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Based on my DM's in recent days I figure I should post something about the tax deadline. I know how easy it is to get blindsided by tax calculations when you're a degenerate in the defi space, so I wanted to drop this PSA for all the people out there freaking out about their tax situation.
Extending your tax filing deadline takes just a few minutes and can be done through the IRS website. This will give you until October to file your tax returns for the 2021 tax year which gives you some breathing room to make sure you're filing accurate tax returns.
If you're still not sure about how you're going to report your activity, it may make sense to file an extension so that you have time to sort things out properly instead of cutting corners just to get things out the door.
If you go this route, you're still expected to make an estimated payment for what you anticipate owing to the IRS by Monday. But even if your estimate is too low, the extension will be sufficient to ensure that you avoid punitive fees for the late-filing of your tax returns.
Of course, everyone's tax situation is unique, so when you do your own research and don't understand this fully it might be worth trying to contact a tax professional to see if the extension is right for you. A Reddit post isn't the place to get tax or legal advice. I'm just tossing out the reminder for all the procrastinators that they have the option to procrastinate another 6 months if they wanted. (Or give the people who just need another week or two the option to stop scrambling to get things done.)
Lastly, I am still working this weekend on wrapping up some client work, but if I need to take a break or I have some free time, I'd be happy to answer any questions you guys have.
In most cases, the Dutch tax office sees crypto as assets. While living in the Netherlands, there is no capital gains tax. That means that you do not have to pay tax on the actual return!
One does not have to pay anything over the profit because there is a tax-free capital (for 2021, this was €50,000). If your tax box 3 capital was lower than €50,000, then you don’t have to pay tax on any of it. Note that this is not only about the value of your crypto but your total assets (shares + savings).
Also, for expats working in the Netherlands who have the so-called 30% ruling, there is not Dutch taxation involved at all!
This movement first originated in Monero community. The reason is most centralised exchanges don’t allow you to withdraw XMR under fake technical reasons. Meanwhile, XMR deposits are always welcome and available.
Later, users of other cryptos recognised they can’t withdraw their funds due to fake power of liquidity. Although anonymous cryptos are affected first, some time other types of crypto were touched.
This insane situation is made possible because large centralised exchanges trend to have fake liquidity at all. That’s because their economical nature is to generate profit dependent on your buy/sell operations: no buy/sell leads to no profit.
And because crypto exchanges are not properly regulated as traditional asset exchanges, they practice to simply generate inexistent “paper” coins. You can easily trade these coins but if you try to withdraw them, you fail.
Most corrupt exchanges in that sense of “paper” coins are Binance, Huobi and Poloniex. Please don’t use that exchanges at all in the future and prepare to migrate from them.
On April 18 2022, just try to withdraw all your crypto from all centralised exchanges and hence check whether exchanges of your choice do trade “paper” coins or not. If so, you can’t withdraw. Blacklist that exchanges and broadcast them to all your friends in all social media.
It is extremely easy experiment, just perform your own test!
If you ask where to migrate from Binance, Huobi and Poloniex, consider the following list:
Community Governance:
Q1: What is Community Governance?
Community Governance represents the governance program that marks the shift from the early days of the Algorand network to a more mature phase in which the community takes charge of its own destiny and rewards are distributed in return for verifiable engagement in the program.
Q2: Why is the Community Governance Program important?
The Community Governance program is important since it gives decision power about the future of Algorand to the Algorand community. It introduces a form of governance that is simultaneously decentralized, secure and efficient, like our consensus protocol.
Q3: What is a Governor?
Governors are Algo holders who commit a stake for a 3 month governance period which will enable Governor voting on some of the most important decisions regarding ecosystem development.
Q4: What is the role of Governors?
Governors will be responsible for major economic and policy decisions. This will be done via periodic voting, whereby Algorand Foundation will then execute responsibly, for the benefits of the overall ecosystem, based on the Governor’s decisions.
Q5: Who can participate in Community Governance?
All Algo holders are invited to become Governors and vote on important decisions regarding ecosystem development. Their votes will depend on the amount of Algos they will commit to governance for a 3 month period.
Q6: Is there a minimum/maximum number of governors?
There is no minimum/maximum number of governors. This is an open program and anyone willing to commit their Algos and vote can become governors.
Q7: When can I participate in Community Governance?
The program commenced in October 2021. The sign up period for the 3nd Governance period is open from 31st March 2022 to April 14th 2022 (11:59:59 PM SGT). Governance will feature quarterly entry points, allowing participants to join the program on a voluntary basis.
Q8: When is the signup period for the third Community Governance period opening and closing?
The signup period for the 3rd Community Governance will run from 31st March 2022 to April 14th 2022 (11:59:59 PM SGT).
Q9: Will Governance periods commence one after the other?
As a result of community feedback, we have adjusted the timing of the governance commitment periods to enable Governors to commit Algo inclusive of their Governance Rewards, distributed at the end of the current Governance Period (Currently G2 ), to the next Governance Period ( G3 ). This will be standard practice for all future periods. Please see https://algorand.foundation/news/key-dates-algorand-governance for a recent update on key upcoming dates pertaining to the third Governance period.
Q10: How can I participate in Community Governance?
The Governors will have to commit an amount of Algos for a minimum of 3 months (length of a governing period). Please see our Governors guide for instructions on how to participate in the second period of Governance.
For full list of FAQ: https://algorand.foundation/gov-faq
Algorand Governance Period #3 Portal: https://governance.algorand.foundation/governance-period-3
It has been repeated thousand times here "Always Do Your Own Research" (DYOR not the fashion brand DIOR). While this is true, a decent research without basic knowledge is impossible.
This is why long before even thinking of spending your hard earned fiat crumbs, you need to know the basics. You need to know the meaning of every major term, every fundamental concept there is.
You need to know how blockchain works, the difference between token and coin, difference between deflationary and inflationary, what is tokenomics etc. etc.
You don't need blockchain developer degree or Master in Finances, google cryptocurrency basics and almost every top results is good for a start.
Good luck and don't forget that:
"An investment in education always pays the highest returns."
Benjamin Franklin
Look guys, we are in a bumpy road, we have been for, well all of crypto's existence. If you are panicking and feeling an urge to sell it means you either have no control over your emotions, which may be a good reason to not invest in a high risk asset, or you overinvested which is definitely a bad reason to invest in a high risk asset.
See in any kind of finance, traditional or not, risk and reward walk side by side. You want safe? Deposit all your money and live with a 5% apy. You want to make real money? Learn that you may lose it all.
Theres no magic formula if you want more percentage of return you need to risk more.
By these simple logic we can conclude quite a bit, for example: bitcoin is not going to simply disappear. the amount of money involved in it is already massive so there close to zero percent chance it'll drop to 0 or, dare I say, anything less then 2017 ATH. But that ALSO MEANS, you wont be getting rich by investing 100 dollars, because whoever did was in a WAY riskier place then you are now. People in 2013 had absolutely no idea what could happen to btc, people in 2017 had already seen some traction and people now are pretty used to it already.
So my advice is, are you panicking? Sell. For real, maybe this just isnt for you.
But if you are sticking, stop whining and learn about what you signed in for.
I know some of you may know this, but for those who don't, I'm going to explain how you can can research crypto directly on this sub.
Don't worry if you feel stupid for not have founding it out before, I just found out recently where this is located and I've been a member of this sub for about a year.
- First:
Desktop: Go to the Wiki section at the top right to the left of Official Discord (not the Wiki to the left of Reddit Talk) and click on Directory.
Mobile: Scroll to the right (where Posts, Predictions, Membership is) until you get to Menu. Then scroll slightly down until you get to Wiki and click on Directory.
- Second:
Desktop: You can either click on the hyperlink at the bottom of the Table of contents that says "Educational" which will redirect you to the educational content further down in the page or you can just scroll all the way to the bottom of the page.
Mobile: It will bring you to the Directory and now you just have to scroll to the bottom of the page.
- Third:
Now you have reached the educational content of this sub.
I personally haven't looked much into it, but from what I have seen, I would recommend the top 3: Cointest Archive, Top Educational Flaired Submissions and Altcoin Glossary. The other links seem to be outdated, there is a site which is in Danish and another which link says it isn't safe, so I don't know about that one.
Just to note: if you search for Educational faired posts it isn't the same as clicking the "Top Educational Flaired Submissions" that is put here above. I don't exactly get the difference and also the color of the flair is different. If someone could clarify this I would appreciate it. I think it means that mods flair it educational.
Hope this helps those new to crypto or that want to learn more :)
I would also like to reach out to the mod team so that we could maybe update this section a bit. I would be happy to help, I don't know that much about the tech as others do, but I do know a decent amount about on-chain analysis, technical analysis and some other key metrics, so I could maybe put some stuff there.
With tax deadline coming up, I just wanted to share a link to all the resources I've collected. You don't need all of them, but it's helpful to have a clear understanding of crypto taxes and using an automated service to file taxes (especially if you have lots of transactions as I do). I recommend double checking your cost basis and updating any trades that the services below might not be calculating correctly. The Koinly guide I posted under Resources is really helpful for seeing all the tax info including capital gains taxes at a quick glance, but I also included links to Coinbase's portal and the IRS's official site.
If anyone has any other resources they've found helpful, feel free to share in the comments.
Tax Automation services
- https://www.cointracker.io/ - Coinbase partner
- https://tax.crypto.com/ - (FREE)
- https://koinly.io/
- http://www.taxbit.com
- http://www.cryptotrader.tax
Resources
- IRS official portal: https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies
- Koinly Ultimate guide to 2022 crypto taxes: https://koinly.io/cryptocurrency-taxes/
- Coinbase tax portal: https://help.coinbase.com/en/coinbase/taxes-reports-and-financial-services
Hola todos,
Hope everyone had a fun time in Miami if you went!
After a hiccup last week, it all goes down on Sunday where so far around 20-25 players are playing it all out for a moon pot of 7k+ all you have to do is send 50moons to Allthew4yup and download Clubgg poker app and sign up to the club id 400645. START TIME SUNDAY 10 APRIL 1900UTC. More info: https://www.reddit.com/r/CryptoCurrency/comments/twanex/rcryptocurrency_special_poker_night_with_over/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Edit: Winners: Lol that was a good tourney and gg to the winners:
u/Klaasiker 4000
u/iheartwordplay 1800
u/Pr15mo 1118
Mod bounty
u/Mcgillby knock Cintre 200
u/ilikemypenisandhis2 knock Nano 200
We r/cc podcast returns for another episode this Monday the eleventh, and then...
We have Hedera coming on for an AMA on Monday as well, followed by zksync AMA on Tuesday.
I know, I know. We all like to check the charts every 5 minutes. Some people yell “BULL MARKET 🤑🤑” with every +5%, while others (or sometimes even the same people) yell “OMG BEAR MARKET IS THIS THE END??” with every -2%.
Bitcoin is $43,400 at the time of writing. We haven’t seen this price since 2 weeks ago. If you’re in for the long term, a small pullback should not matter.
Why is crypto volatile?
Like most commodities, assets, investments, or other products, crypto's price depends heavily on supply and demand.
As an asset adopted quickly by investors and traders, speculation about price movements plays a critical part in crypto's value at any given moment.
Media outlets, influencers, opinionated industry moguls, and well-known cryptocurrency fans create investor concerns, leading to price fluctuations.
And unfortunately, the crypto market tends to follow the (traditional) stock market. If you look at the S&P index for example, you can see it had some pullback as well.
A few weeks ago one of my buddies passed away from an overdose. He was one of only two people I know in real life who has been into crypto longer/as long as I have.
He didn’t have a plan for his passing. He was in his early 30’s and his family is now struggling with how to figure out how much crypto he even held in his wallets. Let alone figuring out how to get it out to help pay for the unexpected expense of his passing.
Don’t be like my buddy. Make sure you have a physical copy of your passwords, seed phrases, and wallet addresses that contain your funds. DONT LEAVE IT SOMEWHERE STUPID. If you have more than 2,000$USD in the crypto market and plan on that number only getting larger, I’d advise a safety deposit box at a bank.
The fees alone would be worth it in the case of an accident. I personally keep two copies of mine, in two different vault/safe that can only be accessed in the event of my death.
Don’t make a copy and leave it in your desk drawer. Don’t make a copy and give it to a “trusted friend” either. You never know how some of those friends will act if they learned how to check your wallet balances and saw you had thousands of dollars, that they have access to. Money does strange things to people.
I’m gonna miss this dude so much. I get that crypto is going more mainstream by the day, but it’s still hard to find people IRL that you can talk to enthusiastically about for hours on end without getting blank stares.
Now my question. Does anyone know of a PROFESSIONAL data recovery service that specializes in these types of cases that I could refer his family to?
They asked me if I could help, and I told them that’s something only a professional should do. But this is a new field so I don’t just trust a google search.
Please be safe friends, and take some time to look out for those you love. You never know when something could happen.
Coordinates 1580, 465 in r/place. Help rebuild our moon to bring exposure.
We were in place there first. The bottom half of our moon has been taken over. This isn’t going to end with working together with whatever that thing is on bottom and the bottom right. We deserve a larger area, anyway.
4.6 M members here, and we are being kept in half by some twitch streamer.
If everyone that sees this post starts placing tiles? Then we win. Each small effort helps to maintain our moon.
We have a large presence on Reddit, we should be able to maintain our tiny little space for moons on r/place.
I think we can do it. Go now and help maintain our moon, and reestablish our borders!
According to Moon Week 24 - The state of the MOONion (in 17th march 2022)
Deleted posts no longer earn moons (bad actors were using this as a loophole to farm with reposts and evade detection). This was already implemented in the latest snapshot
Full article: https://www.reddit.com/r/CryptoCurrency/comments/tgic4h/moon_week_24_the_state_of_the_moonion/
So if you delete your post or comment which got downvoted, the Moon reward for that comment will bet set to 0 and you no longer receive less Moons because of it. It doesn't feel like a final fix but it helps to get farther away of becoming an echo chamber.
Every single news that might seem to have a negative effect on long-term adoption, such as changes in EU policy regarding 'self-hosted' wallets or India's heavy 30% taxation will cause blue chips such (BTC and ETH mainly) to grow more slowly, and this in turn will give all of you more time to accumulate. I would rather be buying bitcoin on the 35k to 50k range for a year and then see it shoot up in value over time that seeing a rapid increase in value with whatever amount I might have bought until today.
Hi all!
The market is recovering since a couple of weeks now and we're heading towards "greed" in the fear and greed index.
The index can be found here: https://alternative.me/crypto/fear-and-greed-index/
During green days people tend to search more for "crypto" in search engines. This means more and more articles show up like the following:
1) "Unification (FUND) Rises 20.07% Saturday: What's Next for This Bullish Rated Crypto?"
2) "IOTA Price is about to POP 10%! BUY IOTA?"
Link: https://cryptoticker.io/en/iota-price-is-about-to-pop-10-buy-iota/
3) "Loopring's Cryptocurrency Is Gaining Today: Is It Time to Buy?"
Link: https://www.fool.com/investing/2022/03/29/looprings-cryptocurrency-is-gaining-today-is-it-ti/
These articles are trying to shill investors (especially beginners). That mostly result in losing peoples money.
There are multiple reasons why people make these kind of articles, here are the 3 most common ones:
1) It's a scam or a rugpull.
2) The website or author is paid to shill a coin/token.
3) The author wants to pump his bags. Mostly that coin/token already pumped and they're trying to FOMO people in to it.
That's why it's important to DYOR and to invest/DCA during crashes/dips. Don't let the FOMO take you when you see a bit of green. Remember to buy the fear and sell the FOMO!
Some tips while DYOR:
1) Read the whitepaper
2) Look in to the team behind the project
3) Check the tokenomics
4) Examine their use cases
5) Scroll through their social media and website
Have a good Sunday!
You visit an innocent looking website and are prompted to use the "sign in with Google" feature. The popup that opens shows a legit login.google.com/etc url and the security certificate looks good too. so of course, you sign in thinkiing everything checks out. But you would be wrong.
Meet the Browser In The Browser phishing attack. The newest implementation of this old attack vector involves simulating a fake popup window within your browser page using html and css. Since the fake page relies on code, it can show you everything you expect from a legit popup- correct urls, certificates, the popup can be dragged around and it even matches your browser and os's default theme if you have javascript enabled.
How to detect it then? Since the popup can only exist within the browser page, it can be easily detected if you try to drag the window beyond the edges of the browser page. Using a different OS or browser theme or a user agent spoofer can also help clue you in early that something is off about the popup.
This attack is already being leveraged in the Ukraine war and since crypto hackers try to use any means to compromise email addresses before resetting exchange login data, it's only a matter of time before this attack is adapted to target crypto users.
So now, remember to check te url, certificate and also drag that popup outside, people! Stay safe.
Reminder!
The first r/CryptoCurrency poker tournament will take place tomorrow, Sunday April 3rd 1930 UTC. Still time to join:
The we r/cc podcast will return on Monday evening at its (tentatively scheduled) new time on Mondays at 5PM EDT. You can check out previous episodes here:
This has happened to me twice now. Once here on Reddit with an Atomic Wallet issue I was having. And the 2nd time on twitter with Celsius Network support.
Both times I get contacted by legit looking "Customer support". Their ultimate goal is to get you to "reconnect" your wallet address by going to a link they provide, which asks you for credentials and/or private security phrase. Please be aware. Here's one of the links for their "Official no worry everything is SAFU reconnection page"
Remember, real support will never ask for your credentials or private keys.
