Working on the big PENSKE project
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I have been all xrp for 3 years. I think I have a good position there and have made my first diversification move here today. Now I will start building this one up. I am a long time hodler. Is this one stakeable ?
Excellent piece from New York Times and really highlighting Ripple throughout the article. The world needs to wake up an realize bitcoin price is not the whole crypto world of news. There are MAJOR developments with real companies like Ripple trying to solve real problems and hitting major road blocks in Washington because of lack of clarity. Baffles my head why our finance channels will only talk about btc and doge and not about the utility and businesses like they should be.
Gary Gensler is going down the wrong path. Yes crypto needs regulation but it should come from Treasury and Fincen. Not sec. Gary wants full over site and to take down Ripple. He is not backing down. He may be more dangerous than Jay Clayton.
So are all the websites glitching, or did 10 billion xrp just get removed from circulation. 1/10th of the supply is missing overnight. No answer
This woman’s signature is most likely on every bill you carry in your wallet. Don’t diminish her title until you actually research what she has done for our country. She is from our US treasury and now in advisory board for Ripple. This is a huge development in government and private fintech industry. She still has direct connections to Treasury and you can be d@mn sure they will be having more meetings together. Talk about a direct bridge being built with relationships between the two.
My bet, ripple met with treasury and Rosa Rios a year ago or years ago. They have already been discussing the tech. And have worked on testing. And now she is switching into Ripple advisory board to help further implement it. The direct line of communication between Treasury and Ripple is there now.
The US will have its own cbdc, but they can utilize ripple DLT tech for crossboarder remittances.
I don’t even think I can get on binanceUSA yet. I’m in state of CT.
I use uphold. They sell xrp, binance suspended sales during lawsuit. I fund uphold very easy to use. Binance will give you a larger crypto selection
She is a direct link to US treasury. Her former position absolutely means something. She still has close colleagues in Treasury and if Treasury wants to test Ripple DLT, they will be more inclined to hear what Ripple has to offer.
When are we going to get our spotlight momentum with parabolic breakout. Like $10 to $20 parabolic. Cardano went from 0.04 to $1.30
Full break out !
No joke, I just pulled out a dollar bill and Rosa Rios signature is on it. She signs our bank notes. Her name is on tbe money we are carrying around here in the US. Now she is on the board of directors for Ripple. You think she would join in middle of lawsuit if they were in danger of going under? You think she may have some connections to get Ripple more involved with our countries development in DLT?!
Thank you for sharing
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To me it looks like it covers all cases and they could even be discussing punitive actions towards Ripple as a part of that meeting.
It is a very general list that they probably have to cover every time they meet
If they burned 50 billion than the total amount would pretty much all be in circulation. How would they engage with central banks with 0 supply left. Cross boarder remittances is several hundred trillion. That is one use case of over 100. The supply is not the issue. Only a short term investor looking to cash out cares about the supply. I am pretty sure the supply was by design and not some random made up number
No one has received flr. Plus or minus 4 weeks in june
Ripple engaged with 80 central banks and that photo is further proof. I believe every country will have their own cbdc and ripple is advising them. They will use Ripplenet as a decentralized system for cross boarder remittances but every country will still have its own digital coin. The bridge currency is just moving value from one regulated end point to another. Ripple is not trying to take over some countries currency
As much as I want to believe you, the air drop is taxable income and when you sell it is capital gains. It’s double taxation
The IRS has not provided guidance on hard fork transactions, and tax experts and coin traders are still debating its tax treatment. Common questions include: Is a hard fork the same as a stock split? If so, does the value of the coins have to be divided between the original coin and the fork, or is it a taxable dividend?
Compounding this issue is the fact that coin holders might not be able to sell the new fork currency immediately. The cryptocurrency exchange Coinbase, for example, did not support Bitcoin Cash when it originally forked in August 2017, but did add it to accounts for rightful holders later that year. Is it therefore acceptable to defer income on the fork transaction until the coin holder obtains such access, or later sells the new, forked coins? It seems reasonable to assume that coin traders should not have to report taxable income on a hard fork until the new coin is time-stamped as a ledger entry in the blockchain.
Donatin
Nice pump today but not xrp specific
Judge needs more time to deliberate and will rule in near future if sec has authority to use mous, to get documentation through use of foreign governments to go after ripples overseas partners.
Just imagine how many people won’t declare it because if there is a shred of doubt no one is going to throw all that money away.
But this isn’t like not declaring your sale on ebay. This is 100s of thousands of dollars not being reported and if irs flags us for that?! Penalties could mean losing your home with the fines and asset freezes
Imagine you have 100k flr and it’s valued at $2. That is 200,000 taxable income that you have to pay taxes on. Now if you go to sell, you have to pay short term capital gains. How much flr would even be left?
If flr starts liquidating fast, you may even end up in a negative situation where money is paid from your pocket to participate in an air drop.
We need to be screaming from the rooftops that the airdrop allocation method has to change. We need more up front on day 1 where there is no trade history therefore no value to declare as taxable income.
Now I really wish we got it all on day 1. Airdrop would not be taxable, everyone would sell and crash it, and we would be ready to scoop it up for pennies. Hodl all the way back up.
I am so done waiting. I have been all in xrp for 3 years and my head has been in the clouds waiting. Can’t even focus on my job anymore. @ss clown Clayton and the sec never acted in 8 years and caused Ripple significant set backs. We should be absolutely embarrassed here in the US.
I’m guessing a lot of people will be buying some xrp tickets before the hearing tomorrow.
On the first air drop though right? Every one after that first 15% will be made when it will have already had a trading value.
Here is my interpretation. Flr is entirely separate from xrp when determining tax. Once you are in possession of your flr, the value on that day is declared as taxable income that you have made for the year. Then when you sell it, you will have to declare a capital gains. So a bit of a tax nightmare that we are inheriting.
Now one silver lining, the first air drop of 15% of flr we will receive on day one should have a value of 0.00 since it has never been traded before. IOUs are not a real way to value on the asset.
After that, every month we will receive 2 to 3% more of our flr and that will be taxable on the trading price on day we receive it.
So if the value of flare holds, we will have a lot of taxable income to declare this year. And that means we will be forced to sell and we will have to sell even more to cover taxable gains.
David swchwartz entered the debate and agrees. The more we receive on day one the better because we will receive our first flr at 0 and there will be no taxable income.
So while flare was trying to release the supply in a stable manner, they are doing it in a way that is harming us from a tax standpoint. We need to be discussing this daily with everyone and we need to try and force change. We need a larger distribution up front so we are able to hodl our assets. This way forces us to liquidate most of our holdings.
The flr airdrop is already set in stone. No details have been given on who is participating in the second airdrop based on your FLR token. All I know is if the exchange is supporting both, then you will get to use 100% of the FLR to participate. If they don’t, you have to move it to one who will and you will only have 15% of the FLR available in time for the next air drop.
There is going to be an airdrop of the airdrop for another token based off your spark. I know it is getting a little ridiculous now. If the exchange agrees to facilitate this second air drop it will be based on total amount do FLR you own. If they won’t, you have to move your FLR to one that will and you will only have 15% of your token available for the air drop.
I am sure far less will be participating in this new one and most will not go through all the extra hoops for it.
Nexo will not even update the flr airdrop yet, I doubt they will do the other one.
The snapshot happened back in December of 2020. That determined your flare. Anything you did after that or will do has no impact on the flare air drop
Biden will push the crypto holders into staking. Everyone will be afraid to cash out and hand over half their fortune. Better to hodl and cash out the passive income earned. It keeps you in the lower tax brackets. Millionaires will declare thousands instead.
Earn 20 xrp a day on Nexo today, no big deal. But what if xrp was worth $10. That equates to 6,000 a month, 72,000 a year and we are talking in interest. What if xrp was $20. Now you are making $144,000 a year in Interest all while keeping your initial investment. If you keep it in the earnings just keep compounding.
This is how you grow your xrp when it gets too expensive to buy. And this is how you can make a living by cashing just the Interest and preventing you from forming over some absurd amount to the govt.
Passive income will be the key. And I will try and compliment it with a staking of FLR as well. And if I need to find another gem to stake after these are up and running I will.
Live off the interest, pass the initial investment down to the kids or cash out later in life when you know you are really really secure.
Outcome of judges ruling on sec ability to use mou this Friday could have an impact to xrp price in short term.
Not sure which way judge is leaning. Good news is some countries have already denied sec any documentation whether judge allows them to use an mou or not.
That has always been my plan to use the interest to pay the bills and eventually live off it. Now with all this talk from Biden in US potentially taxing the wealthy 60 to 80%!!!!!! The only way to avoid that is not sell all your crypto when it moons and just pull out what you need to keep your taxable income in the year down.
I mean seriously?! Imagine you finally start to earn over a million and the govt wants 60%. Absolutely disgusting. That is not the answer. That is Robbery.
Flare IOUs are trading at $2.09. Really interesting to see how that plays out come airdrop. It will drop significantly in my opinion. I will miss out and just focus on staking it
We can never watch it enough ;)
Absolutely. I need to research that one more but it would definitely be a part of that crypto basket I would make.
One of my coworkers said his wife is getting into crypto and wants to call me to help educate her more on the topic. Like actually wants to put a meeting on the calendar to go over it. I’m an xrp maximalist but I will definitely giving her a very open minded review and have them get a basket of crypto. These will include btc and eth even though I won’t touch them.
I will try and have them add some alt coins to balance it out and let them make their own decision on percentages.
The reason why I am telling you this is because I don’t really know this woman. And she was a para legal and I think works from home now for a law firm. So not in a related field. This is adoption coming. The regular people who never even gave one thought to crypto is now asking questions of how to get involved
At least Bloomberg and wallstreet are starting to out out articles about the case and they are putting a negative light on the sec
We knew there would be pullbacks but we are starting to get to close to pennies again!!! I wanted to be in $5 to $10 range and pull back to $3. Not head back below $1. The sec lawsuit is a huge problem still. We should be done with $1 forever now. We are hearing ODL xrp partnerships being announced but it’s all overshadowed by sec