There’s news of two departures for two different reasons in the cryptocurrency sector. One of the high-profile figures leaving is a co-founder of Dogecoin – founded as a joke and subsequently ramped high by Elon Musk (Why? Perhaps simplybecause, with his millions of social-media followers, he could…). The shock waves of the abrupt resignations are still being felt…
In a strange turn of events that could negatively impact the crypto sector, two well-known founders and critical architects from the industry have called quits. In four days, Jackson Palmer, co-founder of cryptocurrency Dogecoin, and Anthony Di Iorio, co-founder of Etheruem have decided to quit the cryptocurrency world for different reasons.
While, Iorio, the billionaire co-founder of Ethereum, announced his ouster from the company and cryptocurrency because of personal safety concerns, Dogecoin’s Palmer launched a scathing attack on the virtual currencies by calling them the “currency of the wealthy.”
The 48 -year-old co-founder of Ethereum said that he would sell blockchain firm Decentral Inc, sever ties with other start-ups he’s involved with, and instead focus on philanthropy.
He further said that he would be ‘safer’ away from crypto.
Soon after Iorio’s announcement, Palmer took to micro-blogging site Twitter on Wednesday last and said, cryptocurrency is “an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity.”
Palmer is an Adobe software engineer who co-founded Dogecoin with IBM software engineer Billy Markus in 2013. He further added that while the cryptocurrency claims of ‘decentralization,’ it is controlled by a few wealthy people across the world.
He also argued that cryptocurrency had been associated with corruption, fraud, inequality, etc.
While Palmer’s next move remains unclear, Ethereum’s Iorio plans to start a new venture around electric vehicles called Project Arrow. “I want to diversify to not being a crypto guy, but being a guy tackling complex problems. I will incorporate crypto when needed, but a lot of times, it’s not. It’s really a small percentage of what the world needs,” he said in a tweet.
The decision of both Palmer and Iorio has sent shocks of disbelief among crypto enthusiasts, but both the prices of Dogecoin and Ethereum have gone up.
Historical Performance And IFISA Process Guide
That figure is the result of over £24 million of loans facilitated on the site, as we bring individuals looking for a good return on capital together with carefully vetted small companies seeking funds for growth. Bear in mind that lenders’ capital is at risk. Read warnings on site before committing capital.
All loans on site are eligible to be held in a Money&Co. Innovative Finance Individual Savings Account (IFISA), up to the annual ISA limit of £20,000. Such loans offer lenders tax-free income. Our offering is an Innovative Finance ISA (IFISA) that can hold the peer-to-peer (P2P) business loans that Money&Co. facilitates. For the purposes of this article, the terms ISA and IFISA are interchangeable.
So here’s our guide to the process:
The ISA allowance for 2020/21 is unchanged from last tax year at £20,000, allowing a married couple to put £40,000 into a tax-free environment. Over three years, an investment of this scale in two Money&Co. Innovative Finance ISAs would generate £8,400 of income completely free of tax. We’re assuming a 7 per cent return, net of charges and free of tax here.
Once you have made your initial commitment, you might then consider diversifying – buying a spread of loans. To do this, you can go into the “loans for sale” market. All loans bought in this market also qualify for IFISA tax benefits.
Risk: Security, Access, Yield
Do consider not just the return, but the security and the ease of access to your investment. We write regularly about these three key factors. Here’s one of several earlier articles on security, access and yield.