/XMR/ Monero General

[Shami-Amourae]

The reason I'm making such a big deal about the exchanges is since basically what's going on is similar to the COMEX shorts on Silver. The difference is can easily be exposed since it's a lot easier to buy up the Monero supply and not put it on centralized exchanges that manipulate the markets like Binance (that's where the Bitcoin flash crash happened.)

A lot of lot of 2011 Bitcoin OGs have been eating it all up, and aren't selling.

This is why the Atomic Swaps the Monero community are developing to be so revolutionary since it will make it crazy difficult for institutions to manipulate the markets. They're also working on a way to onboard/offboard fiat, which essentially could create a new way to avoid taxes entirely, and operate outside the system.

[PatColo]

I'm moving Monero discussion here.

duly noted.

[EE_]

Treasury Calls for Crypto Transfers Over $10,000 to Be Reported to IRS
By Laura Davison and Christopher Condon
May 20, 2021, 12:00 PM EDT Updated on May 20, 2021, 12:48 PM EDT

The U.S. Treasury said the Biden administration’s proposal to strengthen tax compliance includes a requirement for transfers of at least $10,000 of cryptocurrency to be reported to the Internal Revenue Service.

“As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on,” the Treasury Department said in a report on tax-enforcement proposals released Thursday.

The Treasury said that comprehensive reporting is necessary “to minimize the incentives and opportunity to shift income out of the new information reporting regime.” It noted that cryptocurrency is a small share of current business transactions.

Bitcoin pared a rebound from Wedndesay’s rout on the IRS announcement, which shaved about $3,000 from the token’s price. It traded higher by 3% near $39,000 as of 12:33 p.m. in New York. Cryptocurrency-linked stocks like Coinbase and MicroStrategy also reversed their gains.

The IRS in 2020 added a line about cryptocurrency on the Form 1040, the individual tax return, in an effort to gain more visibility into virtual currency transactions.

President Joe Biden’s administration is also calling for banks to report on account flows to help boost tax-payment compliance.

“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury said.

https://www.bloomberg.com/news/artic...eported-to-irs

[vacuum]

Treasury Calls for Crypto Transfers Over $10,000 to Be Reported to IRS
By Laura Davison and Christopher Condon
May 20, 2021, 12:00 PM EDT Updated on May 20, 2021, 12:48 PM EDT

The U.S. Treasury said the Biden administration’s proposal to strengthen tax compliance includes a requirement for transfers of at least $10,000 of cryptocurrency to be reported to the Internal Revenue Service.

“As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on,” the Treasury Department said in a report on tax-enforcement proposals released Thursday.

The Treasury said that comprehensive reporting is necessary “to minimize the incentives and opportunity to shift income out of the new information reporting regime.” It noted that cryptocurrency is a small share of current business transactions.

Bitcoin pared a rebound from Wedndesay’s rout on the IRS announcement, which shaved about $3,000 from the token’s price. It traded higher by 3% near $39,000 as of 12:33 p.m. in New York. Cryptocurrency-linked stocks like Coinbase and MicroStrategy also reversed their gains.

The IRS in 2020 added a line about cryptocurrency on the Form 1040, the individual tax return, in an effort to gain more visibility into virtual currency transactions.

President Joe Biden’s administration is also calling for banks to report on account flows to help boost tax-payment compliance.

“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury said.

https://www.bloomberg.com/news/artic...eported-to-irs

Fuck them.

First they don’t classify crypto as currency, but rather as property so they can screw us on taxes, now they want to add all the currency regulations anyway. Fuck this.

[monty]

Treasury Calls for Crypto Transfers Over $10,000 to Be Reported to IRS
By Laura Davison and Christopher Condon
May 20, 2021, 12:00 PM EDT Updated on May 20, 2021, 12:48 PM EDT

The U.S. Treasury said the Biden administration’s proposal to strengthen tax compliance includes a requirement for transfers of at least $10,000 of cryptocurrency to be reported to the Internal Revenue Service.

“As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on,” the Treasury Department said in a report on tax-enforcement proposals released Thursday.

The Treasury said that comprehensive reporting is necessary “to minimize the incentives and opportunity to shift income out of the new information reporting regime.” It noted that cryptocurrency is a small share of current business transactions.

Bitcoin pared a rebound from Wedndesay’s rout on the IRS announcement, which shaved about $3,000 from the token’s price. It traded higher by 3% near $39,000 as of 12:33 p.m. in New York. Cryptocurrency-linked stocks like Coinbase and MicroStrategy also reversed their gains.

The IRS in 2020 added a line about cryptocurrency on the Form 1040, the individual tax return, in an effort to gain more visibility into virtual currency transactions.

President Joe Biden’s administration is also calling for banks to report on account flows to help boost tax-payment compliance.

“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury said.

https://www.bloomberg.com/news/artic...eported-to-irs

Unless the cryptocurrency in question is from a federal privilege or activity, a "trade or business that is a function of a public office" it is not "income" under the relevant tax laws, but is private sector earnings and not subject to direct taxation without apportionment. Brushaber vs Union Pacific Railroad 240 US 1 1916

[t]hat is, a power to levy an income tax which, although direct, should not be subject to the regulation of apportionment applicable to all other direct taxes. And the far-reaching effect of this erroneous assumption will be made clear by generalizing the many contentions advanced in argument to support it, as follows: (a) The Amendment authorizes only a particular character of direct tax without apportionment, and therefore if a tax is levied under its assumed authority which does not partake of the characteristics exacted by the Amendment, it is outside of the Amendment, and is void as a direct tax in the general constitutional sense because not apportioned[.]

[vacuum]

Shami, I was using fixedfloat for xmr transfers last night but now that isn’t available today. Any recommendations for getting xmr?

[Shami-Amourae]

Treasury Calls for Crypto Transfers Over $10,000 to Be Reported to IRS
By Laura Davison and Christopher Condon
May 20, 2021, 12:00 PM EDT Updated on May 20, 2021, 12:48 PM EDT

The U.S. Treasury said the Biden administration’s proposal to strengthen tax compliance includes a requirement for transfers of at least $10,000 of cryptocurrency to be reported to the Internal Revenue Service.

You can see why I've been trying to push you guys so hard into Monero.
Once you're there they can't do shit.
I've been buying at "any price" since I knew regulation would clamp down on this stuff, and it's value would eventually skyrocket.

The tax thing will probably be bullish for Bitcoin and other major surveillance coins though.

Christopher Greene explains:

The new government "FedCoin" will work alongside Bitcoin, Ethereum, and the rest. They are building a surveillance grid around these.
The technocracy is funding Elon Musk/Tesla to build Starlink which will be a low-orbit like mesh network that will allow high speed Internet anywhere in the world. Oh yeah and it's a giant surveillance AI grid that will let the government watch everything you do visually and electronically.


Essentially I recommend you guys all have some surveillance coins (non-privacy) that are HIGH CAP. This includes Bitcoin, Ethereum, Cardano, Polkadot, potentially XRP even.
You then want another stash of privacy coins. I'm only into Monero myself personally since all the other privacy coins right now rely on TradeOrge (this includes Pirate Chain), which is a major choke point. TradeOgre is operating illegally and could be shut down any day. If you plan to use that website make sure you're using a VPN.



tl;dr:
The next big trend is going to be privacy, and I'm getting you guys in on this early before the public goes crazy for it in 1-3 years.

[Shami-Amourae]

Shami, I was using fixedfloat for xmr transfers last night but now that isn’t available today. Any recommendations for getting xmr?

No idea. All the places I went to get XMR are out of Monero.
I tried to warn you to get in when I did.

I'll let you know if I find a new way to get it. We may need to wait for Haveno to launch (Atomic Swaps) and then it's game over for the governments.

There's a huge battle going on behind the scenes between cypherpunks and technocrats right now. The technocrats are using old world methods to stop us, but they don't understand their setting us up for mass adoption of Atomic Swaps which will be their demise.

In the meantime, my best guess would be to use TradeOgre, but do it at your own risk. I won't personally. I did buy up a ton of Monero and myself and many in the Monero community that know what's really going on won't be giving up ours anytime soon at these bullshit prices set by Binance, which DOESN'T EVEN HAVE ANY MONERO!

[vacuum]

Looks like fixedfloat has xmr support back.

[Shami-Amourae]

Looks like fixedfloat has xmr support back.

Did you get a successful swap?




ALL OF THEM