Liquidation Value – Event Planer Sun, 26 Sep 2021 14:24:50 +0000 en-US hourly 1 Liquidation Value – Event Planer 32 32 DeFi and Web 3.0: Unleashing creative juices with decentralized finance Sun, 26 Sep 2021 10:45:20 +0000

Decentralized technologies are starting to revolutionize the world of finance, with cryptocurrencies applied in different ways to recreate traditional financial instruments. However, since cryptocurrencies are only backed by people’s faith in them, they are extremely volatile. This means that when it comes to lending value with crypto, neither party can be sure of getting a fair deal.

There has to be a way to secure the value of the loaned assets, which can be done by backing them up with real world value. This is where the tokenization of real assets comes in. This process is fairly straightforward when you consider tangible assets like a building or gold bullion, but what about intangible assets like intellectual property?

Related: Understanding the systemic shift from digitalization to tokenization of financial services

The rise of the creative economy has led to intangible assets representing more 90% of the market value of the S&P 500, a number that will only grow. There must be a way to unleash more creativity to realize the potential of human capital.

Launch funding for creators

Finding a start-up in the designer economy is a big challenge, especially for newcomers. As many entrepreneurs in this segment are discovering, sometimes it is much easier to convey a good idea than to start a business from it.

Creativity, by definition, disrupts what came before; it’s about new ideas, new technologies, new products, new services and new ways of doing things. Driven in large part by the digital revolution, many creative industries are not only innovative in what they do, but in the way they do it.

Related: Bull or bear market, creators dive headfirst into crypto

Fundraising can be difficult for several reasons. On the one hand, banks and investors tend to be conservative. They like certainty and are unlikely to be impressed by an enthusiastic entrepreneur who is convinced that an entirely new and untested idea – whether it’s a design, a software tool, a fashion concept. or a video game – will be commercially successful. Additionally, banks want collateral for their loans, but many creative businesses have no capital to offer.

Stumbling blocks in the inventory

Investors specializing in the creative industries can indeed recognize the genius of an entrepreneur. But in return for their investment, they often want some ownership of the idea and, therefore, some control over its development and commercialization. This may seem unacceptable to the creative entrepreneur who prefers debt financing in the form of a loan over equity financing in the form of shared ownership and labor control with the investor.

Alex Shkor, the founder of DEIP – a company that develops a protocol for the economics of creators – explained to me: “In order for creators to symbolize their works and guarantee them for funding, there has to be a set of contracts. intelligent, which can register assets on chain, issue NFTs, value assets, and manage both collateral and liquidation in the event of default.

Lending framework for the creative economy

Just as loans can be issued in the real economy on the basis of collateral, so can they be issued in the originator economy.

Imagine a game developer (let’s call her Jane) who starts working on a side project. After some time and some positive encouragement from friends and family, Jane decides to take the plunge and convert their side project into a full-time job. But a few months later, and with slower-than-expected progress, Jane’s funds start to dwindle; they’re starting to look at full-time roles again. This situation is common for aspiring designers.

However, with a decentralized platform for intellectual assets, Jane’s progress on their work could be assessed by a decentralized appraisal system that pools the expertise of people in the field to give the unfinished creation an assessment. guided by the intrinsic value of the idea. This inherent value is used as input for calculating collateral, the value of the loan for which it can be issued. Jane can use the loan offered to her for whatever she wants; in this case, to support themselves while they finish game development.

In addition, with or without collateral, a small loan can be granted to newcomers. If Jane does not have a project, a ready-made or half-done creation, she still has the possibility of initial funding as a newcomer to the platform. The loan amount will be smaller because it is unsecured and the loan itself is supported by the segment’s Decentralized Autonomous Organization (DAO) and budgets from its ecosystem fund. The sources of this fund come from the transaction fees and bandwidth allocation payments of the underlying blockchain.

If the loans are repaid on time, Jane’s personal credit rating will improve. In this case, if Jane wants to apply for another loan, the guarantee factor will be lower, which will allow her to borrow more.

If Jane defaults on her loan, all secured assets are taken over by the platform and can be sold to recover the funds through smart liquidation contracts. If Jane has nothing guaranteed, the default risk is realized by the platform and covered by the DAO.

As long as the creator’s credit history is strong and confirmed positively with each new loan, the next installment can be issued with improved terms and conditions iteratively. Credit history becomes an integral and immutable part of the reputation profile of the creator. As Shkor noted:

“The goal of Web 3.0 is to enable a decentralized designer economy and all the technologies for that already exist.”

He continued, “We just need to drive the adoption of these technologies in real industries, in creative industries, for assets produced by creators. This will not only increase the liquidity of the assets of the creators’ economy, but will also open up a flow of capital to the creators. ”

The views, thoughts and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Alexandra Luzan is a PhD student researching the link between new technologies and art at Ca ‘Foscari University in Venice. For the past ten years, Alexandra has been organizing technological conferences and other events in Europe dedicated to blockchain technology and artificial intelligence. She is also interested in the relationship between blockchain technology and art.

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Cryptocurrency crackdown in China: after last ban, more than $ 400 million in tokens liquidated in 24 hours Sat, 25 Sep 2021 11:53:10 +0000

As the cryptocurrency market recovers from the crash it suffered in April-May – mainly due to the tightening of Chinese regulations on cryptocurrency trading and mining – another wave of crackdown by the China has left the market in the red. Chinese regulators have stepped up their hammering on these digital assets, imposing a blanket ban on all cryptocurrency transactions and mining in the country this week. As a result, over $ 400 million (approximately Rs. 2,952 crore) of crypto coins were liquidated in one day. This renewed effort to contain cryptocurrency trading has resulted in a significant loss in value of major currencies such as Bitcoin and Ether.

According to data from Bybt, a cryptocurrency exchange and information platform, more than $ 418 million (roughly Rs 3,085 crore) has been wiped off the market. At the time of writing, according to Bybt The data, more than $ 326 million (roughly Rs. 2,406 crore) was liquidated by 80,563 traders in the past 24 hours, meaning initial panic was giving way to stability. The largest liquidation order occurred on Okex-BTC with a value of $ 6.82 million (approx Rs. 50 crore).

On Friday, shortly after the People’s Bank of China made cryptocurrency trading illegal and said it planned to severely punish anyone who did, Bitcoin lost over $ 3,000 (around Rs 2.21 lakhs .) within one hour. At one point, it slipped below $ 41,000 (around Rs.30.26 lakhs.) But has since recovered to $ 42,733 (around Rs. 31.54 lakhs.), According to CoinMarketCap.

The crackdown in China began this year when authorities began warning banks to suspend virtual currency transactions and shut down much of Bitcoin’s mining business operating in the country.

This had resulted in the crash in April-May, when, for example, Bitcoin fell below $ 30,000 (around Rs. 22 lakhs). He gradually recovered and passed the $ 50,000 mark (around Rs. 37 lakhs) at the end of August. But this renewed focus on curtailing cryptocurrency-related activity has once again raised concerns among investors that the market is heading for a bearish turn.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss resulting from any investment based on a perceived recommendation, forecast or any other information contained in the article.

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Daikin to establish new factory in Andhra Pradesh to manufacture air conditioners, components, Retail News, AND Retail Sat, 25 Sep 2021 05:07:00 +0000 New Delhi: Daikin Industries, the world’s leading air conditioner manufacturer, will set up its third manufacturing unit in the country, in Sri City, Andhra Pradesh, where it plans to manufacture air conditioners and their components. As part of this, Daikin Air Conditioning India, a wholly-owned subsidiary of the Japan-based company, announced on Friday the signing of a land purchase agreement in Sri City for the manufacture of air conditioners and components.

Daikin is one of the companies that applied for the Production Linked Incentive Program (PLI) for the manufacture of components required for air conditioning, which was recently announced by the government.

The new plant would cover an area of ​​75 acres, with the potential to create 3,000 jobs, and is expected to start operating from 2023. It will serve domestic and international markets, according to a joint statement from Daikin Air Conditioning India. and businesses. city ​​Sri City.

“With the start-up of the third manufacturing unit in Sri City, Andhra Pradesh, Daikin aims to achieve aggressive growth in the AC export market over the next few years.

“Daikin wants to make India its manufacturing hub to serve markets such as West Asia, Sri Lanka, the Middle East, South America and Africa,” the company said.

According to industry sources, Daikin has so far invested more than Rs 2,000 crore in India to set up its two factories and a research and development (R&D) center in Neemrana, Rajasthan.

The new plant could also attract an investment of between Rs 800 and Rs 1,000 crore from the company for the development of this 75-acre greenfield project.

Daikin aims to achieve aggressive growth of the AC export market over the next few years.

“Sensing a great manufacturing opportunity in India and an endorsement of the Indian government’s ‘Make in India’ vision, Daikin chose Sri City in South India as one of the next hottest destinations to establish. its third manufacturing base, ”the company said in a statement. declaration.

Daikin India President and CEO KJ Jawa said that for the AC segment, as a strategy, the company is focusing more on rapidly growing markets.

“India is the fastest growing market for us. Daikin has a very clear strategic intention to improve its air conditioning, air filtration and refrigeration portfolio, for which India has been identified as a development pole, ”he said.

Jawa added that the company believes India has the potential to become its offshore delivery center for R&D and exports. “We believe it can serve as a regional hub for markets such as South America, the Middle East and Africa.”

According to Jawa, the AC penetration rate in India is currently only 5-6%, and there is huge potential for growth and consumers are looking for energy efficient products with lower total cost of ownership.

“At Daikin, we are seeing faster adoption of air conditioners around the world, which guides us towards making this investment in India,” he added.

Chief Executive Officer of Sri City Founder Ravindra Sannareddy said, “We are pleased to announce that this is the first major investment in Sri City this year, with the potential to create over 3,000 jobs.

Sannareddy added that he reaffirms that Andhra Pradesh, with its competitive incentive policy and investor-friendly business environment, remains at the top of the concerns of investors around the world and in various industries.

The Indian residential air conditioning market is estimated to be around 7.5 million units per year and 9 million in this fiscal year.

Earlier this month, on September 16, the government said 31 companies, including Voltas, Daikin, Panasonic, Hitachi, Blue Star and Havells, had applied to benefit from PLIs for component manufacturing, offering an investment of approximately Rs 4,995 crore.

The selection of candidates will be made within 60 days of the closing date of the application window or no later than November 15, the Department for the Promotion of Industry and Domestic Trade (DPIIT) said.

The PLI program for white goods (air conditioners and LED lamps) is expected to increase domestic added value in the manufacturing process by 25% to 75% by 2026.

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The coming week in bankruptcy: September 27, 2021 Fri, 24 Sep 2021 18:16:00 +0000

The company and law firm names listed above are generated automatically based on the text of the article. We are improving this functionality as we continue to test and develop in beta. We appreciate comments, which you can provide using the comments tab on the right of the page.

September 22 (Reuters) – Here is a look at some upcoming events of interest to the bankruptcy law community. Unless otherwise specified, all times are local and court appearances are virtual due to the COVID-19 pandemic.

Monday September 27

1:30 p.m. – Remington Outdoor Company will hold a status conference on the consumption of its liquidation plan, which was approved by a bankruptcy judge in March. The company sold its assets to multiple buyers in 2020 for a combined $ 157 million. The case is In re Remington Outdoor Co, United States Bankruptcy Court, Northern District of Alabama, No. 20-bk-81688. For Debtors: Steve Warren of O’Melveny & Myers.

Tuesday September 28

10:00 am – Luxury furniture retailer ABC Carpet & Home will seek approval of its sales procedures with the aim of finalizing the sale of its assets by the end of October. The company has lined up a main offer of $ 15.3 million from an entity controlled by Regal Investments. The case is In re ABC Carpet Co. Inc., US Bankruptcy Court, Southern District of New York, No. 21-11591. For ABC: Oscar Pinkas of Greenberg Traurig.

Wednesday September 29

11h00 – The shareholders of the satellite operator Intelsat SA will ask a bankruptcy judge to appoint an examiner to investigate potential asset claims and the value of Intelsat’s parent entity, claiming that the company’s current reorganization plan is based on settlements for the benefit of Intelsat affiliates only. The case is In re Intelsat SA, US Bankruptcy Court, Eastern District of Virginia, No. 20-32299. For Intelsat: Edward Sassower of Kirkland & Ellis. For the shareholders: Harold Kaplan of Foley & Lardner and David Kovel of Kirby McInerney.

Thursday September 30

2:00 p.m. – Purdue Pharma will hold a status conference on a movement Department of Justice’s bankruptcy watchdog, the U.S. Trustee, to suspend the implementation of an order approving the manufacturer’s reorganization plan for OxyContin and the resolution of the opioid litigation while the appeals against the order continue. The case is In re Purdue Pharma LP, US Bankruptcy Court, Southern District of New York, No. 19-bk-23649. For Purdue: Marshall Huebner of Davis Polk & Wardwell. For the Administrator of the United States: Department of Justice General Counsel Benjamin Higgins.

Friday October 1

11:30 a.m. – The Brazos Electric Power Cooperative will hold a hearing regarding its challenge to the $ 2.1 billion bill it received from the Electric Reliability Council of Texas following the historic February winter storm that affected left millions of people in the state without electricity. The case is In re Brazos Electric Power Cooperative Inc, US Bankruptcy Court, Southern District of Texas, No. 21-30725. For Brazos: Louis Strubeck of O’Melveny & Myers. For ERCOT: Kevin Lippman of Munsch Hardt Kopf & Harr.

Do you know of an event that could be included in Week Ahead in Bankruptcy? Contact Maria Chutchian at

Reporting by Maria Chutchian

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What are crypto loans and how do crypto loans work? Fri, 24 Sep 2021 02:09:58 +0000

Bitcoin is a very volatile asset. In March 2020, Bitcoin saw its price drop below $ 4,000 due to massive sales linked to the pandemic before rising to over $ 64,000 in April 2021.

While waiting for the price of Bitcoin to climb higher, there may be times when you need funds to pay for living expenses like a leaky roof or a flat tire. Selling your Bitcoin at the wrong time can cause you to suffer huge losses or miss out on subsequent large gains.

So how do you remedy this situation? One option available is to obtain a crypto loan by lending your cryptocurrencies. In doing so, you can borrow USD (or your national fiat currency) to pay for immediate expenses instead of selling your cryptocurrencies for a potentially low price.

Simply put, a crypto loan is a cryptocurrency backed loan that uses your crypto assets as collateral. It works the same way as bank loan backed by securities. Crypto loans can only be obtained from crypto exchanges or crypto lending platforms.

Objectives of crypto loans

There are various reasons to subscribe to a crypto loan facility, such as:

  • Personal emergencies

  • Capital for companies

  • Earn interest on your cryptocurrencies

  • Defer capital gains tax

  • Keep your cryptocurrencies for a potential future rise

Below is a simple illustration of other crypto lending use cases.

Benefits of crypto loans

Crypto loans have advantages over traditional bank loans. Unlike banks that review credit score and income statements, crypto loans ignore these traditional metrics.

Not only that, but taking out a crypto loan is also effortless. It has also become a multi-faceted strategy which helps traders gain more leverage than usual.

The diagram below will help you further illustrate its benefits.

However, note that when taking out a crypto loan, you need to keep a constant eye on your collateral ratio.

Why is this important?

The reason is that your crypto assets will be at risk of liquidation if the value of your assets falls below the required collateral ratio of the loan. If you cannot repay the loan, the collateral will either be partially or fully liquidated. In other words, your collateral can be sold to pay off the debt.

Your crypto assets held as collateral will be returned to you in full upon the full repayment of your loan plus interest.

Types of crypto loans

There are currently two main types of crypto loans available: CeFi and DeFi crypto loans. We will look at the similarities and differences between these two types of crypto loans.

Centrally Funded Crypto Loans (CeFi)

CeFi Where Centralized funding Crypto loans are loans provided by centralized entities. These centralized entities act like pawn shops where they take collateral (cryptocurrencies) and provide a loan in USD.

Centralization itself implies that there is a single point of failure. These centralized entities can fail and you can lose the cryptocurrencies that you store on these platforms as collateral.

How do CeFi loans work?

You can lend or apply for a crypto loan on platforms or centralized exchanges like Nexo, Binance or FTX. If you lend your cryptocurrencies you will earn interest on your coins, while if you borrow you will have to pay interest.

For example, on Nexo, a centralized financing platform:

  • Lenders may receive a daily payment of up to 12% Annual Percentage Rate (APR) for stablecoins such as USDT and USDC.

  • Borrowers can get a loan with an interest rate of 13.9% APR (or 6.9% APR when staking NEXO tokens)

Below are some of the assets and supported rates for lenders on Nexo.

For borrowers, you can use this calculator on Nexo to see how much you can borrow.

Decentralized finance crypto loans (DeFi)

Challenge Where Decentralized finance includes financial applications that run through a blockchain, eliminating the need for users to trust centralized entities. The main advantage of using DeFi is that users control their funds and distribute them as they see fit.

A smart contract is used to automate the execution of a contract. It comes with a programmable transaction that locks in the value of the collateral and the payment terms.

DeFi lending platforms

How do DeFi loans work?

DeFi loans allow users to lend their cryptocurrencies directly to someone else and earn interest on the loan through a loan protocol. Anyone can become a lender on a DeFi loan protocol. This process is done through loan pools that replace traditional bank credit bureaus.

Smart contracts are used to aggregate assets from lenders and distribute them to borrowers. While taking a loan from a traditional bank, collateral must be placed with a loan. For example, in a car loan, the car itself is collateral. If the user stops paying the loan, the bank will have the right to seize the vehicle.

The same goes for decentralized systems. The only difference is that the system is anonymous and does not require any physical property to be used as collateral. To obtain a DeFi loan, the borrower would often have to offer cryptocurrencies as collateral. The collateral that is deposited must be greater than the loan amount. In other words, the loan is oversized.

Comparison between CeFi and DeFi loans

Now let’s compare the differences between CeFi and DeFi loans:

Are crypto loans safe?

Despite the many advantages of crypto lending, crypto lending is not a risk free business. Crypto loans come with risks that you should be aware of.

Risks associated with CeFi loans

Insolvency risk – Double-digit interest rates are possible with the crypto loan. However, since there isn’t much insurance available, you risk losing all of your cryptocurrencies if the platform provider goes bankrupt. The assets would then become part of the insolvency estate and you would be considered a creditor in the insolvency proceedings. You should be aware of the financial stability of crypto lending platforms and be especially careful with less established platforms.

Counterparty risk – CeFi platforms can use your crypto deposits and lend them to crypto exchanges, hedge funds, institutional investors and over-the-counter (OTC) traders. Your lending platform provider may become insolvent if the counterparties to these transactions do not return the deposits that have been loaned.

Risks associated with DeFi loans

Smart contract bugs and hacks – Smart contracts have the advantage of being completely automated and transparent. However, poorly written code can make the smart contract vulnerable to exploits. For example, the exploit on Cream Finance caused losses of more than $ 34 million in cryptocurrency.

Risk related to administration keys – DeFi protocol developers can control administration keys. If administrative keys are not decentralized or burned, there is a risk that developers will drain the entire protocol fund.

Liquidation risks – Liquidation occurs when the cryptocurrency you have as collateral loses value and your loan falls below the collateral ratio. One example is Black Thursday, March 12, 2020, where the price of Bitcoin fell 45% in one day. This sudden drop in prices can result in your loans being liquidated because they fall below the minimum collateral ratio.


In a nutshell, both DeFi and CeFi play a vital role in servicing the crypto lending market today, each with their strengths and weaknesses. CeFi loans may be a simpler avenue for newcomers, but users are subject to the rates set by these platforms.

On the other hand, DeFi loans give you full control over your collateralization rate and loan management. However, the possibility of smart contract bugs and exploits could mean that attackers might be able to drain protocol funds.

As with anything crypto, consider the risks involved and always do your research before deciding to take out a crypto loan.

Stacy Kew

Stacy Kew

Stacy is a market research intern at Coingecko. She is very fond of cryptocurrency. Big on BTC, ETH, SOL, NFT, and Japanese cuisine. Follow the author on Twitter @truffefriesx

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Two nonprofits, Worlds Apart, are coming together for the first time to transfer a special collection of car books. Thu, 23 Sep 2021 16:48:37 +0000

Donation of books. Liquidation of an estate.

SAN DIEGO, CALIFORNIA – September 23, 2021 – The Society of Automotive Historians (SAH), an affiliate of the American Historical Association, proudly associated with the Costa Mesa Historical Society (CMHS) over the past week to reposition over one hundred and twenty-five automotive-related books, or “carbooks.” The two nonprofits, at the antipodes, met for the first time following a phone call to (CMHS) by a local resident in need of assistance in disposing of the estate of a relative who was evidently a pioneer resident of Orange County.

Not only did this effort prevent the special collection of books of the late Sam N. Fuller, of Santa Ana, CA, from making an unceremonious arrival at landfills, it also provides a means of keeping the books within reach of car enthusiasts. for continuous use.

Sam Fuller was one of the founders in the 1960s of the Early Ford V-8 Club of America, Southern California Regional Group # 11, which met regularly at Hart Park in Santa Ana. Not only was Sam a Ford lover, fully engaged in the buying and selling of Ford cars and Ford parts, but also a book lover. As any bibliophile will tell you, letting go of your books can be difficult.

For those of us who have tackled an estate liquidation situation, ready to appraise and catalog properties and whoopee, you come across a collection of antique books – maybe even an entire library. Now the familiar question, what should I do with all these books? Too frequent a dilemma.

In this case, the executor, who is a cousin of Fuller, contacted the Costa Mesa Historical Society (Costa Mesa, Calif.) Who contacted SAH.

After the (CMHS), with its vast scope of research and network, contacted the leadership of the SAH, H. Donald Capps, president, and Robert G. Barr, vice-president, the San Diego / Inland chapter Empire has been appointed as the party responsible for developing and executing a mutually agreed upon plan for the transfer of the books.

The executor decided to donate the books. This is quite often the best solution for used books, especially niche books such as car books.

More and more people stumble upon an “old book” during an estate liquidation and they think, “Wow. It’s really old! It must be worth some really good money!

Many old books, even old books, are neither precious nor rare. Dealers and collectors generally follow the general rule that an antique is a piece that is at least 100 years old. In many cases, this does not apply to old books. Age has little to do with value unless the book is considerably old, and in the world of ancient books the term “old” generally refers to a book that is hundreds of years old.

The donation of used books is a win-win solution for donors and recipients. For donors, giving away old books brings the satisfaction of a decluttering job well done and the knowledge that recipient organizations will gain more from it. For recipients, old books can be a vital source of income or knowledge, or both, depending on the mission and purpose of the organization.

Donating old books has other benefits as well, such as reducing the donor’s carbon footprint and slowing the relentless growth of landfills on the planet. Along with other sensible lifestyle changes, swapping physical volumes for digital versions could be one of the best things we can do for the planet this year.

Donations can have a beneficial tax impact on the estate. Talk to an accountant.

Things have changed.

From a deadly pandemic to a global movement for racial justice, the year 2020 has certainly featured more than its fair share of world-changing events. 2020 has definitely pulled the rug out from under us. This includes donations.

Before the pandemic, a donor would bring his treasures of books to local libraries, howeverMany libraries today are running out of shelf space and have few staff to do the job, so they can only take books that they know will circulate on a regular basis.

In early spring 2020, the growing gap in educational resources caused by the COVID-19 disruptions was recognized. But amid the clouds of COVID-19, a silver lining has been found: restored faith in the value of book reading activities and a new push to eradicate illiteracy.

Even in today’s high-tech world, traditional paper books still have the amazing ability to provide inspiration, insight, and education. And sometimes there is nothing better than holding a book in your hand rather than a cell phone or tablet.

The International Literacy Association (ILA), a professional organization linking research and practice to continually improve the quality of literacy education across the world, shows that: ACCESS TO BOOKS IN GENERAL is considered by respondents as a major barrier to equity in literacy education. Fifty-seven percent of respondents say that one barrier is that families don’t have enough books at home, while 40% say that one barrier is not having enough books in school.

SAH is committed to create environments rich in literacy inside and outside the school. The organization places its emphasis on students taking more stimulating text such as what is featured in automotive magazines and professional works.

President of H. Donald Capps SAH said: “Automotive books, whether brand stories, dealing with many cultural or social aspects of automotive history, biographies, motorsport and others are important ”.


The Society of Automobile Historians ( was founded in Hershey, PA in 1969. We are an international organization with over 900 members. SAH members span over 20 countries around the world.

The Society is an eclectic but serious community of historians that includes academics, automotive journalists and publishers, museum and library professionals, educational and cultural organizations, car collectors and restorers, and enthusiasts.


The Costa Mesa Historical Society (CMHS) is a non-profit organization and is a member of the California Conference of Historical Societies, the National Trust for Historic Preservation, and the American Association for State and Local History.

Media contact
Company Name: The Society of Automobile Historians
Contact: Len Holland, PhD, President
E-mail: Send an email
Country: United States

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Dutch Budget Plan 2022 – Tax Proposals Wed, 22 Sep 2021 10:47:45 +0000

On September 21, 2021, the Dutch government released its tax proposals for 2022 and beyond.

In the area of ​​direct taxes, the following measures may be relevant:

  • COVID-19 support measures;
  • Rules relating to employee stock options;
  • Credit rating of controlled foreign companies;
  • Modification of the rules for reimbursement of withholding tax on dividends;
  • Reverse the hybrid mismatch rules;
  • Modification of the application of the arm’s length principle to avoid mismatches

In addition, the introduction of new rules regarding the qualification of legal entity for tax purposes has been announced, but are not included in the Dutch budget plan 2022. The final rules will probably be published at a later time, but the rules main (high level) of the proposal are already included below (potentially subject to change).

Currently, the tax proposals are subject to discussion in the Dutch House of Representatives (Tweede Kamer der Staten General).

Measures proposed in the field of direct taxes

COVID-19 support measures

Work-related expenses scheme

In 2021, the Dutch government allowed a higher tax-free allowance for work-related expenses from employers to their employees. Normally 1.7% of the total salary amount up to EUR 400,000 can be paid to employees tax free. However, in 2020 and 2021, 3% of the total salary amount up to 400,000 euros could be paid tax free. This support measure was not yet codified for 2021 (this was done by means of a decree), so it will be the case with the 2022 Budget Plan.

For the total amount of salary over 400,000 euros, 1.18% can be paid tax free. This percentage has not been changed by the COVID-19 support measures.

Homework allowance

The Dutch government has introduced a specific exemption for allowances of up to 2 euros per day related to home work. A flat-rate can be paid if the employee works at home for more than 128 days per calendar year, provided that the flat-rate does not exceed 248 euros. Accordingly, if the employer pays compensation to the employee to cover the costs of teleworking, this does not affect the amount that can be paid under the work-related expenses scheme (as described above).

Grant exemption

To support businesses during the COVID-19 pandemic, the Dutch government introduced a grant to cover the fixed costs of affected businesses and to support the financing of small and medium-sized businesses. Budget Plan 2022 proposes a rule that exempts these subsidies from income tax.

Rules relating to employee stock options

The Dutch government is proposing to postpone the timing of the taxation of employee stock options to provide more flexibility. Currently, a more flexible regime is already in place specifically for start-ups and scale-ups. The new rules aim to broaden the scope to ensure efficiency.

Under the new rules, employee stock options will be taxed i) when the option right is exercised, ii) when the shares received by exercising the stock option are considered negotiable or iii) if the option is sold. The taxable amount is always determined by the fair market value at the time of taxation.

In the event that the shares received during the exercise of the stock option are not negotiable due to a contractual agreement between the principal of the option and the employee (for example, a period of ‘unavailability), this contractual agreement is respected for a maximum of 5 years after the initial public offer. After 5 years, the shares are considered negotiable and the contractual arrangement is no longer respected. Only if the shares are not negotiable by law, the shares are not considered to be negotiable after 5 years.

Classification of CFC income credits

The Dutch government offers a fixed ranking with respect to the imputation of taxes on CFC income that have already been imposed in the CFC country. The ranking determines that smaller amounts should be considered before larger amounts.

Limitation of withholding tax credits on dividends

On the basis of the judgment of the Court of Justice of the European Union (CJEU) in case C-575/17 Sofina SA and others, the Dutch government proposes a limitation of the possibility of obtaining a refund due the imputation of withholding tax on dividends to the company income tax. The withholding tax on dividends due can be set off against the amount of corporation tax due in that year, but cannot give rise to a refund. Indeed, this is not possible for some non-resident taxpayers, which, according to the Dutch government, could be considered discriminatory. Withholding tax on dividends, which cannot be credited due to this rule, can be used in subsequent years.

Reverse the rule of hybrid mismatches

On the basis of the obligation to fully implement the EU Anti-Tax Avoidance Directive II (ATAD 2), the Dutch government proposes the introduction of a tax obligation for reverse hybrid entities

For these rules, reverse hybrid entities are (i) incorporated under Dutch law and (ii) qualify as transparent for Dutch tax purposes, but (iii) are dealt with by the jurisdiction of a shareholder who owns at least 50% of capital, voting rights or rights to profits (iv) as being opaque. If an entity qualifies as a reverse hybrid entity, it will be considered opaque for Dutch tax purposes and will be subject to corporate tax in the Netherlands. Profits that are taxed at participant level can be deducted from the Dutch tax base.

Modification of the application of the arm’s length principle to avoid mismatches

The Dutch government proposes to ban downward transfer pricing adjustments (downward adjustments) in the Netherlands in case there is no corresponding taxable adjustment (corresponding adjustment) at the related party level (called “informal capital”). In addition, an increase is refused if a taxpayer acquires a business asset through a capital contribution, profit distribution, repayment of paid-up capital, liquidation distribution or a similar (legal) action if the increase is greater than the amount taken. into account. account for tax purposes with the related party transferring the assets of the business, the same applies mutatis mutandis to debt transfer.

According to the proposal, a corresponding taxable adjustment or increase will only be allowed if the related party is subject to corporation tax and includes the adjustment in its tax base for corporate tax purposes. It is important to note that based on the legislative proposal, it is irrelevant which (effective) tax rate will ultimately be applied. The burden of proof regarding the corresponding adjustment or taxation of profits lies with the taxpayer.

The new rules are expected to come into force for fiscal years beginning on or after January 1, 2022 and will have no retroactive effect. However, an effective partial retroactive effect will apply to goodwill acquired during fiscal years starting on or after July 1, 2019 and before the fiscal year starting on January 1, 2022, under the following conditions:

  • at the start of the financial year from January 1, 2022, depreciation of the asset is still possible; and
  • the asset would have a lower book value if the proposal had been in effect at the time of the arm’s length adjustment.

Financial years open before July 1, 2019 do not fall within the scope of this measure.

Measures announced in the field of direct taxes

Modification of the qualification of legal person for tax purposes

General rules for the qualification of legal persons

Under the Dutch qualification rules published for public consultation, the general rule that certain characteristics of foreign legal forms should be compared with the same characteristics of Dutch legal forms remains. If it is not possible to find a Dutch legal form similar to the legal entity concerned:

  • A fixed approach will apply in the event that this foreign legal entity is a tax resident of the Netherlands. This means that the foreign legal person will always be treated as a taxpayer (in other words: as opaque for Dutch tax purposes).
  • A symmetrical approach will apply to entities which are not tax residents of the Netherlands. This means that the foreign legal person will be treated in the same way as in their state of residence.

Mutual fund

The qualification (i.e. opaque or transparent for Dutch tax purposes) of a mutual fund is currently determined by whether all participants must accept the membership or replacement of participants in the (transparent) fund or not (opaque). According to the rules published for public consultation, the tax transparency of a mutual is determined on the basis of its admission to a regulated market or a similar trading platform or the fund having a legal obligation (under the conditions of the fund) to redeem stakes in the fund. The exception to this rule is the family mutual fund, these funds are always transparent.

Open CV

Under the Dutch qualification rules published for public consultation, open CVs (Dutch limited partnerships treated as a taxpayer) will cease to exist as of January 1, 2022. Any open CVs existing immediately before this time will be deemed to have been transferred. its assets at fair market value to the partners, when the partners are deemed to have transferred their partnership interests and claims on the open CV at fair market value.

This transfer results in an “exit tax” for existing open CVs. There are several transitional measures that mitigate the effects of this exit tax:

  • For open CVs where all the partners are companies (i.e. legal persons subject to corporation tax), there will be a mechanism for reducing turnover, under certain conditions.
  • For open CVs where the partner is an individual, there will be an action-for-action merge mechanism.
  • If the two aforementioned facilities cannot be applied, it is possible to pay the tax in ten equal installments.
  • Finally, for people who make assets available for such an open CV, there is also a recovery mechanism.

Please note that the qualification rules published for the public consultation can be significantly changed, given the large number of (usually negative) responses to the public consultation.

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Massive sells in crypto market, strong dollar tames investor appetite Mon, 20 Sep 2021 06:55:42 +0000

The flagship crypto tried to break through the resistance level of $ 48.5,000 again, but the rising dollar dampened investor sentiment.

Investors bracing for another step towards Federal Reserve pullout this week pushed safe haven currencies to a month-long high in London on Monday, as looming massive sell-offs of riskier assets added additional nerves to a cautious mood.

Traders will be watching to see if the Fed finds the US economy strong enough to start cutting the massive amounts of monetary support it provided during the pandemic, although an announcement is likely to be delayed until the November or December meetings. .

In addition to climbing 0.1% to 93.356, the dollar index hit its highest level since August 23.

At $ 2.02 trillion, the crypto market’s valuation is currently 5.63% lower than the previous day’s value. Bitcoin is currently trading at $ 45,000

It was clear that Bitcoin had fallen below the $ 48,000 level and the 100-hour simple moving average. As the hourly chart shows, the price did not hit an uptrend line near $ 48,000.

Before the price dropped below $ 46,000, the price peaked near $ 48,323.

Bybt data shows 137,569 traders have been liquidated as of writing. A liquidation order worth $ 7.17 million has been issued on Bybit-BTC.

Right now, the $ 45,000 support is protected by the bulls. There is now a consolidation of losses near a low that has formed near this level.

Under a downside breakout below the $ 46,200 level, the $ 45,000 level or even $ 43,800 could be reached

Despite the decentralized nature of crypto, it’s important to note that its volatility is not isolated. The price of a crypto market is determined by this factor. Fluctuations in Bitcoin affect the prices of most crypto.

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Kolibri DAO, the first fully decentralized DAO on Tezos – Blockchainreporter Sun, 19 Sep 2021 18:10:49 +0000

In May of this year Kolibri DAO was announced and in July Kolibri DAO went live. From that moment on, Kolibri DAO was truly decentralized and only the community has control over the protocol.


One of the most important qualities of a blockchain is decentralization. In a decentralized network, no entity but you can access your address, reverse transactions, change protocol rules and settings, activate accounts, etc.

A decentralized network is immutable and trustless. You don’t need to trust a third party and you can independently manage your own tokens. In a centralized network, an entity can change the rules of the game or worse.

Smart contracts

A blockchain in its basic form only allows basic transactions. Allice transfers 10 tokens to Bob. But if you want to add more complex rules and transactions, you need to be able to deploy applications on the blockchain.

This can be done by deploying smart contracts on a blockchain. However, not all channels support smart contracts. And not all channels that support smart contracts are truly decentralized. Can you imagine Decentralized Finance (DeFi) on a centralized blockchain? There is nothing like it.


Tezos is a fully decentralized blockchain, where even protocol upgrades can only be activated after a chain voting process in which every token holder can participate. Additionally, Tezos is a decentralized smart contract platform that allows developers to write smart contracts in several different smart contract languages ​​and deploy dApps.

The activity of developers and users on Tezos has grown exponentially. The number of monthly deployments of new contracts on the main network increased from 784 in March to 4,269 in August. And just in mid-September, that number almost matched. If we look at user interaction with smart contracts on the mainnet (contract calls), we see 0.5 million contract calls in March and 3.4 million contract calls in August. Currently in mid-September, we have already crossed 3.7 million contractual calls.

This shows tremendous growth within the Tezos ecosystem. On several occasions, Tezos’ total daily trades (i.e. core trades + smart contract interactions) hit 0.6 million trades per day, which compares to 50% of Ethereum’s daily volume. Growth is proving to be sustainable every month, for over 12 months now.


The dApps (decentralized applications) are the next part of the evolution. It is about eliminating the middleman. A basic decentralized blockchain allows you to cut out the middleman while ensuring that your transaction gets to its destination. Now you no longer need a bank to manage your account and allow you to transfer value. DApps can eliminate middlemen in more complex use cases. For example, if you want to take out a loan. Here, DeFi comes into the picture.

Decentralized finance is simply the deployment of financial products on a decentralized system. If you want to deploy these products on blockchain, you need to create a smart contract in which a complex number of rules and parameters are embedded.

As a result, a user can interact with an application on the blockchain that allows them to take out a loan in the form of stablecoin while providing collateral in the form of XTZ.

A small, but important, detail needs to be covered, however. Although the application is deployed on a decentralized blockchain, it is not a decentralized application so the developers of that specific application can still modify the underlying smart contracts. It is only after the backdoor to changing the code is closed for good, that an application is truly untrustworthy. After all, if you lock value in a smart contract and developers can always change the rules of the game, then you will have to trust the developers with all that value.

You might be wondering why developers wouldn’t just let go of app control if they are developing a decentralized app. Well, it is necessary to be able to change the settings and be able to fix any bugs if necessary. If we take a look at lending platforms and stablecoins, there are stability fees, a debt cap, liquidation thresholds, and other parameters that can be used to fine tune values ​​and manage the system.

Decisions have to be made and somehow these changes have to be implemented. Who else can perform these tasks? The decentralized solution is to deploy a DAO that democratizes this process. Governance tokens are distributed and token holders can vote on the proposals. Once a proposal is accepted by the majority of token holders, the proposal is automatically deployed. Sounds familiar? Yes, Tezos protocol updates are deployed exactly in a decentralized manner.

Although DeFi is a household name, real DeFi is not as common as you might think. Many DeFi are deployed on centralized channels. And many DeFi projects are still in the process of fully deploying their DAO. The Tezos DeFi ecosystem is growing and maturing rapidly. I think we can expect a lot of DeFi projects to activate their DAOs in the coming year.


The first fully decentralized DeFi application on Tezos is Kolibri. Kolibri (kUSD) is a Tezos-based algorithmic stablecoin that is backed by XTZ with a minimum dollar value ratio of 2: 1. You can mint your own kUSD on, in the form of a decentralized loan, which means you will provide your own collateral and lock in an amount of XTZ in a smart contract and get kUSD back. At the time of writing, 3.7 million XTZ, worth 22.8 million USD, is locked in Kolibri’s coffers as collateral, and a total of 4.4 million USD is issued. and in circulation.

In May of this year Kolibri DAO announced and in July Kolibri DAO went live. From that moment on, Kolibri DAO was truly decentralized and only the community has control over the protocol. In September, the first proposal was accepted and implemented. Currently, a second proposal can be voted on to lower the stability fee. You can find out more about this proposal here.

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A glimmer of hope for the group Trans Hex? Sun, 19 Sep 2021 08:06:10 +0000

PAROW-based diamond mining group Trans Hex appeared dead and buried in 2019 after its subsidiary West Coast Resources (the former Namqualand mines purchased from De Beers) went into liquidation. But indications are that a new Trans Hex look is regaining some sparkle.

The diamond miner was struck off the JSE two years ago, meaning there is no official overview of operations. But Astoria, which owns 35% of the capital of Trans Hex, recently published interesting comments in its semi-annual report at the end of June.

Astoria noted that Trans Hex benefited from the restructuring implemented after its delisting, which led to a dramatic reduction in costs. Additionally, as the diamond trade normalized after the foreclosure restrictions were lifted, diamond prices have also “risen dramatically”.

Astoria said the Somiluana mine in Angola achieved good selling prices during this period. “Rising oil prices further eased the dollar shortage in Angola, which made it easier for Trans Hex to repatriate funds to South Africa.”

Astoria said Trans Hex is now generating healthy cash flow – albeit lumpy due to the friction of sending foreign currency out of Angola. In the past six months, Astoria has received its first dividend of Rand 3.5 million from this investment.

Interestingly, Astoria values ​​its 35.7% stake in Trans Hex at a 30% discount to the group’s net asset value, which equates to Rand 53 million. This 53 million rand figure infers a value of around 150 million rand for Trans Hex, which is actually less than the 225 million rand the group and other partners paid for West Coast Resources.

With Trans Hex seemingly on a more solid financial footing, it will be interesting to see if there is enthusiasm to acquire more diamond mining operations to ensure operational diversity and expand scale.

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