[XMR] Monero Speculation

[Zegra]

I still remember too when monero was 0.50
Planned to buy some but kept postponing because I was in a break of crypto and then it skyrocketed to 6

I feel this will be 50 euros this summer, zt least. Looking at howfar we've come in a year.

[CryptoPH]

Long time holder here, I would like answers to the following:

1. Do people still believe in XMR as a long term hold? (I do).

2. Is development still active?

3. What happened to rpietila? I thought he was the Monero investment jesus, what happened?

1. IMHO, yes people believe in XMR (I do)

2. Yes, number of developers still bullish

3. You may ask him, it seems like he gave his answer already

[rpietila]

The following clauses hold true in 50.01% or higher probability (in my opinion), so I can bet 1:1 on anyone (OTC, any amt&currency(or cross-currency)) who does NOT believe (every item is a separate bet in this case);

if you bet (correctly) that:
A) nothing happens, I pay 7:1;

if you bet that
B) at least one does not happen (and they all do, by 31.12.2017), you pay 7:1):


CLAIMS:

1. Bitcoin (BTC) will reach $2000 this year.

2. Monero (XMR) will reach $50 this year.

3. CK will reach $100 million market cap this year.


I am open to favorable early settlements. I need to raise about $10 million to pay my debts.

The ones who bet me Simple=1 (normally: 1:1) get 1.xy:1 for all bets taken before xy'[ 0"] have passed from the timestamp of this post.

[CryptoPH]

I am filing my income tax for 2016, and I am wondering if you declare your XMR holdings in your income tax?

BTW, I live in the Netherlands.

[starmman]

I am filing my income tax for 2016, and I am wondering if you declare your XMR holdings in your income tax?

Where I am, I think I only need to declare it as capital gains when transferring back into fiat, but the rules will depend upon which country you are in. You should check with an accountant to be sure.

[Zegra]

I wouldn't. Of course, in my country cryptocurrency profits are for free because the high court of the EU declared cryptos as a currency (if you go on holidays outside of the eurozone, you don't pay taxes either for the foreign fiat currency you buy right?)
If the situation is different in your country, I'd argue that they aren't realized profits yet until you convert to fiat? You could still lose it all (from their perspective) so would be useless to pay taxes on income you never realized right?
But I'm not a lawyer.

[sp_skeptic]

I wouldn't. Of course, in my country cryptocurrency profits are for free because the high court of the EU declared cryptos as a currency (if you go on holidays outside of the eurozone, you don't pay taxes either for the foreign fiat currency you buy right?)
If the situation is different in your country, I'd argue that they aren't realized profits yet until you convert to fiat? You could still lose it all (from their perspective) so would be useless to pay taxes on income you never realized right?
But I'm not a lawyer.

In the US this is kind of a grey area. The question is whether exchanging one crypto for another is a "like kind" transaction. If you sell one pasture and buy another that is considered a like kind transaction and you don't have to pay taxes, you just carry the basis forward. But if you sell one stock and buy another that is specifically not considered like kind and you have to pay taxes.

The IRS hasn't ruled on crypto as like kind or not, but most people who have looked into it, including myself, think it's not. So if you sell appreciated Bitcoin to buy Monero you have to pay taxes on your gain in Bitcoin.  Even if you decide to claim like kind on crypto transactions you have to report the transaction to the IRS, so they will know who to come after when they finally make a ruling.

The one thing you do not want to do is fail to declare your crypto transactions to the IRS. They WILL find you.

[MataKhobRazi]

I wouldn't. Of course, in my country cryptocurrency profits are for free because the high court of the EU declared cryptos as a currency (if you go on holidays outside of the eurozone, you don't pay taxes either for the foreign fiat currency you buy right?)
If the situation is different in your country, I'd argue that they aren't realized profits yet until you convert to fiat? You could still lose it all (from their perspective) so would be useless to pay taxes on income you never realized right?
But I'm not a lawyer.

If you buy for example usd with eur to go to USA just for a holliday trip and the usd goes up, there is no tax to pay. But if you make trading betwen currencies [= buy and sell in a profit logic], you then have to pay taxes on your profits (even in the EU). The same logic applies to cryptocurreny if bitcoin for example is recognized by the law as a currency. [Switzerland may have a different approach on that question]

[rpietila]

I thikn $100 is easy peasy go this year..

[S.Clegane]

Maybe somebody knows when they are planning website redesign?

[KeyJockey]

Risto, I don't understand what you're after here, with this betting proposal?

You want people HERE to bet *against* you that crypto currencies will do well in the coming months/year?

Seems like you may have better luck finding a taker on some forum like buttcoin or some anti-crypto places, no? 

Folks around here are largely bullish and BELIEVE IN this stuff, i.e. not likely to take opposite position from you...

Also, if you really want to "gamble" to get the funds you need (not a good idea as others have already said, but whatever) take a look at https://edgeless.io maybe - this is a zero-house-edge game (in theory) so your EV is "0" at least & maybe you can just skim off the variance if you have a large enough bankroll, LOL

[rpietila]

Risto, I don't understand what you're after here, with this betting proposal?

You want people HERE to bet *against* you that crypto currencies will do well in the coming months/year?

Seems like you may have better luck finding a taker on some forum like buttcoin or some anti-crypto places, no? 

Folks around here are largely bullish and BELIEVE IN this stuff, i.e. not likely to take opposite position from you...

Also, if you really want to "gamble" to get the funds you need (not a good idea as others have already said, but whatever) take a look at https://edgeless.io maybe - this is a zero-house-edge game (in theory) so your EV is "0" at least & maybe you can just skim off the variance if you have a large enough bankroll, LOL

I CAN take both sides (just indicate your wish). I HAVE in my possession resources to influence it (on the margin( ofc)).

[cAPSLOCK]

The only caveat to this IMHO is when the ALT bubble bursts that is naturally going to drag XMR with it.  We can only hope that the muted participation in the bubble is matched by the participation in the carnage.

I would say this scenario is playing out as outlined above.  The bigger question is will the current bitcoin bull help the alt bubble fully shuffle off or just tease us today?

Here's to XMR holding relatively firm in the carnage.

[chilly2k]

I wouldn't. Of course, in my country cryptocurrency profits are for free because the high court of the EU declared cryptos as a currency (if you go on holidays outside of the eurozone, you don't pay taxes either for the foreign fiat currency you buy right?)
If the situation is different in your country, I'd argue that they aren't realized profits yet until you convert to fiat? You could still lose it all (from their perspective) so would be useless to pay taxes on income you never realized right?
But I'm not a lawyer.

In the US this is kind of a grey area. The question is whether exchanging one crypto for another is a "like kind" transaction. If you sell one pasture and buy another that is considered a like kind transaction and you don't have to pay taxes, you just carry the basis forward. But if you sell one stock and buy another that is specifically not considered like kind and you have to pay taxes.

The IRS hasn't ruled on crypto as like kind or not, but most people who have looked into it, including myself, think it's not. So if you sell appreciated Bitcoin to buy Monero you have to pay taxes on your gain in Bitcoin.  Even if you decide to claim like kind on crypto transactions you have to report the transaction to the IRS, so they will know who to come after when they finally make a ruling.

The one thing you do not want to do is fail to declare your crypto transactions to the IRS. They WILL find you.

    I'm not a tax expert, but I've dealt with this for many years.  and of course this is US only...   The "like kind" transactions your referring to generally apply to real estate, and for that "like kind" means any Real Estate.  You could sell your pasture and buy a parking lot, and it's still "like kind".   There are many rules involved and it's not as easy as just saying you sold and bought.  Although you do sell to USD and buy with USD.  It's considered a trade.  

   Your analogy with stocks is not a very good example.     "But if you sell one stock and buy another that is specifically not considered like kind and you have to pay taxes."  In this case you are selling stock A, and receiving USD, and then using USD's to buy stock B.  In that case the gains you made on stock A have to be reported and taxes paid on them.  Then Stock B's basis is whatever you bought it at.  

   To me, bitcoin is very different.  When you buy monero, your not selling bitcoin for USD, and then buying your monero with those USD's.  Your trading your bitcoin for moneros.  Your basis is whatever you paid for your bitcoin.  and your profit/loss is whatever you made on the sale (either bitcoin or monero) back to USD.  

  Again, all just my opinion.  

[KeyJockey]

I've begun to question this idea that the "alt bubble" necessarily MUST "burst"... which seems to be an (admittedly probably correct) foregone conclusion.

But, is it really?

Let's consider the bigger picture here that "money" pouring into all crypto now, is coming from the world of fiat currency.

Maybe ANY CRYPTO AT ALL is, in fact, better than ANY fiat?

I mean, compared to the dollar (if the dollar were "invented" today as a shitcoin) isn't some garbage like Dash even still better? LOL

This "alt coin pump" epic era that we are all sitting here living thru (and profiting from) may NOT really BE exactly what we THINK we are seeing...

[Febo]

Maybe somebody knows when they are planning website redesign?

There was a meeting about it only 2 days ago. Let me try to find what was said for you.

Here you have:

https://monerobase.com/wiki/WebdevMeeting_2017-05-07

I also found this:

https://www.reddit.com/r/Monero/comments/69n0ca/my_ffs_proposal_to_getmoneroorg_redesign/

https://www.reddit.com/r/Monero/comments/69m61h/getmoneroorg_redesign_proposal/

[cAPSLOCK]

I've begun to question this idea that the "alt bubble" necessarily MUST "burst"... which seems to be an (admittedly probably correct) foregone conclusion.

But, is it really?

Let's consider the bigger picture here that "money" pouring into all crypto now, is coming from the world of fiat currency.

Maybe ANY CRYPTO AT ALL is, in fact, better than ANY fiat?

I mean, compared to the dollar (if the dollar were "invented" today as a shitcoin) isn't some garbage like Dash even still better? LOL

This "alt coin pump" epic era that we are all sitting here living thru (and profiting from) may NOT really BE exactly what we THINK we are seeing...

I do think all bubbles must burst.  And you are rightly pointing out possibly the biggest one of all the USD.  The USD bubble could burst tomorrow morning, or perhaps in our great grandchildrens lives.  It is very easy to underestimate the might of the USD.  After all it has survived a massive amount of damage in the last 90 years.

The alt bubble?  That thing has only been with us for a few months.  I *is* going to pop.  And pop hard.  We should HOPE it does.

The price of some crypto defies all logic. We like to pick on DASH...  but lets look at ripple instead.  As of this post Ripple is woth SIX BILLION DOLLARS.  It should not be worth a 10th of that.  Not a 100th.

The alt bubble is going to pop.  (I really kind of hope that is happening now)

Fortunes will be made... fortunes will be lost.

Our little survivor XMR is positioned to be a fortune maker IMHO.

[Nathan047]

I am filing my income tax for 2016, and I am wondering if you declare your XMR holdings in your income tax?

BTW, I live in the Netherlands.

Here in the US you only need to note the profits you’ve gotten when you convert back to USD, as cyptocurrencies are considered “property” and not “money.” However, I have no idea how the Netherlands treats Bitcoin.

[Zegra]

I wouldn't. Of course, in my country cryptocurrency profits are for free because the high court of the EU declared cryptos as a currency (if you go on holidays outside of the eurozone, you don't pay taxes either for the foreign fiat currency you buy right?)
If the situation is different in your country, I'd argue that they aren't realized profits yet until you convert to fiat? You could still lose it all (from their perspective) so would be useless to pay taxes on income you never realized right?
But I'm not a lawyer.

In the US this is kind of a grey area. The question is whether exchanging one crypto for another is a "like kind" transaction. If you sell one pasture and buy another that is considered a like kind transaction and you don't have to pay taxes, you just carry the basis forward. But if you sell one stock and buy another that is specifically not considered like kind and you have to pay taxes.

The IRS hasn't ruled on crypto as like kind or not, but most people who have looked into it, including myself, think it's not. So if you sell appreciated Bitcoin to buy Monero you have to pay taxes on your gain in Bitcoin.  Even if you decide to claim like kind on crypto transactions you have to report the transaction to the IRS, so they will know who to come after when they finally make a ruling.

The one thing you do not want to do is fail to declare your crypto transactions to the IRS. They WILL find you.

So what are you going to do when you buy a few ripple and it skyrockets and it hits your limit sell order and immediately back through your buy order a bit lower but a bit later your stop loss market order is hit and you divide some between stellar and convert some to XMR. And a bit later you cash out of stellar and buy something. And each time you change crypto you have to go through BTC first. And that was in 3 minutes

How the hell do you fill that in your tax declaration?

[saddambitcoin]

I wouldn't. Of course, in my country cryptocurrency profits are for free because the high court of the EU declared cryptos as a currency (if you go on holidays outside of the eurozone, you don't pay taxes either for the foreign fiat currency you buy right?)
If the situation is different in your country, I'd argue that they aren't realized profits yet until you convert to fiat? You could still lose it all (from their perspective) so would be useless to pay taxes on income you never realized right?
But I'm not a lawyer.

In the US this is kind of a grey area. The question is whether exchanging one crypto for another is a "like kind" transaction. If you sell one pasture and buy another that is considered a like kind transaction and you don't have to pay taxes, you just carry the basis forward. But if you sell one stock and buy another that is specifically not considered like kind and you have to pay taxes.

The IRS hasn't ruled on crypto as like kind or not, but most people who have looked into it, including myself, think it's not. So if you sell appreciated Bitcoin to buy Monero you have to pay taxes on your gain in Bitcoin.  Even if you decide to claim like kind on crypto transactions you have to report the transaction to the IRS, so they will know who to come after when they finally make a ruling.

The one thing you do not want to do is fail to declare your crypto transactions to the IRS. They WILL find you.

So what are you going to do when you buy a few ripple and it skyrockets and it hits your limit sell order and immediately back through your buy order a bit lower but a bit later your stop loss market order is hit and you divide some between stellar and convert some to XMR. And a bit later you cash out of stellar and buy something. And each time you change crypto you have to go through BTC first. And that was in 3 minutes

How the hell do you fill that in your tax declaration?

calculate your gains/losses with this https://bitcoin.tax/

then simply report a capital gain or loss on your taxes.