[XMR] Monero Speculation

[GreekBitcoin]

Monero developer drops truth bombs: "No altcoins currently useful, majority are scams" http://ow.ly/ZRBop 

Thoughts?

He has written these exact things other times too. He doesnt go for the hype and he is sincere.
Cryptocurrencies are a very high risk investment and most of them are simple scams. So please dont mortgage your home to buy more of them.

[dEBRUYNE]

Pools that found a V2 block so far (and are thus safe to mine on):

https://moneropool.com/
http://monero.crypto-pool.fr/
http://dwarfpool.com/xmr
http://xmr.alimabi.cn/
https://minergate.com/pool-stats/mro
http://mro.poolto.be/#pool_blocks

Pending (i.e. where on the right version before the fork, but haven't found a block yet):

https://monerohash.com/#pool_blocks
http://minexmr.com/#pool_blocks (found the fork block, but nothing after)
http://xmr.prohash.net/#pool_blocks
http://monero.miner.center/#pool_blocks
http://mro.poolto.be/#pool_blocks (seems offline currently) FOUND BLOCK
http://monero.xminingpool.com/#pool_blocks

Wrong chain (i.e. where on the wrong version before the fork):

http://cryptmonero.com/#pool_blocks <= Botnet probably, see:

Seems to be mainly a botnet: http://fpaste.org/321343/14552121/. Also, reported number of miners seems fake if you compare it to the number of paid miners.

http://cryptonotepool.org.uk/#pool_blocks (indicated they would upgrade though)


If you are on a private pool, please check if your pool is finding blocks after 1009827. Pending pools probably got stuck due to their (custom) pool software. Issue reported by primer-:

"Error: Failed to parse block
    at Object.BlockTemplate.nextBlob (/root/test/cryptonote-universal-pool/lib/pool.js:120:23)
    at Object.Miner.getJob (/root/test/cryptonote-universal-pool/lib/pool.js:297:41)
    at handleMinerMethod (/root/test/cryptonote-universal-pool/lib/pool.js:492:28)
    at handleMessage (/root/test/cryptonote-universal-pool/lib/pool.js:606:13)
    at Socket.socket.on.on.on.pushMessage (/root/test/cryptonote-universal-pool/lib/pool.js:660:25)
    at Socket.EventEmitter.emit (events.js:95:17)
    at Socket.<anonymous> (_stream_readable.js:746:14)
    at Socket.EventEmitter.emit (events.js:92:17)
    at emitReadable_ (_stream_readable.js:408:10)
    at emitReadable (_stream_readable.js:404:5)





cryptonote-universal-pool wont run after the fork. node-cryptonote-pool works just fine

[vuduchyld]

Thoughts?

Don't click shortened links.

why not?

Because many shortened links lead to malware. Yours did not and the real link is https://bitcoinmagazine.com/articles/are-any-altcoins-currenty-useful-no-says-monero-developer-riccardo-spagni-1458743546

Using link shorteners always looks suspicious.

Wow...great article.  Now I want to buy even MOAR!

[smoothie]

Hehe, fun times, I've got 32% of total hash rate, should i try to DOUBLE SPEND ?

Lol yeah sure we all believe you.

[dEBRUYNE]

Not sure if already posted:

"3 Ways to Anonymize Cryptocurrency Transactions" - Monero Mentioned:

https://www.youtube.com/watch?v=MOhnFKI1P6E

[primer-]

Hehe, fun times, I've got 32% of total hash rate, should i try to DOUBLE SPEND ?

Lol yeah sure we all believe you.

Another 'legendary' idiot. I posted the list of blocks found on the main monero thread, I was solving 32% of all blocks for over one hour. Once Onishin (crypto-pool.fr) got his pool fixed it dropped down to 12%

Code:

1009943	54 to go	1378150793	3f78375a031bd929c43311a6424673041ff2bffb92b2e530df23ad6ba3b8f223	3/23/2016, 11:14:04 PM	93%
1009940	51 to go	1385523223	59ab707e619c9944fb29f44d2504e3ac72629e46ec17197030671d1f4e0e7e4c	3/23/2016, 11:10:08 PM	79%
1009934	45 to go	1403390081	85fb7777623100fbc2ba40ba5a2ece7bf2675c56270471eb80eb9e46656a044c	3/23/2016, 10:57:02 PM	94%
1009930	41 to go	1412466726	22a8abddc8ce7942bafd4313c4dc8d361b0b6e8bb62225aef40b32cc9a52154a	3/23/2016, 10:53:10 PM	92%
1009929	40 to go	1442407986	3d9a3bd994249d4c4316057580742b394785b838382423723ca3028b19078f99	3/23/2016, 10:48:04 PM	11%
1009907	18 to go	1558112984	a80beac2f3fb979b7cae9c3861dfff31d01877f1e9b79e671b4e5aa076a0fdba	3/23/2016, 9:51:26 PM	-55%
1009853		1627572355	2a97ce44a2e81d932a804668a93f2dd6670154283c04dd0005eeb1a8db47cdd5	3/23/2016, 7:20:59 PM	78%
1009852		1621258227	7750098e01c2c457c5e90639883b6be73decb1442931a3bdc018244c6cf75e60	3/23/2016, 7:05:24 PM	83%
1009849		1618724176	f20dfbe79664394d9b9920ea7095f516a24b5693f9166a10dbfe63f7db1ddf82	3/23/2016, 6:52:46 PM	84%
1009845		1613905042	4977c235f696284b55a42207933c4f045f647ea73efce1e2c280370d0754fc24	3/23/2016, 6:41:44 PM	79%
1009843		1621581315	a4a02510f2f376dff190c59486b370a022f01d45683b62bda83a4708bccdf36e	3/23/2016, 6:26:49 PM	48%
1009833		1609202846	a937fead88d2a438e11eeaf0e8596dc0cb92a028831104a02406d9734dbb3718	3/23/2016, 5:48:13 PM	94%
1009831		1602611350	65b2b5031e39702b8c5130d6254653cd00fbc7fe1bfd0b6be2664ac98776f09a	3/23/2016, 5:43:46 PM	84%

[bobabouey2]

Good job devs, thank you for your hard work.  I went and bought more Monero after the successful fork.

Thank you Primer as well for supporting the network.  You are earning your pay and we appreciate it.  Monero is real money and we believe in free markets, so you are free to do anything you want with your Moneros that you get for this service you provide us.  Your selling them actually helps the community to grow by distributing coins and keeping prices reasonable for others to buy in.


Most of those who were borrowing my coins to short have covered now sadly.  Still a few open, and the .5 to .9% interest is amazing.  I have decided I will not lend at .1% anymore, my minimum now is .5%, and I will only lend some there, the rest will be at 1% or higher.  I had some coins lent at .1% when it spiked up ,and as a result I wasnt able to get them out on loan at much higher rates.  Its better to loan at 1% for a couple days than it is to loan at .1% for a couple weeks.  We should all do this as it increases our Monero income and creates buying pressure, as shorts must buy to pay interest.

This community is top notch and very skilled.  Not having a GUI for almost 2 years was a great choice, it attracted the technical gurus to the community while keeping Monero away from the get rich quick people, while the devs worked to continuously improve Monero.

Curious, is this a taxed thing? Since it is in Crypto and paid in Crypto, it needn't be claimed on taxes?

They are free monero.  When I eventually sell them I'll pay taxes.

In the US, at least, that is most likely incorrect.  Crypto doesn't have to convert to USD to be taxable.  For example, the rules are very clear that mining bitcoin counts as income when the coins are received.  And if you purchase something for crypto, that is also a taxable event.

And interest on lending, whether margin or otherwise, is income.  So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

[bobabouey2]

Monero developer drops truth bombs: "No altcoins currently useful, majority are scams" http://ow.ly/ZRBop 

Thoughts?

He has written these exact things other times too. He doesnt go for the hype and he is sincere.
Cryptocurrencies are a very high risk investment and most of them are simple scams. So please dont mortgage your home to buy more of them.

Agreed that his message is consistent.  And I thought it was great that Ricardo / Monero is one of the few altcoins to get featured on the frontpage of /r/bitcoin without any pumping, let alone the opposite. 

PS, I am invested in some very high risk penny stocks.  They really are too risky for you to invest in... No, I'm really not comfortable telling you the tickers, I don't want you to potentially lose any money.  Please don't press me... Oh, and Tom Sawyer was really enjoying whitewashing that fence, he doesn't want your help whatsoever.

[ArticMine]

...

In the US, at least, that is most likely incorrect.  Crypto doesn't have to convert to USD to be taxable.  For example, the rules are very clear that mining bitcoin counts as income when the coins are received.  And if you purchase something for crypto, that is also a taxable vent.

And interest on lending, whether margin or otherwise. is income.  So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

It is also the same in Canada. Another example is let us say one sells Bitcoin for Monero, then this would trigger a capital gain or loss on the Bitcoin based on the fair market value of the Bitcoin in Canadian Dollars at the time of the sale.

[dEBRUYNE]

More detailed explanation of the pool issue, thanks to osensei:

The error on cryptonote-universal-pool is because of an incompatibility in the node-cryptonote-util library it uses (https://github.com/fancoder/node-cryptonote-util). With some tweaks it can work with the original library by lucasjones (https://github.com/lucasjones/node-cryptonote-util).

On https://monerohash.com, although I'm using cryptonote-universal-pool I made the switch to lucasjones' node-cryptonote-util library some time ago, that's why https://monerohash.com is not affected by that bug.

[aminorex]

...

In the US, at least, that is most likely incorrect.  Crypto doesn't have to convert to USD to be taxable.  For example, the rules are very clear that mining bitcoin counts as income when the coins are received.  And if you purchase something for crypto, that is also a taxable vent.

And interest on lending, whether margin or otherwise. is income.  So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

It is also the same in Canada. Another example is let us say one sells Bitcoin for Monero, then this would trigger a capital gain or loss on the Bitcoin based on the fair market value of the Bitcoin in Canadian Dollars at the time of the sale.

Such a burdensome accounting regime assures noncompliance.  Which is probably the purpose.

[explorer]

...

In the US, at least, that is most likely incorrect.  Crypto doesn't have to convert to USD to be taxable.  For example, the rules are very clear that mining bitcoin counts as income when the coins are received.  And if you purchase something for crypto, that is also a taxable vent.

And interest on lending, whether margin or otherwise. is income.  So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

It is also the same in Canada. Another example is let us say one sells Bitcoin for Monero, then this would trigger a capital gain or loss on the Bitcoin based on the fair market value of the Bitcoin in Canadian Dollars at the time of the sale.

Such a burdensome accounting regime assures noncompliance.  Which is probably the purpose.

I know I've had it on ignore for 3 years or so...

[americanpegasus]

...

In the US, at least, that is most likely incorrect.  Crypto doesn't have to convert to USD to be taxable.  For example, the rules are very clear that mining bitcoin counts as income when the coins are received.  And if you purchase something for crypto, that is also a taxable vent.

And interest on lending, whether margin or otherwise. is income.  So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

It is also the same in Canada. Another example is let us say one sells Bitcoin for Monero, then this would trigger a capital gain or loss on the Bitcoin based on the fair market value of the Bitcoin in Canadian Dollars at the time of the sale.

Such a burdensome accounting regime assures noncompliance.  Which is probably the purpose.

I have made literally thousands of Monero and Bitcoin trades and transactions this year already.  I have no idea how I will go about filing taxes for 2016.  It is absurd that I want to be a legal and tax compliant citizen in this manner, but will be assuredly unable to without spending hundreds or thousands of dollars on tax professionals to help me understand and calculate my tax burden.  If I were to try to tabulate it myself I am likely looking at hundreds of hours of work. 
 
This cannot go on like this - I will do my best but the days of crypto being three different forms of assets with unbearable associated tax rules have to end. 

[smooth]

...

In the US, at least, that is most likely incorrect.  Crypto doesn't have to convert to USD to be taxable.  For example, the rules are very clear that mining bitcoin counts as income when the coins are received.  And if you purchase something for crypto, that is also a taxable vent.

And interest on lending, whether margin or otherwise. is income.  So interest from margin lending crypto is most likely is income, you pay taxes on the value received as received, and your basis on the monero received is equal to that value.

It is also the same in Canada. Another example is let us say one sells Bitcoin for Monero, then this would trigger a capital gain or loss on the Bitcoin based on the fair market value of the Bitcoin in Canadian Dollars at the time of the sale.

Such a burdensome accounting regime assures noncompliance.  Which is probably the purpose.

I have made literally thousands of Monero and Bitcoin trades and transactions this year already.  I have no idea how I will go about filing taxes for 2016.  It is absurd that I want to be a legal and tax compliant citizen in this manner, but will be assuredly unable to without spending hundreds or thousands of dollars on tax professionals to help me understand and calculate my tax burden.  If I were to try to tabulate it myself I am likely looking at hundreds of hours of work.  
  
This cannot go on like this - I will do my best but the days of crypto being three different forms of assets with unbearable associated tax rules have to end.  

It's not really that big a deal. You download the data and use a spreadsheet or small program to calculate gains and losses.

There is no reason to spend hours and hours manually going through every trade.

Also, consider https://www.tyracpa.com/like-kind-exchange-treatment-crypto-currencies/ though you probably do want to work with a professional on that.

[smooth]

Monero developer drops truth bombs: "No altcoins currently useful, majority are scams" http://ow.ly/ZRBop 

Thoughts?

1. No altcoins are currently useful.

A bit more absolute than I would like. They can be useful for limited purposes. Not just Monero either, others can also be useful in limited ways. You don't need best security, etc. for every single sort of usage.

majority are scams

Absolutely true. Who would dispute this?

[birr]

smooth -- have you tried?
It's not so simple or so easy as you say.
I've done thousands of trades using bots on finex, etc.  This is going back a couple of years.
I hired a professional accountant, who billed himself as conversant in bitcoin, and couldn't do my taxes even with his help.
It's not a matter of what you started out with and how much you ended up with.

[smooth]

smooth -- have you tried?
It's not so simple or so easy as you say.
I've done thousands of trades using bots on finex, etc.  This is going back a couple of years.
I hired a professional accountant, who billed himself as conversant in bitcoin, and couldn't do my taxes even with his help.

Yes I've done exactly what I wrote. Download/export the logs, and process with a program or spreadsheet into realized gains/losses. In some cases you might not be able to do this (exchange out of business, etc.), so you do the best you can with the information available.

It's not a matter of what you started out with and how much you ended up with.

Agree.

[americanpegasus]

Making a good luck post here on page 777.  Here's hoping we hit a jackpot on Monero price as more GPU miners turn their attentions towards the network (making us stronger) and more Bitcoin maximalists realize we are an opportunity not seen since the original Blockchain back in 2009, giving us social legitimacy. 
 
The future is bright here in Moonero land.

[Drhiggins]

What is the name of that yacht?  "The Monero"  floating on a sea of cash.  This image made me laugh.  Awesome!

[saddambitcoin]

I disagree that Monero is not useful. I store my savings in it. I use it to buy goods using XMR.to. I play games with it at Crypto Kingdom.  Maybe next I'll work out a deal to pay my rent with it. Most importantly I use it to keep as much of my hard earned money out of those grubby banks.