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Author Topic: [XMR] Monero - A secure, private, untraceable cryptocurrency  (Read 4554485 times)
MGTOW_MONERO_XMR
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August 30, 2017, 10:38:30 PM
 #35561

Hey guys come over to https://www.reddit.com/r/Monero/

Lots of good posts and community, easier to read than here
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August 31, 2017, 06:54:23 AM
 #35562

Next year (2018 if you read this post in the future) almost all countries will have implemented the so called "Common Reporting Standard" (google it, and it's on wikipedia).
Actually many countries have already implemented it, but next year is the year where most of the "tax heavens" will implement it; see full list of countries coming on board in 2018 on wiki.
So, in short, what this means is that tax heaven will not exist any more, or at least not as we know it today. Everything will be disclosed to everyone (or at least to the tax authorities of everywhere). Especially banks will disclose every thing to the countries - so your money will be public.
So where do you think that wealth that is now stored currently in tax heavens goes?

The truth is that offshore jurisdictions are used for a lot more than banking secrecy, and the risks of hidden wealth start to outweigh the reward as the value increases. This applies to XMR as well. For example, you might be able to use monero to cover your humble day-to-day activities without suspicion, but good luck buying anything of significant expense without drawing attention to yourself and having to explain where the money came from.

Most wealthy individuals and businesses will not take unnecessary risks to hide their money. Tax havens are used for asset protection, conducting international business, purchasing offshore investments, or minimizing taxes through legal means. All of this can be done without secrecy and it's associated risks. Monero definitely has some overlapping benefits, but I do not expect offshore wealth to start flooding into XMR purely for its privacy aspects.

Hi there, thanks for the reply.
Well indeed offshore holding can hold anything, from the ownership of a flat (rare nowadays) to the ownership of a company (and this instead many do).
I am not saying that this type of holdings will be converted to monero (or to be fair to any other stealth coin, there are more than a few out there).
But there are equally a lot of people that just purely hold money on a Hong Kong or Singapore account while instead they are resident elsewhere.
Now, it is a fact that all these people will get affected by CRS, and many many of them will be caught unprepared. But I do believe that a few of them are getting acquainted with Crypto and start moving their money here.
At the end of the day the only drawback of crypto is that from today to tomorrow the value can fluctuate big time. It usually goes up (and I like to believe that that is because continuous increase in adoption of trusted coins, that is faster than the generation of supply), but it can very well go down.
Other than this I don't see why money sitting on a bank account is better than having the money sitting on a ledger of the blockchain.
And since money on a bank account will starting having a big drawback starting 2018, then why not putting the money in Monero instead? (or other stealth cryptos)

Going back to the start, originally it was commented that the jump is due to the opening of the market in Korea with direct exchange KRW/XMR; if that was true and the increase was due to the common investors (say like me, I don't have THAT many cryptos) then the hourly increase of coinmarketcap would be a steady: 2 / 3%, may be 5, may be even 6 or 7 if frenzy... however the hourly percent increase touched high double digits in an instant... twice actually if I remember well...
And that, in my opinion, is possible only if BIG money floods in at once (I cannot quantify how big since the market cap is already big... billions of USD?).

Cheers
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August 31, 2017, 07:29:16 AM
 #35563

Hi, I have a very important and general question.

If I have lets say $1M dollars( a very large sum ) . How to buy and cash out Monero without being spotted from government institutions?
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August 31, 2017, 08:01:02 AM
 #35564

Hi, I have a very important and general question.

If I have lets say $1M dollars( a very large sum ) . How to buy and cash out Monero without being spotted from government institutions?
pay  your taxes and enjoy profits in the open. Dont sell all. This is just the start imho

Monero - Wir sind die Leute vor denen uns unsere Eltern gewarnt haben!
bitcircle
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August 31, 2017, 08:21:22 AM
 #35565

From my point of view Monero is getting ready for more big market I hope very soon it will reach $200. Current price is still very low as compare with it's competitor market than it has more superior tech and potentially it has room of growth to get more better position in coming days.
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August 31, 2017, 08:36:19 AM
 #35566

Hi, I have a very important and general question.

If I have lets say $1M dollars( a very large sum ) . How to buy and cash out Monero without being spotted from government institutions?
pay  your taxes and enjoy profits in the open. Dont sell all. This is just the start imho

Thank you for the suggestion but that doesn't answer the question Sad
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August 31, 2017, 08:42:36 AM
 #35567

I have diversified my portfolio just few days before this latest rise took place. I think it is still time to re-arrange the plans for future and investor to add some coins/token like Monero and exclude some of already in possession. That article about Monero own version of localbitcoin's exchange is getting popular was great read these day.
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August 31, 2017, 09:13:05 AM
 #35568

Hi, I have a very important and general question.

If I have lets say $1M dollars( a very large sum ) . How to buy and cash out Monero without being spotted from government institutions?
pay  your taxes and enjoy profits in the open. Dont sell all. This is just the start imho

Thank you for the suggestion but that doesn't answer the question Sad

because the sum is huge then this is what I would do if I were you:
1 - go through KYC in multiple fiat supporting exchanges and open your own account there - in case you have not got yet (eg: Kraken, Bithumb, Bitstamp, etc...)
2 - go through KYC and open account on crypto only accounts - in case you have not got yet (eg: Bittrex, Poloniex, etc...)
3 - send your fiat to multiple exchanges as point one. For the ones with direct fiat/XMR pairing exchange directly in XMR. For the ones not supporting XMR directly, exchange to BTC first.
4 - move the BTC to the crypto only exchanges, exchange your BTC to XMR there.
5 - optional but recommended: transfer your XMR from the exchange to your own wallet so that you control the keys.

Agree with previous post: pay taxes as per regulations of the country where you're resident nevertheless.
And enjoy your Monero.
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August 31, 2017, 09:56:30 AM
 #35569

A team of monero enthusiasts based in Hong Kong have launched an alternative version of LocalBitcoins.com.

Called LocalMonero.co, the website will connect buyers and sellers of the cryptocurrency based on country of residence. Users can meet and exchange monero for cash, or buy it online from a local seller.

Created in 2013, monero is a privacy-centric cryptocurrency that obscures user transactional data by use a cryptographic procedure called "ring signatures."

Like the currency itself, LocalMonero.co is also committed to privacy, according to its founders. Launching the website in a Reddit post, user "optocomp" stated:

https://www.coindesk.com/monero-getting-version-localbitcoins/
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August 31, 2017, 10:29:25 AM
 #35570

Created in 2013, monero is a privacy-centric cryptocurrency ...
2013, really?
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August 31, 2017, 11:34:09 AM
 #35571

https://binance.zendesk.com/hc/en-us/articles/115001308592
javieralexvr
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August 31, 2017, 02:22:13 PM
 #35572

https://steemit.com/xmr/@javieralexvr/my-monero-xmr-thoughts-why-should-everyone-use-it

This is my first steemit post, What do you guys think?
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August 31, 2017, 03:14:49 PM
 #35573

The expected upward trend continues for a long time. It was a very nice investment. $ 140 is a very good value. I think that you will continue to rise during the past few days. Wink


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OATH

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visdude
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August 31, 2017, 04:35:55 PM
 #35574


Is this now becoming a spec thread too? I thought there is a separate thread just for such a purpose.

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August 31, 2017, 05:02:23 PM
 #35575

Is it actually true that XMR is more likely to be cracked than ZCASH in terms of anonymity? Could that problem ever be fixed if it's true?

BTC will be cracked before either so don't worry on that score. And if it comes close to any CC then it's just a fork away to a tougher Algo. So don't listen to the FUD. BTC will fall first as it's the easiest to crack.


Hi,

Sorry i don't know where i can post this:

When i open mymonero.com it says:

"Your account is catching up, your details may be out-of-date until it is finished (47 blocks behind)
This is not an error, and you do not have to do anything except wait until it is complete."

What's going on?
Do i have to do anything?
Usually is faster ...



Well you could just do what it says.

I thought I read some time ago that the ring signature technology is mathematically not as secure in terms of anonymity as- for instance, ZCASH or so. So is that true? I have no clue about that stuff.


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August 31, 2017, 05:10:05 PM
 #35576

I thought I read some time ago that the ring signature technology is mathematically not as secure in terms of anonymity as- for instance, ZCASH or so. So is that true? I have no clue about that stuff.

Even if that's true, their Trusted Setup negates it, not to mention how their devs feel about privacy.

Comparison of Privacy-Centric Coins: https://moneroforcash.com/monero-vs-dash-vs-zcash-vs-bitcoinmixers.php also includes Verge and Pivx
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August 31, 2017, 07:08:12 PM
 #35577

Monero is getting its own version of localBitcoins. A team of monero enthusiasts based in Hong Kong have launched an alternative version of LocalBitcoins.com.
Called LocalMonero.co, the website will connect buyers and sellers of the cryptocurrency based on country of residence. Users can meet and exchange monero for cash, or buy it online from a local seller. Created in 2013, monero is a privacy-centric cryptocurrency that obscures user transactional data by use a cryptographic procedure called "ring signatures."
https://localmonero.co
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August 31, 2017, 07:27:27 PM
 #35578

Just in case you are not versed in Indian "Bytecoin" Temple theory and how BCN is taking over... Cheesy (Yeah, right.)

https://thecryptopapers.com/2017/08/31/bytecoin-and-the-crypto-coin-daddy/
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August 31, 2017, 07:58:18 PM
 #35579

Hi, I have a very important and general question.

If I have lets say $1M dollars( a very large sum ) . How to buy and cash out Monero without being spotted from government institutions?

That of course depends on what government you are talking about. And I would expect that anyone that has figured out how to do this on a large scale (it would have to be in BTC I would think) would not be willing to share that information without a price so your best bet would be to consult a good CPA.


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August 31, 2017, 08:03:00 PM
 #35580

Monero is getting its own version of localBitcoins. A team of monero enthusiasts based in Hong Kong have launched an alternative version of LocalBitcoins.com.
Called LocalMonero.co, the website will connect buyers and sellers of the cryptocurrency based on country of residence. Users can meet and exchange monero for cash, or buy it online from a local seller. Created in 2013, monero is a privacy-centric cryptocurrency that obscures user transactional data by use a cryptographic procedure called "ring signatures."
https://localmonero.co

LocalBitcoins.com used to be great when they first started. Back then, you were able to contact any buyer/seller directly (as it should be) and arrange a meetup to trade in person. When they got big, they got greedy. You now have to make a deposit on their site before being able to contact a buyer/seller. I guess they want their cut of the transaction.

I hope LocalMonero does not follow the same business model that LocalBitcoins has currently. If the idea is to find a buyer/seller in one's area, then he/she should be able to do so directly without any strings attached.

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