$ (XMR) Monero

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C114-85EKLS dijo:
So I wanted to get into crypto for the first time (not for speculation), figured why not do XMR, followed the steps in this thread, found out there's some Bitcoin ATMs in my area and that I'd just throw the loose dollar bills off my desk at it, figure out how these things work.
Lessons learned: BTC ATMs are kind of bullshit? Maybe it's my own inexperience here but it took 320$ and spat out 270's worth of BTC, on a 2$ transaction fee, and neither BTC nor XMR fluctuated that much on that day to justify so much loss in five minutes.

Did I miss something and this is just how it goes or is this a rookie mistake on my part? I'm sure I could have stood there and meticulously compared the market rate and the ATM rate side by side before actioning but at that point may as well skip the ATM gimmick altogether and do it from home on my PC with all the information at hand, right?
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Had the same happening to me. For me it was a huge transaction fee of around 16%. It wasn't mentiined outright, so a bit scummy.
 
Yeah Bitcoin ATMs are a complete scam. Ridiculous high fees and the same KYC shit you get on every online exchange anyway. You might as well just install CashApp or PayPal or whatever and buy BTC there. You're probably already KYC'd with those platforms anyway so less friction on your part. If your goal is to just get XMR, Kraken is a good exchange. You pay a premium in the form of a slightly higher market value but it's a one stop shop. Outside of a private P2P transaction with someone or mining you're going to experience slippage and KYC in some form or another getting a hold of XMR. The good news is once you get it onto your own private wallet you can easily lose it all in a boating accident.
 
A Cat in a Minefield dijo:
Had the same happening to me. For me it was a huge transaction fee of around 16%. It wasn't mentiined outright, so a bit scummy.
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Took a look at my receipt and they exchanged at ~83 000 USD/BTC so some 18% overvalued, yuck!
Googled it a bit, some people coping that the surcharge is "the cost of non-kyc anonymized bitcoin" but from what I'm understanding that's entirely obviated by flipping it over to XMR via an instant exchange afterwards.
 
KYC on the bitcoin side is not a problem if you're converting to monero using a non-KYC exchange.
 
Follow up question, if my goal is just to minimize slippage in the cash to XMR pipeline, is there any nonobvious caveat to using a stablecoin middleman instead of more volatile BTC/LTC?
Since I won't be holding the stablecoin for any length of time I figure the specifics from one to another don't matter but any particular recommendations on which token to use?
 
I think even if they owned every single miner and node, if you ran your own node and wallet the worst they could do is block your transactions.
 
If they owned every single miner and node they would be able to dox you using timing association attacks, and if you are using popular node such as cake wallet node glowniggers can force them(or just run the node themself) to record logs and use them to deanonymize users again by associating IP's from the node to when transaction was posted. The way to get around that is to either run your own node as one should as then you will be under the protection of Dandelion++ or by connecting to nodes using Tor or I2P - which if you are using CakeWallet you should enable imedietley if you already haven't.
 
sodomy lifestyle dijo:
Are websites like changenow.io legit? I'm looking for a channel to exchange XMR without engaging in KYC bullshit.
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As said above, use Trocador, which is an aggregator for swap services.

Only use services that have an A or B for KYC, which means they either never KYC or refund you if they ask for one and you don't want to.
Changenow has a C because they hold your money hostage in case they want you to KYC and you don't want to. So I don't recommend them.

In short, open Trocador, and choose the A or B service with the best rate.
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Has anyone paid attention to the clarity act?
How do you think this would actually effect xmr in the US?
 
Ill dijo:
Has anyone paid attention to the clarity act?
How do you think this would actually effect xmr in the US?
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From what I've been seeing, the big focus in the Clarity act has been about stable coin yeilds and the big banks malding about potentially losing their ongoing ponzi scheme of lending out customer's deposits for rediculous gains while paying out crumbs to the depositors.

But I've not heard any real discussion on the details of clarified tax law concerning crypto holdings and trading which I think is the thing that most actual holders and users of crypto want. Hopefully we get some clear and consolidated and easy to follow guidelines for reporting gains without having to autisticly comb through thousands of transactions and calculate values and times for each. For XMR specifically, I guess it doesn't matter since it's not traceable but for things like self custodied BTC it's a must.
 
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