Official Bitcoin Thread

[stuntman mike]

anyone ever open their metamask and only the ETH loads up? i thought i was hacked and almost **** my pants. the only ETH in my wallet is gas money. looked closely and the coins were showing but the total value didn’t calculate until i closed and reopened.

 

[pdino]

anyone ever open their metamask and only the ETH loads up? i thought i was hacked and almost **** my pants. the only ETH in my wallet is gas money. looked closely and the coins were showing but the total value didn’t calculate until i closed and reopened.

I think the ethereum network is getting congested right now. I got some weird values for a bit.. I blame axie infinity

 

[pdino]

I started another passive income position in a smaller cap, deeper network (DPR). They sell devices that provide decentralized VpN and security. I staked with intent to get a miner this week (first batch). I like that they have tangible products (although niche).

Check out website at https://deeper.network/
Use cases: they’ve added that they have a working prototype pending helium approval for joint mining

Expected returns: (they assume exponential price growth)

 

[stuntman mike]

i’ll look into that. turned off nodle after a few days. seemed like not worth it for potentially killing the battery on my iphone 12 lol. maybe woulda been ok with an old android like you said.

i saw helium HNT was a top performer the other day. $15 for one HNT. i wonder how many people mine per day in busy areas?

portfolio doing pretty good despite swapping my RUNE way too early. up or down, i’m still having fun.

edit: QNT really making a run. i don’t own any but it’s pretty cool to see.

 

[AEA18]

Mastercard announced today a new Start Path global startup engagement program dedicated to supporting fast-growing digital assets, blockchain and cryptocurrency companies.

Mastercard announced today a new Start Path global startup engagement program dedicated to supporting fast-growing digital assets, blockchain and cryptocurrency companies.

www.mastercard.com

 

[coolcool]

Got my block fi card. Lame it doesn’t have tap to pay. No biggie

 

[mplsdunk]

Any of you guys use the gemini dollar like a savings account?

I was thinking about putting like half my savings on it and getting that 7.4% it appears to be fdic insured too.

I was wondering if I’d have to pay taxes though on the money if I took it out though since it’s a stable coin.

I always have to dig into my savings in the winter when I’m laid off so I wouldn’t want to get screwed.

 

[wr]

You'll be spending those stable coins directly

 

[mplsdunk]

So basically you won’t be taxed on anything but your interest because since it’s pegged to the usd it won’t gain anything?

 

[wr]

The conversion to fiat is what creates the taxable event. They are actively trying to change the tax structure to tax "unrealized gains". For people not cashing out.

 

[calibeebee]

London hard fork in a couple days gonna have an acute effect on the market or not immediately noticeable?

 

[fapmasterjr]

The conversion to fiat is what creates the taxable event. They are actively trying to change the tax structure to tax "unrealized gains". For people not cashing out.

Wondering, if send stablecoin to say bitpay which accepts BUSD....then you use your bitpay VISA to buy things, where is the taxable event? You as a user never did a conversion to USD/fiat (VISA does). hmm

Is there a regulation doc states where the above scenario is taxable?

 

[pdino]

Wondering, if send stablecoin to say bitpay which accepts BUSD....then you use your bitpay VISA to buy things, where is the taxable event? You as a user never did a conversion to USD/fiat (VISA does). hmm

Is there a regulation doc states where the above scenario is taxable?

My understanding is if you send to bitpay as BUSD then there is none. However, IF you converted from anything TO BUSD then the conversion there is taxable. Basically, they're saying any conversion is a taxable event. If you're converting from 1$ stable coin to 1$ stable coin, you're not realizing any gains though..

Most exchanges don't report to IRS or report <10k in gains.

Catch me if you can

 

[pdino]

I started another crypto app about a week ago called “Sweatcoin” available in Google and App Store. Basic concept is you get sweat coins for every step you take. You can use your sweat coins to buy stuff, here’s example from today:

Depending how much you’re walking/running/jogging you can upgrade how much sweat coins you’ll get by spending monthly Sweatcoin’s (you never purchase any sweat coins). I get about 10 sweat coins a day but I’m basically a slug who barely walks or anything active. You can activate a daily 2x bonus if you’re going to exercise and get double coins.
there are auctions with some dope prizes:

started in 2015. There’s currently 40 million + active users so this isn’t some new, untested start-up or something.
Use my referral and I get 1$.. if not, that’s okay too. Free is free
https://sweatco.in/i/derrickdill21276112733 Check out this free app — It Pays to Walk

 

[wr]

Wondering, if send stablecoin to say bitpay which accepts BUSD....then you use your bitpay VISA to buy things, where is the taxable event? You as a user never did a conversion to USD/fiat (VISA does). hmm

Is there a regulation doc states where the above scenario is taxable?

Not that I know of and imo it seems like the conversion is happening on the exchange/companies hand and not the user. Seems as it's on the way tho. Only way I can see it being taxed directly is if USDC is declared legal tender somehow. Indirectly through some form of value added tax for uses crypto as a settlement service.


She raised eyebrows of some senators and Wall Street when she said that Treasury would consider the possibility of taxing unrealized capital gains - through a “mark-to-market” mechanism - as well as other approaches to boost revenues.

'Act big' now to save economy, worry about debt later, Yellen says in Treasury testimony

Janet Yellen, U.S. President-elect Joe Biden's nominee for Treasury Secretary, urged lawmakers on Tuesday to "act big" on coronavirus relief spending, arguing that the economic benefits far outweigh the risks of a higher debt burden.

www.reuters.com

H.R.8827 - Stablecoin Classification and Regulation Act of 2020
116th Congress (2019-2020)

This bill provides for the regulation of stablecoins, a type of privately issued digital currency whose value is pegged to a currency such as the U.S. dollar. Issuers of stablecoins must be a member of the Federal Reserve System, and must seek prior approval from the Federal Reserve, the Federal Deposit Insurance Corporation, and the appropriate banking agency for the offering of stablecoins. Issuers of stablecoins are subject to oversight by the appropriate banking agency, including with respect to capital adequacy, leverage, and permitted activities.

Furthermore, issuers of stablecoins must be able to redeem all outstanding stablecoins at their nominal redemption value in U.S. dollars upon demand.

H.R.8827 - 116th Congress (2019-2020): Stablecoin Classification and Regulation Act of 2020

Summary of H.R.8827 - 116th Congress (2019-2020): Stablecoin Classification and Regulation Act of 2020

www.congress.gov

Centralized Digital Banking 2.0

 

[fapmasterjr]

just lots of loopholes. say my crypto is in another country (server) and only convert to the residing countries fiat (NOT US).

say my $$$ is moved to the virtual world (decentraland) and buy/sell there...they taxing peeps in the virtual world now? FOH IRS!

 

[ballinsam23]

There is not one person that I know that got taxed this year on their crypto profits. Whether they reported it or not.

 

[johnnyredstorm]

my ADA losses are holding me back.
wondering if I should trade it for AMP

if I'm not willing to buy more of an asset that is currently underwater, I sell it for an asset I want to buy more of at any cost.

 

[wr]

 

[アミーゴ]

There is not one person that I know that got taxed this year on their crypto profits. Whether they reported it or not.

Will never happen to me down here lmao

 

[shazay]

Most exchanges don't report to IRS or report <10k in gains.

Catch me if you can

The federal reporting threshold was changed to $600 in the last stimulus bill. So everyone in the U.S. selling at least $600 on coinbase, Gemini, etc will get a 1099 k next January.

 

[johnnyredstorm]

Wrote an article on NFT projects Fractional, NFTX, NFT20.MUSE doubled while I wrote this bleh.

Solving the Liquidity Crisis in NFTs

*Disclaimer: this is not financial advice and should not be viewed as recommendations to buy or sell any asset, this is purely educational and the information below is solely my opinion, please do your own research and develop your own conviction*

satoshialien.substack.com

 

[truss]

Any holders of $MRPH $MED or $VRA?

 

[pdino]

The federal reporting threshold was changed to $600 in the last stimulus bill. So everyone in the U.S. selling at least $600 on coinbase, Gemini, etc will get a 1099 k next January.

US based exchanges most likely. Ku coin for example (foreign based) doesn't report at all to IRS. It's honor system, on you to report.
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Polkadot going live late august, they got a lot of awesome projects. Solana, Ethereum, MATIC (been disappointing, but they're legit). These blockchain protocols have lots of projects on them and are going to be around a long time. In terms of "safer" alt coins, I rock with these

 

[wr]