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Replying to Avatar dr.fred

Douglas Tuman

@DouglasTuman

We always knew the State would use the full force of the law to battle crypto privacy. Transparent Bitcoin is not the threat. Crypto transactions that they can not track and trace is what they fear. That is why it is essential for privacy/fungibility to be baked-in to the base layer of the world’s digital cash protocol and for the system running it to be decentralized and self perpetuating. No servers being hosted by some company somewhere assisting in obscuring transaction histories. This isn’t a “we told you so”. We are on the same team and as much as I find

@SamouraiDev

insufferable as a person, he should not be considered a criminal for building tech and running a co that provides bitcoiner’s financial privacy tools. But it’s never been about pleading to governments to respect our natural rights, it’s about creating a system that enshrines our right to transact freely, without censorship or surveillance, in unstoppable code. I wish the

@SamouraiWallet

team well and will support and encourage the “privacy coin” community to support you in your legal battle. We can not let them gain another inch. But now is the time to realize the only way we achieve what Satoshi invented the first iteration of — a peer to peer digital cash system — is to evolve and adopt a version of his proposed system that is private by default on the base layer! All transactions everywhere will soon be digital and the only way we can maintain our liberty and individuality in the digital age is to adopt a digital cash protocol like Monero.

I agree with you 100%. I just want to point out that if these so called 'money launderers' were caught then the mixing service was ineffective. The government can still do their job to catch this victimless crime, and everyone else should continue maintaining their limited privacy on the platform. The real attack isn't against people exercisesing their right to privacy. This is yet another attack on free speech.

We already know banks are corrupt and can do whatever they want

If samurai uses servers in order to operate, would you really want to use those servers being that the government is now I'm control over those servers?

This is related to free speech so I think it belongs here #nostr

https://youtu.be/gmuj5gDsxJI

Wouldn't the best way to measure this be the market price? I haven't seen the price in monero go up.

I can't find a way to have 100% financial privacy without breaking the law. For example, just making a payment is a taxable event requiring me to provide my financial information to the IRS. So in order to take advantage of monero I have to be a criminal. If I don't want to be a criminal, then I have no need to use monero.

What does FIFO have to do with bitcoin taxes when you self custody?

#asknostr

Let's say you bought two UTXOs: one five years ago at $10,000 and another today at $20,000. If you sell the newly purchased UTXO a year later for $30,000, FIFO would require you to consider the cost basis of the newer UTXO ($20,000) when calculating your gain or loss. According to FIFO, the oldest UTXO (the one from five years ago) has not been sold yet, so it cannot affect the calculation of the gain or loss from the newer UTXO.

I don't know why they call it FIFO unless you are a dumb end user who keeps their crypto in a exchange.

Simply put, each utxo has a purchase and sale price, and your profit is solely dependent on that. FIFO is just there to confuse you.

#taxes

I would use it more if I could generate a 12 word seed offline with a hardware wallet, and could use it more like a hardware wallet to sign/encrypt.

Which coin is more sovereign? #bitcoin vs #monero

#asknostr