re: Official CryptoTalk Thread

if this has been covered, then I apologize. I feel like I am eventually going to be left behind. I read the original post, but I am still dumbfounded.

I am completely lost on what the point of cryptocurrency is, and how much different it really is than our current currency.

Now I am hearing all about this NFT term. After browsing through this thread, I am left to wonder, "what the F does all this mean?" What exactly is the benefit of an NFT, and does it pay later in the long run? Is it an investment?

What is the big deal about a Blockchain?

I try to be up on current trends and new technology, but at the age of 38, I am completely lost.

Will the American Dollar eventually be obsolete? If cryptocurrency and NFT's are the future, then why does it take paper money to obtain it?

Is it worth buying stock in NFTs or Cryptocurrency, and if so, which is the way to go considering there are way too many cryptocurrencies available?

Now I need a drink.

bitcoin, crypto, and nfts are fundamentally different things

to learn what bitcoin is, watch some stuff with michael saylor, heres an interview but there are several

LINK

bitcoin is important because its a money not controlled by oligarchs (ie, there is no printing press)

eth and the other cryptos also have utility but id start at bitcoin and move down from there

So what do I do with this 1099 from BlockFi?

The example that the case was built on was staking tezos to receive tezos. Now the staking and rewards came from the protocol so not sure if that applies to the CeFi exchanges where you are entering into an agreement to lend your crypto to be paid in crypto

yeah, apparently this was a district court case so blockworks might have clickbaited everyone

guess ill still report until official guidance. which im not sure why we havent gotten it yet

I’m not reporting until the last day taxes are due because I’m going to owe a shite ton and it’s all unrealized income

Could also mean your cost basis is zero and you are only taxed when you sell…

I would only take 1 kick at the cat on this one

LAWMAKERS RELEASE BIPARTISAN BILL TO SIMPLIFY CRYPTO TAX RULES: BBG

Has anybody been keeping up with the Wormhole hack yesterday? A word was changed in the code during an update to the Github repository which allowed the hacker to mint 120,000 WETH and exchange it for $325M worth of ETH. Someone claiming to be the hacker has offered to return it for a $10M ransom.

It seems like the bottom line is that defi bridges offered by Wormhole and other projects could be inherently attackable because a transaction can be interrupted and manipulated unlike on-chain transactions, which will revert if something goes wrong or can be recovered. At least that's how I understand it.