Cryptocurrency Daily Discussion - February 3, 2022 (GMT+0) |
- Daily Discussion - February 3, 2022 (GMT+0)
- r/CC Cointest - New Coin Inquiries round - February 2022 — Share knowledge and earn moons if you win!
- In Huge Precedent, IRS Says It Will Not Tax Unsold, Staked Crypto | Forbes
- Solana is the McDonalds ice cream machine of the crypto world.
- Crypto isn’t going to magically make you rich, get a job.
- The IRS may not tax crypto earned through staking! The Jarret case involving Tezos may set the precedent.
- Filing taxes for Crypto makes me not want to trade crypto.
- Crypto companies publishing "research reports" showing crypto is not at all bad for the environment feels like cigarette companies making doctors say that smoking is totally not bad for you in the 1930s
- Aussie tycoon sues Facebook over crypto scams. I believe we all should sue this blood sucking, data leaking Lizards company.
- In Win for Crypto Stakers, IRS Says Untraded Tokens Are Tax-Free
- BTC mining contributes to a staggering 0.08% of global CO2 emissions.
- Thoughts on Polkadex?
- A cop kidnapped Crypto Trader for his $40 million BTC !
- Thailand Has Just Axed The 15% Tax On Crypto
- Cypherpunk ethos died in cryptocurrencies community
- 1 in 3 investors do not understand cryptocurrency
- All the High APY offering DAO's are either dead or have been rug pulled
- Using crypto to buy a Nintendo Switch at GameStop!
- How Cardano is actually going to scale in 2022
- What are your favourite crypto sayings?
| Daily Discussion - February 3, 2022 (GMT+0) Posted: 02 Feb 2022 04:00 PM PST Welcome to the Daily Discussion. Please read the disclaimer 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.
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| In Huge Precedent, IRS Says It Will Not Tax Unsold, Staked Crypto | Forbes Posted: 02 Feb 2022 06:38 PM PST
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| Solana is the McDonalds ice cream machine of the crypto world. Posted: 03 Feb 2022 01:50 AM PST I tried to give this chain the benefit of the doubt multiple times yet it always seems to fail my expectations. Either it's down cause its out of RAM, got attacked by a DDOS and now it got hacked. There's always something wrong with this chain. Honestly I feel like it's one of the most overhyped projects on the market especially with other chains like Polygon being MUCH more consistent, cheaper and faster. At least when Polygon gets DDOSed it doesn't come to a complete stop like Solana. In fact even with the attack, Polygon still had one of the cheapest fees ok the market. I honestly don't know why anyone would keep supporting and hyping this chain anymore… [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Crypto isn’t going to magically make you rich, get a job. Posted: 03 Feb 2022 03:08 AM PST This is probably a massively unpopular option. I see a lot of people on this sub saying that crypto is their path to financial freedom, early retirement and a lambo. Many of these people boast a portfolio of up to 100% in crypto. If you don't have much invested to begin with, let's say $10,000 or equivalent in your country (which I'm sure is more than a lot of people have in crypto), then you would have to see some out of this world gains to get rich. What people actually need to do is to invest in themselves, get a good job and funnel some decent earnings into crypto. That being said it needs to be in a proportion that goes with a high risk investment. Other things like property and stocks can't be overlooked. Sometimes I get the impression people here are selling lemonade out the front of their house and putting $20 into crypto a week expecting to get rich. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 02 Feb 2022 04:50 PM PST In May of last year Josh and Jessica Jarrett requested a refund of income tax they paid on Tezos staking rewards in 2019. (Around $3200 for approximately 8800 Tezos tokens) Today, the IRS has decided to issue that refund. They will not refund any amount that was sold, obviously, but the couple is getting refunded for the entire amount requested, the tax they paid on the rewards that they did not sale. This could be huge for everyone involved in cryptocurrency. The records will be made public Thursday and the IRS has not made any public statements. Source: Blockworks .com , forbes .com The Jarrett couple argued that new coins are tax-payer created property and should not be taxed until sold or exchanged. Edit: For those that are unfamiliar, the IRS views cryptocurrency as property, a capital asset. There are two methods of taxation, capital gains tax and income tax.When you sell, trade, or dispose of a capital asset you incur capital gains tax.When you receive crypto through staking rewards, mining, airdrops, the IRS views that as income and it's subject to income tax, just like interest you earn on fiat in a traditional bank.You owe income tax on it whether you sell or not.This is what is in question, taxing something that has not been sold or traded, only created.[link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Filing taxes for Crypto makes me not want to trade crypto. Posted: 02 Feb 2022 06:02 PM PST This past year I did a lot of crypto trading. I used a lot of different exchanges and within each exchange did quite a few trades. Having to go through each exchange, go through all the history, figure out the cost basis is kinda a pain, and now having to go back through all of it makes me not want to trade. Then on top of that the forms you need to fill out 1099- NEC, 8949, plus stuff on your actually return. Yes it was nice making some money (and losing some lol), but after going through all this work only to pay the Gov more money that they will just misuse is a little disheartening. Anyway just wanted to vent a little. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Feb 2022 01:15 AM PST Today (maybe a few days ago? I saw it posted today), a company called "CoinShares" published a report that tries really hard to push the narrative that BTC is totally not bad for the environment and that all of that is FUD. Who is CoinShares? A company whose "mission is to expand access to the digital asset ecosystem" - in other words, a company that is dependent on crypto succeeding. If you read the report and you don't have rose-colored glasses, that becomes obvious for you - even though they pick the numbers most favorable for them, they find that BTC accounts for only 0.08% of CO2 emitted worldwide. Think about that, that's almost a thousandth of all CO2 - for something that really isn't used all that much. That number is huge, and probably even higher in reality. It's a laughable effort of declaring BTCs environmental problems FUD. In a few decades, when we hopefully have mostly solved crypto's environmental problems, we will look back at studies like that the same way we regard cigarette ads from the 1930s and 1940s with doctors saying they are not at all bad for your health. Change my mind! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 02 Feb 2022 09:28 PM PST
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| In Win for Crypto Stakers, IRS Says Untraded Tokens Are Tax-Free Posted: 02 Feb 2022 04:31 PM PST
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| BTC mining contributes to a staggering 0.08% of global CO2 emissions. Posted: 03 Feb 2022 02:29 AM PST According to digital investing firm CoinShares, BTC miners contribute to 0.08% of the world's Total carbon dioxide (CO2) emissions. Although 0.08% might seems small, we are talking about the Total CO2 emmisions worldwide... this is not little at all. Especially not now we are dealing with a harsh winter where some countries have to shut down the mining industry to save some energy for its people. Of course, there are other industries that contribute a lot as well, but since we are in this subreddit, let's leave the whataboutism aside please. Do you guys think mining btc is worth its CO2 contribution? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 03 Feb 2022 02:05 AM PST Polkadex is preparing to bid for a parachain slot and it seems promising. Built on substrate, multiple partnerships, plus a bunch of additional features that support long-term growth. They've got a crowd loan going on with a bonus incentive offer running. If it takes off, the PDEX token could go faaaar. I think the DEX is really onto something here. Cross-chain liquidity is a big feature and I can imagine that being able to support transfer of tokens to other parachains will make it much easier for both teams and investors. They legit seem like a dark horse. Also claim a tps of 500,000! Anyone have thoughts on them or can offer their two cents on how the DEX might pan out? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| A cop kidnapped Crypto Trader for his $40 million BTC ! Posted: 03 Feb 2022 12:10 AM PST A Cop stationed in Cybercrime wing of Police, kidnapped a Crypto trader for his $40mn BTC. The cop with the help his 8 friends planned the kidnapping for the victim's millions of Crypto. Kidnappers asked the Victim to transfer all of his BTC to their wallet, alongwith the cash victim had in his possession during kidnapping. When Kidnappers found that the police is on their trail, they let go the victim next day. But police arrested the kidnappers. I was wondering how the kidnappers came to know of victim's BTC stash ? Because people having so much crypto in their wallet, they never brag about it, they keep it low. Always be careful while talking about your Crypto investments, this can put you in lot of troubles. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thailand Has Just Axed The 15% Tax On Crypto Posted: 02 Feb 2022 07:11 PM PST
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| Cypherpunk ethos died in cryptocurrencies community Posted: 02 Feb 2022 05:46 PM PST
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| 1 in 3 investors do not understand cryptocurrency Posted: 03 Feb 2022 02:49 AM PST
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| All the High APY offering DAO's are either dead or have been rug pulled Posted: 03 Feb 2022 12:01 AM PST
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| Using crypto to buy a Nintendo Switch at GameStop! Posted: 02 Feb 2022 05:59 PM PST
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| How Cardano is actually going to scale in 2022 Posted: 03 Feb 2022 01:42 AM PST It took me a while to understand this but here is how Cardano is actually going to scale in 2022: Understanding The ProblemBefore you understand how Cardano is going to scale you need to understand what limits scalability. First off, for a decentralized network you want everyone to be able to run a full node and verify the whole chain with low hardware requirements. The CPU, RAM, hard drive, and network requirements to run a full node are all very important. The current bottleneck is something different, though. The way Cardano works right now is that some node produces a block and then the block gets passed on to all the other nodes in the network. Every node verifies the block before it passes the block on to the next node. It takes a while to propagate a block through the whole network. After the block is propagated, the next block can be produced. If you increase the block size or decrease the block time right now you would increase the chances that the next block producer didn't receive the previous block yet which means you increase the probability of forks which decreases the security of the network. This is the biggest bottleneck for Cardano scalability right now. PipeliningPipelining is a first step to address this bottleneck: Instead of verifying the whole block before passing it on, the nodes would only verify the block header and then pass it on to other nodes while simultaneously verifying the content of the block. This should dramatically decrease the time it takes to propagate a block through the network which means the block size can be increased without the risk of forks. Input EndorsersInput Endorsers are a bit difficult to explain but the idea is that you split block production into two parts: Input endorsers validate and endorse transactions and block producers put endorsed transactions into blocks. This makes Cardano work more like the DAG protocols (like Fantom, IOTA, or Nano). There is also this video presentation by an MIT researcher that explains how to scale Bitcoin by 10,000x with an approach similar to input endorsers. MithrilWith pipelining and input endorsers the hardware requirements for running a node finally become the bottleneck. Mithril is a cryptographic primitive that allows nodes to verify the validity of the chain without downloading the whole chain. With Mithril the hardware requirements for block producers can be increased safely since devices that don't meet the hardware requirements can still use Mithril to verify the chain and their transactions. State GrowthCardano already requires every UTxO to store a minimum amount of ADA which limits the size of the Cardano ledger since ADA has a maximum supply. With all the above improvements, Cardano can really crank the block size up by orders of magnitude without impacting the security or the decentralization of the system. The only bottleneck is CPU, RAM, and network requirements for the block producers which can also be improved by optimizing the code and the network architecture. Charles talked about a block size of 2 MB and a block time of 5 seconds in one of his recent videos which would be a 100x improvement in throughput. CIP-33Right now every smart contract transaction on Cardano needs to include the whole smart contract. This wastes a lot of block space. CIP-33 introduces a way to store a smart contract on the blockchain once and then reference it from many transactions. This will dramatically decrease the size of smart contract transactions which means that many more transactions can fit into a block. With all these improvements Cardano should easily be able to scale to hundreds of TPS on layer 1 without sacrificing security or decentralization. Beyond that, layer 2 scaling solutions and sidechains will further improve the scalability. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What are your favourite crypto sayings? Posted: 03 Feb 2022 01:50 AM PST Mixing it up a little bit here. We all know of the same shit or non shit one liners that get chucked around here… so what are your favourite ones? Obviously we have have the HODL, buy high sell low, TO THE MOOONN. But what are some others? Personally I like to try and bring some comedy to the sayings especially with those people who are trying to get into crypto and or who are just generally interested in it. Come on guys let's have a laugh !! Drop your best one liners below !! Have fun legends !! 🚀 🌙 [link] [comments] |
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