- Joined
- Oct 25, 2023
So there's really no way of getting a decent amount of cash into crypto unless you do cash by mail.
$ (XMR) Monero
- Thread starter Null
- Start date
- Joined
- Mar 11, 2020
(Forum got borked, so I'm reposting this.)
That'd be correct. I don't have any inkling of warranting an investigation, but dealing with the possibility of just a few leaks and running everything else behind some layer of obfuscation (Privacy cards, addy.io, things like that) just gives me more peace of mind for my own online security. So not quite in total schizo territory yet, I just don't want to deal with headaches later on from shitty companies and/or shitty employees who aren't as paranoid as I am when it comes to safeguarding data (or selling it off to a broker). I also appreciate the offer, but I'll have to decline since Null needs it far more than I do. I'll gladly take the reading material though.
One thing I actually forgot to put in my post is that CashApp only offers buying BTC in the app itself, but they're partnered with Bitpay which supports LTC. Venmo however does support LTC and other coins, so I'll probably just end up eating the fees there to get my foot in the door, swap with Trocador (haven't tried I2P yet and this ones on the clearnet, hope that's not an issue) and cold wallet the rest.
- Joined
- Sep 24, 2014
We might get lucky and the new SEC chairman will remove sanctions from Tornado Cash.
Claude Sigma
kiwifarms.net
- Joined
- Jan 6, 2021
It'd be good for those people who did nothing wrong, just like with the bitcoin mixer, but it'll lead people to believe that mixers work when they actually don't. More people will get arrested/in trouble because they think chain analysis can't track mixers.
There's a reason why the overwhelming majority of darknet market sellers don't accept anything except Monero anymore.
- Joined
- Oct 25, 2023
- Joined
- Mar 11, 2020
EDIT: This was the worst choice I could've made. FUCK Venmo and PayPal, nuke them from orbit, I should've just eaten the Cashapp fees instead or waited on Kraken.
The only thing I can do is just "keep trying" with the span of a few hours to a few days in-between. That money might as well be gone which is disappointing, but I went ahead and filed a CFPB complaint to see if that'd get any reaction out of them for not allowing wallet transfers mentioned in their FAQ. I guess trying out Kraken and waiting out the first purchase is my only bet if they don't pull the same bullshit on new customers.
I bought the LTC no problem. The fees were abominable, sure, but after giving up the required information .. me trying to transfer to my Cake Wallet fails immediately. I try a few more times, still failing; I call support, get transferred to the crypto department, and get told my transaction (and not account) was flagged as fraud by an automatic system because it was "unusual activity" or some horseshit like that. What the fuck? It was below ~$50 dollars worth of LTC just to play it safe, and aside from telling me they'll "raise the issue to engineers" (later support didn't confirm/deny this aside from trying to forward it to upper management as "feedback", and three out of four just told me to try using a different platform.. like PayPal) .. there's no manual override. Despite the fact this system supposedly checks every transaction and not just crypto, there isn't a SINGLE manual override support can use if the system flags your wallet transfer as fraud.
The only thing I can do is just "keep trying" with the span of a few hours to a few days in-between. That money might as well be gone which is disappointing, but I went ahead and filed a CFPB complaint to see if that'd get any reaction out of them for not allowing wallet transfers mentioned in their FAQ. I guess trying out Kraken and waiting out the first purchase is my only bet if they don't pull the same bullshit on new customers.
Claude Sigma
kiwifarms.net
- Joined
- Jan 6, 2021
Kraken is the most reputable Centralized Exchange. As long as you do the KYC they require, they shouldn't give you any trouble.
And depending on where you live, you will be able to buy Monero directly. (Otherwise, get LTC, send it to your wallet, swap the LTC for XMR in-app for convenience for via Trocador for lower fees, and there you go)
- Joined
- Oct 25, 2023
- Joined
- Nov 23, 2024
- Joined
- Oct 25, 2023
If I mine monero and want to sell it for fiat (say for example just sell it on Kraken) how would I hypothetically declare it on taxes? Do I have to declare the entirety of it as income or am I able to subtract power costs and only declare the net profit as income?
- Joined
- Feb 3, 2013
If you're mining enough XMR to be more than a minuscule rounding error, you're doing it with a botnet and you should declare it as "income from illegal activity". You can generally take deductions for your investment in an illegal enterprise, apart from a few exceptions which don't concern you.
https://en.wikipedia.org/wiki/Taxation_of_illegal_income_in_the_United_States#Deductible_expenses_in_illegal_activity_–_the_general_rule
- Joined
- Dec 28, 2014
That's completely retarded. There are plenty of entirely legal privately owned mining rigs, and Monero is ASIC-resistant, making it completely feasible to mine with consumer level hardware. It's not at all infeasible to build a bunch of relatively cheap barebones rigs and have a farm.
- Joined
- Feb 3, 2013
You're right that it's always been possible to run a regular-guy computer and get some nonzero amount of XMR out, but the absolute numbers per machine are small and the profitability has been approximately zero for quite some time (though I believe the recent XMR price spike might have brought a few of the fancier Ryzens above the zero mark)
I do mine, but it's absolutely throwing away money on a silly pastime, not a business or investment. The numbers would be even worse if it wasn't on a computer that I'd be leaving on all the time anyway.
What hashrate are you getting, actually?
This guy seems to have put a lot of effort into optimizing his mining efficiency, on a pretty modern consumer CPU, and comes out with about 14kH/s. Some other tinkerers in the comments post their numbers too.
I get about 16kH/s, but the efficiency is most certainly trash compared to these guys.
But you can see that the common thread here is that everyone is cranking down the power to find a range where it's not a massive loss, and most of them are hobbyists who aren't really counting dollars and cents.
That max-efficiency 14kH/s is worth about $0.47 per day in revenue at today's prices, ignoring all costs.
- Joined
- Dec 28, 2014
I'm not mining Monero specifically, but while it was relatively minor in crypto terms to mine Ethereum, my (rather low end) Nvidia card managed to pay for itself three times over over the course of a little over a year. After a difficulty spike in ETH it became unprofitable even with relatively cheap electricity, so I'd be concerned about that.
This was even running it at relatively low hashrate (i.e. it wouldn't even turn the fan on by itself which saved a fair amount of electricity itself).
- Joined
- Dec 15, 2022
I mine to help the safety of the network, not for much profit.
- Joined
- Jan 7, 2021
Bought Monero a couple of weeks ago from an ATM to rent serverspace! Thinking of getting some more just to have them, even though I don't have any plans currently on using it. Thoughts?
- Joined
- Oct 12, 2020
You probably took an unbelievable dildoing using a fucking crypto ATM to buy Monero, it's bad enough for Bitcoin. Monero is a lousy investment because unlike Bitcoin it actually has utility as an anon widely used crypto rather than a ponzi instrument.
- Joined
- Oct 25, 2023
- Joined
- Jan 7, 2021
I don't want to make money with it. I want to have something that is more stable and that I would and have used in real life. But the fees have probably been quite high.
No, my phone number, but it amounts to the same thing. I would prefer if I wouldn't have to, but it seems to have been mandated in the EU. As long as the government can't see what I'm doing with it, I don't really care.
What would be the best way to aquire Monero? If possible by cash?
- Joined
- Oct 25, 2023
AFAIK the only way to get it for cash is through cash-by-mail on Bisq or Haveno-reto