Home / Forex News /Football Fever Is Infecting DeFi Project With Excitement

Football Fever Is Infecting DeFi Project With Excitement

01 Dec 2022

In October 2017, Netherlands native Didi Taihuttu and his family sold all their valuable belongings and their house for bitcoin. The decision paid off and the Taihuttu family has traveled all around the world and recently moved to the island of Phuket. On Nov. 30, the 44-year-old Didi Taihuttu told CNBC that after storing crypto in cold storage, centralized exchange (cex) platforms, and decentralized exchange (dex) protocols for years, the Dutch family has decided to proactively transfer $1 million in digital assets to dex protocols in order to have more control via self-custody.

Just over five years ago, Bitcoin.com News reported on the Taihuttu family after they decided to sell their home, children’s toys, and vehicles so they can accumulate bitcoin (BTC). On Wednesday, the patriarch of the family, Didi Taihuttu, spoke with CNBC and explained that the family is moving $1 million in crypto assets to dex protocols following the FTX collapse.

Taihuttu detailed that before the decision to proactively move the funds from cex platforms to dex protocols, the family stored a fraction of funds on trading platforms like Bybit and Kraken. “If you never send your bitcoin to an exchange,” Taihuttu said, “your bitcoin stays in your own wallet, meaning you have complete custody of your coins. [But] you connect to a dex, and by making that connection, you trade out of your own wallet.”

Taihuttu continued:

If the dex collapses, it doesn’t matter, because the bitcoins are always in your own wallet.

Taihuttu explained that he learned his lesson in 2017 when the cex platform Cryptopia was hacked and he lost four bitcoins. “From that moment, I was always searching for alternatives,” Taihuttu said. As far as FTX is concerned, Taihuttu insisted that “too many influencers were paid too much money to promote that one.” The family would not disclose how much they owned in crypto assets but they did say roughly $1 million worth of BTC, ETH, LTC, DOT, and other tokens would be moved to decentralized exchanges.

Taihuttu says the current drama associated with FTX is similar to what happens every bitcoin cycle. “We seem to get that lesson every bitcoin cycle — “It was Mt Gox, it was banning bitcoin in China, it was banning mining. There’s drama every time,” he added. Taihuttu wholeheartedly believes BTC is holding steady, and simply doing what the leading crypto asset always does.

“Looking at the current situation: We have a huge war going on, we have a huge financial crisis, we have FTX, we have Celsius, we have a lot of bear market signals,” Taihuttu told CNBC. “I think that bitcoin is really holding strong at $16,800. For me, bitcoin is still doing perfect and still doing what it always does: Being a decentralized currency that is usable by all people all over the world,” Taihuttu concluded during his interview on Wednesday.

What do you think about the Taihuttu family’s progress and the family moving $1 million from cex applications to dex protocols? Let us know your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

In October 2017, Netherlands native Didi Taihuttu and his family sold all their valuable belongings and their house for bitcoin. The decision paid off and the Taihuttu family has traveled all around the world and recently moved to the island of Phuket. On Nov. 30, the 44-year-old Didi Taihuttu told CNBC that after storing crypto in cold storage, centralized exchange (cex) platforms, and decentralized exchange (dex) protocols for years, the Dutch family has decided to proactively transfer $1 million in digital assets to dex protocols in order to have more control via self-custody.

Just over five years ago, Bitcoin.com News reported on the Taihuttu family after they decided to sell their home, children’s toys, and vehicles so they can accumulate bitcoin (BTC). On Wednesday, the patriarch of the family, Didi Taihuttu, spoke with CNBC and explained that the family is moving $1 million in crypto assets to dex protocols following the FTX collapse.

Taihuttu detailed that before the decision to proactively move the funds from cex platforms to dex protocols, the family stored a fraction of funds on trading platforms like Bybit and Kraken. “If you never send your bitcoin to an exchange,” Taihuttu said, “your bitcoin stays in your own wallet, meaning you have complete custody of your coins. [But] you connect to a dex, and by making that connection, you trade out of your own wallet.”

Taihuttu continued:

If the dex collapses, it doesn’t matter, because the bitcoins are always in your own wallet.

Taihuttu explained that he learned his lesson in 2017 when the cex platform Cryptopia was hacked and he lost four bitcoins. “From that moment, I was always searching for alternatives,” Taihuttu said. As far as FTX is concerned, Taihuttu insisted that “too many influencers were paid too much money to promote that one.” The family would not disclose how much they owned in crypto assets but they did say roughly $1 million worth of BTC, ETH, LTC, DOT, and other tokens would be moved to decentralized exchanges.

Taihuttu says the current drama associated with FTX is similar to what happens every bitcoin cycle. “We seem to get that lesson every bitcoin cycle — “It was Mt Gox, it was banning bitcoin in China, it was banning mining. There’s drama every time,” he added. Taihuttu wholeheartedly believes BTC is holding steady, and simply doing what the leading crypto asset always does.

“Looking at the current situation: We have a huge war going on, we have a huge financial crisis, we have FTX, we have Celsius, we have a lot of bear market signals,” Taihuttu told CNBC. “I think that bitcoin is really holding strong at $16,800. For me, bitcoin is still doing perfect and still doing what it always does: Being a decentralized currency that is usable by all people all over the world,” Taihuttu concluded during his interview on Wednesday.

What do you think about the Taihuttu family’s progress and the family moving $1 million from cex applications to dex protocols? Let us know your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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.

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.

The new government of Italy plans to impose a 26% tax on capital gains from crypto trading, according to the draft budget for next year. The center-right coalition in power is also preparing to oblige Italians to declare their digital assets and pay 14% on their holdings.

The authorities in Rome look poised to expand and tighten the regulations for disclosure and taxation of digital assets. The change is likely to come with Italy’s 2023 budget which is expected to target profits from crypto wealth and trading.

A provision in the budget, proposed by the right-wing government led by Prime Minister Giorgia Meloni, extends to crypto assets a 26% levy on capital gains exceeding a threshold of 2,000 euros (approx. $2,080), Bloomberg reported.

The ruling coalition, which was elected in late September, also offers taxpayers the option to declare the value of their digital assets as of Jan. 1, 2023 and be taxed at a 14% rate. The goal is to stimulate Italian taxpayers to disclose their holdings in their tax returns.

Under the current tax rules, digital currencies and tokens are treated in Italy as foreign currency which is subject to lower taxation. The draft law, which may still see amendments in parliament, also introduces disclosure obligations and extends stamp duty to cryptocurrencies.

Around 1.3 million Italians (2.3% of the country’s population) own crypto assets, the report notes, quoting Triple A data. That compares to the United Kingdom’s 5%, and 3.3% in neighboring France.

Meloni, Italy’s first woman to head the executive branch of power in Rome and leader of the far-right Brothers of Italy party, has previously campaigned for lower taxes.

Her government’s stricter stance on crypto now is a move in the footsteps of Portugal, one of the EU’s most crypto-friendly members, which revealed in October its intention to tax short-term crypto profits at 28% from next year. It also comes amid a global tightening of regulations following a wave of bankruptcies in the crypto industry such as the recent collapse of crypto exchange FTX.

Do you think Italian lawmakers will back the proposed increase in the tax burden on crypto investors? Tell us in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Alessia Pierdomenico / Shutterstock.com

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.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

The new government of Italy plans to impose a 26% tax on capital gains from crypto trading, according to the draft budget for next year. The center-right coalition in power is also preparing to oblige Italians to declare their digital assets and pay 14% on their holdings.

The authorities in Rome look poised to expand and tighten the regulations for disclosure and taxation of digital assets. The change is likely to come with Italy’s 2023 budget which is expected to target profits from crypto wealth and trading.

A provision in the budget, proposed by the right-wing government led by Prime Minister Giorgia Meloni, extends to crypto assets a 26% levy on capital gains exceeding a threshold of 2,000 euros (approx. $2,080), Bloomberg reported.

The ruling coalition, which was elected in late September, also offers taxpayers the option to declare the value of their digital assets as of Jan. 1, 2023 and be taxed at a 14% rate. The goal is to stimulate Italian taxpayers to disclose their holdings in their tax returns.

Under the current tax rules, digital currencies and tokens are treated in Italy as foreign currency which is subject to lower taxation. The draft law, which may still see amendments in parliament, also introduces disclosure obligations and extends stamp duty to cryptocurrencies.

Around 1.3 million Italians (2.3% of the country’s population) own crypto assets, the report notes, quoting Triple A data. That compares to the United Kingdom’s 5%, and 3.3% in neighboring France.

Meloni, Italy’s first woman to head the executive branch of power in Rome and leader of the far-right Brothers of Italy party, has previously campaigned for lower taxes.

Her government’s stricter stance on crypto now is a move in the footsteps of Portugal, one of the EU’s most crypto-friendly members, which revealed in October its intention to tax short-term crypto profits at 28% from next year. It also comes amid a global tightening of regulations following a wave of bankruptcies in the crypto industry such as the recent collapse of crypto exchange FTX.

Do you think Italian lawmakers will back the proposed increase in the tax burden on crypto investors? Tell us in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Alessia Pierdomenico / Shutterstock.com

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.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

PRESS RELEASE. Doha, Qatar: For the next couple of weeks, over a billion people are glued to the TV every day watching players of their favorite team working brilliantly together to win the ultimate prize. What’s really different this time around is how much crypto plays a role in football, with team fan tokens and NFT collections released by football stars like Christiano Ronaldo as prominent examples.

And now, leading communities in crypto are joining football fever and even using it as an opportunity to bring crypto to the masses. With this World Cup, billions will learn about the Web3 ways of working together and winning big thanks to the Binance Football Fever 2022 campaign that allows anyone to get their football fever on while having a chance to win part of the $1,000,000 in prizes.

The DeXe DAO community, being a close partner of Binance and running a number of joint activities with them, has also joined Binance’s Football Fever in true DAO fashion — by proposing and passing onchain a sponsorship of Binance Football Fever. Now football fans can win $DEXE tokens while learning about DeFI. There are a lot of football fans in the DeXe community. And the project is all about teamwork in Asset and DAO Management, so the partnership with Binance on this was a natural fit for the DeXe DAO.

In Asset Management, traders have skills but need more capital to win big. Investors have the capital but need to find traders they can trust to manage it. DeXe’s asset management platform gives them a relationship framework where the traders feel free in their trading decisions and well-rewarded for their success while the investors get multilayer security and transparency to help them protect their capital. This way, DeXe maximizes the opportunity to win while minimizing the risk of losing — an elite approach worthy of a World Cup.

Can you imagine if players on the pitch would get rewarded for how many passes they made rather than for scoring? Such a team wouldn’t win a game, let alone the World Cup. Effective teamwork has shown in this World Cup yet again that teams with less star power are still able to defeat teams that are better on paper. Effectiveness matters. That’s why in DAO management, DeXe aligns the incentives so that community members get rewarded for the most effective DAO activity and pretty much anything about the DAO can be modified via onchain proposals. In DeFi like in football, you need to make it easy to score, to defend, and to adjust the strategy to optimize those actions.

With DeXe’s and Binance’s involvement in the World Cup media hype, football fans can both cheer for their favorite teams and learn more about DeFi. If the efforts of Binance, DeXe, and other projects promoting crypto among football fans succeed, who knows, maybe the next World Cup will be run on-chain.

**********

About The Dexe Network

Dexe Network is an Asset and DAO Management platform that brings the dreams of DeFi into practical reality by giving fund and DAO creators the power to effectively, quickly, and securely grow their organizations. With DeXe, traders become managers without much effort beyond trading as they normally do and DAOs are governed in a truly decentralized and autonomous way thanks to proper incentives and on-chain governance. DeXe’s Ambassador Program has laid the groundwork for community-generated rewards for effective DAO participation.

Contact via email for more information: info@dexe.network

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales

Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.

Source From : News

© CoinJoker 2019 | All Rights Reserved.