[XMR] Monero Speculation - page 1421.

generalizethis

legendary

Activity: 1750

Merit: 1036

Facts are more efficient than fud

Quote from: americanpegasus on March 23, 2016, 07:49:02 PM

Making a good luck post here on page 777. Here's hoping we hit a jackpot on Monero price as more GPU miners turn their attentions towards the network (making us stronger) and more Bitcoin maximalists realize we are an opportunity not seen since the original Blockchain back in 2009, giving us social legitimacy.

The future is bright here in Moonero land.

The boat should be closer to the moon, then you have a space yacht. And everyone should have the goal of a space yacht--what's the point of the moon if you can't cruise around in a space yacht?

xnova

sr. member

Activity: 390

Merit: 254

Counterparty Developer

Quote from: smooth on March 23, 2016, 07:19:30 PM

Quote from: americanpegasus on March 23, 2016, 07:16:46 PM

Quote from: aminorex on March 23, 2016, 06:58:09 PM

Quote from: ArticMine on March 23, 2016, 06:29:53 PM

Quote from: bobabouey2 on March 23, 2016, 06:19:08 PM

...

In the US, at least, that is most likely incorrect. Crypto doesn't have to convert to USD to be taxable. For example, the rules are very clear that mining bitcoin counts as income when the coins are received. And if you purchase something for crypto, that is also a taxable vent.

And interest on lending, whether margin or otherwise. is income. So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

It is also the same in Canada. Another example is let us say one sells Bitcoin for Monero, then this would trigger a capital gain or loss on the Bitcoin based on the fair market value of the Bitcoin in Canadian Dollars at the time of the sale.

Such a burdensome accounting regime assures noncompliance. Which is probably the purpose.

I have made literally thousands of Monero and Bitcoin trades and transactions this year already. I have no idea how I will go about filing taxes for 2016. It is absurd that I want to be a legal and tax compliant citizen in this manner, but will be assuredly unable to without spending hundreds or thousands of dollars on tax professionals to help me understand and calculate my tax burden. If I were to try to tabulate it myself I am likely looking at hundreds of hours of work.

This cannot go on like this - I will do my best but the days of crypto being three different forms of assets with unbearable associated tax rules have to end.

It's not really that big a deal. You download the data and use a spreadsheet or small program to calculate gains and losses.

There is no reason to spend hours and hours manually going through every trade.

Also, consider https://www.tyracpa.com/like-kind-exchange-treatment-crypto-currencies/ though you probably do want to work with a professional on that.

Check out http://bitcoin.tax
It supports altcoins (just pay $19 or whatever for the full version).
Imports from exchanges, etc. Once you learn how to work with it, it's money well spent.

birr

hero member

Activity: 870

Merit: 585

You need a cushion of less volatile liquid assets to get you through the doldrums.

saddambitcoin

legendary

Activity: 1610

Merit: 1004

Quote from: smooth on March 23, 2016, 08:10:38 PM

Quote from: saddambitcoin on March 23, 2016, 08:03:11 PM

I disagree that Monero is not useful. I store my savings in it. I use it to buy goods using XMR.to. I play games with it at Crypto Kingdom. Maybe next I'll work out a deal to pay my rent with it. Most importantly I use it to keep as much of my hard earned money out of those grubby banks.

I agree with part of that. For someone who isn't an aggressive speculator, "storing savings" in it is a bit much. Nothing wrong with being a speculator, but it isn't for everyone.

Right. Depending on the person, buying any amount is more risk than they want to take. There have been two multi-month periods where I could not touch my XMR since it was at a loss. Don't keep any funds you absolutely need to live on in Monero, that's not sane. I think that I am not risky compared to those that take out loans to buy XMR or trade on margin, but some may say I am still risky.

vuduchyld

sr. member

Activity: 364

Merit: 250

Quote from: saddambitcoin on March 23, 2016, 08:03:11 PM

I disagree that Monero is not useful. I store my savings in it. I use it to buy goods using XMR.to. I play games with it at Crypto Kingdom. Maybe next I'll work out a deal to pay my rent with it. Most importantly I use it to keep as much of my hard earned money out of those grubby banks.

Ballsy. I like it. I am going to start using XMR.to for e-liquid on my next order.

I have a jobby job, but I also have a side practice through which I earn, at times of the year, far more than my salary by doing certified business valuations. In the last six months, I have started to do quite a bit of 409A valuation work for start-ups that are looking to set option strikes. I'm hoping to start getting paid for as much valuation work as possible in XMR.

smooth

legendary

Activity: 2968

Merit: 1198

Quote from: saddambitcoin on March 23, 2016, 08:03:11 PM

I disagree that Monero is not useful. I store my savings in it. I use it to buy goods using XMR.to. I play games with it at Crypto Kingdom. Maybe next I'll work out a deal to pay my rent with it. Most importantly I use it to keep as much of my hard earned money out of those grubby banks.

I agree with part of that. For someone who isn't an aggressive speculator, "storing savings" in it is a bit much. Nothing wrong with being a speculator, but it isn't for everyone.

smooth

legendary

Activity: 2968

Merit: 1198

Quote from: r0ach on March 23, 2016, 08:06:22 PM

/thread

https://bitcointalksearch.org/topic/monero-will-probably-be-the-next-10x-coin-1410245

I agree the accumulation has been quite obvious.

r0ach

legendary

Activity: 1260

Merit: 1000

/thread

https://bitcointalksearch.org/topic/monero-will-probably-be-the-next-10x-coin-1410245

saddambitcoin

legendary

Activity: 1610

Merit: 1004

I disagree that Monero is not useful. I store my savings in it. I use it to buy goods using XMR.to. I play games with it at Crypto Kingdom. Maybe next I'll work out a deal to pay my rent with it. Most importantly I use it to keep as much of my hard earned money out of those grubby banks.

Drhiggins

sr. member

Activity: 306

Merit: 251

What is the name of that yacht? "The Monero" floating on a sea of cash. This image made me laugh. Awesome!

americanpegasus

hero member

Activity: 770

Merit: 504

Making a good luck post here on page 777. Here's hoping we hit a jackpot on Monero price as more GPU miners turn their attentions towards the network (making us stronger) and more Bitcoin maximalists realize we are an opportunity not seen since the original Blockchain back in 2009, giving us social legitimacy.

The future is bright here in Moonero land.

smooth

legendary

Activity: 2968

Merit: 1198

Quote from: birr on March 23, 2016, 07:25:01 PM

smooth -- have you tried?
It's not so simple or so easy as you say.
I've done thousands of trades using bots on finex, etc. This is going back a couple of years.
I hired a professional accountant, who billed himself as conversant in bitcoin, and couldn't do my taxes even with his help.

Yes I've done exactly what I wrote. Download/export the logs, and process with a program or spreadsheet into realized gains/losses. In some cases you might not be able to do this (exchange out of business, etc.), so you do the best you can with the information available.

Quote

It's not a matter of what you started out with and how much you ended up with.

Agree.

birr

hero member

Activity: 870

Merit: 585

smooth -- have you tried?
It's not so simple or so easy as you say.
I've done thousands of trades using bots on finex, etc. This is going back a couple of years.
I hired a professional accountant, who billed himself as conversant in bitcoin, and couldn't do my taxes even with his help.
It's not a matter of what you started out with and how much you ended up with.

smooth

legendary

Activity: 2968

Merit: 1198

Quote from: twistelaar on March 23, 2016, 02:48:13 PM

Monero developer drops truth bombs: "No altcoins currently useful, majority are scams" http://ow.ly/ZRBop

Thoughts?

1. No altcoins are currently useful.

A bit more absolute than I would like. They can be useful for limited purposes. Not just Monero either, others can also be useful in limited ways. You don't need best security, etc. for every single sort of usage.

majority are scams

Absolutely true. Who would dispute this?

smooth

legendary

Activity: 2968

Merit: 1198

Quote from: americanpegasus on March 23, 2016, 07:16:46 PM

Quote from: aminorex on March 23, 2016, 06:58:09 PM

Quote from: ArticMine on March 23, 2016, 06:29:53 PM

Quote from: bobabouey2 on March 23, 2016, 06:19:08 PM

...

In the US, at least, that is most likely incorrect. Crypto doesn't have to convert to USD to be taxable. For example, the rules are very clear that mining bitcoin counts as income when the coins are received. And if you purchase something for crypto, that is also a taxable vent.

And interest on lending, whether margin or otherwise. is income. So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

It is also the same in Canada. Another example is let us say one sells Bitcoin for Monero, then this would trigger a capital gain or loss on the Bitcoin based on the fair market value of the Bitcoin in Canadian Dollars at the time of the sale.

Such a burdensome accounting regime assures noncompliance. Which is probably the purpose.

I have made literally thousands of Monero and Bitcoin trades and transactions this year already. I have no idea how I will go about filing taxes for 2016. It is absurd that I want to be a legal and tax compliant citizen in this manner, but will be assuredly unable to without spending hundreds or thousands of dollars on tax professionals to help me understand and calculate my tax burden. If I were to try to tabulate it myself I am likely looking at hundreds of hours of work.

This cannot go on like this - I will do my best but the days of crypto being three different forms of assets with unbearable associated tax rules have to end.

It's not really that big a deal. You download the data and use a spreadsheet or small program to calculate gains and losses.

There is no reason to spend hours and hours manually going through every trade.

Also, consider https://www.tyracpa.com/like-kind-exchange-treatment-crypto-currencies/ though you probably do want to work with a professional on that.

americanpegasus

hero member

Activity: 770

Merit: 504

Quote from: aminorex on March 23, 2016, 06:58:09 PM

Quote from: ArticMine on March 23, 2016, 06:29:53 PM

Quote from: bobabouey2 on March 23, 2016, 06:19:08 PM

...

In the US, at least, that is most likely incorrect. Crypto doesn't have to convert to USD to be taxable. For example, the rules are very clear that mining bitcoin counts as income when the coins are received. And if you purchase something for crypto, that is also a taxable vent.

And interest on lending, whether margin or otherwise. is income. So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

It is also the same in Canada. Another example is let us say one sells Bitcoin for Monero, then this would trigger a capital gain or loss on the Bitcoin based on the fair market value of the Bitcoin in Canadian Dollars at the time of the sale.

Such a burdensome accounting regime assures noncompliance. Which is probably the purpose.

I have made literally thousands of Monero and Bitcoin trades and transactions this year already. I have no idea how I will go about filing taxes for 2016. It is absurd that I want to be a legal and tax compliant citizen in this manner, but will be assuredly unable to without spending hundreds or thousands of dollars on tax professionals to help me understand and calculate my tax burden. If I were to try to tabulate it myself I am likely looking at hundreds of hours of work.

This cannot go on like this - I will do my best but the days of crypto being three different forms of assets with unbearable associated tax rules have to end.

explorer

legendary

Activity: 2016

Merit: 1259

Quote from: aminorex on March 23, 2016, 06:58:09 PM

Quote from: ArticMine on March 23, 2016, 06:29:53 PM

Quote from: bobabouey2 on March 23, 2016, 06:19:08 PM

...

In the US, at least, that is most likely incorrect. Crypto doesn't have to convert to USD to be taxable. For example, the rules are very clear that mining bitcoin counts as income when the coins are received. And if you purchase something for crypto, that is also a taxable vent.

And interest on lending, whether margin or otherwise. is income. So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

It is also the same in Canada. Another example is let us say one sells Bitcoin for Monero, then this would trigger a capital gain or loss on the Bitcoin based on the fair market value of the Bitcoin in Canadian Dollars at the time of the sale.

Such a burdensome accounting regime assures noncompliance. Which is probably the purpose.

I know I've had it on ignore for 3 years or so...

aminorex

legendary

Activity: 1596

Merit: 1030

Sine secretum non libertas

Quote from: ArticMine on March 23, 2016, 06:29:53 PM

Quote from: bobabouey2 on March 23, 2016, 06:19:08 PM

...

In the US, at least, that is most likely incorrect. Crypto doesn't have to convert to USD to be taxable. For example, the rules are very clear that mining bitcoin counts as income when the coins are received. And if you purchase something for crypto, that is also a taxable vent.

And interest on lending, whether margin or otherwise. is income. So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

It is also the same in Canada. Another example is let us say one sells Bitcoin for Monero, then this would trigger a capital gain or loss on the Bitcoin based on the fair market value of the Bitcoin in Canadian Dollars at the time of the sale.

Such a burdensome accounting regime assures noncompliance. Which is probably the purpose.

dEBRUYNE

legendary

Activity: 2268

Merit: 1141

More detailed explanation of the pool issue, thanks to osensei:

Quote

The error on cryptonote-universal-pool is because of an incompatibility in the node-cryptonote-util library it uses (https://github.com/fancoder/node-cryptonote-util). With some tweaks it can work with the original library by lucasjones (https://github.com/lucasjones/node-cryptonote-util).

On https://monerohash.com, although I'm using cryptonote-universal-pool I made the switch to lucasjones' node-cryptonote-util library some time ago, that's why https://monerohash.com is not affected by that bug.

ArticMine

legendary

Activity: 2282

Merit: 1050

Monero Core Team

Quote from: bobabouey2 on March 23, 2016, 06:19:08 PM

...

In the US, at least, that is most likely incorrect. Crypto doesn't have to convert to USD to be taxable. For example, the rules are very clear that mining bitcoin counts as income when the coins are received. And if you purchase something for crypto, that is also a taxable vent.

And interest on lending, whether margin or otherwise. is income. So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

It is also the same in Canada. Another example is let us say one sells Bitcoin for Monero, then this would trigger a capital gain or loss on the Bitcoin based on the fair market value of the Bitcoin in Canadian Dollars at the time of the sale.

Topic: [XMR] Monero Speculation - page 1421. (Read 3314669 times)