Topic: [DVC]DevCoin - Official Thread - Moderated - page 46. (Read 1058927 times)

Taxes on crypto are getting too complicated and dangerous:
https://www.reddit.com/r/tax/comments/9tcnu8/did_i_ruin_my_life_by_trading_crypto/

The problems are the following:

1. The tax code for crypto is ambiguous, there is no widely agreed upon way to calculate taxes.
2. When exchanges fail, the trading information is lost, so it can be impossible to calculate trading gains and losses.
3. Accounting fees can be very high for crypto trading, sometimes more than the actual money made.
4. It is possible to owe more in taxes than was actually cashed out.
5. The rules change, and some of those changes are retroactive, so even if taxes are filed correctly today, in future tax collectors can claim that the taxes were not filed correctly and impose arbitrary penalties.

Devcoin is worth very little, but the accounting fees and risks are still high. It's a lot of hassle for little gain.

Because of this, unfortunately, I am going to resign from devcoin, until taxes are simplified or there's a big tax free cryptocoin jurisdiction, which I don't expect to happen for a long time if ever.

I don't want anyone to get in trouble because of something I'm doing or developing. I'll do the accounting for round 94, after that devcoin developers can handle the receiver files however they want.

I'm sorry for leaving. I wish there was another way, but I don't see one.

Hi Unthinkingbit,

This note is to publicly let you know that after a long internal discussion I'm proposing myself for running accounting from round 97. It took some time, but we are finally on the same page with the admin team, which is vital to keep running this project. Thanks for your trust on the devcoin developers for holding this big responsibility. We are doing our best to honor your legacy!

Also, I want to take a moment to say thank you for the Devcoin project! Which otherwise won't be possible without your initiative, courage and hard work through all these years, even more for those things that only founders do in silence to keep the dream alive. You'll always have my profound respect and gratitude Unthinkingbit!

May we meet again.

- develCuy

Taxes on crypto are getting too complicated and dangerous:
https://www.reddit.com/r/tax/comments/9tcnu8/did_i_ruin_my_life_by_trading_crypto/

The problems are the following:

1. The tax code for crypto is ambiguous, there is no widely agreed upon way to calculate taxes.
2. When exchanges fail, the trading information is lost, so it can be impossible to calculate trading gains and losses.
3. Accounting fees can be very high for crypto trading, sometimes more than the actual money made.
4. It is possible to owe more in taxes than was actually cashed out.
5. The rules change, and some of those changes are retroactive, so even if taxes are filed correctly today, in future tax collectors can claim that the taxes were not filed correctly and impose arbitrary penalties.

Devcoin is worth very little, but the accounting fees and risks are still high. It's a lot of hassle for little gain.

Because of this, unfortunately, I am going to resign from devcoin, until taxes are simplified or there's a big tax free cryptocoin jurisdiction, which I don't expect to happen for a long time if ever.

I don't want anyone to get in trouble because of something I'm doing or developing. I'll do the accounting for round 94, after that devcoin developers can handle the receiver files however they want.

I'm sorry for leaving. I wish there was another way, but I don't see one.

There is a private discussion underway, among a number of DevCoin Admins, about how to move things forward now that UTB has retired from the project. My feeling is that we can expect a proposal, to be put forward to the thread, in the very near future. A wonderful relaunching plan seems to be taking shape. Can't wait to hear it presented to the community.

- Nova

Any news on our corporate warchest?

As it says, they rounded on the other coin's side. Since those coins tended to be worth maybe five bucks or less each, that led to less than five bucks fee presumably.

Nowadays we have decimals though (on HORIZON and Stellar platforms) so I suppose it would make sense to put some kind of fee.

On the other hand mining corps can choose to send their DEUterium to either GMC (Galactic Mining Corp) or to GRF (Galactic Retirement Funds) so maybe neither one wants to be the first to add a fee, preferring not to end up causing miners to send their shipments to the competitor.

I used DeVCoins for the normal Latest Rates file unit simply because most of the time, especially back when I first set up those tables, DeVCoin was the smallest, thus in effect the smallest-denomination coin, so gave the finest granularity of prices.

-MarkM-

Mark, when this? (rounding on devcoin side)

That latestrates file is intended for use by shell scripts and basically any script languages in which that simple syntax for assigning values to variables works.

One looks down the list to see which rate is equal to 1.00000000, in the case given you can see that is DVC (DeVCoins), indicating that whatever currency the rates (prices) are being shown in happens to be a currency in which devcoins are worth exactly 1.00000000, so its pretty obvious the prices shown are given in terms of devcoins.

Devcoin are convenient because they have more granularity than most (or maybe even more than any other) thus finer grained prices can be shown by pricing in devcoins than by pricing in, for example, bitcoins, number of decimals shown being equal.

So then, what we have there is the number of devcoins each of various other assets conversion rate is, aka what their price in devcoins is, ready for use in scripts.

The scripts they were originally set up for are market-maker scripts for Open Transactions, which would typically make offers at three different scales (lot sizes of 1, 10 and 100 coins, or lot sizes of 10, 100 and 1000 coins, or lot sizes of 100, 1000 and 10000 coins or even lot sizes of 1000, 10000 and 100000 coins (heck maybe even some pairs, like DVC/BTC might have used lot sizes of 10000, 100000 and 1000000 coins)).

The scripts would place offers in both ways round of the pair (e.g. BTC/DVC and DVC/BTC) at each scale (lot size), with higher markups for smaller scales than for lower scales, in order to facilitate buying wholesale to resell at retail kind of thing.

So basically the rates were intended for use like the rate charts tellers in banks used to look at when you wanted to buy or sell foreign currency at the bank; selling they'd sell with a slight markup, buying they'd buy at a slight discount. Thus only in pure abstract accounting would anyone normally/typically get the actual rates shown in this latestrates file.

As a concrete example consider a galactic mining operation that has debts denominated in devcoins and is delivering a fleetload of "deuterium" resource to a General Mining Corp depot.

General Mining Corp would offer some number of their own currency, GMC, for the resource. The miner says oh I want that applied against my debt, please. So the clerk uses a table that can be derived from that shown table simply by dividing all rates by GMCrate. That is, they use a table in which all rates are shown in terms of GMC, that is, a table in which GMCrate is the one shown as 1.00000000

So they can thus convert to any. In the case where the miner wants it applied against a devcoin-denominated debt obviously the latestrates we have already seen would have worked fine, since it already showed everything in terms of devcoins. I am merely trying to make it clear that by simple arithmetic one can from that table derive a table that gives all rates in terms of whichever one you prefer your rates to be denominated in, which in the case of GMCorp would probably be GMC.

Maybe even in pure abstract accounting ("unit of account") most moneygrubbing corps would do the extra work to apply a percentage service fee of some kind for the conversion. However historically it has often been the case, partly due to the fact that all assets on the Digitalis Open Transactions Server are integers, that miners doing such deliveries typically were not charged by percentage but the corp would simply do the rounding to integers in their own favour. (Presumably paying the clerk out of the rounding on the GMC side not out of some fraction of a devcoin of rounding on the devcoin side! )

-MarkM-

Nope, pi approx day

Apollo 11, we get it.

Happy birthday Devcoin

Wow that is supposed to be cosmically rare. Are you sure it really is a wallet newly created with addresses it just made up?

You say the wallet's address as if it had one, but normally a hundred or a thousand or somesuch are made up initially when creating a wallet.

To have something suposed to be cosmically rare - an address collision - happen twice that you know of seems suspicious, if it happened twice that you know of I wonder how many times it has happened worldwide since bitcoin was invented.

Racist of you.

A finely dressed Bohemian whoremaster hipster comments on it here http://btcbase.org/log/2012-10-07#-235737