Crypto Currency Thread

[Ted2]

Vyse said:

What sort of alts are people holding if any?

I currently have VTC, VRC, SALT, NEO, did have GRS but sold to hopefully reenter at lower price, sold STRAT with a bit of profit. Might enter KORE and SUB.

Currently 330 XMR.

[Vyse]

I have some OMG too, cant believe I forgot about them. I think am too late for the XMR train, will let the price comeback down first.

budgie smuggler said:

I'm holding ETH, LTC, XLM, IOC, XZC, OMG, XCP.

I was holding GRS too, but I did the same and dropped it. I don't tend to micromanage my alts though, if there's a really big spike I might trade otherwise I just let it tick over.

[Ted2]

budgie smuggler said:

Ted2 said:

Currently 330 XMR.

That's a good amount, do you know something we don't?

Not really. I had over 5000 at one point! But that was when it was only worth single digits per coin . Unfortunately I needed that money to live on so was cashed out to fiat. Without wishing to go into too many details, nearly all my work is paid in XMR now except for some in fiat via my Santander business account. I use to have a business account with HSBC but they decided to play God and freeze my (completely legitimate and provable) funds under the tag of AML and later closed my account (there's a recent thread about this exact problem in SPL that someone else started). My main customer at the time was a big crypto fan and it intrigued me enough to look further into it. To cut a long story short I decided to take a punt on Monero because I liked the anonymous aspect of it and seemed to have solid foundations with a good plan. Once p2p exchanges like localmonero.co and liberalcoins arrived it just kinda snowballed from there as it made it 10x easier for people to buy and sell without needing banks sticking their beaks in and demanding realms of paperwork every time they didn't like the look of a tx and also no longer the need to transfer to/from BTC for fiat. The price is relatively stable and not wildly fluctuating like BTC does so that helps a lot.

I'm a big fan but it's a coin I use day to day, not to speculate with. The value going up to what it is now is in part due to more and more people trading with it, not buying it to hold it.

[budgie smuggler]

Cheers for your answer, Ted. I deleted my post because I thought it was a bit too cheeky but I guess you saw it first!

[NickCQ]

Ted2 said:

Without wishing to go into too many details, nearly all my work is paid in XMR now except for some in fiat via my Santander business account.

Interesting, how does that work for Self Assessment income tax - can you base it on the value of the XMR when you received it or is it when you convert it back to fiat? Or do you get payslips denominated in crypto??

I wonder if there is a risk that you get stuck with the Income Tax rates with no lower rate on the Capital Gains portion.

[Ted2]

NickCQ said:

Ted2 said:

Without wishing to go into too many details, nearly all my work is paid in XMR now except for some in fiat via my Santander business account.

Interesting, how does that work for Self Assessment income tax - can you base it on the value of the XMR when you received it or is it when you convert it back to fiat? Or do you get payslips denominated in crypto??

I wonder if there is a risk that you get stuck with the Income Tax rates with no lower rate on the Capital Gains portion.

I don't get involved with such trivialities and instead let my accountant deal with it. Sorry I'm unable to answer your questions. Perhaps you could check out the various crypto currency reddits - someone may be able to answer your questions there.

[Behemoth]

Ted2 said:

seemed to have solid foundations with a good plan

I agree. Thus far, Monero is one of a very few reliable, reputable and well developed alt coins out there. You can count them on one hand & still have fingers free

[Ted2]

budgie smuggler said:

Cheers for your answer, Ted. I deleted my post because I thought it was a bit too cheeky but I guess you saw it first!

No, it's fine.

Do you not have concerns with ETH? They have an increasing catalogue of "oopsies" which give me big concerns over their honesty and integrity. Personally I wouldn't be comfortable having a sizeable holding with them. YMMV.

[avinalarf]

Simple question.
Has anybody on this forum successfully exchanged their crypto currency into hard cash ?
If so how did you do it ?
What price did you get against the price of the day ?

[plasticpig]

NickCQ said:

Interesting, how does that work for Self Assessment income tax - can you base it on the value of the XMR when you received it or is it when you convert it back to fiat? Or do you get payslips denominated in crypto??

I wonder if there is a risk that you get stuck with the Income Tax rates with no lower rate on the Capital Gains portion.

HMRC treat Crypto Currency like a foreign currency so the same rules apply.

[budgie smuggler]

Ted2 said:

No, it's fine.

Do you not have concerns with ETH? They have an increasing catalogue of "oopsies" which give me big concerns over their honesty and integrity. Personally I wouldn't be comfortable having a sizeable holding with them. YMMV.

Short answer, yes!

I did have a chuckle when I read the postmortem of the recent cockup with Parity.

https://paritytech.io/blog/security-is-a-process-a...

[x5x3]

budgie smuggler said:

Short answer, yes!

I did have a chuckle when I read the postmortem of the recent cockup with Parity.

https://paritytech.io/blog/security-is-a-process-a...

just so everyone is clear - the issues are with the code developed by Parity and not the Ethereum platform as a whole.

Blaming Ethereum for these issues is like blaming any bug in any derivative of the C programming language on Mr Ritchie.

[budgie smuggler]

x5x3 said:

just so everyone is clear - the issues are with the code developed by Parity and not the Ethereum platform as a whole.

Yes

x5x3 said:

Blaming Ethereum for these issues is like blaming any bug in any derivative of the C programming language on Mr Ritchie.

I'd say it's more like giving a shotgun to somebody with no experience of using one. Sure, if they shoot someone by accident, ultimately it's their fault for pulling the trigger, but equally you do have a right to question the intelligence of giving out shotguns to people who don't audit their code.

The more I've looked into it, the more worried about it I have become.

[Behemoth]

x5x3 said:

just so everyone is clear - the issues are with the code developed by Parity and not the Ethereum platform as a whole.

Blaming Ethereum for these issues is like blaming any bug in any derivative of the C programming language on Mr Ritchie.

That's not correct. It is not at all clear & the issues are fundamental to Ethereum. Parity used Ethereum scripting in their app. A dev suicided the contract he'd written. It then couldn't be reversed (unless Ethereum does another hard fork ) . It's the use of widespread easy scripting that makes Ethereum vulnerable. Even Parity themselves are now arguing that extensive work is needed for contract security on the entire ethereum platform.

[fishseller]

budgie smuggler said:

Vyse said:

What sort of alts are people holding if any?

I currently have VTC, VRC, SALT, NEO, did have GRS but sold to hopefully reenter at lower price, sold STRAT with a bit of profit. Might enter KORE and SUB.

I'm holding ETH, LTC, XLM, IOC, XZC, OMG, XCP.

I was holding GRS too, but I did the same and dropped it. I don't tend to micromanage my alts though, if there's a really big spike I might trade otherwise I just let it tick over.

Hi i am new to this what is the safest way of purchasing I am thinking of ETH,LTC and XLM I am a bit nervy of uploading my ID onto a exchange but are these the only options? what exchange to use and what is the best wallet off-line to hold these currencies thank you

[budgie smuggler]

fishseller said:

Hi i am new to this what is the safest way of purchasing I am thinking of ETH,LTC and XLM I am a bit nervy of uploading my ID onto a exchange but are these the only options? what exchange to use and what is the best wallet off-line to hold these currencies thank you

TBH I scanned my ID on coinbase and bittrex. I wasn't happy about it either, but it seems to have been fine.

Then what I do is buy LTC and Eth on Coinbase.

For alts, I transfer LTC to bittrex, then trade it for BTC. Then with BTC you can buy alts. Avoid transferring BTC if you can because you will get stung with high fees (e.g. I got hit with £12 yesterday and it still took hours to transfer).

Once I've bought what I want, I transfer it to my own wallets. I use paper wallets personally, I take multiple copies and store them securely offsite. Do look into other options though, some prefer using hardware wallets for example.

Edited by budgie smuggler on Wednesday 15th November 17:16

Edited by budgie smuggler on Wednesday 15th November 17:17

Edited by budgie smuggler on Wednesday 15th November 17:17

[x5x3]

Behemoth said:

x5x3 said:

just so everyone is clear - the issues are with the code developed by Parity and not the Ethereum platform as a whole.

Blaming Ethereum for these issues is like blaming any bug in any derivative of the C programming language on Mr Ritchie.

That's not correct. It is not at all clear & the issues are fundamental to Ethereum. Parity used Ethereum scripting in their app. A dev suicided the contract he'd written. It then couldn't be reversed (unless Ethereum does another hard fork ) . It's the use of widespread easy scripting that makes Ethereum vulnerable. Even Parity themselves are now arguing that extensive work is needed for contract security on the entire ethereum platform.

I'm sorry but it is correct. There are plenty of valid reasons for not forcing an initialise on a smart contract and likewise there are valid reasons for having suicide/kill functions. The fact Parity chose not to consider either makes it a poor design/coding/testing/audit process on their behalf and not the Ethereum platform as a whole.

Parity would be looking for someone to blame - anyone with experience in this area places the blame entirely with Parity.

All coding languages provide scripting - it is only a problem if not used correctly.

Also it was not a Dev - it was a mysterious third party who commuted the deed.

[budgie smuggler]

x5x3 said:

All coding languages provide scripting - it is only a problem if not used correctly.

But why does Eth have the ability to be scripted? It's a cool idea but it is just asking for this kind of thing to happen. And it has done numerous times.

[Behemoth]

x5x3 said:

The fact Parity chose not to consider either makes it a poor design/coding/testing/audit process on their behalf and not the Ethereum platform as a whole.

anyone with experience in this area places the blame entirely with Parity.

I really disagree with that. The scripting language Solidity is native and fundamental to Ethereum, so the problem is in the Ethereum platform itself, regardless of who is committing that code. We're sure to see more high profile events with smart contracts. Solidity is a honeypot for hackers who will quickly home in on these infantile mistakes. It's why I abandoned Ethereum after the DAO fiasco, after initially finding it very interesting. This hack is 3x bigger than the DAO one. It's a lot of money. I expect people to go to court and get very upset indeed over stuff like this. Ethereum cannot wash their hands of it & is a clear litigation target.

[wombleh]

Behemoth said:

I really disagree with that. The scripting language Solidity is native and fundamental to Ethereum, so the problem is in the Ethereum platform itself, regardless of who is committing that code. We're sure to see more high profile events with smart contracts. Solidity is a honeypot for hackers who will quickly home in on these infantile mistakes. It's why I abandoned Ethereum after the DAO fiasco, after initially finding it very interesting. This hack is 3x bigger than the DAO one. It's a lot of money. I expect people to go to court and get very upset indeed over stuff like this. Ethereum cannot wash their hands of it & is a clear litigation target.

They neglected to take ownership of their own contract when they deployed it, having written it with a specific function to allow someone to take ownership of it. Certainly potential to get things badly wrong with these contracts, but without that potential the platform loses it's purpose and the very reason so many enterprises are interested in it.

I'm with x5x3 on this one, you don't get people suing Dennis Richie for all the buffer overflows in code they wrote in C or suing Redhat because they accidentally deleted the wrong file.

budgie smuggler said:

But why does Eth have the ability to be scripted? It's a cool idea but it is just asking for this kind of thing to happen. And it has done numerous times.

That's the whole purpose of it, a distributed computing engine (and more in future like distributed storage). Eth is not intended to be a currency, more a means of paying for processing time on the EVM.