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Can the Blockchain Be Hacked?


For the vast majority who aren’t knowledgeable in the realm of bit coin and different cryptographic forms of money, advanced coins and the fundamental blockchain innovation can be truly confounding.

We’re not going to go into the entire history of digital forms of money here, yet at the major dimension, block chain is a “permanent record” innovation where exchanges are checked and recorded through a decentralized framework.

The thought is that the block chain holds coins and possession chains all the more safely in light of the fact that it is decentralized – at the end of the day, information stream happens “at the edges” of the system and is unbendingly encoded.

In any case, there are different security dangers that are being paid attention to very by block chain specialists – here are a portion of the manners in which that security experts are thinking about ways you can “hack the block chain.”

Insider Dangers

Bunches of specialists are bringing up that hacking the block chain isn’t generally the aftereffect of outside pernicious entertainers attempting to take advantage of the framework – once in a while it’s an instance of awful on-screen characters really assuming responsibility for hubs and proprietorship stakes in a specific block chain framework.

A typical case of this is the “Sybil assault” – where somebody holding access to various hubs may trap the block chain by building up false personalities.

“A Sybil assault is an assault in which an enormous number of hubs on a solitary system are possessed by a similar gathering and endeavor to disturb arrange action through flooding the system with awful exchanges or controlling the handing-off of legitimate exchanges,” composes James Risberg at Coin Central, enumerating this kind of hypothetical assault.

“One of the key structure choices made when building up a crypto currency framework is the manner by which to counteract Sybil assaults,” Risberg composes. “Bit coin counteracts them through its verification of-work calculation, expecting hubs to spend assets … to get coins, along these lines making owning most by far of hubs over the top expensive. Various undertakings handle Sybil opposition in an unexpected way, yet about all handle it.”

The Blockchain Environment

There’s additionally the possibility that while the decentralized hub framework itself has rather great security, there’s not as great security in the majority of the assistant zones that crypto currency voyages – for instance, the trade.

“While the security of most cryptographic forms of money stays unblemished, the security of the wallets, trades, and records of outsider administrations around these digital currencies remains bizarrely awful,” composes Risberg. “Tons of dollars’ worth of bit coin and different digital forms of money have been stolen from the bargained records of people and trades throughout the years.”

Beating the Blockchain

As the block chain network attempts to verify and approve block chain frameworks, they’re going to quite emotional lengths to endeavor to manage unapproved get to or mysterious movement.

Investigate the “Byzantine officers” assignment calculation – this fascinating check procedure depends on illustrations of the past – especially, the conjoined activities of different individual commanders in a fight.

In this sort of diversion hypothesis, specialists talk about what the results are from various player decisions – officers consenting to progress or withdraw – to apply to main problems around the utilization of the block chain.

In case you’re stressed over blockchain security, be careful about where your crypto currency goes. Research merchants and trades, and make sense of how to make your very own protected pathways – and dependable watch out for unpredictability, which is additionally a noteworthy wellspring of misfortune for speculators. With respect to the general idea of block chain security, the Fintech network is buckling down to set up better and better frameworks that will accomplish more to expand the speed, security and accommodation of our distributed monetary exchanges in a globalized world.


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Finance Line

Can and Will Donald Trump ban Bitcoin protocol?

Donald Trump
  • U.S. President, Donald Trump, has tweeted his dislike of Bitcoin and has accused it of being volatile.

  • The president can make laws that impose bans on the cryptocurrency at the Bitcoin protocol level or the service layer on the basis that code is not speech etc.

  • However, it is highly unlikely that Trump will choose to go for it as it’s apparently against his own interests.

Once again the top trending news was taken over by Bitcoin, the ever-famous cryptocurrency, after the President of the United States expressed his dislike for the currency on Twitter by accusing the currency to be volatile.

And even though the whole world seemed to engage in its discussion right after the global leader’s tweet, the crypto markets didn’t seem to have any such concern with the statement which perhaps meant they have other things to worry about in their time.

If Trump is expressing his concerns about Bitcoin publicly, should we be worried about a new law that would ban the currency? Or should we be as relaxed and indifferent as those in favor who think even a lawful ban wouldn’t affect their activities?

The reality of the matter is that Trump can pass a law banning Bitcoin but he won’t do so even though the ban can have a material impact if it’s a success.

Code is not speech; it executes actions

Now, there are some unconventional ways in which Trump could accomplish banning Bitcoin. The first one is by using the “code is not speech” argument, which is false according to many who say that it is indeed speech and banning it is equivalent to banning civil liberties.

Code not only has a speech component but it also executes actions which are also monitored by laws and regulations. Only writing code can be classified as a form of expression but Bitcoin users also execute it which makes it a completely different matter.

And theoretically, these actions can be banned by law in the U.S. after which the effect will be felt globally in the Bitcoin industry.

USA’s impact on the Bitcoin industry

Even if Trump does not ban Bitcoin altogether, he can still cause significant disruption in the cryptocurrency industry, with the introduction of new compliance and fiscal requirements which decrease the viability of such projects.

The U.S. can cause decentralization of code and operations but Bitcoin would still not disappear.

And the major factor behind Trump NOT choosing to do so is that it’ll be against Trump’s own interests to do so.

Keeping the Trump family happy

It should also be kept in mind that the imposition of laws against Bitcoin and cryptocurrencies, in general, would damage the president’s repute as the “disruptor and a free-market evangelist” that he used throughout his campaign.

Moreover, the biggest Trump-supporting communities in the political enterprise are early supporters of cryptocurrencies and some have even spent considerable time and effort to establish themselves as such.

So its highly unlikely that Trump would choose to anger or aggravate his voters and donors like that.

Look on the bright side

As is already evident, Bitcoin’s potential has now also grabbed attention in the presidential forums, which also attracts the negatives. And even if Trump decides to pass laws against Bitcoin at any level, his decision is bound to be aggressively challenged in the courts.

Also, it should be remembered that the probability of Bitcoin’s value is reduced to zero is and will always remain to be less than the probability of its value increases tenfold. And the fact that Trump, the president of the United States is tweeting about it is proof enough that the times have shifted for a new tomorrow.

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Finance Line

How To Save Millions Using This Simple Tax Loophole

tax loopholes
  • A tax code provision allows small company employees to acquire tax exemptions that can save them thousands and millions of dollars.

  • All of the conditions should be met, which include the company be valued at less than $50 million and for you to not mess with your shares and be in complete ownership of them.

  • Trusts allow workers to not save money for themselves while reaping continuous benefits but they are also the way to save up for future beneficiaries.

Kay Lou became a part of the LinkedIn team in 2006 with a grant of shares at 12 cents each. The value went to increase to $45 for each share when the company became public in 2011. As the value of the shares kept increasing, she decided to hire a professional accountant to manage all the newfound wealth. 

Although the newly hired accountant helped her with minimizing her tax and contribution calculation with basic techniques like trusts, gifts, and philanthropy, she was still shocked to learn later that her accountant had failed miserably to tell her about the thousands and millions of dollars she could have saved with the aid of a provision in the tax code that few people knew about. Due to this provision, small company employees now had access to millions of dollars in stock gains tax-free!

This provision is about the concept of small-business stock and contribution calculation on the workers’ end. It says that people who are invested in a company valued under $50 million are eligible to exclude from their taxes $10 million or 10 times their investment, whichever is higher. It is an amazing and quite simple way to get away with not paying any tax even for a large amount of income. 

There a couple more conditions in order to benefit from this provision. Employees must be in possession of the stock for at least 5 years and the company should be making some products to sell. 

In the case of Mr. Dayanov, his savings were unreal! Moreover, he did not learn about it from some accountant but instead discovered the benefit messing around on TurboTax. Apparently, the only thing that matters is the value of the company at the time of joining, i.e. it was still valued below $50 million when Mr. Dayanov joined. 

Unfortunately, he was misled by an accountant who told him that his information as wrong and he ended up paying more tax for about 2 years. But then he made an official inquiry from an early director at LinkedIn and got his refund as his shares did, in fact, qualify for the tax break. 

Even though it is so much trouble ensuring that your company is qualified for this tax-break, the benefits are so worth it. Employees can look to save up an extra $2.4 million if they make it to the $10 million limits.

It wasn’t always like this though, this strategy only became attractive when the capital gains rate and the exclusion amount went up 2 decades after the law was added in the 1990s. 

Moreover, savvy lawyers and accountants have their ways to get around the conditions and contribution calculations; even the companies that provide car services is a company that created something that didn’t exist before instead of being classified as a services company.  

Owners have to completely and fully own their shares with all the risks and rewards that come with the package. If you meet all of the shares’ ownerships requirements then you’re allowed to be exempt from paying tax on the first $10 million or 10 times your basis, according to Peter Kong, managing director at Merrill Private Wealth Management.

Those who don’t follow the letter of the law risk an audit.

The employees who fail to fulfill all the necessary conditions are always under threat of an audit. 

Every time tax provisions are unclear, financial advisers see new opportunities for saving up. People can also split up the benefits amongst themselves using trusts. 

For example, if an employee acquired stock at a very low rate and it appreciated far beyond the $10 million limits, he can create permanent trusts that contain $10 million qualified stock within them. 

As Toby Johnston (partner in charge in the Silicon Valley office at Moss Adams) says that if an individual taxpayer just sells his shares, he stops receiving any benefits against them. The idea is to make the trust a different owner who is still eligible to reap the benefits. 

Trusts also allow employees to save tax money and make the share value increase for their to-be-beneficiaries including children and grandchildren, in cases where they might not need the windfall urgently. 

With a single loophole, the small company employees are able to evade the tax brackets 2019 and reap more benefits for themselves using low priced shares. 

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Finance Line

KFC Spent 2 Years and $80 Million Making This Sandwich

  • “The Zinger” cost KFC U.S. EIGHTY MILLION dollars and TWO years to make!

  • It claims to be free of antibiotics and other artificial additives including hormones, steroids, and food dyes.

  • Legend has it that this hand-made zinger sandwich is something you have never tasted before!

So we all know how KFC is a brand of yummy-licious delicacies all over the world but what you DIDN’T know is that they spent a fortune worth EIGHTY MILLION dollars in the creation of a new sandwich just to get those sales!

So what is the name of this supposedly AH-MAZING sandwich? “The Zinger” has the privilege of being the very first fried chicken sandwich in history that is prepared by hand. KFC wasn’t playing when they said they spent years worth of effort into this creation.

According to the president and chief concept officer for the U.S. KFC, the company has been working on this concept since the last two years, has also spent a fortune of 80 million dollars in this project and has conducted trainings for all of its employees since the last six months so that they’re efficient and precise when the time comes to serve this new delicacy at the busy lunch hour.

The president also says that the sandwich will debut in the U.S. on the 24th of April, in addition to already being sold in a whopping 120 other countries at the moment. He also made it clear that the chicken meat is used in this sandwich will be prepared from real chickens from poultry farms situated in the U.S. such that these chickens will be free from antibiotics. He went on to add that this concept of antimicrobial resistance is a concern for them as it is also shared by the public and hence should be taken seriously.

KFC is not the only brand that has made such an announcement of letting go of all types of antibiotics in chicken meat. The list includes other popular brands such as Chipotle, McDonald’s, Burger King and Wendy’s. but apparently, KFC seems to have an even more extensive claim, especially when the question is regarding the on-the-bone chicken meat. The new Zinger Sandwich will also not contain any additives including hormones, steroids, and food dyes.

Even though it seems that the general public is gravitating towards a greener and overall healthier food options as the days pass by, the KFC squad still believes that their new fried release will be a hit with the general public.

He says it’s pretty iconic that the public is demanding REAL food and their chefs are busy in the kitchens preparing the chicken-on-the-bone and “The Zinger” sandwiches, which claim to be completely different than everything that is out there in the market at the moment!

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