Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
FOOK token powering higher.... at 7.71 now
https://beta.fegex.com/charts/details/bsc/0x820671E3647d8aaa22Feab05aaA14AB1665e06e1
you can only buy on fegex for now. what i've heard is pancakeswap is not yet compatible with SD tokens.
but when on fegex, try a different browser, like chrome, and limit BNB to no more than 1 per purchase. also, hitting refresh (browser button) may solve it, emptying browser cache, or disconnecting/reconnecting the wallet.
does this happen with all SD tokens? that's another troubleshooting step you could try.
it seems like volume is cranking on FOOK today, so that makes me wonder if it's an issue on your system only, like files stuck in your cache.
OR if you tried to do a purchase on pancakeswap, maybe that created files in metamask that are incompatible with fegex? just a thought.
Attempting to add more FOOK this AM, have plenty of BNB on the smart chain. Have tried to run thru FegEx and Pancake with no success. FegEx it just sits and spins. On Pancake it constantly gives the message "Insufficient Liquidity for this trade". The slippage is set to 25%, I'm only using half my BNB. Have tried using 25% of BNB, it will not take the swap. Weird stuff. Will try later.
Unless it gets FOOKED up. (joke)
indeed, you nailed it, Mask. the basic concept most people don't see at first glance is with FOOK token holders make money whether it goes up or down.
and it's a tradeable passive income vehicle with locked liquidity, that doesn't depend on ongoing investment from any who own it. sellers into the liquidity pool merely increse rewards to those still in it.
and we see it operate, with every transaction, like intricate machinery.
i'm really excited to see what happens when big volume hits, as global communities spring up, and word-of-mouth reaches from dozens of investors to thousands.
Nice! The more organic the better yet legit advertising is a plus. It's difficult to stand out in an ocean unless you look different than water or fish. FOOK has legitimacy, it needs to be promoted as not just another token.
FOOK token update, from the lead developer, posted to the telegram group this morning:
https://t.me/FOOKToken
I will sell some if BTC goes up and drags SIA and some other of my dogs with it. For now I still have some cash to play some more as well.
Time to consolidate!!
I own 43 different tokens now. I need to focus. LOL
yes, FOOK is bigger passive income than Affinity. on the other hand, Affinity only has 9,086 tokens circulating. so both should be big runners.
that's why i own some of each.
https://beta.fegex.com/charts/details/bsc/0x820671E3647d8aaa22Feab05aaA14AB1665e06e1
https://beta.fegex.com/charts/details/bsc/0xBB8047fc6D515DE90CBAFacb0886181F336F1463
Fook back up to $4.69. I wasn't done buying but will wait to add. Am I fooked? LOL Fook is 25% reflections 10% backing and 5% tax. Affinity is 6-3-3.
in the FOOK telegram chat someone wondered if 4% of circulation had been burned (via transactions) since launch, one month ago.
https://t.me/FOOKToken
the dev said it's actually 11%.
in one month. gone.
1K FOOK at around $5 is actually around $8,000 or $9,000 with the fees. I have just made my 5th FOOK small buy. would love to see more $4s and $3s.
you're welcome, Mask. what i love about FOOK token is we don't even know yet how this vehicle will behave when it's fueled with big volume, but those days are coming.
Working at getting to 1K FOOK. I like ground floor opportunities!
Thank you, xZx!
i own quite a few laggards, too. and this seems like a good place to park that cash. marketing for FOOK should start in a few weeks. the team is working on videos now. some to teach how to buy it, others on the tokenomics. they plan to do quite a few ad-buys, once videos are done, so now is a good time to accumulate.
Will keep buying the dips and it's been dipping. I still don't own that much. Dollar wise I own too much SIA, CRO and GALA. If I can get even I will sell some off for the funds. BTC need to get over $60,000 again to bring everything with it.
one month ago today. but get all you want before you tell more people! lol
In the scope of things that is still very low. We could use more exposure. When was this token introduced?
we're up to 296 holders now:
https://bscscan.com/token/0x820671e3647d8aaa22feab05aaa14ab1665e06e1#balances
every time there's a rally and pullback we seem to pick up a dozen more. bargain shoppers.
Added more FOOK at $4.68
good to know it's working. reflections are based on total volume, so when we have a steady churn, you'll accrue more.
Very little. Not even a full coin which would be around $5.
that's the way to accumulate, i'm doing the same -- buy a few when it runs, in case it never stops, but on pullbacks i load more as it drops.
are you seeing any reflection tokens from FOOK on fegtrack yet?
Have made 3 small FOOK buys now. I will buy more if it keeps dropping.
i noticed that. morgan is missed, i sent him a PM hoping he'd come back around.
I own a fair amount of ELON and KISHU. Morgansilverdollar liked both but he's been missing in action since 2/1
that's my plan, too. if ELON or KISHU bust big you may see FOOK do a moonshot. LOL
Well at least I own some FOOK now. I now own 42 different cryptos. LOL Would love to see ELON or any of mine lose another zero. I want to use profits from now on in crypto instead of sending in more cash.
good plan. let's see if it settles down and retests that breakout level around $4.11 or so.
I just picked up another .5 BNB worth of FOOK. Paid $6.20 plus all the fees and taxes. Will buy more if it keeps dropping. Just playing small for the time being.
reflections are always based on volume. the trading has been quiet since you bought, so you won't see it kicking in until more buying or selling occurs.
Still trying to make sense of the DeFi stuff and looking to see if my small account in Fook increases.
the way FOOK passive income scales up, due to volume and price increases, is pretty mindboggling. i'll bet you've already done this in your head!
but i'm thinking along these lines --
if someone buys just 1% of the circulation, that's 401K X .01 = 4,010 tokens.
reflections on $100K in 24-hr volume would be 1% of $25K, or $250 a day.
but if the price does a 5X from here, which would be $31 per token, just over the last ATH, then that becomes $1,250 a day in free tokens, automatically distributed to the 1%er wallet.
and if volume were to double to $200K (pretty likely as marketing gets going) then that $1,250 a day becomes $2,500 a day.
and what would the market cap be at a 5X? current circulation is 233,873, so $6.20 X 5 = $31 target price, X 233,873 tokens, = only $7.25M market cap.
that's nothing. maybe we should 10X these figures?
but here's where it gets most interesting. the FOOK burn wallet is the largest one: it says 158,013 tokens.
https://bscscan.com/token/0x820671E3647d8aaa22Feab05aaA14AB1665e06e1#balances
so tokens from buys/sells get sent to that burn wallet in a large % too.
by the time we 100X, how much smaller will circulation be? after all that churning and burning. it'll keep whittling down the market cap while price rises!
I am still learning this DeFi stuff. It's constant learning in crypto. Now I need prices to go up.
If one owns at least .001 FegROX, there is no tax on the purchase side. I didn't learn that until 3rd purchase. Well worth the additional acquisition of ROX, and it's doesn't take much BNB, to do it.
As an old fart I am not even using twitter except is a post has a Twitter link. Not a social media guy. I barely use Facebook except to messenger girls I chat with in the city I live in in Asia.
I took a starter in FOOK to see how it worked at around $6.70. I own a whopping 20.7 of FOOK right now but will add the dips. Cost me $200 (.5 BNB) and my cost was around $10 a coin when all said and done as I know about the fees and the taxes. Still could be a good one. Will see if it grows at all.
hey, Mask -- that's the thing about crypto, it just never stops.
hope you're still enjoying the weekend!
i'll catch up with you in the FOOK telegram.
maybe we can get lakers to join, i think he'd like it.
https://t.me/FOOKToken
kinda wild in there, a very different vibe than ihub..... lol
i bought a bunch higher than here, then it dipped and i added, but while it dropped i got reflections into my wallet. so the fact that we can grow our FOOK positions whether it goes up or down makes me feel like my average is lower, and i guess it is.
with something that bounces around so much, i get in and then worry about position building later.
And now it's $6.70 and I am still watching. :( Well FOOK me!
Dangit...now you got me hooked in on this Telegram thing. And I was gonna step aside for the weekend.
FOOK now 5.69, uptrend continuing... we're in a quiet ihub thread that we just created.
but there's an active telegram group where lots of people are watching FOOK trade.
you can join it here: https://t.me/FOOKToken
this may explain why the movement is taking you by surprise.
https://beta.fegex.com/charts/details/bsc/0x820671E3647d8aaa22Feab05aaA14AB1665e06e1
IRS May Not Tax Passive Income From Holding Crypto Right Away
https://www.forbes.com/sites/shehanchandrasekera/2022/02/03/irs-may-not-tax-passive-income-from-holding-crypto-right-away/?sh=59d6e4ce799e
Shehan ChandrasekeraSenior Contributor
I am grateful to be involved in two things that are never going out of business : bitcoin & taxes
Feb 3, 2022,10:24am EST
What Happened
Taxation of staking rewards has been a controversial topic for many years because the IRS has failed to issue any clear guidance on this matter. In the absence of this guidance, many taxpayers defaulted to following a conservative approach for taxation — reporting income at the time you receive staking rewards.
For breaking news, market insight, and in-depth analysis, subscribe to our premium research service, Forbes CryptoAsset and Blockchain Advisor.
Joshua Jarrett, Jessica Jarrett (plaintiffs) v. US (defendant) case
During 2019, a Nashville couple (Jarrets) received 8,876 Tezos (XTZ) staking rewards. These coins were worth $9,407 at the time of receipt. By relying on the conservative approach above, the Jarrets reported $9,407 as income and paid related taxes.
On July 31, 2020, the couple filed an amended tax return arguing that $9,407 staking income shouldn't have been income in the first place. The amended return demanded a $3,793 tax refund from the IRS. The couple didn't receive a timely response from the IRS.
In a complaint dated May 21, 2021, the couple argued that newly created property is taxed only at the time of sale, not at the time of receipt. For example, if you create a book, you pay taxes only when you sell it, not at the time you are done authoring the book. In response to this complaint, the Tax division of the US department of Justice ordered the IRS to issue a refund of $3,793 on a letter dated December 20, 2021. Interestingly, the Jarretts refused to accept the refund because the IRS didn’t acknowledge the true reasoning for issuing the refund. This reasoning is essential to create a precedent for other stakers and protect himself from IRS scrutiny in the future. The Jarretts decided to take this to the court to get a formal court ruling. This is an ongoing case.
“Fast forward to late December 2021 when I received a letter saying the government wanted to grant me a refund—in other words, a year and a half into this process, the government didn’t want to defend the position that the tokens I created through staking were taxable income. At first glance, this seemed like great news. But until the case receives an official ruling from a court, there will be nothing to prevent the IRS from challenging me again on this issue. I need a better answer. So I refused the government’s offer to pay me a refund.” (statement from Joshua Jarrett)
Key Concepts
What Is Staking?
Before we dive into the tax implications of staking rewards and Jarrett’s case, let’s discuss what staking is. Staking is very similar to having an interest-bearing bank savings account. Cardano (ADA), Solana (SOL) & Tezos (XTZ) are some cryptocurrencies you can stake. These coins run on Proof-of-Stake (PoS) consensus mechanism as opposed to Proof-of-Work (PoS) mechanism that powers Bitcoin.
The way it works is simple. You can leave these coins in your wallet and/or an exchange that supports staking, and receive periodic payouts based on the amount of funds you stake. The below snippet shows how staking rewards appear on a dashboard of a major US crypto exchange.
Staking rewards example
Staking rewards example Shehan Chandrasekera
How Staking Is Taxed Today
IRS has not issued any staking specific crypto tax guidance. The closest guidance that could be used to infer how staking income should be taxed is the tax guidance on mining income issued on Notice 2014-21. According to this notice, mining income should be reported on your taxes at the time you receive the rewards. When you sell those mined coins, another taxable event is triggered.
For example, assume David receives the following XTZ staking rewards on the corresponding days.
January 1, 2021 – 1 XTZ valued at $10
January 25, 2021 – 1 XTZ valued at $10
May 1, 2021 – 1 XTZ valued at $5
His total ordinary income from staking operation for the 2021 tax year would be $25.
Assume he sells 1 XTZ received on January 1, 2021, for $15 in March 2021. This would also create a capital gain of $5 ($15 – $10). In 2021, his total income subject to taxes would be $30 ($25 + $5).
Why Staking Should Not Be Taxed At The Time Of Receipt
Staking results in a creation of “new property”. New property is taxed only at the time of sale, not when you discover it. As Abraham Sutherland, a lecturer at the University of Virginia, describes on Cryptocurrency Economics and The Taxation of Block Rewards, crops do not generate income until they are sold or exchanged, according to reg. section 1.61-4. According to Reg. section 1.61-3(a) gross income from mined minerals such as gold is only recognized at the time of sale, not at the time of extraction. Applying these fact patterns to staking, it could be argued that staking rewards should only be taxed at the time of sale. This is the exact argument Jarretts made in their complaint.
Implications of the Jarret's case
The IRS issuing a refund to the Jarretts signals that staking rewards should not be taxed at the time of receipt. However, a formal court ruling must be issued on the case for others to safely rely on this tax treatment. If a court judgement is made in favor of the Jarretts in a future date, this case could set precedent for how staking income should be taxed going forward. This is a huge win for crypto holders in the US. In light of this new information, even without this formal court ruling, some taxpayers might decide to follow a bit aggressive approach and not report staking income at the time of receipt.
Also, it is very important to know that the outcome of this case will not completely shield staked coins from taxation. Staking income is NOT taxed at the time of receipt; it will be taxed only at the time of sale. For example, say Sam received 1 ADA staking reward worth $2 in 2022. Sam does not have any taxable income at the time he receives the token. The cost basis of the ADA token will be zero. If Sam later sells this coin for $10, he will have to report $10 of income.
The Jarretts' judgement could also lead to many taxpayers amending their previous tax returns with staking income. You can file a Form 1040-X to amend your previous tax returns where you reported staking income when you received it. The IRS gives taxpayers three years from the date the original return was filed to file an amended return and request a refund. Consult your tax adviser to see if you are eligible to amend your tax returns and potential pros and cons.
Finally, this favorable tax treatment could accelerate the growth of Proof-of-Stake (PoS) based cryptocurrency projects.
Next Steps
Contact your tax adviser to see if you are qualified to amend your previous tax returns with staking income.
FOOK is a wild ride. with a crypto this volatile i just scale in, with multiple buys -- in a pyramid.
so i grab a small amount, then as it dips more i grab a larger lot size. if it drops further, i add even more.
i have no idea what my average cost is right now. i may be slightly in the red here, but it's only been trading a few weeks. less than a month.
the blockchain shows less than 294 wallets.
https://bscscan.com/token/0x820671E3647d8aaa22Feab05aaA14AB1665e06e1#balances
this is early days for FOOK
FOOK running away from me. At $5.61 now and I was watching from the $3s. I hate paying high prices. Got BNB in place at Metamask if I pull the trigger. Every time I check the FEG beta site, the FOOK price is higher. Screw Binance.US who tried to steal my money. Sent it over from Bitmart.
FOOK hitting 4.06.......
https://beta.fegex.com/charts/details/bsc/0x820671E3647d8aaa22Feab05aaA14AB1665e06e1
Followers
|
9
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
105
|
Created
|
04/21/22
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |