re: Official CryptoTalk Thread

It's taxed as income at its market when you receive it.

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More specifically, the IRS noted that taxpayers must recognize the fair market value of crypto tokens they “actually and constructively” receive from a hard fork or airdrop on the date they receive “dominion and control” over those assets as evidenced by the taxpayers’ ability to immediately sell, exchange or transfer the new token.

By contrast, taxpayers who use an exchange, such as Coinbase or CEX, to gain access to their cryptocurrency may not have received full control over the new currency for several days, weeks or even a year. Under those circumstances, taxpayers would wait to recognize income at the point that they can access, sell, transfer or exchange the new currency. Consequently, if the value of new tokens increased between the date of the hard fork and the date the taxpayer gained control over them, the taxpayer would recognize a higher amount of income at the later date of control and dominion

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LINK

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Who is still on team $100k BTC by year end?

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Never left the team


ETA: Got the bookmarks saved:

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$37k bitcoin at the time of that post, in the middle of a freefall from $58k 10 days prior

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only so many assets one can store wealth in when things get...interesting...

the fed is giving us hints, some will continue to ignore them but the writing is on the wall

Thanks! So it's a loss.. nice. Helps just a little with taxes

So we’re rotating to ponzi plays? Going to be a lot of “I told you crypto was a fraud” if that happens

well the general public is very attracted to these high yielding opportunities so there seems to be a rotation out of meme coins into the proof of reserve protocols.

ponzis can go on for years before falling apart, but yeah, these things need new money coming into them for the yields to continue; its complicated and its not exactly a traditional "ponzi", but id argue these are much better than your random dogeinu shitcoin

OHM is the OG - but OHM forks probably have more opportunity because youre getting in earlier (gyro, time, klima); rome is coming soon

Where can you stake to get that rate?

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ohm uses ponzinomics and youre misleading people to suggest otherwise but it is a wise idea overall

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Sounds like you're sitting on the fence here.

I'd argue Ohm is less a ponzi than most projects as it literally is producing crypto revenues via bond sales and providing liquidity and using that revenue to establish a treasury of assets to back the token value.

The high APY, which some view as a sign of a ponzi, could also be viewed as a bootstrapping mechanism that is clearly defined to be reduced at a scheduled rate as new ohms are minted.

I don't know where it will end up but I do beleive it is shortsighted to simply call it a ponzi without understanding the mechanics behind it. I thought the same until I looked into it more and found the premise to be quite interesting.

Is that coin going to hit 1 penny?

I bought 50mil coins as a lulz

I need to get in on the next meme coin when it's early, bc the returns on this dumb shite are dumb