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Home Majority Whip Tom Emmer has as soon as once more taken to Twitter to problem the U.S. Securities and Alternate Fee’s (SEC) method to cryptocurrency regulation. Citing the SEC’s current authorized losses in opposition to Ripple and Grayscale, Emmer means that the regulatory physique’s stance on crypto is misguided. His newest feedback, dated September 3, 2023, have garnered vital consideration, amplifying the continued debate on the suitable degree of crypto regulation.Emmer’s Newest RemarksIn a tweet on September 3, 2023, Tom Emmer acknowledged, SEC loses on Ripple… SEC loses on Grayscale… We are going to see how pending litigation performs out, but it surely must be more and more apparent to policymakers that, regardless of @GaryGensler’s mass advertising marketing campaign, crypto shouldn’t be an trade ‘rife with noncompliance.’Checks and Balances in FocusEmmer’s critique resonate with earlier tweet, emphasizing the position of checks and balances in holding the federal government accountable.Our system of checks and balances holding the abusive Administrative State accountable,he wrote, quoting a earlier tweet that introduced a DC Courtroom of Appeals determination in favor of Grayscale on August 29, 2023.A Constant CriticEmmer has been a constant critic of the SEC’s regulatory method to cryptocurrencies. As early as November 4, 2021, he despatched a letter to SEC Chairman Gary Gensler, questioning the inconsistency within the company’s remedy of Bitcoin futures ETFs and Bitcoin spot ETFs. “I’ve called out @GaryGensler’s regulatory hypocrisy for years,” Emmer famous in a tweet on August 30, 2023.Implications for PolicymakersEmmer’s current feedback add one other layer to the continued debate amongst U.S. policymakers about the way forward for cryptocurrency regulation. With the SEC going through authorized setbacks, the query arises whether or not its present method is efficient and even acceptable, a degree that Emmer’s newest tweet underscores.ConclusionBecause the SEC grapples with authorized challenges and elevated scrutiny, Tom Emmer’s tweets function a well timed critique from a high-ranking authorities official. His feedback recommend that the controversy over the regulatory panorama for cryptocurrencies is way from over, and so they name into query the SEC’s present technique.Picture supply: ShutterstockSupply: https://blockchain.information/information/us-house-majority-whip-tom-emmer-challenges-secs-stance-regard-xrp-and-bitcoin-etf-following-legal-setbacks
The landscape of Bitcoin may be, on the verge of a transformation. An individual who previously held a position at BlackRock representing the asset management company globally has indicated that there is a possibility of approving Bitcoin based Exchange Traded Funds (ETFs) in the United States. This development is not a victory for Bitcoin; it could signify a crucial turning point in how the market perceives this digital currency. The approval of ETFs would carry implications. It would provide investors, known for their substantial financial resources with a secure and familiar avenue to invest in Bitcoin. Many experts speculate that these prominent players could bring about a $17.7 trillion investment. Such a substantial influx of funds might further elevate the value and importance of Bitcoin within the realm of
Read more on Big Bucks & Bitcoin: How an ETF Could Shift the Game
Bitcoin can only process about seven transactions per second. (Visa does something like 1,700 per second, and claims they are capable of 24,000.) Having so many different miners in the system race to verify the same transaction creates a gigantic amount of wasted time and energy. And, as transaction chains get longer and the networks get bigger, verifying transactions gets more difficult, which has led to an arms race for processing power. Bitcoin miners are partly responsible for the computer-chip shortage that has made it difficult to get new cars, computers, and PlayStations. By one calculation, Bitcoin consumes more electricity than Finland. An individual transaction produces about half a ton of carbon dioxide. Bitcoin has probably undone all the reductions in greenhouse-gas emissions produced by the adoption of electric vehicles.
"Bitcoin cannot be stopped. It will be everywhere. The world and the authorities will have to adapt," John McAfee.
You know, the entire US economic system is so messed up and so is a lot of your views of it (and I mean on both sides, I also include myself in this since I often don't realize until I *really* think about it) but like. Let's start by talking about taxes. There was a post going around lately that was like
Anyways this is not true. You can deduct INTEREST on mortgage from your taxes. Not mortgage itself. And for renters, in 23 states you can do the same. It's meant to be an offset for property taxes, which, in case you didn't know, are INSANE. Like my family pays more taxes on our house and property then on THE ENTIRE REST OF OUT TAXES, and we're in the top tax bracket. They don't tax you nearly enough on your ACTUAL INCOME but tax you way to much on your property and stock. It's basically based on, if you sold everything right now, what would we then be able to tax you. It's not measuring how much you make on a year to year basis, it's measuring how much you managed to save up over a long period in order to buy your big household a home that has enough space for everyone. It's definitely possible with housing/property taxes for them to cost so much that you can no longer afford your house and land, that you reasonably worked and saved up for. That's kind of unfair. Especially if you bought it when housing was cheap, and since the value on such things has gone up, so have your taxes. You weren't spending an insane amount of money on it. But now it's worth about 1.1 million and you've gotta move out or pay taxes on that. That's a thing that happens.
And meanwhile, a mega rich person who loves the city and therefore doesn't bother with a lot of land is taxed less than the moderately well off person in the previous example.
So the tax system is messed up, people need to pay more based on their actual income and less based on their homes.
Oh another thing with taxes is you know how charitable donations are tax deductible? Yeah only to a certain amount, meaning that there is no incentive for rich people to donate the proper amount given their income. Yes, I think they should give regardless of whether they're going to be rewarded for it, but people who hoard THAT MUCH money are selfish, and they're not going to. My family is not even that rich (dad worth something in the 10s of millions) but the amount we give (no big deal for us) is ALREADY well above the amount you can deduct from taxes. And we don't mind, but the super rich? Do you think they're going to go out of their way to support causes with anything more than petty cash and not be rewarded for it? They're not.
Ultimately, they shouldn't have such extravagant amounts of money in the first place, since they didn't work for it. My dad, which I mentioned previously, works 10+ hours a day, often including weekends. That's real work. His field is high paid and he in particular is high paid since he's the only one who can do what he does, and he gets extra for INVENTING most of the things his companies are based on, which he, you know SPENDS TIME STUDYING AND WORKING ON AND CREATING. He's not making tons of money just by owning something. That's wrong. All that excess cash should be going to the people who actually do the work.
And I think for the most part everyone acknowledges this, but y'all talking about killing the 1% doesn't realize how broad the 1% is. That includes doctors, lawyers, high level computer scientists, that WORK for their living, and are not exploiting you. Who you're looking to target is the owners, the people who hoard billions or trillions of dollars in wealth. Do you even know how much a trillion is? Let's say you take a rich person worth about 10 million. Ok how much more does someone worth a trillion make? They make 100,000 times more. What can you afford these days with 10 million? A nice house, decent cars for the household members that drive, some land, the ability to not worry about medical bills and to pay for college, plus a bit extra to save or give to charity. How nice. A lot of people don't have that privilege. What about 1 trillion? There is not a house in existence that will make a dent in your finances. You could send your children to any college they want for their whole lives and not make a dent in your finances. You could buy companies on a whim with almost no consequence. It's not right. It's especially not right when other people have trouble paying for both rent and groceries.
And this is why, even growing up rich, I'm such a communist. It is not a fever dream for us ALL to be able to live, comfortable, reasonable lives. The current wealth in the world redistributed, and suddenly everyone could live like I do. It isn't lessening the average person's quality of living. For the vast majority of us, communism done right is nothing but an upgrade. Yeah so a fistful of billionaires and trillionaires will be really upset. They'd still have enough to live comfortably and yet they're the ones who own so much they can effectively block any progress in this direction. It's pure selfishness.
Leading The Revolution: Top 10 Blockchains By Daily Transactions
Let’s explore the 10 blockchains that are leading the charge in terms of daily transactions, along with their impressive daily transaction counts.
When a popular Neo-Nazi webcomic made this pro-Bitcoin comic in December 2017, Bitcoin was at $19,650. It crashed almost immediately after this comic came out, leading me to make this image on the one-year anniversary of this comic
Bitcoin then became mega-popular, and I got a lot of Bitcoiners sending me smug asks.
Today, Bitcoin fell below $19,650 again, having lost 70% of its value since November, so I get to make an updated graphic
If seeing that bubble comic made you buy bitcoin and you HODLed for five years, you’ve lost money.
Electronic Money Association members such as Revolut, PayPal and other companies are asking for more time before implementing the Markets in Crypto-Assets (MiCA) Regulations. Fintech organizations using cryptocurrencies are reportedly calling on European institutions to give them additional time so they can prepare to comply with the new rules. Representatives of Revolut, PayPal and other companies directly contacted the EU Ministry of Finance with a request to extend the transition period. They recalled that the new MiCA rules will apply to all countries of the Union starting in December 2024, however, some countries may shorten these deadlines. According to payment institution leaders, there may not be enough time to prepare to comply with all laws. The European institutions provide a maximum transition period for compliance with MiCA of 18 months. However, it is subject to change at the discretion of individual countries, which Revolut and PayPal do not agree with. They ask that all EU members agree on a maximum period of 18 months. Otherwise, companies will have to suspend operations in individual states for indefinite periods, which will negatively affect business. Ireland has already stated that it agrees to follow the 18-month transition period for cryptocurrency providers (CASP). Major crypto companies currently have offices in the country, including Gemini, Coinbase and Binance, which will require regulatory approvals under MiCA. As for France, the regulator Autorité des Marchés Financiers (AMF) is considering launching an “extended” registration of digital asset service providers, the DASP. The new rules will come into force in the country on January 1, 2024. In addition, the authorities also want to harmonize the licensing requirements for the European Authorization of Crypto Asset Service Providers (CASP) regulations. Read the full article
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