[XMR] Monero Speculation

[bobabouey2]

They could handle the KYC aspect of Monero coming into Coinbase the same way they do for cash and bitcoin currently, and the same way banks do.  I.e. ask the owner to disclose how they acquired them, source of funds, etc.

Banks have rules about cash. Coinbase does not handle cash, only bank transfers and Bitcoin (and Ethereum).

That's a big difference. A bank could just throw up their hands and say "Can't trace the chain? Let's treat it like cash to be safe" but Coinbase can't in practice do that.

In my quote, I guess instead of cash, I meant USD.  If there is a large deposit of USD, they often ask for the source of the funds, employment, etc. to fulfill their KYC.  Other than asking those questions, they have no way of verifying where those USD actually came from.  They just don't accept them if it raises flags.

If they did accept cash, they would ask the same questions for large deposits.  Same as if you deposit large amounts of Bitcoin or Ethereum.

Which is why I think its the anonymous outflow which is currently the bigger problem for them.

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[Hueristic]

They could handle the KYC aspect of Monero coming into Coinbase the same way they do for cash and bitcoin currently, and the same way banks do.  I.e. ask the owner to disclose how they acquired them, source of funds, etc.

Banks have rules about cash. Coinbase does not handle cash, only bank transfers and Bitcoin (and Ethereum).

That's a big difference. A bank could just throw up their hands and say "Can't trace the chain? Let's treat it like cash to be safe" but Coinbase can't in practice do that.

I thought all crypto currency's had already been determined to be securities, didn't they have to rule on that for tax purposes a few years ago?

[rinus]

It kind of hurts a bit to see dash taking off and stay at to bottom... But again, I keep holding on for the long term , lready in it from the early 0.6 days and still hodling

[bobabouey2]

They could handle the KYC aspect of Monero coming into Coinbase the same way they do for cash and bitcoin currently, and the same way banks do.  I.e. ask the owner to disclose how they acquired them, source of funds, etc.

Banks have rules about cash. Coinbase does not handle cash, only bank transfers and Bitcoin (and Ethereum).

That's a big difference. A bank could just throw up their hands and say "Can't trace the chain? Let's treat it like cash to be safe" but Coinbase can't in practice do that.

I thought all crypto currency's had already been determined to be securities, didn't they have to rule on that for tax purposes a few years ago?

IRS deemed them property / assets, like securities.

Doesn't really affect the KYC / AML issues with a cryptocurrency (anonymous or pseudonymous).  Other than meaning that if you use crypto to money launder, and you haven't paid taxes appropriately, you will also be charged with tax fraud.

[ResistantLaw]

It kind of hurts a bit to see dash taking off and stay at to bottom... But again, I keep holding on for the long term , lready in it from the early 0.6 days and still hodling

Don't worry, it won't last. And anyways, a lot of their coins are in master nodes, so it is a big impact on the available coins. (I think like ~40% of their coins)

[Hueristic]

They could handle the KYC aspect of Monero coming into Coinbase the same way they do for cash and bitcoin currently, and the same way banks do.  I.e. ask the owner to disclose how they acquired them, source of funds, etc.

Banks have rules about cash. Coinbase does not handle cash, only bank transfers and Bitcoin (and Ethereum).

That's a big difference. A bank could just throw up their hands and say "Can't trace the chain? Let's treat it like cash to be safe" but Coinbase can't in practice do that.

I thought all crypto currency's had already been determined to be securities, didn't they have to rule on that for tax purposes a few years ago?

IRS deemed them property / assets, like securities.

Doesn't really affect the KYC / AML issues with a cryptocurrency (anonymous or pseudonymous).  Other than meaning that if you use crypto to money launder, and you haven't paid taxes appropriately, you will also be charged with tax fraud.

Sets precedence doesn't it?

[TrueCryptonaire]

I think the two major weaknesses Monero have are 1) No masternodes (only dumpages on the exchanges) 2) No ongoing marketing hype. The result is that the price declines against bitcoin.

Masternodes are a liability.  They are an attack vector for deanonymizing transactions.  We should thank Saberhagen we don't have that.  But I assume you like them because they reduce the liquidity of the float thereby causing swings in price to be more amplified.

And the ongoing marketing "hype" is just bullshit.

You seem to only be interested in Monero as a get rich quick "pump and dump" vehicle.  That's fine.  My priorities are different though.  I do NOT want marketing "hype".  When you make the price rise unnaturally you will pay for it eventually.  In fact it could be argued we are paying for the dark market hype now.

I would propose Dash better meets your desires for a cryptocurrency.

To be honest I should have invested into Dark coin when it was cheap (a couple months ago).... I think it is too late now - I am not saying it cannot go higher but definetely it is not that much of a bargain than it was.
Yes in terms of market capitalization the idea of masternodes is perfect for a crypto in the world we are living (where cryptos are merely speculation tools). Basically anything that locks coins is preventing the major dumps taking place and helps the price to increase as it is easier to pump a coin that has lowish available supply.
I think people investing in Darkcoin understand basic economics. 
I am currently investigating coins to diversify, and I am interested in projects that have opportunity to rise in price. You know, I am not an idealist but a speculator.
And nope, I have no margin positions to any directions.

Woulda, coulda, shoulda,...WCS

Now go start a market hype campaign with your own funds.

Thanks 

Please do not direct the question to the funding issues.....

Why not?

I'm a big believer that if I want something I would rather do it myself. In the same respect I would expect someone who wants something to do the same.

Because me as a funder is kinda weakness of Monero compared to Dark coin that has a set budget for the hyping and pumping.

[bobabouey2]

They could handle the KYC aspect of Monero coming into Coinbase the same way they do for cash and bitcoin currently, and the same way banks do.  I.e. ask the owner to disclose how they acquired them, source of funds, etc.

Banks have rules about cash. Coinbase does not handle cash, only bank transfers and Bitcoin (and Ethereum).

That's a big difference. A bank could just throw up their hands and say "Can't trace the chain? Let's treat it like cash to be safe" but Coinbase can't in practice do that.

I thought all crypto currency's had already been determined to be securities, didn't they have to rule on that for tax purposes a few years ago?

IRS deemed them property / assets, like securities.

Doesn't really affect the KYC / AML issues with a cryptocurrency (anonymous or pseudonymous).  Other than meaning that if you use crypto to money launder, and you haven't paid taxes appropriately, you will also be charged with tax fraud.

Sets precedence doesn't it?

Not sure what precedent you are referring to?

[Hueristic]

They could handle the KYC aspect of Monero coming into Coinbase the same way they do for cash and bitcoin currently, and the same way banks do.  I.e. ask the owner to disclose how they acquired them, source of funds, etc.

Banks have rules about cash. Coinbase does not handle cash, only bank transfers and Bitcoin (and Ethereum).

That's a big difference. A bank could just throw up their hands and say "Can't trace the chain? Let's treat it like cash to be safe" but Coinbase can't in practice do that.

I thought all crypto currency's had already been determined to be securities, didn't they have to rule on that for tax purposes a few years ago?

IRS deemed them property / assets, like securities.

Doesn't really affect the KYC / AML issues with a cryptocurrency (anonymous or pseudonymous).  Other than meaning that if you use crypto to money launder, and you haven't paid taxes appropriately, you will also be charged with tax fraud.

Sets precedence doesn't it?

Not sure what precedent you are referring to?

If the IRS has classified them as securities than all gov must recognize them as such unless that ruling gets challenged in a court of law, correct? Well in the US anyway.

[smoothie]

I think the two major weaknesses Monero have are 1) No masternodes (only dumpages on the exchanges) 2) No ongoing marketing hype. The result is that the price declines against bitcoin.

Masternodes are a liability.  They are an attack vector for deanonymizing transactions.  We should thank Saberhagen we don't have that.  But I assume you like them because they reduce the liquidity of the float thereby causing swings in price to be more amplified.

And the ongoing marketing "hype" is just bullshit.

You seem to only be interested in Monero as a get rich quick "pump and dump" vehicle.  That's fine.  My priorities are different though.  I do NOT want marketing "hype".  When you make the price rise unnaturally you will pay for it eventually.  In fact it could be argued we are paying for the dark market hype now.

I would propose Dash better meets your desires for a cryptocurrency.

To be honest I should have invested into Dark coin when it was cheap (a couple months ago).... I think it is too late now - I am not saying it cannot go higher but definetely it is not that much of a bargain than it was.
Yes in terms of market capitalization the idea of masternodes is perfect for a crypto in the world we are living (where cryptos are merely speculation tools). Basically anything that locks coins is preventing the major dumps taking place and helps the price to increase as it is easier to pump a coin that has lowish available supply.
I think people investing in Darkcoin understand basic economics. 
I am currently investigating coins to diversify, and I am interested in projects that have opportunity to rise in price. You know, I am not an idealist but a speculator.
And nope, I have no margin positions to any directions.

Woulda, coulda, shoulda,...WCS

Now go start a market hype campaign with your own funds.

Thanks 

Please do not direct the question to the funding issues.....

Why not?

I'm a big believer that if I want something I would rather do it myself. In the same respect I would expect someone who wants something to do the same.

Because me as a funder is kinda weakness of Monero compared to Dark coin that has a set budget for the hyping and pumping.

Weakness in self funding by the community that believes in a project?

Dark/DASH just sacrificed network security to allow MNs to generate "mining rewards" and took that away from the miners who secure the network. Not really a good argument there.

[starmman]

Shit if I had typed .00999 instead of .0999 on my long I would be happy now. Guess I have to wait a little  longer for pARITY. dOH

Haha, I've done that a couple of times before - its annoying when the price travels between 0.009 and 0.01 - caught me out a couple of times - I've written a robot to trade XMR for me now which shouldn't make those kind of mistakes...

[ResistantLaw]

Any opinions on if I put another $100 on XMR, would you say do it now? Or wait till bitcoin etf decision?

[bobabouey2]

They could handle the KYC aspect of Monero coming into Coinbase the same way they do for cash and bitcoin currently, and the same way banks do.  I.e. ask the owner to disclose how they acquired them, source of funds, etc.

Banks have rules about cash. Coinbase does not handle cash, only bank transfers and Bitcoin (and Ethereum).

That's a big difference. A bank could just throw up their hands and say "Can't trace the chain? Let's treat it like cash to be safe" but Coinbase can't in practice do that.

I thought all crypto currency's had already been determined to be securities, didn't they have to rule on that for tax purposes a few years ago?

IRS deemed them property / assets, like securities.

Doesn't really affect the KYC / AML issues with a cryptocurrency (anonymous or pseudonymous).  Other than meaning that if you use crypto to money launder, and you haven't paid taxes appropriately, you will also be charged with tax fraud.

Sets precedence doesn't it?

Not sure what precedent you are referring to?

If the IRS has classified them as securities than all gov must recognize them as such unless that ruling gets challenged in a court of law, correct? Well in the US anyway.

Not necessarily.  And again, not securities, property.  Securities are property.  Bitcoin are property.  Bitcoin not necessarily a security.

And whether they are property or security, doesn't affect KYC / AML.  Show up to your bank with a bunch of bearer bonds of unknown source, they may decide they need info on source.

[CryptoPH]

Crazy price action for XMR/BTC!
Another spike again? Or real uptrend? 

[Millionero]

Cryptos aren't registered securities; therefore, cryptos aren't securities.  By law.

[bobabouey2]

Cryptos aren't registered securities; therefore, cryptos aren't securities.  By law.

By no means do securities have to be registered to be securities.

You can form a company in hours and issue yourself securities, unregistered.  Subject to various exemptions from registration, you can also issue unregistered securities to your employees and investors.

You can legally raise large amounts of money from qualified investors using unregistered securities.

Or you can illegally sell unregistered securities.  Like this guy:  http://www.coindesk.com/sec-voorhees-deal-unauthorized-securities-sales/

Lots of things can be securities.  Whether or not they need to be registered is a secondary question.

[Hueristic]

They could handle the KYC aspect of Monero coming into Coinbase the same way they do for cash and bitcoin currently, and the same way banks do.  I.e. ask the owner to disclose how they acquired them, source of funds, etc.

Banks have rules about cash. Coinbase does not handle cash, only bank transfers and Bitcoin (and Ethereum).

That's a big difference. A bank could just throw up their hands and say "Can't trace the chain? Let's treat it like cash to be safe" but Coinbase can't in practice do that.

I thought all crypto currency's had already been determined to be securities, didn't they have to rule on that for tax purposes a few years ago?

IRS deemed them property / assets, like securities.

Doesn't really affect the KYC / AML issues with a cryptocurrency (anonymous or pseudonymous).  Other than meaning that if you use crypto to money launder, and you haven't paid taxes appropriately, you will also be charged with tax fraud.

Sets precedence doesn't it?

Not sure what precedent you are referring to?

If the IRS has classified them as securities than all gov must recognize them as such unless that ruling gets challenged in a court of law, correct? Well in the US anyway.

Not necessarily.  And again, not securities, property.  Securities are property.  Bitcoin are property.  Bitcoin not necessarily a security.

And whether they are property or security, doesn't affect KYC / AML.  Show up to your bank with a bunch of bearer bonds of unknown source, they may decide they need info on source.

Thanks for the explanation, I have no clue about all these bullshit laws all I know is the rich don't pay and the rest of us do.

[Hueristic]

So I put a margin sell in to close my long @ .00109 and it disappeared and never closed. It's small so i don't care but polo has screwed me on margins a few times now.

[explorer]

So I put a margin sell in to close my long @ .00109 and it disappeared and never closed. It's small so i don't care but polo has screwed me on margins a few times now.

You're having a hell of a time with those zeros 

[Hueristic]

So I put a margin sell in to close my long @ .00109 and it disappeared and never closed. It's small so i don't care but polo has screwed me on margins a few times now.

You're having a hell of a time with those zeros 

Yup, gotta go back to just buying and h0dl!