The Forbes cover story, which will be available on February 28, takes a photo of his picture with the words next to zero to billions, six months. "Zhao Changpeng put the cover of the magazine on his Twitter Page.
This is the world's first rich currency list released on the Forbes website on February 6. Cryptocurrency translates to cryptocurrency, cryptocurrency, etc. The best known is bitcoin.
Randall Lane, chief executive of Forbes magazine, explains why such a wealth list has been saved for the fictitious currency in order to push hundreds of millions of dollars of wealth out of shady sneak peeks As part of a financial investment that is openly operated in the sun.
Zhao Changpeng, 41, is chief executive of the cryptocurrency trading platform Binance, estimating his net worth of personal cryptocurrency to be between $ 1.1 billion and $ 2 billion.
In less than seven months, he changed from zero to the largest cryptocurrency trading platform in the world with 6 million subscribers. In response to regulatory measures that could potentially be derogatory, the operating division In 3 countries.
Zhao Changpeng's Twitter account, his country is Sweden.
Song Chi-hyung, founder of Upbit, one of South Korea's largest bitcoin exchanges, ranked 10th in the Forbes first installment of virtual currency and one of only two Asians .
Forbes publishes the story of every rich on the Web.
Secret kingdom
Bitcoin's vigorous opening of the windows of the secretive kingdom of virtual currency pushed virtual currency into the sight of fictitious currency and financial investors.
The world is fictitious, chaotic and inhomogeneous, with no berthing marks; the fictitious currency at the turn of the millennium is labeled with various labels for its 'niche' and covert nature: utopian, liberal, anarchist, anti-establishment Like the early gold rushrs, the advent of the virtual currency world drew many adventurers to exploit and occupy. Network punkers, miners, Silicon Valley financiers, Investors', various.
In the generation, use and trading of cryptocurrencies, many people flourish overnight, and various controversies continue to emerge around bitcoin.
Governments and financial and monetary authorities have different positions on crypto-currency issues.
Even the most consistent fan of cryptocurrencies, privately admit that it is muddy water in the trip, the password currency starting, 95% is not fooled is a fraud, or even worse.
transparency!
However, Forbes magazine chief Randall Lane argues that there is a pressing need for transparency in the virtual currency to move itself out of haze, once a favorite currency for traffickers, into adolescence and into healthy development Into a class of legitimate assets of the road, but the process of one of the most crucial elements of transparency.
"Our leaderboard is a crucial moment," he said, marking the moment when the virtual currency transitioned from an early, chaotic chaos to adolescence.
He said it is an indisputable fact that no matter what form it appears, the financial system that enabled blockchain technology has become a part of the financial world.
In his' Chief Editor's Message 'on the richest ruling list of the first virtual currency, he predicted:' Just as in the dot-com bubble of 1999, many billionaires in the virtual currency surge someday will go bankrupt when the bubble burst, but others Will come back to life and copy magic like eBay or Google. '
This chart may reflect the chaos and volatility of the virtual currency world.
Forbes posted on LinkedIn explaining why this list is based: holding estimates of virtual currency amounts (some providing evidence), after-tax profits on the trading of assets and encrypted shares, The data will be locked on January 19, 2018.
It is inevitable that there will be omissions in admitting this list, and the estimates on the list may be quite different from their actual values. But the same is true when we first released Forbes magazine in its list of the 400 richest Americans in 1982.
The journey of thousands of miles begins with a single step, and in one criticism and negative tone, the wealth list and the richest man list have grown countercurrently, not only for Forbes but also for other similar major charts.
As for the virtual currency kingdom, the birth and death of hundreds of millions of dollars of wealth, "Forbes" article said, 'absolutely not allow such an equivalent wealth to sneak in the shadows'.
Forbes, the editor-in-chief of Forbes, revealed that 10 people, with 10 billion U.S. dollars in virtual currency wealth, are moving toward the $ 1 billion mark, and Forbes has been in conversation with everyone on the richest man in the first stage.
Critics argue that bitcoin is going through a process similar to the internet bubble, while others say it is up because bitcoin is entering the mainstream financial markets.
In a 'Message from the Editor', he introduced a conversation with Joe Lubin, second in the rankings, to answer many common questions: the accuracy of the data and the likely openness of wealth To the security risks.
The former is a technical issue and Forbes has 36 years of experience; the latter, according to Ryan, does not pose a problem in the article because anyone who can be on the richest man list can and has been taken to guard against hackers and rogue thieves Full safety precautions.
Rubin founded Consensys Corporation to provide blockchain technology services to enterprises to help launch the Etherum platform-based products.Rubin is also a co-founder of Etherum, a company that attracted a lot of attention at this year's Davos World Economic Forum.
The key, Ryan said, is that the cryptographers like Rubin admit that it is important to launch such a leaderboard.
2. The first case of global taxation of the whole program of digital money tax decryption in Japan;
Author: chain was too
Abstract: Japan, a world leader, has entered the tax declaration season today and its treatment will directly affect the direction of the world's virtual currency tax policy.
The question of whether digital currencies such as bitcoin should be taxed or not and how to pay taxes is already a bothering the world. It will also directly affect the governments' attitudes towards the encryption of digital currencies.
From February 16 to March 15 of each year, Japan's tax reporting season is the year for which the virtual currency of ups and downs in 2017 has also become one of the objects for the first time in the world. The tax issues concerning the virtual currency became the 2017 tax return Hot issues, but also have a benchmark for the world.
Just earlier this month, Arizona authorities also began a proposed virtual currency tax bill, which proposed taxation in Bitcoin, which recognizes virtual currency as a currency, not a product, but not all councilors are in favor of bitcoin tax The Arizona Senate chief Steve Farley warned that taxpayers would be dilemma if bitcoin prices plummeted, but the authorities think the state government should be responsible for bitcoin transactions and think the dollar is enough (to resist the risk).
The head of Tag Employer services in Arizona, who is in favor of Bitcoin, said the world will have a different view in the next 20 years, and the company has already begun to pay wages in bitcoin and has also allowed the use of corporate pensions Part of the investment for the virtual currency.
Japan, as the country currently embracing the ICO and the blockchain, will no doubt be treated as a model for the world by adopting a taxation scheme to be implemented by the government.
App learned in Japan through chain visits App researcher in Japan made a comprehensive analysis of the Japanese tax program.
There are two core tax issues involved: income tax and consumption tax
According to the results obtained by the chain researcher in Japan, I believe the end of February, the first official calculation of virtual currency exchange tax case is about to emerge.
At present, Japan's domestic virtual currency access to ways in addition to the exchange to buy, dig their own, free distribution of the site, etc., after another endless stream of play, which involves tax in two places:
First, the income tax, levied on the user access to virtual currency transactions in the proceeds (capital gains); the second is the consumption tax, the virtual currency to buy goods / services (such as the use of bitcoin to buy things), you need to pay the consumption tax, the general number of Japan The amount of spending displayed on the website of the big exchange is the actual price after the excise tax is included, so the most important thing is the income tax.
In Japan, the income tax algorithm is cumulative, and the virtual currency's income tax rate is determined by adding the virtual currency's profit to wages, other income, etc. The tax rate for stocks and other profits is about 20%, the higher the income, the higher the tax rate The higher.
5% if total income is less than 1.95 million yen; 33% for more than 9 million yen, 40% for more than 18 million yen; 45% for more than 40 million yen plus 10% resident tax, The highest applicable tax rate of 55% .In September 2017, the National Tax Office announced that in principle the benefits arising from the virtual currency exchange are classified as miscellaneous income and included in the tax returns, the annual income of more than 200,000 yen (1,839 US dollars) Of income, must be taxed, should be levied up to 45% of the income tax (without residence tax.) In December last year, the National Tax Office again issued guidelines for calculating the profit and loss of virtual currency transactions, but the taxpayers are still at a loss.
According to the regulations, the virtual currency buying, selling, exchange with other currencies are all within the scope of taxation, the basic formula is the difference between the price and the selling price:
Amount Received = Sales Price - Unit Price * Amount Selling Currency
For example, in May last year, four bitcoins were bought at a price of $ 5,000 for a total of $ 20,000 and sold for $ 20,000 each in December at a total selling price of $ 80,000. Then the personal income tax Part is 80000- (5000 * 4).
Although this may seem simple, the actual operation is extremely complicated. First, the fact that the interest rates of some official currencies could not be verified before, the interest rates of every exchange may not be the same, the interest rates vary widely every second, and so on can not be solved.
National Tax Agency on the blockchain technical coping strategies
Even the purely digital tax issues that can be solved by the pure numbers can not be solved in the technological development of the blockchain, and the IRS has also broken down the complicated situation, for example:
Fragmentation of virtual currency: The fission of the virtual currency may lead to the fission of the virtual currency itself. For example, after the ETH is hard-fisted, the ETC is split and the tax is not taxed at this time. The profit will be sold in the new virtual fission In the case of currency, the acquisition cost is 0 in this case, and when the income tax is calculated, this part of profit is pure income.
Revenue classification refinement. Individual business as a virtual daily payment of the virtual currency, as operating income or real estate revenue. In addition to buying and selling virtual currency living people, its revenue is also considered as operating income.
The virtual currency as a means of payment is also included in the virtual currency income tax collection.
Bitcoin is currently being implemented on the legal virtual currency trading platform in Japan. What should we do when the Bitcoin is settled? In Japan, the difference is included in the income tax.
For example, the bitcoin bought for $ 100 bucks up to $ 20,000 when it decides to pay the exchange wallet in bitcoin, and the $ 19,900 difference in the middle is also taxable. And services, the difference is also counted as income when Bitcoin is exchanged for other currencies, effectively avoiding tax avoidance.
Margin Exchange Income Taxes on Virtual Currency Unlike the declaration of FX (Foreign Exchange Margin Trading) split tax (ie, tax declaration system, commonly known as white box), virtual currency margin trading is a combination of taxation (commonly known as black box).
ChainDD small popular science:
White box (such as foreign exchange margin trading) profits will not be tax deductible immediately, but every year in mid-16-16 mid-year to declare the total profit of the previous year, a one-time tax can be (to declare), which for It is helpful to increase the investment efficiency, with a fixed tax rate of 20.315%, which is different from the progressive taxing method of black boxes. No matter how much FX benefits, the tax rate is fixed and uniform.
Black Box: The progressive taxing method, into the more, the more taxes levied.
'Mining' income tax. Mining is a unique mechanism for virtual currency. When a virtual currency is acquired through mining, the revenue is the market price of the virtual currency at the time of digging, and the cost is mining, such as electricity, etc. For Mining income, there are other ways of taxation.
Controversy: Half of the tax will certainly lead to tax avoidance
Japan's domestic categorization of virtual currency income tax as miscellaneous income is also highly controversial, as this long term means that half of the proceeds need to be turned over, and more than 200,000 yen must be taxed, and shortly thereafter, all kinds of tax avoidance methods will certainly An endless stream.
Income tax need only profit (loss) after the real exchange of virtual currency trading, trading, currency exchange, if you only keep the virtual currency, do not participate in the sale, there is no income, there is no need to pay income tax, the middle Is an operational space.
Another problem is that user losses can not be dealt with. In the first half of last year, Police Department announced that in 2017, there were 23 illegal sending of virtual currency on virtual currency, involving an amount of 59.2 million yen, excluding the second half of the global sensation Coincheck cases, while in the second half, the number of these cases showed a clear upward trend.
Coupled with the strengthening of overseas regulation, a period of price plummeting and a series of loss suffered this part of the user's tax even more optimistic about the situation, even if suffered abnormal losses last year to determine the profits to be taxed any one as long as last year Of the transaction to make huge profits, and now even if due to 'abnormal losses' lead to lower affordability, still need to pay a large amount of tax.
Fictitious currency profits are not allowed to offset taxes by offsetting losses such as stock transactions and to cover losses from the following year This may be similar to what appeared in the rapidly expanding FX Margin Trading around 2005 Many Japanese people resell through foreign currency and make huge profits when the Japanese yen depreciates, but many of them subsequently avoided the tax by the offsetting method.
See Japan's largest virtual currency trading platform approach
Founded on January 9, 2014, Japan's No. 3 virtual currency exchange, bitFlyer (No. Kanto Financial Secretary No. 00003), is currently the largest trading platform in Japan and has recently issued consecutive notifications of virtual currency-related taxes.
In the 'Transaction Declaration' announcement released on February 8, bitFlyer started to collect user transaction information, and the user needs to confirm the information is very numerous, but after confirmation, according to the formula can set out about the amount to be paid, including:
1, the user all transaction records: transaction date / time, currency, transaction type, transaction price, quantity, handling fee (unit: currency exchange in the currency Pair), the yen price, order ID and so on.
ChainDD popular science:
Currency Pair: A combination of two currencies used to trade, for example, BTC / JPY Pair is displayed as BTC / JPY or BTCJPY.
Spindle currency: The BTC on the left in the above example is called the spindle currency and the JPY on the right is called the settlement currency. In short, the relationship between the spindle currency and the settlement currency is the use of the settlement currency to buy and sell the spindle currency.
2. Lightning transaction records:
(1) Master Order: Date and Time, Order Number, Currency Pair, Buy / Sell Roles, Order Quantity, Transaction Quantity, Price, Order Type, Status
(2) Child Orders: Date and Time, Order Number, Currency Pair, Buy / Sell Roles, Order Quantity, Transaction Quantity, Price, Order Type, Status
(3) Order Execution: Date and Time, Order ID, Transaction ID, Currency Pair, Buy / Sell Roles, Order Quantity, Handling Fee (Unit: Spindle Currency in Currency Pair), Price, Status
3. Historical Margin:
Date and time, operation, currency pair, etc., price variation, transaction revenue, handling fee (in yen), point exchange, quantity
To calculate revenue, users can confirm the unit price of various virtual currencies from the 'closing price / SQ price list' (ie the platform's virtual currency transaction price list) issued by the bitFlyer platform and then calculate their own income tax according to the formula Tax amount.
bitFlyer currently announced that it will not be able to provide any kind of tax computing services for its various types of companies that trade in water, which means that companies like Yamada Electric, Renzhen Lou those bitcoin payments through bitFlyer need to refer to the Inland Revenue Department December 1 Day published tax calculation method, while individuals also need to be based on their actual transaction amount to count.
But the company has issued a public announcement announcing its partnership with Cryptotct, a virtual currency tax services platform, that will launch tax @ cryptact, a tax calculation tool, in mid-February, possibly after the Inland Revenue Department officially began filing.
Cryptact is also currently working with 15 exchanges in Japan and is said to be able to calculate the exchange income tax of about 1,680 virtual currencies on the current platform.
In addition to Bitflyer's Cryptact, which was developed by the Goldman Sachs resignation venture, Japan currently has a number of startups developing profit and loss computing services platforms, but whoever can not guarantee its accuracy, such as accounting for firefighting freee, G-tax in Japan, It provides free services specifically for tax-related virtual currency gains, but currently only deals with transactions on major exchanges such as bitFlyer and bitbank. (There are 10 partner platforms for G-tax and 2 for freee as of press release).
A small step in the virtual currency tax system
He is now a founding member of Tokyo's State Revenue Agency's 'e-commerce expert research team' and directly addresses the complexities of tax tracking of virtual currencies, pointing out that virtual currency and investment Funds and foreign exchange transactions, the lack of impact on the value of the indicators and targets benchmarks for the speculators is a paradise, the virtual currency of the profit and loss information can be found on the exchange can be recorded, but the problem is the international transaction, between individuals Trading and other supporting cases, although some can track, but those who use the pseudonym, the name of the transaction is difficult to locate.
So it is clear that the current calculation methods and those complicated provisions are limited to the various situations that have occurred so far. There is no such thing as the huge unknown uncertainty of the blockchain technology, the virtual currency The situation will only be more and more, the provisions of the Japanese National Tax Agency is only a small step
3. By the end of Bitcoin prices will exceed 40,000 US dollars but Jiucheng Shanzhai currency will fail;
According to Business Insider, bitcoin executive Llew Claasen predicts Bitcoin will hit $ 40,000 by the end of this year, while 90% of other digital currency projects will fail.
In fact, Claasen expressed his opinion at the Startup Grind conference that he believes most digital currency projects will fail mainly because investors are investing too much in digital currency projects, leading to risks Exacerbations, especially after many projects proved to be scams.
The data do not speak, and although only a month and a half have passed since 2018, there have been at least five major ICO and digital currency scams, including notorious Bitconnect.
Claasen believes that the cryptocurrency community will learn from these frauds and will work hard to stop it from happening later, saying that investors are beginning to be very cautious, and that's exactly what the market is doing well one.
However, although Claasen predicts Bitcoin will reach $ 40,000 by the end of this year, he said the bitcoin price will not show steady growth this year. On the contrary, bitcoin prices may experience ups and downs, basically three To six months for a cycle, but will eventually exceed 40,000 US dollars mark.
It is worth mentioning that Ripple CEO Brad Garlinghouse also said earlier that the final price of most virtual currencies may be zero.
4. Turing Award winner admission blockchain, to create the underlying chain source platform;
Starting in 2016, Professor Turing Award winner Professor Micali led the MIT team to study Algorand, a new consensus agreement that combines both scalability, security and centralization, Block chain system performance 'Impossible triangle'.
Turing Award is the highest honor in the field of computer science. MIT professor Silvio Micali won the 2012 Turing Prize for his pioneering contributions to modern cryptography and zero-knowledge proof.
The Algorand team recently announced $ 4 million in seed funding from Pillar and USV. Algorand is known as an open source agreement and the Micali team will relinquish Algorand's patent, making Algorand an open source community project and Algorand emphasizes the importance of community building Sex.
Fred Wilson from USV replied in Twitter that 'Tokens are the native business model for blockchains and protocols', so Algorand might be a currency denomination. Plus Algorand is positioned as platform Bottom chain.
Currently Algorand team of 10 people, headquartered in Boston, scheduled to go online this year.