[XMR] Monero Speculation - page 1422.

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.

bobabouey2

sr. member

Activity: 248

Merit: 250

Quote from: GreekBitcoin on March 23, 2016, 03:32:01 PM

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?

He has written these exact things other times too. He doesnt go for the hype and he is sincere.
Cryptocurrencies are a very high risk investment and most of them are simple scams. So please dont mortgage your home to buy more of them.

Agreed that his message is consistent. And I thought it was great that Ricardo / Monero is one of the few altcoins to get featured on the frontpage of /r/bitcoin without any pumping, let alone the opposite.

PS, I am invested in some very high risk penny stocks. They really are too risky for you to invest in... No, I'm really not comfortable telling you the tickers, I don't want you to potentially lose any money. Please don't press me... Oh, and Tom Sawyer was really enjoying whitewashing that fence, he doesn't want your help whatsoever.

bobabouey2

sr. member

Activity: 248

Merit: 250

Quote from: Monerobuyer0 on March 23, 2016, 02:05:53 PM

Quote from: Its About Sharing on March 23, 2016, 02:05:06 PM

Quote from: Monerobuyer0 on March 23, 2016, 01:05:26 PM

Good job devs, thank you for your hard work. I went and bought more Monero after the successful fork.

Thank you Primer as well for supporting the network. You are earning your pay and we appreciate it. Monero is real money and we believe in free markets, so you are free to do anything you want with your Moneros that you get for this service you provide us. Your selling them actually helps the community to grow by distributing coins and keeping prices reasonable for others to buy in.

Most of those who were borrowing my coins to short have covered now sadly. Still a few open, and the .5 to .9% interest is amazing. I have decided I will not lend at .1% anymore, my minimum now is .5%, and I will only lend some there, the rest will be at 1% or higher. I had some coins lent at .1% when it spiked up ,and as a result I wasnt able to get them out on loan at much higher rates. Its better to loan at 1% for a couple days than it is to loan at .1% for a couple weeks. We should all do this as it increases our Monero income and creates buying pressure, as shorts must buy to pay interest.

This community is top notch and very skilled. Not having a GUI for almost 2 years was a great choice, it attracted the technical gurus to the community while keeping Monero away from the get rich quick people, while the devs worked to continuously improve Monero.

Curious, is this a taxed thing? Since it is in Crypto and paid in Crypto, it needn't be claimed on taxes?

They are free monero. When I eventually sell them I'll pay taxes.

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 event.

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.

primer-

legendary

Activity: 1092

Merit: 1000

Quote from: smoothie on March 23, 2016, 05:03:32 PM

Quote from: primer- on March 23, 2016, 01:36:23 PM

Hehe, fun times, I've got 32% of total hash rate, should i try to DOUBLE SPEND ?

Lol yeah sure we all believe you. Cheesy

Another 'legendary' idiot. I posted the list of blocks found on the main monero thread, I was solving 32% of all blocks for over one hour. Once Onishin (crypto-pool.fr) got his pool fixed it dropped down to 12%

Code:

1009943 54 to go 1378150793 3f78375a031bd929c43311a6424673041ff2bffb92b2e530df23ad6ba3b8f223 3/23/2016, 11:14:04 PM 93%
1009940 51 to go 1385523223 59ab707e619c9944fb29f44d2504e3ac72629e46ec17197030671d1f4e0e7e4c 3/23/2016, 11:10:08 PM 79%
1009934 45 to go 1403390081 85fb7777623100fbc2ba40ba5a2ece7bf2675c56270471eb80eb9e46656a044c 3/23/2016, 10:57:02 PM 94%
1009930 41 to go 1412466726 22a8abddc8ce7942bafd4313c4dc8d361b0b6e8bb62225aef40b32cc9a52154a 3/23/2016, 10:53:10 PM 92%
1009929 40 to go 1442407986 3d9a3bd994249d4c4316057580742b394785b838382423723ca3028b19078f99 3/23/2016, 10:48:04 PM 11%
1009907 18 to go 1558112984 a80beac2f3fb979b7cae9c3861dfff31d01877f1e9b79e671b4e5aa076a0fdba 3/23/2016, 9:51:26 PM -55%
1009853 1627572355 2a97ce44a2e81d932a804668a93f2dd6670154283c04dd0005eeb1a8db47cdd5 3/23/2016, 7:20:59 PM 78%
1009852 1621258227 7750098e01c2c457c5e90639883b6be73decb1442931a3bdc018244c6cf75e60 3/23/2016, 7:05:24 PM 83%
1009849 1618724176 f20dfbe79664394d9b9920ea7095f516a24b5693f9166a10dbfe63f7db1ddf82 3/23/2016, 6:52:46 PM 84%
1009845 1613905042 4977c235f696284b55a42207933c4f045f647ea73efce1e2c280370d0754fc24 3/23/2016, 6:41:44 PM 79%
1009843 1621581315 a4a02510f2f376dff190c59486b370a022f01d45683b62bda83a4708bccdf36e 3/23/2016, 6:26:49 PM 48%
1009833 1609202846 a937fead88d2a438e11eeaf0e8596dc0cb92a028831104a02406d9734dbb3718 3/23/2016, 5:48:13 PM 94%
1009831 1602611350 65b2b5031e39702b8c5130d6254653cd00fbc7fe1bfd0b6be2664ac98776f09a 3/23/2016, 5:43:46 PM 84%

Topic: [XMR] Monero Speculation - page 1422. (Read 3313576 times)