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dazlightyear last won the day on September 20 2016

dazlightyear had the most liked content!

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About dazlightyear

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  1. If you Don't Start Believing in Ripple after this, I don't know

    I'm not sure that people throwing lots of money at projects being built on Ethereum should make anyone believe more in Ripple. I assume that your argument is that major bugs will be found in Ethereum that will lead to funds being lost, which in turn would cause investors to move their funds into Ripple. However Ethereum is a platform for running smart contracts whereas Ripple is positioning XRP primarily as a bridge currency for cross border payments. They are not in direct competition. If Ethereum does run into insurmountable problems, which appears increasingly unlikely, it will be replaced by another platform for building decentralised applications. That said, Ripple has an excellent security record and this makes it a compelling choice for institutional investment.
  2. What's your portfolio like?

    As things stand today my ETH stack is worth more than my XRP. Go easy on me. 48% ETH 44% XRP 4.4% MLN 1.4% REP 1.2% ICN 0.5% KMD 0.3% BTC 0.2% ZEC Also Cosmos and Dfinity - not yet distributed.
  3. 2b+ ripple dropped

    I'm guessing that the 4bn is destined to be split between a number of partners, probably as part of a deal that has been in the works for some time. With this in mind I would expect the XRP price was locked in some time ago.
  4. 2b+ ripple dropped

    4bn is massive. More likely to be distributed amongst R3 bank members after successfully completing their trial using XRP for cross border payments. https://ripple.com/insights/ripple-and-r3-team-up-with-12-banks-to-trial-xrp-for-cross-border-payments/ Pure speculation of course.
  5. Mathematical Limit to XRP Price?

    Do I sense a little sarcasm in the tone of your response? If you think my determination of the position of letters within the alphabet was wrong just come out and say it. I am aware that my calculation for the number of hours since SWIFT was formed was a rough estimate that only took the year and not the exact date of into account, however I considered the difference to be small enough that it would not have a significant effect on my final calculation. I don't think any reasonable person would look at my $76MM answer and question my methods.
  6. Something isn't right?

    I do find it a little strange that Ripple hasn't yet managed to get accurate Coincheck XRP volume data. Coincheck BTC/JPY data is listed on CMC. XRP data was listed briefly (weeks ago) before it was reported that there was a problem and it was removed. Korbit data has never been listed (but again exists for BTC/KRW). Over at r/Ethtrader one of the knobbliest sticks with which to beat XRP states that the recent XRP rise is a well coordinated Polo pump and dump. The evidence being that Polo BTC/USDt is by far the largest market and everything else follows. Correcting these volume figures would save Ripple from any more bruising. It should be a priority.
  7. Mathematical Limit to XRP Price?

    Being as there are 100,000,000,000 XRP: SWIFT/100,000,000,000 = XRP But how much is a SWIFT worth? I calculated this by working out the position of all the letters in the alphabet and multiplying them together like so: S = 19 W = 23 I = 9 F = 6 T = 20 19 x 23 x 9 x 6 x 20 = 471960 USD 471960/100,000,000,000 = 0.00000471960 USD To me this number did not look high enough and so I decided to multiply it by the number of hours that SWIFT has been in existence. SWIFT was formed in 1973, which is 43 years ago: 24 x 43 x 365 = 16197240 So, 16197240 (471960/100,000,000,000) = 76.44 USD This aligns well with my expectations and so it follows that my maths is probably correct.
  8. Thanks to @Eik for alerting me to the possibility of using a temporary passphrase to setup a second Ripple wallet on my Nano S. The temporary passphrase is a password that gives you access to a whole new set of wallets on your Nano S. I'm not sure that 'temporary passphrase' is the best description because, to people as paranoid as myself, it gives the impression that the password will expire leaving you unable to access your accounts. The word 'temporary' is used because after the nano is disconnected, and then reconnected, the Nano will default back to your standard account such that you have to re-enter your passphrase to regain access to your second set of accounts. The passphrase only gives you access to the alternative accounts during a session in which you enter it, and is therefore temporary. It would perhaps be better described 'Alternative Account Passphrase'. I thought I would mention this to provide clarity to anyone else looking to use a similar setup.
  9. So they got back to me about multiple address support: I will set mine up with a temporary passphrase for accessing my second address.
  10. Now you're talking! I'll check it out now
  11. I do have two! ...but they are clones. I could get a third, however I'd prefer to keep things simple. Being as multiple account support is available for Bitcoin it would be nice if it were available for Ripple too. Ethereum only has support for one account using the Ledger Ethereum app, however you can use it in conjunction with MyEtherWallet for multi account support.
  12. I'm a little disappointed to find that the Ripple app only has support for one account at present. I have my XRP stored in 2 separate accounts (bought at different price levels). I keep them separate because if I ever wish to sell any it gives me the option to sell the batch that was bought at the higher price first. This minimises any capital gains tax that I might have to pay. Pooling together XRP means you have to calculate the average purchase price and use this as your cost basis for CGT calculations. ...at least this is my understanding of how things work in the UK. I've sent Ledger an email to see if multi-account support is on the way. Edit: Still great to see that XRP is being supported. The cost basis for my two batches of XRP was not that different, and so I'll probably lump them together anyway.
  13. UK tax implications for Large XRP holders

    It was reduced to 20% this year, barring residential property https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
  14. UK tax implications for Large XRP holders

    If you are a normal UK citizen who has a foreign currency bank account for legitimate reasons you are not liable for CGT gains that result from exchange rate fluctuations: https://www.theyworkforyou.com/pbc/2010-11/Finance_(No._4)_Bill/11-0_2012-06-14a.5.0 It's not too much of a stretch of the imagination for the same rules to be applied to cryptocurrency as it becomes more widely accepted. Edit: My thinking is that I will not be looking to convert my crypto back to fiat but instead maintaining a cryptocurrency bank account. Over the next couple of years I expect lots of cards/apps to appear that will allow me to make purchases of products priced in any fiat currency on the fly.
  15. UK tax implications for Large XRP holders

    I've spent quite a bit of time looking into this. This is the current HMRC guidance: https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies It is a little vague in places, however I think that in virtually all cases anyone who sells XRP will be liable for CGT regardless of whether it was disposed for another cryptocurrency or GBP. The guidance does suggest that in some instances a purchase may be considered so speculative that it qualifies as gambling rather than investment and therefore is not subject to CGT. However I'm sure that HMRC would not consider any large purchase of cryptocurrency that is held for weeks/months/years rather than days to be anything other than an investment. I had considered whether it might be possible to gamble directly with XRP, for example betting everything on black in lots of small batches (resulting in a 90 something percent return). Being as gambling profits are not subject to tax would this be a loophole for tax avoidance? I think this is very unlikely. I'm sure that upon an investigation HMRC would determine that upon entering a bet with XRP you were disposing of the asset and you would immediately become liable for 20% CGT. I am hoping that within the next few years HMRC will reclassify cryptocurrency as legal tender and scrap CGT. The present system forces you to keep track of every purchase made such that you can top up all the gains and calculate your CGT liability. Total ball ache. Edit: Crypto investment tip: Keep all purchases of XRP separate. This way if you decide to sell any you can select the batch you paid the highest price for such that you pay the minimum amount of CGT. If you put all the batches into one wallet you would have to use the average purchase price as your cost basis for your CGT calculation.