DOMANDE E RISPOSTE in INGLESE
QUESTIONS AND ANSWERS LIC
Question 1. What does “difficulty” mean in the production of
cryptocurrencies and why does the difficulty increase?
Answer: In the language of digital currencies, Mining means the
production of new coins. The main forms of mining are Proof of work
(POW - proof of work) and Proof of stake (POS - proof of stake).
The total number of coins that can be put into circulation (products) is
set at the beginning, when the coin is launched, with the help of the
whitepaper.
This is a big difference compared to the money (banknotes), which are
printed without limit.
Consequently, according to the principle of rarity, as the total number of
coins available decreases, the scarcer they become and their value
increases.
The intensity of transactions and operations leads to a greater difficulty
in producing the currency and, therefore, a lower daily distribution.
Question 2. Who is a DAMO?
Answer: Traditionally, a currency is created by DAO (autonomous and
decentralized organization), a group of anonymous people who finance
the project, with the corresponding clauses in the Smart contract.
DAMO is the first meritocratic and decentralized autonomous
organization.
DAMO uses blockchain technology to provide a secure and digital journal
that tracks financial movements on the internet.
Question 3. Where is the company headquarters?
Answer: Where is the registered office and the headquarters of the
Bitcoin company?
The first 19 visionaries (DAMO) did not set up a headquarters, as this
would be a centralized system. In addition, having a fixed location means
that you are more exposed to cyber-attacks (hackers).
Moreover, Bitcoin was born to give people financial freedom, and
therefore neither Bitcoin nor any other real currency has a company
behind.
Question 4. Why is there no company?
Answer: The peculiarity of cryptocurrencies is their decentralization.
Unlike the banking system, where only a few people meet to decide the
fate of money, with blockchain there is a consensus among users.
Even this feature is one reason why we often do not know the identity of
the creator or creators of a blockchain: it is not necessary.
The main point of the blockchain is that there is no central authority. Due
to this feature, the blockchain is called decentralized.
Question 5. Why LIC is not on Coinmarketcap?
Answer: Coinmarketcap is a private listing site, in which many tradable
currencies are listed, and which cannot be traded, even tokens.
This suggests that it is not mandatory for a coin to be listed on
Coinmarketcap to be real. Coincapital, Satoshinakamotoblog,
Cryptosquare, Coinlistcap, etc. are simply the most popular listing sites
and so many people refer to them. Today, LIC is already listed on several
sites.
Question 6. Where does the money come from?
The money comes from the DAMO pre-sale. LIC used Proof-of-work (POW)
technology for 5% of production, thus generating 7,930,588 pre-paid
coins. out of a total of 61,000,000. These pre-issued coins are used to
provide our Masterboxes and to make the new POS (proof-of-stake)
technology work, in which case the coins produced generate others.
Question 7. Why does LIC use the referral marketing system?
Answer : Even without being an expert 100%, by studying you can tell that
it is true that there are recognized currencies that do not have a
marketing plan or a referral system, but it is also true that today 90% of
those currencies have lost 80% of their value, and 90% of ICO (initial offer
of coins = initial developing projects in which the currency, called token,
is not public and cannot be changed) have failed.
Why? Because digital currencies are only used for market speculation and
manipulation. The real problem is not the currency itself, but the
uninformed people. Therefore, LIC chose a Masterbox system (COIN-
controlled release day by day), avoiding the great speculators, who kill
the price of the coin.
The value of a coin is also determined by the number of people holding
it. The referral system stimulates people to expand the community
Question 8. Who pays the referral fees since there is no company?
Answer: DAMO pays the fees. LIC has used POW (Proof-of-work)
technology for 5 % of production, thus generating an amount of 7,930,588
pre-mined coins out of a total of 61,000,000.
These pre-mined coins are used to provide us with Masterbox programs
and to make the new POS (proof-of-stake) technology work, where the
coins produced generate others.
Question 9. Why can I convert only to an Exchange?
Answer: Currently, LIC can only change on one exchange to protect and
preserve the value of the coin. Conform Road Map (see white Paper), in
the last four months of 2019 will be formalized another authorized
exchange.
Question 10. Why do I have to change first in BTC and then in Fiat (Euro,
S.A. Dollars) and I cannot directly turn LIC into Fiat?
Answer: Because LIC is only convertible in Bitcoin, acting as an
intermediary, being the “mother” currency.
Question 11. How does the taxation of cryptocurrencies operate?
These allegations are the result of the interpretation of the ministerial
Resolution No. 72E from 02/09/2016 (in Italy). By this resolution, Agenzia
delle Entrate (Italy's ANAF counterpart institution) stated that:
• Bitcoin is an alternative currency to the traditional
• Buying and selling Bitcoins in exchange for euro should be considered as
foreign exchange operations, therefore are not subject to VAT
• Companies operating with Bitcoins may obtain gains or losses from
foreign currency activities, and such gains or losses must be reported in
the balance sheet • Alternatively, when the balance sheet is closed, it is
calculated and record earnings or losses
• In the case of natural persons, if the speculative purpose is missing, no
taxable income is recorded.
However, in this resolution (which is the response of the Revenue Agency
to a question of a company) there are no references to the situation
where a natural person carries out a speculative activity.
But since the resolution itself actually treats Bitcoin as a Currency, it is
possible to apply the same rules that apply to natural persons carrying
out speculative activities in the monetary sphere.
This previous regulation establishes that only the activities of natural
persons who hold at least 7 consecutive days in one year an amount in
foreign currency for a value equal to or greater than EUR 51,000 are
considered Speculative/trading activities, thus generating taxable
income. Therefore, in this case, capital gains must be recognized and
declared (see for your country how much as a trading).
However, individuals do not "close the balance" at the end of the year, so
that capital gains can only be recognized in the case of Bitcoin sales.
We recommend that you search for your country the rules of
cryptocurrency.
Question 12. What guarantees are there?
Answer: There are no guarantees. Everything is based on the community
that holds the value and possession of the coin. Nowadays there is no real
guarantee on money. If, for example, 70% of the population holding the
Euro change for dollars, the euro inevitably loses its value and the dollar
rises. The same is true in the Crypto World.
Question 13. Why will I get more coins through discount coin purchase
programs (Masterbox) and where does the money I get extra from a
Masterbox program come from? For example, from 100 Lix (lix/USD = 1) I
will get 170 lix.
Answer: LIC chose a Masterbox system (COIN-controlled release day by
day), avoiding people that want to speculate large quantities, which
devalue the coin, this providing the opportunity to buy coins at a
discounted price during the initial phase, in order to stimulate the growth
of the community and therefore the use of the coin per se.
In fact, the release of LIC is determined by the pre-mined coins of DAMO.
For this reason, 70% of the release is fixed.
Question 14. Why LIC isn’t a scam business?
Answer: The scam or ponzi type businesses, also called HYIP (high-yield
investment program), are high-risk investment programs and high yield,
in which you can lose all invested capital.
These are a type of misleading investment that promises unsustainable
yields paid to previous investors in the new payments. These businesses
are like gambling, where companies invest investor money in shares and
high-risk bonds. In short, there is no product, service or cryptocurrency in
the middle, but only money.
On the other hand, LIC is not a company and each person acquires a daily
program of controlled release of money, so the "product" is the currency
itself.
Question 15. Why can't we say that LIC is an investment?
Answer: The words “investment” and “percentages “ are terms that
relate to fiat money. The LIC business is not about fiat money, it's about
cryptocurrencies. The term "Investment" is used in the banking system.
Question 16. What happens when the Masterbox program ends?
Answer: Your Wallet stays exactly the way it is, like any crypto wallet,
with the coins you've accumulated indoors, if you left them in your
wallet.
Question 17. Why are the coins in stake/saving wallet not available for
500 days?
Answer: To generate new coins by POS technology, users’ wallets must be
' full ', otherwise they do not produce new coins. Therefore 30% of the
released coins automatically enter stake/saving wallet.
Question 18. What happens to stake/saving wallet after 500 days?
Answer: After 500 days, accumulated lics will be released gradually, a
percentage per day, so that they can be used.
Question 19. Why can't we purchase Masterbox programs with fiat money
(euro, dollars, etc.)?
Answer: We aren’t financial promoters and therefore we are not
authorized to trade fiat money, so in the LIC platform inputs and exits are
done with cryptocurrencies.
Question 20. Is tocanotrade.com an exchange that depends on LIC and it’s
connected to LIC?
Answer: Yes, tocanotrade.com is an exchange peer to peer (from person to
person), does not perceive percentages, but only a fee/commission,
which is also very low.
tocanotrade.com is used to change Lic in Bitcoins and vice versa.
Question 21. Why do you need to identify yourself with your personal
data (KYC-Know Your Costumer), since we are talking about a
decentralized system?
Answer: KYC (identification) is necessary for the future LIC to be
accepted by other exchanges, which would otherwise not accept a
currency with volumes of billions of 100% of unverified accounts. LIC
works for launching a Crypto ID (KYC DECENTRALIZED).
Question 22. Is LIC vulnerable to hackers’ attacks?
Answer: For a hacker to control the network to approve fraudulent
operations, he should be in control of the most part of the network, an
action known as "51% attack" (so more than half).
In POS technology is possible to access the exploitation of a block only as
a percentage of the amount of coins held, i.e. stake/saving.
To reach 51% of the node network control, the network attacker must
hold most of the units of Cryptocurrencies. This implies a truly huge
purchase. In the POS system, not even a huge purchase ensures the
success of the attack, because in POS the choice of nodes for validating a
transaction is based not only on the coins held, but also on the age of the
wallet and on a random choice. Due to these POS criteria for the choice
of nodes, introduced in the verification process, the attack of 51% is
almost impossible.
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