a speech but I can't make time to stop a government shutdown" #SchumerShutdown #ShutdownSchumer
Go1dfish undelete link
unreddit undelete link
Author: chadherrella
submitted by removalbot to removalbot [link] [comments]

China Government shutdown Deposit from bank to Bitcoin exchange website. only can withdraw now

many exchange website cannot deposit CNY to user account
submitted by swordking to Bitcoin [link] [comments]

“You cant ban Bitcoin” this is the common phrase I hear

All US government has to do is sanction and fine every bank that allows withdraws to crypto exchanges. This will dry up liquidity as no new fiat will enter the space. Congress could also tax crypto long term capital gains at 90% and also implement a “holding tax” per year. This would kill Bitcoin and all cryptocurrencies.
No liquidity- no market. Once bank services are eliminated Bitcoin price collapses 90%. This causes miners to become unprofitable and shutdown which creates a death spiral.
The government will seize any hard sound money and drive it out of the market because it does not serve their agenda. The government must control where capital flows or it has no power.
I fully 100% believe the US government will successfully kill crypto.
Oh and I don’t think it’ll come to this but if need be the US government can just make it a crime to hold BTC and because it isn’t private at all and most exchanges are KYC your identity is already tied to your associated wallets. 1-2 year jail time should do the trick.
submitted by justbought100k to CryptoCurrency [link] [comments]

dxDAO aims to power DeFi protocols through decentralized governance

I found this article on internet. It's repost of it to help educate people about all DXDao advantages:
These are positive and necessary steps for DeFi. The new governance structures are intended to help coordinate across community stakeholders and make better decisions. These dynamics are influenced by the issues covered in Dose of DeFi, but I believe they deserve their own focused analysis.
Govern This aims to educate token holders and make them better voters. Emphasis will be placed on specific governance proposals and relaying community governance discussions on forums and weekly calls.
Governance is a coordination technology that has helped countries and companies build more than the sum of their parts. Blockchains are also a coordination technology, but for computers, not humans***.*** Govern This will track the development of the melding of these two over the coming years.
Like governance, Govern This is a work in progress. I would appreciate any feedback on format, topics covered or any other suggestions to make the newsletter better. Just hit reply.
The first issue of Govern This is below. Please click here to subscribe.
Thanks for reading,
Chris
📷
dxDAO aims to power DeFi protocols through decentralized governance
Gnosis launched a long-awaited DEX last week with batched auctions for low-liquidity trade pairs. The front-end, Mesa.Eth.Link is owned and operated by dxDAO, a decentralized collective that hopes to power other DeFi protocols.
While dYdX does not have any specific governance plans (yet), this tweet from dYdX founder Antonio Juliano is a common approach to governance.
📷Antonio Juliano @AntonioMJuliano3) 0x should focus less on governance in the short term. It’s way more important to first build something with a large amount of adoption that’s worth governing
December 6th 2018
3 Retweets62 Likes
The tweet at the end of 2018 was in response to 0x and its native token, ZRX. The project was popular but the token had no use case outside of governance.
This governance strategy – build now, decentralize later – is widely accepted in the space and is perhaps best exemplified by the A16Z’s Jesse Walden’s post, “Progressive Decentralization: A Playbook for Building Crypto Applications”, which the A16Z-backed Compound has essentially implemented (more in the section below).
dxDAO, on the other hand, maintains that decentralization must come at the beginning or else the core team and investors will have an outsized influence on the project in formal (token voting) or informal ways (dictators for life).
Background
dxDAO was launched in May 2019, spun out of a collaboration between Gnosis and DAOstack over managing the DutchX platform. dxDAO’s key governance design is separating financial rights to the DAO (DXD) from voting power over the DAO (Reputation). It used an Edgeware-style lock drop to distribute reputation to stakeholders in May of last year. Any user could lock up ETH or an accepted ERC-20 for a month and receive Reputation, which are voting rights in dxDAO, even though it is not a token and cannot be transferred.
Over 400 unique Ethereum addresses participated in the distribution scheme. Gnosis went through a pretty extensive process in July 2019 to “step back” from its involvement in the DAO, and since then, the community and dxDAO have aligned behind a mission of “putting the ‘De’ in Decentralized Finance”.
Following on last week’s launch of Mesa.ETH.Link, dxDAO is conducting a fundraiser or (“DAICO”?) to help fund its new slate of DeFi products, including a prediction market platform (Omen) and a privacy-centric DeFi dashboard (Mix).
Project launch is typically when a project is most centralized. Execution is hard and direction and accountability are important. dxDAO’s approach will be an interesting counterexample to the “decentralize later” trend and may provide insight into new governance strategies.
Click here for more information about the dxDAO fundraiser.
Here’s what is on the dxDAO docket this week:
Compound governance goes live, has it found Market-Protocol-Fit?
Since its founding in 2017, Compound has executed with an almost flawless record: no bugs/hacks, a major protocol upgrade and a big name fundraise (twice).
But all of that has been because Compound, the company, has executed well, but can protocol development and the growth of the platform be sustained with community management? We shall see.
Compound’s governance system could not be simpler. Anyone with at least 1% of COMP can submit a proposal of executable code. COMP holders have a 3 day voting period; the proposal passes with a majority of token votes AND a 4% quorum of all COMP tokens.
The 1% minimum for proposal submission is a good anti-Sybil mechanism but it greatly limits participation by small users. There is delegation, so you could imagine a “proposal petition” where you would delegate your COMP to a proposal instead of signing your name.
Compound is clearly taking the “less governance is the best governance” approach. This has worked surprisingly well with Bitcoin and Ethereum, which of course, do not have any formal governance, but those communities clearly have informal governance systems that make decisions.
The biggest governance question for Compound: who is the community?
Market-Protocol-Fit
Other Internet has an intriguing essay on the emergent order from new blockchain tokens and their communities. It is worth a read. It discusses the emergent iteration that blockchains – as a technology and a community – go through to find a niche, both in culture and product.
While it focuses on base-layer blockchains that launch with a token, the essay underscores the most underrated governance element: token distribution. It quotes an insightful tweet from Eric Wall
📷Eric Wall @ercwlA question that keeps me up at night: Is it possible to create a rubbish coin based on advanced bullshit, build a community of misguided fans nevertheless, run it centralized for 5 yrs, hardfork-copy the design of a real working project, keep the community and become a success?
keysheet @keysheet
@ErcWll was one of the first vocal critics of IOTA back in 2017, shortly before the project hit a market cap of $15B. https://t.co/2267e8LEpl Today, the project is down 99% and appears to be brutally falling apart. A thread:
February 13th 2020
17 Retweets163 Likes
Before Bitcoin could harden its code and find ‘Digital Gold’ and before Ethereum found ‘DeFi’ and ships ETH2.0, both needed to find a “a strong community of believers” in order to create a “virtuous cycle between headless brands and infrastructural build-out to progressively realize [their] initial promise.”
Communities are connected through a wide spread token distribution, Bitcoin through cypherpunks and online drugs and Ethereum through a global ICO (what Teo Leibowitz called “The Immaculate ICO”).
$COMP distribution
The biggest “news” has been details about $COMP distribution:
There are no explicit plans yet, but the widely held assumption is that the COMP distribution will be determined by the interest earned and paid by users on the protocol since its inception. This is a clever way that only incentivizes more use of the protocol and is hard to game because interests accrues over time.
But the question still remains, what will the COMP community look like and what values will it espouse? Can emergent cultures arise out of Silicon Valley too?
Here’s what is on the Compound docket this week:
Maker and wBTC, a test case for the MIP process
While Maker had planned to spend Q2 moving forward with their upgraded governance process, most of its focus has been on restoring the Dai peg.
For more on how the Maker governance process has expanded outside the core community, check out the previous edition of Govern This.
Here’s what is on the Maker docket this week:
Governance and Risk meeting (April 23)
Single Collateral Dai shutdown – the process has begun. A poll passed with May 12 as the official SCD shutdown. Just yesterday, an executive just passed yesterday to make the MKR oracle fee-less, which will help with migration. Many in the community think the migration of debt from SCD will do more than enough to restore the peg.
13 MIPs and 2 sub proposals – Core to the new Maker governance process is the “Maker Improvement Proposals (MIPs), which are modeled off of BIPs (for Bitcoin) and EIPs (for Ethereum). The two sub-proposals are to appoint the Smart Contracts Team and assign Charles St. Louis as the MIP editor.
The 13 MIPs are listed below:
- MIP1 (Maker Governance Paradigms)- MIP2 (Launch Period)- MIP3 (Governance Cycle)- MIP4 (MIP Amendment and Removal Process)- MIP5 (Emergency Voting System)- MIP6 (Collateral Onboarding Form/Forum Template)- MIP7 (Onboarding and Offboarding Domain Teams for Collateral Onboarding)- MIP8 (Domain Greenlight)- MIP9 (Community Greenlight)- MIP10 (Oracle Management)- MIP11 (Collateral Onboarding General Risk Model Management)- MIP12 (Collateral and Risk Parameter Management)
By and large, the MIPs codify many of the informal Maker governance processes. There is currently a request for comments period (MIP forum) and there will be an informal poll on Monday, April 27 on whether to proceed with the 13 MIPs and 2 sub proposals. If it’s a “Yes”, than an executive for an official ratification vote would start on May 1 and lasts for 4 days. If it passes, the official governance cycle will begin and the rest of the MIPs will likely be approved from May 4 – 6.
Other Governing Things
That’s it! Feedback definitely appreciated. Just hit reply. Written in Brooklyn where it rained all day. No euchre today, but yesterday was epic.
Govern This is written by Chris Powers. Opinions expressed are my own. All content is for informational purposes and is not intended as investment advice.
submitted by yaroslav_karpov to CryptoMoonShots [link] [comments]

You can not stop transactions but you stop people from using the network

All US government has to do is sanction and fine every bank that allows withdraws to crypto exchanges. This will dry up liquidity as no new fiat will enter the space. Congress could also tax crypto long term capital gains at 90% and also implement a “holding tax” per year. This would kill Bitcoin and all cryptocurrencies.
No liquidity- no market. Once bank services are eliminated Bitcoin price collapses 90%. This causes miners to become unprofitable and shutdown which creates a death spiral.
The government will seize any hard sound money and drive it out of the market because it does not serve their agenda. The government must control where capital flows or it has no power.
I fully 100% believe the US government will successfully kill crypto.
Oh and I don’t think it’ll come to this but if need be the US government can just make it a crime to hold BTC and because it isn’t private at all and most exchanges are KYC your identity is already tied to your associated wallets. 1-2 year jail time should do the trick.
submitted by justbought100k to Bitcoin [link] [comments]

A Deep Dive Into IRS Crypto Audits (Podcast & Highlights)

Hey all - the newest episode of The BitcoinTaxes Podcast is live. For anyone unfamiliar, it's a podcast where I interview experts in the crypto/blockchain/fintech spaces. In this episode I speak with a tax controversy lawyer about how to handle a CI agent showing up at your door about your crypto, and what to do to avoid getting to that point.
Full disclosure, I work for BitcoinTaxes and also host this podcast. I typically post my interviews to our own subreddit and one or two other subreddits (not trying to spam people). This subreddit's community seems to enjoy/engage with the episodes when I post them. If there's any issue with me posting here please let me know, otherwise I hope you guys enjoy this episode and gain some valuable knowledge. Feel free to hit me with any questions and I can relay them to Alex.
----
Links:
Podcast Page Link
Audio Only

Brief Summary:
This episode's guest is Alex Kugelman. Alex is a tax controversy lawyer with expertise in cryptocurrency and IRS audits. Alex is a frequent guest on this podcast - back in July 2019 he came on the show to discuss the IRS Educational Letters that were being sent out. Before that, in May, he shared some excellent information about IRS cryptocurrency audits. Today, he elaborates on these topics and goes in-depth about what could happen in a potential crypto audit.
Alex provides tips in the case of an IRS CI agent showing up at your door, revisits compliance post-2019 IRS FAQ update, and gives us his take on the effect of COVID-19 in taxes and crypto.

Some good quotes:
"In the past year, what I've seen, the single common element of all IRS criminal investigations relating to cryptocurrency is that there is evidence that there have been sales of cryptocurrency and it cannot be reconciled to the tax return." (07:10)
"I think it's very likely that exchanges are providing information to the government if it's requested, especially U S based exchanges that are trying to be in the good graces of regulators." (09:44)

EPISODE HIGHLIGHTS AND DISCUSSION

Don't Under-Estimate Over-Reporting (03:12)

Alex: I'm a big believer of over-reporting, which means give as much detail as you possibly can. I think a lot of people get into trouble. They go: “Oh, I reported my transactions”... and you look at the tax return and it's a single line that says “cryptocurrency” and the net number. You have to think through objectively. I've not seen an issue where the IRS has taken a really hard position on lost records as long as you're making reasonable assumptions and using fair market value data.

A CI Agent's M.O. (10:30)

Alex: CI's agents are fairly sophisticated. If they have some information, and they can see these different transfers to different exchanges or wallets - they can piece it together and there's nothing to stop them from going and getting that data at that point as well. That's why I think it's really important that people...try to do the most reasonable good faith effort because it's hard to make a criminal case out of an accounting error. It's much easier to make a criminal case when someone's sold hundreds of thousands of dollars of cryptocurrency and then transferred that fiat into a U S bank account.

Unmatched Trades and Missing Data (12:16)

Alex: The more transactions that you have...with missing information...could lead to more questions. The question becomes where or how did you obtain this cryptocurrency and why is it that you don't have records?
A very common example is Mt. Gox. The exchange goes down, the records go down. That's really common. If that's the story, I wouldn't be worried about it. But, if you were being paid in cryptocurrency for a couple of years, never reported it as income, and now you're selling it - that's more problematic. It could lead to issues down the line.

CI Agents Paying You A Visit (14:35)

Alex: A lot of times when a CI agent shows up it's meant to catch people off guard. If a CI agent is showing up at your door regarding cryptocurrency, it means they already have information that they believe there was a crime and that would lead to a conviction of a crime. So you're not going to explain that away in an hour long conversation in your living room. It's not going to happen. That's not the way it works.
There's always going to be two agents, because one is going to be a witness for this conversation. You just need to remember: decline the interview. There's nothing wrong with that. Get a card and: “my counsel will contact you”. That's it.
The other thing to keep in mind that's really important is that you don't want to start doing things that are new crimes. You don't want to go in and start destroying records or erasing emails. Taking those kinds of steps is only going to make it worse.

Coronavirus, Audits, and Amended Returns (31:05)

Alex: The IRS is, for the most part, shutdown. That means that they're not really issuing new audits right now. It also means that the forced collections, when you owe money to the IRS and they levy your bank account or issue liens - that’s not going on right now. So for clients or for taxpayers who owe the IRS money...if they are currently in an installment agreement with the IRS, then actually they can forego those monthly payments right now.
The IRS is already an underfunded agency, and it was affected by the government shutdown recently. There's really a big backlog to begin with. I mean it's hard to estimate how much this [virus] is going to affect the administration of tax compliance. I think it's a great time to amend a tax return or to get into compliance.
submitted by Sal-BitcoinTax to BitcoinMarkets [link] [comments]

Bitcoin Can Be Stopped - Prove me Wrong

Prove me wrong so I can invest in BTC again...
To get a transaction on the chain a client or a client's exchange must be able to send IP packets to one of the nodes on the network, which are all known publicly. ( https://bitnodes.io/ ). Newly initialized clients find these nodes by getting a message from special (trusted) DNS servers - see ( https://stackoverflow.com/a/41708702/5870826 )
If a country decides their fiat currency (and their political power) is endangered by bitcoin, they can block all traffic to the bitcoin nodes and specialized DNS's in their countries. That doesn't stop BTC. The sophisticated can use a VPN to get outside their country to reach unsuppressed nodes.
Some pro-freedom countries will resist pressure to suppress their nodes & DNS's. Sweden, Iceland...
There's a precedence for this. Switzerland made a lot of money providing private banking. For years they told foreign governments to pound sand when asked about Swiss bank accounts. Yet today that is broken. The Swiss folded when presented an ultimatum by the US.
Similarly countries that would prefer to leave BTC alone will be pressured. "Iceland: Stop your BTC mining, nodes, and DNS's or all internet traffic between Iceland and the US, China, and the EU will be blocked". They'll fold. They'll shutdown the BTC nodes in their country. They'd have no choice.
With countries rolling out national central bank sponsored cryptocurrency we are fast approaching the time when national governments will work individually and cooperatively to suppress alternatives to their national currencies. They can, en masse, cripple or kill BTC and all other crypto by suppressing the known nodes, miners and DNS's.
Why am I wrong?
submitted by FlippingWingNut to Bitcoin [link] [comments]

A Deep Dive Into IRS Crypto Tax Audits (Podcast and Highlights)

Hey all - the newest episode of The BitcoinTaxes Podcast is live. For anyone unfamiliar, it's a podcast where I interview experts in the bitcoin/blockchain/fintech spaces. In this episode I speak with a tax controversy lawyer about how to handle a CI agent showing up at your door about your crypto, and what to do to avoid getting to that point.
Full disclosure, I work for BitcoinTaxes and also host this podcast. I typically post my interviews to our own subreddit and one or two other subreddits (not trying to spam people). I've not really posted past episodes to this subreddit, but I thought it would be a pretty interesting listen for bitcoin/crypto enthusiasts and traders. If there's any issue with me posting here please let me know, otherwise I hope you guys enjoy this episode and gain some valuable knowledge. Feel free to hit me with any questions and I can relay them to Alex.
----
Links:
Podcast Page Link
Audio Only (~35 mins)

Brief Summary:
This episode's guest is Alex Kugelman. Alex is a tax controversy lawyer with expertise in cryptocurrency and IRS audits. Alex is a frequent guest on this podcast - back in July 2019 he came on the show to discuss the IRS Educational Letters that were being sent out. Before that, in May, he shared some excellent information about IRS cryptocurrency audits. Today, he elaborates on these topics and goes in-depth about what could happen in a potential crypto audit.
Alex provides tips in the case of an IRS CI agent showing up at your door, revisits compliance post-2019 IRS FAQ update, and gives us his take on the effect of COVID-19 in taxes and crypto.

Some good quotes:
"In the past year, what I've seen, the single common element of all IRS criminal investigations relating to cryptocurrency is that there is evidence that there have been sales of cryptocurrency and it cannot be reconciled to the tax return." (07:10)
"I think it's very likely that exchanges are providing information to the government if it's requested, especially U S based exchanges that are trying to be in the good graces of regulators." (09:44)

EPISODE HIGHLIGHTS AND DISCUSSION

Don't Under-Estimate Over-Reporting (03:12)

Alex: I'm a big believer of over-reporting, which means give as much detail as you possibly can. I think a lot of people get into trouble. They go: “Oh, I reported my transactions”... and you look at the tax return and it's a single line that says “cryptocurrency” and the net number. You have to think through objectively. I've not seen an issue where the IRS has taken a really hard position on lost records as long as you're making reasonable assumptions and using fair market value data.

A CI Agent's M.O. (10:30)

Alex: CI's agents are fairly sophisticated. If they have some information, and they can see these different transfers to different exchanges or wallets - they can piece it together and there's nothing to stop them from going and getting that data at that point as well. That's why I think it's really important that people...try to do the most reasonable good faith effort because it's hard to make a criminal case out of an accounting error. It's much easier to make a criminal case when someone's sold hundreds of thousands of dollars of cryptocurrency and then transferred that fiat into a U S bank account.

Unmatched Trades and Missing Data (12:16)

Alex: The more transactions that you have...with missing information...could lead to more questions. The question becomes where or how did you obtain this cryptocurrency and why is it that you don't have records?
A very common example is Mt. Gox. The exchange goes down, the records go down. That's really common. If that's the story, I wouldn't be worried about it. But, if you were being paid in cryptocurrency for a couple of years, never reported it as income, and now you're selling it - that's more problematic. It could lead to issues down the line.

CI Agents Paying You A Visit (14:35)

Alex: A lot of times when a CI agent shows up it's meant to catch people off guard. If a CI agent is showing up at your door regarding cryptocurrency, it means they already have information that they believe there was a crime and that would lead to a conviction of a crime. So you're not going to explain that away in an hour long conversation in your living room. It's not going to happen. That's not the way it works.
There's always going to be two agents, because one is going to be a witness for this conversation. You just need to remember: decline the interview. There's nothing wrong with that. Get a card and: “my counsel will contact you”. That's it.
The other thing to keep in mind that's really important is that you don't want to start doing things that are new crimes. You don't want to go in and start destroying records or erasing emails. Taking those kinds of steps is only going to make it worse.

Coronavirus, Audits, and Amended Returns (31:05)

Alex: The IRS is, for the most part, shutdown. That means that they're not really issuing new audits right now. It also means that the forced collections, when you owe money to the IRS and they levy your bank account or issue liens - that’s not going on right now. So for clients or for taxpayers who owe the IRS money...if they are currently in an installment agreement with the IRS, then actually they can forego those monthly payments right now.
The IRS is already an underfunded agency, and it was affected by the government shutdown recently. There's really a big backlog to begin with. I mean it's hard to estimate how much this [virus] is going to affect the administration of tax compliance. I think it's a great time to amend a tax return or to get into compliance.
submitted by Sal-BitcoinTax to Bitcoin [link] [comments]

MKR Holder DAI-gest: Week 19, 2020: Use Bitcoin (WBTC) To Open a Vault on MakerDAO

Use Bitcoin (WBTC) To Open a Vault on MakerDAO

MKR Holder DAI-gest: Week 19, 2020

Governance Recap May 7th, 2020

![Wrapped Bitcoin](https://i.ibb.co/THS6vqn/wbtc.jpg)
MKR Holder DAI-gest is a weekly Maker governance recap that is written by the community for the community. The best source of Maker Community information is through active participation and engagement. This supplemental publication strives to present all relevant facts and remain free of editorial opinion (Big 3 takeaway excepted). The statements made herein are not the opinions or statements of the Maker Foundation.
DAI-gest is Now Available on Amazon Alexa as a Skill. You can enable it at https://skills-store.amazon.com/deeplink/dp/B087NH82D1?deviceType=app&share&refSuffix=ss_copy for all of your Alexa compatible devices. Then say, "Alexa, Open Maker Governance Digest" and you'll hear the latest issue. Coming soon to Itunes.
Subscribe to MKR Holder's DAI-gest on Substack - Free
Corrections / Comments / Suggestions / Other: @adrianhacker-pdx in the Official Maker Forums or [email protected]

Big 3 Take-Aways for the Week:

Dispositioned Governance Agenda

New

Moving

Stalled

Completed

DAI Digits

Governance Polls and Executive Votes

Open Executive Vote: Raise USDC Stability Fee

Passed Executive Vote: Lower USDC SF, Add WBTC, Ratify the Initial MIPs and Subproposals

Passed on May 2, 2020

All recent polls are closed and represented in the most recent Executive Vote. Further information can be found here.

Governance Hot Topics

The New Governance Cycle

Just a reminder, now that the first set of MIPS has passed, the governance cadence will follow the fork on the right:
![New governance cadence diagram](https://i.imgur.com/sny6rOf.png)

Use Bitcoin to Take out a Loan

Right now you can use Eth and BTC to take out loans on the Oasis.app platform at extremely low rates. We're talking 0-1%. Certainly industry best for DeFi right now. To learn how to turn your BTC into wrapped BTC that can be used on the Ethereum blockchain, you can go to https://www.wbtc.network/.

Black Thursday Vault Owners and the Report on Black Thursday Events

There is a thread going here in the forums for vault holders that were liquidated with zero bids. Compensation for some of these vaults is in the works. The report analyzing black Thursday events can be found here. Here is a snipped of the conclusions and recommendations and a big thanks to MakerMan for the undertaking of preparing this report.
![Black Thursday Report](https://i.ibb.co/7WxJfpn/Screenshot-at-10-47-51.png)

Sai Shutdown

The sequence of Sai shutting down is discussed here on the forums and looks something like this:
![Sai Shutdown Diagram](https://i.ibb.co/yB5m2wb/sai.png)
On May 12, 2020 at 16:00UTC Sai will be shutting down completely. Following a 6 hour cool down period, you can redeem any Sai you have left for Eth at migrate.makerdao.com .

The Community Structure of MakerDAO for the Uninformed

In the true spirit of decentralization, there is a lot of work that goes on in the MakerDAO system that is done by various groups. Anyone can get involved. There are foundation members that are pay-rolled by the MakerDAO Foundation, the founding entity of MakerDAO which is in the process of preparing to dissolve in a few years once a trained and competent "governance community" has been created.
Governance community refers to the Maker token holders that can vote on and propose various policies for the system.
Community contributors are folks in the community that have a skill set and provide services to the Dao for compensation. Note: A governance community member can also be a community contributor. There really is not a set hierarchy other than folks who have been contributors for longer that may shepherd new individuals wishing to contribute.
Want to get involved? Pop in at chat.makerdao.com find a room and say hello.

Forum Activity and Signaling

MakerDAO Community and Governance/Risk Forums

Weekly Governance and Risk Meeting

Here is a guide from MakerDAO about becoming involved in Governance. The meeting is held every Thursday, 17:00 UTC. During the postmortem and corrective action phase of the recent crypto market prices and resulting fiasco there has been a daily call. This is expected to drop to two calls over the next week. Please check the forums for information related to ad-hoc governance and risk calls that may be happening.
Governance and Risk Meeting Community Guide * Understand the issues that are discussed and governance themes that get explored to build a healthy, secure, Maker Platform. * Get info on how to connect by phone or webcam. * Explore meeting archives.

Events

submitted by adrianhacker to MakerDAO [link] [comments]

[Part 2] KAVA Historical AMA Tracker! (Questions & Answers)

ATTN: These AMA questions are from Autumn 2019 - before the official launch of the Kava Mainnet, and it's fungible Kava Token.
These questions may no longer be relevant to the current Kava landscape, however, they do provide important historical background on the early origins of Kava Labs.
Please note, that there are several repeat questions/answers.

Q51:

How do you think about France in Kava market development plan?

What is your next plan to raise awareness among French about Kava?

Q52:

Why did you choose Cosmos instead of Aion, which comes with AVM built on JAVA, which can be accepted by many developers?

Will there be a possibility that one day we will be able to collateralize a privacy coin, such as Monero, on KAVA?

  • Answer: We like programming in GO, interfaces are OK for Java. Cosmos will also feature a WASM module and EVM later. The Cosmos-SDK is very flexible and it allowed us to choose our own security model. That was unique compared to other frameworks where we had to adopt the underlying blockchains. In Cosmos-SDK we can create our own blockchain.
  • Re: privacy - you can do some fun things in payment channels to make transactions more private. Such as onion routing clearing and settlement across different nodes. This can be possible in the future, but not our priority now.

Q53:

The biggest advantage of finance is the efficient allocation of resource allocation. If KAVA connects assets of multiple platforms through the interchain technology, the efficiency across the market will be improved.

But in terms of connectivity, Facebook's Libra, with its centralized giant platform, could be a big threat for the future. Of course, regulatory uncertainty still exists. KAVA wonders what big platform companies think about entering the blockchain field and how they can cope with their competition.

  • Answer: We think of Kava as a DeFi service that can integrate with wallets, exchanges, and other platforms when users want loans or stable coins for payments. We don't see competition with Libra, but we see lots of users potentially getting into crypto which will be good for the market, good for BTC, and good for Kava.

Q54:

What will you do with the money after IEO?

What is the most important markets that Kava is focusing?

What is your marketing strategy to approach those markets?

  • Answer: What will we do with the IEO money? Put it in a bank and keep building. We keep our funds safe in secure accounts that are insured. We always maintain at least 2 years runway in pure fiat to ensure we can survive in any bear market conditions and come out on top in the end.

Q55:

On mainnet, which function/feature can we expect to see on Kava since i only saw informations about its testnet?

  • Answer: mainnet will feature KAVA, staking, delegating, validator software, voting and governance / parameter changes. Following mainnet, the validators will vote to enable transactions and the CDP platform. We expect this to be towards the end of the yeaQ1 2020

Q56:

How does Kava maintain the stability of its stablecoin? Are there any opportunties for outsiders to arbitrage or any other mechanisms to maintain price stabilization?

  • Answer: Kava users deposit crypto assets as collateral and can withdraw a loan based on the amount they deposited. They must always provide more collateral than the loan is worth. When the value of the collateral drops due to market conditions, before it reaches the value of the loaned amount, the platform will auction off the crypto assets for USDX that is on the market at a discount. Holders of USDX can buy these assets at a profit. This removes USDX from the market and makes sure that the global USDX to collateral in the system remains balanced. Similar to MakerDao, 3rd parties can run "keepers" - very simple implementations which continuously monitors the Kava/USDX credit system for unsafe CDPs, and execute the liquidation function the moment they become unsafe. Keepers can also perform arbitrage on DEX/Exchanges executing trades across the Kava platform and the markets.

Q57:

Alright! So KAVA is doing DeFi right, could you explain DeFi in layman term to us.

  • Answer: Decentralized Finance. Finance is really ensuring everything about past, present, and future value of money. You need safe custody and a store of value to keep money you earned in the past safe to be used later when you need it. You need something liquid and easily tradable to be used in the present. And the trickier one is the future - people need to get loans on the assets they have or hedge against the assets they have in order to ensure they can build for a better future. That’s finance.
  • DeFi is taking all those things and making them open access and unregulated so that regardless if you were born with out an ID, if your credit score is bad, or if the government is trying to censor your actions and limit your spending - DeFi promises to give you a way to get access to the financial products you need.

Q58:

Could you please briefly explain your projects, and why you choose DeFi as a problem to solve?

  • Answer: Kava is a cross-chain DeFi platform for cryptocurrencies. Kava offers decentralized loans and stable coins for any other crypto asset such as BTC, XRP, BNB, and ATOM.
  • DeFi is the killer use case of crypto today. I think most people see this clearly now. We believe providing the basic DeFi services is the very first step that is required before blockchain technology can really become wide spread - so we started here.

Q59:

Why the name of the project KAVA?

  • Answer: We started in crypto thinking we would build banking products and we wanted a more relaxed cool name to stand out from other solutions. Turns out Kava means many things.
  • Kava = Hippopotamus in Japanese
  • Kava = crow in hindi
  • Cava = wine region in spain
  • Kava = a medicinal root you add to Tea
  • Kava = now a cross-chain DeFi platform
  • But TLDR - we liked the name and thought it sounded short and sweet.

Q60:

What do you think of the future of DeFi in this space? Will DeFi one day take over the traditional financial systems? -- any wild guess on when it might happen?

  • Answer: I think centralized solutions will always have certain advantages and DeFi will also have certain advantages.
  • But truthfully, KYC is a problem from a user experience point of view. One of the big things with DeFi is there is no need to make people go through a KYC process anymore.
  • If we imagine a world where USD Is king, or Renminbi is king, or BTC is king. DeFi has a place in all of them because open access to financial services is a basic human necessity.

Q61:

As we have known, Lending is not the only problem to solve in the whole financial areas, are you planning on going beyond lending? What other financial products are in your pipeline?

  • Answer: Thats a good #Q .
  • While we have a lot to solve to offer lending to other crypto assets - we can expand our support to non-crypto assets, to NFT tokens, and other assets.
  • We also have plans to offer derivatives and other synthetics other than USDX - such as synthetic bitcoin and Yuan. What is exciting about Kava and the oracle system run by validators is that we can leverage this infrastructure around the world to do all sort of things.
  • One of the more interesting products is creating under-collateralized loans using payment channel (layer-2 tech) of our USDX coin. Two parties can lock funds in payment channels and place bets on the price feeds from the oracles. When the funds reach a maximum threshold, the bet closes. Since a price feed is just a data set, we can have the settlement rules be multiples of the real data. In simple terms we can create 100x leverage products for the craziest of traders 😉

Q62:

Btw KAVA is a bit unique because it use Cosmos/Tendermint. While other DeFi use Ethereum , why you guys choose Cosmos?

  • Answer: Cosmos is the future. Even facebook’s Libra consensus design was just a copy of Tendermint. Kava, Binance, the Cosmos Hub and many other blockchains are built on the same Cosmos-SDK framework.
  • It’s very flexible and soon interoperable. This is a huge advantage over Ethereum. Where system’s like MakerDAO will be forced to develop in a slowly evolving chain like Ethereum and only touching Erc20 assets, Kava will be able to rapidly evolve, program in GO rather than solidity, and interoperate with chains like Binance directly.
  • We’re very excited to get BNB and BTCB onto Kava’s CDPs and to put KAVA and USDX onto the Binance DEX. This is fairly easy on Cosmos.

Q63:

I saw in KAVA deck that you guys will use USDX, is it a stable coin? How is it going to work and its relationship with KAVA token itself?

  • Answer: USDX is an algorithmically stable token pegged to the USD. USDX is the token users recieve when they get a loan from the Kava platform. USDX is collateralized or backed by crypto assets so the Kava platform should always hold more crypto value than the USDX it loans making USDX a very safe store of value even if the market crashes 10x overnight. That is what a stable coin should do.
  • USDX is special though. Natively, users can spend or trade USDX freely like other stable coins, but the important difference is that 1) USDX is free of censorship and does not require a bank or anything else. 2) USDX can be “bonded” or “staked” providing an interest bearing yield between 2-10% APR. This is substantially more than what I can even get from my bank account.

Q64:

From your point of view as KAVA team, what would be most anticipated feature in KAVA ?

  • Answer: Our CDP platform launch later this year. The first USDX will be minted then.
  • Support of BTC in the CDP smart contracts. No blockchain has supported a real decentralized custody and use of BTC with smart contracts before.

Q65:

Indonesia is one of the “developing” countries, how is DeFi can help in making a difference in those “developing” countries?

  • Answer: I can’t speak for developing countries as it’s not my expertise, but DeFi in general is trying to offer the exact same services to EVERYONE. Whether you are in San Francisco or Indonesia, the financial services you should have should be similar. The rates and fees you pay should be the same. DeFi is fair treatment and open access for everyone. That is what’s nice about having things run on a protocol.

Q66:

Last but no least, since we are doing AMA in Indonesian group, I believed our members wants to know if you are interested in going to Indonesia to expand your community and reach?

  • Answer: As I said, I have not been before! I am traveling throughout South East Asia for a lot of the year. It is one of my destinations. I hope to meet many of you while I am out there.

Q67:

Defi companies are growing at a rapid pace, but they're actually smaller than traditional financial institutions. In order for Defy to become a global trend, it must eventually acquire consumers within the traditional financial industry.

Traditional financial consumers, however, have poor technical understanding and want psychological stability through government guarantees such as deposit insurance. After all, what does KAVA think about long-term competitors as traditional financial institutions, and what long-term strategies do they have to embrace traditional financial consumers?

  • Answer: We think of financial institutions as big honey pots of potential DeFi users. For example, if Kava can offer margin lending at better rates than a bank because there is no middle men or compliance costs, users should want to use that service.
  • As crypto grows, I believe more FIs will integrate crypto assets and DeFi services. For example, in the US you cannot currently margin trade crypto as a retail user. But it could be possible for a regulated FI to integrate a lending service like KAVA without causing issues with regulators due to Kava having no counter party risk other than the user itself.

Q68:

MakerDAO is only for ethereum but Kava support multiple assets, is this only difference?

What are Kava main advantages compared to MakerDAO?

  • Answer: Kava supports multiple assets THAT are on different blockchains. Maker can only support ETH. This is a huge difference. In addtion, the role of Maker is quite likely a security token. It represents fees paid by others. Where in Kava, the token is used in security of the blockchain protocol itself. The holders of Kava have a lot at stake and need it to govern the system. Maker holders have nothing at stake.
  • I think a huge difference is that with our model being POS and based on validators with slashing if they don't participate our governance participation and management will be much more effective than MakerDao.

Q69:

Ticket claim for KAVA Launchpad is comming around the corner. This maybe last IEO ticket claim of this year. With this hype and expectation of investors/traders, do you think KAVA will be a big boom to end this year with happy tears?

If someone wants to manipulate Governance function of KAVA by changing voting result by possessing many Validators Node through buying over 51% KAVA of market, what will KAVA team do? Do you think Emergency Shutdown(Maker has this) can be considerd as a solution?

How will USDX be minted and backed on KAVA platform? If its based on uses crypto collateral, how will KAVA team make it stable since the inflation of crypto price?

  • Answer: I believe Kava to be underpriced currently, especially compared to maker which is 10x the value and serving ETH which is much smaller market than ours.
  • But I cannot tell you with certain if Kava will boom or bust - only the market can decide that. As with all speculative assets, do your homework and trade at your own risk. We here at kava are very LONG Kava, but we are biased 😉

Q70:

Stablecoin is the word that I heard everyday, so do you have any plans to release wallet for stablecoin?

  • Answer: There are already wallets created for Kava that can hold our tokens 😉

Q71:

My first question is: Why do traders choose to use KAVA instead of margin on exchanges?

My second #Q is: What happens whenKAVA doesn't have enough cash to loan out?

  • Answer: Traders who cannot get passed KYC can use Kava. Traders who want better rates than exchanges can use Kava. If regulators like in the US prevent margin trading, Kava is a great solution.
  • Kava creates USDX out of thin air when users withdraw loans. It will only create Kava is the user locks a great value of crypto in the system to back it. When the USDX loan is repaid, it is destroyed. In this way, Kava can scale however big it wants - it will never run out of cash.

Q72:

i heard as you said before in San Fransisco, Silicon Valley. what is the relationship about Silicon Valley and KAVA? and what will KAVA done in this Q1 ?

  • Answer: I am born and raised in Silicon Valley. I am blessed to have grown up in this area where lots of tech innovation is. However, I am the only one at Kava that lives here full time. The others on my team are in the Cayman Islands and Cambridge.
  • San Francisco is a hub for the largest crypto projects - Ripple, Coinbase, Stellar, etc. It's a great place to network with founders and feel inspired to do big things. It is not the best weather here, but the people are focused and extremely helpful if they can be if you aim to do big things.

Q73:

With regard to minting new USDX, is there any potential chance to against Global financial law? Likewise USDT, issuing money should guarantee deposit of real collateral as I have known.

  • Answer: USDX is debt. It is not a guarantee, but the protocol's rules state it must have more crypto assets behind it than the # of USDX issued. In this way, rules are better than guarantees. Tether guaranteed 1:1 USD, it turned out not to be true because their funds were seized by regulators. That is impossible in the case of Kava.

Q74:

What is the uniqueness of KAVA project that cannot be found in other project that´s been released before?

  • Answer: Cross-chain is unique for us. But most unique is our partners and validator group that is launching our blockchain. We have incredible partners that support our work including Ripple, Cosmos, Arrington, Hashkey, SNZ, Lemniscap, etc.

Q75:

KAVA was initially planned to launch on Ripple network but later switched to Cosmos Tindermint Core. What is that something you see in Tindermint Core that is not available anywhere.

  • Answer: We did not plan to launch on ripple and did not launch on "Tinder"-mint. I have a fiance - she would be quite mad.
  • We did however use the Cosmos SDK - a tool set, to build our blockchain that features tendermint consensus.
  • Tendermint is just the consensus so I assume you mean the SDK. The SDK is very much "choose your own adventure" you can build anything and design all the spec of your blockchain easily. In this way you choose the tradeoffs that make the most sense for your special application/network

Q76:

How much portion of USDX is backed from crypto/fiat money ...& please mention why any trader, hodler will prefer USDX over other stable coins?

What are the biggest challenges you expect to face and how do you plan to overcome these challenges?

  • Answer: 150% of USDX or more is backed by crypto. Traders will use USDX because it offers a savings rate. This rate allows traders heding bitcoin or other assets to not only store value, but earn a return.

Q77:

What do you think about creating liquidity for the Kava project?

  • Answer: It's the biggest challenge. My hope is the savings rate USDX offers will give it natural organic demand over existing stable coins. It will definitely be a large BD process to get USDX listed and used worldwide.
  • We work with some of the worlds best market makers to seed liquidity today. But we will need organic demand in the long-term

Q78:

So many IEO projects consistently drop in price after listing. Whats different with KAVA, what are some special highlights?

  • Answer: Why is Kava based on Cosmos? Based on what considerations?

Q79:

How do you see the chinese language community? How do you view the opportunities for growth in the chinese community?

  • Answer: You will be soon listing on Binance, what are your plans on the business side after listing? In one years time, what are your thoughts on where Kava's development will be?

Q80:

If we take a look at all the different types of DeFi products/apps out there, including decentralized exchanges, stablecoins, atomic swaps, insurance products, lending platforms, trade financing platforms, custodial platforms, crowd investment platforms, etc, nearly cover all the important areas of traditional finance.

In this age of all these different platforms taking hold, where does Kava see itself appealing to its app developers, users, investors?

  • Answer: What does Kava do? What can a normal user (of crypto) achieve by using KAVA?

Q81:

How does Kava maintain the stability of its stablecoin? Are there any opportunities for outsiders to arbitrage or any other mechanisms to maintain price stabilization

  • Answer: What is the reason for the IEO price reaching 6x the first round private sale price? How did you come about to reaching this valuation?

Q82:

What would you be able to do more for Russian-speaking communities and regions?

  • Answer: one thing to keep in mind is that yes, we do have limitations and regulations to follow when it comes to certain countries and we will adhere to those regulations in hopes of proving ourselves to be a thoughtful and long-term solution. while we may not directly work with some countries, we hope that communities there can understand that we're here focused on being sustainable rather than another project around shorter-term gains.
  • for myself, I'm actually belarusian myself so I absolutely see the value of working in the CIS/Russian-speaking regions. we'll continue to do AMAs, interviews, and always engage with Russian-speaking communities to better understand what the #Q s, concerns, and thoughts.
  • If there's anything else we can do in this region and with the @gagarin_ico communities, please let us know!

Q83:

What are your major goals to archive in the next 3-4 years? Where can we KAVA ecosystem in this period? What are your plans to expand and gain more adoption?

Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?

  • Answer: We want to really build out great DeFi products for the masses. I really believe that DeFi will be a major force to allow much more mass adoption for crypto over the coming years. In the sorter term, we want to push out our blockchain and build on top of that our CDP platform, which allows users to trustlessly put collateral onto the Kava blockchain, and receive a loan in USDX that will be also trustlessly administered.
  • We will then build out more complex products and financial derivatives for crypto users and traders. We have barely scratched the surface in what we can do with DeFi so I can't predict the future, but we want to build products that are pegged to BTC values so that traders have more leverage purely in crypto.

Q84:

Which one of your milestone do you think was difficult and which was the encouragement that courages you to achieve it?

What were the Minimum and Maximum limit of KAVA tokens that one can be able to STAKE after the Mainnet launch ? And What will be the percentage of reward one gets and will it in future ?

  • Answer: Good #Q ! Well we've been working on open source cross-chain technologies for a number of years and honestly it can be a pain. I think the Cosmos SDK made it significantly easier to implement the features that we wanted into the software.
  • I think the largest challenges for Kava are not software based but in market adoption. Makerdao is a great project and they have spearheaded a lot of the work in the lending field. Hopefully Kava can be a very meaningful contributor as well

Q85:

What if someone fails to repay the debt? Is that KAVA is taking collateral system to enterprise level & if so, what's the plan? How secure KAVA is to safely handle the collateral tokens?

  • Answer: These CDPs or "collateral debt positions" are always over-collateralized, which means you have to have more asset locked up in the bucket than you can draw from the bucket. The system leaves a margin when the collateral is 'called' to be able to sell off. If the asset cannot be fully redeemed KAVA is minted to cover the balance. Hence KAVA is a 'lender of last resort". This is why its important that we select good initially assets to support 👍

Q86:

I am very impressed with your voting method, how does it work? Whether users can vote to change things in the platform, are you a programmer with filters to decide what can be voted on and what is not possible?

  • Answer: Thanks. A lot of this was pioneered with the Tendermint team. Basically voting is entirely open and asynchronous, meaning anyone can submit a proposal to be voted on. All the project in the Cosmos ecosystem are working diligently to expand the space of variable or features that can be modified via this governance method in protocol. For example, we were the first to enable transactions directly via governance in our Testnet-2000!

Q87:

Where does the interest rate come from for holding USDX specifically & technically?

  • Answer: Great #Q ! Just like in MakerDAO, lenders of collateral (e.g. BTC, BNB) pay an annual interest rate to borrow USDX. A portion of that interest rate accretes to holders of KAVA, the rest we can apply a 'carrot' for users to adopt USDX. In short, Savings rate is loan interest rate less 'rents' collected from KAVA holders

Q88:

As far as I understand it KaVa is used both as a staking token and as collateral for Kava stablecoins (UsDX) .Can you talk a bit about the stability mechanism? Can other forms of collateral be used to create Kava stablecoins (a la Multi-Collateral Dai)?

  • Answer: KAVA will not be used as a collateral type in the CDPs. Collateral types will be assets exogenous to the system, like BTC and BNB. Of course BTC and BNB's value fluctuates. To make USDX not fluctate we ensure there is always more BTC or BNB in the CDP bucket than 'stable' USDX. Therefore BTC could increase or decrease a lot, as long as its less than the 'stable' debt of USDX that you have drawn, the system is healthy and functional 👌

Q89:

As far as I know, KAVA had 150 Validators in the test. Why do you have so much. Which conditions are your team based on to choose / invite them to stay decentralized, important for a Defi platform like KAVA?

  • Answer: KAVA mainnet will launch with a cap of 100 validators. We want as many validators as possible. The reason? What if KAVA was run by just you and me. Well that works if people trust us, but its pretty for us to collude and act maliciously. Its harder for 100 people to collude -- its still possible, but harder. And so we put a lot of effort in to promoting a healthy and large validator community, and empowering them to grow their stake in the system

Q90:

As a developer, which program languages can i use in kava core smart contracts?

2How secure your fully on-chain liquidity protocol & What's is a core Smart Contract ?can you briefly explain.

  • Answer: Yay developers! 🤓 The Cosmos SDK is currently written in Golang. So thats a good start. What other language would you like to work in?

Q91:

What do you think of DEFI in the Blockchain space?

DeFi brings many benefits to users, but conflicts of interests with the Bank. What is the solution of kava?

  • Answer: Defi to me is offering financial primates, the supplies of which are spreadout amongst many participants, as opposed to few. People offer loans on BTC today. Kava's goal is to maximize the amount of counterparties to any loan, thereby 'socializing' the returns on any activiely used financial product

Q92:

What is the crucial thing, in your opinion,that would increase adoption of KAVA and possibly the rest of crypto. What’s the KAVA economic model and how will it is architecture ensure scarcity of the token and help to growth token price?

Can you tell me more about the new technology that combines the benefits and interactive functions of Cosmos with the DeFi applications you have built?

  • Answer: Principly what I believe is 'new' about the KAVA tech stack is that we are building a standalone piece of software that treats other network techologies as 'first class citizens'. This means from the ground up our design is mean to easily incorporate and work with other software. A lot of blockchain is a story of "everyone will use my software, because its the best". Kava Labs worked for years against this view while bringing open Interledger to market.

Q93:

As Per Kava website ! $KAVA was done many partnerships with Big project like Ripple, Cosmos, TenderMint, Hashkey, etc ! So, whats the major reason and benefits of these partnerships to kava project?

Kava Project have their own Mainnet Blockchain So, whats the main work of Cosmos Blockchain in Kava ? Is Kava projects is on Both mainnet and Cosmos OR Kava is just using the Cosmos Blockchain services?

  • Answer: Working together. Pooling resources and talent to make something bigger! Crypto is still a little fish in a huge ocean of financial services. Kava Labs has always had an eye for inclusivity. Grow the pie!

Q94:

I have been too involved in KAVA's AMA, I think I know all about your technology.I want to ask a successful person like you why come with cryptocurrencies and blockchain, with talent. There are many other areas for you to choose, so why are you targeting such a risky market?

  • Answer: Successful ay? hehe. Depends how you define success and what your goals are. I love delivering products to users. Crypto has some fantastic users, and there is still sooo much to be built. I think KAVA has a lot of promise, but there is still so much work to be done and I hope users like you all become producers some day as well

Q95:

What's the most critical and innovative point of KAVA to ensure users that it is the best under DeFi niche?

How can you compete MakerDAO which has done good number of business with recent market! If I hold KAVA tokens how KAVA leverage the tokens value and make it moon for me? 🙈

  • Answer: "IF" you hold KAVA tokens now? 😂 Again I think this a markets concern. To the extend that users on other chains begin to trust KAVA brand for loan issuance, and we get some solid adoption of USDX I think we're in a good spot. I would say a benefit of KAVA is that we are FOCUSED. We're not trying to be everything for everyone. This is lending, quite simply, for the large market cap coins -- and that's hard enough

Q96:

Why KAVA needs to create it's own stable coin, whereas there are are many other options available in the market? Is that crypto tokens can be stable!!?

  • Answer: Yeah there are a lot of USD backed stable coins that is true. Indeed we have looked around with working together with a number of them. The difference with USDX (and DAI) is that its crypto-collateral backed. Doesnt mean we won't work with others in the future 😉

Q97:

Processing fees on loans we need to pay in kava or usdx?

Which types of success you've been seen in testnet? Why on Nov 5th you've planned to launch mainnet? How many testnet was processed in the past?

  • Answer: Three major testnets with some minor iterations therein. Testnet-3000's software was pinned to KAVA mainnet software. That testnet is looking good which is a good indicator for smooth sailing on mainnet launch, we'll see 🤞

Q98:

DeFi is a hot niche when it comes to crypto/blockchain project! Most of the projects are developing aiming DeFi, How KAVA is looking to contribute in DeFi ecosystem? What will be the approach of KAVA to systemize & increase adoptability?

  • Answer: DeFi is big. Mostly on Ethereum, which is great! KAVA is for non-ethereum networks 😇

Q99:

What is the main reason that you think that Cosmos-based Kava zone will present a new validator opportunity :- a complex and multi-faceted governance system that allows differentiation?

  • Answer: Validator #Q , nice. I believe its important for validators to be able to distiguish there service in multiple ways, not just on security (otherwise they will be treated as a commodity). KAVA present an opportunity for validators to distiguish themselves on the basis of proper governance of system parameters on behalf of their delegating constituents. KAVA is a "lender of last resort", so delegating to a sophisticated validator could lead to better results beyond security.

Q100:

How is kavas tendermint better than other defi consensus especially with the introduction of etheruem 2.0 which many believe will be better than all others - considering kavas association with ripple, is it possible to foresee defi loans from crypto to fiat ?

Maybe kava partnership with centralised banks?

  • Answer: IDK about that. But we will be working closely with the great folks over at Ripple, thats for sure!

Q101:

Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the invertors' eyes.

Can you tell me what KAVA has done and plan to do to achieve Adoption in the reality, real use cases, our real society?

  • Answer: Bitcoin is real!? I'm continuously impressed by the demand and size of that network. Help us capture that demand! Really, if we can I think the future looks bright for KAVA!
submitted by Kava_Mod to KavaUSDX [link] [comments]

BitcoinTaxes Podcast: A Deep Dive Into IRS Crypto Audits

Hey all - newest episode of The BitcoinTaxes Podcast is live! Full disclosure, I work for BitcoinTaxes and also host this podcast.
Our guest today is Alex Kugelman. Alex is a tax controversy lawyer with expertise in cryptocurrency and IRS audits. Alex is a frequent guest on this podcast - back in July 2019 he came on the show to discuss the IRS Educational Letters that were being sent out. Before that, in May, he shared some excellent information about IRS cryptocurrency audits. Today, he elaborates on these topics and goes in-depth about what could happen in a potential crypto audit.
Alex provides tips in the case of an IRS CI agent showing up at your door, revisits compliance post-2019 IRS FAQ update, and gives us his take on the effect of COVID-19 in taxes and crypto.
Podcast Page Link
Audio Only
Some good quotes:
"In the past year, what I've seen, the single common element of all IRS criminal investigations relating to cryptocurrency is that there is evidence that there have been sales of cryptocurrency and it cannot be reconciled to the tax return." (07:10)
"I think it's very likely that exchanges are providing information to the government if it's requested, especially U S based exchanges that are trying to be in the good graces of regulators." (09:44)
EPISODE HIGHLIGHTS AND DISCUSSION

Don't Under-Estimate Over-Reporting (03:12)

Alex: I'm a big believer of over-reporting, which means give as much detail as you possibly can. I think a lot of people get into trouble. They go: “Oh, I reported my transactions”... and you look at the tax return and it's a single line that says “cryptocurrency” and the net number. You have to think through objectively. I've not seen an issue where the IRS has taken a really hard position on lost records as long as you're making reasonable assumptions and using fair market value data.

A CI Agent's M.O. (10:30)

Alex: CI's agents are fairly sophisticated. If they have some information, and they can see these different transfers to different exchanges or wallets - they can piece it together and there's nothing to stop them from going and getting that data at that point as well. That's why I think it's really important that people...try to do the most reasonable good faith effort because it's hard to make a criminal case out of an accounting error. It's much easier to make a criminal case when someone's sold hundreds of thousands of dollars of cryptocurrency and then transferred that fiat into a U S bank account.

Unmatched Trades and Missing Data (12:16)

Alex: The more transactions that you have...with missing information...could lead to more questions. The question becomes where or how did you obtain this cryptocurrency and why is it that you don't have records?
A very common example is Mt. Gox. The exchange goes down, the records go down. That's really common. If that's the story, I wouldn't be worried about it. But, if you were being paid in cryptocurrency for a couple of years, never reported it as income, and now you're selling it - that's more problematic. It could lead to issues down the line.

CI Agents Paying You A Visit (14:35)

Alex: A lot of times when a CI agent shows up it's meant to catch people off guard. If a CI agent is showing up at your door regarding cryptocurrency, it means they already have information that they believe there was a crime and that would lead to a conviction of a crime. So you're not going to explain that away in an hour long conversation in your living room. It's not going to happen. That's not the way it works.
There's always going to be two agents, because one is going to be a witness for this conversation. You just need to remember: decline the interview. There's nothing wrong with that. Get a card and: “my counsel will contact you”. That's it.
The other thing to keep in mind that's really important is that you don't want to start doing things that are new crimes. You don't want to go in and start destroying records or erasing emails. Taking those kinds of steps is only going to make it worse.

Coronavirus, Audits, and Amended Returns (31:05)

Alex: The IRS is, for the most part, shutdown. That means that they're not really issuing new audits right now. It also means that the forced collections, when you owe money to the IRS and they levy your bank account or issue liens - that’s not going on right now. So for clients or for taxpayers who owe the IRS money...if they are currently in an installment agreement with the IRS, then actually they can forego those monthly payments right now.
The IRS is already an underfunded agency, and it was affected by the government shutdown recently. There's really a big backlog to begin with. I mean it's hard to estimate how much this [virus] is going to affect the administration of tax compliance. I think it's a great time to amend a tax return or to get into compliance.
submitted by Sal-BitcoinTax to bitcointaxes [link] [comments]

MKR Holder DAI-gest: Week 17, 2020: Action Required: The State of the Peg

Action Required: The State of the Peg

MKR Holder DAI-gest: Week 17, 2020

Governance Recap April 23, 2020

![Imgur](https://i.imgur.com/Jg3loyp.gifv)
MKR Holder DAI-gest is a weekly Maker governance recap that is written by the community for the community. The best source of Maker Community information is through active participation and engagement. This supplemental publication strives to present all relevant facts and remain free of editorial opinion (Big 3 takeaway excepted). The statements made herein are not the opinions or statements of the Maker Foundation.
DAI-gest is Now Available on Amazon Alexa as a Skill. You can enable it at https://skills-store.amazon.com/deeplink/dp/B087NH82D1?deviceType=app&share&refSuffix=ss_copy for all of your Alexa compatible devices. Then say, "Alexa, Open Maker Governance Digest" and you'll hear the latest issue. Coming soon to Itunes.
Subscribe to MKR Holder's DAI-gest on Substack - Free
Corrections / Comments / Suggestions / Other: @adrianhacker-pdx in the Official Maker Forums or [email protected]

Big 3 Take-Aways for the Week:

Dispositioned Governance Agenda

New

Moving

Stalled

Completed

DAI Digits

Governance Polls and Executive Votes

Passed on April 20, 2020: Executive Vote Adjust the USDC, Sai and Dai Stability Fees

Passed on April 25, 2020: Executive Vote Lower USDC SF, Lower USDC LR, Whitelist Oracles, Raise Dai DC, Raise GSM Delay, Deactivate MKR Oracle in SCD

All recent polls are closed and represented in the most recent Executive Vote. Further information can be found here.

Governance Hot Topics

State of the Peg

Since the Black Thursday event of March 12, 2020, DAI has consistently been trading above the one Dollar price soft-peg it is supposed to maintain. Sometimes grossly over peg by over ten cents. In recent weeks it has been slowly trending back to a Dollar but has not quite gotten there.
Confidence has not yet fully returned regarding the recent market volatility. Also, people are holding on to stable coins due to market fears. This has caused a serious lack of DAI liquidity, creating high demand, and affecting the peg.
Prices this last week ranged from one to two cents above peg. Paraficapital, a larger corporate Maker holder in the governance community posted their concerns in the forum and related the sentiment of worry in the ecosystem regarding DAI being off the peg. This brought about immediate discussion and action regarding monetary policy and collateral on-boarding. The most recent passed Executive Vote contains monetary policy to make minting DAI more lucrative from USDC. Also, some exciting new collateral types are being considered for use in the MakerDAO platform. More on that next...

WBTC as a new collateral type?

WBTC also is known as wrapped Bitcoin is currently being evaluated by the Maker governance community to be on-boarded as approved vault collateral. Wrapped Bitcoin is Bitcoin that is held by the WBTC DAO and then tokenized 1:1 on the Ethereum (ERC-20) blockchain. Bitcoin on the Ethereum blockchain you ask!? It's already here, you can trade it on the https://Oasis.app .
Many players in the DeFi ecosystem are excited about this step. Bitcoin is the most popular and most valuable cryptocurrency. While there is a small amount of WBTC use on current DeFi platforms, it was stated that people have been waiting for Maker to adopt WBTC as a collateral type. It was also said that using WBTC as ERC-20 collateral is the primary use case for ERC-20 Bitcoin. Forum links are listed below for this subject.

Other Collateral Considerations

In addition to WBTC, LINK is being considered for on-boarding as approved vault collateral as well as additional stable coins such as PAX and TUSD. All of these collateral options are hoped to help bring back sufficient DAI liquidity and help return the DAI price peg to exactly one Dollar. Again, see below for the forum links regarding these new collateral types.

MIPS 0 - 12 Due for Initial Polling; if Passed Moving on to Executive Vote

MIPS 0 through 12 has been a high focus subject in the governance community for the last few weeks. These are the first documents that spell out a governance and collateral on-boarding framework for a self-sufficient DAO. This is the beginning of the two to three-year process of handing full control of MakerDAO to the governance community and dissolving the foundation. The very nice flow chart below shows the two possible scenarios for approval or rejection of these MIPS in the Timing Governance Poll. Forum links can be found below for further information.
![MIP Implementation Timeline](https://i.imgur.com/sny6rOf.png)

SCD Shutdown

Single Collateral DAI shutdown is very close. An Executive Vote for shutting down SCD is supposed to be posted on or shortly after April 24, 2020. There will then be a 3-week delay for shutting down. This will give time for people to close out their vaults, and hopefully drain the migration contract.
Stability fees are going to be set to zero to incentivize the closing of vaults. If you are still holding SAI as of the time it shuts down, you should be able to redeem your SAI for ETH via the migration portal at https://migrate.makerdao.com

Forum Activity and Signaling

MakerDAO Community and Governance/Risk Forums
Trending Issues in the Forum:

Weekly Governance and Risk Meeting

Here is a guide from MakerDAO about becoming involved in Governance. The meeting is held every Thursday, 17:00 UTC. During the postmortem and corrective action phase of the recent crypto market prices and resulting fiasco there has been a daily call. This is expected to drop to two calls over the next week. Please check the forums for information related to ad-hoc governance and risk calls that may be happening.
Governance and Risk Meeting Community Guide * Understand the issues that are discussed and governance themes that get explored to build a healthy, secure, Maker Platform. * Get info on how to connect by phone or webcam. * Explore meeting archives.

Events

submitted by adrianhacker to MakerDAO [link] [comments]

Ukraine Diverts Free Nuclear Plant Power For Transaction Processing Operations

Ukraine Diverts Free Nuclear Plant Power For Transaction Processing Operations

Ukraine’s Nuclear Power Plants Are Storing Electricity Surplus Due To The Lower Amounts Of Power Consumption
As the crypto world prepares for the third Bitcoin halving, the Ukrainian Ministry of Energy and Environment (MEE) proposed the excess electrical power generated from the power plants to be relocated into processing transactions.
Currently, Ukraine has dropped its power consumption drastically, as many businesses are shutting down operations due to the COVID-19 virus outbreak. The MEE suggested transaction processing as a “perfect tool for using leftover electricity, as well as economic and social development.”
“Having such excess means we can direct it to various sectors like cryptocurrencies. This way, we would keep the minimal loads on the nuclear power plants, as well as grant the chance of crypto-oriented businesses to receive fresh funds from transaction processing. Also, by directing the power into transaction processing, we are creating an entirely new approach to the world of cryptocurrencies and digital economies,” the Ministry stated.
The problem with excess electricity occurs because Ukrainian nuclear power plants have to produce a guaranteed minimum of electricity each month. However, due to widespread energy-consuming businesses shutdowns, the quantity of electric power remains unused. The current power cost per Kilowatt of electricity in Ukraine is around $75/MWh.
The news comes amid more countries opening their doors to digital currency transaction processing companies. Recently, the Iranian government gave the “thumbs up” and licensed Turkish transaction processing company iMiner. The license means iMiner would become the largest crypto transaction processor in Iran. iMiner’s license also covers trading and custodial services. The Turkish payment processor is going to facilitate a $7,3 million investment into the mining farm. The farm itself is expected to be able to work with a maximum load of 96,000 terra hash per second (TH/s). Over 6,000 machines would do the computing power. In 2019 alone, the Iranian government gave over 1,000 licenses to both individuals and companies, which process transactions with a reported 148,000 ASIC-based mining rigs.
Furthermore, governments, which are usually harder to adopt new technologies, seem to find the benefits of granting transaction processors to works, are now focusing on creating the foundations of their digital economies. Iran, for example, needs a digital economy if a new war conflict with the U.S. arises. Ukraine also sees its geopolitical dependence from Russia and seeks alternative funding routes.
submitted by Crypto_Browser to CryptoBrowser_EN [link] [comments]

MKR Holder DAI-gest: Week 15, 2020: Revisiting GSM / The Dark Fix and Introducing MIP3: Governance Cycle

Revisiting GSM / The Dark Fix and Introducing MIP3: Governance Cycle

MKR Holder DAI-gest: Week 15, 2020

Governance Recap April 9, 2020

Apologies for the late release of this issue. I try to publish weekly on Friday or Saturday at the latest after the Governance and Risk call. That will resume this week.
MKR Holder DAI-gest is a weekly Maker governance recap that is written by the community for the community. The best source of Maker Community information is through active participation and engagement. This supplemental publication strives to present all relevant facts and remain free of editorial opinion (Big 3 takeaway excepted). The statements made herein are not the opinions or statements of the Maker Foundation.
Corrections / Comments / Suggestions / Other: [email protected]

Big 3 Take-Aways for the Week:

Dispositioned Governance Agenda

See an item missing? @adrianh

New

Moving

Stalled

Completed

DAI Digits

Governance Polls and Executive Votes

Open Executive Vote Adjust the USDC, Sai and Dai Stability Fees

Opened Apr 9, 2020

Passed Executive Vote: Adjust multiple risk parameters

Passed on Apr 9, 2020

Four Open Polls at Release of this Issue

Sai Stability Fee Adjustment - April 13, 2020

Signal your support to adjust the Sai Stability Fee within a range of 4% to 12%

Dai Stability Fee Adjustment - April 13, 2020

Signal your support to adjust the Dai Stability Fee within a range of 0% to 4.5%

USDC Stability Fee Adjustment - April 13, 2020

Signal your support to adjust the USDC Stability Fee within a range of 8% to 16%

Dai Savings Rate Spread Adjustment - April 13, 2020

Signal your support to adjust the Dai Savings Rate Spread within a range of 0% to 4%

[Closed Poll: Add IRV Ranked Choice Voting to Governance Polls - April 6, 2020]()

Vote breakdown Yes 65,105.08 MKR (99.39%) No 400.00 MKR (0.61%)

Closed Poll: Vault Compensation Poll - April 06, 2020

Vote breakdown Yes 62,306.69 MKR (65.07%) No 33,441.10 MKR (34.93%)

[Closed Poll: Should we initiate the shutdown of the SCD system through an executive vote on April 24th, 2020?]()

Vote breakdown Yes 30,218.16 MKR (61.54%) No 18,883.37 MKR (38.46%)

Current Issues

Because another release will be happening in just a few days, I will leave it up to you to check in on the forums for signaling issues. The dispositioned governance agenda can give you a snap shot of what is moving and what is not this week.

Paying Participants to learn about Cryptocurrency and MakerDAO during the Corona Virus Pandemic

Thanks to a generous grant from MakerDAO, I have begun hosting virtual meet-ups which pay participants 15 Dai to hang out with me on Google Hangouts, learn about cryptocurrency, have a hands on learning lab with the Kovan Test Network, and leave with 15 real Dai. It isn't a lot, but it is something in this strange time where every little resource counts. The training is intended for individuals with zero to very little experience with cryptocurrency. The first session is today, 4/15 and I will be posting the recording in the next day or two in the forums for individuals to check out. I am hosting MakerDAO 101: Dai and Oasis on 4/18 at 7:00p.m. PST and another Intro to Bitcoin and Ethereum on 4/26 at 3:00p.m. PST

Weekly Governance and Risk Meeting

Here is a guide from MakerDAO about becoming involved in Governance. The meeting is held every Thursday, 17:00 UTC. During the postmortem and corrective action phase of the recent crypto market prices and resulting fiasco there has been a daily call. This is expected to drop to two calls over the next week. Please check the forums for information related to ad-hoc governance and risk calls that may be happening.
Governance and Risk Meeting Community Guide * Understand the issues that are discussed and governance themes that get explored to build a healthy, secure, Maker Platform. * Get info on how to connect by phone or webcam. * Explore meeting archives.

Events

submitted by adrianhacker to MakerDAO [link] [comments]

Is this Bitcoins chance to dethrone fiat?

Run with me on this thought experiment for a second...
So the world goes into shutdown to contain the virus. Kids stay home, parents can't work or ergo spend money. Economy tanks. Governments scramble to supply new money and hyperinflation becomes the norm.
People, after perhaps initially bartering briefly (before realizing the pitfalls of bartering), seek a reliable medium of exchange. Bitcoin initially tanks (as it has) but at some point shortly after hyperinflation, it becomes the reserve currency with an astronomical USD value which is meaningless, but is the reserve nonetheless. Items start getting BTC prices (eg xx Sats for 1kg flour etc).
OK folks, have at it!
submitted by cmskipsey to Bitcoin [link] [comments]

Making Money on Lockdown: 5 Effortless Ways to Earn Cryptocurrencies Online

Making Money on Lockdown: 5 Effortless Ways to Earn Cryptocurrencies Online

Unsplash
The various government responses to the coronavirus caused a lot of havoc across the global economy and millions of people are now out of work. A number of nation states have not lifted the lockdowns and no one’s really sure when the slew of shutdown industries will open again. While people are out of work they might find interest in the multitude of methods available that individuals can use to earn digital currencies online. The following is a comprehensive list of how to safely earn cryptocurrencies on lockdown by invoking some initiative and a little bit of effort.

5 Ways to Earn Cryptocurrencies

These days, people are trying to find side gigs and opportunities to make money online because the economy was shut down by the world’s governments in response to the Covid-19 outbreak. For years now, bitcoiners and crypto advocates have been telling people about the benefits of earning digital assets online. For instance, people can earn coins like BTC, BCH, ETH and a number of other crypto assets right now by simply completing tasks, surveys, writing, trading, mining, staking, finding airdrops and more. In this post, we’re going to cover the myriad of opportunities available to people interested in making some money on the side by leveraging cryptocurrency solutions.

Trading

If you are good at analyzing charts and trading, then you can make a lot of profits by swapping digital assets on a regular basis. Trading can even be a full-time job, which provides enough income for an individual to survive, but the profession can also be risky. For instance, in order for anyone to start profiting from crypto trading, individuals simply have to purchase some digital assets and play the highs and lows correctly by knowing the right times to trade.
Read more
SHARING ECONOMY by Jamie Redman April 20, 2020 Bitcoin.com
submitted by kjonesatjaagnet to JAAGNet [link] [comments]

Can The Government Stop Bitcoin? Bitcoin to $13,000 on United States Government Shutdown! - Live Trading Cryptocurrency HOW THE GOVERNMENT PLANS TO SHUTDOWN BITCOIN in 2018 - YouTube USA Government Shutdown Causing Spike of Bitcoin & Cryptocurrency Market!? Can Government Regulate Bitcoin?

Reading Time: 2 minutes The cypherpunks of the 1990s paved the way for the current generation of cryptocurrencies, creating versions of what would eventually be Bitcoin.But there is one man who fought the government for seven years over the principles of computer code, and in particular encryption, with a result that left us able to answer the immortal question ‘can Bitcoin be shut down?’ How US government shutdown effects Bitcoin ETF Approval The U.S. Securities and Exchange Commission (SEC) is due to make a decision on the Vaneck Solidx bitcoin ETF next month, and the deadline In many cases a government could effectively shutdown bitcoin in its country by making the following law: No licensed or regulated financial institution can exchange currency for bitcoin. Since taxes and fees for government services must be paid in currency, if I receive bitcoin for services, I would have to exchange the bitcoin for something Can bitcoin be stopped by the government? Will bitcoin be shut down? Of course, the short answer to it is NO (!) ; it cannot be stopped or shout down by the government. Bitcoin conspiracy theorists have long suspected the U.S. government, among others, would like to shut down bitcoin...

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Can The Government Stop Bitcoin?

Get Started on CryptoCurrency - Nano Ledger Wallet http://amzn.to/2DBJA9o - Stellar Desktop Wallet https://www.stellar.org/lumens/wallets/ ~ CoinBase In this video, we explore the effect of the US Government shutdown and how it has effected Bitcoin and the Cryptocurrency market as a whole. We see that in time of uncertainty cryptocurrency tends ... Can the United States ban Bitcoin? Many people in crypto think that it is impossible. While Bitcoin itself is just a computer code, there are other ways that the United States can try to shut down ... Leading people to address the very real concern of can Governments ban Bitcoin or Can Governments stop Bitcoin and cryptocurrency. Category Science & Technology; Show more Show less. Can The Government Shut Down Bitcoin? - Duration: 15:04. Trader University 2,274 views. 15:04. DeFi Coins Are Pumping on Ethereum! Why is This Happening? - Duration: 9:11.

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