Yes. That’s the one. Was bad enough with not being able to add more tokens for interest bearing / staking until the US gets it’s stuff together but that email the other day about things to come sounded foreboding.

Ok. So ever though and exchange day like Xumm maintains transaction histories you’re saying that’s not the equivalency to a 1099 … but an exchange like Coinbase that does issue 1099s … those should be reported.

Never mind. Figured it out. Needed a second cup of coffee lol.

Mindless … if I shoot you an email address can I shoot you a question. Don’t subscribe so can’t send private messages here. I’m not balling yet ?????? It’s about Nexo.

Do you have it on NEXO … are you a US resident … and did you get that concerning email and what’s your play?

Did you just get a very concerning email from NEXO and do you have tokens locked up or are they ready and available to come off.

I can’t do shit though until they come out of the 30 day lock up right? Or can I force it early. I have a ledger I was just enjoying the freebies til now.

Doesn’t this do a pretty good job outlining the policy or am I dreaming.

https://www.benzinga.com/money/us-cryptocurrency-regulations/

What do you make of this. Mind you all of my tokens are locked up in different stages of a 30 day escrow. 32k just started two days ago.

Dear Kevin,
In light of the recent unfortunate developments in Ukraine, a number of countries have started imposing economic sanctions on Russia, including but not limited to sanctions on major Russian banks. Sanctions have also been imposed on Belarusian banks.
For the latest sanctions lists, please refer to the relevant agency's website, including but not limited to the United Kingdom, the European Union, and the United States.
We understand that these actions may cause disruption to our services and we apologize for any inconvenience. Following our constant quest for compliance, we want to reassure you that Nexo is closely monitoring the situation and taking all necessary steps to continue to operate in compliance with international laws.
We understand this is a time of great uncertainty and we'd like to thank you for your patience and understanding as the situation develops. As events evolve, we will continue to provide you with any material updates that may impact our services.
Stay ahead,
The Nexo Team

Have you tried using CoinTracker? I’m not overly excited using an app I have to enter my account information into. Yo should see the spreadsheet I am building for ABRA right now. They are the only one that sucks.

Ha so that’s a zero report for you.

Most of the exchanges do a great job tracking. ABRA is the only one sucking at the moment. I mean I can figure it out. But it’s a lot of work. So this year just going to track it on a weekly basis.

Also … where have we landed with taxes? I’ve heard multiple reports. Coinbase is great. They literally have a form you print with any gains and losses for the year and boom … done. NEXO doesn’t calculate everything for you … but you get a handy little spreadsheet with all your gains and interest earned … a few calculations … and boom done. Does anyone here use ABRA? There … you ask for your tax docs and all they send you is literally a list of dates and time stamps of any activity ,.. but no information on what any of those events were. So the only way you can calculate earnings on four tokens is to look at the amount earned every day on Monday for the last year and then determine a round about price at the time it was dropped to calculate each transaction value in USD. Not happy. Do we have to claim interest from staking or not? I’ve heard conflicting reports. Airdrops I know is a yes and even those won’t be easy.

Exactly. But only for US customers. I knew one exchange was in trouble … I forget which one. Then NEXO and others were mentioned … and then we all received this. Reaching out to ABRA now to see if they are pulling the same maneuver.

Immediate Changes to Nexo’s Earn Interest Product in the U.S.
Dear Kevin,
As one of the world’s most trusted digital asset institutions and a company committed to compliance with applicable laws in its jurisdictions of operation, Nexo is announcing important changes to the Earn Interest Product for clients in the United States.
As the regulatory framework for digital assets continues to evolve, we remain committed to doing the same and to continue providing our clients with the best possible solutions for their digital assets.
We are encouraged by the first-of-its-kind settlement announced by the U.S. Securities and Exchange Commission and over 32 U.S. states on February 14, 2022, as it brings much-needed clarity to Crypto Asset Interest-bearing Accounts and to the provision of such services going forward.
To this effect, we would like to inform you that Nexo has voluntarily determined to implement significant changes to its Earn Interest Product in the U.S. in order to be in compliance with the newly-announced guidance.
All assets entrusted to Nexo are safe and accessible to all clients as always. Details of Armanino’s real-time audit of Nexo’s reserves can be found here.
We believe these changes, effective immediately, reflect a sustainable path forward for our Earn Interest Product in the U.S.
Key Takeaways:
The current changes only affect the Earn Interest Product for U.S. citizens and residents, while non-U.S. clients are not affected by any of these changes.
U.S. clients will continue to enjoy uninterrupted access to all other Nexo products.1
Existing U.S. Clients: You will continue to earn interest on your current Savings Wallet balances only. New top-ups to your Savings Wallet as of today will not earn interest until the restructuring of the Earn Interest Product and the registration process with the relevant regulatory bodies are finalized, as per the recently announced guidance. Once complete, eligible U.S. clients will be migrated to the Earn Interest Product 2.0 and new top-ups will earn interest.
info icon
Please note that any assets withdrawn from your Savings Wallet, even if returned later, will be treated as new top-ups and will not earn you interest.
New U.S. Clients: The Earn Interest Product in its current form will not be available for new U.S. clients until the restructuring into Earn Interest Product 2.0 and the registration process with the relevant regulatory bodies are finalized, as per the recently received guidance. Once complete, the Earn Interest Product 2.0 will become available for all eligible clients.
Earn Interest Product 2.0: Our team and legal advisers are working around the clock to develop solutions for our U.S. clients that will make the Earn Interest Product 2.0 as widely accessible as possible and compliant with the new regulatory realities. We will provide more details as soon as possible.
We are firm believers in blockchain's transformational powers and in meaningful, innovation-oriented regulation in partnership with the blockchain industry itself. We have never been more excited and confident about the road ahead, as the recently provided regulatory clarity will undoubtedly ensure even wider adoption of digital assets and the gradual increase of the total addressable market.
To our clients and supporters – we most humbly thank you for your continued support. Rest assured that we will continue to develop and enhance Nexo’s products and services with your best interest in mind.

So not sure if you have heard the specifics regarding NEXO and their higher interest bearing accounts … but is this going to be the new normal for exchanges and will this have an impact on staking FLR when the time is right? Motherfers.

Dude … I just checked my emails. I am thinking I am glad I got as much as I could onto Nexo to start earning before the hammer dropped. And am just glad I was a precious client before the shit went down. What an absolute mind f.

XRP had made a sudden jump at the time I wrote this lol.

Just made a huge buy … you’re welcome lol. ABRA says they are coming Q1 2022 and that they are still on schedule. Maybe I can be the first out at a high lol.

Which is weird because ABRA has been chirping it’s happening Q1. Let me send them another passive aggressive email right now with a compliment sandwich and see what they say. They love me lol.

Off topic. Been opening and reopening restaurants the last month and out straight. Now they are gunning for the escrow and writing a new crypto bill. I love the staking potential on Nexo but is it finally time to get everything off the exchanges? Or is this paranoia.

I think this will get you on the right track. I have my Coreum trust line set up on my xumm wallet. Was pretty easy to set up. Not sure what the exchange rate will be but is it worth converting vagabond to Solo or are you holding that and buying solo. Or how involved are you getting in this drop.

Quick question and totally off topic. There is a new you tube out about setting up a trust line for Coreum. Haven’t watched it yet but saw it was there last night. Have you checked it out.

Secondly … what have you heard about staking and taxes? I’ve heard that staking is not a taxable event which I’m not sure how that’s possible. I kind of think of it like interest earned like in a bank. But if that’s the case that’s good news. Airdrops are taxable. I don’t quite see the difference. Getting my tax info together the next few weeks. Wasn’t sure what you had heard.

Exactly. I think when it maxed over $6 you would have seen those numbers. But at a fraction of that I’m sure that also had a big impact. However … this is the year for Flare so let’s go lol.

Completely off topic. Now that we have the Solo airdrop … what do we need to do to receive Coreum? Do we have to set up a trust line on xumm?

I care because I just made two more purchases lol. But I think that’s it for a while. We need meetings for this. Lol.

The payout ratio. I though 31k XRP and 30 solo would have yielded a few more but I think it garnered a whopping 170 solo. I could have left all that XRP on next and just earned more XRP.

Yes. And not all that it was cracked up to be lol. Do we need to move solo anywhere or is Xumm supporting the coreum drop?

Side note. When can we set up a trust line for Coreum for the Solo holders in the house lol.

I just checked the flip and it was over $600. Then dropped back down to $350 two seconds later lol. Hadn’t been that high since I saw it at $700+ early on.

Is everyone still holding VGB … it’s coming alive but not sure it shouldn’t be rolled into XRP. Thoughts. Go.

Well when they say assets what would happen to everyone’s homes that they own. Mine is a 3 family so passive income machine (some years. Other years it’s an albatross lol). But you catch my drift. What about people who own commodities like precious metals. Those are always worth money and are really non trackable. Would the switch be that hard if everything was in place. A day two days a week a month. Wouldn’t be longer then that I would guess lol. There are certain things they just can’t have. You think Klaus and Gates and Bezos and Musk are giving up everything? Only person I know who would is Keanu Reeves. How can anyone be so damn nice. It’s disturbing.

This is going to be a nail biter. Can’t watch til after work. Can we at LEAST get a hint lol.

Where are you buying exfi lol.

Where are you buying exfi? Well I know you got the freebies but you know what I mean.

Don’t you have to buy 10k minimum on that or am I dreaming? But they give you a hefty amount of XRP in trade.

That is so weird. I made two transfers to get my XRP off of xumm. And each one took about three seconds. I did use the account information and destination tag and it’s already locked up for 30 days so you know that feels good. Although this VGB is earning my respect right now lol.

How did I get my XRP out of Nexo or off of xumm?

Looks like VGB is holding up well. I think everyone is glad they held this morning. How long do we have to leave out XRP in xumm for the solo snapshot? I want that back on Nexo earning when I can lol. Merry Christmas to all.

How many VGB did everyone get? I got 500. I thought it was for 1000 lol. Scrooges.