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interexchange

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  1. The payment was made by by "siliconvcf." Google brings up a Silicon Valley Community Foundation. No clue if that's who actually made the purchase in light of what other posters have said about Chris Larsen, but the About page of its site says SVCF is the largest community foundation in the world, with more than $8 billion in assets under management. Here's a list of its corporate partners: https://www.siliconvalleycf.org/our-corporate-partners Again, I have no idea is siliconvcf really is SVCF, but this is intriguing.
  2. My response to the posting of this article on reddit: The author of this article demonstrates ignorance on a number of subjects, and draws grand, sweeping conclusions that are not based on fact. For example: "The individuals we spoke with [at financial institutions] have all evaluated Ripple’s solution and XRP. All of them used the system in some capacity, and all of them independently came to the same conclusion: if their institution were to ever come to use the Ripple network to settle transactions -- which they deemed unlikely -- they would want to use the global reserve currency for settlements, and not XRP." First, to my knowledge no financial institution that has tested Ripple with XRP has concluded that XRP would not be used. Second, very few institutions have tested Ripple/XRP, so to imply that Ripple/XRP simply has no chance at adoption is a conclusory statement unsupported by any evidence. More: "It simply doesn’t make any sense that XRP -- as a permissioned currency that only banks can access in substantial quantities -- will ever have more liquidity than a global reserve that’s used by billions of people." What? The USD is a permissioned currency that only banks can access in substantial quantities, and yet it functions as a global reserve currency. Moreover, I'll bet if you'd asked this same author in 2010 whether he believed BTC could become the world reserve currency his answer would have been a resounding, "Not just 'no,' but 'hell no!'" Lots of these folks writing about this stuff are either uninformed or misinformed out of laziness, willfully ignorant, or are pushing an agenda. And: "Unfortunately for XRP holders, the probability of XRP becoming the global reserve just became substantially more difficult. The CBOE and CME -- two of the world’s largest futures exchanges -- just launched Bitcoin futures trading. The magnitude of this development cannot be overstated. This hinders XRP’s chances of becoming the global reserve currency. For large financial institutions, the single largest problem with cryptocurrencies, other than perhaps custodianship, is price volatility. Futures can be used to hedge price risk. In the next few months, as these futures markets mature, banks will be able to buy and hold billions of dollars worth of BTC on their balance sheets while hedging out price risk." I guess this guy hasn't viewed a BTC chart...ever. It remains to be seen what impact BTC futures will in fact have, but in addition to the XRP escrow there is also nothing that prevents XRP futures from entering the picture at some point. The bottom line is, I would take literally everything you read on Forbes, CNBC, Bloomberg and all other MSM with a grain of salt. While some of the contributors and guests actually know what they're talking about (Laura Shin at Forbes for example), the vast majority do not, and because you don't yet possess the knowledge and experience to know the difference between the two it's best to ignore them all. I'd recommend Blockchain Insider podcast for general information about the entire blockchain ecosystem. For Ripple/XRP, I highly recommend you read everything you can on reddit and XRPChat by /u/sjoelkatz (Ripple's Chief Cryptographer). Although he is a Ripple employee, I've found his views and explanations to be transparent, honest and illuminating about what really is happening with Ripple and XRP
  3. You're in luck...it's down to .19 on Bittrex as I type this.
  4. The dismissal was based on a lack of jurisdiction (legal authority) for the Delaware court to consider the case. It is a dismissal without prejudice.
  5. According to the complaint filed by Ripple, under the contract at issue, Ripple granted R3 an option to purchase a large amount of XRP in exchange for R3's promise to introduce Ripple to its banking members, and to facilitate introductions that may result in business for Ripple. Ripple alleges that after signing the contract, R3 essentially disappeared, took no action to introduce Ripple to anyone, and focused its activities upon raising an investment round for R3. Ripple, meanwhile, plowed ahead and developed its own business relationships with no assistance from R3 and, as a result, the price of XRP skyrocketed. R3 now wants to exercise its option to purchase XRP at an extremely low price, but Ripple says "nope, you don't get to exercise that option because you failed to fulfill your promise to us," e.g., you breached the contract. (That's actually a secondary complaint; the primary complaint is that prior to signing the agreement, R3 never had any intention of making introductions and simply made fraudulent misrepresentations to to Ripple to induce them to sign the agreement).
  6. If R3's tweet in reply to Garlinghouse is accurate, nothing of substance happened and the celebration is premature. The Delaware court simply ruled that it does not have jurisdiction to decide the dispute. There has been no ruling on merits of the case.
  7. A proper like kind exchange under Section 1031 requires the use of a "qualified intermediary." Here's a good summary of what that means which I've reproduced from the site of a 1031 qualified intermediary: "In most circumstances, the use of a qualified intermediary is required to successfully complete an IRC Section 1031 tax-deferred exchange. Treasury Regulation §1031.1031(k)-1(g)(4)(iii) refers to the entity that facilitates a 1031 exchange as a qualified intermediary. A qualified intermediary is sometimes referred to as an accommodator, facilitator, intermediary or QI, which it defines as follows: 1. A Qualified Intermediary (“QI”) is a person who: 2. Is not the taxpayer or a disqualified person; 3. Enters into a written agreement with the taxpayer (the exchange agreement) under which the qualified intermediary: 3a. Acquires the relinquished property from the taxpayer; 3b. Transfers the relinquished property to the buyer; 3c. Acquires the replacement property from the seller; 3d. Transfers the replacement property to the taxpayer; and 4. The exchange agreement must expressly limit the taxpayer’s rights to receive, pledge, borrow, or otherwise obtain benefits of money or other property held by the qualified intermediary." I'm sure the IRS would take the position that crypto exchanges do not fit this profile.
  8. Hope you don't live in the US. You know how the infamous mobster Al Capone finally got caught, right? He was responsible for the cold blooded murder of many people, among other crimes, but what sent him to jail was tax evasion.
  9. This is unfortunately not the case. Just like trading USD for EUR is not a like kind exchange. Like kind exchanges have exacting requirements that simply can't be met as exchanges are currently set up. I may, however, end up making the argument at some point with the IRS that an exchange of, say, XRP for BTC should be treated as a like kind exchange.
  10. Sign up with Cointracking.info. Fantastic product that will allow you to import every trade you've ever made on an exchange and automatically track everything for you. I had the free version, but volunteered to purchase one of the paid versions because the product is incredibly robust and support is excellent.
  11. I looked at XVG a while back. There are a few things that I require before investing in a coin/token, perhaps the most important of which is the identities and background of the team members. (It doesn't matter how great the tech is if, for example, the team members are the crypto-world equivalent of Bernie Madoff or Charles Ponzi). My due diligence raised the following threshold questions, which I asked on the I asked on the Verge subreddit. I did not receive a satisfactory response: "I'm interested in XVG, but cannot bring myself to invest with such a lack of transparency. Some questions I have are: If a single person is responsible for 100% of all feature implementations and upgrades, what is your insurance policy in the event something should happen to him? Does the project die? How many other people are involved in the project? What are their identities and roles? If you will not identify the people responsible for XVG, why not?" I did not, and would not, touch it for these reasons.
  12. For me, it's Civic (CVC) and Tierion (TNT), both of which recently completed their token crowd sales. Both have existing products and business partnerships with well know companies (some even prior to their crowdsales), the team members and investors are some of the best known in the crypto world, and the use cases for both are extraordinary.
  13. I looked at XVG a while back. There are a few things that I require before investing in a coin/token, perhaps the most important of which is the identities and background of the team members. (It doesn't matter how great the tech is if, for example, the team members are the crypto-world equivalent of Bernie Madoff or Charles Ponzi). My due diligence raised the following threshold questions, which I asked on the I asked on the Verge subreddit. I did not receive a satisfactory response: "I'm interested in XVG, but cannot bring myself to invest with such a lack of transparency. Some questions I have are: If a single person is responsible for 100% of all feature implementations and upgrades, what is your insurance policy in the event something should happen to him? Does the project die? How many other people are involved in the project? What are their identities and roles? If you will not identify the people responsible for XVG, why not?" I did not, and would not, touch it for these reasons.
  14. Talk to your tax advisor but, yes, gains from sales of cryptoassets are taxable in the US. The IRS discusses this on its website. Read the notice and the article below, then consult your tax advisor. https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance https://www.forbes.com/sites/greatspeculations/2017/02/21/if-you-traded-bitcoin-you-should-report-capital-gains-to-the-irs/#4bb9c62be3d8 As for tracking cost basis, sales, etc., check out CoinTracking.info. Fantastic service.
  15. Have you read JoelKatz's comments and articles about Ripple and XRP across various forums? There is no one I'd rather have speaking on behalf of the company. I really don't see a problem with him explaining the company's business plans. The company has always been very transparent about them.
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