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What is everyone's sentiment on Monero? To me, it seems to solve the privacy concerns of bitcoin, and is being used rampantly on the Darknet (whether this is a "good" or "bad" thing is another discussion - the point is that it is being used).
First time I used it to setup this forum. Had some lying around for a while. Simple to use. Like ETH transactions are a bit slow, might take several minutes to send. But I guess that adds to the privacy. The head of Solana who said that there is an inherent trade off between security and speed and Solana is the speed chain. Txs in under a second. Seems Monero is low for fees of about 5 cents. So it makes sense why it has become the dark web standard if you are looking at confirmations in 10 minutes, rather than 1 hour (BTC); and fees of 5 cents vs. $1 (BTC).
I see there are services where people can quickly buy monero with card or PayPal. That could be used as the main donation mode. Also collect BTC etc. and convert to monero as required.
Unchained looks very interesting, in that you keep your own keys. Other crypto IRAs function more like, say, Vanguard, where they have custody of everything. The fees though, are generally incredibly high for any company you go with. iTrust Capital does seem to have the lowest fees I'm ware of (no fees other than transaction fees, which are a high 1%).
Yes, whether it happens or not, know that the plan in general is confiscation around the end of the decade. So plan or react accordingly. Even if you have a small amount kept in "retirement devices" as a way to be a "victim", we can discuss that as time goes by as a minor strategy. I think we'll all know what the world will increasingly look like over the next 2 years, as a setup towards really weird or bad stuff nearing the next decade.
The issue I have with any sort of ETF is that you do not own the asset itself.
So, if you are investing in this asset (and specifically this class of asset) you need have physical access to it.
What are your sentiments on Monero - where the privacy that is built in offers anonymity. How would anyone know what you possess or do not possess? I believe that this needs to be a mainstay in the space, it needs to be cashlike.
JayR
Heritage
Inherited IRAs must be depleted fully within 10 years after the death of the original owner, so if TPTB come to confiscate my BTC IRA in 2030, most of it will have already been withdrawn. IRA can be my honeypot stack -- my main stack is fully non-KYC, so hoping it's safe from confiscation.
president
Heirloom
This is true and there's a reason why the 'whales' don't own ETFs and they're only pushed to retail investors. The big money individuals and firms want equity ownership of companies. Do you know of any hedge funds or private equity that invest in ETFs? I don't. I'd probably view crypto ETFs with the same skepticism that I view precious metals ETFs which means that 'if you don't hold it, you don't own it'. However, there is somewhat of a case to be made that for trading purposes, there is a place for ETFs, even for crypto and metals. You're ultimately better off owning a short list of actual equity shares in companies within the given sectors you wish to invest in instead of say buying sector or asset based ETFs and for crypto and metals, own the real thing - but this takes a lot more work and many retail investors take the easy way out.
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ISR92
Heritage
Doubtful. You can't easily confiscate something which you can store in your head, outside of duress. If the government wants to shut down the crypto rodeo, the way forward is to ban it, ban transacting with it, ban exchanges, and ban the sale of mining equipment. There would still be residual holders, which the government could target with an executive order 6102-style revocation scheme, though all of that seems like too much effort for something that is hardly being used as money.
You misunderstood me. BTC is the only bulwark against the confiscation, as it's the only thing ever invented that is non-confisctable, or the closest to it, but of course has risks as you point out (duress or pressure points if you're found out). I was referring to the confiscation being related to all of the assets that people believe they have somewhere else (brokerage accounts, etc) but only see on a computer screen.
I was happy when I found out how to keep my bitcoin without constantly syncing a gigantic blockchain. Made it much more practical and useful.
My one monero experience has been a blockchain nightmare. A separate harddrive for the blockchain to live on and a terminal command that starts the node so as to find the monero blockchain there. Of course also the internet bandwidth to sync it cause it is always growing. Great, it worked, but crypto starts to feel like you are carrying a weight around (extra hard drive with a blockchain) just as back in the day one may have carried around silver coins.
Is that the way it's meant to be or have some have you found a more lightweight way to keep and use your monero (on a linux system)
My one monero experience has been a blockchain nightmare. A separate harddrive for the blockchain to live on and a terminal command that starts the node so as to find the monero blockchain there. Of course also the internet bandwidth to sync it cause it is always growing. Great, it worked, but crypto starts to feel like you are carrying a weight around (extra hard drive with a blockchain) just as back in the day one may have carried around silver coins.
Is that the way it's meant to be or have some have you found a more lightweight way to keep and use your monero (on a linux system)
A
Put it in a savings account. You can get 5.2% APY with zero risk (up to $250k). Money markets will pay you the same.
Buy assets if prices come down.
Are you going to gamble your uncle’s life savings?
Put it in a savings account. You can get 5.2% APY with zero risk (up to $250k). Money markets will pay you the same.
Buy assets if prices come down.
Did anyone see that kraken message? I saw an email posted on twitter that was about older transactions for a higher amount, but it was for years 2016-20, where they said they'd be giving information to the feds (irs). I couldn't tell, and someone else asked, if that means that beyond that they've been giving information (which I sort of presumed). I think what this is is trying to determine if someone sold or was trading/staking in that time period and didn't declare it as a capital gain on taxes back then, no?
All in all, I'm curious as to the degree to which this is just tax inquiry or chokepoint kind of stuff moving ahead.
All in all, I'm curious as to the degree to which this is just tax inquiry or chokepoint kind of stuff moving ahead.
I can’t remember the guy’s name. Voorhees maybe. He was always a libertarian and I doubt he’s doing such thing because he wants to. He’s probably following government regulations.
You can buy from an exchange but the best thing is to send the bitcoin you buy to a CoinJoin and when you’re ready to spend it, put it in Bisq to sell it. You’ll have less liquidity but at least you don’t have to deal with such BS.
You can buy from an exchange but the best thing is to send the bitcoin you buy to a CoinJoin and when you’re ready to spend it, put it in Bisq to sell it. You’ll have less liquidity but at least you don’t have to deal with such BS.
I'm using the itrust IRA to custody bitcoin.
As others have pointed out:
- It has fees, but they are about the lowest I can find
- You still have counter-party risk, e.g., what if the iTrust managers turn out to be the new Sam Bankman-Fried and run off with your bitcoin?
It has been fine so far for me.
I like the idea that with retirement funds, you can go further out the risk curve. You shouldn't need the money soon. So bitcoin in an IRA actually makes a lot of sense to me, whereas I prefer to keep more fiat, stocks, etc in taxable accounts.
Everybody should own a bit of Monero.
Just keep in mind that some countries have made it impossible already to buy it via official means(Japan, Korea, Australia, UK - please correct me if i should be mistaken).
I use it quite a bit for a number of digital services and goods. The only issue I have with it is it's not exactly easy to convert to in where I am at the moment.