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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1348350 times)
jobnotfound
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June 30, 2014, 11:16:49 PM
 #5841

and there you have it. Quick, simple and transparent reply.

Vericoin Dev team once again showing it's colors. I'm continually impressed by you guys.


VRC VPJRmAv8oMVRDas1G4LTU6swBpAsWu5x2Y
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June 30, 2014, 11:17:19 PM
 #5842

While, I'm giving real legit critique, you are acting like an immature moron.

I appreciate it. Thanks for bringing to our attention a possible exploit (though I don't think it would have profited much). Please PM me a VRC address for a bug bounty.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
onsightit
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June 30, 2014, 11:18:32 PM
 #5843

Does anyone know if the wallet encryption key can be backed up?  Is it backed up with the wallet backup?

I'm asking because I'd like to know if an encrypted wallet backup can be restored on another computer.  I just don't have time to dig in the code right now...

im not sure if i understand your question.

If you want to know if you can restore an encrypted wallet, then the answer is yes (if you have your passphrase of course).

If you want to know if you can restore the Passphrase of your encrypted wallet, then no.

Thanks, the first answer is what I was asking about.  I'm going to test this out in a few minutes with a small wallet on an old computer.

1. Install wallet.
2. Encrypt wallet.
3. Send 1 VRC to it.
4. Stake wallet.
5. Backup wallet.
6. Copy wallet backup to another computer and import the wallet.
7. Just for fun, I'm wondering what will happen if the wallet is open on two computers...


Wallet installs take a while, even with the bootstrap.  Here's were I am, stuck at step 6.  Thinking I would save some time, I installed the wallet on computer#2, and declined the "import wallet" step during installation. Now that it is installed, I have no option to import a wallet.  I tried uninstalling vericoin and reinstalling, but I was not offered an import step.  How can you import a wallet after you have installed vericoin?


no problem, just install the vericoin wallet and then move your wallet.dat (the backup of your wallet) to C:\Users\Username\AppData\Roaming\VeriCoin
if your backup is not called wallet.dat, you need to rename it.

Thanks, that worked.  Perhaps this could be a user friendly feature for the next version of the wallet.

So the live wallet is stored in AppData even though I installed VeriCoin to an encrypted folder, which defeats the purpose of installing VeriCoin to an encrypted drive or folder.  I know the wallet is encrypted after I manually tell it to encrypt it, but some wallets are not (by default).  If you thought you were encrypting it by installing to an encrypted folder, you are wrong.  Food for thought...

EDIT: Step 7 was fun.


you can move that folder into a encrypted drive, thats no problem, just need to tell the exe where you moved the folder to:

 -datadir="location_of_vericoin_folder"

/edit

aslong as your wallet.dat is encrypted (just use the encrypt option of the wallet) everything is good.
its not feaseable to bruteforce :8

Another friendly feature for the next wallet - "where do you want your wallet stored".  I should know all this stuff, but turning from programmer to trader has caused me to lose my mind. ;-)

Thanks

VRC: VMTMcvFjZHAshmVNLY5KYVHCTqcfEnH6Bd  SLR: 8W7D6D7rortYp51BK9MSrfripSoZWyVPVr  BTC: 1LbgAsTDtyWEGjiSaguJhJbaHBPgcMnHfP  BCC: 1Ta39PK67VXTD2xnmPNo5J9KJyBVHdYmy
virtualfaqs
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June 30, 2014, 11:24:14 PM
 #5844


VeriFund is simply a fund that swings back and forth from VRC to BTC. It does not fall under US tax code as there is never any conversion to FIAT and thus is just one property trading for another.

If that's true, then Bittrex wouldn't have to pay any taxes under the US tax code either. Until they convert to fiat you mean. But something still seems to be missing as that would mean you could operate a non-fiat exchange and never report a profit until you exchange to fiat.

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leckey
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June 30, 2014, 11:29:47 PM
 #5845


VeriFund is simply a fund that swings back and forth from VRC to BTC. It does not fall under US tax code as there is never any conversion to FIAT and thus is just one property trading for another.

If that's true, then Bittrex wouldn't have to pay any taxes under the US tax code either. Until they convert to fiat you mean. But something still seems to be missing as that would mean you could operate a non-fiat exchange and never report a profit until you exchange to fiat.

That's exactly how it works to my understanding
pnosker
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June 30, 2014, 11:29:55 PM
 #5846


VeriFund is simply a fund that swings back and forth from VRC to BTC. It does not fall under US tax code as there is never any conversion to FIAT and thus is just one property trading for another.

If that's true, then Bittrex wouldn't have to pay any taxes under the US tax code either. Until they convert to fiat you mean. But something still seems to be missing as that would mean you could operate a non-fiat exchange and never report a profit until you exchange to fiat.
VeriFund doesn't sell to fiat, it just pays bounties. Bittrex takes fees and pays people.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
yourstruly
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June 30, 2014, 11:30:27 PM
 #5847

VSRU4HRgtqHifQaXN3QkQrdTRHdWLwUGZj

Here is the untested simple example code I threw together. Obviously I could write this to be much more sophisticated but I wanted to get my point across. I think lowering the time to two minutes will help but I think there is still a fair amount of exposure, since I can stagger the trades. Also would I not be able to extract the API calls from your client? How does removing the web-interface resolve the problem besides adding a bit more work?

We can talk in private about how you can better secure this system if you are interested.

require 'net/http'
require 'json'

# Would need to write code to manage number of threads
# and stagger their start times to maximize attack surface
#Thread.new do
  while true
    @time_up = Time.now + (60*2)

    uri = URI('http://verisend.vericoin.info/Default/SendBtc?sendto=1NsqLEmk7bckyxocJToBYmgkte2j5KMGZp&amount=1')
    arbitrage = Net::HTTP.get(uri)
    @vrc_amount = arbitrage.split(' ')[1]
    @vrc_address = arbitrage.split(' ')[4]
    p @vrc_amount
    p @vrc_address

    while @time_up > Time.now
      p "Time remaining: #{@time_up - Time.now}"

      uri = URI('https://api.mintpal.com/v1/market/stats/VRC/BTC')
      market_data = JSON.parse(Net::HTTP.get(uri)).first
      last_price = market_data['last_price']
      # You would need to add in trading fees
      price_per_bitcoin = 1 / last_price.to_f
      p price_per_bitcoin
      if @vrc_amount.to_f < price_per_bitcoin
        difference = price_per_bitcoin - @vrc_amount.to_f
        p "Difference of #{difference}"
        if difference > 500
          p "Good time to send money!"
          system("./vericoind sendmoneyto #{vrc_address} #{@vrc_amount}")
        end
      end
    end
    p "Times up! Time to try again!"
  end
#end

Excoin - Innovative Cryptocurrency Exchange - https://exco.in
HoodRich
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June 30, 2014, 11:36:46 PM
 #5848


VeriFund is simply a fund that swings back and forth from VRC to BTC. It does not fall under US tax code as there is never any conversion to FIAT and thus is just one property trading for another.

If that's true, then Bittrex wouldn't have to pay any taxes under the US tax code either. Until they convert to fiat you mean. But something still seems to be missing as that would mean you could operate a non-fiat exchange and never report a profit until you exchange to fiat.

Hence the word "unregulated". That is one of the main reasons crypto currencies were created. You guys are talking about the IRS and FED like they are U.S. Governmental Entities. You do realize that the IRS, like the FED is not a part of the US Government? Right?

Are you paying taxes on all of your crypto trades? Is anyone?

Americans were 100% against the Central Banks and Income taxes. Now, after a century of brainwashing, you do not know how to live without them. You think being taxed is normal.

Nutts...
pnosker
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June 30, 2014, 11:38:50 PM
 #5849

VSRU4HRgtqHifQaXN3QkQrdTRHdWLwUGZj

Here is the untested simple example code I threw together. Obviously I could write this to be much more sophisticated but I wanted to get my point across. I think lowering the time to two minutes will help but I think there is still a fair amount of exposure, since I can stagger the trades. Also would I not be able to extract the API calls from your client? How does removing the web-interface resolve the problem besides adding a bit more work?

We can talk in private about how you can better secure this system if you are interested.

require 'net/http'
require 'json'

# Would need to write code to manage number of threads
# and stagger their start times to maximize attack surface
#Thread.new do
  while true
    @time_up = Time.now + (60*2)

    uri = URI('http://verisend.vericoin.info/Default/SendBtc?sendto=1NsqLEmk7bckyxocJToBYmgkte2j5KMGZp&amount=1')
    arbitrage = Net::HTTP.get(uri)
    @vrc_amount = arbitrage.split(' ')[1]
    @vrc_address = arbitrage.split(' ')[4]
    p @vrc_amount
    p @vrc_address

    while @time_up > Time.now
      p "Time remaining: #{@time_up - Time.now}"

      uri = URI('https://api.mintpal.com/v1/market/stats/VRC/BTC')
      market_data = JSON.parse(Net::HTTP.get(uri)).first
      last_price = market_data['last_price']
      # You would need to add in trading fees
      price_per_bitcoin = 1 / last_price.to_f
      p price_per_bitcoin
      if @vrc_amount.to_f < price_per_bitcoin
        difference = price_per_bitcoin - @vrc_amount.to_f
        p "Difference of #{difference}"
        if difference > 500
          p "Good time to send money!"
          system("./vericoind sendmoneyto #{vrc_address} #{@vrc_amount}")
        end
      end
    end
    p "Times up! Time to try again!"
  end
#end

I've sent you a bug bounty of 250 VRC (or around $75+). Thanks again for your help. 2 minutes is just for now. We will reduce it to be less than 10 seconds as the wallet client is instanteous at sending commands (no copy and pasting, etc.). Removing the web interface just because it's unnecessary now that the client is working well. So staggering 10 second trade windows wouldn't be super effective. Anyway, thanks for bringing this to our attention.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
yourstruly
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June 30, 2014, 11:43:29 PM
 #5850

VSRU4HRgtqHifQaXN3QkQrdTRHdWLwUGZj

Here is the untested simple example code I threw together. Obviously I could write this to be much more sophisticated but I wanted to get my point across. I think lowering the time to two minutes will help but I think there is still a fair amount of exposure, since I can stagger the trades. Also would I not be able to extract the API calls from your client? How does removing the web-interface resolve the problem besides adding a bit more work?

We can talk in private about how you can better secure this system if you are interested.

require 'net/http'
require 'json'

# Would need to write code to manage number of threads
# and stagger their start times to maximize attack surface
#Thread.new do
  while true
    @time_up = Time.now + (60*2)

    uri = URI('http://verisend.vericoin.info/Default/SendBtc?sendto=1NsqLEmk7bckyxocJToBYmgkte2j5KMGZp&amount=1')
    arbitrage = Net::HTTP.get(uri)
    @vrc_amount = arbitrage.split(' ')[1]
    @vrc_address = arbitrage.split(' ')[4]
    p @vrc_amount
    p @vrc_address

    while @time_up > Time.now
      p "Time remaining: #{@time_up - Time.now}"

      uri = URI('https://api.mintpal.com/v1/market/stats/VRC/BTC')
      market_data = JSON.parse(Net::HTTP.get(uri)).first
      last_price = market_data['last_price']
      # You would need to add in trading fees
      price_per_bitcoin = 1 / last_price.to_f
      p price_per_bitcoin
      if @vrc_amount.to_f < price_per_bitcoin
        difference = price_per_bitcoin - @vrc_amount.to_f
        p "Difference of #{difference}"
        if difference > 500
          p "Good time to send money!"
          system("./vericoind sendmoneyto #{vrc_address} #{@vrc_amount}")
        end
      end
    end
    p "Times up! Time to try again!"
  end
#end

I've sent you a bug bounty of 250 VRC (or around $75+). Thanks again for your help. 2 minutes is just for now. We will reduce it to be less than 10 seconds as the wallet client is instanteous at sending commands (no copy and pasting, etc.). Removing the web interface just because it's unnecessary now that the client is working well. So staggering 10 second trade windows wouldn't be super effective. Anyway, thanks for bringing this to our attention.

I appreciate the calm well reasoned response, I'm not here to champion any specific coin - that is what day traders do. I'm a developer is very interested in the overall health of the ecosystem as a whole. Which is why I think you should release all the code open source that runs on the server so it can be properly audited by the community.

Excoin - Innovative Cryptocurrency Exchange - https://exco.in
pnosker
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June 30, 2014, 11:50:33 PM
 #5851

VSRU4HRgtqHifQaXN3QkQrdTRHdWLwUGZj

Here is the untested simple example code I threw together. Obviously I could write this to be much more sophisticated but I wanted to get my point across. I think lowering the time to two minutes will help but I think there is still a fair amount of exposure, since I can stagger the trades. Also would I not be able to extract the API calls from your client? How does removing the web-interface resolve the problem besides adding a bit more work?

We can talk in private about how you can better secure this system if you are interested.

require 'net/http'
require 'json'

# Would need to write code to manage number of threads
# and stagger their start times to maximize attack surface
#Thread.new do
  while true
    @time_up = Time.now + (60*2)

    uri = URI('http://verisend.vericoin.info/Default/SendBtc?sendto=1NsqLEmk7bckyxocJToBYmgkte2j5KMGZp&amount=1')
    arbitrage = Net::HTTP.get(uri)
    @vrc_amount = arbitrage.split(' ')[1]
    @vrc_address = arbitrage.split(' ')[4]
    p @vrc_amount
    p @vrc_address

    while @time_up > Time.now
      p "Time remaining: #{@time_up - Time.now}"

      uri = URI('https://api.mintpal.com/v1/market/stats/VRC/BTC')
      market_data = JSON.parse(Net::HTTP.get(uri)).first
      last_price = market_data['last_price']
      # You would need to add in trading fees
      price_per_bitcoin = 1 / last_price.to_f
      p price_per_bitcoin
      if @vrc_amount.to_f < price_per_bitcoin
        difference = price_per_bitcoin - @vrc_amount.to_f
        p "Difference of #{difference}"
        if difference > 500
          p "Good time to send money!"
          system("./vericoind sendmoneyto #{vrc_address} #{@vrc_amount}")
        end
      end
    end
    p "Times up! Time to try again!"
  end
#end

I've sent you a bug bounty of 250 VRC (or around $75+). Thanks again for your help. 2 minutes is just for now. We will reduce it to be less than 10 seconds as the wallet client is instanteous at sending commands (no copy and pasting, etc.). Removing the web interface just because it's unnecessary now that the client is working well. So staggering 10 second trade windows wouldn't be super effective. Anyway, thanks for bringing this to our attention.

I appreciate the calm well reasoned response, I'm not here to champion any specific coin - that is what day traders do. I'm a developer is very interested in the overall health of the ecosystem as a whole. Which is why I think you should release all the code open source that runs on the server so it can be properly audited by the community.

Thanks. We are not going to open source it immediately. It's not really useful to audit our code as it's really a service more than coin related. As long as people aren't complaining about it swallowing up their VRC, I don't see a problem with a closed-source app written for the coin. Thanks again, and let me know if you see any other potential exploits and we will send more bug bounties your way.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
virtualfaqs
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June 30, 2014, 11:55:43 PM
 #5852


VeriFund is simply a fund that swings back and forth from VRC to BTC. It does not fall under US tax code as there is never any conversion to FIAT and thus is just one property trading for another.

If that's true, then Bittrex wouldn't have to pay any taxes under the US tax code either. Until they convert to fiat you mean. But something still seems to be missing as that would mean you could operate a non-fiat exchange and never report a profit until you exchange to fiat.
VeriFund doesn't sell to fiat, it just pays bounties. Bittrex takes fees and pays people.

The IRS has not given any guidance whether trading BTC for altcoin is considered "same kind" or "different kind" property. But some people are paying the capital gains on their altcoin trades to be on the safe side. The problem here is if the IRS says, "Altcoin is considered different properties." Now all of a sudden every single BTC purchased by VeriFund is a taxable event. That's what I'm worried about.

I'm curious how Bittrex deals with this. I'll ask them and see how they answer.

https://twitter.com/virtualfaqs
Looking for altcoin pump advice? Then follow me.
yourstruly
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June 30, 2014, 11:57:14 PM
 #5853

Pretty sure I was able to crash veribit with a few lines of code. I'll stop once I prove it works.

Excoin - Innovative Cryptocurrency Exchange - https://exco.in
buy4crypto
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June 30, 2014, 11:59:00 PM
 #5854

VSRU4HRgtqHifQaXN3QkQrdTRHdWLwUGZj

Here is the untested simple example code I threw together. Obviously I could write this to be much more sophisticated but I wanted to get my point across. I think lowering the time to two minutes will help but I think there is still a fair amount of exposure, since I can stagger the trades. Also would I not be able to extract the API calls from your client? How does removing the web-interface resolve the problem besides adding a bit more work?

We can talk in private about how you can better secure this system if you are interested.

require 'net/http'
require 'json'

# Would need to write code to manage number of threads
# and stagger their start times to maximize attack surface
#Thread.new do
  while true
    @time_up = Time.now + (60*2)

    uri = URI('http://verisend.vericoin.info/Default/SendBtc?sendto=1NsqLEmk7bckyxocJToBYmgkte2j5KMGZp&amount=1')
    arbitrage = Net::HTTP.get(uri)
    @vrc_amount = arbitrage.split(' ')[1]
    @vrc_address = arbitrage.split(' ')[4]
    p @vrc_amount
    p @vrc_address

    while @time_up > Time.now
      p "Time remaining: #{@time_up - Time.now}"

      uri = URI('https://api.mintpal.com/v1/market/stats/VRC/BTC')
      market_data = JSON.parse(Net::HTTP.get(uri)).first
      last_price = market_data['last_price']
      # You would need to add in trading fees
      price_per_bitcoin = 1 / last_price.to_f
      p price_per_bitcoin
      if @vrc_amount.to_f < price_per_bitcoin
        difference = price_per_bitcoin - @vrc_amount.to_f
        p "Difference of #{difference}"
        if difference > 500
          p "Good time to send money!"
          system("./vericoind sendmoneyto #{vrc_address} #{@vrc_amount}")
        end
      end
    end
    p "Times up! Time to try again!"
  end
#end

I've sent you a bug bounty of 250 VRC (or around $75+). Thanks again for your help. 2 minutes is just for now. We will reduce it to be less than 10 seconds as the wallet client is instanteous at sending commands (no copy and pasting, etc.). Removing the web interface just because it's unnecessary now that the client is working well. So staggering 10 second trade windows wouldn't be super effective. Anyway, thanks for bringing this to our attention.

I appreciate the calm well reasoned response, I'm not here to champion any specific coin - that is what day traders do. I'm a developer is very interested in the overall health of the ecosystem as a whole. Which is why I think you should release all the code open source that runs on the server so it can be properly audited by the community.

What exactly are you doing on your twitter account? Looks like your are a day trader?

Don't come here and expect us to believe you care. You could have PM'd the dev off the bat if you cared about the community.

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████ - freecrypto.top - btcinfo.top - DIGITAL CURRENCY DIRECTORIES - freeMonero.comfunbtc.xyz  ████
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yourstruly
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July 01, 2014, 12:00:25 AM
 #5855

VSRU4HRgtqHifQaXN3QkQrdTRHdWLwUGZj

Here is the untested simple example code I threw together. Obviously I could write this to be much more sophisticated but I wanted to get my point across. I think lowering the time to two minutes will help but I think there is still a fair amount of exposure, since I can stagger the trades. Also would I not be able to extract the API calls from your client? How does removing the web-interface resolve the problem besides adding a bit more work?

We can talk in private about how you can better secure this system if you are interested.

require 'net/http'
require 'json'

# Would need to write code to manage number of threads
# and stagger their start times to maximize attack surface
#Thread.new do
  while true
    @time_up = Time.now + (60*2)

    uri = URI('http://verisend.vericoin.info/Default/SendBtc?sendto=1NsqLEmk7bckyxocJToBYmgkte2j5KMGZp&amount=1')
    arbitrage = Net::HTTP.get(uri)
    @vrc_amount = arbitrage.split(' ')[1]
    @vrc_address = arbitrage.split(' ')[4]
    p @vrc_amount
    p @vrc_address

    while @time_up > Time.now
      p "Time remaining: #{@time_up - Time.now}"

      uri = URI('https://api.mintpal.com/v1/market/stats/VRC/BTC')
      market_data = JSON.parse(Net::HTTP.get(uri)).first
      last_price = market_data['last_price']
      # You would need to add in trading fees
      price_per_bitcoin = 1 / last_price.to_f
      p price_per_bitcoin
      if @vrc_amount.to_f < price_per_bitcoin
        difference = price_per_bitcoin - @vrc_amount.to_f
        p "Difference of #{difference}"
        if difference > 500
          p "Good time to send money!"
          system("./vericoind sendmoneyto #{vrc_address} #{@vrc_amount}")
        end
      end
    end
    p "Times up! Time to try again!"
  end
#end

I've sent you a bug bounty of 250 VRC (or around $75+). Thanks again for your help. 2 minutes is just for now. We will reduce it to be less than 10 seconds as the wallet client is instanteous at sending commands (no copy and pasting, etc.). Removing the web interface just because it's unnecessary now that the client is working well. So staggering 10 second trade windows wouldn't be super effective. Anyway, thanks for bringing this to our attention.

I appreciate the calm well reasoned response, I'm not here to champion any specific coin - that is what day traders do. I'm a developer is very interested in the overall health of the ecosystem as a whole. Which is why I think you should release all the code open source that runs on the server so it can be properly audited by the community.

What exactly are you doing on your twitter account? Looks like your are a day trader.  Huh

I don't use twitter and never would >.<

Excoin - Innovative Cryptocurrency Exchange - https://exco.in
buy4crypto
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July 01, 2014, 12:02:08 AM
 #5856

VSRU4HRgtqHifQaXN3QkQrdTRHdWLwUGZj

Here is the untested simple example code I threw together. Obviously I could write this to be much more sophisticated but I wanted to get my point across. I think lowering the time to two minutes will help but I think there is still a fair amount of exposure, since I can stagger the trades. Also would I not be able to extract the API calls from your client? How does removing the web-interface resolve the problem besides adding a bit more work?

We can talk in private about how you can better secure this system if you are interested.

require 'net/http'
require 'json'

# Would need to write code to manage number of threads
# and stagger their start times to maximize attack surface
#Thread.new do
  while true
    @time_up = Time.now + (60*2)

    uri = URI('http://verisend.vericoin.info/Default/SendBtc?sendto=1NsqLEmk7bckyxocJToBYmgkte2j5KMGZp&amount=1')
    arbitrage = Net::HTTP.get(uri)
    @vrc_amount = arbitrage.split(' ')[1]
    @vrc_address = arbitrage.split(' ')[4]
    p @vrc_amount
    p @vrc_address

    while @time_up > Time.now
      p "Time remaining: #{@time_up - Time.now}"

      uri = URI('https://api.mintpal.com/v1/market/stats/VRC/BTC')
      market_data = JSON.parse(Net::HTTP.get(uri)).first
      last_price = market_data['last_price']
      # You would need to add in trading fees
      price_per_bitcoin = 1 / last_price.to_f
      p price_per_bitcoin
      if @vrc_amount.to_f < price_per_bitcoin
        difference = price_per_bitcoin - @vrc_amount.to_f
        p "Difference of #{difference}"
        if difference > 500
          p "Good time to send money!"
          system("./vericoind sendmoneyto #{vrc_address} #{@vrc_amount}")
        end
      end
    end
    p "Times up! Time to try again!"
  end
#end

I've sent you a bug bounty of 250 VRC (or around $75+). Thanks again for your help. 2 minutes is just for now. We will reduce it to be less than 10 seconds as the wallet client is instanteous at sending commands (no copy and pasting, etc.). Removing the web interface just because it's unnecessary now that the client is working well. So staggering 10 second trade windows wouldn't be super effective. Anyway, thanks for bringing this to our attention.

I appreciate the calm well reasoned response, I'm not here to champion any specific coin - that is what day traders do. I'm a developer is very interested in the overall health of the ecosystem as a whole. Which is why I think you should release all the code open source that runs on the server so it can be properly audited by the community.

What exactly are you doing on your twitter account? Looks like your are a day trader.  Huh

I don't use twitter and never would >.<

I quoted wrong person. My fault. Avatar of yours and another look similar.

Just a bit annoyed when people attack this coin, its one of the ones with the right team and the right motivations.


Im going to go cool off, long day of web design and its way to hot here! Please accept my appology.

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████ - freecrypto.top - btcinfo.top - DIGITAL CURRENCY DIRECTORIES - freeMonero.comfunbtc.xyz  ████
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sdmathis
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July 01, 2014, 12:21:56 AM
 #5857


VeriFund is simply a fund that swings back and forth from VRC to BTC. It does not fall under US tax code as there is never any conversion to FIAT and thus is just one property trading for another.

If that's true, then Bittrex wouldn't have to pay any taxes under the US tax code either. Until they convert to fiat you mean. But something still seems to be missing as that would mean you could operate a non-fiat exchange and never report a profit until you exchange to fiat.
VeriFund doesn't sell to fiat, it just pays bounties. Bittrex takes fees and pays people.

The IRS has not given any guidance whether trading BTC for altcoin is considered "same kind" or "different kind" property. But some people are paying the capital gains on their altcoin trades to be on the safe side. The problem here is if the IRS says, "Altcoin is considered different properties." Now all of a sudden every single BTC purchased by VeriFund is a taxable event. That's what I'm worried about.

I'm curious how Bittrex deals with this. I'll ask them and see how they answer.

US tax code is unclear in this area. I'm sure that the IRS will interpret the tax code in their favor, but it will remain unclear until the issue comes before a court or the tax code is rewritten.

bezekal
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Designer, Developer, UX/UI | Ask for my Portfolio


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July 01, 2014, 12:34:17 AM
 #5858

that is the most interesting altcoin i saw lately!!

pnosker
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July 01, 2014, 01:19:32 AM
 #5859

Pretty sure I was able to crash veribit with a few lines of code. I'll stop once I prove it works.

No your IP just got auto banned for flooding. That and we deactivated the web service.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
kleineaap
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July 01, 2014, 02:57:16 AM
 #5860

Pretty sure I was able to crash veribit with a few lines of code. I'll stop once I prove it works.

No your IP just got auto banned for flooding. That and we deactivated the web service.

Hah awesome!

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