Topic: [XMR] Monero Speculation - page 833. (Read 3314350 times)

Weakness in self funding by the community that believes in a project?

Dark/DASH just sacrificed network security to allow MNs to generate "mining rewards" and took that away from the miners who secure the network. Not really a good argument there.

If the IRS has classified them as securities than all gov must recognize them as such unless that ruling gets challenged in a court of law, correct? Well in the US anyway.

Not sure what precedent you are referring to?

Because me as a funder is kinda weakness of Monero compared to Dark coin that has a set budget for the hyping and pumping.

Sets precedence doesn't it?

Don't worry, it won't last. And anyways, a lot of their coins are in master nodes, so it is a big impact on the available coins. (I think like ~40% of their coins)

IRS deemed them property / assets, like securities.

Doesn't really affect the KYC / AML issues with a cryptocurrency (anonymous or pseudonymous).  Other than meaning that if you use crypto to money launder, and you haven't paid taxes appropriately, you will also be charged with tax fraud.

It kind of hurts a bit to see dash taking off and stay at to bottom... But again, I keep holding on for the long term , lready in it from the early 0.6 days and still hodling

I thought all crypto currency's had already been determined to be securities, didn't they have to rule on that for tax purposes a few years ago?

In my quote, I guess instead of cash, I meant USD.  If there is a large deposit of USD, they often ask for the source of the funds, employment, etc. to fulfill their KYC.  Other than asking those questions, they have no way of verifying where those USD actually came from.  They just don't accept them if it raises flags.

If they did accept cash, they would ask the same questions for large deposits.  Same as if you deposit large amounts of Bitcoin or Ethereum.

Which is why I think its the anonymous outflow which is currently the bigger problem for them.

Banks have rules about cash. Coinbase does not handle cash, only bank transfers and Bitcoin (and Ethereum).

That's a big difference. A bank could just throw up their hands and say "Can't trace the chain? Let's treat it like cash to be safe" but Coinbase can't in practice do that.

Why not?

I'm a big believer that if I want something I would rather do it myself. In the same respect I would expect someone who wants something to do the same.

https://www.reddit.com/r/Monero/comments/5mfwmm/coinbase_liked_fluffys_presentation/

Is it a rumour? Could you give me a link to the news?

They could handle the KYC aspect of Monero coming into Coinbase the same way they do for cash and bitcoin currently, and the same way banks do.  I.e. ask the owner to disclose how they acquired them, source of funds, etc.  

Buying and selling within the Coinbase ecosystem also should not be different from bitcoin.

The issue is the ability to send Monero anonymously.  Currently, it is pretty clear that Coinbase tracks at least the first transaction out of their system for use on darkmarkets, gambling etc., and have closed accounts based on this.  They may also track multiple hops.

Obviously, they can't do this for Monero.  So the issue is to what extent their counsel has decided being ableto track the blockchain is an integral part of KYC / AML for crypto, or just something you have to do if its possible (i.e. not doing it would be seen as willful ignorance.)

Now, clearly banks have gotten comfortable with KYC / AML for cash where there is nothing to track once it leaves the bank.  They monitor patterns, report large amounts and repeated transactions that may look like structuring, and ask customers for the reason / destination for large transactions.  So Coinbase could theoretically do the same for Monero.

But given their past actions, and the pending IRS subpoena, I think they will err on the side of caution for now.  It would be too easy for the IRS lawyers to tell the judge "they just came up with a new way of letting their customers hide their funds."

I think the lagging price and total market cap is also an issue.  The fact they've only added ethereum so far, when it been near a $1 billion market cap for some time suggests they have a pretty high threshold for market acceptance.

Shit if I had typed .00999 instead of .0999 on my long I would be happy now. Guess I have to wait a little  longer for pARITY. dOH

From a technical or purist perspective, they wouldn't add Dash.

But here's the rub. From a technical or purist perspective, they shouldn't have added ETH either, but they did. To me, this means that the ability to cash in outweighs technological aspects for them. So I wouldn't put it past them.

Even if Dash is added, that won't change the fact that its privacy is terrible. For people who want privacy and fungibility, Monero delivers that now. And Monero has many features in the works that will help more users to choose Monero (multisig, kovri, mobile implementation, etc.). So it's smart to buy Monero now because its value will increase due to it's supreme privacy and upcoming features.

Coinbase is very good about complying with the law. Maybe it's because they have to, I don't know, but do you guys really think they would add Monero? Just thought they would be kinda against the anonymity.

That being said, I remember someone mentioned about how if they added Monero, it would actually be easier for Coinbase or whoever, because if someone were to come ask questions, all they can say is "I don't know where it came from or where it went".

I don't know, what are you guy's opinions?

Would be really sad to see them add Dash because of some hype. I'm sure they would do more research on this stuff. Unless they get paid or something.

Educated money might want to have liquidity to also be able to get out of their positions outside of pumps, usually monero exceeded Dash by far in that context. Also Real world use... didnt you see that graph few days ago that told that Dash TX did not change that much since 2014?  Try harder

That's a good point but on the other hand that's exactly what stupid Jaxx did... i.e. they changed their mind in the middle of coding

However the other thing I forgot to mention is the fact that Kraken just added XMR back in January, and coinbase being a west-coast silicon valley company same like Kraken, don't these guys kind of need to follow whatever each other does just to stay competitive?  Since Kraken has Monero now, and not Dash, it seems like probably Coinbase kinda has to at least "match that product feature" of their competitor, and add XMR too before anything else... or again OTOH maybe if they want to decide to "be different" and try to "lead" Kraken this time, maybe they'd stupidly add Dash next instead...?   

Hmm...  really don't know.   LOL

Aaaaaa I guess best thing to do is just forget about thinking of all this shit and just HODL and wait to see what happens!

Please Pass The Popcorn