Judges ruling against Twitter to protect the First Amendment did the opposite – MSNBC

The conservative 5th U.S. Circuit Court of Appeals last week upheld a Texas law that prohibits large social media companies from deplatforming their users based on the content of what those users post. This ruling makes a good deal of sense if you want federal appeals court judges to act like outcome-driven partisan hacks. If, on the other hand, you believe in the rule of law, our democracy and limiting disinformation, the ruling is outrageous.

This ruling makes sense if you want federal appeals court judges to act like outcome-driven partisan hacks.

The First Amendment protects us from the government, and only the government, from limiting our speech rights. The First Amendment does not bar private speakers (such as social media companies) from telling other speakers (such as their users) to be quiet or to get off their virtual lawns.

A new Texas law, crafted by Republican lawmakers and signed by the state's Republican governor, bars social media companies from regulating content on their platforms based on viewpoint. While on its face the law would apply equally to those with either liberal or conservative perspectives, Texas Gov. Greg Abbott was explicit that this law was aimed at protecting conservative ideas and values. If you think that sounds so vague that you dont know exactly what social media companies can and cannot do, then youre on the right track. In fact, the trial court judge who reviewed this law and correctly struck it down concluded that it was unconstitutionally vague.

Vagueness can be deadly to a law because if people dont know what they can or cannot do, they might fail to speak (or fail to kick someone off their platform). A social media company wishing to enforce its user agreement and deplatform someone trafficking in lies and conspiracy theories might opt not to act for fear that the user also espoused conservative political views.

Some conservatives are apparently concerned that allowing social media companies to exercise their First Amendment rights and manage the content on their own platforms is abusive. They point to Twitters deplatforming of then-President Donald Trump in the wake of his apparent attempt to use Twitter to stage a self-coup. Twitter famously kicked Trump off of its platform based on a rational belief that his posts put public safety at risk and could incite violence. If this is the type of content moderation they fear, Ill politely suggest they should perhaps be more worried about allowing lies, disinformation and conspiracy theories to propagate without limits.

Far from promoting First Amendment rights, the 5th Circuits ruling seems to end them for large social media companies. It is utterly incomprehensible for any jurist to conclude that the First Amendment prohibits a private company from engaging in content moderation. Lets use an example to drive the point home: Imagine the State of Hypothetical wanted newspapers operating in the state to run more guest essays by business leaders and that its lawmakers passed a law to that extent. If the newspapers, again private actors, lack First Amendment rights, then in theory, such a law would be permissible.

If social media platforms can be made to allow for the expression of viewpoints they find reprehensible, then that means they lack full First Amendment rights.

The marketplace of ideas is one of the primary rationales supporting the freedom of expression protected in the First Amendment. The basic idea is that the truth will emerge when ideas can freely compete in a metaphorical marketplace. This depends on freedom from government censorship. It also depends on a private persons or groups ability to freely say, Youre wrong, and heres why. Sit down and shut up. Texas is preventing social media companies from doing that, therefore undermining that market.

The marketplace of ideas only flourishes if the government doesnt intrude to protect the speech it likes and silence the speech it doesnt. Yet, that is exactly what Texas law does. Texas has stomped on the freedom of one market participant, social media companies, to say and do what it wishes. And Texas has been explicit about its motives. This is a quintessential example of the government implementing a law to protect the speech it likes.

This is a quintessential example of the government implementing a law to protect the speech it likes.

If Texas law is allowed to stand, it will not only take a sledgehammer to our First Amendment protections, but also usher in an era in which social media is even more of a breeding ground for conspiracy theories. Do you believe that Covid-19 is a hoax, that President Joe Biden stole the 2020 election, that a research facility in Alaska is actually a place for experimental weapons that can control your mind, or that you just saw Bigfoot at the market? Well, step right up to the circus that is now America. Share your false views without any fear that someone will point out their falsity.

Legally speaking, it shouldnt matter if the justices on the Supreme Court lean conservative or liberal when it comes to a challenge to Texas law. It should only matter if they lean in favor of faithfully upholding the Constitution. Any judge who honestly looks at the First Amendment and what it protects will trash Texas law.

Simply put, if your viewpoint is that a free and fair election was stolen, a private social media company should, legally and practically, be allowed to kick you off of its platform. Far from harming the freedom of speech, we protect speech by allowing private companies to decide who can and cannot use their platforms. To do otherwise would be compelling the companies to speak, and compelled speech can never be free.

JessicaLevinson, a professor at Loyola Law School, is the host of the "Passing Judgment" podcast. She is also the director of the Public Service Institute at Loyola Law School, director of Loyola's Journalist Law School and former president of the Los Angeles Ethics Commission.

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Judges ruling against Twitter to protect the First Amendment did the opposite - MSNBC

Julian Assange Update – Malcolm Roberts

Senator Malcolm Roberts met with Julians father, Mr John Shipton, and his brother, Mr Gabriel Shipton in Parliament at the last sitting.

They met in Parliament at a meeting attended by Members of the House and Senators with their staff and members of Julians supportive campaign team.

Those attending were brought up to date with Julians situation. Julian Assange is an Australian citizen. He is currently in Belmarsh Prison in England, a High Security Prison. He has not been convicted of any offence.

He is currently set to be deported to the United States to face espionage charges related to the release of documents through Wikileaks.

His legal team are appealing the most recent British decision to deport him.

His family have implored the Albanese government to intervene on his behalf and have the deportation decision rescinded. His family want to Bring Julian Assange home.

Senator Roberts supports bringing Julian Assange home.

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Julian Assange Update - Malcolm Roberts

What To Know About Cryptocurrency and Scams | Consumer Advice

Confused about cryptocurrencies, like bitcoin or Ether (associated with Ethereum)? Youre not alone. Before you use or invest in cryptocurrency, know what makes it different from cash and other payment methods, and how to spot cryptocurrency scams or detect cryptocurrency accounts that may be compromised.

Cryptocurrency is a type of digital currency that generally exists only electronically. You usually use your phone, computer, or a cryptocurrency ATM to buy cryptocurrency. Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrencies, and new ones keep being created.

People use cryptocurrency for many reasons quick payments, to avoid transaction fees that traditional banks charge, or because it offers some anonymity. Others hold cryptocurrency as an investment, hoping the value goes up.

You can buy cryptocurrency through an exchange, an app, a website, or a cryptocurrency ATM. Some people earn cryptocurrency through a complex process called mining, which requires advanced computer equipment to solve highly complicated math puzzles.

Cryptocurrency is stored in a digital wallet, which can be online, on your computer, or on an external hard drive. A digital wallet has a wallet address, which is usually a long string of numbers and letters. If something happens to your wallet or your cryptocurrency funds like your online exchange platform goes out of business, you send cryptocurrency to the wrong person, you lose the password to your digital wallet, or your digital wallet is stolen or compromised youre likely to find that no one can step in to help you recover your funds.

Because cryptocurrency exists only online, there are important differences between cryptocurrency and traditional currency, like U.S. dollars.

There are many ways that paying with cryptocurrency is different from paying with a credit card or other traditional payment methods.

Scammers are always finding new ways to steal your money using cryptocurrency. To steer clear of a crypto con, here are some things to know.

Spot crypto-related scamsScammers are using some tried and true scam tactics only now theyre demanding payment in cryptocurrency. Investment scams are one of the top ways scammers trick you into buying cryptocurrency and sending it on to scammers. But scammers are also impersonating businesses, government agencies, and a love interest, among other tactics.

Investment scamsInvestment scams often promise you can "make lots of money" with "zero risk," and often start on social media or online dating apps or sites. These scams can, of course, start with an unexpected text, email, or call, too. And, with investment scams, crypto is central in two ways: it can be both the investment and the payment.

Here are some common investment scams, and how to spot them.

Before you invest in crypto, search online for the name of the company or person and the cryptocurrency name, plus words like review, scam, or complaint. See what others are saying. And read more about other common investment scams.

Business, government, and job impersonators

In a business, government, or job impersonator scam, the scammer pretends to be someone you trust to convince you to send them money by buying and sending cryptocurrency.

To avoid business, government, and job impersonators, know that

Blackmail scamsScammers might send emails or U.S. mail to your home saying they have embarrassing or compromising photos, videos, or personal information about you. Then, they threaten to make it public unless you pay them in cryptocurrency. Dont do it. This is blackmail and a criminal extortion attempt. Report it to the FBI immediately.

Report fraud and other suspicious activity involving cryptocurrency to

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White House orders SEC to "aggressively pursue" cryptocurrency firms and introduces framework for new rules – Verdict

The White House isnt playing around with cryptocurrency companies. The Biden Administration has not only presented a framework for new rules to rein in the Wild West of the nascent market, but its also actively encouraging regulators to aggressively pursue those that break the law.

Digital assets present potential opportunities to reinforce US leadership in the global financial system and remain at the technological frontier, the White House said in a statement on Friday.

But they also pose real risks as evidenced by recent events in crypto markets. The May crash of a so-called stablecoin and the subsequent wave of insolvencies wiped out over $600bn of investor and consumer funds.

Unsurprisingly, bitcoin and ether fell on the back on the news, suggesting that the crypto crash is far from over. Bitcoin fell below $19,000 on Monday, a far cry from its $69,000 all-time high in November. The drop was also fuelled by expectations that the Federal Reserve will announce a third interest rate hike this week.

The White House announced its new cryptocurrency roadmap on Friday, explaining the goals that new rules would attempt to achieve.

The new rules aim to achieve six different goals: to boost consumer and investor protection, promote financial stability, counter illicit finance, strengthen US leadership in the global financial system and economic competitiveness, increase financial inclusion, and safeguard responsible innovation.

The White House said the new cryptocurrency rules would protect consumers and investors by preventing sellers from misleading buyers about the risks of trading with digital assets and from failing to comply with existing regulation.

"Outright fraud, scams, and theft in digital asset markets are on the rise: according to FBI statistics, reported monetary losses from digital asset scams were nearly 600% higher in 2021 than the year before," the White House said.

On the back of that, the administration urged the Securities and Exchange Commission (SEC), and the Commodity Future Trading Commission (CFTC) to "aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space."

The two agencies have reportedly been locked into a power struggle over which regulator should police cryptocurrencies. Although, when Verdict confronted the CFTC with the reports of a brewing turf war, the market watchdog rejected them as a tiresome "media trope".

The White House made similar edicts for the Consumer Financial Protection Bureau and the Federal Trade Commission.

That being said, the White House has also encouraged agencies to issue guidance and rules to address current and emergent risks in the digital asset ecosystem.

Cryptocurrencies and other digital assets like non-fungible tokens, so-called NFTs, have struggled this year. The collapse of the sector is intimately linked to the overall market volatility seen around the world as a result of the pandemic and Russia's invasion of Ukraine.

The market slowdown as well as the looming threat of tougher policing have contributed to the cryptocurrency winter has shaved off about $2tn of the industry's value since November. It is now worth roughly $1tn.

The crash has also given the bottom lines of established businesses a beating. Cryptocurrency exchange Coinbases revenue has dropped by 63% and its South Korean rival Upbit has reported a 61.3% drop in sales since last year.

The crash has also resulted in the very public collapses of stablecoin TerraUSD which collapsed after a large amount of the digital asset was dumped, which led to it becoming unpegged.

Following the crash, South Korean police raided offices associated with the company after investors had levied fraud accusations against the firm. South Korea issued an arrest warrant for Do Kwon, the founder and CEO of Terraform Labs, last week.

Similarly, crypto lender Celsius filed for bankruptcy in July. The company is now undergoing a restructuring and has been accused by regulators of looking like a Ponzi scheme.

Despite these setbacks for the industry, some, like exchange Bitstamp's new CEO Jean-Baptiste Graftieaux, have seemed reasonably optimistic about the future of the industry.

However, there may be reason for this bullishness. While cryptocurrencies have fallen in value, venture capitalists (VC) have seemingly not lost faith in the industry, according to new data from research firm GlobalData.

In 2020, the industry enjoyed VC-backing to the tune of $3.3bn across 533 deals. Those figures surged to $26.4bn across 1,013 deals in 2021.

As of Tuesday September 20, GlobalData estimates that the industry has raised $15.7bn across 972 VC deals in 2022.

GlobalData is the parent company of Verdict and its sister publications.

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White House orders SEC to "aggressively pursue" cryptocurrency firms and introduces framework for new rules - Verdict

What the Ethereum ‘Merge’ means for the future of cryptocurrency – Grid

The worlds second-largest cryptocurrency, Ethereum, last week transformed the fundamental architecture governing how it secures its blockchain an unprecedented demonstration of established crypto platforms ability to evolve to changing conditions.

The event, known as the Merge, was five years in the making. A few hours after midnight on Thursday, Ethereum shifted its blockchain from a configuration called proof of work also used by Bitcoin to one called proof of stake. Matt Nelson, a product manager at the Ethereum research and development firm ConsenSys, compared it to changing the engine in a car while driving it down the road.

The move to the new style of blockchain will reduce Ethereums energy use by 99.95 percent, according to the Ethereum Foundation. Thats significant in an industry that is so energy-intensive the White House warned this month that the growth of crypto could make it harder for the U.S. to meet its climate goals. And Ethereums good news comes at a tough time for crypto generally, with the prices of major cryptocurrencies dropping, the a major crypto lender collapsing and calls for regulation growing.

We wanted to be an inspiration, as the most-used smart contract platform in the community, to signal to actors, regulators and users that we were willing to change, said Nelson, who helped coordinate the switch. Were willing to work together as a community to create an extremely technically complex upgrade.

Ethereums transformation shows that the decentralized crypto universe can adapt as it grows. The blockchain concept that underlies crypto platforms like Ethereum is built on the idea that an entry cannot be altered once it is made which proponents argue makes it transparent and fair. But the Merge demonstrates that such architecture can still undergo major changes successfully, even with millions of users data in play (and a $180 million market cap). Call it a crypto coming of age.

That doesnt mean the Merge is without its critics. One persistent criticism is that Ethereums new architecture consolidates control of the currency among a relatively small number of major players.

Before the switch, users could mine Ethereum by using math. Under the old proof-of-work blockchain system, computers would race to solve complex math problems and log their work verifying batches of transactions to the blockchain. The first machine to answer a particular problem is rewarded with Ether (ETH). This process is known as mining, and it requires a lot of electricity.

Ethereums new blockchain architecture, proof of stake, replaces that computational work with pure economic interests. A staker, or person who puts up ETH to stake to the network, locks their money up for a set period of time and receives a vote for doing so.

Staking a full node requires 32 ETH, or around $45,000. People can pool their coins to fund a node, even staking a percentage of a single ETH. These pools, known as liquidity pools, are offered by a wide array of platforms and companies, such as the largest cryptocurrency exchange in the U.S., Coinbase.

In fact, Coinbase, Binance and Kraken, some of the largest cryptocurrency exchanges in the world, own 30 percent of the networks stake. And Lido, a community staking collective of 183,975 stakers, controls over 30 percent. Critics of proof of stake are concerned that this puts voting control in a handful of major players, contrary to the decentralized ethos of cryptocurrencies. For many people, their original appeal was that no central entity that could control them.

I see many cheering on [proof of stake] as a way to reduce emissions, that it makes ETH greener, said Colin Harper, head of research and content at cryptocurrency mining software and services company Luxor. These takes never acknowledge why [proof of work] exists in the first place, and that is to ensure the censorship resistance and permissionless nature that makes a blockchain worth running or using at all. [Proof of stake] proponents turn a blind eye to this and say that you can have those guarantees without the energy cost, but I dont think thats true. Theres no free lunch.

Others say the environmental benefits of the Merge cant be overstated. The shift slashed the energy use associated with mining Ethereum.

You have this pervasive mentality in many different spaces that blockchain is an industry thats negative from a climate and environmental standpoint, said Nick Hotz, vice president of research at Arca, a digital assent management firm.

Some estimates put the annual energy consumed by mining another major cryptocurrency, Bitcoin, on par with the demand from the entire country of Argentina. Other supporters of the Merge say it matters because it shows flexibility within the growing sector. Mark Lurie, the CEO of Shipyard Software, which builds apps and tools for decentralized finance, said that any diversity in technology will make cryptocurrencies more flexible.

Different technology trade-offs are best for different use cases, said Lurie. I think [proof of work] is probably better for digital gold, like Bitcoin, but [proof of stake] is probably better for distributed computing platforms like Ethereum. There are a huge variety of use cases, and many will demand different technical trade-offs in scalability, speed, security and many other dimensions.

James Key, CEO and founder of the Autonomy Network, a decentralized automation protocol, also sees it as a positive for the industry writ large.

Its a very bullish sign that the space can continue to evolve and adapt, even with the size of a chain like Ethereum people have been worried about this aspect of crypto since Bitcoin has so far not been able to do so, said Key.

This is only the first of what will be other substantive upgrades to Ethereum. But Nelson said that, if some other consensus mechanism thats better than proof of stake comes along in the future, he could see the community deciding to change again. And now, they know its possible.

The only constant in life is change itself, so as long as the community is capable of coming together and adapting, the technology platform, it can, in theory, persist forever, said Lurie.

Thanks to Lillian Barkley for copy editing this article.

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What the Ethereum 'Merge' means for the future of cryptocurrency - Grid

Asic bolsters its cryptocurrency team and looks to regulate more digital assets – The Guardian

The Australian Securities and Investments Commission has bolstered it cryptocurrency team as it looks to regulate more digital assets by classifying them as financial products, a move that would make selling them to Australians more difficult.

Asic has yet to decide whether to classify Ethereum, the second most popular cryptocurrency after bitcoin, as a financial product after the way the currency operates changed last week.

Most cryptocurrencies have not been regulated by Asic because they do not meet the definition of a financial product, depriving the authority of jurisdiction.

However, the regulator increased the size of its crypto team in March amid a wave of collapses in the industry that devastated investors who poured money into the sector as prices soared in late 2020.

Other regulators have also begun taking a closer look at cryptocurrency, with the US Securities and Exchange Commission becoming aggressive in its approach to whether individual coins, including Ethereum, qualify as securities, bringing them under its regulatory umbrella.

Were not going to be the cheerleaders for crypto assets, Asics executive director for markets, Greg Yanco, said.

Because cryptocurrencies are mostly not financial products, the exchanges that trade them are largely untouched by Australian regulation, aside from a requirement to report transactions to the financial intelligence agency, Austrac.

But if Asic decided that one or more of the more popular coins were financial products, the exchanges would either need to delist them or become subject to a list of regulatory requirements.

They will need financial services licenses, which may require proof that they hold large sums of capital in reserve, and would be required to keep client funds separated something that collapses overseas have revealed was not standard practice.

A bigger challenge would be meeting new design and distribution obligations regarding financial products that came into force in last October as part of reforms after the banking royal commission.

In particular, dealers would need to identify a target market.

Who that might be was a good question, Yanco said.

Could it be only those people that are willing to take extreme risks, extreme risk on highly volatile products without any underlying asset, where the custody arrangements may not be, you know, maybe at risk or unusual.

Until recently, crypto was not on Asics hitlist it had just one person dedicated to the area.

In March, Asic added a second full-time employeeand expanded its capability. Crypto assets are now one of its core strategic projects, the regulator said last month.

Until I would say, even the last year, when we were doing our business planning, crypto was not the big priority, Yanco said.

Were seeing products that are mimicking financial products out there because there seems to be some crypto twist, they seem designed to avoid regulation. And so weve seen that and you will have seen that with similar products overseas, people have lost a lot of money on them.

The regulator has also been concerned by the convergence of crypto trading platforms with share trading platforms, along with research conducted for it by SEC Newgate in November. That research showed 44% of Australian retail investors held crypto and, of those who did, only 20% thought they were taking a risk.

If people are trading shares, suddenly theyre being offered crypto, and theyre beginning to think that theyre maybe not any riskier than share trading, Yanco said.

The regulator has obtained legal advice from senior counsel on whether some coin offerings qualify as financial products.

There are so many of these things, were probably not going to get to all of them, Yanco said.

But weve got a couple that were looking at really closely. And if we need to take enforcement action, we will.

In Ethers case, last week it moved from awarding new coins to miners who completed energy-intensive mathematical calculations, a process called proof of work, to awarding new coins to coin holders who agree to lock up Ether, a process called proof of stake.

The change, known as the merge, raises the possibility that Ether may now meet legal tests, in the US and Australia, that mean it should be regulated as a financial product.

Asked if Asic had decided whether or not Ether would be a financial product after the merge, Yanco said: No, no, we havent.

Were technology agnostic, and were looking at these things right now because its not just as straightforward as one thing once you start pooling assets together, it depends on how its done. Is there a common purpose? Or are you just in the pool and youre just getting a share? That may be something different, he said.

And so this is where it becomes a lot of work for Asic to get to the bottom of how things are designed.

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Asic bolsters its cryptocurrency team and looks to regulate more digital assets - The Guardian

India to Finalize Stance on Legality of Cryptocurrency by Q1 2023: Report Regulation Bitcoin News – Bitcoin News

The Indian government is reportedly planning to finalize its stance on the legality of cryptocurrency by the first quarter of next year in order to become Financial Action Task Force (FATF) compliant. We will finalize our responses by February-March 2023. We have to respond to the FATF by May, a government official said.

The Indian government is finalizing its stance on the legality of cryptocurrency in order to submit its response to the Financial Action Task Force (FATF) for the countrys mutual evaluation by early 2023, Business Today reported Monday.

The Revenue Department has already sent their views and the Department of Economic Affairs has now been tasked to prepare a detailed response on Indias stance on the legality of cryptocurrency, a government official was quoted as saying.

The FATF mutual evaluations are in-depth country reports analyzing the implementation and effectiveness of measures to combat money laundering and terrorist financing, its website details.

The government official further told the publication:

One of the questions that we have to respond is on the legality of cryptocurrencies, since we have already started to tax them. We will finalize our responses by February-March 2023. We have to respond to the FATF by May.

In addition, a Financial Stability Board (FSB) report is expected in October. It will help the Indian government decide whether to ban cryptocurrency transactions or provide a legal framework for dealing with crypto trade in India, Outlook India reported Monday, citing a senior government official.

The official was quoted as saying:

We are awaiting the (FSB) report which will be important from the crypto legislation perspective. We are also hoping it addresses how to deal with wallet transfers (of crypto).

We will take a view on whether to ban wallet transfers depending on what the report suggests. The legislation part is still being worked on. When we had taxed it (in Budget 2022), we had made it clear that legislation is still a work in progress. This report would help address the legislation aspect to a considerable extent, the official additionally detailed.

India is currently not FATF-compliant on crypto assets since the global money laundering and terrorist financing watchdog requires countries to have a clear stance on the legality of crypto assets to be compliant.

Indian Finance Minister Nirmala Sitharaman recently chaired a meeting of the Financial Stability and Development Council (FSDC) where issues relating to crypto assets were discussed. The council stressed the urgent need for a clear consensus on the legality of cryptocurrencies.

The finance minister also recently had a meeting with the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, where she urged the IMF to take a lead role in regulating crypto assets.

Do you think India will ban crypto? Let us know in the comments section below.

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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

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India to Finalize Stance on Legality of Cryptocurrency by Q1 2023: Report Regulation Bitcoin News - Bitcoin News

Roth IRAs: The ideal long-term cryptocurrency investment? – Cointelegraph

As the cryptocurrency market matures, more governments throughout the world introduce legislation to tax proceeds from crypto-related activities, with traders often triggering taxable events that can lead to future complications.

Avoiding paying taxes is illegal, but there are legal ways to dodge triggering taxable events while hodling onto ones cryptocurrency holdings: Roth IRAs. These are individual retirement accounts (IRAs) with a special type of tax-advantaged system.

Using IRAs to avoid triggering taxable events with cryptocurrency investments is a strategy that has been considered for some time, with North American mining and hosting firm Compass Mining offering a solution for BTC users to mine directly to their IRAs last year.

Before diving deeper, its important to point out that Roth IRAs are only available in the United States, although other countries often have their own form of tax-advantaged investment vehicles. Often, stocks with significant exposure to Bitcoin such as MicroStrategy have to be used as a proxy for some of these vehicles.

A Roth IRA is a type of individual retirement account to which investors contribute after-tax earnings. What makes Roth IRAs stand out is that what investors place in these savings accounts can grow tax-free and be withdrawn without any other taxes being owed after theyre aged 59 , if the account has been open for at least five years.

Essentially, a Roth IRA considers that since taxes have been paid on the funds being contributed into the account, investors do not need to pay any further tax as long as they meet the specific conditions outlined above.

Roth IRAs can be funded in various ways beyond regular contributions, which have to be made in cash. Assets permitted into Roth IRA accounts include stocks, exchange-traded funds, money market funds, bonds, mutual funds and cryptocurrencies.

The Internal Revenue Service (IRS) does not allow for direct cryptocurrency contributions into these accounts, but these are various Bitcoin IRA solutions that are designed for investors to save cryptocurrencies in these accounts. Its worth pointing out that yearly contributions to Roth IRAs are limited based on IRS specifications and that investors can keep Roth IRAs as long as they please, as there are no required minimum distributions.

Cryptocurrencies are known for being extremely volatile, which means they arent for every investor out there. More conservative investors will likely be happier holding bonds, mutual funds and exchange-traded funds, while investors with a larger risk appetite may consider allocating to crypto.

The growth potential of cryptocurrency holdings in a portfolio is enough to lure in investors who believe cryptocurrencies will keep on growing in popularity as the infrastructure around them boosts accessibility and new crypto-related products and services are created. This growth potential, its worth pointing out, comes with heightened risk.

As tax-free withdrawals from Roth IRAs require accounts to be at least five years old, cryptocurrency investors looking to take advantage of them should always be prepared to hold onto their funds for a long time.

Chris Kline, co-founder of cryptocurrency IRA platform Bitcoin IRA, told Cointelegraph that there are no tax benefits on contributions to Roth IRA accounts, but there are tax benefits on distributions:

To Kline, cryptocurrencies are going to disrupt the very fabric of our everyday lives in ways like the internet disrupted communication and email disrupted the post office. The co-founder of Bitcoin IRA added that while real estate and gold were premier examples of diversification in the past, crypto has asserted itself as an alternative in the modern economy.

Recent:The Metaverse is becoming a platform to unite fashion communities

Kline added that cryptocurrencies can offer an alternative path forward for people of all ages and that theres been a surge in interest in investing in crypto assets for diversification.

Kunal Sawhney, CEO of equity research firm Kalkine Group, seems to disagree with Klines approach. Speaking to Cointelegraph, Sawhney said that if a person has spent time and labour to earn money, it should ideally not go into extremely risky assets like cryptocurrencies.

Otherwise, he added, it defeats the idea of investing for retirement. Sawhney cautioned that cryptocurrencies arent just Bitcoin (BTC) and that betting on these increases the risk that investors fall prey to Ponzi schemes.

As an investment category, he said, cryptocurrencies might not be so bad as these assets may become the biggest contributor to the overall amount in the Roth IRA when the contributor retires and plans to withdraw. Once again, their potential outsized performance is weighed against their risk.

For long-term investors expecting these outsized returns, placing cryptocurrencies in a Roth IRA lets them realize their capital gains without getting taxed, although theyll have to stomach the ups and downs for a while.

The extreme volatility of cryptocurrencies makes them a not-so-easy investment when talking about retirement, with the jury being out on whether including cryptocurrencies in a 401(k) retirement plan is sound financial planning or gambling with the future.

To Sawhney, investors need to have a pre-determined strategy for their Roth IRA. The CEO noted that a 60/40 portfolio, with greater exposure to stocks than to bonds, was long considered balanced and financially rewarding but suggested cryptocurrencies are changing things:

Recent:Does the Ethereum Merge offer a new destination for institutional investors?

Due diligence, Sawhney concluded, is crucial as Roth IRAs are often viewed as one of the best investment vehicles for young and low-income earners.

Speaking to Cointelegraph, Kevin Maloney, interim CEO at crypto retirement account provider iTrustCapital, said that volatility is actually one of the main reasons why many investors prefer using a Roth IRA or any other type of IRA to invest in crypto. He added that even day-traders could benefit:

Whether investors are looking to add cryptocurrencies to their Roth IRA accounts, its important note that crypto assets are only available for these accounts through custodians, which may charge hefty trading fees.

Its up to every investor to analyze what type of investment vehicle best suits their situation and risk appetite. Roth IRAs may be extremely beneficial for long-term investors, as, since 2014, the IRS has taxed cryptocurrencies as property, and capital gains taxes can be owed on depreciated assets.

The views and opinions expressed do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Roth IRAs: The ideal long-term cryptocurrency investment? - Cointelegraph

The Pros and Cons of Cryptocurrency Gambling Online – Bitrates

Crypto gambling is becoming hugely popular. Before getting started, its important to know both the pros and the cons of online crypto gambling.

In recent years, it has become more and more popular to gamble online with crypto. There are thousands of crypto casinos thriving, and many players enjoy the advantages of this type of gambling. But there are also some cons one should be aware of before starting gambling with crypto. If youre looking to start gambling with crypto, you can read more about the pros and cons here. If you choose to move forward with crypto gambling, you can find crypto casinos here.

There are several pros of gambling with crypto as opposed to traditional fiat currencies. One of the pros that many players enjoy is the increased privacy. Using crypto to gamble provides a higher degree of anonymity. Because of the decentralization of cryptocurrencies, it is hard to track transactions. You will also need to provide much less personal information than in traditional online casinos. This also means youre more secure against hacking and other types of cybercrime.

Another pro is that the speed of cryptocurrency transactions is much higher than at regular casinos using traditional fiat currency. Cryptocurrency is directly transferred almost instantly. This allows you to play whenever you want without waiting for transferrals. You will also be saving money from transaction fees. Because there is no third party involved in crypto transfers, you will have to pay no fee or a very low fee.

This also allows crypto casinos to offer better bonuses to their players. Regular casinos have a third party involved which takes a piece of the cake. Since this is not the case, you can expect better promotions and bonuses. When that is said, you should always make sure to double-check the terms and conditions when accepting any kind of bonus whether its at a crypto casino or a regular online casino.

There are also some cons that you need to be aware of. One of them is, of course, the volatility of cryptocurrency. This means that gambling with cryptocurrency is a sort of double gamble. You never know when the value of your crypto will drop. Another con is that there are no takebacks once youve sent money from your wallet, there is no way back. In addition, there are still many people who arent completely familiar with the world of crypto and, therefore, could be surprised by some of the conditions of crypto gambling.

The last con is the possibility of being scammed. Even though many online crypto casinos are regulated and licensed, many arent, and they are not necessarily illegitimate. So, it is harder to differentiate between a dishonest crypto casino and a legit one. This is something always to be aware of. One thing you can do is to make sure to read some reviews of the particular crypto casino that youre considering.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.

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The Pros and Cons of Cryptocurrency Gambling Online - Bitrates

How cryptocurrency market will help in creating job opportunities in India | Mint – Mint

Currently, the cryptocurrencies and blockchain industry are at the booming stage on the back of vast adoption globally. Despite being controversial and holding complex underlying technology, the cryptocurrency market is seen as a maturing industry with large investors parking their money in them. This market is evolving constantly!

At the 3rd edition of FICCI Leads 2022, Finance Minister Nirmala Sitharaman said, the use of blockchain technology is going to rise by about 46% in the next few years.

Rajagopal Menon, Vice President, WazirX cited the latest study conducted by LinkedIn revealed that job postings containing "Cryptocurrency," "Bitcoin," or "Blockchain" increased 394% year over year from 2020 to 2021.

Menon said, "all these spikes in job opportunities happened even when there were no proper regulations or policies provided by the government. Once India has an enabling regulatory framework that recognises the true potential of Blockchain and cryptos along with the pool of developers and talent available in the country we have an opportunity to lay the foundation of the new internet, Web 3.0."

In Menon's view, crypto is where the next big gold rush is happening, and naturally, VCs worldwide are extremely interested in investing in this space.

As per a report by Galaxy Digital Research, a New York-based financial services firm, venture capitalists (VCs) have pumped in more than n $10 billion in crypto startups in the first quarter of 2022. It could be in the region of 40-50 billion dollars on an annual basis.

With the right policies, Indian entrepreneurs could create the next few crypto unicorns in Mumbai, Bangalore, and Delhi, Menon said.

Due to smartphones and super cheap data plans, content creation has accelerated in recent times in India. Menon said, "with its large audience, content platforms have tailor-made programs to attract the best creators. Like how China became the factory of the world, Indians can become the content-creating factory of the world with our knowledge of English.

According to WazirX VP, Web3 allows these creators to monetize their talent like never before - our artisans languishing in poverty can create NFTs that will appeal not only to the Indian diaspora but also to the larger western audience who are always looking out for newer, more different talents.

Blockchain technology still in its infancy has already created lots of job opportunities under Crypto, NFT, Blockchain gaming, Logistics, etc.

"All that is needed is for the policymakers to bring enabling regulations and frameworks to prevent the talents from leaving the country," Menon added.

Meanwhile, as per Amanjot Malhotra, Country Head - India, Bitay, the use of cryptocurrencies can provide a decentralized and communal approach toward job creation over a centrally-controlled and profit-driven approach.

Cryptocurrency seems to have established itself as a form of asset class, and Malhotra believes its economic impact is expected to be seen globally.

Among many areas, in which cryptocurrencies are expected to leave an impact, is also job creation, especially in India.

Bitay's India head cited Job posting platforms data which revealed job postings that are associated with terms such as cryptocurrency or blockchain have increased more than 600% since November 2015, with a 1,000% growth in searches for jobs.

Cryptocurrency jobs have increased by almost 15 times since 2019, which is a sign that organizations are looking for people with expertise in blockchain and Crypto. Blockchain Application developers, community managers, Asset managers, blockchain developers, and technical product managers, among others, are some of the many roles which could see a rise in hiring, Malhotra explained.

Malhotra believes the crypto sector will attract a lot of talent from other sectors as well as it is very attractive in terms of growth and culture. He added, "A lot of job seekers from various domains who are looking for jobs will find a lot of interesting opportunities in the cryptocurrency space."

Also, Malhotra said, "Insights from the industry have stated that the use of cryptocurrencies is expected to provide a decentralized and communal approach toward job creation over a centrally-controlled and profit-driven approach."

So far in 2022, the number of cryptocurrency job listings in the USA went up by 395%, as per a LinkedIn report.

In Malhotra's opinion, the increase in the usage of cryptocurrencies has the potential to benefit the Indian

technological industry in terms of employment. It will also show that the interest factor of working professionals in this space is high. Furthermore, jobs are being created for marketers, accountants, public policy specialists, and traders.

Finally, Malhotra concluded, "The usage of decentralized protocols and dapps such as smart contracts has the capability to help with the employment of industries such as banking and finance, real estate, and government authorities, among others."

Meanwhile, Sakina Arsiwala, Co-Founder, Taki said, "Recent regulations by governmental bodies have led some startups to feel apprehension. That said, my prediction is that there will be minimal impact felt by the overall talent pool. This stems from the fact that, while crypto as an industry is at a nascent stage, the growth rate is still very high. Amidst uncertainty, there are even greater opportunities for innovation."

Let's keep in mind that these regulations are being introduced with the motivation to protect consumers in the crypto industry. India is a top market for global companies in terms of skilled employees, Taki co-founder said.

Lastly, Arsiwala added, the Indian crypto-tech industry is expected to grow multiple times, which also reflects the forecasts that the industry will generate close to a million job opportunities.

Recently, BetterPlaces Frontline Index Report 2022, revealed that more than 8 million jobs were created in the frontline industry in FY 2022. As retail consumption bettered in the post-pandemic economy, the Q2 of FY 2022 saw a strong rise in demand for frontline workers because of a steady increase in jobs in the delivery and retail segments. E-commerce contributed the highest to the demand for frontline workers followed by logistics and mobility.

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How cryptocurrency market will help in creating job opportunities in India | Mint - Mint