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Well I didn’t mean that they are in cahoots but I am saying if people aren’t prepared for tax implications for free airdrops they may need to sell some assets to cover. Maybe it’s just convenient.
Side note … let’s say I get $16k from the Solo drop (which is a solid estimate based on the numbers). Instead of seeing what happens with Solo instead of claiming the $16k from the drop I take and trade that for $16k USD actual. I can use that 16k to help pay for taxes but either way it’s just $16k. Not 16k from the drop then + 16k short term gains is it? That’s like a double whammy.
Glad I checked with Uphold. Here’s the long and short of it ….
To withdraw XRP to another network you'll have to use the XRP network. XLM is a Tier 4 currency and Tier 4 currencies are only available to buy hold and sell within Uphold. To withdraw your XLM to another wallet you'll have to conver it to a Tier 3 currency first, I will send a link where you can see the different currency tiers.
Ok. Because I know for XRP I just use the XRP network option and they have like 41 listed but didn’t know if XLM ran in that or there was one you needed to pick. Still getting used to that.
Yes. So I got everything set up. Trust line and form filled out and the whole nine yards. So I am set and ready to go.
This may sound like a stupid question and I’ve been trying to find an answer. My XLM on ABRA earns 4% and my XLM on Uphold earns 0% lol. I can earn 5% by moving them right to Nexo and doing the 30 day lock ups. I know when I move XRP I have to use the XRP network option to make the transfers. Is it possible to transfer XLM directly to Nexo on any network or do I need to trade that XLM into something else, send it, then buy it back on Nexo if that makes sense. I just like keeping some of it as XLM.
And I managed to get the VGB trust line set up so now I feel accomplished. It’s a good feeling. However … I have been trying to figure out how all of this gets claimed.
I had the weirdest dream last night and woke up with a very bad feeling. I know a lot of these “free tokens” are going to come with tax implications. I got 2.5k from an ABRA airdrop on their new token which shouldn’t be much. I will manage to get the 1000 VGB tokens which I could handle tax wise. I can even handle all of the interest being made on exchanges. However … if I maxed my XRP contribution for Solo and got 8k tokens at $2 each I’d have an additional $16k in taxes correct? Conspiracy theory maybe … but what if they want everyone chasing these “free drops” and getting wrecked on taxes … which may force people to sell back their XRP to cover taxes on coins that will clearly not have the same impact as XRP? Everyone joked about XRP buybacks but essentially isn’t that … what this is? Or am I reading too much into it.
My only other question is does it raise taxe flags lol. I was thinking of upgrading my Nexo account to give me more transfers per month to cut the size of my moves down. Way down.
Where ir what does the VGB trust line fall under. I do have XRP (and there now), Solo … but wasn’t sure which trust like covered VGB?
Yeah I had taken a stupid pill last night and was using the read only instead of full option while trying to use xumm and exchange and it didn’t like it. So for this VGB I only added 850 XRP because you can only earn up to 1000 tokens anyways. As of yesterday they were not entirely claimed so it was an easy one to register for. Transferring around XRP between exchanges and apps is sometimes always slightly different and throws me for a loop.
When my loans clear out of Nexo in December then I can make the big transfer.
So I am in process of setting up my xumm wallets (and just in time … Did you hear about the VGB airdrop? I think that’s it. They match one for one on XRP for up to 1000 XRP. You can validate your wallet through one of the hyperlinks on a FB discussion.).
Anyways I guess my question is can you register exchange balances through this wallet or does everything need to be moved to a ledger and registered that way or can you register say an Uphold or Nexo address without moving all of your tokens around if that makes sense.
It would. I’ve been saving all year for tax “ramifications” aka government porking lol. So hopefully getting them would be advantageous. But it comes with a cost clearly.
Do we even know the anticipated price of SOLO? According to my calculations if I managed to move all of the XRP over I have available and do the calculations correctly … I would only receive around 8k SOLO tokens. So what would the anticipated worth of that be? This isn’t a one for one drop … it’s a fraction to one drop. Like .20 for every XRP I believe isn’t it?
Liquidity hub project. Will try and find the telling info tomorrow afternoon.
It’s been all over Twitter. Will send you some info when I get back from NH. Away for the weekend but I guess it’s been in the works for the past two years.
What does everyone think of the new HUB project that had apparently been in the works for years now.
You can upgrade your membership for more transfers per month and higher interest rates.
That was my gut feeling.
It’s a combination of trust wallet and walletsdapp.info if you know anything about that. This is a question for any / everyone to chime in on. May help everyone if it works.
Ok. Someone is walking me through a way to use trust wallet to verify your account and get paid out through them but does it really cost 5 BNB tokens (or equivalent) to verify an account with them? That’s like 2500. Which isn’t huge but hard to get there in a timely fashion. I just didn’t know if anyone had used : tried : or heard of this method. Apparently Bittrex is the custodial holder for ABRA at the time of the snapshot. THEY are the ones doing flare not songbird so that’s why ABRA is doing Flare not songbird. They can burn for all I care lol.
How did you do it. Everyone throws around these things like it’s common knowledge lol. I held XRP on ABRA for snapshot. After snapshot moved it to Nexo. Someone is saying you can use trust wallet but you have to buy 5 BNB on Nexo and Transfer to Trust Wallet to confirm you own both accounts. 5 BNB is just to confirm accounts. But that’s like 2.5k. Is there an easier way?
True or False. You need to have 5 BNB tokens on one exchange and then transfer them to trust wallet to show you own both wallets to be able to claim songbird. True or False. Anyone can answer this question please. It’s important lol.
C’mon man. We also don’t have any more mean tweets lol. It’s so sad. People had no idea what they voted for … they just know what they voted against. And this is the result.
Speaking of crooks … what are everyone’s thoughts on this whole taxing unrealized gains bullshit. That would wreck a ton of people staking and receiving airdrops. Do they want us to be broke forever? F these guys.
I flat out asked ABRA if that was the case or if they were using our Songbird to find their new token project. I literally put the screws to them 5 times a day and after the last generic response they sent they finally explained it was a problem with Bittrex. So that’s who we shake next lol.
ABRA uses Bittrex I think and because Bittrex is not supporting it they are not supporting it. But now I know who to passively aggressively email daily til that changes. They will hate me. Lol.
Simple reminder. Everyone check out ABRA on Twitter Instagram & FB. Starting October 13th I believe … you can start earning their native token (new utility token) for free just by depositing or collecting interest on their exchange. Not sure what the ratio to disbursement will be but it’s FREE. MOVING and staking another 15 k their when it goes against the earn. Something to check out. You money loving hoes lol.
Well these you get for free for using ABRA through November 15th I think and you can earn 8% on some holdings so it’s just free tokens for using their app. I use it anyways. So just throwing it out there.
Announcing Abra Perx, a token-based loyalty program powered by the Crypto Perx $CPRX utility token. #Token2049 #Abraperx
bwnews.pr/3AfE2hv
Helps if I attach this lol.
ABRA is making good on this little baby though so moving over lots of cash to earn 8% and get points for coins. May be worth a look. Assholes had to do something lol.
That makes sense. Thank you sir.
I guess my question is if ABRA technically has songbird … even if they don’t support it … is there a way I can change the destination address without moving all of my XRP around. I have the snapshot with ABRA so would figure flare would just get deposited there when the time is right because that’s the account associated with the snapshot.
I will have to check. There were a few to get my XRP from uphold and ABRA to Nexo which I love. Staking there was a good move.
So now that the snapshot is done for Flare I can’t do anything regarding that until they are prepared to disperse the token which is Q1 2022. At that time will they have Fkare to buy and trade and just make the deposits directly to their exchange or do you need to do something different (give them a destination / tag) of a wallet to make the deposit? I figured they would set it up to make deposits directly to you act with them. That would make the most amount of sense.
Got it. As of right now I just got this confirmed list.
Last Updated 12:26pm, ACST, 7th October, 2021 - If you’re aware of any updates please tag / mention FTSO AU in the relevant Tweet.
Confirmed
AltCoinTrader, Bitkub, Bitrue, Bitso, Bitstamp, Bithumb, BTC Markets, Celsius Network, CoinField, Coinone, Coinspot, Colodax, Crypto.com, eToro, Exmo, GateHub, GOPAX, Korbit, NDAX, UPbit, Uphold, Youhodler, ZB.com
Considering
BigONE, Binance, Kraken, Nexo, VALR
No Intention
AnchorUSD, Binance.US, Bitcoin Suisse, Swyftx
No Comment
Aprobit, Bidesk, BiKi, B4Y, Bitay, BitBay, Bitbns, Bitcoin Meester, Bitcoinira, Bitexen, Bitfinex, BitFlyer, BitMax, BitNational, Bitpanda, Bitpoint, Bittrex, Bittrex Global, BKEX, Bluehelix, Boboo.com, BTC-Alpha, BTCFX, BTCNext, BtcTurk Pro, BTSE, CEX.IO, ChainEx, Coinbase, Coinbit, Coincheck, CoinEx, Coinmerce, Coinzo, Coinzoom, DeCurret, Digital Surge, DMM Bitcoin, eToroX, Flybit, Foblgate, FTX, Gate.io, Giottus, GMOCoin, Hanbitco, HBTC, Huobi, ICRYPEX, IndoDax, Itrust Capital, Kucoin, Line Bitmax, Liquid, Mexo.io, MiraiEx, MXC, Naga, OKCoin, Paribu, Phemex, Poloniex, Probit, Revolut, SEBC, SBI VC Trade, STEX, Tokens, Voyager, Wazirx, Young, Zebpay, Zipmex.
This is for songbird.
So here is my question. My XRP was on ABRA the day of the snapshot for Flare tokens. ABRA IS supporting flare … but supposedly not songbird (at the present time). Is there a way to claim these songbird tokens by moving my XRP to another exchange or providing ABRA an address to send them to? It’s not like they aren’t out there somewhere. If that makes sense. I shamed them today and they tell me how much they value my opinion ??????
Well the Flare drop was supposed to be Q2 this year. It has been pushed forward to Q1 2022.
Nice. I’ve been messaging them multi times per day showing them all the exchanges now supporting it etc. it’s a big deal because that’s where 90% of my XRP was for the Flare snapshot. They hate me right now but every time a new exchange decides to participate boom I send them the information and say see what others are doing for their customers lol.
Completely unrelated but something that I noticed. If I use ABRA as an intermediary to get my money from my bank to Nexo … it has to stay there for 60 days before I can move it somewhere else if I am reading this right. That seems like a long time for something to be sitting on an uninsured exchange. Although it can earn 8% while I wait for the 60 days to pass. Which is double what it will make when it finally gets to Nexo. Lol. Thoughts? Do all exchanges have these long holes on deposits?
Holy moly how the hell have you been? How can you do it if you use ABRA? They are supporting Flare but have said no this far for songbird … which makes zero freaking sense.
To my knowledge no. And everyone hates them right now. Uphold is a maybe but someone said yes for December I think. Nexo is a maybe as well from my understanding. But it’s hard to sort the truth from fiction.