Jump to content


Silver Member
  • Content Count

  • Joined

  • Last visited

1 Follower

About Zerponaut

  • Rank

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. LOL, that’s Cory in the Bloomberg interview in the vid.
  2. Faketoshi and nChain = future patent trolls that could seriously impede the crypto space, both for innovators and investors. It’s pure arrogance, hubris and greed, horrible.
  3. This claim was ridiculous and opportunist. I read the patent when the claim first came up and not that I'm any kind of legal eagle but it is so far from XRP and the XRPL. There is literally nothing in the patent that mentions 'money', 'value', 'finance', 'transfer', 'encrypted', 'secure' or any terms related to how XRP works. Here's the patent if anyone's interested https://patents.google.com/patent/US9432452
  4. I guess it depends on which country you're in - and previously the rule of thumb to be safe was to use FIFO - but I was looking for a relevant link and this one was interesting (read under 'Cost Basis'). It says a new ruling has been introduced. "specific identification" can now be used. This basically seems to give the green light for FILO accounting because, if your wallets are set up correctly you can specify when each unit was acquired and when it was disposed of. Interestingly this confirms that if you can't specify units you are to default to a FIFO method. See below from the first link (https://www.cryptotrader.tax/blog/new-irs-cryptocurrency-tax-guidance which is paraphrasing the official IRS page) To specifically identify a unit of cryptocurrency, you must include the following information: 1. The date and time each unit was acquired, 2. Your basis and the fair market value of each unit at the time it was acquired, 3. The date and time each unit was sold, exchanged, or otherwise disposed of, and 4. The fair market value of each unit when sold, exchanged, or disposed of, and the amount of money or the value of property received for each unit If you are unable to specifically identify your cryptocurrencies, you are to default to a first-in first-out (FIFO) basis. Source: A36, A38 There is also newly created guidance from the IRS (page updated 6 Dec): https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions This is great news for us, well for those of you in the U.S. If my tax dept follows I would be very very happy.
  5. Yeah, I'm just trying to play devils advocate. I'm still bitter about crypto generally requiring FIFO accounting. From the Oxford Dictionary: "Fungible - (of goods contracted for without an individual specimen being specified) replaceable by another identical item; mutually interchangeable." My point is, crypto isn't strictly fungible. It meets most of the definitions, but I can theoretically prove that the 'coins' I traded today are NOT the same 'coins' I purchased two years ago, because I bought the recently traded 'coins' last week and they have been kept in separate wallets and have never been mixed together in the same wallet. Thus, they are 'individual specimens' differentiated due to being stored separately. If crypto was fungible how can transactions be traced? Doesn't the transaction on the blockchain specify the (group of) 'coins'?
  6. Next time I see an ant on my $ I'll think of you. (and be jealous)
  7. Then why does the tax dept basically consider crypto to be fungible?
  8. From the Stellar blog “To burn the lumens, we have sent them to a Stellar account with no signers (including a master key weight of 0): GALAXYVOIDAOPZTDLHILAJQKCVVFMD4IKLXLSZV5YHO7VY74IWZILUTO“
  9. Seriously, literally the post above yours explains that Stellar didn't 'destroy' or 'cut in half' the XLM, it was sent to a blackhole wallet and hence is in no way related to the ability of the protocol to be altered indiscriminately. Nothing happened that couldn't also be done with any PoW coin so let's not get into the whole forking Bitcoin debate. The credibility question re XLM, to many, was never resolved to start with. The SDF was/is at a dead end and have again (is this the second or third time?) flipped on their stated mandate in order to try to create meaning for their coin. Basically, I 'could' be a pink flying unicorn that does rainbow turds but I am not, as Ripple will not do the same thing with XRP. Oh yeah, not to mention that they can't actually do this anyway even if they wanted to >>> Can Ripple create more XRP? <<<
  10. I have no clue whatsoever about the complexities of patent law but in my professional opinion this is a pile of horse bits. Reading through this patent I would challenge anyone to equate it with the XRPL (that, as noted above by Archer, existed before this was lodged). I note that nowhere in the Patent concerned does it mention 'money', 'value', 'finance', 'transfer', 'encrypted', 'secure' or any other vaguely even tangentially related terms that RippleNet focuses on. It would seem obvious that the authors of this Patent never had any intention whatsoever that it would claim to be even vaguely related to transferring 'value' and seems to be solely and repeatedly focused on transferring media and repeatedly references content distribution, video, games, files and 'data'. As is tradition by my kind, I sum up the situation in an interpretive gif... to the lions!
  11. I agree, Libra doesn't sound like a genius idea if they blew their first and maybe only chance of creating a Facebook crypto. They scared the $#!+ out of everyone so badly that they're on notice now.
  12. But no one here owns (much) Bitcoin. And if they do we just make fun of them. The answer is simple. Find a coin that is worth as little as possible, preferably 1 sat and buy truckloads of it. The only way is parallel to Bitcoin, or up. Ergo, that's why CSC is a better hedge than Bitcoin.
  13. Excellent work thank you. I don't see BTC, ETH or anyone else doing anything within light years of this initiative. Ripple must be gaining the most brilliant insights into the future of blockchain from this - I think they're setting themselves up to be THE leader of the industry well into the future.
  • Create New...