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161  Economy / Gambling discussion / Re: Seuntjie' Dice bot programmers mode discussion. on: June 07, 2017, 02:49:51 PM
thanks alot for replying bro (chilly2k and seunji)
more grase to ur elbow>>>>

but bro i have fixed the issues now but i really dont know where u told me to post the base bet
so i created two script with the same settings so , kindly tell me the one thats correct there.....

Code:
 wagered=0    
 wagered=wagered+previousbet
 chance=28.08
 bethigh=false
 baseBet=0.00000001 -- should the baseBet be up here?
 profitterget=0.00100000
 nextbet=baseBet
 


function dobet()

baseBet=0.00000001 -- do u mean should copy the basebet and past

it below

if win then

baseBet=0.00000001  -- do u mean i should past the basebet here?

 nextbet=baseBet

else

 nextbet=previousbet+baseBet

end

if currentstreak==-10 then

chance = 90.4
betlow = false

 nextbet=0.00000020

end
 
 if win then

  nextbet=baseBet then
  nextbet=baseBet then
  nextbet=baseBet

else

  chance = 95
  bethigh = true
 nextbet=0.00000030 then
 nextbet=0.00000050 then
 nextbet=baseBet

end
 
if (balance) >= profittarget then
stop();
print(balance)
print("TARGET ACHIEVED!!!")

 end

end

this is the orther one , i use the varies i created and also gave it values @seunji
Quote
Programming works from TOP DOWN. You can't use a variable if it isn't declared yet and assigned.

From my tutorial on steemit that you've read 30 times (https://steemit.com/dicebot/@seuntjie/dicebot-programmer-mode-tutorial-1-1-variables)
Quote
A variable needs to be declared and a value set to it before it can be used for other functions.
to declare a variable in LUA, you need to name it and give it an initial value
 
testvar = 10.1
 
This variables name is testvar, it is of type double and has a value of 10.1

Code:
 wagered=0    
 wagered=wagered+previousbet
 chance=28.08
 chance1=90.4  --I hope this are the varies and value u asked me to set b4 dobet function
 chance2=94     --I hope this are the varies and value u asked me to set b4 dobet function
 chance3=95     --I hope this are the varies and value u asked me to set b4 dobet function
 bethigh=false
 baseBet=0.00000001 -- should the baseBet be up here?
 baseBet1=0.00000020   --I hope this are the varies and value u asked me to set b4 dobet function
 baseBet2=0.00000030   --I hope this are the varies and value u asked me to set b4 dobet function
 baseBet3=0.00000050   --I hope this are the varies and value u asked me to set b4 dobet function
 profitterget=0.00100000
 nextbet=baseBet
 


function dobet()

baseBet=0.00000001 -- do u mean should copy the basebet and past

it below

if win then

baseBet=0.00000001  -- do u mean i should past the basebet here?

 nextbet=baseBet

else

 nextbet=previousbet+baseBet

end

if currentstreak==-10 then

chance = chance1
betlow = false

 nextbet=baseBet1

end
 
 if win then

  nextbet=baseBet then
  nextbet=baseBet then
  nextbet=baseBet

else

  chance = chance2
  bethigh = true
 nextbet=baseBet2 then
 chance = chance3
 nextbet=baseBet3 then
 nextbet=baseBet

end
 
if (balance) >= profittarget then
stop();
print(balance)
print("TARGET ACHIEVED!!!")

 end

end


so i used them here (chilly2k) so the one u told me to set is the one i used
Quote
nextbet is ALWAYS going to be baseBet.  After each roll dobet gets run.  win is going to be either true or false the whole time dobet runs.  So if you roll and you win, your going to set nextbet = baseBet 3 times, if you lose, you'll set it to 30 Sat then 50 and then back to baseBet.  Also chance will be 95% and bethigh will be false. 

  If this doesn't make sense now, it will once you correct the baseBet setting....     


Both scripts are now setting baseBet before the "function dobet()" line.  So both with now work (at least not fail the way they did before). 

I have no idea what your trying to do here.

 if win then

  nextbet=baseBet then
  nextbet=baseBet then
  nextbet=baseBet

else

  chance = chance2
  bethigh = true
 nextbet=baseBet2 then
 chance = chance3
 nextbet=baseBet3 then
 nextbet=baseBet

end

First it's not going to work with those extra "then"'s all over the place. 

And are you thinking if once is good, three times is even better?  Smiley   Actually I'm not sure if your just leaving that in there because you don't understand what it's doing. 

You would normally only have one "if win then" statement.

if win then
  Do everything you want to do if the roll wins.
else
  do everything you would do if the roll loses, including seeing how many times in a row it lost by checking the currentstreak variable. 
  if currentstreak == -12 then
    I lost 12 in a row now I want to.
  end
end   

 
162  Economy / Gambling discussion / Re: Seuntjie' Dice bot programmers mode discussion. on: June 07, 2017, 10:52:07 AM

bro i have recorrect it and i tested it thankx alot for the hint sir,,,
so when i corrected it and started it i got a error (LUA ERROR!!
[string "chunk"]:14: attempt to perform arithmetic on global 'baseBet' (a nil value)
)

Code:
 wagered=0    
 wagered=wagered+previousbet
 chance=28.08
 bethigh=false
 profitterget=0.00100000
 nextbet=baseBet

function dobet()

chance = 28.08

 baseBet=0.00000001

end

if win then

 nextbet=baseBet

else

 nextbet=previousbet+baseBet

end

if currentstreak==-10 then

chance = 90.4
betlow = false

 nextbet=0.00000020

end
 
 if win then

  nextbet=baseBet

else
 
chance = 94
bethigh = true

 nextbet=0.00000030

end

if win then

 nextbet=baseBet

else

chance = 95
bethigh = false

 nextbet=0.00000050

end

if win then

 nextbet=baseBet

else

 nextbet=baseBet

 end

 
if (balance) >= profittarget then
stop();
print(balance)
print("TARGET ACHIEVED!!!")

 end

end

Everything before the "function dobet()"   gets done ONCE when you start the script.  baseBet is your variable (you created it).  You can't use it until you define it and set a value to it.  LUA doesn't know what to do with nextbet = baseBet.  because you didn't tell it what baseBet is.  You have  baseBet=0.00000001 after the dobet funtion line.  You need to move that, or copy it to the init statements before the line that trys to set nextbet.
  If you want to reset baseBet after each roll you can leave it after dobet, but if you want the script to change it at some point, you should just set it in the beginning and not after each bet.  

Also you have ...
Code:
if win then
   nextbet=baseBet
else
   chance = 94
   bethigh = true
   nextbet=0.00000030
end

if win then
   nextbet=baseBet
else
   chance = 95
   bethigh = false
   nextbet=0.00000050
end

if win then
   nextbet=baseBet
else
   nextbet=baseBet
end


  nextbet is ALWAYS going to be baseBet.  After each roll dobet gets run.  win is going to be either true or false the whole time dobet runs.  So if you roll and you win, your going to set nextbet = baseBet 3 times, if you lose, you'll set it to 30 Sat then 50 and then back to baseBet.  Also chance will be 95% and bethigh will be false.  

  If this doesn't make sense now, it will once you correct the baseBet setting....      
163  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [$XVG] VERGE [POW][MultiAlgo][BLACKHOLE][Entire Line of TOR/i2P Resources] on: June 06, 2017, 07:45:31 PM
1. Whitepaper (ours is a Blackpaper) - DONE
2. Electrum i2p Server/Client - DONE
3. Electrum TOR Server/Client - DONE
4. Produce Electrum Binaries from current client scripts, for ease of use - by end of week, June 9th
5. Marketing campaign across multiple crypto services - ONGOING, see below.
6. i2P/TOR Android Wallets - ~July 2017.
7. Expand Verge Radio to become RadioCrypto, and include in core wallets - Halfway done, Completed by ~ June 26th
8. New Core Wallet Release - Early July 2017

There are a few other major announcements coming over the next week, but i can't post them until they are finalized.
hint: we're being added to some other major crypto services.

Marketing Campaign Fundraiser:

i am going to get an ad for Verge listed for a year on the new Coinomi Android Wallet.

if you'd like to donate, send some btc here:
1CM9bUJaYgpBdYQPsmVfndwT3hz5beeLx7

or some verge to here:
D9yJSYTZJ2YQKcnPATbvBrGNwxDgpoAyGC

so c'mon guys, everyone is always talking about how we need more marketing, this is a solid opportunity i've got for us!

BUMP!


good news guys, we raised enough for the ad campaign. =]

And I just sent some BTC.  Couldn't part with my precious XVG...    Tranxid 4a6f08289e44391b7012588d80d824f9f9e181d42aed321271cb6b5d1dcf0323
164  Economy / Gambling discussion / Re: Seuntjie' Dice bot programmers mode discussion. on: June 06, 2017, 06:47:59 PM
pls i created another script with same functions but am getting some error
like(LUA ERROR!!
'then' expected, got 'nextbet')

here is the code below

Code:
 wagered=0    
 wagered=wagered+previousbet
 chance=1.01
 bethigh=false
 profitterget=0.00100000
 nextbet=baseBet

function dobet()

 baseBet=0.00000001

end

if win then

 nextbet=baseBet

else

 nextbet=previousbet+baseBet

end

if currentstreak==-10

  nextbet=0.00000020
 
if win then

 nextbet=baseBet

else
 
 nextbet=0.00000030

if win then

 nextbet=baseBet

else

 nextbet=0.00000050

if win then

 nextbet=baseBet

else

 nextbet=baseBet

 end

 
if (balance) >= profittarget then
stop();
print(balance)
print("TARGET ACHIEVED!!!")

 end

end

this basically what i want the script to do , but i dont know how to set the chances, and set the bet high or low for each bet

here is the full explaination sir (thank u in advanced)

let say i bet
0.00000002 and i win,  i want it to go back to the basebet and bet 0.00000002
But if i bet 0.00000002 and loss, then i want it to multiply *2 of my loss so my next bet will be 0.00000004
then if i loss again i want it to still double up the nextbet to 0.00000008 till i win then i want it to go back to the basebet thats if i win (i only want 10 loss in a row b4 changing to the 90% chance)

EXAMPLE

it will look like this when the lossing occurs
0.00000002
0.00000004
0.00000008
0.00000016
0.00000032
0.00000064
0.00000128
0.00000256
0.00000512
0.00001024
 till it reach 10losses but now lets assum its has reach 10losses

so when i get 10 losses i want the bet to change to 0.0003 with a 90%chance so if i dont win it i want it to change to 0.0006bet with 94%chance so if i dont win again i want the third bet to change to 0.001btc with a 95%chance
so if i in anycase win or loss THIS 90% 94% 95% CHANCES  i want it to go back to base bet and restart again


pls help me

   Did you fix your error?  LUA is looking for a "then".  The syntax is
if ... then
...
else
...
end 

Do you see where you have an if statement, and a check, and then you try to set nextbet? 

Then....   Your script above is set up to do

 nextbet=previousbet+baseBet

for a losing bet.  do you think that is the same as

"But if i bet 0.00000002 and loss, then i want it to multiply *2 of my loss so my next bet will be 0.00000004"

Hint: it's not the same...   + is addition and * is multiplication... 

Next take all of the "if win then" clauses out.   Your just going to do the last one, because every one is going to process for every roll. 

And your code is already checking for a loss streak at -10 change the nextbet and chance right there. HCP explained about setting the chance. Then if you want to do something if you lose another (-11 streak) add another check..  and so on. 

 And your not paying us enough to complain.  Smiley  You have to make some effort and explain what you've tried and we might be a little quicker to lend a hand.  I tend to just ignore posts that start with I want a script that does this....  Show us what you've tried and we can sometimes make some suggestions. 

165  Economy / Gambling discussion / Re: Seuntjie' Dice bot programmers mode discussion. on: June 04, 2017, 05:41:02 PM
Is there a way to choose the magicNum randomly between a set range.

Anyway THANKS FOR HELPING ME with the code .

Apparently "math.random(lower, upper)" generates 'random' integer in the range between 'lower' and 'upper' INCLUSIVE

so something like:

math.randomseed( os.time() )
magicNum = math.random(10,15)

should randomly generate a number from (10,11,12,13,14,15)

... you're welcome
pls also help me out to i wanna learn how to create my own script for dicebot but i dont know which programming language to learn , and also i dont understand what they mean by converting a script lua

The script is written in LUA.  If you look at the first several posts I tried to guide you through creating a simple script.  If you have any specific questions about codeing or how the script is running, this is the correct thread to ask them in. 
166  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XVG] Verge - Speculation & Discussion on: May 31, 2017, 10:25:35 PM
Verge market movement was in hibernation for a while however Giant is awaken,when RSK smart contract is implemented verge will ROARRRR Grin Grin

ROAARR i'm ready. What is your speculation what the price would be once RSK contracts have been implented.   Smiley

   My personal gut feeling is 1K would not be out of the question.  After the run crypto has been having I could be spot on or way under, but I think with will come close in the next 1-2 years.  Maybe in the next few months if RSK works out.  


That's a big number you're saying. Also RSK get implented soon and you're talking about 1-2years?  Huh

  It all depends on adoption.  But RSK gives more people a reason to use VERGE.  It also depends on how the RSK roll out goes.  Once that happens I would expect prices to go up some.  How much is any ones guess.  But new higher price floors are occurring all of the time.    A lot of old timers here thought 10-20 sat was an unsustainable price, but we've been over 30 sats for 10 days.  Will it stay above.  I have no idea, but the odds are better now then a year ago.    
  Also 1K wouldn't be solely because verge implemented RSK.  It would be based on the whole Verge package.  Also based on a lot of "new" money coming into crypto and needing a place to go.   I think your going to see all prices grow in the coming few years.  

Also, if you take a look at today's market, if we get to the same cap as Monero moving forward (Seeing that is the closest competition)  we would be around 2160 sat, so I don't think the 1K sat price is out of the question.  My question is why does Monero have that large of a market cap and how do we get up to that level.  Do they have the market in A secure, private, untraceable cryptocurrency??  Dev, would you mind sharing your thoughts here?  Did they just make it to the market first and have marketing behind them?  Just wondering if that is the difference or how we better than any other coin out there?  Seems like if we are, they we should be at their spot and even above.  Especially if we are going to be a combination of ETH and Monero.  Is this true once we add RSK?  Thanks in advance Dev for everything and your quick responses to everyone!!

Also, last year this time they were $1 and now they are $42!!!  Shocked Shocked     HOW??

   Just my 2 XVG's.  It will be a combo of ETH and Monero, but just as in ETH has smart contracts, and Monero has privacy.  I'm assuming ETH has much more then what RSK is going to provide, and Monero is anonymous, but in a different way.   Last I knew Monero was talking about running on the TOR and/or I2P network.  I never heard that they actually did it.  (I've also heard they have a GUI in the works, but doifferent story).  Monero's Ring sigs is a snazzy feature, I've never looked into it, but I guess that is how they prevent following the paper (blockchain) trail.  But it opens other stuff up by not being publicly audit-able.   But I don't know of a why you could have both.  

   I'd like to hear what the dev has to say.  He should have a much better handle on the tech, then I do.  I'm just a shade over a noob.....  Smiley  
167  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XVG] Verge - Speculation & Discussion on: May 31, 2017, 09:00:38 PM
Verge market movement was in hibernation for a while however Giant is awaken,when RSK smart contract is implemented verge will ROARRRR Grin Grin

ROAARR i'm ready. What is your speculation what the price would be once RSK contracts have been implented.   Smiley

   My personal gut feeling is 1K would not be out of the question.  After the run crypto has been having I could be spot on or way under, but I think with will come close in the next 1-2 years.  Maybe in the next few months if RSK works out. 


That's a big number you're saying. Also RSK get implented soon and you're talking about 1-2years?  Huh

  It all depends on adoption.  But RSK gives more people a reason to use VERGE.  It also depends on how the RSK roll out goes.  Once that happens I would expect prices to go up some.  How much is any ones guess.  But new higher price floors are occurring all of the time.    A lot of old timers here thought 10-20 sat was an unsustainable price, but we've been over 30 sats for 10 days.  Will it stay above.  I have no idea, but the odds are better now then a year ago.   
  Also 1K wouldn't be solely because verge implemented RSK.  It would be based on the whole Verge package.  Also based on a lot of "new" money coming into crypto and needing a place to go.   I think your going to see all prices grow in the coming few years.   
168  Alternate cryptocurrencies / Tokens (Altcoins) / Re: 🚀[ANN] Nexium [NXC]- Beyond the Void: First blockchain RTS on: May 31, 2017, 08:23:12 PM
What is with this pump?

Seriously, do people really think this coin for a video game is worth a market cap of $20mil+? Am I missing something?

   A good video game can go from $600Mil to $5 Billion.    so $20mil is nothing... 
169  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [$XVG] VERGE [POW][MultiAlgo][BLACKHOLE][Entire Line of TOR/i2P Resources] on: May 31, 2017, 08:17:44 PM
With potential hard forks coming, has there been any discussion about having a budget fund for Verge?  It would be nice to know we have some funding behind the scenes.  It would be nice to know Verge has funds for any additional resources that might be needed.  

   And by budget funds I mean split the mining rewards.  Smiley maybe 90% miners 10% budget.   
170  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XVG] Verge - Speculation & Discussion on: May 31, 2017, 08:13:48 PM
Verge market movement was in hibernation for a while however Giant is awaken,when RSK smart contract is implemented verge will ROARRRR Grin Grin

ROAARR i'm ready. What is your speculation what the price would be once RSK contracts have been implented.   Smiley

   My personal gut feeling is 1K would not be out of the question.  After the run crypto has been having I could be spot on or way under, but I think with will come close in the next 1-2 years.  Maybe in the next few months if RSK works out. 
171  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [$XVG] VERGE [POW][MultiAlgo][BLACKHOLE][Entire Line of TOR/i2P Resources] on: May 31, 2017, 05:15:40 PM
In any serious project price is important too. And i think investors need treated good. How can i trust this coin?! Now i regrete. Already loosed one btc because of this investment.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

PRICE SPECULATION AND CONVERSATION IS STRICTLY PROHIBITED IN THIS THREAD.

PLEASE REFRAIN FROM TALKING ABOUT CURRENT PRICE LEVELS OR SPECULATING ON MARKET POSITIONING IN THIS THREAD.



IF YOU WANT TO DISCUSS THE PRICE PLEASE HEAD OVER TO OUR SPECULATION THREAD LISTED BELOW:



~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Had to dig deep for it but here it is.



Man it seems like every two pages or so people seemingly forget this.



172  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XVG] Verge - Speculation & Discussion on: May 27, 2017, 03:31:37 AM
So if Verge adds RSK (this makes Verge a combined Monero and ETH), What will happen to the price.  I could see this going over 1K sat pretty easy.  This could get VERY exciting very quick.  Those selling now could be priced out when this takes off.  I'm not against making a profit, I do it myself, but this could catch a lot of people sleeping.  Trade what your comfortable with, but make sure you have a stack from the long term growth. 
don't be the guy who spent 10,000 XVG on a pizza...   Smiley

Going to be some fun times coming up. 
173  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [$XVG] VERGE [POW][MultiAlgo][BLACKHOLE][Entire Line of TOR/i2P Resources] on: May 27, 2017, 03:22:07 AM
Hi dev im very impressive verge coin

and i wonder your above wirte "new smart contracts by RSK"

what is technology RSK can you explain

and When if contracts by RSK what is differnce Verge coin?

im very wonder ahahahahh

i waiting for your answer !


https://bravenewcoin.com/news/ethereum-style-smart-contracts-are-coming-to-bitcoin-in-june/



  Oh That would be sweet.  Are there any issues or enhancements because it can run via Tor or I2P?     
174  Economy / Gambling discussion / Re: Seuntjie' Dice bot programmers mode discussion. on: May 26, 2017, 08:16:25 PM
Hi seuntjie let me ask if the downloading link in the front page of this thread is updated or not..
I would like to test this script trying to use it in some dice game to test and modify some settings with my own..
Do you have latest version or v3 is the final?


    This thread is for help programming custom scripts, the link on the first page is to the other thread for the bot itself.  Page 1 of that thread should have the download link.  
175  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: May 25, 2017, 07:00:34 PM
A while ago I read someone said, very pithy, "Bitcoin Runs On Drama But Monero Runs On Comedy" Cheesy

A little light entertainment proving your point.  Cheesy

Hitler Reacts to Fluffypony's Monero Announcement

https://www.youtube.com/watch?v=L2WfedZG7bo



Huge

I lol'd

    That was a riot.  Someone has way to much time on their hands...   But a hella sense of humor....   I can picture a lot of the folks here being cast as Hitler. 

Bravo....   
176  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XVG] Verge - Speculation & Discussion on: May 22, 2017, 04:58:15 PM

     I've said this before, but I'll throw it out there again.   Verge should be 10X Doge's price.  There are 1/10th as many Verge as Doge.  This doesn't even take into account being able to use Verge on I2P or TOR.  If you factor that in maybe the price should be 100X doge. 

10X would be 1300 Sats. currently.    A few months ago I would have thought it was nuts.  But now.....   Anything seems possible. 

   And as worst case, the volume over the last few days has been fantastic.  Maybe it will get Poloniex's attention.             
177  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [$XVG] VERGE [POW][MultiAlgo][BLACKHOLE][Entire Line of TOR/i2P Resources] on: May 16, 2017, 08:07:56 PM
I just found out about Vergecoin, apparently it used to be Dogecoin Dark and is based on DASH: https://www.cryptocompare.com/coins/xvg/overview/BTC

Does that mean Vergecoin has masternodes or no? I haven't seen any mention of them?

no, we are not based on dash at all. we use i2p and tor (ip obfuscation), not masternodes (centralization),

and we're multi algorithm PoW (x17, scrypt, blake2s, lyra2rev2, myr-groestl), instead of just x11 Proof of Work.

Ah ok thanks very much for clearing that up. So was Vergecoin ever DogecoinDark? Was that website just way off? If so this project kind of looks cool. How is the privacy and anonymity compared to Monero?

yes, dogecoindark rebranded and became verge. we use different techniques than verge. both are anon when used correctly.

EDIT  --------------------------------------------------------------------then Monero...    Tongue
178  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN]Vertcoin- 1 ASIC - 0- Lyra2REv2- Decentralised-GPU Mineable-Open Source on: May 12, 2017, 02:34:16 PM
How you should have been trading Vertcoin





How a "Bitcointalk professional" trades Vertcoin



  ROTFLMAO  So true, and it almost feels set to music.....   Smiley  I love buying when the panic sets in...  
179  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: May 09, 2017, 07:54:30 PM
Playing Devils advocate here.  Where do you get the value of bitcoin at time your trade is made?  Since bitcoin can vary by a hundred or more

That is a problem for which I'm pretty sure there's no official IRS answer. I downloaded daily Bitcoin prices (I think from Quandl) and used those. Since the IRS doesn't provide guidance for this I would hope that I'm ok as long as I use a consistent source and don't cherrypick the Bitcoin values.

   If it ever gets to this point, you'll be getting 1099's from your exchange of choice, and there will be no more trading in the US without a taxpayer ID.  When you see that, then it's time to worry, or maybe they'll have figured out how it should be reported by then.  Until that time, try to report it as you see fit, and you should be fine. 

   The IRS isn't really a big bad machine.  I had issues in the past, I was able to make my case, and almost took it to tax court to get it documented, but instead settled it.  It wasn't as scary as you would think, and eventually they saw the error of their ways... 

   This might be getting a little off topic for the Monero spec thread, but had to see what others are doing.  Thanks for the input. 
180  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: May 09, 2017, 05:48:16 PM
To me, bitcoin is very different.  When you buy monero, your not selling bitcoin for USD, and then buying your monero with those USD's.  Your trading your bitcoin for moneros.  Your basis is whatever you paid for your bitcoin.  and your profit/loss is whatever you made on the sale (either bitcoin or monero) back to USD.  

To me too, but that is entirely irrelevant. What matters is what the IRS thinks. I have spent a _lot_ of time researching this, and my conclusions have led me to declare and pay taxes on all my Bitcoin profits when converting to Monero. The upside is there is less tax to pay when selling the Monero because the basis will be higher.

The IRS will rule on this and if it goes the way I think it will go, those who have claimed like kind and declared their transactions as such will face penalties and interest. For those who haven't declared those transactions at all, it could be a lot worse.

It's onerous to declare all your transactions, but there is software that simplifies it. You just download your Coinbase or Poloniex logs and it creates the IRS report.

   Playing Devils advocate here.  Where do you get the value of bitcoin at time your trade is made?  Since bitcoin can vary by a hundred or more dollars depending on where you look, is your choice,  IRS approved? 

 I don't really have to worry about this at the moment, but it will be interesting to see what the official stance is in the future.  I'll have to mention it to my CPA and see what he thinks.  Of course I have a feeling he'll say whatever will make him the most money...  Smiley   
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