Bitcoin and Crypto Talk (Merged)(includes NFT) (3 Viewers)

[bclemms]

This latest crash really put the cry back in cryptocurrency.

If crypto has a future, this had to happen.

 

[Tapxe]

 

[yardbird]

If crypto has a future, this had to happen.

Sure, I'm still bullish in the long term. These crashes have been part of the game since the earliest days. Unfortunately, people are going to get rekt.

 

[bclemms]

Sure, I'm still bullish in the long term. These crashes have been part of the game since the earliest days. Unfortunately, people are going to get rekt.

Yes, but they didn't listen to their gut or the many warnings. You had people leveraging huge sums of money to buy BTC $70k with price predictions in the $100-$200k range. The warnings were risk assets, bubble, fed shifting policy, etc, etc. Once the fraud started shooting through the roof it was a pretty obvious last sign of mania. That's coming from someone that has crypto but it's about 3% of my investment and I bought it a year ago.

What I also find ironic is everyone is willing to talk about the 70% crypto crash like it's an asset all by itself. You will even find holders of stock preaching about not being able to recognize the bubble in crypto but they were holding Netflix, Meta, Twitter and other tech stocks that lost just as much if not more. I'd love to pat my own back because I called the bubble. Problem is I started calling it in 2019 and even now stock prices are typically higher than they were then so I can't be too proud.

We know most stocks will recover. Nobody knows how crypto will evolve from here. For some reason this time it feels different than the last crashes. The first couple of times it felt like some pump and dump at the end of the road. This time it feels like a ponzi scheme unwinding. I'll buy some more if prices dip considerably lower and I'll triple my investment on the way down because it is worth the gamble if it is just another crash but rest assured, it is gambling.

 

[saintmdterps]

Yes, but they didn't listen to their gut or the many warnings. You had people leveraging huge sums of money to buy BTC $70k with price predictions in the $100-$200k range. The warnings were risk assets, bubble, fed shifting policy, etc, etc. Once the fraud started shooting through the roof it was a pretty obvious last sign of mania. That's coming from someone that has crypto but it's about 3% of my investment and I bought it a year ago.

What I also find ironic is everyone is willing to talk about the 70% crypto crash like it's an asset all by itself. You will even find holders of stock preaching about not being able to recognize the bubble in crypto but they were holding Netflix, Meta, Twitter and other tech stocks that lost just as much if not more. I'd love to pat my own back because I called the bubble. Problem is I started calling it in 2019 and even now stock prices are typically higher than they were then so I can't be too proud.

We know most stocks will recover. Nobody knows how crypto will evolve from here. For some reason this time it feels different than the last crashes. The first couple of times it felt like some pump and dump at the end of the road. This time it feels like a ponzi scheme unwinding. I'll buy some more if prices dip considerably lower and I'll triple my investment on the way down because it is worth the gamble if it is just another crash but rest assured, it is gambling.

Putting money into crypto at this stage is pure speculation/gambling. From day one we've known crypto is backed by zero assets, and can go to zero in value overnight. Even more than the stock market, do not bet more than you can afford to lose, because you may lose every dollar.

 

[saintmdterps]

No bids on Chevy’s first NFT, even though it came with a free Corvette Z06

Chevy said the auction was “educational.”

www.theverge.com

I want the Corvette, not the NFT

 

[superchuck500]

This whole story is hilarious. So yeah, they really did pay $3M for a copy of a book estimated to be worth about $35,000 on the mistaken belief that buying it would give them intellectual property rights.

This thread is amazing (amazingly stupid):

 

[Tapxe]

Looks like Coinbase paid out my ETH2 interest today. IDK if it's because the merge is schedule or the SEC actions.

Anyone else get theirs?

 

[itztime]

Looks like Coinbase paid out my ETH2 interest today. IDK if it's because the merge is schedule or the SEC actions.

Anyone else get theirs?

Just checked, deposited last night at 10:50 pm.

 

[Tapxe]

Got an email from CB.

We have made changes to how your ETH2 rewards are represented in your account.

• We added the ETH2 rewards you have earned to date to your balance and show it as a single amount.
• The first payout in your account was the actual amount you earned to date, minus the Coinbase fee, based on on-chain rewards. Your first payout might be slightly different than the estimate of rewards earned that was previously shown in your account.
• After that single payout, you will receive payouts of the ETH2 rewards that will be added to your balance every 3 days.
• You still won’t be able to unstake, sell, or send ETH2 until future upgrades on the Ethereum network or trading is otherwise offered.

 

[superchuck500]

Yeah I got the email too. I haven’t checked the account. I wonder if the switch will have any market value impact on the coin itself.

 

[Tapxe]

Yeah I got the email too. Yeah haven’t checked the account. I wonder if the switch will have any market value impact on the coin itself.

I'm kind of happy about it. My main concern was that the coin would go over valued at launch, the inflated amount would drop in acct, and then sell pressure would drive it back down. Could have gotten dicey with taxes for some folks.

I still expect the coin to rocket up until the merge and drop a good bit after. It is being likened to a halving in BTC parlance so it should hold value, but seeing it go back close to ATH or more and then drop back several thousand wouldn't surprise me at all. It'll be nice to not have too much locked ETH2 where that would be a huge impact.

 

[superchuck500]

I'm kind of happy about it. My main concern was that the coin would go over valued at launch, the inflated amount would drop in acct, and then sell pressure would drive it back down. Could have gotten dicey with taxes for some folks.

I still expect the coin to rocket up until the merge and drop a good bit after. It is being likened to a halving in BTC parlance so it should hold value, but seeing it go back close to ATH or more and then drop back several thousand wouldn't surprise me at all. It'll be nice to not have too much locked ETH2 where that would be a huge impact.

I hadn’t thought about the tax issue, it’s interesting.

Typically earned interest is ordinary income on a 1099-INT, with tax due as it is earned. But here it isn’t a cash interest payment, it’s paid as fractional coin. And it appears that we still can’t sell the ETH2.

So I would think it’s the same as a dividend where tax isn’t owed until the shares are sold - and treated as a capital gain rather than income even though it’s interest.

 

[Tapxe]

I hadn’t thought about the tax issue, it’s interesting.

Typically earned interest is ordinary income on a 1099-INT, with tax due as it is earned. But here it isn’t a cash interest payment, it’s paid as fractional coin. And it appears that we still can’t sell the ETH2.

So I would think it’s the same as a dividend where tax isn’t owed until the shares are sold - and treated as a capital gain rather than income even though it’s interest.

I've been reporting income for my Tezo's & Algorand the last couple years. I recall Tezo's being litigated by some who have much more at stake than I. Current guidance is that staked coin rewards are considered income. Defendants are arguing they are more like grown crops where there is only property until sold and therefore it shouldn't be taxed.

Looks like the IRS has waffled a bit now...

IRS Offers Tezos Staker Refund on Rewards Tax in Break From Current Policy

The IRS offered a refund to a Nashville resident who filed suit in 2021 after paying income taxes on cryptocurrency generated through staking.

www.coindesk.com

 

[superchuck500]

I've been reporting income for my Tezo's & Algorand the last couple years. I recall Tezo's being litigated by some who have much more at stake than I. Current guidance is that staked coin rewards are considered income. Defendants are arguing they are more like grown crops where there is only property until sold and therefore it shouldn't be taxed.

Looks like the IRS has waffled a bit now...

IRS Offers Tezos Staker Refund on Rewards Tax in Break From Current Policy

The IRS offered a refund to a Nashville resident who filed suit in 2021 after paying income taxes on cryptocurrency generated through staking.

www.coindesk.com

I don’t see how they can say it’s ordinary income if you can’t even sell the coin. It seems much more like a dividend paid in fractional shares.