Neuroscience and a Dose of Emotional Intelligence Reveal a Simple Trick To Learn More With Less Effort

Getty Images

A producer for a television business show called and asked if I was available. He described the theme of the segment and asked if I had any ideas. I offered some possibilities. “That sounds great,” he said. “We’re live in 30 minutes. And I need you to say exactly what you just said.”

“Ugh,” I thought. I’m not great at repeating exactly what I just said. So I started rehearsing. Ten minutes later, he called to talk about a series he was developing. I almost asked him if we could postpone that conversation so I could use the time to keep rehearsing, but I figured since I had already run through what I would say two times, I would be fine.

Unfortunately, I was right. I was fine. Not outstanding. Not exceptional. Just … fine. My transitions were weak. My conclusion was more like a whimper than a mic drop. And I totally forgot one of the major points I wanted to make. Which, according to Hermann Ebbinghaus, the pioneer of quantitative memory research, should have come as no surprise.

Ebbinghaus is best known for two major findings: the forgetting curve and the learning curve. The forgetting curve describes how new information fades away. Once you’ve “learned” something new, the fastest drop occurs in just 20 minutes; after a day, the curve levels off.  Yep: Within minutes, nearly half of what you’ve “learned” has disappeared. Or not.

According to Benedict Carey, author of How We Learn, what we learn doesn’t necessarily fade; it just becomes less accessible. In my case, I hadn’t forgotten a key point; otherwise I wouldn’t have realized, minutes after, that I left it out. I just didn’t access that information when I needed it.

Ebbinghaus would have agreed with Carey: He determined that even when we think we’ve forgotten something, some portion of what we learned is still filed away. Which makes the process of relearning a lot more efficient.

As Ebbinghaus writes: Suppose that the poem is again learned by heart. It then becomes evident that, although to all appearances totally forgotten, it still in a certain sense exists and in a way to be effective. The second learning requires noticeably less time or a noticeably smaller number of repetitions than the first. It also requires less time or repetitions than would now be necessary to learn a similar poem of the same length.

That, in a nutshell, is the power of spaced repetition. The premise is simple. Learn something new, and within a short period of time you’ll forget much of it. Repeat a learning session a day later, and you’ll remember more. Repeat a session two days after that, and you’ll remember even more. The key is to steadily increase the time intervals between relearning sessions.

And — and this is important — to make your emotions work for you, not against you, forgive yourself for forgetting. To accept that forgetting — to accept that feeling like you aren’t making much progress — is actually a key to the process. Why?

  • Forgetting is an integral part of learning. Relearning reinforces earlier memories. Relearning creates different context and connections. According to Carey, “Some ‘breakdown’ must occur for us to strengthen learning when we revisit the material. Without a little forgetting, you get no benefit from further study. It is what allows learning to build, like an exercised muscle.”
  • The process of retrieving a memory — especially when you fail — reinforces access. That’s why the best way to study isn’t to reread; the best way to study is to quiz yourself. If you test yourself and answer incorrectly, not only are you more likely to remember the right answer after you look it up, you’ll also remember that you didn’t remember. (Getting something wrong is a great way to remember it the next time, especially if you tend to be hard on yourself.)
  • Forgetting, and therefore repeating information, makes your brain assign that information greater importance. Hey: Your brain isn’t stupid.

So what should I have done?

While I didn’t have days to prepare, still. I could have run through my remarks once, taken a five-minute break, and then done it again. Even after five minutes, I would have forgotten some of what I planned to say. Forgetting and relearning would have reinforced my memory since, in effect, I would have quizzed myself.

Then I could have taken another five-minute break, repeated the process, and then reviewed my notes briefly before we went live. And I should have asserted myself and asked the producer if we could talk about the series he was developing later.  Because where learning is concerned, time is everything. Not large blocks of time, though. Not hours-long study sessions. Not sitting for hours, endlessly reading and rereading or practicing and repracticing.

Nope: time to forget and then relearn. Time to lose, and then reinforce, access. Time to let memories and connections decay and become disorganized and then tidy them back up again.Because information is only power if it’s useful. And we can’t use what we don’t remember.

By Jeff Haden

Source: Neuroscience and a Dose of Emotional Intelligence Reveal a Simple Trick to Learn More With Less Effort | Inc.com

.

Related contents:

The Relation Between Neuroscience and War Psychology Today

22:20 Fri, 09 Dec
12:34 Tue, 06 Dec
03:13 Fri, 02 Dec
21:24 Thu, 01 Dec
17:35 Thu, 01 Dec
18:54 Wed, 30 Nov
17:08 Wed, 30 Nov
08:57 Wed, 30 Nov
01:01 Wed, 30 Nov
17:48 Tue, 29 Nov
15:39 Tue, 29 Nov
15:37 Tue, 29 Nov
23:10 Sun, 27 Nov
16:42 Wed, 23 Nov
15:24 Wed, 23 Nov
06:00 Wed, 23 Nov
22:16 Tue, 22 Nov
18:46 Tue, 22 Nov
16:32 Mon, 21 Nov
01:42 Sat, 19 Nov
12:33 Fri, 18 Nov
01:04 Fri, 18 Nov
22:55 Thu, 17 Nov
15:02 Thu, 17 Nov
.
Marketing Programs You May Like:
10BoldActions   https://jvz3.com/c/202927/383942/
3D Pal Toons     https://jvz6.com/c/202927/381689/
4brandcommercial        https://jvz1.com/c/202927/375487
7 Minutes Kit      https://jvz8.com/c/202927/374505/
9 figure Success        https://jvz8.com/c/202927/384653/
Ad Raven      https://jvz4.com/c/202927/382796/
ADA Bundle   https://jvz6.com/c/202927/389298/
Ada leadz     https://jvz8.com/c/202927/376381
ADA Web      https://jvz3.com/c/202927/383751/
AdRaven       https://jvz3.com/c/202927/382851/
Adsense Machine      https://jvz2.com/c/202927/290487
Adtivate Agency      https://jvz3.com/c/202927/383700/
AdvertSuite     https://jvz1.com/c/202927/335011/
AdzHero     https://jvz2.com/c/202927/366972/
AffiliateMatic     https://jvz3.com/c/202927/381148/
Agency Client Finder    https://jvz3.com/c/202927/384619/
AgencyScale      https://jvz4.com/c/202927/383111/
AIWA Commercial     https://jvz2.com/c/202927/365061
ALL-in-One HD Stock    https://jvz4.com/c/202927/381560
Animaxime    https://jvz2.com/c/202927/383307/
Appimize      https://jvz8.com/c/202927/370227
Appoint B Agency     https://jvz1.com/c/202927/384630/
Appointomatic      https://jvz6.com/c/202927/374258
Appowls    https://jvz4.com/c/202927/381231/
Art Of Living    https://jvz4.com/c/202927/382425/
Audiencetoolkit     https://jvz6.com/c/202927/302715
Audika   https://jvz1.com/c/202927/383635/
Audio Studio  https://jvz8.com/c/202927/389119/
Aweber Crash Course     https://jvz6.com/c/202927/383057/
Backlinkindexer    https://jvz6.com/c/202927/88118
BettingMaster      https://jvz2.com/c/202927/387079/
BevTraders    http://www.bevtraders.com/?ref=arminham
Big Audio Club     https://jvz6.com/c/202927/380087/
BigAudio Club    https://jvz2.com/c/202927/380877/
Boost Optimism   https://jvz2.com/c/202927/380692/
BrandElevate   https://jvz4.com/c/202927/381807/
BrandElevate   https://jvzoo.com/c/202927/381812
Bybit     https://www.bybit.com/en-US/invite?ref=ALEXP
CanvaKitz    https://jvz4.com/c/202927/379051/
ChatterPal    https://jvz8.com/c/202927/324615
Clientfinda   https://jvz8.com/c/202927/370806
Clipsreel   https://jvz3.com/c/202927/372682
Commission smasher   https://jvz3.com/c/202927/376879
Content Gorilla   https://jvz2.com/c/202927/330783
Content Tool Kit   https://jvz3.com/c/202927/329145/
contentGenie   https://jvz4.com/c/202927/387717/
CourseAlly eLearning   https://jvz4.com/c/202927/384759/
CourseReel   https://jvz2.com/c/202927/355249
Courserious   https://jvz8.com/c/202927/360397/
Coursova   https://jvz1.com/c/202927/376527
Creaitecontent  https://jvz1.com/c/202927/376986
Credit Repair   https://jvz8.com/c/202927/377815/
Cryptokit    https://jvz8.com/c/202927/383809/
CryptoRocket    https://jvz6.com/c/202927/378113/
CryptoUnderworld     https://jvz8.com/c/202927/374345/
Dealcheck     https://dealcheck.io?fp_ref=armin16
DesignaSuite      https://jvz2.com/c/202927/297271
DesignBeast    https://jvz6.com/c/202927/371547
DevelopSelfEmpowerment     https://jvz6.com/c/202927/383094/
DFYContentClub     https://jvz6.com/c/202927/381337/
DFYSuite   https://jvz3.com/c/202927/381194/
Diabetes Guide    https://jvz2.com/c/202927/358870/
Diddly Pay’s    https://jvz2.com/c/202927/315596
Diet fitness diabetes   https://jvz1.com/c/202927/286851
Domainname    https://jvz6.com/c/202927/377005
Dominate Email   https://jvz4.com/c/202927/386980/
Doodleoz   https://jvz4.com/c/202927/388622/
Doodleoz   https://jvz8.com/c/202927/388700/
Dropshiply   https://jvz3.com/c/202927/383483/
DUX Forex Signals   https://jvz3.com/c/202927/128215/
Easy NFT  https://jvz4.com/c/202927/381381/
EasyRankr   https://jvz6.com/c/202927/357707/
EBook Agency    https://jvz2.com/c/202927/384573/
Ejaculation Total   https://jvz2.com/c/202927/75989/
Email Monetizer    https://jvz2.com/c/202927/386337/
EngagerMate  https://jvz8.com/c/202927/328172
EngageYard   https://jvz2.com/c/202927/383051/
Explaindio    https://jvz1.com/c/202927/123757/
Extreme Adz   https://jvz8.com/c/202927/379244/
Extreme Coupon  https://jvz1.com/c/202927/216101/
EZ Local Appointment  https://jvz2.com/c/202927/385180/
EZDeals  https://jvz8.com/c/202927/377689/
Ezy  https://jvz1.com/c/202927/381935/
Ezy MultiStores  https://jvzoo.com/c/202927/381935
Facebook Cash Machine   https://jvz4.com/c/202927/382333/
Facedrip  https://jvz1.com/c/202927/376325/
FaceSwap   https://jvz4.com/c/202927/381768/
Fade To Black   https://jvz2.com/c/202927/344541
Fanpage  https://jvz4.com/c/202927/144349
Fitness Nutrition   https://jvz4.com/c/202927/353334/
Followup Builder   https://jvz3.com/c/202927/386313/
Forex Atlatian   https://jvz8.com/c/202927/25069/
Forex Blizz   https://jvz8.com/c/202927/144577/
Forex Blue Stark  https://jvz3.com/c/202927/47481/
Forex expert   https://jvz1.com/c/202927/376877
Forex Hybrid Scalper    https://jvz6.com/c/202927/95037/
Forex Joustar   https://jvz6.com/c/202927/381617/
Forex Mastery   https://jvz2.com/c/202927/144621/
Forex Scouts   https://jvz6.com/c/202927/132677/
forrk  https://jvz1.com/c/202927/373449
FusionMT4    https://jvz2.com/c/202927/372523/
FX Goldminer  https://jvz1.com/c/202927/381439/
Galactic  https://jvz1.com/c/202927/188236/
Gaming job   https://jvz2.com/c/202927/184902  s
Genesis Mining   https://www.genesis-mining.com/a/2535466
Gluten free   https://jvz4.com/c/202927/296191
GMB Snap  https://jvz4.com/c/202927/376661/
Graphic Alta  https://jvz2.com/c/202927/324492/
Heal Your Emptiness   https://jvz6.com/c/202927/384848/
High Converting Emails  https://jvz3.com/c/202927/386305/
HostLegends    https://jvz4.com/c/202927/384774/
Hostley Domain Creator   https://jvz1.com/c/202927/379223/
Human Synthesys Studio  https://jvz8.com/c/202927/367353/
ImageX   https://jvz6.com/c/202927/363237/
IMSyndicator  https://jvz1.com/c/202927/370769
Inboxr   https://jvz2.com/c/202927/312692
Insta Keyword    https://jvz6.com/c/202927/351606/
Instant Website   https://jvz2.com/c/202927/377557
InstantWebsiteBundle          https://jvz6.com/c/202927/377557
iTraffic X  https://jvz2.com/c/202927/320466
keysearch  https://jvz4.com/c/202927/236407/
KlickCourse   https://jvz3.com/c/202927/385006/
KlickXCopy    https://jvz3.com/c/202927/385458/
Klippyo Kreators  https://jvz8.com/c/202927/327447
KoinCart   https://jvz2.com/c/202927/383555/
Leadvalet   https://jvz3.com/c/202927/385580/
LegalSuites   https://jvz2.com/c/202927/388896/
Levidio Royal Podcasting   https://jvz6.com/c/202927/384025/
Linkable DFY   https://jvz6.com/c/202927/385873/
Linkomatic  https://jvz2.com/c/202927/380937/
LiteTrading   https://www.litefinance.com/?uid=929237543
Live Your Truth  https://jvz6.com/c/202927/379020
Living An Intentional Life    https://jvzoo.com/c/202927/382455
Living an International Life    https://jvz8.com/c/202927/382455/
Local Leader   https://jvz4.com/c/202927/383751/
Local Sites   https://jvz4.com/c/202927/380543/
LocalAgencyBox  https://jvz2.com/c/202927/359468
LocalCentric   https://jvz2.com/c/202927/379339/
LocalioAI    https://jvz6.com/c/202927/378310/
MarketAll      https://jvz2.com/c/202927/386971/
Marketingblocks     https://jvz6.com/c/202927/374934
MarketPresso   https://jvz3.com/c/202927/343043/
Massfluence  https://jvz4.com/c/202927/386885/
Mat1 Simple Funnel   https://jvz2.com/c/202927/380197/
Maxslides  https://jvz8.com/c/202927/376842
Mech Forex Robot   https://jvz6.com/c/202927/383447/
MediaCloudPro   https://jvz2.com/c/202927/343635
Megasuite   https://jvz3.com/c/202927/383953/
MemberOwls   https://jvz8.com/c/202927/389039/
Mobi First   https://jvz2.com/c/202927/353694/
Motion Kingdom Studio  https://jvz4.com/c/202927/383177/
Movid Animation  https://jvz6.com/c/202927/380385/
MT4Code System   https://jvz2.com/c/202927/376925
My Passive Income   https://jvz1.com/c/202927/384099/
MyMailIt   https://jvz3.com/c/202927/292919
MyTrafficJacker   https://jvz2.com/c/202927/353558
Next Drive  https://jvz4.com/c/202927/371095/
NichBox  https://jvz2.com/c/202927/370705/
Organic Life Guide  https://jvz8.com/c/202927/366872/
Pcommerce   https://jvz6.com/c/202927/372265/
Phemex  https://phemex.com/register-vt1?referralCode=D8HUS2
Photokit  https://jvz4.com/c/202927/373207/
PicsAds   https://jvz2.com/c/202927/385468/
PigMoneyMethod   https://jvz2.com/c/202927/377665/
Pipstock    http://pipstockexchange.com/register?ref=204
Pitchdeck   https://jvz3.com/c/202927/347847/
Pixal  https://jvz2.com/c/202927/378775/
PixaStudio    https://jvz1.com/c/202927/373089/
Pixivid   https://jvz6.com/c/202927/385213/
PlanB Muscle Growth   https://jvz1.com/c/202927/36517/
PlayerNeos   https://jvz2.com/c/202927/376962
Podcast Advantage   https://jvz8.com/c/202927/379995/
Podcast Masterclass  https://jvz3.com/c/202927/379998/
PodKastr    https://jvz1.com/c/202927/369500/
PopLinks    https://jvz2.com/c/202927/368095/
Postradamus     https://jvz6.com/c/202927/108695
Power Reviews    https://jvz8.com/c/202927/384625/
Powrsuite   https://jvz1.com/c/202927/376361
PR Rage  https://jvz4.com/c/202927/343405
Prime Stocks   https://jvz8.com/c/202927/369164
Profile mate    https://jvz4.com/c/202927/358049
Promovidz   https://jvz8.com/c/202927/375692/
Push Button Traffic   https://jvz2.com/c/202927/301402
PWA Agency   https://jvz1.com/c/202927/353694/
QR Verse   https://jvz3.com/c/202927/383865/
Quintex Capital     https://quintexcapital.com/?ref=arminham
Quit Smoking    https://jvz3.com/c/202927/359081/
QuizMatic   https://jvz6.com/c/202927/387116/
Reputor   https://jvz8.com/c/202927/380159/
ReVideo  https://jvzoo.com/c/202927/381761
ReviewReel   https://jvz6.com/c/202927/382663/
Rewriter   https://jvz4.com/c/202927/353373/
RSI SEO   https://jvz6.com/c/202927/384381/
Scriptdio   https://jvz4.com/c/202927/385387/
Self Validation   https://jvz6.com/c/202927/389174/
Sendiio   https://jvz3.com/c/202927/325450/
Seniors Income    https://jvz2.com/c/202927/383888/
Senuke  https://jvz6.com/c/202927/279944
ShopABot   https://jvz2.com/c/202927/291955
ShopFunnels   https://jvz3.com/c/202927/384069/
SocialAgency360   https://jvz1.com/c/202927/385357/
SocialMediaMarketing   https://jvz2.com/c/202927/243553/
SociCake  https://jvz2.com/c/202927/321987
Socifeed   https://jvz6.com/c/202927/375706
SociJam  https://jvz2.com/c/202927/309649
Soronity  https://jvz6.com/c/202927/368736
SqribbleEbook   https://jvz6.com/c/202927/283867
Stackable Picture   https://jvz1.com/c/202927/385046/
Steven Alvey’s   https://jvz2.com/c/202927/351754
Stock Mages   https://jvz2.com/c/202927/388669/
Stoodaio   https://jvz1.com/c/202927/372094
Storymate    https://jvz3.com/c/202927/320972
StoryReel   https://jvz3.com/c/202927/387813/
StreamPilot   https://jvz2.com/c/202927/385431/
Studioninja   https://jvz1.com/c/202927/374965
Sunday Freebie  https://jvz1.com/c/202927/267113/
Super backdrop   https://jvz8.com/c/202927/376524
Survai    https://jvz8.com/c/202927/380933/
Syndranker    https://jvz3.com/c/202927/378143/
Talkingfaces   https://jvz3.com/c/202927/375550
The Internet Marketing   https://jvz2.com/c/202927/289944
Tonai Voice Content   https://jvz8.com/c/202927/383119/
Toon Video Maker    https://jvz2.com/c/202927/357201
TrafficForU   https://jvz3.com/c/202927/381950/
Trendio  https://jvz3.com/c/202927/381003/
TubePal   https://jvz6.com/c/202927/379863/
Tubeserp   https://jvz3.com/c/202927/370472
TubeTargeter  https://jvz6.com/c/202927/377211
TuneMingo    https://jvz3.com/c/202927/386556/
TV Boss Fire  https://jvz6.com/c/202927/379480/
Ultrafunnels A.I   https://jvz2.com/c/202927/381129/
VIADZ Ad Template  https://jvz4.com/c/202927/379307/
Vidcentric   https://jvz4.com/c/202927/376095
Viddeyo    https://jvz6.com/c/202927/382326/
ViddleInteract   https://jvz8.com/c/202927/388716/
Videevolve   https://jvz4.com/c/202927/381011/
Vidently   https://jvz1.com/c/202927/387798/
Video Campaignor      https://jvz4.com/c/202927/387058/
Video Games   https://jvz3.com/c/202927/184902/
VideoEnginePro     https://jvz2.com/c/202927/372916
VideoGameSuite    https://jvz3.com/c/202927/366537/
VideoRobot Enterprise   https://jvz8.com/c/202927/291061
VidKreate   https://jvz6.com/c/202927/386029/
VidMingo   https://jvz6.com/c/202927/378359/
VidRaffle   https://jvz2.com/c/202927/386840/
VidSnatcher    https://jvz3.com/c/202927/342585
VidVoicer    https://jvz1.com/c/202927/379983/
Vidzura   https://jvz4.com/c/202927/385754/
Viral dash   https://jvz6.com/c/202927/375959
Viral Quotes      https://jvz2.com/c/202927/386984/
VirtualReel   https://jvz8.com/c/202927/376849
Vocalic  https://jvz2.com/c/202927/383848/
VoiceBuddy    https://jvz1.com/c/202927/342854
VR Studio  https://jvz8.com/c/202927/388296/
WebCop  https://jvz4.com/c/202927/378683/
Webinarkit   https://jvz3.com/c/202927/383937/
Webprimo   https://jvz1.com/c/202927/379455/
WordPress Mastery   https://jvz1.com/c/202927/386249/
WowBackgraounds   https://jvz2.com/c/202927/381556/
WP GDPR    https://jvz8.com/c/202927/299907
WP Simulator    https://jvz3.com/c/202927/46987/
Writer Arc   https://jvz1.com/c/202927/386602/
writing job   https://jvz8.com/c/202927/213027
XBrain Forex   https://jvz3.com/c/202927/372305/
XFUNNELS   https://jvz2.com/c/202927/310335
Xinemax  https://jvz1.com/c/202927/381749/
YoDrive   https://jvz2.com/c/202927/384700/
YoSeller   https://jvz4.com/c/202927/387544/
Your 3DPal   https://jvz2.com/c/202927/381685/
YTSuite   https://jvzoo.com/c/202927/381179
Zappable   https://jvz3.com/c/202927/367328/

How AudioStudio Create Audio Projects For Business Script Writing and Social Platforms

52% of consumers , which is over half of potential online customers, find ads voiced by A.I. to be more engaging , with another outstanding 57% saying those ads are more relevant to their needs and interests. This means A.I. Voice actually converts.

Languages such as Spanish, Chinese, Arabic, And French account for a combined 12% of websites on the internet. This means you would be missing out on around a billion potential customers if you only manage English.

Artificial Intelligence , is a new form of technology that’s making major breakthroughs by automating all kinds of tasks, making jobs and life easier. Artificial Intelligence is drastically changing all industries, including the digital marketing field , automating and improving marketing and advertising tasks in a way that’s boosting traffic, leads and sales like never before.

A.I. can help you write about any topic or industry you can imagine, making it easier for you to generate leads across multiple niches no matter your expertise.You can easily personalize A.I. voices to emulate any gender, age, and demographic, so you can use different voices to nurture different types of clients until they become customers and increase sales.

A.I. can write content in any language you want it to, which means it will help you find qualified leads in multiple locations. With A.I., you just have to select a language, a topic, and your keywords. A.I. will write high converting content in your language of choice in record time.

Effortlessly create high converting scripts for your audiobooks, sales videos, video ads, TV Commercials, radio adverts, podcasts, and much more.All-in-one solution which saves you thousands of dollars, and countless hours of time and effort because all you need is THIS SINGLE APP.

Skyrocket ad conversions from Facebook, Instagram, YouTube, and even TikTok by harnessing the power or proven-to-convert, hypnotic sales scripts.

Reach anyone in the world in over 65 different languages and dialects, without writing or speaking a single word yourself – Imagine being able to take content in one language and repurpose it in other languages for a massive boost in profits!

Massively REDUCE your workload by letting this easy-to-use app create profit-making scripts and convert them into over 237 real sounding voices, languages and dialects in seconds.

  • Step 1: Create A Project

Create a project from scratch, by using the A.I. Script Writer or by Uploading any PDF, word or text file in seconds!

  • Step 2: Mix & Merge

Mix and merge different voices, languages, dialects, background music or sounds, using multiple layers in seconds!

  • Step 3: Generate & Profit

Generate and share your audio files across all social platforms to drive viral traffic or sell to clients for massive profit in seconds! You can use the Audiostudio ’s smart A.I. script assistant to help you generate high converting scripts in multiple languages, levels of creativity, and much more, with just a few clicks on your mouse.

Audiostudio provides you with instant access to hundreds of real human sounding voices across several languages so you can convert any script into audio to engage any international audience. Transform any text from a PDF, Word, or .TXT file into a professional grade voice track in one click with Audiostudio’s text to audio script assistant.

Make your voice tracks even more engaging and human using the app’s inbuilt audio effects. Play with your audio’s volume, speed, pitch, and more with a quick click and toggle….

Source: https://audiostudio.live/

.
Marketing Programs To Buy:
10 Bold Actions In Positive Life     https://jvz3.com/c/202927/383942/
3D Pal Toons     https://jvz6.com/c/202927/381689/
4brandcommercial        https://jvz1.com/c/202927/375487
7 Minutes Kit      https://jvz8.com/c/202927/374505/
9 figure Success        https://jvz8.com/c/202927/384653/
Ad Raven      https://jvz4.com/c/202927/382796/
ADA Bundle   https://jvz6.com/c/202927/389298/
Ada leadz     https://jvz8.com/c/202927/376381
ADA Web      https://jvz3.com/c/202927/383751/
AdRaven       https://jvz3.com/c/202927/382851/
Adsense Machine      https://jvz2.com/c/202927/290487
Adtivate Agency      https://jvz3.com/c/202927/383700/
AdvertSuite     https://jvz1.com/c/202927/335011/
AdzHero     https://jvz2.com/c/202927/366972/
AffiliateMatic     https://jvz3.com/c/202927/381148/
Agency Client Finder    https://jvz3.com/c/202927/384619/
AgencyScale      https://jvz4.com/c/202927/383111/
AIWA Commercial     https://jvz2.com/c/202927/365061
ALL-in-One HD Stock    https://jvz4.com/c/202927/381560
Animaxime    https://jvz2.com/c/202927/383307/
Appimize      https://jvz8.com/c/202927/370227
Appoint B Agency     https://jvz1.com/c/202927/384630/
Appointomatic      https://jvz6.com/c/202927/374258
Appowls    https://jvz4.com/c/202927/381231/
Art Of Living    https://jvz4.com/c/202927/382425/
Audiencetoolkit     https://jvz6.com/c/202927/302715
Audio Studio  https://jvz8.com/c/202927/389119/
Aweber Crash Course     https://jvz6.com/c/202927/383057/
Backlinkindexer    https://jvz6.com/c/202927/88118
BettingMaster      https://jvz2.com/c/202927/387079/
BevTraders    http://www.bevtraders.com/?ref=arminham
Big Audio Club     https://jvz6.com/c/202927/380087/
BigAudio Club    https://jvz2.com/c/202927/380877/
Boost Optimism   https://jvz2.com/c/202927/380692/
BrandElevate   https://jvz4.com/c/202927/381807/
BrandElevate   https://jvzoo.com/c/202927/381812
Bybit     https://www.bybit.com/en-US/invite?ref=ALEXP
CanvaKitz    https://jvz4.com/c/202927/379051/
ChatterPal    https://jvz8.com/c/202927/324615
Clientfinda   https://jvz8.com/c/202927/370806
Clipsreel   https://jvz3.com/c/202927/372682
Commission smasher   https://jvz3.com/c/202927/376879
Content Gorilla   https://jvz2.com/c/202927/330783
Content Tool Kit   https://jvz3.com/c/202927/329145/
contentGenie   https://jvz4.com/c/202927/387717/
CourseAlly eLearning   https://jvz4.com/c/202927/384759/
CourseReel   https://jvz2.com/c/202927/355249
Courserious   https://jvz8.com/c/202927/360397/
Coursova   https://jvz1.com/c/202927/376527
Creaitecontent  https://jvz1.com/c/202927/376986
Credit Repair   https://jvz8.com/c/202927/377815/
Cryptokit    https://jvz8.com/c/202927/383809/
CryptoRocket    https://jvz6.com/c/202927/378113/
CryptoUnderworld     https://jvz8.com/c/202927/374345/
Dealcheck     https://dealcheck.io?fp_ref=armin16
DesignaSuite      https://jvz2.com/c/202927/297271
DesignBeast    https://jvz6.com/c/202927/371547
DevelopSelfEmpowerment     https://jvz6.com/c/202927/383094/
DFYContentClub     https://jvz6.com/c/202927/381337/
DFYSuite   https://jvz3.com/c/202927/381194/
Diabetes Guide    https://jvz2.com/c/202927/358870/
Diddly Pay’s    https://jvz2.com/c/202927/315596
Diet fitness diabetes   https://jvz1.com/c/202927/286851
Domainname    https://jvz6.com/c/202927/377005
Dominate Email   https://jvz4.com/c/202927/386980/
Doodleoz   https://jvz8.com/c/202927/388700/
Dropshiply   https://jvz3.com/c/202927/383483/
DUX Forex Signals   https://jvz3.com/c/202927/128215/
EBook Agency    https://jvz2.com/c/202927/384573/
Ejaculation Total   https://jvz2.com/c/202927/75989/
Email Monetizer    https://jvz2.com/c/202927/386337/
EngagerMate  https://jvz8.com/c/202927/328172
EngageYard   https://jvz2.com/c/202927/383051/
Explaindio    https://jvz1.com/c/202927/123757/
Extreme Adz   https://jvz8.com/c/202927/379244/
Extreme Coupon  https://jvz1.com/c/202927/216101/
EZ Local Appointment  https://jvz2.com/c/202927/385180/
EZDeals  https://jvz8.com/c/202927/377689/
Ezy  https://jvz1.com/c/202927/381935/
Ezy MultiStores  https://jvzoo.com/c/202927/381935
Facebook Cash Machine   https://jvz4.com/c/202927/382333/
Facedrip  https://jvz1.com/c/202927/376325/
FaceSwap   https://jvz4.com/c/202927/381768/
Fade To Black   https://jvz2.com/c/202927/344541
Fanpage  https://jvz4.com/c/202927/144349
Fitness Nutrition   https://jvz4.com/c/202927/353334/
Followup Builder   https://jvz3.com/c/202927/386313/
Forex Atlatian   https://jvz8.com/c/202927/25069/
Forex Blizz   https://jvz8.com/c/202927/144577/
Forex Blue Stark  https://jvz3.com/c/202927/47481/
Forex expert   https://jvz1.com/c/202927/376877
Forex Hybrid Scalper    https://jvz6.com/c/202927/95037/
Forex Joustar   https://jvz6.com/c/202927/381617/
Forex Mastery   https://jvz2.com/c/202927/144621/
Forex Scouts   https://jvz6.com/c/202927/132677/
forrk  https://jvz1.com/c/202927/373449
FusionMT4    https://jvz2.com/c/202927/372523/
FX Goldminer  https://jvz1.com/c/202927/381439/
Galactic  https://jvz1.com/c/202927/188236/
Gaming job   https://jvz2.com/c/202927/184902  s
Genesis Mining   https://www.genesis-mining.com/a/2535466
Gluten free   https://jvz4.com/c/202927/296191
GMB Snap  https://jvz4.com/c/202927/376661/
Graphic Alta  https://jvz2.com/c/202927/324492/
Heal Your Emptiness   https://jvz6.com/c/202927/384848/
High Converting Emails  https://jvz3.com/c/202927/386305/
HostLegends    https://jvz4.com/c/202927/384774/
Hostley Domain Creator   https://jvz1.com/c/202927/379223/
Human Synthesys Studio  https://jvz8.com/c/202927/367353/
ImageX   https://jvz6.com/c/202927/363237/
IMSyndicator  https://jvz1.com/c/202927/370769
Inboxr   https://jvz2.com/c/202927/312692
Insta Keyword    https://jvz6.com/c/202927/351606/
Instant Website   https://jvz2.com/c/202927/377557
InstantWebsiteBundle          https://jvz6.com/c/202927/377557
iTraffic X  https://jvz2.com/c/202927/320466
keysearch  https://jvz4.com/c/202927/236407/
KlickCourse   https://jvz3.com/c/202927/385006/
Klippyo Kreators  https://jvz8.com/c/202927/327447
KoinCart   https://jvz2.com/c/202927/383555/
Leadvalet   https://jvz3.com/c/202927/385580/
LegalSuites   https://jvz2.com/c/202927/388896/
Levidio Royal Podcasting   https://jvz6.com/c/202927/384025/
Linkable DFY   https://jvz6.com/c/202927/385873/
Linkomatic  https://jvz2.com/c/202927/380937/
LiteTrading   https://www.litefinance.com/?uid=929237543
Live Your Truth  https://jvz6.com/c/202927/379020
Living An Intentional Life    https://jvzoo.com/c/202927/382455
Living an International Life    https://jvz8.com/c/202927/382455/
Local Leader   https://jvz4.com/c/202927/383751/
Local Sites   https://jvz4.com/c/202927/380543/
LocalAgencyBox  https://jvz2.com/c/202927/359468
LocalCentric   https://jvz2.com/c/202927/379339/
LocalioAI    https://jvz6.com/c/202927/378310/
MarketAll      https://jvz2.com/c/202927/386971/
Marketingblocks     https://jvz6.com/c/202927/374934
MarketPresso   https://jvz2.com/c/202927/369837
Massfluence  https://jvz4.com/c/202927/386885/
Mat1 Simple Funnel   https://jvz2.com/c/202927/380197/
Maxslides  https://jvz8.com/c/202927/376842
Mech Forex Robot   https://jvz6.com/c/202927/383447/
MediaCloudPro   https://jvz2.com/c/202927/343635
Megasuite   https://jvz3.com/c/202927/383953/
Mobi First   https://jvz2.com/c/202927/353694/
Motion Kingdom Studio  https://jvz4.com/c/202927/383177/
Movid Animation  https://jvz6.com/c/202927/380385/
MT4Code System   https://jvz2.com/c/202927/376925
My Passive Income   https://jvz1.com/c/202927/384099/
MyMailIt   https://jvz3.com/c/202927/292919
MyTrafficJacker   https://jvz2.com/c/202927/353558
Next Drive  https://jvz4.com/c/202927/371095/
NichBox  https://jvz2.com/c/202927/370705/
Organic Life Guide  https://jvz8.com/c/202927/366872/
Pcommerce   https://jvz6.com/c/202927/372265/
Phemex  https://phemex.com/register-vt1?referralCode=D8HUS2
Photokit  https://jvz4.com/c/202927/373207/
PicsAds   https://jvz2.com/c/202927/385468/
PigMoneyMethod   https://jvz2.com/c/202927/377665/
Pipstock    http://pipstockexchange.com/register?ref=204
Pitchdeck   https://jvz3.com/c/202927/347847/
Pixal  https://jvz2.com/c/202927/378775/
PixaStudio    https://jvz1.com/c/202927/373089/
Pixivid   https://jvz6.com/c/202927/385213/
PlanB Muscle Growth   https://jvz1.com/c/202927/36517/
PlayerNeos   https://jvz2.com/c/202927/376962
Podcast Advantage   https://jvz8.com/c/202927/379995/
Podcast Masterclass  https://jvz3.com/c/202927/379998/
PodKastr    https://jvz1.com/c/202927/369500/
PopLinks    https://jvz2.com/c/202927/368095/
Postradamus     https://jvz6.com/c/202927/108695
Power Reviews    https://jvz8.com/c/202927/384625/
Powrsuite   https://jvz1.com/c/202927/376361
PR Rage  https://jvz4.com/c/202927/343405
Prime Stocks   https://jvz8.com/c/202927/369164
Profile mate    https://jvz4.com/c/202927/358049
Promovidz   https://jvz8.com/c/202927/375692/
Push Button Traffic   https://jvz2.com/c/202927/301402
PWA Agency   https://jvz1.com/c/202927/353694/
QR Verse   https://jvz3.com/c/202927/383865/
Quintex Capital     https://quintexcapital.com/?ref=arminham
Quit Smoking    https://jvz3.com/c/202927/359081/
QuizMatic   https://jvz6.com/c/202927/387116/
Reputor   https://jvz8.com/c/202927/380159/
ReVideo  https://jvzoo.com/c/202927/381761
ReviewReel   https://jvz6.com/c/202927/382663/
Rewriter   https://jvz4.com/c/202927/353373/
RSI SEO   https://jvz6.com/c/202927/384381/
Scriptdio   https://jvz4.com/c/202927/385387/
Seniors Income    https://jvz2.com/c/202927/383888/
Senuke  https://jvz6.com/c/202927/279944
ShopABot   https://jvz2.com/c/202927/291955
ShopFunnels   https://jvz3.com/c/202927/384069/
SocialAgency360   https://jvz1.com/c/202927/385357/
SocialMediaMarketing   https://jvz2.com/c/202927/243553/
SociCake  https://jvz2.com/c/202927/321987
Socifeed   https://jvz6.com/c/202927/375706
SociJam  https://jvz2.com/c/202927/309649
Soronity  https://jvz6.com/c/202927/368736
SqribbleEbook   https://jvz6.com/c/202927/283867
Stackable Picture   https://jvz1.com/c/202927/385046/
Steven Alvey’s   https://jvz2.com/c/202927/351754
Stock Mages   https://jvz2.com/c/202927/388669/
Stoodaio   https://jvz1.com/c/202927/372094
Storymate    https://jvz3.com/c/202927/320972
StoryReel   https://jvz3.com/c/202927/387813/
StreamPilot   https://jvz2.com/c/202927/385431/
Studioninja   https://jvz1.com/c/202927/374965
Sunday Freebie  https://jvz1.com/c/202927/267113/
Super backdrop   https://jvz8.com/c/202927/376524
Survai    https://jvz8.com/c/202927/380933/
Syndranker    https://jvz3.com/c/202927/378143/
Talkingfaces   https://jvz3.com/c/202927/375550
The Internet Marketing   https://jvz2.com/c/202927/289944
Tonai Voice Content   https://jvz8.com/c/202927/383119/
Toon Video Maker    https://jvz2.com/c/202927/357201
TrafficForU   https://jvz3.com/c/202927/381950/
Trendio  https://jvz3.com/c/202927/381003/
TubePal   https://jvz6.com/c/202927/379863/
Tubeserp   https://jvz3.com/c/202927/370472
TubeTargeter  https://jvz6.com/c/202927/377211
TuneMingo    https://jvz3.com/c/202927/386556/
TV Boss Fire  https://jvz6.com/c/202927/379480/
Ultrafunnels A.I   https://jvz2.com/c/202927/381129/
VIADZ Ad Template  https://jvz4.com/c/202927/379307/
Vidcentric   https://jvz4.com/c/202927/376095
Viddeyo    https://jvz6.com/c/202927/382326/
Videevolve   https://jvz4.com/c/202927/381011/
Vidently   https://jvz1.com/c/202927/387798/
Video Campaignor      https://jvz4.com/c/202927/387058/
Video Games   https://jvz3.com/c/202927/184902/
VideoEnginePro     https://jvz2.com/c/202927/372916
VideoGameSuite    https://jvz3.com/c/202927/366537/
VideoRobot Enterprise   https://jvz8.com/c/202927/291061
VidKreate   https://jvz6.com/c/202927/386029/
VidMingo   https://jvz6.com/c/202927/378359/
VidRaffle   https://jvz2.com/c/202927/386840/
VidSnatcher    https://jvz3.com/c/202927/342585
VidVoicer    https://jvz1.com/c/202927/379983/
Vidzura   https://jvz4.com/c/202927/385754/
Viral dash   https://jvz6.com/c/202927/375959
Viral Quotes      https://jvz2.com/c/202927/386984/
VirtualReel   https://jvz8.com/c/202927/376849
Vocalic  https://jvz2.com/c/202927/383848/
VoiceBuddy    https://jvz1.com/c/202927/342854
VR Studio  https://jvz8.com/c/202927/388296/
WebCop  https://jvz4.com/c/202927/378683/
Webinarkit   https://jvz3.com/c/202927/383937/
Webprimo   https://jvz1.com/c/202927/379455/
WordPress Mastery   https://jvz1.com/c/202927/386249/
WowBackgraounds   https://jvz2.com/c/202927/381556/
WP GDPR    https://jvz8.com/c/202927/299907
WP Simulator    https://jvz3.com/c/202927/46987/
Writer Arc   https://jvz1.com/c/202927/386602/
writing job   https://jvz8.com/c/202927/213027
XBrain Forex   https://jvz3.com/c/202927/372305/
XFUNNELS   https://jvz2.com/c/202927/310335
Xinemax  https://jvz1.com/c/202927/381749/
YoDrive   https://jvz2.com/c/202927/384700/
YoSeller   https://jvz4.com/c/202927/387544/
Your 3DPal   https://jvz2.com/c/202927/381685/
YTSuite   https://jvzoo.com/c/202927/381179
Zappable   https://jvz3.com/c/202927/367328/

More Than Half Of All Bitcoin Trades Are Fake


Within the emerging and turbulent market for cryptocurrencies, where there are no fewer than 10,000 tokens, bitcoin, is the great granddaddy, the blue-chip, representing 40% of the $1 trillion in crypto assets outstanding. Bitcoin is crypto’s gateway drug.

An estimated 46 million adult Americans already own it according to New York Digital Investment Group, and an increasing number of institutional investors and corporations are warming to the nascent alternative asset. But can you trust what your crypto exchange or e-brokerage reports about trading in the most important digital currency?

One of the most common criticisms of bitcoin is pervasive wash trading (a form of fake volume) and poor surveillance across exchanges. The U.S. Commodity Futures Trading Commission defines wash trading as “entering into, or purporting to enter into, transactions to give the appearance that purchases and sales have been made, without incurring market risk or changing the trader’s market position.”

The reason why some traders engage in wash trading is to inflate the trading volume of an asset to give the appearance of rising popularity. In some cases trading bots execute these wash trades in tokens, increasing volume, while at the same time insiders reinforce the activity with bullish remarks, driving up the price in what is effectively a pump and dump scheme.

Wash trading also benefits exchanges because it allows them to appear to have more volume than they actually do, potentially encouraging more legitimate trading.

There is no universally accepted method of calculating bitcoin daily volume, even among the industry’s most reputable research firms. For instance, as of this writing, CoinMarketCap puts the latest 24-hour trading of bitcoin at $32 billion, CoinGecko at $27 billion, Nomics at $57 billion and Messari at $5 billion.

Adding to the challenges are persistent fears about the solvency of crypto exchanges, underscored by the public collapses of Voyager and Celsius. In an exclusive interview with Forbes in late June, FTX CEO Sam Bankman-Fried commented that there are many exchange bankruptcies yet to come.

A significant repercussion of this lack of faith in its underlying markets is the Security and Exchange Commission’s refusal to approve a spot bitcoin ETF.

Unfortunately for the bitcoin ETF hopefuls, many of these fears and criticisms are valid. As part of Forbes research into the crypto ecosystem using 2021 data, we ranked the 60 best exchanges in March. More recently we conducted a deeper-dive into the bitcoin trading markets to answer a few pressing questions:

  1. Where is bitcoin traded?
  2. How much bitcoin gets traded every day?
  3. How is bitcoin traded?

Our study evaluated 157 crypto exchanges across the world. Here are our main findings:

  1. More than half of all reported trading volume is likely to be fake or non-economic. Forbes estimates the global daily bitcoin volume for the industry was $128 billion on June 14. That is 51% less than the $262 billion one would get by taking the sum of self-reported volume from multiple sources.
  2. Tether, the world’s largest stablecoin, continues to be a dominant player in the crypto trading economy, especially when it comes to trades against bitcoin. Its current market capitalization is $68 billion, despite questions about its reserves.
  3. In terms of how much bitcoin activity takes place at these firms, 21 crypto exchanges generate $1 billion or more in daily trading activity, while the next 33 exchanges had volume between $200 million and $999 million across all contract types, spot, futures and perpetuals. Perpetual futures, or perpetual swaps as they are also known, are futures contracts that don’t require investors to roll over their positions. Binance is the clear leader, with a 27% market share, followed by FTX. Looking only at spot bitcoin, the top position is shared by Binance, FTX, and OKX. Chicago-based CME Group is the market leader in bitcoin futures trading.
  4. The biggest problem areas regarding fake volume are firms that tout big volume but operate with little or no regulatory oversight that would make their figures more credible, notably Binance, MEXC Global and Bybit. Altogether, the lesser regulated exchanges in our study account for approximately $89 billion of the true volume (they claim $217 billion).
  5. The creation of new trading assets and products such as stablecoins and perpetual futures adds complications for national authorities seeking to regulate crypto markets. Major U.S. exchanges hardly utilize these instruments or contracts in any of their trading. However, offshore exchanges make significant use of them as ways to synthetically create U.S. dollar liquidity on their platforms (they cannot get U.S. bank accounts).
  6. In the Western world and particularly in the U.S., it is tempting to think of bitcoin only trading against either the U.S. dollar or the euro and British pound. But some of the largest trading pair activity occurs against fiat currencies like the Japanese yen and Korean won and against major stablecoins like Binance U.S. dollar and the USD coin.
  7. 573 million people visit crypto exchange websites on a monthly basis.

We hope that this report builds on top of the important work done by other digital asset researchers such as Bitwise, which estimated in a March 2019 white paper that 95% of CoinMarketCap’s bitcoin trading volume was fake and/or non-economic.

Our Approach

Forbes uses quantitative and qualitative analyses to adjust trading volume reported by the exchanges. Unlike other methods that carry out tests on transactional data (and can also be duped), Forbes grades a firm’s credibility by evaluating no fewer than five datasets that together inspire or diminish confidence in a firm’s self-reported data. Data comes from four crypto media firms, CoinMarketCap, CoinGecko, Nomics and Messari, as well as multiple exchanges and two other third-party data providers.

We apply volume discounts based on a proprietary methodology that relies on 10 factors such as an exchange’s home regulator if any and volume metrics based on an exchange’s web traffic and estimated workforce size. We also use the number and quality of crypto licenses as proxy to gauge the sophistication of each crypto exchange in matters pertaining to regulation and trade surveillance.

If a firm shows a commitment to transparency by conducting token proofs of reserve or by participating in Forbes crypto exchange surveys, it qualifies for a “transparency credit” that lowers any discount that may otherwise apply.

Many of these factors were also present in Forbes’ crypto exchange ranking formula. We divided them into three categories:

Group 1: 48 crypto exchanges that were assigned discounts of 0-25% generated $39 billion of real bitcoin trading activity across all markets–spot, derivatives and futures–on June 14.

Group 2: 73 exchanges with volume discounts of 26% to 79% generated $81 billion in transactional activity (vs. $158 billion claimed)

Group 3: The remaining 36 firms were penalized with a high discount rate (80-99%) and traded $7.7 billion out of $59 billion claimed.

Despite crypto’s global nature, spot bitcoin trading activity is centered around relatively few currency pairs and stablecoins. Stablecoin USDT is the biggest, followed by the U.S. dollar. The next biggest fiat assets are the yen and won.

BTC-US DOLLAR Daily Volume

Group 1 exchanges, many of which are based in the U.S., provide $24.3 billion in daily USD-BTC liquidity, and Group 2 exchanges add $17.3 billion. The prominence of Group 1 exchanges as the main source of BTC-USD occurs across spot, perpetuals, and futures contracts. CME Group is the leading provider of bitcoin futures globally, with $2.1 billion of USD-BTC futures changing hands daily. There are at least 27 crypto exchanges–12 in Group 1–that have daily BTC-USD liquidity greater than $5 million.

BTC – U.S. TETHER Daily Volume

At $71.4 billion daily volume, bitcoin-tether (BTC-USDT) activity exceeds that of BTC-USD by 57%, with 79% generated by Group 2 crypto exchanges and 5% by those in Group 3. There are 77 exchanges–44 in Group 2, 12 in Group 1–with daily bitcoin-tether volume above $5 million. Tether is prominent across spot and perpetual futures markets, less so among the regulated futures industry, which is largely absent outside of the U.S.

BTC – U.S. DOLLAR COIN Daily Volume

U.S. dollar coin (USDC) is gaining adoption in the stablecoin arena. Daily liquidity for bitcoin-USDC was $2.15 billion, with Groups 1 and 2 splitting that total 39% and 60%, respectively. An interesting observation is that Group 2 exchanges use USDC actively in the spot bitcoin market whereas Group 1 exchanges do so with perpetuals. This different use could suggest that Group 2 exchanges may be open to the idea of supporting an alternative to tether’s dominance in the stablecoin market.

USDT and Binance USD (BUSD) each generate more volume than USDC, but the latter now has 26 crypto exchanges (17 in Group 2) with daily trading volume of $5 million or more, versus 77 exchanges for USDT and five with BUSD. If tether’s prominence begins to wane, USDC could be the stablecoin most likely to pick up its crown.

Bitcoin Trading Volume by Exchange Group

The top-10 Group 1 crypto exchanges by volume originate from across the world, with three from the U.S. (CME Group, Coinbase, Kraken), one from Singapore (Crypto.com), one from Europe (LMAX Digital), four from financial offshore centers (FTX, OKX, Gate.io, BitMEX), and one from Central America (Deribit).

Among Group 1 firms, FTX is the largest and growing at a fast clip. It wasn’t until mid 2021 when institutional funding fueled a transformation of FTX operations from a midsized unregulated exchange focused on offshore crypto derivatives to a global group of exchanges today regulated in the U.S., Japan, Europe and elsewhere. In addition to derivatives, FTX trades in crypto spot, tokenized stocks and has recently added equities.

Group 2 crypto exchanges tend to be large and possess wide product offerings. They primarily focus on growth and tend to have much less interest in being regulated where they operate. They also generally lack robust ways to track and deter wash trading. Binance is by far the largest crypto exchange in Group 2, with $34.2 billion of daily trading activity followed by Bybit with $8.9 billion. The majority of these exchanges are based in offshore havens such as the Seychelles and British Virgin Islands.

Group 3 consists of 36 crypto exchanges which, with few exceptions, are unregulated and small. Their huge self reported volume and tiny visitor number cast doubt on the possibility that a limited audience could indeed generate that much trading activity. A case in point is BitCoke, which CoinMarketCap identifies as a Hong Kong-based, Cayman Island-domiciled exchange that purportedly generated $14 billion daily–mostly from BTC-USDT perpetuals.

SimilarWeb, however, indicates that the exchange’s domain receives less than 10,000 monthly visitors–with 53% coming from Argentina alone. The discrepancies in volume versus traffic plus lack of regulatory credentials result in Forbes discounting this firm’s volume by 95% to $702 million.

As discussed above, BTC/USD and BTC/USDT are by far the biggest spot pairs for bitcoin, but there are a few other pairs worth mentioning. The next largest are BTC-KWR, BTC-JPY, BTC-USDC, and BTC-EUR. An exchange’s decision to offer base assets across bitcoin, especially when it comes to fiat, usually comes down to the local fiat currency used by an exchange’s client base. Each of the companies trading bitcoin against the won or yen are based in South Korea or Japan respectively.

USDC, by nature of its blockchain-based DNA, is easier to cross national-boundaries. Readers may notice that Kraken, Binance or Coinbase are not based in Europe, though they each have a series of licenses to operate in certain countries. They each offer euro trading as a way to onboard new users, but unlike the South Korea or Japan-based exchanges, the euro is not their most dominant base asset for trading.

However, while eight pairs by volume garner the majority of bitcoin volume, there are dozens of other varieties trading at obscure exchanges uncounted even in our present study. For example, it is difficult to find the amount of BTC-NGN (Nigerian naira) volume traded in Nigeria because crypto data firms like Nomics, CoinMarketCap and CoinGecko generally do not track it.

One can safely assume that local crypto exchanges not widely known outside of Nigeria capture most BTC-NGN liquidity, which is likely true for many other exchanges operating in emerging markets.

These observations are largely true when it comes to perpetual futures as well. However, the won and the yen do not appear to have gained significant market share in this area.Finally, when it comes to the traditional futures markets, such as those that offer regular monthly expirations, the only two pairs that seem to matter are BTC-USD and BTC-USDT.

Bitcoin may just be the beginning of the problem. If reported trading volumes for bitcoin, the most regulated and closely-watched crypto asset around the world, are untrustworthy, then metrics for even smaller assets should be taken with even greater grains of salt. At its best, trading volume is one of the most measurable signs of investor interest, but it can be easily manipulated to convince novice investors that it has much more demand than it actually does.

Binance remains the 800-lb elephant in the room. Even after a 45% discount on its volume, Binance still generates the equivalent of 27.3% of all “real” trading volume. There is no other crypto exchange that can match its market power, and it’s been that way for the past two years. That said, while Binance has been saying all of the right things about cooperating with regulators – it has started getting licenses around the world and is promising to announce a global headquarters – questions remain about its operational controls. Unless regulators can get comfortable with Binance’s legitimacy, it may be difficult to envision a spot ETF getting approved anytime soon.

Tether remains “Too Big To Fail” – for now: This study invites more questions about the true use and value of two of the largest stablecoins – USDT and BUSD. Say what you will about Tether, and people have, it has found product-market fit in a big way. But that is the exact problem in the minds of many so-called Tether Truthers, who do not believe that the $68 billion is actually backed by reserves. It is hard to imagine what would happen to markets if traders stopped trusting tether – and to be fair there is little evidence that this is happening – and none of its competitors were willing to take its place.

Areas For Future Study

The role of stablecoins in market manipulation. We did not see any evidence that tether-based trading pairs were any more prone to fraud than other assets. However, this area is worth looking into further, especially if tether begins to deviate again from its $1 peg or other algorithmic stablecoins begin to gain traction in large spot-market trading. An ostensibly stable base asset that has higher-than-expected volatility can always lead to both legitimate arbitrage opportunities as well as openings for fraud.

The potential of perpetual futures to be manipulated. Through our research, including first-person interviews with direct market participants, we did not see any evidence that perpetual futures are more prone to wash trading and other forms of manipulation than conventional futures or spot contracts. However, given the relatively novel nature of this product (it was created in 2016), as well as its dominance in crypto trading, it is well worth deeper study.

The future of DEXS in market manipulation. This report did not focus on decentralized exchanges (DEXs), in large part due to the fact that they are not major players in bitcoin trading. To the contrary, when it comes to spot markets most of the major players have separated themselves from the major centralized exchanges by specializing in novel ways to provide liquidity in long-tail assets that are not financially worthwhile for many traditional exchanges to offer.

That said, the market share of DEXs has slowly been creeping up to that of spot–there are even days where Uniswap, the largest DEX, has more trading volume than Coinbase.The Forbes methodology for discounting bitcoin trading volume follows a series of steps.

Regulation. We identify crypto licenses and from what regulatory body that each exchange possesses and use that as proxy to gauge their level of sophistication and intent to deter wash trades and publishing fake volume.

Third-party input. We considered the work of select third parties such as volume data from CoinMarketCap, CoinGecko, Nomics and Messari. Messari’s volume statistics are less extensive by pairs, and it has fewer exchanges than its peers, but it has its own real-volume calculations. Forbes tracked in recent months how Messari applied a volume discount ranging from 40% to 65% to Binance volume, compared with the averages reported by CoinMarketCap, CoinGecko and Nomics at the time.

Messari also discounts the trading volume of FTX by a lesser percentage (less than 20%) and that of Kraken by 99%. With regards to this latter, Forbes doesn’t share the view of applying a heavy discount to a firm that is among the most regulated crypto exchanges in the world. Most exchanges going through the Messari real volume analysis, however, lack any type of volume discount.

Web traffic. Forbes employs third-party data from web analytics firm SimilarWeb to heavily discount the volume of firms claiming a high trading volume without having sufficient crypto licenses and web traffic to generate such volume.

Forbes interviews. Forbes has conducted dozens of interviews of senior executives at major crypto exchanges to supplement quantitative information on a firm’s profile.

I write about digital assets trends and am a leading creator of the Forbes Digital Assets tools and functionality our viewers require. I support the generation of relevant, curated investor

Source: More Than Half Of All Bitcoin Trades Are Fake

Related contents:

Over 50% of all Bitcoin trades on exchanges are fake, new analysis reveals Finance in Bold

06:47 Wed, 24 Aug
Saturday
In the last month
00:00 Thu, 18 Aug
00:54 Wed, 17 Aug
08:39 Tue, 16 Aug
13:11 Sun, 14 Aug
17:19 Fri, 12 Aug
13:24 Fri, 12 Aug
18:33 Tue, 02 Aug
.

More Remote Working Apps:

https://givvy-numbers.app.link/qNDZMGGbhsb  Givvy Mobile Lottery

https://quintexcapital.com/?ref=arminham     Quintex Capital

https://www.genesis-mining.com/a/2535466   Genesis Mining

https://www.bybit.com/en-US/invite?ref=ALEXP  Bybit Crypto Trade

 http://www.bevtraders.com/?ref=arminham   BevTraders

https://www.litefinance.com/?uid=929237543  LiteTrading

https://cashbox.money/r/6ded936cbc264c7e9add5dd5565bb31a   Cash Box Money

https://alpariforex.org/fa/registration/?cpa_partner_id=13687690   Alpari Forex Trading

https://dealcheck.io?fp_ref=armin16   Dealcheck Real Estate Evaluator

https://jvz8.com/c/202927/369164  prime stocks

 https://jvz1.com/c/202927/373449  forrk   

https://jvz3.com/c/202927/194909  keysearch  

 https://jvz4.com/c/202927/296191  gluten free   

https://jvz1.com/c/202927/286851  diet fitness diabetes  

https://jvz8.com/c/202927/213027  writing job  

 https://jvz6.com/c/202927/108695  postradamus

https://jvz1.com/c/202927/372094  stoodaio

 https://jvz4.com/c/202927/358049  profile mate  

 https://jvz6.com/c/202927/279944  senuke  

 https://jvz8.com/c/202927/54245   asin   

https://jvz8.com/c/202927/370227  appimize

 https://jvz8.com/c/202927/376524  super backdrop

 https://jvz6.com/c/202927/302715  audiencetoolkit

 https://jvz1.com/c/202927/375487  4brandcommercial

https://jvz2.com/c/202927/375358  talkingfaces

 https://jvz6.com/c/202927/375706  socifeed

 https://jvz2.com/c/202927/184902  gaming jobs

 https://jvz6.com/c/202927/88118   backlinkindexer

 https://jvz1.com/c/202927/376361  powrsuite  

https://jvz3.com/c/202927/370472  tubeserp  

https://jvz4.com/c/202927/343405  PR Rage  

https://jvz6.com/c/202927/371547  design beast  

https://jvz3.com/c/202927/376879  commission smasher

 https://jvz2.com/c/202927/376925  MT4Code System

https://jvz6.com/c/202927/375959  viral dash

https://jvz1.com/c/202927/376527  coursova

 https://jvz4.com/c/202927/144349  fanpage

https://jvz1.com/c/202927/376877  forex expert  

https://jvz6.com/c/202927/374258  appointomatic

https://jvz2.com/c/202927/377003  woocommerce

https://jvz6.com/c/202927/377005  domainname

 https://jvz8.com/c/202927/376842  maxslides

https://jvz8.com/c/202927/376381  ada leadz

https://jvz2.com/c/202927/333637  eyeslick

https://jvz1.com/c/202927/376986  creaitecontentcreator

https://jvz4.com/c/202927/376095  vidcentric

https://jvz1.com/c/202927/374965  studioninja

https://jvz6.com/c/202927/374934  marketingblocks

https://jvz3.com/c/202927/372682  clipsreel  

https://jvz2.com/c/202927/372916  VideoEnginePro

https://jvz1.com/c/202927/144577  BarclaysForexExpert

https://jvz8.com/c/202927/370806  Clientfinda

https://jvz3.com/c/202927/375550  Talkingfaces

https://jvz1.com/c/202927/370769  IMSyndicator

https://jvz6.com/c/202927/283867  SqribbleEbook

https://jvz8.com/c/202927/376524  superbackdrop

https://jvz8.com/c/202927/376849  VirtualReel

https://jvz2.com/c/202927/369837  MarketPresso

https://jvz1.com/c/202927/342854  voiceBuddy

https://jvz6.com/c/202927/377211  tubeTargeter

https://jvz6.com/c/202927/377557  InstantWebsiteBundle

https://jvz6.com/c/202927/368736  soronity

https://jvz2.com/c/202927/337292  DFY Suite 3.0 Agency+ information

https://jvz8.com/c/202927/291061  VideoRobot Enterprise

https://jvz8.com/c/202927/327447  Klippyo Kreators

https://jvz8.com/c/202927/324615  ChatterPal Commercial

https://jvz8.com/c/202927/299907  WP GDPR Fix Elite Unltd Sites

https://jvz8.com/c/202927/328172  EngagerMate

https://jvz3.com/c/202927/342585  VidSnatcher Commercial

https://jvz3.com/c/202927/292919  myMailIt

https://jvz3.com/c/202927/320972  Storymate Luxury Edition

https://jvz2.com/c/202927/320466  iTraffic X – Platinum Edition

https://jvz2.com/c/202927/330783  Content Gorilla One-time

https://jvz2.com/c/202927/301402  Push Button Traffic 3.0 – Brand New

https://jvz2.com/c/202927/321987  SociCake Commercial

https://jvz2.com/c/202927/289944  The Internet Marketing

 https://jvz2.com/c/202927/297271  Designa Suite License

https://jvz2.com/c/202927/310335  XFUNNELS FE Commercial 

https://jvz2.com/c/202927/291955  ShopABot

https://jvz2.com/c/202927/312692  Inboxr

https://jvz2.com/c/202927/343635  MediaCloudPro 2.0 – Agency

 https://jvz2.com/c/202927/353558  MyTrafficJacker 2.0 Pro+

https://jvz2.com/c/202927/365061  AIWA Commercial

https://jvz2.com/c/202927/357201  Toon Video Maker Premium

https://jvz2.com/c/202927/351754  Steven Alvey’s Signature Series

https://jvz2.com/c/202927/344541  Fade To Black

https://jvz2.com/c/202927/290487  Adsense Machine

https://jvz2.com/c/202927/315596  Diddly Pay’s DLCM DFY Club

https://jvz2.com/c/202927/355249  CourseReel Professional

https://jvz2.com/c/202927/309649  SociJam System

https://jvz2.com/c/202927/263380  360Apps Certification

 https://jvz2.com/c/202927/359468  LocalAgencyBox

https://jvz2.com/c/202927/377557  Instant Website Bundle                                        

https://jvz2.com/c/202927/377194  GMB Magic Content

https://jvz2.com/c/202927/376962  PlayerNeos VR

https://jvz8.com/c/202927/381812/  BrandElevate Bundle information

https://jvz4.com/c/202927/381807/ BrandElevate Ultimate

https://jvz2.com/c/202927/381556/ WowBackgraounds Plus

https://jvz4.com/c/202927/381689/  Your3DPal Ultimate

https://jvz2.com/c/202927/380877/  BigAudio Club Fast Pass

https://jvz3.com/c/202927/379998/ Podcast Masterclass

https://jvz3.com/c/202927/366537/  VideoGameSuite Exclusive

https://jvz8.com/c/202927/381148/ AffiliateMatic

https://jvzoo.com/c/202927/381179  YTSuite Advanced

https://jvz1.com/c/202927/381749/  Xinemax 2.0 Commercial

https://jvzoo.com/c/202927/382455  Living An Intentional Life

https://jvzoo.com/c/202927/381812  BrandElevate Bundle

https://jvzoo.com/c/202927/381935 Ezy MultiStores

https://jvz2.com/c/202927/381194/  DFY Suite 4.0 Agency

https://jvzoo.com/c/202927/381761  ReVideo

https://jvz4.com/c/202927/381976/  AppOwls Bundle

https://jvz8.com/c/202927/381950/  TrafficForU

https://jvz3.com/c/202927/381615/  WOW Backgrounds 2.0

https://jvz4.com/c/202927/381560   ALL-in-One HD Stock Bundle

https://jvz6.com/c/202927/382326/   Viddeyo Bundle

https://jvz8.com/c/202927/381617/  The Forex Joustar

https://jvz3.com/c/202927/383751/ ADA Web Accessibility Compliance 

https://jvz3.com/c/202927/383942/  10 Bold Actions In Positive Life & Work

https://jvz3.com/c/202927/383706/  Adtivate Agency

https://jvz1.com/c/202927/384099/   My Passive Income Blueprints

https://jvz3.com/c/202927/329145/  Content Tool Kit

https://jvz6.com/c/202927/382663/    ReviewReel

https://jvz3.com/c/202927/383865/     QR Verse Bundle

https://jvz4.com/c/202927/379307/    VIADZ Ad Template

https://jvz2.com/c/202927/383051/    EngageYard Ad Creator

https://jvz4.com/c/202927/381011/   Videevolve

https://jvz4.com/c/202927/383751/  Local Leader Bundle

https://jvz8.com/c/202927/383119/   Tonai Voice Content

https://jvz2.com/c/202927/383848/   Vocalic Commercial

https://jvz3.com/c/202927/383483/  Dropshiply Store Creator

https://jvz6.com/c/202927/384025/  Levidio Royal Podcasting

https://jvz6.com/c/202927/383094/  Develop Self Empowerment

https://jvz1.com/c/202927/379223/   Hostley Domain Creator

https://jvz6.com/c/202927/383447/   Mech Forex Robot

https://jvz4.com/c/202927/383177/   Motion Kingdom Studio

https://jvz8.com/c/202927/144577/   Forex Blizz Trading

https://jvz3.com/c/202927/382851/  AdRaven

https://jvz2.com/c/202927/383307/   Animaxime V2

https://jvz8.com/c/202927/375692/  Promovidz Promotion Videos

https://jvz3.com/c/202927/381148/  AffiliateMatic

https://jvz4.com/c/202927/379051/  CanvaKitz Business Templates

https://jvz1.com/c/202927/383113/  Agencyscale Business Agency

https://jvz3.com/c/202927/347847/  Pitchdeck Professional Presentations

https://jvz2.com/c/202927/381179/   YTSuite YouTube Ads Campaigns

https://jvz8.com/c/202927/382455/     Living an International Life

https://jvz1.com/c/202927/188236/    Galactic Dimension backgrounds

https://jvz6.com/c/202927/381749/    Xinemax Hollywood Creator

https://jvz3.com/c/202927/381194/   DFY Suite 4.0 Agency

https://jvz4.com/c/202927/381231/    Appowls Mobile Apps

https://jvz1.com/c/202927/381935/   Ezy Multi Stores

https://jvz3.com/c/202927/381950/  TrafficForU

https://jvz2.com/c/202927/381556/  WOW Backgrounds

https://jvz2.com/c/202927/381685/   Your 3DPal

https://jvz6.com/c/202927/381617/   Forex Joustar

https://jvz2.com/c/202927/381129/   Ultrafunnels A.I

https://jvz3.com/c/202927/128215/   DUX Forex Signals

https://jvz3.com/c/202927/381003/   Trendio Keyword Content

https://jvz1.com/c/202927/381439/  FX Goldminer

https://jvz2.com/c/202927/380937/  Linkomatic

https://jvz2.com/c/202927/378775/  Pixal 2.022

https://jvz1.com/c/202927/379983/   VidVoicer

https://jvz6.com/c/202927/380087/   Big Audio Club

https://jvz1.com/c/202927/379995/  Podcast Advantage

https://jvz8.com/c/202927/380159/  Reputor

https://jvz6.com/c/202927/379863/  TubePal

https://jvz4.com/c/202927/380543/  Local Sites

https://jvz1.com/c/202927/369500/   PodKastr Commercial

https://jvz6.com/c/202927/351606/ Insta Keyword

https://jvz1.com/c/202927/376325/   Facedrip

https://jvz8.com/c/202927/374505/  7 Minutes Kit

https://jvz6.com/c/202927/383057/  Aweber Crash Course

https://jvz3.com/c/202927/46987/   WP Simulator

https://jvz8.com/c/202927/379995/  Podcast Advantage

https://jvz2.com/c/202927/380692/  Boost Optimism

https://jvz1.com/c/202927/36517/   PlanB Muscle Growth

https://jvz6.com/c/202927/379480/  TV Boss Fire

https://jvz1.com/c/202927/379455/  Webprimo Website Builder

https://jvz2.com/c/202927/379339/  LocalCentric

https://jvz4.com/c/202927/378683/  WebCop

https://jvz3.com/c/202927/384619/  Agency Client Finder

https://jvz8.com/c/202927/384625/  Power Reviews

https://jvz8.com/c/202927/380933/   Survai

https://jvz2.com/c/202927/378775/  Pixal

https://jvz3.com/c/202927/383937/  Webinarkit

https://jvz2.com/c/202927/384700/  YoDrive

https://jvz4.com/c/202927/353373/  Rewriter

https://jvz1.com/c/202927/384630/  Appoint B Agency

https://jvz1.com/c/202927/267113/   Sunday Freebie

https://jvz2.com/c/202927/384573/  EBook Agency

https://jvz2.com/c/202927/75989/  Ejaculation Total

https://jvz3.com/c/202927/359081/  Quit Smoking

https://jvz2.com/c/202927/353694/  Mobi First

https://jvz3.com/c/202927/378143/   Syndranker

https://jvz6.com/c/202927/378359/    VidMingo

https://jvz6.com/c/202927/384848/     Heal Your Emptiness

https://jvz6.com/c/202927/384381/     RSI SEO

https://jvz4.com/c/202927/382333/   Facebook Cash Machin

https://jvz3.com/c/202927/184902/   Video Games

https://jvz2.com/c/202927/383555/  KoinCart

https://jvz2.com/c/202927/358870/  Diabetes Guide

https://jvz4.com/c/202927/353334/  Fitness Nutrition Guide

https://jvz8.com/c/202927/366872/  Organic Life Guide

https://jvz8.com/c/202927/367353/   Human Synthesys Studio

https://jvz8.com/c/202927/384653/   9 figure Success

https://jvz8.com/c/202927/383809/   Crypto Kit

https://jvz2.com/c/202927/366972/   AdzHero

https://jvz1.com/c/202927/385046/   Stackable Picture

https://jvz8.com/c/202927/25069/   Forex Atlatian

https://jvz6.com/c/202927/132677/  Forex Scouts

https://jvz6.com/c/202927/378113/   Crypto Rocket

https://jvz4.com/c/202927/377665/   PigMoney Method

https://jvz8.com/c/202927/374345/   Crypto Underworld

https://jvz3.com/c/202927/372305/  XBrain Forex

https://jvz6.com/c/202927/385213/  Pixivid

https://jvz2.com/c/202927/383888/   Seniors Income

https://jvz4.com/c/202927/381768/    FaceSwap

https://jvz4.com/c/202927/383111/   AgencyScale

https://jvz4.com/c/202927/382796/   Ad Raven

https://jvz2.com/c/202927/324492/   Graphic Alta

https://jvz4.com/c/202927/382425/  Art Of Living

https://jvz8.com/c/202927/377815/  Credit Repair

https://jvz6.com/c/202927/381337/  DFY Content Club

https://jvz6.com/c/202927/381689/  3D Pal Toons

https://jvz6.com/c/202927/380385/  Movid Animation

https://jvz8.com/c/202927/379244/  Extreme Adz

https://jvz6.com/c/202927/379020  Live Your Truth

https://jvz3.com/c/202927/47481/  Forex Blue Stark

https://jvz2.com/c/202927/144621/  Forex Mastery

https://jvz2.com/c/202927/144621/  Forex Mastery

https://jvz6.com/c/202927/95037/  Forex Hybrid Scalper

https://jvz4.com/c/202927/384759/  CourseAlly eLearning

https://jvz2.com/c/202927/385180/   EZ Local Appointment

https://jvz2.com/c/202927/380197/  Mat1 Simple Funnel

https://jvz4.com/c/202927/373207/  Photokit

https://jvz4.com/c/202927/384755/   HostLegends

https://jvz6.com/c/202927/377907/   AIWA22

https://jvz6.com/c/202927/363237/   ImageX

https://jvz1.com/c/202927/385357/     SocialAgency360

https://jvz6.com/c/202927/355256/    CourseReel

https://jvz2.com/c/202927/370705/    NichBox

https://jvz1.com/c/202927/386249/  WordPress Mastery

https://jvz2.com/c/202927/385468/  PicsAds

https://jvz4.com/c/202927/371095/   Next Drive

https://jvz6.com/c/202927/385873/   LinkableDFY

https://jvz3.com/c/202927/385580/    Leadvalet

https://jvz4.com/c/202927/385754/    Vidzura

 

 

 

 

IRS Temporarily Halts These 10 Scary Taxpayer Letters

Internal Revenue Service computers keep spitting out perplexing letters and notices to taxpayers, and today the agency announced that it’s going to stop the machines, at least temporarily, in an effort to help taxpayers and tax pros. The 2022 tax season kicked off on January 24 for filing 2021 tax year returns, but millions of taxpayers are still waiting for the IRS to process last year’s returns.

Example: You filed your 2020 tax return last April. The IRS cashed your check. Why are you getting an alarming CP-80 Unfiled Tax Return notice that says: “We haven’t received your tax return. What must you do immediately? If you’re required to file, please file today. If you’ve already filed, please send a newly-signed copy.”

Savvy tax pros know that the IRS is woefully backlogged, and the best response is to wait it out. A California tax preparer who filed on paper with a check attached last April emailed me that he got a CP-80 notice last month. The IRS cashed the check, but hasn’t gotten to his return—10 months later.

His plan: “IRS thinks I have overpaid; I can wait 6 months to see if they catch up on paper.” In the meantime, the IRS has updated its web site, Understanding Your CP80 Notice, to tell folks who are getting CP-80 Notices who have already filed their 2020 returns: “DO NOT refile.”

That’s all the IRS needs—more paper! As of the February 7 update to the IRS Operations page, the IRS has made some progress on whittling down the number of amended tax returns for tax year 2020 in processing (2.3 million as of January 8), but it hadn’t updated the number of outstanding individual returns for 2020 (6 million as of December 31).

“The IRS is opening mail within normal timeframes and all paper and electronic individual refund returns received prior (emphasis added) to April 2021 have been processed if the return had no errors or did not require further review.”

That backlog is causing problems down the line. Hence, the decision — after outcry from tax professionals and members of Congress — to stop sending some taxpayer notices and letters for now.

The IRS announcement notes that these automatic notices have been temporarily stopped until the backlog is worked through, and that the agency will continue to assess the inventory of prior year returns to determine the appropriate time to resume the notices. Some taxpayers might still get these notices and letters in the next few weeks. “Generally, there is no need to call or respond.” But watch out: If you believe a notice is accurate and you have a balance due, the IRS says that interest and penalties can continue to accrue.

Here’s the rundown of suspended notices and letters:

CP-80 Unfiled Tax Return(s) 1st Notice: This notice is generally sent when the IRS credited payments and/or other credits to a taxpayer’s account for the tax period shown on the notice, but the IRS hasn’t received a tax return for that tax period.

CP-59 and CP 758 (Spanish version): The IRS sends this notice when there is no record of a prior year return being filed.

CP-516 and CP-616 (Spanish) Unfiled Tax Return(s) – 2nd Notice: This notice is a request for information on a delinquent return as there is no record of a return filed.

CP518 and CP618 (Spanish) Final Notice -Return Delinquency: This is a final reminder notice that the IRS still has no record of a prior year tax return(s)

CP-501 Balance Due — 1st Notice: This notice is a reminder that there is an outstanding balance on a taxpayer’s accounts.

CP-503 Balance Due — 2nd Notice: This notice is the second reminder that a there is an outstanding balance on a taxpayer’s accounts.

CP-504 Final Balance Due Notice/3rd Notice/Intent to Levy: The IRS sends this notice when a payment has not been received for an unpaid balance. This notice is a Notice of Intent to Levy (Internal Revenue Code Section 6331 (d)).

2802C Withholding Compliance Letter: This letter is mailed to taxpayers who have been identified as having under-withholding of Federal tax from their wages. This letter provides instructions to the taxpayer on how to properly correct their tax withholding.

Two business notices are also being temporarily paused.

CP259 and CP959 (Spanish) Return Delinquency: IRS sends this notice when there is no record of a prior year return being filed.

CP518 and CP618 (Spanish) Final Notice -Return Delinquency: This is a final reminder notice that the IRS still has no record of a prior year tax return(s)

A coalition of taxpayer professionals, the Tax Professionals United for Taxpayer Relief Coalition, including the AICPA and H&R Block, is calling for more. They’ve asked the IRS to pause all automated compliance actions and provide relief from underpayment and late payment penalties. Stay tuned.

Follow me on Twitter or LinkedIn.

I cover personal finance, with a focus on retirement planning, trusts and estates strategies, and taxwise charitable giving. I’ve written for Forbes since 1997. Follow me on Twitter: @ashleaebeling and contact me by email: ashleaebeling — at — gmail — dot — com

Source: IRS Temporarily Halts These 10 Scary Taxpayer Letters

.

Related contents:

IRS To Drop Facial Scan ID.me Verification For Online Accounts

Taxpayer Relief Still Caught In Tug Of War Between Congress And The IRS

“Total tax revenues”. Our World in Data. Retrieved 7 March 2020.

“Taxation”. Britannica. Retrieved 3 March 2015.

About compliance checks, CC/FS1a, accessed 31 January 2022

Taxes for Revenue are Obsolete” (PDF). American Affairs. VIII (1). Archived from the original (PDF) on 14 March 2017.

“Definition of Taxes (Note by the Chairman), 1996” (PDF). Retrieved 22 January 2013.

Social Security Programs Throughout the World on the U.S. Social Security website for links to individual country program descriptions”. Ssa.gov. Retrieved 22 January 2013.

India Social Security overview Archived 23 June 2011 at the Wayback Machine

Federal Unemployment Tax Act.

 Boston Review, Feb–Mar 1996 (recommending a net wealth tax for the US of 0.05% for the first $100,000 in assets to 0.3% for assets over $1,000,000 Archived 12 May 2008 at the Wayback Machine

corporate tax.

Land Value Taxation: An Applied Analysis. Ashgate Publishing, Ltd. p. 4. ISBN 978-0-7546-1490-6.

“TPC Tax Topics | Federal Budget”. Taxpolicycenter.org. Retrieved 27 March 2009.

The Annotated Constitution of the Australian Commonwealth

Taxes in the Ancient World, University of Pennsylvania Almanac, Vol. 48, No. 28, 2 April 2002

A World History of Tax Rebellions. Taylor & Francis. pp. vi–viii. ISBN 9780415924986.

The Rig-Vedic and Post-Rig-Vedic Polity (1500 BCE-500 BCE). Vernon Press. ISBN 978-1-64889-001-7.

Ancient tax collectors amassed a fortune — until it went up in smoke”. Nature. 14 September 2020.

History of the World in 100 Objects:Rosetta Stone”

How America’s Richest People Can Access Billions Without Selling Their Stock

On Saturday, Elon Musk promised to sell 10% of his Tesla stake after 58% of people voted in a Twitter poll shared by the Tesla CEO. Yesterday, Musk began to follow through, exercising about 2.15 million Tesla stock options and selling shares to cover the taxes he owed as a result. Prior to this week, he has only ever sold Tesla shares twice—in 2010 and 2016—for pre-tax proceeds of $617 million ($593 million of that went to cover taxes he owed on options). Tesla’s stock has risen over 13,000% since his last sale, and Musk is now worth an estimated $281 billion (based on Wednesday’s closing price).

When the world’s richest man wants cash, he can simply borrow money by putting up—or pledging—some of his Tesla shares as collateral for lines of credit, instead of selling shares and paying capital gains taxes. These pledged shares serve as an evergreen credit facility, giving Musk access to cash when he needs it. Musk currently has pledged 88.3 million Tesla shares, nearly 36.2% of his overall stake (excluding options), as of Wednesday worth more than $94 billion.

Musk is one of 32 billionaires identified in the Forbes 400 list of richest Americans to be pledging public stock of companies listed on the NYSE or Nasdaq exchanges as collateral for current or potential lines of credit, as disclosed in company filings. Other pledgers include fellow mega-pledger Oracle chairman Larry Ellison, Walmart heir Jim Walton, and private equity’s richest person, Stephen Schwarzman. (Three others pledged shares of foreign companies are not included in this report.)

Across all companies listed on the NYSE and Nasdaq exchanges, there are 560 executive officers and directors and 5%+ shareholders currently pledging shares; the size of the average pledge is $427 million and the aggregate value of these pledged shares is $239 billion, according to a report from Audit Analytics, an independent provider of audit, regulatory and disclosure intelligence. Within this larger group, Forbes 400 members do most of the pledging—value wise, that is. Musk’s Tesla pledge alone is 47% of that aggregate pledged share value. Removing the extreme outlier Musk, the remaining 31 Forbes 400 members account for 56% of that figure. (Data for this report were calculated Nov. 5; Tesla shares are down nearly 13% since then).


“At current interest and tax rates, it is far cheaper to borrow against the value of one’s shares than to sell them and pay taxes on the gains.”


Information on companies’ pledging policies—found in annual proxy statements—-offer a window into the murky world of billionaire borrowing. The topic entered the national microscope in June after ProPublica’s report on leaked IRS data showed that several of the richest people paid nothing in federal income taxes in certain years. Last month, a proposed wealth tax from Senate Democrat Ron Wyden failed to win political support. That measure would have taxed unrealized capital gains of America’s richest individuals.

Most details on billionaire borrowing remain private. Individuals who own less than a 5% stake in a company, or who don’t work for that company, do not report stock ownership or pledging of shares to the SEC. Many of America’s wealthiest people—232 billionaires from this year’s Forbes 400 list, to be exact—hold their fortunes primarily in private companies. Any pledges against diversified baskets of stock or private assets are not reported in company filings. Disclosure requirements also do not include reporting whether, or how much, an individual has borrowed against their pledged shares. A few billionaires Forbes contacted said they don’t have outstanding debt against their pledges.

Most larger companies don’t allow pledging: Over two-thirds (68.4%) of S&P 500 companies ban all company employees and shareholders from pledging shares for debt, 22% prohibit pledging but with exemptions for certain individuals, and only 3.4% fully permit it, according to data provided by proxy advisory firm Institutional Investors Service (ISS). “When executives or directors have a significant percentage of their equity pledged, it creates a concern from the investor perspective,” says Jun Frank, an executive director for ISS’ corporate solutions group, which advises companies on corporate governance matters.

Those concerns include margin calls: forced sales of pledged shares that can sink a company’s stock price, which risks cascading into a broader, panic-induced selloff. An example: Green Mountain Coffee Roaster’s founder Robert Stiller borrowed against his company shares to fund an increasingly extravagant lifestyle, rather than sell shares. That worked fine when the share price was rising but quickly unraveled after a short-seller called into question its accounting in May 2012. The former billionaire was forced to sell 5 million shares, worth $126 million, in one day to cover margin calls on pledged Green Mountain stock. He was then removed as Chairman of the Board.

Pledging can also create friction between directors and executive officers pledging shares and outside shareholders, says Frank: “If you no longer have certain claims to those underlying economic interests and you continue to have the voting right, that creates a mismatch between the control you can exercise over the company and the economic interest you have in the company.”

Sometimes what company founders want, in this case to pledge shares, is at odds with what board members and shareholders want, which is to disallow pledging. The software company Oracle, for example, adopted a rule in January 2018 prohibiting its directors and executive officers from pledging company shares, although one individual was exempt: Larry Ellison, Oracle’s cofounder and largest individual shareholder. But then, as now, Ellison was the only Oracle director to ever report pledging any company shares. Ellison, who boasts a fortune of over $100 billion, has been pledging shares since at least 2007, after the Securities and Exchange Commission began requiring it.

In other words, Oracle’s new pledging policy had no immediate impact on the pledging activity of its directors and executives—Ellison least of all. Since 2018, he has increased the number of his pledged Oracle shares to 317 million — worth about $28 billion — equivalent to roughly 27% of his stake and 11% of all outstanding Oracle stock. Ellison did not sell any Oracle shares between December 2010 and June 2020, a near-decade stretch of big spending for the eccentric billionaire, who splashed $300 million in 2012 to buy the Hawaiian island of Lanai and tens of millions of dollars on opulent mansions, growing a $1 billion real estate portfolio that includes at least ten  properties on Malibu’s glitzy Carbon Beach.

While Oracle does not disclose how much Ellison has borrowed against his shares, his penchant for borrowing was revealed in unsealed court documents from a shareholder lawsuit. Those documents, first reported by The San Francisco Chronicle in 2006, showed that Ellison had outstanding loans of more than $1.2 billion in 2001, and that his financial adviser had warned him, “We have a freight train going down a track hitting a debt wall.” (Oracle did not respond to Forbes’ questions about its pledging policy or Ellison’s borrowing.)

Other companies find more creative ways to exempt billionaire founders from pledging bans. Take the oil and gas firm Kinder Morgan, whose prohibition on pledging comes with a caveat: shares owned “in excess of the applicable minimum ownership guidelines” are able to be pledged. The minimum ownership requirement for directors—such as executive chairman and billionaire Richard Kinder—is three times the value of their “annual cash retainer.” Helpfully, Kinder’s annual salary is $1. That means the eponymous cofounder can effectively pledge as many shares as he likes.

Kinder, whose $7.2 billion fortune makes him the 128th wealthiest American, has pledged 40 million shares of his eponymous company — 15.6% of his overall stake, worth $679 million — for the sole purpose of buying more company stock, as described in the company’s proxy statement. To date, Kinder has purchased 10 million additional shares of Kinder Morgan, financed with debt taken out against his pledged Kinder Morgan shares. A representative for Kinder Morgan confirmed Forbes’ interpretation of its pledging rules but declined to comment further.

Some companies are upfront about their exemptions, but fail to make a convincing argument for them. The medical conglomerate Danaher simply states in its 2021 proxy statement that its sibling founders, Forbes 400 members Steven and Mitchell Rales, are exempt from its pledging ban “because [their] shares had been pledged for decades.” Each brother has pledged a significant portion of their Danaher shares, a potential red flag for margin calls: Steven Rales has pledged 78% of his equity stake (just over $10 billion), and Mitchell has pledged nearly 91% of his equity stake (slightly under $10 billion). Together, their pledges are 9.4% of all outstanding Danaher stock. (Danaher and the Rales brothers did not respond to requests for comment).

Of the Forbes 400 billionaires, oil mogul George Kaiser (net worth: $10.7 billion) has the highest ratio of pledged shares to the company’s total outstanding common stock — another red flag for margin calls. His pledge of 21 million shares of bank holding company BOK Financial Corporation (worth nearly $2.3 billion) is equal to nearly 31% of all outstanding stock. But Kaiser says he only occasionally borrows against those pledged shares. “They are just low cost, back-up lines, which we have had in place for a long time and infrequently use,” he told Forbes over email.

Tesla argues that pledging creates a kind of fiduciary relationship between pledgers and shareholders. In 2018 the electric carmaker introduced a 25% loan-to-value limit on borrowing against pledged shares, arguing that pledging gives “executive officers flexibility in financial planning without having to rely on large cash compensation or the sale of Company shares, thus keeping their interests well aligned with those of our stockholders, while also mitigating risk exposure to the Company” — a stance Tesla has reiterated in subsequent proxy filings.

ISS countered this argument in its recent proxy analysis of Tesla’s corporate governance principles. “If an executive who already owns 15 or 20 percent of a company’s outstanding shares…is not already motivated to act in the interests of shareholders, there is no credible argument that increasing that stake to 25 or 30 percent will suffice to accomplish that goal,” says the report. “Perhaps a more salient, though unspoken, factor is that at current interest and tax rates, it is far cheaper to borrow against the value of one’s shares than to sell them and pay taxes on the gains.”

So just how prevalent is pledging assets to borrow among the ultra rich? “Pretty high,” responds Jason Cain, a managing director and chief wealth strategist at advisory firm Boston Private, speaking about his firm’s highest bracket of clients: those with above $500 million in assets. (Cain declined to provide an exact percentage figure). “It’s not any different than families… who borrow for homes” and other life purchases, says Cain. “Most of these clients are aware of the uses of debt and with interest rates where they have been in the recent past, they understand the arbitrage opportunity.”

Ali Jamal, and ex-Julius Baer banker and founder of Azura, a boutique wealth management firm for billionaire entrepreneurs, says that during the stock market crash of March 2020, about 70% of Azura’s clients took on leverage — by pledging shares, but also artwork and car collections — to take on debt to buy more stock. And over the past year, about 40% of Azura clients have leveraged their way into special purpose acquisition corporations. “You can borrow at 40 basis points, max 50 basis points, to have someone very smart” identify an investment opportunity, says Jamal about the appeal of leveraging into SPACs, “and if you don’t like the opportunity, you can pull your money out.”

Borrowing against one’s shares has its risks, but for these billionaires, the rewards seem to outweigh them. “It’s perfectly legal, and it’s a little hard to say it’s immoral. Like, it’s immoral to own a growth stock? It’s immoral to borrow money?” says Edward McCaffrey, a tax law professor at USC Gould School of Law who coined the popular term “Buy, Borrow, Die” to describe how the ultra-wealthy borrow to avoid paying taxes. “So the question is, why would anybody not do it?

Follow me on Twitter or LinkedIn.

I am a New York-based journalist covering billionaires and wealth at Forbes. I studied history at Claremont McKenna College and I’m currently receiving my M.A. in business and

Source: How America’s Richest People Can Access Billions Without Selling Their Stock

.

Related Contents:

Savills and Wealth-X (2014). Around the World in Dollars and Cents (PDF). p. 2. Archived (PDF) from the original on 2014-05-14. Retrieved 2014-03-06.

%d bloggers like this: