1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:

mannyrs13

mannyrs13

Compound Kingpin
Supporter
Joined
May 8, 2012
Messages
39,543
Reputation
15,701
Daps
87,562
Reppin
Focusville, USA
So if the interest rates go up, that means less money for people to spend on stuff, especially houses and cars. As well as other items that may be unnecessary. More and more people are seeing that investing especially in the long run is the way to go. Most of the junk people buy won't get as good a return as investing and most stuff would be worthless anyways. I think that raising rates would hurt the economy more than help it. Not to mention omicron and all the new variants coming out that have the labor force and businesses in trouble. I think raising interest rates does raise the savings rates on banks and whatnot. But like I was explaining to my moms friends daughter during our vacation last week, a brick and mortar bank pays less than 1% interest no matter how good or bad the economy is. Ally Bank which I was using before, was giving me 2% cuz they an online bank and have no overhead such as paying rent or having tellers or other employees. Compared to stuff like CB which offers 2% for DAI and Anchor Protocol which gives me 19% for UST. As well as many other DeFi options out there. They could raise the savings rates at banks, but there are plenty of ways to make more money online. Makes no sense to keep much money in fiat if the returns aren't as good.
 
mannyrs13

mannyrs13

Compound Kingpin
Supporter
Joined
May 8, 2012
Messages
39,543
Reputation
15,701
Daps
87,562
Reppin
Focusville, USA
7gFbt24O



This dragonfly doji on link got me optimistic especially if it holds up for the next 20 minutes. Dip been eaten like crazy this afternoon. Hopefully the evening time gets us back up with momentum. Things go well and we hitting $30 by end of next week minimum.
 
mannyrs13

mannyrs13

Compound Kingpin
Supporter
Joined
May 8, 2012
Messages
39,543
Reputation
15,701
Daps
87,562
Reppin
Focusville, USA
Virtuous_Brotha said:
Click to expand...



CNN: Emergency declared in Kazakhstan as fuel protests rage and government resigns.
Emergency declared in Kazakhstan as fuel protests rage and government resigns - CNN


So they raised the price of gas and are upset that the citizens decided to clap back? :stopitslime:


He accused the protesters of undermining the "state system" and claimed "many of them have received military training abroad."

Must be those unruly Americans trying to cause trouble huh? :mjpls:


I see they friends with Russia so you already know they gonna use it to start some shyt. :francis:
 
Capitol

Capitol

Did this work
Joined
Jun 21, 2012
Messages
14,511
Reputation
1,508
Daps
33,533
So I think I'm going to scoop up SOL, Matic, Sandbox, MANA, and Bitcoin on this dip. If this isn't even the actual dip tho:stopitslime::picard:
 
Capitol

Capitol

Did this work
Joined
Jun 21, 2012
Messages
14,511
Reputation
1,508
Daps
33,533
Normally I would scoop too ETH but I feel like I need to diversify away from it
 
GoFlipAPack

GoFlipAPack

Superstar
Bushed
Supporter
Joined
May 1, 2012
Messages
19,342
Reputation
-879
Daps
48,905
Xyrax said:
Yep I agree completely. Its backwards as fukk that you get taxed on a transaction that trades BTC for ETH. In any case to answer the question, they start the counter on any exchange of crypto assets.

  • Buy 10k of BTC on Coinbase: Timer starts on the 10k of BTC
  • Send it to DeFi: Nothing happens here.
  • Exchange the 10.2k BTC (Price went up while you were transferring) for 10.2k USDT: *Taxable event on the .2k in profit. Its been less than a year since you bought the BTC so its taxed HARD.
  • Every ounce of profit, every exchange of a token, every staking reward from this point onward sets its own individual clock. (IMO this is where it gets impossible.)

With DeFi there's typically so many taxable events that its damn near impossible to track that shyt by hand. If you made just $50 that day on DeFi but the rewards came to you twice an hour, you have to log all 48 transactions, and the price of the coins at the time you received them. That shyt is a nightmare, and most people don't bother. They just do what you suggested, report the profit they ended with versus the money they put in, and pray the IRS doesn't audit them. I have to imagine most people arent gonna log all that shyt AND log their airdrops every year. That shyt is a ton of work.

Just be careful brehs.

Edit: I should clarify, If you buy Cryoto #1 on Coinbase for $1000 cash on January 1st 2022. Then you traded Crypto#1 for Crypto #2 on June 1st 2022, the clock has now reset as of June 1st 2022. Meaning you cannot sell Crypto #2 for the lower long term capital gains tax rate unless you sell it after June 1st 2023. You can check it with this calculator:

2021 Capital Gains Tax Calculator - See What You'll Owe - SmartAsset
Click to expand...

So if you bought on a defi exchange and cashed out on Coinbase how will they know if it's long term or short term?
 
GoFlipAPack

GoFlipAPack

Superstar
Bushed
Supporter
Joined
May 1, 2012
Messages
19,342
Reputation
-879
Daps
48,905
Brehs if you take your trust wallet off your phone will that basically turn your wallet into a cold wallet? Should be harder to hack if its not connected to a device right?
 
You must log in or register to reply here.
Top