Bitcoin and Crypto Talk (Merged)(includes NFT) (10 Viewers)

[saintmdterps]

Too bad the SEC did not apply the same standards to Silicon Valley Bank. Oh well, the SEC is run by the good old boy network, so who could be surprised when they lock the gate after the horse has bolted.

 

[itztime]

Is that interest rate fixed at 6% or is it adjustable? Do you need to hold it for a certain period of time like an ibond?

Its adjustable, right now its at 6.12%. You just need to hold it for at least a month it appears and what they do is pay you with monthly "staking awards" with that particular coin. What I also noticed is the staking award, is paid on the purchase price of the coin, for instance if the coin dipped to $3.50 and you bought at that price and staked that coin, you are only going to get an APR on the $3.50, so if the coin rockets to $50 two days later and you continue to hold, no bueno on receiving an APR on the $50.

At least that is how my staking transaction rewards appear, @Tapxe might have a better understanding?

 

[Tapxe]

Its adjustable, right now its at 6.12%. You just need to hold it for at least a month it appears and what they do is pay you with monthly "staking awards" with that particular coin. What I also noticed is the staking award, is paid on the purchase price of the coin, for instance if the coin dipped to $3.50 and you bought at that price and staked that coin, you are only going to get an APR on the $3.50, so if the coin rockets to $50 two days later and you continue to hold, no bueno on receiving an APR on the $50.

At least that is how my staking transaction rewards appear, @Tapxe might have a better understanding?

I've never really looked into it. Staking for me is lagniappe as staking was added after acquisition.

 

[Tapxe]

Bought a bit of XRP right before Coinbase stopped trading @.12 iirc. Wish I'd bought a lot more about now.

Ripple Labs notches landmark win in SEC case over XRP cryptocurrency

Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring.

www.reuters.com

 

[jrdbrn]

Bought a bit of XRP right before Coinbase stopped trading @.12 iirc. Wish I'd bought a lot more about now.

Ripple Labs notches landmark win in SEC case over XRP cryptocurrency

Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring.

www.reuters.com

I have about 1500 XRP... waiting for my Lambo

 

[El Caliente]

fork this guy.

 

[El Caliente]

I have about 1500 XRP... waiting for my Lambo

8,500 here. I’ll have what your having.

 

[Zack Lee]

which crypto do you trust for sending large sums of money abroad? If it can be trusted, I don't mind a slightly higher percent for an exchange (we want to cash it out fast and easy) but we are looking for low volatility to transfer between family members. How do these transfers affect taxes. The money will ultimately end up back with the sender when they come to this country.

 

[Tapxe]

IRS now says you have to pay taxes on staked gains. Seems like that's saying a farmer must pay taxes on crops even if he doesn't sell. I thought this was actually resolved with TEZO's a while back. Guess they aren't giving up.

Digital Assets | Internal Revenue Service

You may have to report transactions using digital assets such as cryptocurrency and NFTs on your tax returns.

www.irs.gov

Tax Consequences​

Transactions involving a digital asset are generally required to be reported on a tax return.

Taxable income, gain or loss may result from transactions including, but not limited to:

• Sale of a digital asset for fiat
• Exchange of a digital asset for property, goods, or services
• Exchange or trade of one digital asset for another digital asset
• Receipt of a digital asset as payment for goods or services
• Receipt of a new digital asset as a result of a hard fork
• Receipt of a new digital asset as a result of mining or staking activities
• Receipt of a digital asset as a result of an airdrop
• Any other disposition of a financial interest in a digital asset
  
  Note: the transfer of property, including a digital asset, as a bona fide gift, requires the filing of Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return if the fair market value of the property, at the time of the transfer, exceeds the donor’s annual gift exclusion amount available at the time of the transfer.

 

[Tapxe]

which crypto do you trust for sending large sums of money abroad? If it can be trusted, I don't mind a slightly higher percent for an exchange (we want to cash it out fast and easy) but we are looking for low volatility to transfer between family members. How do these transfers affect taxes. The money will ultimately end up back with the sender when they come to this country.

I'd think you want to look into USDC type coin pegged to the dollar value.

There might be tax implications and moving 6 figures abroad would probably raise some suspicion.

How do I report Stablecoin Buys, Sells, and Trades? | ZenLedger Help Center

USDT/USDC/TUSD are tethered to the price of fiat currency. Why are they showing up on my 8949?

support.zenledger.io

 

[Zack Lee]

There might be tax implications and moving 6 figures abroad would probably raise some suspicion.

I worry about that as well as the tax implications. It doesn’t necessarily have to happen in one transaction but even in 10 transactions seems like it would draw the same eyes.

 

[DaveXA]

I worry about that as well as the tax implications. It doesn’t necessarily have to happen in one transaction but even in 10 transactions seems like it would draw the same eyes.

It will, yes.

 

[Tapxe]

FarmVille Creator Zynga Reveals First Ethereum NFT Game: Sugartown - Decrypt

The casual and mobile publisher behind FarmVille and Words With Friends will launch the Ethereum-based Sugartown later this year.

decrypt.co

Zynga will release 10,000 Ora NFTs sometime later this year, and they will be required for players to enter the game. The Ora NFTs will give players access to the experience and the free-to-play minigames within Sugartown. Players will also be able to lock up or “stake” their Ora NFTs to accumulate Sugar, a non-crypto, in-game currency.

 

[superchuck500]

 

[bclemms]

"Additionally, this apparent disconnect between listed prices and actual sales could suggest that many sellers are waiting for another massive surge in NFT interest akin to the boom witnessed in 2021, which may not ever occur again."

Reminds me of the current housing market.