[XMR] Monero Speculation

[ArticMine]

In certain parts of the EU there are restrictions on merchants accepting cash for transactions over a certain amount.

It was my understanding (perhaps incorrect?) that these laws prohibited even private party cash transactions, not just merchant transactions.

Assuming correct (if not, wait a little while and it probably will be), this same law could likely apply to anonymous virtual coin transactions between private parties.

Anyway, at the moment I don't see much of a movement toward banning virtual currencies, and this is indeed somewhat surprising relative to expectations a few years ago, although I think the winds could shift on that, especially with respect to untraceable virtual currencies. Nothing is certain though.

Here is an example of the law in Spain. It bans bearer (not just cash) transactions that are payments from consumers to businesses, so it would also apply to crypto currency. Spain in a country where tax evasion is the national sport, followed by football (soccer).  http://www.bloomberg.com/news/articles/2012-11-19/spain-cash-transaction-ban-begins-as-rajoy-targets-tax-fraud. https://www.boe.es/boe/dias/2012/10/30/pdfs/BOE-A-2012-13416.pdf My take, knowing the culture well, is that this is doomed to failure since people with just use the "black money" for many day to day expenses that fall well below the threshold.

[saddambitcoin]

Well someones feeling bullish again and has turned their 1 xmr/2 secs buy bot back on lol  

Yes, I bought a few k of Crypto Kingdom Gold this weekend. Needed to replenish the XMR stash.

 

[bitcoin4eva]

In certain parts of the EU there are restrictions on merchants accepting cash for transactions over a certain amount.

It was my understanding (perhaps incorrect?) that these laws prohibited even private party cash transactions, not just merchant transactions.

Assuming correct (if not, wait a little while and it probably will be), this same law could likely apply to anonymous virtual coin transactions between private parties.

Anyway, at the moment I don't see much of a movement toward banning virtual currencies, and this is indeed somewhat surprising relative to expectations a few years ago, although I think the winds could shift on that, especially with respect to untraceable virtual currencies. Nothing is certain though.

Here is an example of the law in Spain. It bans bearer (not just cash) transactions that are payments from consumers to businesses, so it would also apply to crypto currency. Spain in a country where tax evasion is the national sport, followed by football (soccer).  http://www.bloomberg.com/news/articles/2012-11-19/spain-cash-transaction-ban-begins-as-rajoy-targets-tax-fraud. https://www.boe.es/boe/dias/2012/10/30/pdfs/BOE-A-2012-13416.pdf My take, knowing the culture well, is that this is doomed to failure since people with just use the "black money" for many day to day expenses that fall well below the threshold.

Exactly. But then again, wouldn't people find way to evade this with cryptocurrencies too?

[toknormal]

If they have any reason to believe that Cryptocurrencies are threatening their own currency they'll make cryptos illegal to own.

They'd be walking straight into a trap where it would be checkmate to crypto if they tried to do that.

Something that gets overlooked quite easily in all these discussions is that nobody actually "owns" any crypto in any legal sense. The only type of cryptocurrency asset they could possibly regulate would be exchange traded funds (ETF's) because there is a legal contract there saying you own it.

Look around you at any person's significant asset portfolio - property, contents, car, inheritance, stocks, bank balance....every single thing of any significant value is governed by some kind of documentation where the legal system is the governing counterparty.

A blockchain address is not owned by anybody. You happen to know the private key to one or two, but the fact that a few people have the keys to my house doesn't make them owners of my house.

So all this talk of 'banning' is slightly mute. The 'trap' is that authorities would have to go to such lengths to legitimise cryptocurrency as money in order to get anywhere near regulating its ownership in the statutes that they'd just be boosting its valuation to kingdom come and increasing its profile as a store of value.

The nearest precedent I can think of is the prohibition on holding gold in the early 20th century. That was almost unenforceable even with bits of physical metal. But try coming round someone's home and searching for a set of private keys to a bitcoin address that don't respond to metal detection and that can float away up to an encrypted image on Google drive in seconds - it's a non starter for enforceability even if by some miracle physical possession of private keys found its way onto the statute books as a definition of 'ownership'.

[TrueCryptonaire]

The challenge now is to get Monero as many hands as possible.
As people get even tiny bit of Monero, they might get interested in the coin and some of them do research and see the opportunity here and start hoarding the coin.
I like the fact that there is a channel for fiat to Moneros (https://www.moneroclub.com/offers/)
If you are the only trader in your community, chances are you are able to charge nice premiums.
This channel should be marketed IMO somehow to crypto-virgins.
They do not need btc but they can directly access to Monero. Bitcoin in this case makes things just more complex.

[GreekBitcoin]

I have noticed something that is good. Monero is getting more and more difficult to follow if you have limited time. More news, more supporters, more discussions. Its not like the most exciting thing in the world yet but still...

That being said, i have sold a bit above the prices we currently are and wait for a retraction at least to 0.00156. Hopefully i will manage to have my orders filled. If not i will still be happy with my long term stash

[TrueCryptonaire]

I have noticed something that is good. Monero is getting more and more difficult to follow if you have limited time. More news, more supporters, more discussions. Its not like the most exciting thing in the world yet but still...

That being said, i have sold a bit above the prices we currently are and wait for a retraction at least to 0.00156. Hopefully i will manage to have my orders filled. If not i will still be happy with my long term stash

Have you been selling in Moneroclub?
If you have managed to have some sales, what is the premium you are getting from there?
If I am not mistaken, I have seen someone trading there from Athens so I was thinking about perhaps it is you.

This is the type of trading which is the best for Monero economy: buy from exchange and sell OTC via Moneroclub with profit.

[dreamspark]

I've got to say, I'm impressed with the bids filling in on Polo, someone just added 30k xmr (50btc) at 0.00712. I really thought we were going to let this drop a bit more but it seems that nobody really wants to sell.

[wpalczynski]

I've got to say, I'm impressed with the bids filling in on Polo, someone just added 30k xmr (50btc) at 0.00712. I really thought we were going to let this drop a bit more but it seems that nobody really wants to sell.

Do you mean 0.00172?

[explorer]

40k buys this hour... nice

[Anon136]

subscribing to this thread

[dreamspark]

I've got to say, I'm impressed with the bids filling in on Polo, someone just added 30k xmr (50btc) at 0.00712. I really thought we were going to let this drop a bit more but it seems that nobody really wants to sell.

Do you mean 0.00172?

Of course lol, my mistake.

[MataKhobRazi]

I bought some at 0.0011. I wanted to buy more at 0.0013 but it went up too fast !! Hope to see back 0.0014 at least...

[onemorexmr]

I bought some at 0.0011. I wanted to buy more at 0.0013 but it went up too fast !! Hope to see back 0.0014 at least...

a bet on 0.0014 seems risky to me

edit: btw what do you all think about raising btc and raising xmr prices at the same time? seems to good to be true

[rpietila]

its time for action
192 soon behind us?
sell side collapsed, lets see how high we go

The first hour of trading is showing: absolutely nowhere.

I told you we need a breather, and we are going to have one. What diverges from my plans (wishes  ) is that it seems quite reluctant to go as low as predicted. Last time it came back all the way to 100k but that is not happening anymore due to so many more buyers.

But the present buyers are likely not lifting it above 200k either. They are not that many. In the grand scheme of things, we still have 1-3 months of accumulation below the recent highs, and when it's over, it is over and is not coming back.

[dreamspark]

Imo it all depends on if we break this double top. Only 1k coins now, expect it to power up through 0.002's if it gets there.

Risto don't be bearish trying to bring it down now. Its your fault we flew up like this 

[TrueCryptonaire]

its time for action
192 soon behind us?
sell side collapsed, lets see how high we go

The first hour of trading is showing: absolutely nowhere.

I told you we need a breather, and we are going to have one. What diverges from my plans (wishes  ) is that it seems quite reluctant to go as low as predicted. Last time it came back all the way to 100k but that is not happening anymore due to so many more buyers.

But the present buyers are likely not lifting it above 200k either. They are not that many. In the grand scheme of things, we still have 1-3 months of accumulation below the recent highs, and when it's over, it is over and is not coming back.

Not sure what is your strategy.... Especially knowing you are having some client funds that need to be spent on Moneros...

[GreekBitcoin]

its time for action
192 soon behind us?
sell side collapsed, lets see how high we go

The first hour of trading is showing: absolutely nowhere.

I told you we need a breather, and we are going to have one. What diverges from my plans (wishes  ) is that it seems quite reluctant to go as low as predicted. Last time it came back all the way to 100k but that is not happening anymore due to so many more buyers.

But the present buyers are likely not lifting it above 200k either. They are not that many. In the grand scheme of things, we still have 1-3 months of accumulation below the recent highs, and when it's over, it is over and is not coming back.

Not sure what is your strategy.... Especially knowing you are having some client funds that need to be spent on Moneros...

Buy low sell high

As for moneroclub otc trading, yes it was me, no i havent sold anything. I lost my password and havent found it yet. Oh well i will just make a new account.

[hodlmybtc]

Hai 0.002, good to see you back

[TrueCryptonaire]

Ladies and gentlemen! Monero has now changed the trend.
We are now officially in the bull markets.