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About Xrylite

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  1. I can never understand why the opinion is for Ripple to do anything with the escrowed XRP. It seems illogical for a company that possesses an item of value to just give or throw it away just because other players don't like that they have so much. Although it would certainly increase XRPs value due to a smaller supply, it would be exclusively at their expense with no way of getting a net positive return compared to what they lost.
  2. Always feels like a moving goal for predictions on when things get better. I'm still absolutely baffled that the entire crypto market fluctuates in unison regardless of what crypto has the positive or negative news. It's almost as if the best way to get steady growth is to carry everyone along evenly to keep the waters stable.
  3. Humans try to find a pattern in everything. The problem is that the flow of crypto in 2015/2016 is entirely different form the flow today; it is independent and doesn't rely on the data from then. The expansiveness of news; the amount of tokens on the market; the growth and partnerships of Ripple; the barrier of entry to make purchases. It sounds great to find something to incite hope, but you can't just scale and size a chart until you find a pattern that matches now. I'm all-in long-term, so it's not that I'm trying to shoot down XRP. I just can't find comfort in predicting the future based on the patterns from years ago. If it were this simple, people would burn every bit of income they have to catch the next burst. However, not everyone can profit the same.
  4. Personally, I've been using the CoinTracking service to take care of formatting my reports. I'm been using LIFO as all my trades were short-term and it gave the opportunity for my earliest purchases to fall into long-terms capital gains earlier... although, it didn't matter in the end since I've held everything well beyond the year now. The only insight I gathered was if you commit to one method of reporting, you should/must stick to that method every year since the calculations to determine how your stacks moved and aged are important to keep consistent. It's worth noting that I don't have a strong background in finances/taxes, so these were just things that appeared when trying to figure out taxes the first time around. Everything is gray in this realm until they make some clear standards and that is forwarded along to all the third-party tax filing services.
  5. Both years resulted in smaller refunds. I think the real factor that they're going to be watching is that, in future filings, people keep consistent with claiming profits from the lower price points that were reported in prior years. Absolutely. Quite a few documents (not just tax related) just require you to put a faithful attempt and be "to the best of your knowledge". If they find a gap or problem and approach you, you're much more likely to be given the chance to make it right without finding a plethora of penalties for being negligent or ignoring it altogether. Also, I opted for Japan since I believe they were still headquartered there during the time that my crypto was with them. One would hope that the term "Binance" and "cryptocurrency" is unique enough that they know what business I was dealing with.
  6. The language in 4 is still openly vague enough to not know for sure. Fiat today fluctuates in value in reasonable amounts. The only thing that's different is that we don't go to a grocery store and have to reassess the value of a purchase at every point of sale. It's certainly a meh clause, but I doubt that the only crypto that fits their framework are stablecoins.
  7. Just adding a bit to this from my personal experience. 8494's seem to be the preferred method of how the IRS wants to see your crypto trades. Personally, I filed via Schedule D for these for the past two years as I didn't know this until about a month ago. They did accept my filing both times, but the consensus seems to be that 8494's are preferred and they may certainly follow up to request a 8494 anyway. The end goal is to just be transparent with your crypto, especially if everyone's goal is for it to be a major financial method in the future. I filed a FBAR exclusively in regards to Binance yesterday. In filling out the form, there were two parts that made it difficult. The first is not knowing whether to put a best guess for "maximum held" or to check the box that essentially says you can't easily figure it out; the other was that Binance doesn't appear to have a public address to use. So, you're not really able to give them any real information outside of the name of the company... and possibly that they're in Japan (at least, according to Wikipedia). I'll certainly follow up if I get a similar response from them or if they just accept it regardless of the lack of information.
  8. Somewhere out there someone provided some TA graphs that said the the price may go up or down. Infallibly, they were correct that the price didn't stay completely still for the rest of time, which resulted in the price moving in a direction. Don't worry, these are just the pieces of a bigger picture when you zoom out (or in) and try to sketch the next vaguely familiar pattern onto where we are. *cue comments about what part of psychological market cycle we're in*
  9. Although I agree that some exchanges are certainly shady in reporting, I certainly don't think that we're in a situation where an absurdly vast majority of all crypto flow is fake. Absolutely everything is hard to prove factually with how expansive crypto is, but I don't think it'll take years and years to figure out where its value stands and what benefits it can provide that haven't been made real just yet. As long as crypto provides a solution to something that is an issue, it'll survive and hopefully thrive. What won't thrive is the thousands of different tokens out there. Tokens, and the businesses that created/support them, can only specialize so far before they become too niche or can't compete with others that can accommodate multiple tasks in a better fashion.
  10. Hardware wallets seem like they wouldn't be considered foreign since you'd be the only one holding direct access to the funds. I too store the vast majority of my funds on a Ledger Nano S, so I doubt I fall into this. This scenario seems vague and uncertain to me: Buy $10,000 in BTC through a US-based exchange. Move all your BTC to a foreign exchange. Exchange BTC for NewCoin. Move all your NewCoin onto your Ledger. The question is how long do the funds need to have sat in that foreign exchange for the US to want reporting on it. Logically, it would seem reasonable that there was some grace time, but, again, it's not that clear on if the storage is what they want reporting on or if they're pick that your funds were foreign for 2 days or something.
  11. That's really unfortunate that XRP is going to be worth negative value this year =(. Do I have to pay interest and, if so, in which currency?
  12. You can't just look at the value alone for things like that. ETH's total supply is like 1-2% of XRP's total supply. If all other things were equal, then it'd be reasonable to say that XRP should be able to get to $12 if we were in the same type of conditions that fed the 2017-2018 spike. However, not everything is going to be equal and coin comparisons are hard unless they're pretty similar in what they're trying to do and what tech they have behind them.
  13. He definitely shows his passion in all aspects of presenting. I've some extra respect for him for how often I've ran across his answers/comments on the various Stack Exchange sites. To think you could work on a business that is fighting to be cutting edge and still find the time to help others is amazing.
  14. Personally, I can see some issues with both XLM and XRP's logo. XLM's is a bit more rough for me because it doesn't feel very fluid to write, especially if you aren't just making a theta (Ø) with an extra slash instead of leaving the opening on both ends. This is either two or four pencil strokes, but it never looks as clean as the actual logo. XRP is only a concern because it may be difficult to distinguish it from an "X". I'm not sure if seeing something shorthanded as being "X5.89" is all that bad, but it is mentally a bit rough because it's not something we're used to. We could put a single slash on the bottom right, similar to the Rx symbol (℞), but the symmetry gets thrown off. Else it could have a vertical line through the middle, but then it's approaching a feel like the greek psi (Ψ). If anything, maybe crypto as a whole should just adopt a marker that makes it clear that it's a digital currency. Could be something as simple as an asterisk after the symbol. Just bouncing ideas xD.
  15. Correct, and that's one of the workarounds that is viable to hide your current money. Although, it is worth noting that that comes with whatever fees the exchange charges when withdrawing funds. It's certainly not the end of the world to go through an exchange or service explicitly meant to cleanse that trail, it's just a fair factor to keep in mind. I'd prefer public over private, especially since public ledgers are going to be far more appealing to regulation going smoothly.
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