LupusCoin PRE-ICO WHITE PAPER. Democratising Short-term Rental Property Ownership INTRODUCTION

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2 LupusCoin PRE-ICO WHITE PAPER Democratising Short-term Rental Property Ownership INTRODUCTION LupusCoin white paper will look deeply into the two products we are combining Cryptocurrency and Property then explain how we are going to combine the two to make this exciting opportunity for everyone to invest in to these two solid markets in one place. We will firstly look into Cryptocurrency, it's history and how it works. Secondly into Property and it's history. Then lastly LupusCoin and how we are going to change the short-term property rental market for everyone. These are exciting times and cryptocurrency is changing the world. LupusCoin is your opportunity to be a part of it so what are you waiting for read on and become a part of history... CRYPTOCURRENCY A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through a blockchain, which is a public transaction database, functioning as a distributed ledger. Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created. These are frequently called altcoins, as a blend of alternative coin Overview Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created, and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto. As of September 2017, over a thousand cryptocurrency specifications exist; most are similar to and derive from the first fully implemented decentralized cryptocurrency, bitcoin. Within cryptocurrency systems the safety, integrity and balance of ledgers is maintained by a community of mutually distrustful parties referred to as miners: members of the general public using their computers to help validate and timestamp transactions, adding them to the ledger in accordance with a particular timestamping scheme. Miners have a financial incentive to maintain the security of a cryptocurrency ledger. Most cryptocurrencies are designed to gradually decrease production of currency, placing an ultimate cap on the total amount of currency that will ever be in circulation, mimicking precious metals. Compared with ordinary currencies held by financial institutions or kept as cash on hand, cryptocurrencies can be more difficult for seizure by law enforcement. This difficulty is derived

3 from leveraging cryptographic technologies. Blockchain The validity of each cryptocurrency's coins is provided by a blockchain. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzanite fault tolerance. Decentalized consensus has therefore been achieved with a blockchain. It solves the double spending problem without the need of a trusted authority or central server. The block time is the average time it takes for the network to generate one extra block in the blockchain. Some blockchains create a new block as frequently as every five seconds. By the time of block completion, the included data becomes verifiable. This is practically when the money transaction takes place, so a shorter block time means faster transactions. Timestamping Cryptocurrencies use various timestamping schemes to avoid the need for a trusted third party to timestamp transactions added to the blockchain ledger. Proof-of-work schemes The first timestamping scheme invented was the proof-of-work scheme. The most widely used proof-of-work schemes are based on SHA-256 and scrypt. The latter now dominates over the world of cryptocurrencies, with at least 480 confirmed implementations. Some other hashing algorithms that are used for proof-of-work include Crypto Night, Blake, SHA-3 and X11. Proof-of-stake and combined schemes Some cryptocurrencies use a combined proof-of-work/proof-of-stake scheme. The proof-of-stake is a method of securing a cryptocurrency network and achieving distributed consensus through requesting users to show ownership of a certain amount of currency. It is different from proof-ofwork systems that run difficult hashing algorithms to validate electronic transactions. The scheme is largely dependent on the coin, and there's currently no standard form of it. Mining In cryptocurrency networks, mining is a validation of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases transaction fees by creating a complementary incentive to contribute to the processing power of the network. The rate of generating hashes, which validate any transaction, has been increased by the use of specialized machines such as FPGAs and ASICs running complex hashing algorithms like SHA-256 and Scrypt. This arms race for cheaper-yet-efficient machines has been on since the day the first cryptocurrency, bitcoin, was introduced in However, with more people venturing into the world of virtual currency, generating hashes for this validation has become far more complex over the years, with miners having to invest large sums of money on employing multiple high performance ASICs. Thus the value of the currency obtained for finding a hash often does not

4 justify the amount of money spent on setting up the machines, the cooling facilities to overcome the enormous amount of heat they produce, and the electricity required to run them. One company is operating data centers for mining operations at Canadian oil and gas field sites, due to low gas prices. Given the economic and environmental concerns associated with mining, various "minerless" cryptocurrencies are undergoing active development. Unlike conventional blockchains, some directed acyclic graph cryptocurrencies utilise a pay-it-forward system, whereby each account performs minimally heavy computations on two previous transactions to verify. Others utilise a block-lattice structure whereby each individual account has its own blockchain. With each account controlling its own transactions, no traditional proof-of-work mining is required, allowing for free, instantaneous transactions. Wallets A crypto with the public key, it is possible for others to send currency to the wallet. Cryptocurrency wallet stores the public and private "key" or "addresses" which can be used to receive or spend the cryptocurrency. With the private key, it is possible to write in the public ledger, effectively spending the associated cryptocurrency. Anonymity Cryptocurrency is pseudonymous rather than anonymous in that the cryptocurrency within a wallet is not tied to people, but rather to one or more specific keys (or "addresses"). Thereby, cryptocurrency owners are not identifiable, but all transactions are publicly available in the blockchain. Still, cryptocurrency exchanges are often required by law to collect the personal information of their users. Additions such as Zerocoin have been suggested, which would allow for true anonymity. In recent years, anonymizing technologies like zero-knowledge proofs and ring signatures have been employed in the cryptocurrencies Zcash and Monero, respectively. Economics Cryptocurrency market capitalizations as of 27 January2018, in billions of US dollars. Cryptocurrencies are used primarily outside existing banking and governmental institutions and are exchanged over the Internet. While these alternative, decentralized modes of exchange are in the early stages of development, they have the unique potential to challenge existing systems of currency and payments. As of December 2017 total market capitalization of cryptocurrencies is bigger than 600 billion USD and record high daily volume is larger than 500 billion USD. Competition in cryptocurrency markets As of January 2018, there were over 1384 and growing digital currencies in existence. Indices In order to follow the development of the market of cryptocurrencies, indices keep track of notable cryptocurrencies and their cumulative market value. Crypto index CRIX The cryptocurrency index CRIX is a conceptual measurement jointly developed by statisticians at Humboldt University of Berlin, Singapore Management University and the enterprise CoinGecko and was launched in The index represents cryptocurrency market characteristics dating back until July 31, Its algorithm considers that the cryptocurrency market is frequently changing,

5 with the continuous creation of new cryptocurrencies and infrequent trading of some of the existing ones. Therefore, the number of index members is adjusted quarterly according to their relevance on the cryptocurrency market. It is the first dynamic index reflecting changes on the cryptocurrency market. CCI30 Crypto Currencies Index The CCI30 index is composed of the 30 crypto currencies with the biggest market capitalization. It was created by a team of mathematicians, quantitative analysts and traders, led by Professor Igor Rivin and Carlo Scevola, economist. The components of the index are set at a fixed number of 30, weighted based on the square root of their smoothed market capitalization. The composition of the index is revised on a quarterly basis, using an exponentially weighted moving average of the market capitalization. The CCI30 starts in January 2015 with a value of 100. This index is freely available to the public and can be replicated by funds that follow a passive investment strategy. Transaction fees Transaction fees for cryptocurrency depend mainly on the supply of network capacity at the time, versus the demand from the currency holder for a faster transaction. The currency holder can choose a specific transaction fee, while network entities process transactions in order of highest offered fee to lowest. Cryptocurrency exchanges can simplify the process for currency holders by offering priority alternatives and thereby determine which fee will likely cause the transaction to be processed in the requested time. For ether, transaction fees differ by computational complexity, bandwidth use and storage needs, while bitcoin transactions compete equally with each other. In December 2017, the median transaction fee for ether corresponded to $0.33, while for bitcoin it corresponded to $23. Mining decreases transaction fees by rewarding the network directly but drives the cryptocurrency more toward inflation. Legality The legal status of cryptocurrencies varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed their use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. China Central Bank banned the handling of bitcoins by financial institutions in China during an extremely fast adoption period in early In Russia, though cryptocurrencies are legal, it is illegal to purchase goods with any currency other than the Russian ruble. On March 25, 2014, the United States Internal Revenue Service (IRS) ruled that bitcoin will be treated as property for tax purposes as opposed to currency. This means bitcoin will be subject to capital gains tax. One benefit of this ruling is that it clarifies the legality of bitcoin. No longer do investors need to worry that investments in or profit made from bitcoins are illegal or how to report them to the IRS. In a paper published by researchers from Oxford and Warwick, it was shown that bitcoin has some characteristics more like the precious metals market than traditional currencies, hence in agreement with the IRS decision even if based on different reasons. The Cryptocurrency Alliance Super PAC. One of the many groups formed to protect consumer interests in In response to the IRS ruling, numerous organizations have been created to advocate for consumers. One of the most prominent examples is the Washington, D.C. based Cryptocurrency Alliance, an independent expenditure-only committee (Super PAC), created to raise awareness about cryptocurrencies and blockchain technology.

6 Legal issues not dealing with governments have also arisen for cryptocurrencies. Cooney, for example, is an altcoin that used rapper Kanye West as its logo without permission. Upon hearing of the release of Coinye, originally called Coinye West, attorneys for Kanye West sent a cease and desist letter to the operator of Coinye, David P. McEnery Jr. The letter stated that Coinye was willful trademark infringement, unfair competition, cyberpiracy, and dilution and instructed Coinye to stop using the likeness and name of Kanye West. 17th of January 2014 Coinye was closed. A primary example of this new challenge for law enforcement comes from the Silk Road case, where Ulbricht's bitcoin stash "was held separately and... encrypted." The legal concern of an unregulated global economy As the popularity of and demand for online currencies has increased since the inception of bitcoin in 2009, so have concerns that such an unregulated person to person global economy that cryptocurrencies offer may become a threat to society. Concerns abound that altcoins may become tools for anonymous web criminals. Cryptocurrency networks display a marked lack of regulation that attracts many users who seek decentralized exchange and use of currency; however, the very same lack of regulations has been critiqued as potentially enabling criminals who seek to evade taxes and launder money. Transactions that occur through the use and exchange of these altcoins are independent from formal banking systems, and therefore can make tax evasion simpler for individuals. Since charting taxable income is based upon what a recipient reports to the revenue service, it becomes extremely difficult to account for transactions made using existing cryptocurrencies, a mode of exchange that is complex and (in some cases) impossible to track. Systems of anonymity that most cryptocurrencies offer can also serve as a simpler means to launder money. Rather than laundering money through an intricate net of financial actors and offshore bank accounts, laundering money through altcoins can be achieved through anonymous transactions. Loss, theft, and fraud GBL, a Chinese bitcoin trading platform, suddenly shut down on October 26, Subscribers, unable to log in, lost up to $5 million worth of bitcoin. In February 2014, cryptocurrency made headlines due to the world's largest bitcoin exchange, Mt. Go, declaring bankruptcy. The company stated that it had lost nearly $473 million of their customer's bitcoins likely due to theft. This was equivalent to approximately 750,000 bitcoins, or about 7% of all the bitcoins in existence. Due to this crisis, among other news, the price of a bitcoin fell from a high of about $1,160 in December to under $400 in February. Two members of the Silk Road Task Force a multi-agency federal task force that carried out the U.S. investigation of Silk Road seized bitcoins for their own use during the investigation. DEA agent Carl Mark Force IV, who attempted to extort Silk Road founder Ross Ulbricht ("Dread Pirate Roberts"), pleaded guilty to money laundering, obstruction of justice, and extortion under color of official right, and was sentenced to 6.5 years in federal prison. U.S. Secret Service agent Shaun Bridges pleaded guilty to crimes relating to his diversion of $800,000 worth of bitcoins to his personal account during the investigation, and separately pleaded guilty to money laundering in connection with another cryptocurrency theft; he was sentenced to nearly eight years in federal prison. Homero Josh Garza, who founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a plea agreement that the companies were part of a pyramid scheme, and pleaded guilty to wire fraud in The U.S. Securities and Exchange Commission separately brought a civil enforcement action against Garza, who was eventually ordered to pay a judgment of $9.1 million plus $700,000 in interest. The SEC's complaint stated that Garza, through his companies, had fraudulently sold "investment contracts representing shares in the profits they claimed would be

7 generated" from mining. On November 21, 2017, the Tether cryptocurrency announced they were hacked, losing $31 million in USTD from their primary wallet. The company has 'tagged' the stolen currency, hoping to 'lock' them in the hacker's wallet (making them unspendable). Tether indicates that it is building a new core for its primary wallet in response to the attack in order to prevent the stolen coins from being used. On December 6, 2017, more than $60 million worth of bitcoin was stolen after a cyber-attack hit the cryptocurrency mining platform Nice Hash (Slovenia-based company). According to the CEO Marko Kobal and co-founder Sasa Coh, bitcoin worth $64 million USD was stolen, although users have pointed to a bitcoin wallet which holds 4, bitcoins, equivalent to $67 million. Darknet markets Cryptocurrency is also used in controversial settings in the form of online black markets, such as Silk Road. The original Silk Road was shut down in October 2013 and there have been two more versions in use since then; the current version being Silk Road 3.0. The successful format of Silk Road has been widely used in online dark markets, which has led to a subsequent decentralization of the online dark market. In the year following the initial shutdown of Silk Road, the number of prominent dark markets increased from four to twelve, while the amount of drug listings increased from 18,000 to 32,000. Darknet markets present growing challenges regarding legality. Bitcoins and other forms of cryptocurrency used in dark markets are not clearly or legally classified in almost all parts of the world. In the U.S., bitcoins are labelled as "virtual assets". This type of ambiguous classification puts mounting pressure on law enforcement agencies around the world to adapt to the shifting drug trade of dark markets. Since most darknet markets run through Tor, they can be found with relative ease on public domains. This means that their addresses can be found, as well as customer reviews and open forums pertaining to the drugs being sold on the market, all without incriminating any form of user. This kind of anonymity enables users on both sides of dark markets to escape the reaches of law enforcement. The result is that law enforcement adheres to a campaign of singling out individual markets and drug dealers to cut down supply. However, dealers and suppliers can stay one step ahead of law enforcement, who cannot keep up with the rapidly expanding and anonymous marketplaces of dark markets. Fundings ICOs An initial coin offering (ICO) is a means by which funds are raised for a new cryptocurrency venture. An ICO may be used by startups with the intention of bypassing rigorous and regulated capital-raising processes required by venture capitalists or banks. However, securities regulators in many jurisdictions, including in the U.S., and Canada have indicated that if a coin or token is an "investment contract" (e.g., under the Howey test, i.e., an investment of money with a reasonable expectation of profit based significantly on the entrepreneurial or managerial efforts of others), it is a security and is subject to securities regulation. In an ICO campaign, a percentage of the cryptocurrency (usually in the form of "tokens") is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, often Bitcoin or Ether. The coins may ultimately be intended to be used as a medium of payment on a platform or within an ecosystem. Academic studies

8 Journals Main article: Ledger (journal) In September 2015, the establishment of the peer-reviewed academic journal Ledger (ISSN ) was announced. It will cover studies of cryptocurrencies and related technologies and is published by the University of Pittsburgh. The journal encourages authors to digitally sign a file hash of submitted papers, which will then be timestamped into the bitcoin blockchain. Authors are also asked to include a personal bitcoin address in the first page of their papers. Criticism Cryptocurrencies have been compared to pyramid schemes and economic bubbles, such as housing market bubbles. Howard Marks of Oaktree Capital Management stated in 2017 that digital currencies were "nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it", and compared them to the tulip mania (1637), South Sea Bubble (1720), and dot-com bubble (1999). In October 2017, BlackRock CEO Larry Fink called bitcoin an 'index of money laundering'. "Bitcoin just shows you how much demand for money laundering there is in the world," he said. While cryptocurrencies are digital currencies that are managed through advanced encryption techniques, many governments have taken a cautious approach toward them, fearing their lack of central control and the effects they could have on financial security. Regulators in several countries have warned against cryptocurrency and some have taken concrete regulatory measures to dissuade users. Additionally, many banks do not offer services for cryptocurrencies and can refuse to offer services to virtual-currency companies. While traditional financial products have strong consumer protections in place, there is no intermediary with the power to limit consumer losses if bitcoins are lost or stolen. One of the features cryptocurrency lacks in comparison to credit cards, for example, is consumer protection against fraud, such as chargebacks. An enormous amount of energy goes into proof-of-work cryptocurrency mining, although cryptocurrency proponents claim it is important to compare it to the consumption of the traditional financial system. There are also purely technical elements to consider. For example, technological advancement in cryptocurrencies such as bitcoin result in high up-front costs to miners in the form of specialized hardware and software. Cryptocurrency transactions are normally irreversible after a number of blocks confirm the transaction. Additionally, cryptocurrency can be permanently lost from local storage due to malware or data loss. This can also happen through the destruction of the physical media, effectively removing lost cryptocurrencies forever from their markets. The cryptocurrency community refers to pre-mining, hidden launches, or extreme rewards for the altcoin founders as a deceptive practice. It can also be used as an inherent part of a cryptocurrency's design. Pre-mining means currency is generated by the currency's founders prior to being released to the public. The success of some cryptocurrencies has caused multi-level marketing schemes to arise with pseudo cryptocurrencies, such as OneCoin. History In 1983 the American cryptographer David Chaum conceived an anonymous cryptographic electronic money called ecash. Later, in 1995, he implemented it through Digicash, an early form of cryptographic electronic payments which required user software in order to withdraw notes from a bank and designate specific encrypted keys before it can be sent to a recipient. This allowed the digital currency to be untraceable by the issuing bank, the government, or a third party. In 1996 the NSA published a paper entitled How to Make a Mint: The Cryptography of Anonymous

9 Electronic Cash, describing a Cryptocurrency system first publishing it in a MIT mailing list and later in 1997, in The American Law Review (Vol. 46, Issue 4). In 1998, Wei Dai published a description of "b-money", an anonymous, distributed electronic cash system. Shortly thereafter, Nick Szabo created "bit gold". Like bitcoin and other cryptocurrencies that would follow it, bit gold (not to be confused with the later gold-based exchange, BitGold) was an electronic currency system which required users to complete a proof of work function with solutions being cryptographically put together and published. A currency system based on a reusable proof of work was later created by Hal Finney who followed the work of Dai and Szabo. The first decentralized cryptocurrency, bitcoin, was created in 2009 by pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, as its proof-of-work scheme. In April 2011, Namecoin was created as an attempt at forming a decentralized DNS, which would make internet censorship very difficult. Soon after, in October 2011, Litecoin was released. It was the first successful cryptocurrency to use scrypt as its hash function instead of SHA-256. Another notable cryptocurrency, Peercoin was the first to use a proof-of-work/proof-of-stake hybrid. IOTA was the first cryptocurrency not based on a blockchain, and instead uses the Tangle. Built on a custom blockchain, The Divi Project allows for easy exchange between currencies from within the wallet and the ability to use personal identifying information for transactions. Many other cryptocurrencies have been created though few have been successful, as they have brought little in the way of technical innovation. On 6 August 2014, the UK announced its Treasury had been commissioned to do a study of cryptocurrencies, and what role, if any, they can play in the UK economy. The study was also to report on whether regulation should be considered. The Modern History of Cryptocurrency The history of cryptocurrency is actually a fairly short one. Yes, we have had digital currency systems before these cryptocurrencies existed, but they are not the same thing. As we mentioned on our Cryptocurrency Explained page, former versions of digital currencies were strictly centralized, whereas these new forms of cryptocurrency, such as Bitcoin and Ethereum, are decentralized in nature. Now, what is really interesting about cryptocurrencies is that they were never intended to be invented as they are known today. This actually all started with the now infamous Bitcoin and a man named Satoshi Nakamoto. Nakamoto s goal in the beginning was to create nothing more than an electronic peer to peer cash system. People had for a long time been trying to create some kind of online digital cash system, but had always failed due to the issues with centralization. Satoshi Nakamoto knew that another attempt at building an online centralized cash system would only result in more failure, so he decided to create a digital cash system that had no centralized authority. And so came the birth of the Bitcoin. Yes, Satoshi Nakamoto invented the Bitcoin, the very first decentralized form of digital cash that had no central governing or controlling body. Bitcoin was to be the property of the entirety of the Bitcoin community. Nakamoto created Bitcoin back in 2008 and it s value exploded without question. Back when it was first created, it had a value of little over a single cent. However, the value quickly grew and in late 2009 had already reached $27 for a single Bitcoin. Now, in 2017, a single Bitcoin has a value of over $7,500, so as you can see, the value of this particular cryptocurrency has skyrocketed to monumental levels. To go back to the creation of Bitcoin, the big problem Nakamoto was facing was to stop double spending, the act of a currency owner spending the same money twice. This control over the spending and the amount of cryptocurrency present in the digital world was previously always controlled by a central authority, hence whey digital currencies were always centralized. It was a way to make sure that double spending did not occur. Nakamoto figured out how to create a digital currency that did not require this central authority. In a decentralized digital currency system, every

10 single user or entity needs to agree on every single account balance and transaction for it to work. However, Nakamoto was able to create this system of cryptocurrencies, where a complete consensus is required from all parties, and if there is any disagreement between parties, the whole thing breaks down. This might all seem very complicated and nearly impossible to execute, but Nakamoto and his invention of Bitcoin proved this all to be wrong. Bitcoin and other cryptocurrencies demonstrate how there is no need for any kind of central authority to control spending and account balances as long as there is total consensus among all parties involved. Since Nakamoto revealed his amazing innovation there have been dozens of other decentralized cryptocurrencies released by several parties. Some of the most popular and highly valued cryptocurrencies at this time include Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Dash, NEO, NEM, Monero, and many others. Like we said, the history of cryptocurrencies is not a very long one, but it is certainly an interesting and eventful history. Now that cryptocurrencies like Bitcoin have proven their value, their ability to operate in the real world, and have shown that they possess real purchasing power, more and more banks, investment firms, and trading organizations, as well as retailers, have begun to accept them as legit forms of currency and payment. The history of cryptocurrency is still happening as we speak, so stay tuned because there are always more developments to come! Publicity Bitcoin ATM Gareth Murphy, a senior central banking officer has stated "widespread use [of cryptocurrency] would also make it more difficult for statistical agencies to gather data on economic activity, which are used by governments to steer the economy". He cautioned that virtual currencies pose a new challenge to central banks' control over the important functions of monetary and exchange rate policy. Jordan Kelley, founder of Robocoin, launched the first bitcoin ATM in the United States on February 20, The kiosk installed in Austin, Texas is similar to bank ATMs but has scanners to read government-issued identification such as a driver's license or a passport to confirm users' identities. By September bitcoin ATMs were installed around the world with an average fee of 9.05%. An average of 3 bitcoin ATMs were being installed per day in September The Dogecoin Foundation, a charitable organization centered around Dogecoin and co-founded by Dogecoin co-creator Jackson Palmer, donated more than $30,000 worth of Dogecoin to help fund the Jamaican bobsled team's trip to the 2014 Olympic games in Sochi, Russia. The growing community around Dogecoin is looking to cement its charitable credentials by raising funds to sponsor service dogs for children with special needs. Property Property, in the abstract, is what belongs to or with something, whether as an attribute or as a component of said thing. In the context of this article, it is one or more components (rather than attributes), whether physical or incorporeal, of a person's estate; or so belonging to, as in being owned by, a person or jointly a group of people or a legal entity like a corporation or even a society. (With that meaning, the word property is uncountable and so is not used with an indefinite article or as a plural.) Depending on the nature of the property, an owner of property has the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it (as a durable, mean or factor, or whatever), or at the very least exclusively keep it. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property).

11 Property that jointly belongs to more than one party may be possessed or controlled thereby in very similar or very distinct ways, whether simply or complexly, whether equally or unequally. However, there is an expectation that each party's will (rather discretion) with regard to the property be clearly defined and unconditional, so as to distinguish ownership and easement from rent. The parties might expect their wills to be unanimous, or alternately every given one of them, when no opportunity for or possibility of dispute with any other of them exists, may expect his, her, its or their own will to be sufficient and absolute. The Restatement (First) of Property defines property as anything, tangible or intangible whereby a legal relationship between persons and the state enforces a possessory interest or legal title in that thing. This mediating relationship between individual, property and state is called a property regime. In sociology and anthropology, property is often defined as a relationship between two or more individuals and an object, in which at least one of these individuals holds a bundle of rights over the object. The distinction between "collective property" and "private property" is regarded as a confusion since different individuals often hold differing rights over a single object. Important widely recognized types of property include real property (the combination of land and any improvements to or on the land), personal property (physical possessions belonging to a person), private property (property owned by legal persons, business entities or individual natural persons), public property (state owned or publicly owned and available possessions) and intellectual property (exclusive rights over artistic creations, inventions, etc.), although the last is not always as widely recognized or enforced An article of property may have physical and incorporeal parts. A title, or a right of ownership, establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as the owner sees fit. Overview Often property is defined by the code of the local sovereignty, and protected wholly or more usually partially by such entity, the owner being responsible for any remainder of protection. The standards of proof concerning proofs of ownerships are also addressed by the code of the local sovereignty, and such entity plays a role accordingly, typically somewhat managerial. Some philosophers assert that property rights arise from social convention, while others find justifications for them in morality or in natural law. Property, in the first instance, is a thing-in-itself. [citation needed] When a person finds a thing and takes that thing into that person's possession and control, then that thing becomes a thing-for-you for that person. Once the person has that thing in that person's possession, that thing becomes that person's property by reason of discovery and conquest, and that person has the individual right to defend that property (property interest) against all others by reason of self-help. Typically, persons join to form a political state which may develop a formal legal system which enforces and protects property rights so that the individual can go to court to get protection and enforcement of that person's property rights, rather than having to use self-help. It is possible that when a person has constructive possession of personal property, but another person has actual possession, then the person having constructive possession has bare legal title, while the other person has actual possession. Generally, the ground and any buildings which are permanently attached are considered real property, while movable goods and intangibles such as a copyright are considered personal property. Also, property cannot be considered a reified concept, because in the first instance, property is very concrete as a physical thing-in-itself. Various scholarly disciplines (such as law, economics, anthropology or sociology) may treat the concept more systematically, but definitions vary, most particularly when involving contracts. Positive law defines such rights, and the judiciary can adjudicate and enforce property rights. According to Adam Smith, the expectation of profit from "improving one's stock of capital" rests on

12 private property rights. Capitalism has as a central assumption that property rights encourage their holders to develop the property, generate wealth, and efficiently allocate resources based on the operation of markets. From this has evolved the modern conception of property as a right enforced by positive law, in the expectation that this will produce more wealth and better standards of living. However, Smith also expressed a very critical view on the effects of property laws on inequality: "Wherever there is great property, there is great inequality Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none." (Adam Smith, Wealth of Nations) In his text The Common Law, Oliver Wendell Holmes describes property as having two fundamental aspects. The first, possession, can be defined as control over a resource based on the practical inability of another to contradict the ends of the possessor. The second, title, is the expectation that others will recognize rights to control resource, even when it is not in possession. He elaborates the differences between these two concepts and proposes a history of how they came to be attached to persons, as opposed to families or to entities such as the church. Classical liberalism subscribes to the labor theory of property. They hold that individuals each own their own life, it follows that one must own the products of that life, and that those products can be traded in free exchange with others. "Every man has a property in his own person. This nobody has a right to, but himself." (John Locke, Second Treatise on Civil "The reason why men enter into society is the preservation of their property." (John Locke, Second Treatise on Civil Government) "Life, liberty, and property do not exist because men have made laws. On the contrary, it was the fact that life, liberty, and property existed beforehand that caused men to make laws in the first place." (Frédéric Bastiat, The Law) Conservatism subscribes to the concept that freedom and property are closely linked. That the more widespread the possession of private property, the more stable and productive is a state or nation. Economic leveling of property, conservatives maintain, especially of the forced kind, is not economic progress. "Separate property from private possession, and Leviathan becomes master of all... Upon the foundation of private property, great civilizations are built... The conservative acknowledges that the possession of property fixes certain duties upon the possessor; he accepts those moral and legal obligations cheerfully." (Russell Kirk, The Politics of Prudence) Socialism's fundamental principles center on a critique of this concept, stating (among other things) that the cost of defending property exceeds the returns from private property ownership, and that, even when property rights encourage their holders to develop their property or generate wealth, they do so only for their own benefit, which may not coincide with benefit to other people or to society at large. Libertarian socialism generally accepts property rights, but with a short abandonment period. In other words, a person must make (more-or-less) continuous use of the item or else lose ownership rights. This is usually referred to as "possession property" or "usufruct". Thus, in this usufruct system, absentee ownership is illegitimate, and workers own the machines or other equipment that they work with. Communism argues that only collective ownership of the means of production through a

13 polity (though not necessarily a state) will assure the minimization of unequal or unjust outcomes and the maximization of benefits, and that therefore humans should abolish private ownership of capital (as opposed to property). Both communism and some kinds of socialism have also upheld the notion that private ownership of capital is inherently illegitimate. This argument centers mainly on the idea that private ownership of capital always benefits one class over another, giving rise to domination through the use of this privately-owned capital. Communists do not oppose personal property that is "hard-won, selfacquired, self-earned" (as the Communist Manifesto puts it) by members of the proletariat. Both socialism and communism distinguish carefully between private ownership of capital (land, factories, resources, etc.) and private property (homes, material objects and so forth). Types of property Most legal systems distinguish between different types of property, especially between land (immovable property, estate in land, real estate, real property) and all other forms of property goods and chattels, movable property or personal property, including the value of legal tender if not the legal tender itself, as the manufacturer rather than the possessor might be the owner. They often distinguish tangible and intangible property. One categorization scheme specifies three species of property: land, improvements (immovable man-made things), and personal property (movable manmade things). Dead Investment property, it is a property from which you cannot derive any profits. Scenario the property might be not in a suitable condition to use or cannot be used to earn profits. Investors also say that the properties where we stay are Dead Investments. In common law, real property (immovable property) is the combination of interests in land and improvements thereto, and personal property is interest in movable property. Real property rights are rights relating to the land. These rights include ownership and usage. Owners can grant rights to persons and entities in the form of leases, licenses and easements. Throughout the last centuries of the second millennium, with the development of more complex theories of property, the concept of personal property had become divided[by whom?] into tangible property (such as cars and clothing) and intangible property (such as financial instruments including stocks and bonds intellectual property including patents, copyrights and trademarks digital files, communication channels, and certain forms of identifier including Internet domain names, some forms of network address, some forms of handle and again trademarks). Treatment of intangible property is such that an article of property is, by law or otherwise by traditional conceptualization, subject to expiration even when inheritable, which is a key distinction from tangible property. Upon expiration, the property, if of the intellectual category, becomes a part of public domain, to be used by but not owned by anybody, and possibly used by more than one party simultaneously due the inapplicability of scarcity to intellectual property. Whereas things such as communications channels and pairs of electromagnetic spectrum band and signal transmission power can only be used by a single party at a time, or a single party in a divisible context, if owned or used at all. Thus far or usually those are not considered property, or at least not private property, even though the party bearing right of exclusive use may transfer that right to another. Violation

14 Trespassing Vandalism Infringement Violation Theft Piracy Plagiarism General meaning or description, the act occurring in a Committer way not beholden to the wishes of the owner Use of physical and usually but not necessarily only Trespasser immovable property or occupation of it. Alteration, damage or destruction of physical property or to Vandal the appearance of it. (Incorporeal analogy to trespassing.) Alteration or Infringer duplication of an instance of intellectual property, and Violator publication of the respectively alternate or duplicate; the instance being the information in a medium or a device for which a design plan predates and is the basis of. Taking of property in a way that excludes the owner from it, Thief or active alteration of the ownership of property. The cognisant or incognisant reproduction and distribution of intellectual property as well as the possession of intellectual property that saw publication of its duplicates in the aforementioned process. Infringement with the effect of lost profits for the owner or infringement involving profit or personal gain. Publication of a work, whether it is intellectual property Plagiarist (perhaps copyrighted) or not, whether it is in public domain or not, without credit being afforded to the creator, as though the work is original in publication. Miscellaneous action General meaning or description Squatting Occupation of property that either is unused and unkept or was abandoned, whether the property still has an owner or not. (If the property is owned and not abandoned, then the squatting is trespassing, if any usage not beholden to the wishes of the owner is done in the process.) Reverse engineering Discovery of how a device works, whether it is an instance of intellectual property (perhaps patented) or not, whether it is in public domain or not, and of how to alter or duplicate it, without access to or knowledge of the corresponding design plan. Ghostwriting Issues in property theory What can be property? Creation of a textual work, whereby in publication, another party is explicitly allowed to be credited as creator. Committer Squatter Reverse engineer Ghostwriter The two major justifications given for original property, or the homestead principle, are effort and scarcity. emphasized effort, "mixing your labor" with an object, or clearing and cultivating virgin land. Benjamin Tucker preferred to look at the telos of property, i.e. What is the purpose of property? His answer: to solve the scarcity problem. Only when items are relatively scarce with respect to people's desires do they become property. For example, hunter-gatherers did not consider land to be property, since there was no shortage of land. Agrarian societies later made arable land

15 property, as it was scarce. For something to be economically scarce it must necessarily have the exclusivity property that use by one person excludes others from using it. These two justifications lead to different conclusions on what can be property. Intellectual property incorporeal things like ideas, plans, orderings and arrangements (musical compositions, novels, computer programs) are generally considered valid property to those who support an effort justification, but invalid to those who support a scarcity justification, since the things don't have the exclusivity property (however, those who support a scarcity justification may still support other "intellectual property" laws such as Copyright, as long as these are a subject of contract instead of government arbitration). Thus, even ardent propertarians may disagree about IP. By either standard, one's body is one's property. From some anarchist points of view, the validity of property depends on whether the "property right" requires enforcement by the state. Different forms of "property" require different amounts of enforcement: intellectual property requires a great deal of state intervention to enforce, ownership of distant physical property requires quite a lot, ownership of carried objects requires very little, while ownership of one's own body requires absolutely no state intervention. Some anarchists don't believe in property at all. Many things have existed that did not have an owner, sometimes called the commons. The term "commons," however, is also often used to mean something quite different: "general collective ownership" i.e. common ownership. Also, the same term is sometimes used by statists to mean government-owned property that the general public is allowed to access (public property). Law in all societies has tended to develop towards reducing the number of things not having clear owners. Supporters of property rights argue that this enables better protection of scarce resources, due to the tragedy of the commons, while critics argue that it leads to the 'exploitation' of those resources for personal gain and that it hinders taking advantage of potential network effects. These arguments have differing validity for different types of "property" things that are not scarce are, for instance, not subject to the tragedy of the commons. Some apparent critics advocate general collective ownership rather than ownerlessness. Things that do not have owners include: ideas (except for intellectual property), seawater (which is, however, protected by anti-pollution laws), parts of the seafloor (see the United Nations Convention on the Law of the Sea for restrictions), gases in animals in the wild (although in most nations, animals are tied to the land. In the United States and Canada wildlife are generally defined in statute as property of the state. This public ownership of wildlife is referred to as the North American Model of Wildlife Conservation and is based on The Public Trust Doctrine., celestial bodies and outer space, and land in Antarctica. The nature of children under the age of majority is another contested issue here. In ancient societies children were generally considered the property of their parents. Children in most modern societies theoretically own their own bodies but are not considered competent to exercise their rights, and their or parents guardians are given most of the actual rights of control over them. Questions regarding the nature of ownership of the body also come up in the issue of abortion, drugs and euthanasia. In many ancient legal systems (e.g. early Roman law), religious sites (e.g. temples) were considered property of the God or gods they were devoted to. However, religious pluralism makes it more convenient to have religious sites owned by the religious body that runs them. Intellectual property and air (airspace, no-fly zone, pollution laws, which can include tradable emissions rights) can be property in some senses of the word. Ownership of land can be held separately from the ownership of rights over that land, including sporting rights, mineral rights, development rights, air rights, and such other rights as may be worth segregating from simple land ownership. Who can be an owner?