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    Cryptocurrency r/CryptoCurrency Design Context Initial Winners!

    September 12, 2021

    Cryptocurrency r/CryptoCurrency Design Context Initial Winners!

    r/CryptoCurrency Design Context Initial Winners!

    Posted: 11 Sep 2021 09:02 AM PDT

    A few weeks ago, we announced r/CryptoCurrency merchandise and a design contest.

    We had over a hundred submissions, which speaks to the power of this community! We greatly appreciate all the interesting designs that were submitted! In the end, we selected the highest quality designs that we believed would best fit on merchandise.

    We are temporarily pausing submissions, but we will reopen them soon with a simpler process. Our main priority is getting these existing designs out to market.

    Among the submissions, here are the top ones for which we are offering 1000 MOONs each for the use of their designs in future r/CryptoCurrency merchandise. In no particular order, here are the 10 initial winners:

    And a special category for things no one would buy, were hilarious to read, and we don't plan to use for merch. We're giving 100 MOONs for:

    If anyone knows of a FOSS platform where people can submit and vote on the best designs, let us know in the comments! We are looking to streamline this process to involve the community more closely in these decisions. Using a single Reddit thread was messier than expected.

    Winners should send an email to cryptocurrency472@gmail.com granting a worldwide, exclusive, assignable, non-revocable license to use the designs for 1000 MOONs each and attesting to the designs being their own work without any other restrictions. Please include the art files (AI, SVG, etc) in the email so we can print the materials in the highest quality.

    Bonus: HODL mug in the flesh: https://media.discordapp.net/attachments/674049675740839977/885944454341603408/unknown.png

    submitted by /u/SamsungGalaxyPlayer
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    Daily Discussion - September 12, 2021 (GMT+0)

    Posted: 11 Sep 2021 05:00 PM PDT

    Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Disclaimer:

    Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

    Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.

    Rules:

    • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
    • Discussion topics must be related to cryptocurrency.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

    Useful Links:

    submitted by /u/AutoModerator
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    All the cryptocurrency tax information you don’t want, but need to know. (US taxes)

    Posted: 11 Sep 2021 05:10 PM PDT

    Which transactions are taxable events and which ones aren't? What has to reported and what doesn't?

    Fair warning: This is going to be a long post with a lot of information. This entire post is a TL:DR of cryptocurrency taxes.

    ….but I reluctantly added a TLDR at the end

    There are tax laws that absolutely apply, guidance issued by the IRS that isn't law, and scenarios where no one knows what the hell to do. I've tried to sort it out.

    I'm not a tax expert. I'm not a financial advisor. I'm literally a random Kevin. Use this post as a starting point. Do your own research.

    One of my main sources for this post is the Internal Revenue Service's website. I'll list other sources at the end.

    May the wings of capital gains carry you a loft to dance on the moon.

    TABLE OF CONTENTS

    1) A Cryptocurrency description from the Internal Revenue Service Of The United States of America

    2) Types of taxes associated with crypto and their rates - 2A) Income taxes and 2021 brackets - 2B) Short term capital gains and 2021 brackets - 2C) Long term capital gains and 2021 brackets - 2D) Collectable Capital gains

    3) Taxable events, corresponding tax rates, non taxable events, required reporting - 3A) Purchasing - 3B) Holding (HODL) - 3C) Transferring between wallets - 3D) Debit/credit/prepaid crypto back rewards cards - 3E) Staking rewards - 3F) Interest payments - 3G) Airdrops - 3H) Crypto to fiat sells - 3I) Crypto to crypto sells - 3J) Mining rewards (staking as well for the most part) - 3K) Crypto received as payments for goods and services - 3L) NFTs (regular and liquidity)

    4) Determining your taxable profit/loss and your tax liability with examples of transactions from section 3 - EXAMPLE 1: Determining gains and taxes owed on crypto you purchased with fiat and sold for fiat - EXAMPLE 2: Using the First In First Out method to determine capital gains. - EXAMPLE 3: Determining tax liability on staking rewards that you did not sale. (Applies to interest, airdrops) - EXAMPLE 4: Determining tax liability on staking rewards that you did sale. (applies to interest, airdrops) - EXAMPLE 5: Crypto to crypto trades - Tips on minimizing taxes owed (lawfully) included

    5) Glossary and Sources - Important words, phrases, and abbreviations in this post that are distinguished by being both bold and italicized can be found in the glossary.

    Some words may seem self explanatory but are defined differently by the IRS for tax purposes.

    SECTION 1: Excerpts from the IRS description of cryptocurrency as stated on IRS. GOV

    "Cryptocurrency is a type of virtual currency that uses cryptography to secure transactions that are digitally recorded on a distributed ledger, such as a blockchain."\ "Virtual currency is a digital representation of value, other than a representation of the U.S. dollar or a foreign currency ("real currency"), that functions as a unit of account, a store of value, and a medium of exchange."\ "Regardless of the label applied, if a particular asset has the characteristics of virtual currency, it will be treated as virtual currency for Federal income tax purposes."\ "Virtual currency is treated as property and general tax principles applicable to property transactions apply to transactions using virtual currency."\

    SECTION 2: Types of taxes associated with crypto and their rates

    2A Income Tax

    Your tax liability for certain cryptocurrency transactions (listed and explained in section 3) will be based on one of the seven tax rates that apply to you based on your adjusted gross income and filing status.

    The proceeds you receive from qualifying transactions will be taxed according to your personal income bracket along with the rest of your income. This is a different than the tax that's levied on the sale of capital assets.

    The 2021 income tax brackets:

    RATE SINGLE MARRIED/JOINT
    10% $0-$9,950 $0-$19,000
    12% $9,951-$40,525 $19,901-$81,050
    22% $40,526-$86,375 $81,051-$172,750
    24% $86,376-$164,925 $172,751-$329,850
    32% $164,296-$209,425 $329,851-$418,850
    35% $209,426-$523,600 $418,851-$628,300
    37% $523,601 + $628,301 +
    RATE MARRIED/SEPARATE HEAD OF HOUSE
    10% $0-$9,950 $0-$14,200
    12% $9,951-$40,525 $14,201-$54,200
    22% $40,526-$86,376 $54,201-$86,350
    24% $86,376-$164,925 $86,351-$164,900
    32% $164,926-$209,425 $164,901-$209,400
    35% $209,426-$314,150 $209,401-$523,600
    37% $314,151 + $523,601 +

    2B Capital Gains: Short Term

    Short term capital gains tax is applied to the realized gains from the selling, trading, or disposal of cryptocurrency that you've held for less than one year.

    The tax rate is the same as the rate you'd pay for ordinary income, based on your personal tax bracket, the same brackets listed above in section 2A.

    2C Capital Gains: Long Term

    Long term capital gains tax is applied to crypto that you hold for more than one year before selling or trading. These rates are typically much lower than ordinary income. 2021 long term capital gains brackets:

    RATE SINGLE MARRIED FILING SEPARATE
    0% $0-$40,000 $0-$40,000
    15% $40,401-$445,850 $40,401-$445,850
    20% $445,000 + $445,000
    RATE MARRIED FILING JOINT HEAD OF HOUSEHOLD
    0% $0-$80,000 $0-$54,100
    15% $80,801-$501,600 $54,101-$473,750
    20% $501,600 + $473,751 +

    2C Collectible Capital Gains

    The IRS has not issued a definitive guidance on how certain cryptocurrency may be taxed in this way but a growing opinion is that some tokens will fall under the IRS definition of collectible capital assets. This tax has a flat rate of 28% We'll cover these tokens in the next section. Can you guess what's in question?

    The IRS defines collectible assets broadly. Any work of art, most metals, gems, coins and this super general statement: Any personal property that the IRS determines a collectible under IRC Section 408(m).

    SECTION 3 Taxable events, corresponding tax rates, non taxable events, and required reporting

    The part you've been waiting for! Which cryptocurrency transactions trigger a taxable event ? How are they taxed? Let's explore.

    Examples in Section 4 for different scenarios.

    3A 3B 3C Purchasing, Holding and Transferring.

    These are not taxable events. No tax liability of any kind is incurred by these actions alone and you don't have to report crypto that you buy and transfer if you don't sell or trade it. Even if the value of your crypto rises or falls dramatically, you own no taxes because you have not realized gains.

    NOTE: Having a Record of every transaction you make, regardless of tax liability or the current reporting requirement, is very important.

    To be able to properly report when you do trigger a taxable event you'll need to know either your cost basis or the fair market value (one of these apply depending on how you acquired it and what you do with it) for each transaction, the amount of fiat spent, the amount of crypto purchased, the date of purchase and any fees you paid.

    It's also important to note that your cost basis is different than your **average* cost.

    3D Crypt rewards cards: general

    Generally, the IRS categorizes credit and debit card rewards as non-taxable. They are treated as rebates or discounts on what you purchased.

    That implies that for now, all those juicy crypto back rewards we get do not trigger any taxable event and no reporting requirements upon receipt (Capital gains, income, or otherwise).

    Selling them will trigger a taxable event though, so you'll need to know the fair market value at the time you received the rewards and the amount received for each transaction. Sounds like a hassle? There are multiple ways to record transactions, I do it manually through Blockfolio (now FTX) but there's software that can track almost everything.

    NOTE If you receive cryptocurrency through rewards, staking, interest or any means other than purchasing (using fiat or crypto) the fair market value at the time you received them becomes your cost basis for tax purposes.

    Some platforms may send you a 1099-MISC if you go over a certain amount of rewards, but that doesn't make it taxable. Whether something is listed on a 1099-MISC and whether it's taxable are two different questions.

    • ###Crypto rewards cards: Fiat Payments

    Crypto rewards Cards that are pre-loaded with fiat, or that utilize fiat as the means of payment, do not trigger a taxable event when you make a purchase using the card and receive crypto back because you are paying with the US Dollar, the legal tender of The United States.

    • ###Crypto rewards cards: Crypto Payments

    Cards that spend your crypto, whether they are rewards cards or not, trigger a taxable event. (stable coins are no exception, but do not incur tax liabilities in most cases) When using a card to spend crypto, the card issuing platform is liquidating your crypto to fiat then using the fiat for the purchase via the card, this is a disposal of a capital asset.

    Even if the provider of the goods/service you purchase from accepts crypto, and you actually transfer your crypto to them via a card or any other method, you are triggering a taxable event by trading crypto for goods and services.

    • ###Crypto rewards cards: Stable coin payments

    Crypto Card issuing platforms that guarantee a 1:1 ratio between US Dollars and the stable coin the card utilizes, will not result in capital gains or losses, but each transaction is still required to be reported.

    Stable coins are still cryptocurrency and this means that transactions involving stable coins are disposal of capital assets. Although minimal, stable coin prices can fluctuate. If you're not guaranteed a 1:1 ratio, you may trigger a taxable event and you'll need to calculate your profit or loss.

    While using your crypto to pay for goods and services via a pre-loaded card triggers a taxable event, it doesn't always result in a capital gain. If the fair market value at the time of your payment to a merchant is lower than your cost basis, you may actually incur a capital loss that can be used to offset gains. (With some exceptions)

    3E 3F 3G Staking Rewards, Earning interest, (including Defi) and Airdrops

    Each one of these transactions trigger a taxable event. They are viewed by the IRS in the same way as fiat interest in traditional finance. They are required to be reported and are taxed as income at your personal tax rate, not as capital gains… unless or until you sell.

    What separates these payments from traditional fiat interest is in crypto, for each individual transaction, you need to know the fair market value on the date you received the crypto because upon selling these rewards, the fair market value becomes the cost basis that you must use to calculate your profit/loss and the resulting capital gain or capital loss.

    3H 3I Selling crypto for fiat and crypto to crypto trades/transactions

    These are both taxable events and both result in capital gains/loss tax. Selling crypto, your property as defined by the IRS, is of course a taxable event and profit is taxed the same as stocks, gold, or any other "property". Capital gains apply, either short or long term and according to the bracket you're in.

    Trading one crypto to another crypto is taxed exactly the same way. You're disposing of one asset and purchasing another that are both valued in US dollars.

    3J Cryptocurrency mining and (staking revisited)

    Tax calculations based on the receiving of cryptocurrency through mining are taxed similarly to staking and there's a lot of debate about this, especially staking rewards.

    According to the IRS, when a taxpayer successfully mines Bitcoin or other cryptocurrency he/she must include it in their gross income after determining the fair market value at the time they receive it.

    There are two ways to report mining rewards on your taxes: as a hobby or as a business as defined by the IRS. In both, much like interest, Airdrops, and staking rewards, the fair market value (at the time you received them) of your mining rewards will be considered income and taxed at your personal tax bracket.

    As a hobby, this will be reported on form 1040 as "other income". If you run a mining operation as a business, you can fully deduct expenses and the net profit is taxable and reported on Schedule C.

    3K Crypto received as payments for goods and services, crypto received as wages and salary and using crypto to pay employees

    • ###Crypto received as payment for goods and services

    Similar to mining, payments received in Cryptocurrency must be converted to their value in US dollars and included as income. Expenses can be deducted if you are a business owner.

    • ###Crypto received as a form of wage or salary payment, for employees and employers.

    Employers must convert employee earnings paid in crypto to US dollars on the employees W-2 form. These wages are subject to the same withholdings as payment in US dollars. Employers also incur capital gains tax for disposing of their crypto as payment to employees.

    And again, the fair market value at the time you receive the crypto becomes your cost basis if you trade.

    3L NFTs

    Creating an NFT is not a taxable event, and has no value to report when you create it, however, it is considered a cryptocurrency by the IRS. Trading an NFT for another NFT, disposing of an NFT for a fungible cryptocurrency or US dollars is a taxable event subject to capital gains/losses.

    Many NFTs are considered collectibles and may fall under the IRS definition of a collectible capital asset. The IRS has not issued guidance on this so the presumption right now is to use the definition of a standard capital asset.

    Trading cards, for example, are not specifically listed by the IRS as collectible capital assets but have historically been taxed as such and this makes me think of NBA Top Shots NFT series.

    The short term rule applies to collectibles in the same way as regular capital gains tax, it's based on your income tax bracket. However, Long term collectible capital gains tax is a flat 28%. That's strange to me.

    There are NFTs that do not fit the definition of a collectible. Take Uniswap V3 as an example. Liquidity positions are not represented by ERC-20 tokens anymore, they are represented by NFTs and are obviously different than NFTs that represent art of any kind.

    SECTION 4 Determining your profit/loss from different transactions and your tax liability with examples of transactions from section 3

    You're going to basically need a record of every transaction that involves cryptocurrency. You can do it manually with a notes app, excel spreadsheet or a crypto tax software tool that pulls the information from all your exchanges and wallets. Some of these software programs don't cover everything though. You'll get reports from many exchanges and you can find a record of your transactions on these exchanges.

    INFO YOU'll NEED

    • cost basis or fair market value
    • how you acquired the crypto (income or purchase)
    • how much crypto you acquired or sold
    • how much fiat you invested or how much fiat received for the sell
    • the date you acquired or sold the crypto

    EXAMPLE 1 Determining capital gain and taxes owed on crypto you bought, held, transferred then later sold.

    NOTE: Remember to include fees to lower your Capital gains.

    • Frank buys 10 ETH on December 10, 2020. 1 ETH was $1000 - He spent $10,050
    • The transaction fee was 0.5%, or $50

    • $10,000 invested + $50 in fees = $10,050 / 10 ETH = $1005 cost basis of per ETH

      • Frank transfers the 10 ETH to a ledger where he plans to hold it for one year.

      NOTE No fee = Cost basis is the exact price per coin. Fee = include the fee, $50 in this case, to your total investment ,divide total investment by total coins purchased. (If you incur other fees for transfers, those can be deducted as well.) Cost basis is now $1005 for tax purposes.

    If you incur fees when you sale, deduct those fees from your total proceeds.

    • On December 11, 2021 (over 1 year later) Frank transfers back to an exchange and sells 5 of his 10 ETH when Ethereum his $10,000. He pays $250 in fees. Remember that he paid $1005 per ETH when he made his purchase.

    • 5 ETH X $10,000 per ETH = $50,000 - $250 fee = $49,750 net proceeds

    • The next step is to deduct your cost basis from your proceeds from the sale.

    • $1005 cost basis X 5 ETH = $5025 total cost basis

      • Net proceeds $49,750 - $5025 cost basis is $44,725 long term capital gain.
      • Frank is married and they file jointly, she has a boyfriend but that doesn't affect taxes. Their total taxable income is $90,000 which puts them in the 15% long term capital gains bracket.
      • $44,725 capital gain X 0.15 (taxed at 15%) capital gain tax rate = $6,708.75 owed in capital gains tax

    EXAMPLE 2 Expanding on the above scenario to illustrate the FIFO (first in first out) method of tax reporting.

    • Frank also purchased 2 more ETH in March 2021 (we'll assume no fees this time for simplicity). Ethereum was $2,500. His cost basis for these 2 ETH is $2,500 each.
    • We know from the first example that Frank sold 5 ETH from the original 10 he purchased. He now has 7 ETH. 5 left with a cost basis of $1005 and 2 with a cost basis of $2,500
    • On January 1, 2022 Ethereum drops to $2000 and He sells 6 ETH
    • 6 ETH X $2000 = $12,000 net proceeds

    IMPORTANT NOTE: Since Frank has two different cost basis for Ethereum and his sale was for more ETH than he owns at the first cost basis of $1005, the sale can be split into two transactions when figuring taxes.

    FULL TRANSACTION 6 ETH sold at $2,000 ETH = $12,000

    TAX TRANSACTION ONE - He has 5 ETH from 2020 with a cost basis of $1005 per ETH They were purchased first, they sell first. FIFO - 5 ETH @ $1005 cost basis = $5025 total cost sold for $2000 per ETH or $10,000 total proceeds - $10,000 proceeds - $5025 cost basis = $4,975 LONG TERM NET GAIN on these 5 ETH

    TAX TRANSACTION TWO - He has 2 ETH that he purchased for $2,500 and sold one of them (he sold 6 total, the 5 left from his original purchase plus 1 from his latest purchase = 6) - All 10 of the original ETH he bought have been sold. He must now use 1 of the 2 he recently purchased to determine his tax liability on this 6 ETH sale. - 1 ETH @ $2,500 cost basis sold for $2,000 total - $2,000 proceeds - $2,500 cost basis = $500 SHORT TERM NET LOSS

    • Frank has two taxable situations here that resulted from one sale. A $4,975 long term capital gain that he owes 15% tax on ($746.25) and a $500 Capital loss that he can claim.

    NOTE Capital losses are first used to offset gains of the same type. So, short term losses are first deducted from short term gains and long term against long term. Losses of either type that are higher than gains of the same type can then be used to deduct against the other kind of gain.

    If you have an overall net capital loss for a tax year, you can deduct up to $3,000 of that loss against your income. Any capital loss in excess of $3,000 can be carried over to subsequent years and deducted against capital gains first then other kinds of income. Married filing separate is $1,500 for these scenarios.

    EXAMPLE 3 crypto received as staking or interest payments. Claiming them as income.

    Karen has 10,000 ADA that she wants to stake. She staked and received rewards in February.

    REWARD/DATE ADA FMV REWARD VALUE
    6.124 FEB 5 $0.44 $2.69
    6.654 FEB 10 $0.93 $4.26
    5.976 FEB 15 $0.86 $3.53
    6.612 FEB 20 $1.12 $7.41
    6.489 FEB 25 $1.08 $7.01
    • Karen earned 31.855 ADA
    • Each of these rewards has a different fair market value( $.44 $.93 $.86 $1.12 $1.08 per ADA) and represent income of $.24 + $.64 + $.59 + $.77 + $.74 each for a total of $24.90 of income.
    • This $24.90 will be added together with the rest of Karen's taxable income to determine her tax rate.
      • Karen is single and earned $35,000. Her tax rate is 12%
      • She'll owe an additional $2.98 on her $24.90 of staking income.

    EXAMPLE 4 Expanding on staking rewards. Selling them and using FIFO

    We know that our staking and interest rewards are considered income and taxed according to our personal tax bracket. This changes when you sell your staking reward. You'll owe capital gains tax.

    Let's say Karen sold those first 10,000 and just has the staking rewards left to illustrate.

    • Karen decides to sell the rest of her ADA and all she has left are staking rewards.
    • She sells 18 ADA at $3.00. Assuming these were next on the list to be sold using FIFO, she uses ADA from her first 3 rewards dates.
    • Karen received these ADA as rewards so she'll have to know the fair market value at the time she received them.
    • First out of her 18 total sell is the 6.124 ADA she received on February 5th, ADA was trading at $0.44 that day, $0.44 is the fair market value and now becomes her Cost basis.
    • 6.124 ADA X $0.44 Cost basis = $2.69 total cost
    • 6.124 ADA X $3.00 ADA sell price = $18.37 total proceeds
    • $18.37 total proceeds - $2.69 total cost = $15.68 short term capital gain
    • The second part of the 18 ADA transaction will use the 6.654 ADA she received on February 10th with a fair market value, now her cost basis, of $0.93
    • 6.654 ADA X $0.93 cost basis = $5.72 total cost.
    • 6.654 ADA X $3.00 ADA sell price = $19.96 proceeds
    • $19.96 proceeds - $5.72 = $14.24 short term capital gain.
    • The third part of the transaction will use 5.222 (6.124 + 6.654 + 5.222 = 18) out of the 5.976 ADA she received on February 15th with a cost basis of $0.86
    • 5.222 ADA X $0.86 cost basis = $4.49 total cost
    • 5.222 ADA X $3.00 ADA sale price = $15.67 proceeds
    • $15.67 proceeds - $4.49 total cost = $11.18 short term Capital gains.
    • Now we add each part of the transaction.
    • $15.68 + $14.24 + $11.18 = $41.11 total short term capital gains** from the sale of 18 ADA received as staking rewards.
    • Karen found a husband on r/datingover30 and they had a combined income of $90,000 which puts them in the 24% tax bracket.
    • Karen and Kevin will owe $9.87 in short term Capital gains tax on the sale of the 18 ADA at $3.00

    EXAMPLE 5 Crypto to Crypto trades

    • Kevin wants to buy TRAC but can only find it with a BTC pair.
      • He buys $250 worth of Bitcoin at $50,000
    • $250 investment / $50,000 BITCOIN = .005 BTC purchased
    • He trades his .005 BTC for 650 TRAC at $0.40 - Bitcoin had risen to $52,000 at the time of his TRAC trade.
    • When you trade crypto to crypto, you're essentially selling one crypto to fiat and buying another crypto. The IRS views this as a disposal of one capital asset and the purchase of another.
      • .005 BTC X 52K = $260 / $.40 TRAC = 650 TRAC
    • His cost basis for BTC was $50,000 ($250) and when he disposed of it for TRAC the price had risen to $52,000 ($260)
    • $260 proceeds - $250 cost = $10 short term capital gain.
    • Kevin incurred a capital gain on his BTC to TRAC trade.

    Ways to minimize taxes owed.

    • Monitor your holding period. Try to turn short term gains into long term gains.
    • Use losses to offset gains and wash sales are currently allowed but be careful because the IRS has a clause called The Economic Substance Doctrine
    • Keep records of all of the fees that you pay for everything
    • Donate to charity
    • Gift crypto to family members
    • Consider a crypto self directed retirement account
    • If you mine, deduct every expense possible.
    • Use every deduction or credit available to lower your taxable income

    GLOSSARY: Internal Revenue Service or economic/accounting definitions

    • 1099-MISC: An Internal Revenue Services form used to report certain types of non-employee compensation. ###A
    • Adjusted gross income: Gross income minus all available deductions.
    • Average cost: Total cost divided by the total number of units. ###B
    • Business: An activity carried on for livelihood or in good faith to make a profit. ###C
    • Capital asset: Significant pieces of property whether owned by a business or individual.
    • Capital gains: Profit from the sale of property or an investment.
    • Capital gains tax: A tax levied on profit from the sale of property or an investment.
    • Capital loss: A loss that is incurred when a capital asset is sold for less than the price that was paid for it.
    • Collectible capital assets: Alternative investments that include things like art, stamps, coins, cards, comics, rare items, antiques and so on.
    • Cost basis: The original value of an item, usually the purchase price and is used to determine capital gain or loss ###D
    • Disposal: Asset disposal is the act of selling, trading, or removal of an asset that is no longer needed. ###E
    • Economic Substance Doctrine: A tax law under which a transaction must have a substantial purpose aside from reduction of tax liability in order to be considered valid.

    F

    • Fair market value: The price that an asset would or did sell for at a given time on an open market.
    • Form 1040: A common tax form used by US taxpayers to file an annual income tax return. ###H
    • Hobby: An activity that is engaged in for sport or recreation, not to make a profit. ###I
    • IRC section 408(m): An Internal Revenue Service document that explains and helps determine the consequences of investing in collectibles in an individually directed account.
    • Internal Revenue Service (IRS): The revenue service of the United States federal government that is responsible for collecting taxes and administering the revenue code. ###L
    • Legal tender: Anything recognized by law as a means to settle public or private debt, or meet a financial obligation. ###R
    • Realize Gains: The difference in investment amount and proceeds when an investment is sold for a higher price than it was purchased. ###S
    • Schedule C: The IRS tax form used to report income or loss from a business you operated or as a profession you practiced as the sole proprietor. ###T
    • Taxable Event: Any action or transaction that may result in taxes owed to the government.
    • Tax liability: The total amount of tax debt owed.

    sources for definitions and information in the post. IRS. GOV • Investopedia • cryptotrader .tax • sourceforge .net • coin telegraph • cointracking .info • Forbes advisor • thebalance .com • bankrate • taxbit .com •

    This post was born from my research into tax law and code due to my disagreements with the way newly mined or minted coins are taxed. Never in the history of the United States has something been taxed at the time of creation.

    TLDR: If you purchase crypto, you pay capital gains/loss when you sell. If it's a reward (except from crypto back cards) from interest, staking or mining, you owe income tax on it and if you sell it then you owe capital gains tax.

    Any crypto you trade/sell/dispose of is subject to Capital gains tax.

    Edit: There is software that can compile most of your trading, staking, etc for you. Koinly, CrytoTrader,Tax and CoinTracker are highly recommended.

    Edit: You don't have to use FIFO, that's just a common method and most preferred. It's easier to keep up with in my opinion but that's your choice.

    submitted by /u/Kevin3683
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    Visa CEO says he’s smart enough to invest in Bitcoin now

    Posted: 11 Sep 2021 08:52 PM PDT

    $26,500 USD lost for failed ETH transaction. Reason: out of gas.

    Posted: 12 Sep 2021 01:24 AM PDT

    With smart contracts on Cardano literally hours away I wanna know, what stops ADA from exploding like SOLANA did? *serious*

    Posted: 11 Sep 2021 09:13 PM PDT

    And I am seriously asking, I'm a 2020 baby, not that expert, I really want to know what stops it, is it the market cap? Is it totally posible or is it delusional, what I wonder tho is Can it pump a la SOLANA?

    Now with smart contracts ADA will have a real use and let's be honest Cardano has one of if not the best teams in any crypto project if not the best, yes I used to make memes of ADA for not being useful for shit, but is this a BIG opportunity?

    Im really asking for educational purposes please don't shit on me, I'm sorry if this post is stupid hahahahaha, love you guys and thanks in advance for educating me.

    Also I hope you get that bag!

    submitted by /u/Edgarjosue1
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    Vitalik wants to cancel Kim Kardashian for pumping Ethereum Max

    Posted: 11 Sep 2021 10:56 AM PDT

    Kim is at it again, making money by pumping a shitcoin called Ethereum Max, as we have seen in one of the top posts, because hopefully nobody here actually follows Kim Kardashian on any social media.

    This is actually not the first time she was advertising Ethereum Max, she was doing it already earlier this year, as well as other celebrities, for example Floyd Mayweather.

    Vitalik did react to this in one of his recent talks at EthCC, by jokingly proposing to cancel Kim Kardashian because of it.

    Link to the video with timestamp: Video.

    Later in the same talk during the Q&A, there was a lady who probably is a Kim Kardashian fan, asking a pretty weird question about not canceling Kim Kardashian, but instead tokenizing her closet lol

    Vitalik managed to stay cool and had a good answer, here's a direct link to the question: Question

    Edit: I also recommend watching the whole talk if you havent seen it, it's about "Things that matter outside of DeFi" and gives some insights on possible future use cases of ethereum

    submitted by /u/babossa77
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    People need to have realistic expectations from their investments - $100 is not going to allow you to purchase a lambo.

    Posted: 11 Sep 2021 04:54 PM PDT

    One of the great lures of the crypto space for new investors is the idea that they can take a small investment, and transform it into a ludicrous amount of money.

    These instances of taking tiny holdings and turning them into mountains of gold are both incredibly rare, and also require the ability to hold for a long time without being overcome by fear of the investment falling.

    For example, if you had bought 1 BTC at $10, do you really think you would have not sold at $1000? 5000? Be mindful of the extreme FUD that would have been present along the way.

    Realistically, multiplying your investment by factors of x5, x10 or even x20 are excellent investments. If I were to invest $100, then realistically I would be very happy with a return of $1000. You need to decide for yourself if you believe that project will carry on for years to come.

    Naturally there will be the occasional rocket token, such as Doge, and we'll know because it will gather lots of attention. They are rare, and statistically you are unlikely to ride one of them - not impossible, but the key is unlikely.

    At the end of the day, if you've made profit you've done well so far so congratulate yourself. Allow time to help you if you want your investment to possibly grow large, but otherwise you need to accept that small investments will most likely not make you a yacht sailing millionaire.

    TL:DR - Be realistic with your potential profits from small investments.

    submitted by /u/Chooky47
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    Tether is responsible for the MAJORITY of crypto trading volume. This means you will NOT BE SAFE from Tether collapse/fraud uncovering even if you don't hold any.

    Posted: 11 Sep 2021 03:04 PM PDT

    Tether is responsible for the majority of crypto trading volume.

    ​

    Over the past 24 hours Tether had a trading volume of U$ 79,942,874,644 dollars. Bitcoin had U$ 34,764,002,915 dollars traded, and ETH had U$ 19,402,373,410 dollars.

    ​

    That means Tether trading volume corresponds to 1.5 times that of Bitcoin and Ethereum. Added together. There are also days (like yesterday) where it's closer to 2 times.

    ​

    If you think you'll dodge a Tether crash by "nOt HoLDinG UsdT" you're so very mistaken, because a Tether collapse would mean much less market action, and that would make prices less stable (probably on the downside, since a big fraud would be uncovered).

    ​

    Tether also claimed they hold cryptoassets on their reserves that back USDT. This means that:

    • Client gives Tether 10 USD, gets 10 USDT
    • Client uses 10 USDT to buy $10 of Bitcoin
    • Tether uses the USD to buy $10 of Bitcoin to back the USDT they gave the client.
    • Essentially every USD is used to buy Bitcoin twice, meaning there's leverage and the Bitcoin float price is probably, at least, twice what it should be.

    PS: For the bullet point analogy right above I'm considering Tether holds only Bitcoin as their reserve asset of choice to back USDT. In the past they claimed to have a portion of USD, a portion in Crypto and a few other assets, but from what I remember on their pizza chart Cryptoassets were over half of their reserves.

    ​

    In case of a collapse/fraud uncovering the market will dry up and prices will correct on the downside as people realize they were artificially inflated by a fraudulent company.

    submitted by /u/Harucifer
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    Quick reminder to not poor-shame people

    Posted: 11 Sep 2021 10:17 AM PDT

    I see it too often in crypto groups, and it can be really disheartening sometimes. Before you make fun of or berate someone for panicking about "only $X", please take a minute to consider that not everybody is a middle+ class first worlder or got into crypto early. Even when it comes to first world people, think about how little the average person has in savings. Scam victims are also a thing.

    That $20, $50, $100, etc., however much may appear minuscule to you, may be someone's only hope for a way out of a miserable financial situation 🤷‍♂️

    I know how ridiculous it is to be down five digits on an investment and see someone causing the biggest ruckus over their 0.00001% stack.. but you can easily tell them to stfu without mentioning that they have nothing 😂

    That's all ✌️

    Edit: To clarify, I wasn't referring to anything I've seen here on reddit. This is a common thing mostly on telegram and discord (and 4chan, but they don't really count), but there's not really a good way of doing a "PSA: stop being a dick to poor people" on those apps (other than 4chan, but again.. lost cause there). Sorry about the confusion :-)

    submitted by /u/randomstatementguy
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    Don't support your crypto like it's a football team

    Posted: 11 Sep 2021 11:33 PM PDT

    Less so in this particular sub (though it's still rampant), but in the darker sewers of reddit (spent a most humorous hour browsing the safemoon sub) and into the wider public it's readily apparent that crypto is extremely tribal, bordering on cultish. People treat these coins like they would their favourite football team, perhaps with even more ardent delusion. What's even weirder is the sizable minority who tribally oppose certain coins (ADA as an example), with people so invested in actually seeing a coin fail.

    We aren't rational beings, we make irrational choices everyday, and you only need browse any reddit sub for a few minutes to see how illogical, and how willing we are to shape, warp or ignore information to fit the narrative we want to cultivate. This is all fine to some degree, but if we're investing, it's incredibly sub-optimal to sink into this tribal mentality. You shouldn't care which coin makes you your best return. If safemoon actually did offer (it doesn't) the best long term return, i'd be all over it like Homer simpson at a lobster buffet. Why do you care if it's SOL, ADA, or LUNA that "wins", as long as you're in it, it doesn't matter. Conversely, if you're in only SOL, and ADA goes parabolic too, why do you care? If Doge pumps to a dollar, i couldn't give a fuck. I'm not invested in it, but i don't begrudge others if they make a return, just as i don't have sympathy for people aping into bad coins and losing money.

    Take emotion out of your decisions, don't treat your coins like your drinking buddies or family, treat them as an investment, be ruthless with them, and don't care about how you achieved your financial goal, just care about getting there through whatever means necessary.

    submitted by /u/J17ster
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    Since The Beginning Of The Year Ethereum Added More Than 6.2 Million Addresses

    Posted: 11 Sep 2021 12:38 PM PDT

    Inside Mt. Gox' Private Chat Logs: "all the BTC is gone"

    Posted: 11 Sep 2021 06:37 PM PDT

    Inside Mt. Gox' Private Chat Logs: "all the BTC is gone"

    The exchange Mt. Gox was hacked multiple times with over 850,000 Bitcoin stolen.

    Mt. Gox was the largest Bitcoin exchange, being responsible for over 80% of all trades at its time.

    I have found these private chat logs, which were linked to in an ancient Reddit thread, the link was no longer working but I have found an archieved version of it.

    All this chat has gone over Skype, which itself had some weaknesses and that time and was apparently used by them to share confidential information (never seen any media outlet reporting on that)

    ​

    ​

    usual talk for Mt. Gox

    ​

    https://preview.redd.it/r6atx8xg4zm71.png?width=359&format=png&auto=webp&s=3c31fe108f9e409b017f599a9dca102eff9e8aa5

    ​

    https://preview.redd.it/ixxt3clu4zm71.png?width=778&format=png&auto=webp&s=7dcf6b0091869cb3de0beb0f469e45e12a6d9abd

    ​

    very secure 5 letter password being shared via Skype

    ​

    Actually \"unsalted md5\" should never be used and is extremely insecure

    ​

    sharing passwords on Skype again

    ​

    even more professionality

    This look into Mt. Gox at one of its first hacks perfectly shows that they were doomed from the very beginning

    submitted by /u/Loose-Imagination781
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    When do you think you'll be able to retire because of your crypto investments?

    Posted: 11 Sep 2021 01:15 PM PDT

    I've been in crypto maybe a year. I had high hopes of retiring this January and it could still happen. I've got a substantial amount in ETH staked, also providing some safer low interest liquidity, and joined some BTC mining pools. Now if ETH goes to 10k and BTC to 100k around 2022, I think I'll be set. That's said I've learned to tamp down my enthusiasm due to the wild swings we have. I also learned to stick with ETH and BTC mostly. I'm really enthusiastic about them hitting 10k and 100k respectively. I'm tempted to get into more tokens, or projects but I can't afford to gamble too much.

    That said, what investments do you have that's you think will alow you to retire, and how long before you think that may happen? I feel highly confident in ETH and BTC, so I'm just trying to get a feel for people's confidence here on other projects. Not long shots, but what you think you'll retire because of. (Yes I know, it's all long shots but you know what I mean. Also this IS part of my DYOR.)

    submitted by /u/Fair_Still6667
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    Dogecoin drops to 9th place

    Posted: 11 Sep 2021 02:48 PM PDT

    Dogecoin drops to 9th place

    Doge was riding high back in early May, it was the 4th most valuable cryptocurrency with a market capitalization of $85 Billion.

    Ever since then it has slowly and gradually been slipping down the rankings, in the past 7 days it is the cryptocurrency that has had the highest percentage loss in the top 15.

    Here is a snapshot of when Doge was king;

    https://preview.redd.it/jxl1q2ee2ym71.png?width=751&format=png&auto=webp&s=0c7654d497e21988abaf9c3b8ca7cbff4940d3fc

    Today it is a whole different story, it has dropped to 9th place and has lost 65% of its value from it's all-time-high back in May. The price now sits around 24 cents per Dogecoin.

    submitted by /u/Amelie007
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    "Safe"Moons Chief of Technology leaves the Company Quietly without Giving Reason as Token is down 88% from All Time High

    Posted: 11 Sep 2021 11:13 AM PDT

    Why oracles such as Chainlink are so important.

    Posted: 11 Sep 2021 09:54 PM PDT

    Why oracles such as Chainlink are so important.

    I browse through this subreddit fairly often and I rarely really see anyone properly bring up Chainlink or oracles. I feel like many people here do not know much on the topic. So what makes an oracle so important?

    ​

    Firstly I'll quickly have to define what a smart contract is. A smart contract is a contract where no third party is involved as the contract is self-executed by the blockchain due to a agreement which then becomes lines of computer code.

    ​

    So where does an oracle such as Chainlink come into this? Well without an oracle a smart contract on a blockchain only has access to on-chain data meaning without an oracle a smart contract does not have access to any off-chain data meaning it knows nothing off the outside world. Such as who is the current president, what is the price of gold or an event that occurs.

    A Simple visualisation

    An easy way to understand just how important this is, is when most people bring up the potential smart contract uses in the real world on lets say ethereum the majority of these examples need off-chain data.

    ​

    So what makes Chainlink in particular important as an oracle? What's the competition like? While Chainlink does have competitors at this point in time Chainlink is ahead of the herd due to it being the first decentralised oracle and having really important long term connections most note worthy being google. This has given Chainlink a great chunk of the market share in this area meaning competitors will have a hard time gaining their own. This is why I personally think Chainlink will continue being the leader in this area going into the future.

    ​

    I hope this sheds just a bit of light on what an oracle actually does and why this makes them important for the cryptospace.

    ​

    I highly recommend anyone interested in wanting to know a bit more about oracles and Chainlink to check out this informative fact sheet https://www.chainlinkecosystem.com/factsheet/

    submitted by /u/LWOS101
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    Cryptocurrencies are not just the ‘stocks and shares’ of new technologies - The blockchain is the very foundation of these new emerging infrastructures

    Posted: 12 Sep 2021 01:52 AM PDT

    When we invest in cryptocurrencies we are not just buying a coin or token, which will be used as a currency, we are investing in the very infrastructure of the internet, industry, business and banking itself.

    In a world where fraud and security incidents are becoming more and more commonplace, blockchains are the technologies that can provide businesses with a very secure way to work with customers, suppliers and partners.

    Micro-payments - The ability to make thousands of individual payments, cheaply and securely is going to revolutionize payments online. On social media, games, or music streaming services.

    Distributed storage - Storing digital information across decentralized networks.

    Health care – Securing health and medical records and reducing the potential for fraud.

    Legal industry – Critical documents like wills, powers of attorney and corporate records, not to mention the creation of smart contracts.

    Real estate – When recording land transfers and real estate transactions while reducing the potential for fraudulent sales, these smart contracts can be a huge benefit.

    Supply chains – Walmart is already using blockchain to track some products back to their manufacturing roots, and UPS and FedEx have started using blockchain in their operations.

    Raising capital– Initial coin offerings or ICOs are raising money for businesses and being used to support crowdfunding projects. (see also IDOs Initial Decentralized Exchange Offerings)

    Education– Student IDs, transcripts, test result records and more could benefit from blockchain's immutability and security. (The basis of a partnership with Cardano and the Ethiopian government).

    Digital ownership - The ability to create uniqueness from essentially infinitely copiable assets

    To name just a few example use cases, with many more we haven't even imagined yet.

    .

    submitted by /u/spritecut
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    You should try to ignore the Moon distribution

    Posted: 11 Sep 2021 06:01 PM PDT

    I know some people love them, and they can actually make a difference to people in some parts of the world.

    However, for most users here, you should honestly ignore them.

    If you try to watch your distributions and compare your total moons to every other posters, then you're just going to stress yourself out. It's no different than refreshing the crypto charts every minute.

    Seriously, just post and comment on things you find interesting, and don't pay any attention to how many moons you or anybody else has.

    One day, they might be worth something, and like all cryptos, the longer you hold, the more they'll increase value. You may even get rich, but that is years away. Watching and posting day after day will burn you out. Meanwhile, other users who are generally interested in discussion will continue to accumulate.

    Just enjoy the sub.

    EDIT: Wow, thank you for the pretty awards!

    submitted by /u/gnarley_quinn
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    US officials discussing about cracking down Tether (USDT) and other "stable coins".

    Posted: 12 Sep 2021 12:09 AM PDT

    If you want the general public to take cryptocurrency seriously, start by conducting yourselves with some professionalism and class. This is addressed to most crypto enthusiasts and communities.

    Posted: 11 Sep 2021 11:36 PM PDT

    I'll preface this by saying I see little to no future in cryptocurrency and it's widespread adoption, and I've only ever had $50 of bitcoin cash which was 5 years ago. So now that we've gotten it out the way that I'm a "jealous hater" or "uneducated boomer" or whatever, let us begin.

    For whatever reason posts from here frequently show up on my feed, and time and time again I see users complaining about how certain demographics aren't buying into crypto and that "we need everyone on board" to start big movements.

    Despite this, it's most people's experience that the average crypto enthusiast / community comes off as a complete joke.

    From constant contradictions based off nothing but pure speculation, to insulting non-investors and telling them to "educate" themselves, to make insane claims about guaranteed returns, it's no surprise that most members of the general public wouldn't take cryptocurrency seriously.

    For example, the same people that say things such as "Bitcoin is the future, any rise or fall will seem tiny in the future", can also frequently been seen calling people idiots for buying at a peak, like they have some crystal ball or something that predicts the future.

    Then there are the people, which for some reason appears to be an overwhelming majority, that go around and act is it's guaranteed and set in stone that the future is crypto and anyone not invested in it will be left in the dust. That there is no risk what so ever over the long term and anyone not invested in crypto is an idiot.

    The reality is that the average crypto enthusiast appears as a clueless idiot, that clearly has next to no clue what they're talking about or invested in and just wants to get rich quick.

    For example I've jokingly commented here in the past pretending not to know about crypto and was met with tons of laughable replies such as

    -"I run with some high level people, my boys on discord analyzed the data and we know we're going to be millionaires in our 20s."

    -"It takes a lot of time to understand the movements of crypto, after you've invested for a year though you will be a veteran and know how to perfectly time the charts and make easy money."

    And so on. Funny thing being that these clearly idiotic comments had +10 votes.

    Anyways I can go on and on, but I feel it's a waste of time and this point. I don't expect this to be perceived well as it honestly seems that the average user here just likes to spew nonsense and circle jerk about being an educated "veteran" despite obviously knowing next to nothing, but I know some of you sane ones will agree with me.

    Also for what it's worth I work as an accountant, invest in stocks, and probably have similar knowledge about bitcoin / cryptocurrency as the average person here (I know next to nothing, but it's clear most people here who just regurgitate talking points about "decentralized currency" and not losing value to inflation do too). Just felt like including this before I get hit with the "learn how the market works" or "educate yourself" from the college dropouts that are going to be millionaires in the upcoming years from crypto.

    submitted by /u/Pete26l96
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    After DoJa Cat, Mike Shinoda (Linkin Park) joins Tezos - clean (eco) NFTs army, National broadcast TV.

    Posted: 12 Sep 2021 01:11 AM PDT

    After DoJa Cat, Mike Shinoda (Linkin Park) joins Tezos - clean (eco) NFTs army, National broadcast TV.

    Hope you guys have a nice weekend! Here are what I found today:

    ​

    Mike Shinoda of Linkin Park minting on Tezos NFT - HEN / hic et nunc

    https://preview.redd.it/u2tgr66e41n71.png?width=1190&format=png&auto=webp&s=94a4132f06899aca3db8ee4910bfb7c74a930d95

    The supercute edition sells for 600.000 usd.

    ​

    https://preview.redd.it/dauagl5741n71.png?width=1562&format=png&auto=webp&s=03a7b8e897f252a90dcae9ebdad53e000255ec65

    On national broadcast TV - Hello Tezos at Citi Field - NY Yankees at New York Mets

    https://preview.redd.it/pjf4eh7q41n71.png?width=960&format=png&auto=webp&s=fe4ef85283e9a7ce606f8b679713725e974919a2

    Network activity updates

    Tezos has had over 650,000 transactions in the past 24 hours (as of writing). At the time of writing, the figure sits at 660,601.

    Yesterday, it was reported that the blockchain had over 400,000 transactions, which was also a new milestone and record. Over the past 30 days Tezos has averaged 236,594 transactions.

    This growth appears to have been happening for multiple reasons. One big reason is the new #OBJKT4OBJKT event taking place on Hic Et Nunc, NFT Biker and OBJKT.com.

    Other reasons, include the growth of DeFi, including many transactions taking place over the PlentyDeFi platform as a result of their newly launched farming opportunities.

    Just recently, OneOf started marketing their first artist NFTs (which will also be available on Coinbase.com) and first up was a series of Doja Cat drops on the platform. Doja Cat has 14.3 million Instagram followers and was recently portrayed in a New York Times Square billboard advertisement marketing OneOf.

    We can see the number of daily Tezos transactions and also the monthly average on the TZStats.com.

    ​

    https://preview.redd.it/rezrlw9d51n71.png?width=1602&format=png&auto=webp&s=be814b236e037dbc2f988f46fff8ffb8aaf906a3

    This means that in the past 24 hours Tezos has had 54.14% of Ethereum transactions, over the same time period.

    Over the past 30 days Ethereum has averaged around 1,202,766 transactions per day. This means over the last 30 days Tezos has had 19.67% of Ethereum transactions.

    ​

    https://preview.redd.it/thh52qhc51n71.png?width=2108&format=png&auto=webp&s=ced27d854ab0fac38be9f5543901b1e3713681db

    Over the past 24 hours, Cardano has had 114,245 transactions.

    This means that Cardano has 17.29% of the Tezos transactions over the same time period.

    The Cardano block explorer shows data for the last 15 days, so we will have to take their average over 15 days. Cardano had an average of 88,925 transactions per day over the 15 days.

    Although not exactly like-for-like, Tezos over 30 days had an average of 236,594 per day, meaning Cardano is having around 37.58% of Tezos transactions per day over a slightly longer timeframe.

    ​

    https://preview.redd.it/3c0yh3pi51n71.png?width=2159&format=png&auto=webp&s=ea3318677b91a14fc648d254380ffc6d7e076f8f

    submitted by /u/phan_ngt
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    Chase Bank blocking purchases with ALL cryptocurrency merchants, even with Debit.

    Posted: 11 Sep 2021 06:06 PM PDT

    I was trying to purchase crypto with my credit card via MoonPay. It got denied. So, I called.

    The representative said you can't make crypto purchases on credit.

    Fine. I get it. That's the bank's money.

    I try debit. Doesn't work. I call again. The representative says there is no issue with my card, and that the issue must be with Moonpay.

    I try MoonPay again. Then Simplex. Then another merchant. Then I try with 3 different exchanges. All blocked.

    I call again and again. "There is no issue with your card." I call 6 times with no resolution. Their customer service is absolutely braindead.

    I call yet again and ask to be transferred to a supervisor.

    Turns out, Chase is blocking all crypto-related purchases on credit AND DEBIT!!! THATS MY MONEY!!!!

    WTF?!?!???!!!

    Crypto will be the downfall of big banks. DeFi and decentralized exchanges will annihilate these power-hungry structures of the past.

    /rant

    submitted by /u/sparklinglavawater
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    It may be time to buy AMP…

    Posted: 11 Sep 2021 08:07 PM PDT

    The same guy that talked me out of buying $1,000 worth of bitcoin in 2011/2012 just told me AMPs TA fundamentals are flawed

    This makes me bullish AF on AMP

    As you can see from my flair, my main coin is BNB but I am going to shill AMP until people start taking it as seriously as they should.

    It's also someone close to me's engagement party. My first gift ever of crypto. Gifted them ADA and AMP.

    Let's fucking goooooooo

    (This is in no way, shape or form financial advice. If you take any of this to heart, that's on you. I'm also a little liquored up so definitely do not take any of this seriously; except for the part where the person talked me out of bitcoin. That really happened and I'll never forgive them)

    submitted by /u/8512764EA
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    I’m scared reading all these ETH posts today, and thinking I should sell my ETH! please help!

    Posted: 11 Sep 2021 02:25 PM PDT

    I am seeing all of these ETH-alternative posts today and lately. Yes, ETH is jammed up, yes gas fees are high, and yes other chains have cheaper fees and faster transaction time. Money is flowing into them, and that's a little scary to me, because it seems like ETH could lose its first-mover advantage and get passed by other coins.

    Should I sell my ETH? Should I switch over to these other chains that are surging into the top 10? It seems risky to sell, yet I'm scared people are losing faith in ETH and the price will go down rather than up. Maybe ETH 2.0 actually is "a mess" and developers are switching to these other chains, and ETH won't be able to recover. What do I do?

    I'll tell you what I won't do. I will not. I repeat. I will not sell my ETH. That's exactly what these turd furgeson's want, so they can scoop them up now while it's still relatively cheap. So there. I'm not selling, and screw you for making me scared and telling me I should consider selling. Who's with me? Diamond hands all the way

    submitted by /u/galacticwyandotte
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    With so many new members to r/Cryptocurrency here is a short guide on crypto scams to avoid

    Posted: 11 Sep 2021 07:26 PM PDT
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