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the only listing i could find for volt inu on CMC is a V2, and it has a warning on it, saying the contract can be modified by the creator.
https://coinmarketcap.com/currencies/volt-inu-v2/
i noticed that. morgan is missed, i sent him a PM hoping he'd come back around.
that's my plan, too. if ELON or KISHU bust big you may see FOOK do a moonshot. LOL
good plan. let's see if it settles down and retests that breakout level around $4.11 or so.
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.
i think 100X is possible, current MC is $602,888,831. so $60B would be about 50% higher than the SHIB MC at its peak, but if they can do some big burns, scale that accordingly.
https://coinmarketcap.com/currencies/dogelon/
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!
glad you seized the opportunity. ELON could be another legendary runner, maybe even bigger than SHIB? surely they've learned and adjusted, from one project to the next.
huge financial media promo in...... 5, 4, 3, 2, 1......
big drop across all cryptos now on the 15 minute charts. so obvious they are pegged by bots/algos #buythedip
BNB dipped a bit but caught some support around 403, i always watch binance coin to gauge altcoin direction. when it's in a strong bull market we will be, too.
here's a good metric to follow for fegex adoption:
🏆 @FEGtoken's wrapped fBNB is now a top holder of @binance BNB coin. What could be responsible for the recent vibes?? #BSCNews #CryptoNews #Cryptocurrency #DeFi #BNBChainhttps://t.co/m79R02ptlZ
— BSCN (@BSCNews) April 22, 2022
i like BTC as a store of value, but only in a bull market. i think of it like a giant high interest bank account.
and there are cryptos in the general market with much better leverage, i hear bitcoin maxis mention trading them to accumulate more capital to own even more BTC, lol
you must think all the stock market outflows won't go into crypto, and i do.
can they invest more into a real estate bubble, with rates rising?
nope.
energy at its peak, with rates rising? is that a buy?
nope.
and lots of big name automakers, fashion brands, soccer clubs -- all want to get into NFTs, the metaverse, mint their own cryptos.
visa and other CC companies, all the big banks, are making moves into digital assets.
those ventures will fail if stock market cash gets parked in low-yield, boring investment vehicles.
jack dorsey and other billionaires keep pushing BTC growth, in the US and developing nations.
the el salvador narrative of freedom from IMF nonsense is catching on with other countries.
and they're supported by digtal asset proponents in the developed world.
crypto lobbyists are all over washington, DC now, chatting with receptive public servants who already love to trade with their insider info. legally of course.
anyway, we don't have to agree. just explaining why i feel as i do.
good luck.
ongoing sideways action at the bottom of a channel is really bullish. whales are shaking the tree, and have been for weeks.
could it drop to $35K? maybe, but it doesn't matter. we'll never see these lows again imo.
if for no other reason than the billionaires vested in bitcoin are too proud to ever dump it. a maximalist is always right. lol
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.
crypto is the future, and... the future is now --
New: Stripe is the latest financial giant jumping into crypto.
— Ryan Browne (@Ryan_Browne_) April 22, 2022
The online payments firm is launching a new feature that lets merchants offer payouts in crypto.
It'll launch first with Twitter, allowing select users to get paid in the stablecoin USDC. https://t.co/qHgPVP6M2H
all indications are bitcoin creator Satoshi Nakamoto is now a blockchain dev for FEG token, and (if this is in fact who he is) Satoshi created "fegex" where a new type of token is trading.
his template is smartdefi, which locks all the liquidity so investors are protected from "rug pulls", the most common crypto scam.
SD tokens also have a built-in baseline value that can only go up.
many also burn tokens with each transaction, so instead of the supply going up, like toxic penny stocks, over time they become lower floaters.
and a rare few have "reflections", free tokens that are paid into each wallet on the blockchain.
i own one now, FOOK, that has 25% reflections, so if 24-hr dollar volume is $100K, $25K of it gets distributed to each wallet, proportionally, thus a 5% holder would get $1,250 a day, just for holding the token.
if the volume doubles, that would be $2,500 a day. if the price doubles, it would become $5,000 a day, just for holding it.
FOOK hasn't even traded a month yet and it's run from pennies to dollars.
good morning, W2P -- we're glad to have you with us!
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
yup, reminds me a lot of this moment in cryrpto history.....
https://www.coindesk.com/markets/2021/05/17/vitalik-buterin-burns-6b-in-shib-tokens-says-he-doesnt-want-the-power/
Vitalik Buterin Burns $6B in SHIB Tokens, Says He Doesn't Want the 'Power'
The amount destroyed equates to almost half of SHIB’s total circulating supply.
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
meet the new boss, same as the old boss. #Bitcoin
looks like Dogelon has the SHIB blueprint refined, and this time around they will be riding on the wave of confidence SHIB created. diamond hands, all the way up!
https://twitter.com/mfoundation
yeah, and i actually find it all pretty hilarious. i'm sure my accountant will raise an eyebrow. lol
there are lots of double-meanings. the dev says it means "four oh one kay" because of the big gains from holding and tax if you sell. i also realized in asia the word means good fortune and prosperity. lol
FOOK investors: a few more details --
telegram chat: https://t.me/FOOKToken
twitter page: https://twitter.com/FookToken
website (v2 in progress): https://www.fooktoken.com/
ihub board: https://investorshub.advfn.com/Fook-Token-FOOKUSD-41088
fegex FOOK trading page: https://beta.fegex.com/charts/details/bsc/0x820671E3647d8aaa22Feab05aaA14AB1665e06e1
eventually we'll be more organized and get all this info into a single post, but for now, let's do it token by token.
i posted this to lakers' board but want to put it here as well. a brand new smartdefi NFT project, Affinity SD. i have some and am excited to see what comes of it.
_______
this NFT project trades at a market cap of $33K, Affinity SD, but we don't know much about it yet since no promotion has started.
if it does 100X the market cap is still only $3.3M.
trading link on fegex is here: https://beta.fegex.com/charts/details/bsc/0xBB8047fc6D515DE90CBAFacb0886181F336F1463
telegram chat: https://t.me/affinitysd1
i own some FEG on both ETH and BSC chains, but sold some to buy into these SD tokens.
it's a guessing game, although given how much larger the FEG market cap is vs some of these tokens, i think the best leverage is in the SD market, buying best of breed.
for example, if FEG is going to 10X, i'll bet something like FOOK can 100X in the same time frame.
and other SD tokens are even lower market caps, here's a new NFT project trading at a market cap of $33K, Affinity SD, but we don't know much about it yet since no promotion has started.
if it does 100X the mc is only $3.3M.
trading link on fegex is here: https://beta.fegex.com/charts/details/bsc/0xBB8047fc6D515DE90CBAFacb0886181F336F1463
telegram chat: https://t.me/affinitysd1
FOOK is on BSC, which (for those reading along) means people buy it with BNB.
it's currently rare for any SD token to trade on the ETH chain but it can happen. and the ETH side may get busier with time.
but fees are so much lower with BNB i think it will dominate.
of course the advent of USCT has everyone excited because if we can buy with a FEG stablecoin then fiat onramping becomes a real possibility.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=168596890
and with that, our friends will have a much easier time just going to fegex, and buying with a few clicks.
here's the smartdefi token thread, for those who want to join us:
https://investorshub.advfn.com/Smartdefi-Tokens-41077
i think the best of the smartdefi tokens are about to get these wider listings, yes. the technical ability will be there to do it.
i was in the FOOK telegram today and a rep from bitmart exchange asked to speak to the head developer.
they've been emailing him too.
pretty exciting.
so (apparently) the centralized exchanges are setting up to trade these SD tokens.
i heard from some (who know) FEG devs there are signs binance is testing SD tokens on the blockchain also. that's an unofficial buzz going around.
coinmarketcap, for the longest time, only listed FEG, never ROX. now i see twitter pages of lots of SD tokens, including FOOK, saying they've submitted applications to CMC.
that's why i started the SD token board, because it's probably only a matter of time before FEGex becomes a big deal, and the best of these cheap tokens will go way up in price.
some projects are not serious, and we have to be very selective, but the SD tokens that are will (likely) do very well.
WH, say no more, i'll put a lid on it. LOL!
FOOK hitting 4.06....... a 100X from here gives it a $95M market cap. although its burn mechanism is so aggressive, maybe FOOK could do 100X with only $50M in valuation. i'll have to work out the math!
https://beta.fegex.com/charts/details/bsc/0x820671E3647d8aaa22Feab05aaA14AB1665e06e1