Tuesday, August 24, 2021

Buying volume is more critical now than it has ever been on this trade

TL;DR - Fuck you. You need to read every word of this.

Forget all of the bullshit ape games. Right now. It is focus time. We are in a fragile phase today to bring in mass buying volume. FOMO, Gamma, FOMO2/Institutions piling in, that cunt Marge finally getting off her fat ass and calling a mother fucker or two. The buying needs to be lit to avoid a stall from volume exhaustion and a reset.

We need every fucking ape that reads this post to buy shares and PR hardcore tomorrow. I don't give a fuck if it's a fractional share on Robinhood, buy that fucking AMC stock.

Do you have cash coming up, like payday on Friday? You know the transfer won't clear your bank by Friday, so go head and initiate a transfer and buy fucking AMC Stock on the bank float.

If you are an options trader, buy deep ITM calls with a 1 Delta and pound the the $45 -50 strikes. Make them fucking pay.

Do you hold other stocks you think are in play while you wait for MOASS? Liquidate every other fucking stock you own that is not AMC (except GME) and put that money into AMC Stock, It makes absolutely no sense to baghold some junk you fucked up on. Ever. Rip off the goddamned band-aid and get that money back to work. The other plays you had going can be revisited post MOASS. You can enter into the ones still in play with a position 4000x larger than that chump change position you had. You know the one. You entered into it emotionally a Stockwits tip and a quick half assed look on Reddit. You have been praying to god it would just go back to within 5% of your cost basis so you could just sell that piece of dogshit. Sell it. We need all Benjamins on motherfucking deck right now.

You Sketchy? Like some cocksucker been dodging your ass cuz that bitch ass motherfucker owes you money, sketchy? Take care of goddamned business you fucking pussy. Collect-a da cash, buy-a da AMC stock, capuche?

Have you been protecting your precious cost basis average like this shit was Dogecoin? It no longer matters. They only math that matters to you now is how many fucking shares you own times what the fucking stock price is. The more shares you have the quicker you get rich. If you have money, buy the stock Einstein.

Are you trading Crypto and have no idea what you are doing? Like buying every fucking coin that's running and selling every coin going down every six minutes and fifteen seconds? Just fucking stop. Exchange it for fiat and buy AMC Stock. Do the math, there isn't another play in any of your portfolios (except GME) that will yield this gain for you. Combined. Buy like 5000 Bitcoin after MOASS if that freezes your banana.

Are you flat fucking broke but have some shares? Are you just an ape trying to get by, not adjusting your beer budget but eating Ramen and reusing condoms and shit? You absolutely did what you could afford to do like a boss ape before MOASS and you are simply tapped out. You're that ape that bought shares when you really needed (not wanted) something, but you made do and sacrificed so you could get those three shares on that epic fucking dip. You're that ape that fucking hodled like a motherfucker when you needed money for some unexpected event but figured that shit out some other way. Why? You have conviction. Cuz you a goddamned diamond handed ape and ain't no paper handed bitch. You gonna get paid AND gonna to expose the largest abuse of our financial system in history while you bask in your glory as one of the AMC Apes. That. Is. Fucking. Why. So, ya'll don't need to do shit except watch candles and party when you hit your goal. You're all good. We fucking got this. See you sumbitches on the moon.

Rememeber it doesn't matter if you buy all in at the open, or later on when some cash you feel like you can risk frees up and go all in on a little dip. Maybe you say fuck it, and split it up and buy little dips all fucking day cuz that jacks your tits. Bottom line is Just buy if you can and place directed limit orders at the ask whether its once or a few times throughout the day.

Finally we need P to the motherfucking R and it needs to be turned up to 11. FUD Posters gonna be on full attack mode today. If you do not have the wrinkles to respond with facts, don't reply at all. Don't give them what they want which is the illiterate shit Charlie Gasparino retweets that makes us look like bunch of idoits. Right now we need you warriors and the wrinkled brains to reply with a link to the BEST FUCKING DD WE HAVE or a great YouTube channel with minimal hype (I recommend Roensch Capital if you want a newcomer to drain their bank account on AMC Stock) there will be a shit ton of people looking into AMC tomorrow testing the waters for FOMO buying. Outsiders need to see compelling arguments to get them to engage further. We need that click to gain that baby ape. They ain't coming to see why some ignorant ape screaming shillbot , who coincidentally just tracked a charter plane owned by Ken Griffin around Europe for absolutely no fucking reason, is investing his money on a failed movie theater company. They need to see that this is the short squeeze of a lifetime with actual facts, charts, data.

That's all I got. Godspeed Apes. There is no guarantee that even if we do all of that shit I typed while completely stoned above, that AMC stock will go up one single penny today, let alone squeeze. And none of this stupid shit I said is not financial advice and all opinions are my own. I don't know shit about fuck and that shit up there seems insane.

What I do know after studying all of this obsessively for the past four months is that we are at a setup where the data we have available is red fucking hotter than ever before. Another thing that is different this time is that its not catching us off guard. I don't know about you, but I was ready to fucking go Monday morning. I had my funds prepared, my strategies set. I felt on Friday based on all of my own and the community DD I knew we were ripping.

Good Luck. To the moon baby, one mo time.


24 reasons Ethereum is undervalued

I saw this thread on Twitter/ethtrader and cryptocurrency, and thought it was worth sharing

I'll copy-paste the text here, but it's better to read it with all the images and quote, either directly on Twitter (https://twitter.com/CroissantEth/status/1412574228973563909), on the unrolled version (https://threadreaderapp.com/thread/1412574228973563909.html).

But here you go, enjoy:

24 reasons $ETH is extremely undervalued...

1. Smart Contracts

A smart contract automatically executes code once specific terms are met

It is the first form of programmable money to exist, & users can rely on it to create decentralized money legos free of censorship

Lend, borrow, swap, & do much more with them!

https://preview.redd.it/k16lym746s971.png?width=1076&format=png&auto=webp&s=c639f0febf2c8d7ef1cfcd94efb3ed89ab9957e4

2. Stablecoins

$ETH is home to many stablecoins which have grown tremendous use cases:

$USDT: $62B
$USDC: $25B
$DAI: $5B
$TUSD: $1.5B

They are very popular for use in DeFi, & VISA will soon accept tx settlement in $USDC

$USDC has grown from a $4B mcap, to $25B this year

https://preview.redd.it/gb5pkd066s971.png?width=1108&format=png&auto=webp&s=b5ee9eb01f57dc23fbffdb879c519e8fd1e33a88

3. DeFi

DeFi has exploded because of its attractive yield, flexibility, & its non-custodial nature

With DeFi, we can become our own banks by cutting out the middleman involved

It is restructuring the industry of finance as we know it today, and it’s not stopping

https://preview.redd.it/ighqlox66s971.png?width=1199&format=png&auto=webp&s=c17bbdf7ff9d50b4ded2109ec81a73945c7b2128

4. dApps

A total of 94 out of the top 100 crypto projects are built on $ETH, with more than:

-3,000 dApps-200K ERC20s

These protocols often have many further use cases involving $ETH, creating the fundamentals for the Web 3.0 economy & they are decentralized & open to anyone

https://preview.redd.it/fjzgw3h86s971.png?width=1199&format=png&auto=webp&s=200917cdb083d87f0c730d8447fc01d28df86910

5. Developers

One thing that has shocked many is the attention $ETH has gotten from devs

It is sucking in the worlds talent at a pace we can’t begin to comprehend

Since Q3 2019, $ETH has gained more than 300 developers every month, growing at a pace faster than even $BTC

https://preview.redd.it/6qg2ebga6s971.png?width=1200&format=png&auto=webp&s=ac4ef6e9ad543390eb78eeb8042ca0d93d7e92b5

6. Insurance

Off-chain oracles & ETH offer an elegant solution to the trillion dollar insurance industry

Smart contracts can automate claims, offering farmers coverage across the world

This process is fair & efficient, as many don’t even have the option to get insurance today

https://preview.redd.it/cmv3srgb6s971.png?width=1200&format=png&auto=webp&s=1e5b51a96e33ab05e90344c282df9c9cf2638acd

7. Interoperability

This is one of the subjects I feel many people underestimate the implications of

$ETH will unlock potentially hundreds of billions in liquidity from POS blockchains through interchain accounts & interoperable liquid staking derivatives

8. NFTs

NFTs on $ETH have picked up a lot of steam, attracting attention from both GameStop & Twitter

They are unique tokens which can be used by creators to tokenize a wide range of content (not just art)

If one thing is for sure, it’s the fact that NFTs are here to stay

https://preview.redd.it/rif6u91e6s971.png?width=481&format=png&auto=webp&s=d181807e194b8e2bde94caef7f4f934fd70aff3d

9. Metaverse

NFTs on $ETH will power a universe beyond our own

This will be propelled by virtual reality technology pioneered by the largest companies in the world

We’re talking about matters of augmented reality, virtual ad space, tokenized in-app purchases, & much more...

10. Digital Land

Digital land, unlimited by physical space like land today, can be tokenized and used to build entire economies that are owned by the players

If virtual reality becomes more commonplace, virtual land could eventually evolve to a trillion dollar marketplace

11. DAOs

DAOs are entities made up of any number of individuals who maintain the group’s decisions in a distributed manner

Individuals can use tokens to vote and propose ideas they want for the protocol

These have come to be some of the largest bootstrapped communities we know

https://preview.redd.it/9mxu76rf6s971.png?width=1023&format=png&auto=webp&s=9cbec6bdf016cd134cd1801fe2ef988bb28dfb0e

12. Synthetics

Synthetic tokens offer a wide range of pretty much any stream of value you can think of. Blockchain oracles relay price feeds to synthetic token protocols.

This allows for people to trade stocks on the stock market, data feeds, precious metals, and much more!

https://preview.redd.it/edrv9lng6s971.png?width=971&format=png&auto=webp&s=50ee55418bd0346ada8cf64461770458f7c815ea

13. Lending & Borrowing

On $ETH, lending protocols are quite literally already putting up some significant numbers against banks

There are hundreds of thousands of borrowers who have utilized these systems to get a loan without any need for a bank, often even at a better deal

https://preview.redd.it/covu7yvh6s971.png?width=1023&format=png&auto=webp&s=0711836d8304055739a6e278e198c835e8af75a2

14. Triple Halving

This concept describes how $ETH will undergo a supply shock equivalent to 3 #Bitcoin halving events in the next 12 months alone with the transition to POS

EIP-1559 will also play a large role in the net future decrease of $ETH sell pressure

15. EIP-1559

This UX upgrade (expected soon), could actually prove $ETH to be a deflationary asset 🔥

Furthermore, it will make gas fees much more predictable

Had it already been live, more than 2.94M $ETH would have been burnt from the supply this year alone

h/t @finematics

https://preview.redd.it/ev7ddb4k6s971.png?width=1200&format=png&auto=webp&s=a63fad183a84722627cf503f68f4885d226bbd88

16. Proof of Stake

$ETH will transition from the proof of work consensus model to proof of stake

Users can then earn interest on their $ETH by staking it, becoming a node in the network

This is the fastest growing protocol about to offer a significant dividend to investors...📷📷

17. Layer Two

There are a lot of projects working on layer two scaling solutions at an effort to bring $ETH to the next level of scaling

They focus on highly complex topics such as optimism rollups & zkproofs

Layer two solutions may have the ability to bring $ETH to 2,000 TPS

https://preview.redd.it/71bz27ol6s971.png?width=1123&format=png&auto=webp&s=8b69987a17a893b8e6658a8484ab299be783eafe

18. Platform Agnostic

One of the unique features of NFTs & more on $ETH is that they work in a platform agnostic manner

Tools can be easily integrated across a wide range of applications with easy sign in options

This will be the foundation for the transition to Web 3.0

https://preview.redd.it/2kn384mo6s971.png?width=956&format=png&auto=webp&s=954af75ac19cea7a3479e4fb8bc59cdfefe15095

19. Creator Economy

Tokenizing intellectual property and content, especially in the open source world, can be a way to monetize and show support for various people

It gives a new level of power to creators, and may push the open source industry to an entire creator economy.

https://preview.redd.it/5erfhjip6s971.png?width=1200&format=png&auto=webp&s=bac218db3d9495876eb455eec7a075912e16866c

20. Universal Market Access

Having universal access to any market is a concept not many seem to believe is possible today

It opens up a world for individuals across the globe who can no longer be censored or are unable to get financial services today, on the $ETH blockchain

https://preview.redd.it/o2q3eklq6s971.png?width=993&format=png&auto=webp&s=cdb7664049c192de7adc53c8015dc899e3c3f906

21. Adoption

Contrary to the last run of crypto in 2017, we didn’t have the real world use that blockchain is now seeing today.

IOT, DID, and DLT’s will be massive.

VISA, PayPal, & Amazon are just a few high value examples of some top companies taking an interest in $ETH tech

https://preview.redd.it/uv9c6lrr6s971.png?width=976&format=png&auto=webp&s=12ea5a599fbefb7f742f7604c008f282a569407b

22. Gaming

Whether it be currency or collectibles, $ETH & gaming go hand in hand

$GME is integrating NFTs on a massive scale & diving into esports as well

Can you imagine connecting to your favorite game with your wallet & automatically having items you’ve purchased via NFTs?

23. ETH 2.0

This upgrade introduces sharding, proof of stake, & other enhancements to the security of the network

If successful, it will add a new level of sustainability and scalability for $ETH

Furthermore, security of the network will be significantly greater for wider use

24. Supercomputer

$ETH is the world supercomputer. Vitalik took ideas from $BTC and added a programmable base layer for devs to build on top of

This continues to add a whole new level of functionality to blockchain as we know it today...

We haven’t even scratched the surface.


3 big misconceptions about Australian Bitcoin Taxes

I know that a lot of Bitcoin investors have trouble navigating the tax code. After all, trying to go through all of the ATO’s guidelines can be stressful.

This isn’t financial advice and I encourage everyone to do their own research but I wanted to take some time to discuss a few misconceptions I’ve heard about crypto tax law.

Misconception #1: There’s no need to pay taxes on your crypto — how’s the ATO going to catch you?

All major Australian exchanges and wallet providers abide by Know Your Customer laws. The information you provided when you signed up for these services is given to the ATO.

That’s how the ATO is able to send warning letters to hundreds of thousands of crypto investors who aren't paying their taxes in full.

Look, I wish we lived in an ideal world where none of us had to pay taxes. But it’s something we should be doing. After all, there are severe consequences for tax fraud — the maximum penalty is ten years imprisonment!

Misconception #2: You only need to report your taxes if you cashed out to fiat AND you made a profit.

There are a few different things wrong with this statement.

First of all, trading your cryptocurrency for other cryptocurrencies is considered a taxable event. If you trade Ethereum for Bitcoin, you’ll need to pay capital gains based on how much your Ethereum tokens have gone up since you originally received them.

Also, any kind of cryptocurrency income needs to be reported on your income taxes. This might include tokens you received via airdrop, tokens you received through staking or mining, or tokens that you received as compensation for your work (if you happen to have a cool employer).

Finally, there’s a tax advantage to reporting crypto losses. Capital losses can offset any capital gains for the year. If you end up with a net loss for the year, you can roll it forward to offset your gains in future years!

Misconception #3: It’s easy to write off your taxes with the personal asset use case exemption!

You may have heard about the personal asset use exemption.

It works like this: If you buy less than $10,000 worth of cryptocurrency for the purpose of buying a “personal use good”, you can write it off your taxes.

Unfortunately, it’s really hard to use this exemption for cryptocurrency because the ATO’s guidance on it is so strict. You pretty much have to buy your Bitcoin and spend it on a “personal use” item like food or clothing on the same day for this to work.

Since most Bitcoin investors hold their tokens for a long period of time, very few people are actually able to use this exemption.

Anyway, if you’re interested in reading more about how Bitcoin and other cryptocurrencies are taxed in Australia, I would recommend this guide. It’s very comprehensive!


Did you know Bitcoin had been hacked in 2010?

Bitcoin’s history is colourful, more colourful than some received wisdom might have it. Some Bitcoin proponents say ‘Bitcoin (the protocol) has never been hacked,’ but they are wrong. Bitcoin has been hacked.

Here is a selection of events from historyofBitcoin.org and the Bitcoin Wiki.

http://historyofbitcoin.org/

https://en.bitcoin.it/wiki/Category:History

15 Aug 2010

Bitcoin’s protocol got hacked. Beware the popular narrative that says, ‘Bitcoin itself has never been hacked’. A potential vulnerability was discovered, and someone exploited this vulnerability in block 74,638 to create 184 billion bitcoins for themselves. This strange transaction was quickly discovered and, with the consent of the majority of the community, the whole blockchain was reverting it to a previous state. So much for the immutability of Bitcoin’s blockchain: there are always exceptions. The bug was fixed.

Bruno Skvorc has written a good explanation of how it happened on his blog bitfalls.com128, and the bitcointalk forum has a thread129 where key developers discussed the bug.”

https://bitcointalk.org/index.php?topic=822.0

https://bitfalls.com/2018/01/14/curious-case-184-billion-bitcoin/

Credit: this information is taken from the wonderful book of Antony Lewis's "The Basics of Bitcoins and Blockchains"


The Triple Halving is more than a meme why I'm so bullish on ETH breaking EVERYONES expectations.

Hi all hope your having a great day/night.

So not sure how much you know about halving, BTC has an event that will half the rewards per block mined. The last time this happened was back on May 11th 2020 and the next is set for Spring 2024. This event has subsequently been a marking point for a huge rush in the price, in the last 3 halving's bitcoin has had (2013, 2016 and 2020) it has gone up significantly over the next few months. So what's this mean for Ethereum as ETH doesn't have halving? This is correct ETH has a set amount per block but this has actually changed over time. It started with 5 ETH went down to 3 (Byzantium hard fork Oct 2017 EIP-649) then 2 (Constantinople hard fork Feb 2019 EIP-1234) and now is being talked about being put to 1 but this may not happen. As you can see it's not through the same process BTC has were it is written into it for every 4 years until BTC supply is hit.

So what's the triple halving? I have read a lot of an paper by Nikhil Shamapant who is an independent Ethereum analyst and writer of the book the Triple halving. he goes into great detail about how the sell pressure for Ethereum will drop 90% with the upcoming merge. For bitcoin to do this it would be the equivalent of 3 halving events thus triple halving but how can this be possible. So the process of EIP1559 + the move to POS completely with the added demand for Ethereum + the narrative when ETH starts to go up (were actually seeing this right now) will all affect the issuance (the act of issuing or giving out) down by 90% 3x that of a halving event in bitcoin.

Illiquidity Drivers: Stake+DeFi locked up was at 12% market cap, incentives will bring to 30%. Fee burn removes most liquid supply first. Negative stock to flow means no release valve through issuance. Yields cause ETH HODLing to go viral more than BTC HODLing ever could. Yield starts at 25+%, yield is USD price insensitive, attracts more staking & more illiquidity. now we can see that since the London and Altair the

Demand Drivers: New onramps for Retail & Institutional flows: Robinhood, Paypal, Venmo, Futures etc. Funds already did the work to get access to Bitcoin, so access to Ethereum will be faster. US ETF timing is a wildcard chances are getting thinner. Massive relative to Canada ETF’s so expect >1B in capital inflows. At $1T+ market cap, CTA flows, Risk Parity. ETF unlocks ESG (environmental social governance), other discretionary.

Catalyst: Triple Halving event is a known catalyst. EIP1559 already burning. Proof of Stake(PoS) expected in December2021. This is a 90% reduction in issuance (the act of issuing of giving out) equivalent to 3 consecutive Bitcoin halving

Narrative Adoption: price leads narrative. Rise in price & ETH/BTC ratio leads to narrative adoption. ETH is not BTC. Ultra-sound store of value, exploding active accounts & transaction volume, insanely low fees, attractive DeFi & staking yields, Visa accepts stablecoins, NFTs are fun, use-case more intuitive than digital gold. Narrative potential means until ETH search>BTC search, party isn’t over.

If you were watching Crypto in 2017, and you put a price prediction, they probably would’ve all undershot what happened in 2017 due to looking at historical price

"I think it makes sense...it’s part of the reason I got so bullish on Bitcoin a while ago. I said look every time there’s a halving, this happens, and so I’d rather take the bet... even though I don’t have a specific price target, it’s almost like you’re embarrassed to say what you think the actual price target is, you know, if it’s [referring to Bitcoin] sitting there at $7,000 you don’t want to say well it might go to $100,000 … Even for Bitcoin , I didn’t give a price target but I said well, it’s well north of here... I would kind of view Ethereum in the same way where if it’s a good year for bitcoin, I would expect ethereum to also have a very good year, and likely outperform during the bull market of that phase...it’s probably north of here and probably by a considerable amount” - Lyn Alden on a Dec2021 price target for Ethereum, Unchained Podcast on YouTube from early 2021.

Interested in reading the whole paper by Nikhil Shamapant 79 pages but worth a skim at least.


The triple halving!

Hi all hope your having a great day/night.

So not sure how much you know about halving, BTC has an event that will half the rewards per block mined. The last time this happened was back on May 11th 2020 and the next is set for Spring 2024. This event has subsequently been a marking point for a huge rush in the price, in the last 3 halving's bitcoin has had (2013, 2016 and 2020) it has gone up significantly over the next few months. So what's this mean for Ethereum as ETH doesn't have halving? This is correct ETH has a set amount per block but this has actually changed over time. It started with 5 ETH went down to 3 (Byzantium hard fork Oct 2017 EIP-649) then 2 (Constantinople hard fork Feb 2019 EIP-1234) and now is being talked about being put to 1 but this may not happen. As you can see it's not through the same process BTC has were it is written into it for every 4 years until BTC supply is hit.

So what's the triple halving? I have read a lot of an paper by Nikhil Shamapant who is an independent Ethereum analyst and writer of the book the Triple halving. he goes into great detail about how the sell pressure for Ethereum will drop 90% with the upcoming merge. For bitcoin to do this it would be the equivalent of 3 halving events thus triple halving but how can this be possible. So the process of EIP1559 + the move to POS completely with the added demand for Ethereum + the narrative when ETH starts to go up (were actually seeing this right now) will all affect the issuance (the act of issuing or giving out) down by 90% 3x that of a halving event in bitcoin.

Illiquidity Drivers: Stake+DeFi locked up was at 12% market cap, incentives will bring to 30%. Fee burn removes most liquid supply first. Negative stock to flow means no release valve through issuance. Yields cause ETH HODLing to go viral more than BTC HODLing ever could. Yield starts at 25+%, yield is USD price insensitive, attracts more staking & more illiquidity. now we can see that since the London and Altair the

Demand Drivers: New onramps for Retail & Institutional flows: Robinhood, Paypal, Venmo, Futures etc. Funds already did the work to get access to Bitcoin, so access to Ethereum will be faster. US ETF timing is a wildcard chances are getting thinner. Massive relative to Canada ETF’s so expect >1B in capital inflows. At $1T+ market cap, CTA flows, Risk Parity. ETF unlocks ESG (environmental social governance), other discretionary.

Catalyst: Triple Halving event is a known catalyst. EIP1559 already burning. Proof of Stake(PoS) expected in December2021. This is a 90% reduction in issuance (the act of issuing of giving out) equivalent to 3 consecutive Bitcoin halving

Narrative Adoption: price leads narrative. Rise in price & ETH/BTC ratio leads to narrative adoption. ETH is not BTC. Ultra-sound store of value, exploding active accounts & transaction volume, insanely low fees, attractive DeFi & staking yields, Visa accepts stablecoins, NFTs are fun, use-case more intuitive than digital gold. Narrative potential means until ETH search>BTC search, party isn’t over.

If you were watching Crypto in 2017, and you put a price prediction, they probably would’ve all undershot what happened in 2017 due to looking at historical price

"I think it makes sense...it’s part of the reason I got so bullish on Bitcoin a while ago. I said look every time there’s a halving, this happens, and so I’d rather take the bet... even though I don’t have a specific price target, it’s almost like you’re embarrassed to say what you think the actual price target is, you know, if it’s [referring to Bitcoin] sitting there at $7,000 you don’t want to say well it might go to $100,000 … Even for Bitcoin , I didn’t give a price target but I said well, it’s well north of here... I would kind of view Ethereum in the same way where if it’s a good year for bitcoin, I would expect ethereum to also have a very good year, and likely outperform during the bull market of that phase...it’s probably north of here and probably by a considerable amount” - Lyn Alden on a Dec2021 price target for Ethereum, Unchained Podcast on YouTube from early 2021.

Interested in reading the whole paper by Nikhil Shamapant 79 pages but worth a skim at least.


Taxable Event is something we hear all the time, but it's not what you may necessarily think.

US Specific here.

A taxable event is something you report to the IRS when doing your taxes. What matters (in a keep it simple stupid way) for understanding how much you pay in taxes is not the transactions you made, but your profits and losses.

Just because you bought 100 USDC for 100USD doesn't mean you owe taxes on it.

You DO have to report it, but it did not affect your profits or losses.

Convert XLM to bitcoin? Report it. But no losses? Cool.

Bought eth, at ATH then panic sold? That's reportable, but also a loss and can (to some extent) be used to reduce your tax burden.

TLDR: taxable events do not mean you will be taxed for that transaction. It just means it's reportable, and can (but not necessarily) affect your profits and losses and thus your tax burden.


Ethereum has growth potential to be the new internet, says Samir Kerbage

The great applications of cryptocurrencies may not have emerged yet, said Samir Kerbage, CTO of Hashdex, speaking at Expert XP 2021. , the potential for innovation would be enormous and transformative functions are still developing.

Samir points out that professional investors, who previously ignored crypto actives , are starting to pay attention to and trust digital currencies, putting pressure on regulators to create security rules. This helps to promote the use and creation of new functionality for the technology.

Among the recent advances, the CTO of Hashdex highlights the race of smart contract platforms for the growth in scale of their tools. He comments, for example, on Ethereum's potential to become the new internet, known as web 3.0, and to replace intermediaries such as notary offices. Samir says that Ethereum would be like a new commodity in the digital environment and that the greater the demand for decentralized services, the higher its market price.

Bitcoin

Samir also commented at the event on the variation in the price of bitcoin throughout the year, attributing the instability to China's decision to ban cryptocurrency mining in the country and to Elon Musk's narrative about the environmental damage caused by the asset. However, the expert argues that the rapid recovery in the price of bitcoin reflects the increase in investor confidence.

The CTO classifies bitcoin as an “emerging store of value”, that is, digital currency has the ability to function as a monetary security, but society still has doubts about its competence. However, the increasing interest of investors in the asset creates a positive scenario for bitcoin in the long term.

Development of Ethereum has growth potential to be the new internet, says Samir Kerbage

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Ethereum has growth potential to be the new internet, says Samir Kerbage

The great applications of cryptocurrencies may not have emerged yet, said Samir Kerbage, CTO of Hashdex, speaking at Expert XP 2021. , the potential for innovation would be enormous and transformative functions are still developing.

Samir points out that professional investors, who previously ignored crypto actives , are starting to pay attention to and trust digital currencies, putting pressure on regulators to create security rules. This helps to promote the use and creation of new functionality for the technology.

Among the recent advances, the CTO of Hashdex highlights the race of smart contract platforms for the growth in scale of their tools. He comments, for example, on Ethereum's potential to become the new internet, known as web 3.0, and to replace intermediaries such as notary offices. Samir says that Ethereum would be like a new commodity in the digital environment and that the greater the demand for decentralized services, the higher its market price.

Bitcoin

Samir also commented at the event on the variation in the price of bitcoin throughout the year, attributing the instability to China's decision to ban cryptocurrency mining in the country and to Elon Musk's narrative about the environmental damage caused by the asset. However, the expert argues that the rapid recovery in the price of bitcoin reflects the increase in investor confidence.

The CTO classifies bitcoin as an “emerging store of value”, that is, digital currency has the ability to function as a monetary security, but society still has doubts about its competence. However, the increasing interest of investors in the asset creates a positive scenario for bitcoin in the long term.

Development of Ethereum has growth potential to be the new internet, says Samir Kerbage

8


Ethereum has growth potential to be the new internet, says Samir Kerbage

The great applications of cryptocurrencies may not have emerged yet, said Samir Kerbage, CTO of Hashdex, speaking at Expert XP 2021. , the potential for innovation would be enormous and transformative functions are still developing.

Samir points out that professional investors, who previously ignored crypto actives , are starting to pay attention to and trust digital currencies, putting pressure on regulators to create security rules. This helps to promote the use and creation of new functionality for the technology.

Among the recent advances, the CTO of Hashdex highlights the race of smart contract platforms for the growth in scale of their tools. He comments, for example, on Ethereum's potential to become the new internet, known as web 3.0, and to replace intermediaries such as notary offices. Samir says that Ethereum would be like a new commodity in the digital environment and that the greater the demand for decentralized services, the higher its market price.

Bitcoin

Samir also commented at the event on the variation in the price of bitcoin throughout the year, attributing the instability to China's decision to ban cryptocurrency mining in the country and to Elon Musk's narrative about the environmental damage caused by the asset. However, the expert argues that the rapid recovery in the price of bitcoin reflects the increase in investor confidence.

The CTO classifies bitcoin as an “emerging store of value”, that is, digital currency has the ability to function as a monetary security, but society still has doubts about its competence. However, the increasing interest of investors in the asset creates a positive scenario for bitcoin in the long term.

Development of Ethereum has growth potential to be the new internet, says Samir Kerbage

8


Ethereum has growth potential to be the new internet, says Samir Kerbage

The great applications of cryptocurrencies may not have emerged yet, said Samir Kerbage, CTO of Hashdex, speaking at Expert XP 2021. , the potential for innovation would be enormous and transformative functions are still developing.

Samir points out that professional investors, who previously ignored crypto actives , are starting to pay attention to and trust digital currencies, putting pressure on regulators to create security rules. This helps to promote the use and creation of new functionality for the technology.

Among the recent advances, the CTO of Hashdex highlights the race of smart contract platforms for the growth in scale of their tools. He comments, for example, on Ethereum's potential to become the new internet, known as web 3.0, and to replace intermediaries such as notary offices. Samir says that Ethereum would be like a new commodity in the digital environment and that the greater the demand for decentralized services, the higher its market price.

Bitcoin

Samir also commented at the event on the variation in the price of bitcoin throughout the year, attributing the instability to China's decision to ban cryptocurrency mining in the country and to Elon Musk's narrative about the environmental damage caused by the asset. However, the expert argues that the rapid recovery in the price of bitcoin reflects the increase in investor confidence.

The CTO classifies bitcoin as an “emerging store of value”, that is, digital currency has the ability to function as a monetary security, but society still has doubts about its competence. However, the increasing interest of investors in the asset creates a positive scenario for bitcoin in the long term.

Development of Ethereum has growth potential to be the new internet, says Samir Kerbage

8


Ethereum has growth potential to be the new internet, says Samir Kerbage

The great applications of cryptocurrencies may not have emerged yet, said Samir Kerbage, CTO of Hashdex, speaking at Expert XP 2021. , the potential for innovation would be enormous and transformative functions are still developing.

Samir points out that professional investors, who previously ignored crypto actives , are starting to pay attention to and trust digital currencies, putting pressure on regulators to create security rules. This helps to promote the use and creation of new functionality for the technology.

Among the recent advances, the CTO of Hashdex highlights the race of smart contract platforms for the growth in scale of their tools. He comments, for example, on Ethereum's potential to become the new internet, known as web 3.0, and to replace intermediaries such as notary offices. Samir says that Ethereum would be like a new commodity in the digital environment and that the greater the demand for decentralized services, the higher its market price.

Bitcoin

Samir also commented at the event on the variation in the price of bitcoin throughout the year, attributing the instability to China's decision to ban cryptocurrency mining in the country and to Elon Musk's narrative about the environmental damage caused by the asset. However, the expert argues that the rapid recovery in the price of bitcoin reflects the increase in investor confidence.

The CTO classifies bitcoin as an “emerging store of value”, that is, digital currency has the ability to function as a monetary security, but society still has doubts about its competence. However, the increasing interest of investors in the asset creates a positive scenario for bitcoin in the long term.

Development of Ethereum has growth potential to be the new internet, says Samir Kerbage

8


Ethereum has growth potential to be the new internet, says Samir Kerbage

The great applications of cryptocurrencies may not have emerged yet, said Samir Kerbage, CTO of Hashdex, speaking at Expert XP 2021. , the potential for innovation would be enormous and transformative functions are still developing.

Samir points out that professional investors, who previously ignored crypto actives , are starting to pay attention to and trust digital currencies, putting pressure on regulators to create security rules. This helps to promote the use and creation of new functionality for the technology.

Among the recent advances, the CTO of Hashdex highlights the race of smart contract platforms for the growth in scale of their tools. He comments, for example, on Ethereum's potential to become the new internet, known as web 3.0, and to replace intermediaries such as notary offices. Samir says that Ethereum would be like a new commodity in the digital environment and that the greater the demand for decentralized services, the higher its market price.

Bitcoin

Samir also commented at the event on the variation in the price of bitcoin throughout the year, attributing the instability to China's decision to ban cryptocurrency mining in the country and to Elon Musk's narrative about the environmental damage caused by the asset. However, the expert argues that the rapid recovery in the price of bitcoin reflects the increase in investor confidence.

The CTO classifies bitcoin as an “emerging store of value”, that is, digital currency has the ability to function as a monetary security, but society still has doubts about its competence. However, the increasing interest of investors in the asset creates a positive scenario for bitcoin in the long term.

Development of Ethereum has growth potential to be the new internet, says Samir Kerbage

8


Ethereum has growth potential to be the new internet, says Samir Kerbage

The great applications of cryptocurrencies may not have emerged yet, said Samir Kerbage, CTO of Hashdex, speaking at Expert XP 2021. , the potential for innovation would be enormous and transformative functions are still developing.

Samir points out that professional investors, who previously ignored crypto actives , are starting to pay attention to and trust digital currencies, putting pressure on regulators to create security rules. This helps to promote the use and creation of new functionality for the technology.

Among the recent advances, the CTO of Hashdex highlights the race of smart contract platforms for the growth in scale of their tools. He comments, for example, on Ethereum's potential to become the new internet, known as web 3.0, and to replace intermediaries such as notary offices. Samir says that Ethereum would be like a new commodity in the digital environment and that the greater the demand for decentralized services, the higher its market price.

Bitcoin

Samir also commented at the event on the variation in the price of bitcoin throughout the year, attributing the instability to China's decision to ban cryptocurrency mining in the country and to Elon Musk's narrative about the environmental damage caused by the asset. However, the expert argues that the rapid recovery in the price of bitcoin reflects the increase in investor confidence.

The CTO classifies bitcoin as an “emerging store of value”, that is, digital currency has the ability to function as a monetary security, but society still has doubts about its competence. However, the increasing interest of investors in the asset creates a positive scenario for bitcoin in the long term.

Development of Ethereum has growth potential to be the new internet, says Samir Kerbage

8


Cardano Rumor Rundown August 24, 2021

Hey Everyone!

Let's go...

Newly covered today:

  1. There will be a crypto regulatory conference on the 23rd of September in Wyoming as part of the Wyohackathon just before the Cardano Summit. https://twitter.com/wyohackathon/status/1428718655362281479
  2. Neel Kashkari of the Fed posts an anti-crypto tweet and gets heavily outliked by more than one pro-crypto response including a retweet from Charles. https://twitter.com/neelkashkari/status/1429886278942736385 https://twitter.com/IOHK_Charles/status/1429947349103742978
  3. Forbes runs an article about how various cryptos including ADA could replace fiat according to a Deloitte survey of bank execs. https://www.forbes.com/sites/billybambrough/2021/08/23/bankers-issue-seismic-warning-bitcoin-ethereum-bnb-cardano-and-xrp-could-replace-the-dollar-in-just-five-years-as-crypto-market-price-adds-1-trillion/

Previously Covered but still interesting:

  1. The Cardano Foundation’s Cardano Developer Portal is now up and running. https://twitter.com/CardanoStiftung/status/1414640913612255234
  2. Prime Minister Abiy Ahmed’s party has won re-election in a landslide election. https://www.bbc.com/news/world-africa-57791868
  3. Avanti Bank of Wyoming files comments with the Federal Reserve on their new guidelines that could massively impact how the traditional banking system interacts with cryptocurrencies like Cardano. Given what role ADA is likely to play in the future of crypto financial transactions, this is extremely relevant for ADA holders. https://avantibank.com/press/avanti-submits-comments-to-federal-reserve https://twitter.com/CaitlinLong_/status/1414783323193364482
  4. Cardano is still destroying everyone in terms of value staked! https://twitter.com/StakingRewards/status/1414895205384327168
  5. The Cardano ecosystem maps keep getting bigger and more complicated. https://poolg.de/Eco/CardanoEcosystemMap.html
  6. In news that could have significant repercussions for many stablecoin reliant Cardano DeFi projects, Fed Chair Jerome Powell gave some hard signals that they will regulate stablecoins in House Committee testimony. He revealed that the Fed will issue its long-awaited paper on stablecoins, CBDCs, and other digital assets in September. Powell also went as far as to say "You wouldn't need stable coins you wouldn't need cryptocurrencies if you had a digital US currency, I think that's one of the stronger arguments in its favor." https://twitter.com/Nate_DiCamillo/status/1415349008034418691
  7. We experienced a successful fork to the Alonzo White testnet! https://twitter.com/InputOutputHK/status/1415399456841863177
  8. The European Central Bank drops news of “a project to prepare for possibly issuing a digital euro.” A digital Euro is coming and regulation of private fiat-pegged stablecoins is coming with it. https://twitter.com/ecb/status/1415273625385644036
  9. IOHK releases a paper on a crypto-backed algorithmic stablecoin. https://twitter.com/IOHK_Charles/status/1415531260470972423
  10. A crypto media personality recently uncovered links between the Priviledge EU Project, Horizon Europe Grant Agreement 780477, and Cardano. https://twitter.com/BreakingADA/status/1415653936703295488
  11. Always the GitHub activity champs! https://twitter.com/ProofofGitHub/status/1416065097794002946
  12. We are now seeing the advent of a so-called “Fair Initial Stakepool Offering”. https://twitter.com/MinswapDEX/status/1416110973690122240
  13. The weekly development update is out. https://roadmap.cardano.org/en/status-updates/update/2021-07-16/
  14. Janet Yellen, Secretary of the Treasury, is calling a meeting of the President’s Working Group on Financial Markets to discuss stablecoins on Monday. Prepare for regulation. https://home.treasury.gov/news/press-releases/jy0276
  15. Coindesk really hates us. Now they are writing articles about Cardano and using words like “crypto-colonialism”. https://www.coindesk.com/the-headache-of-crypto-colonialism
  16. Liqwid says it is on target to be live on day 1 after the Alonzo hardfork combinator event. https://twitter.com/liqwidfinance/status/1416363542975074305
  17. According to maximalists you’re apparently not allowed to be busy with your company authoring papers if you’re in Cardano. https://twitter.com/woonomic/status/1415761569082789890
  18. The IOHK mid-month development update for July is out and available for viewing. https://youtu.be/U9K-8jILGcg
  19. Apparently “unsigned Phalices” are a thing in the Cardano ecosystem now. https://twitter.com/unsigned_algo/status/1416909454100992000
  20. The El Faro article reporting meetings between Cardano, Whizgrid of Cyprus, and the brothers of President Bukele of El Salvador definitely contain some extremely interesting details related to a possible Salvadorean national stablecoin by the end of the year and a possible digitization and blockchain storage of a wide range of government related documents next year. This could be huge!!!!!! https://elfaro.net/en/202107/el_salvador/25611/Bukele-Plans-to-Launch-a-National-Cryptocurrency-This-Year.htm
  21. Treasury Secretary Janet Yellen told regulators in the Presidents Working Group on Financial Markets that they must move quickly to regulate stablecoins. So, a Salvadorean market for stablecoins might be good for Cardano. https://www.reuters.com/technology/yellen-says-us-must-move-quickly-establish-stablecoin-rule-framework-2021-07-19/
  22. Notable news for upcoming Cardano DeFi projects. There may be slightly less competition in the “get a return on your crypto assets” game very soon. The New Jersey AG’s office has delivered a cease and desist letter to BlockFi. The AG’s press release cited BlockFi’s interest bearing deposit accounts as unregistered securities and also mentioned the lack of FDIC or SPIC insurance for it’s depositors. This leaves some lingering questions for Cardano DeFi projects that might be planning to accept deposits or other transfers of value and offering a return of sorts. You could argue that these projects are decentralized where BlockFi was not. But, the AG’s press release seems to cite decentralization as one of the risks of DeFi projects. Also, as a practical matter, there is a question whether decentralization will be a good shield from regulators since many of these projects have companies and real humans with faces and names behind them unlike a truly anonymous founder such as Satoshi Nakamoto. https://www.njoag.gov/new-jersey-bureau-of-securities-orders-cryptocurrency-company-blockfi-to-stop-offering-interest-bearing-accounts/ https://twitter.com/BlockFiZac/status/1417316834244796416
  23. EU is planning to introduce regulations on anonymous crypto wallets. This is a big deal. But, Cardano is probably more prepared than any with its identity solutions that could be used for KYC/AML. https://twitter.com/Wiiinnie/status/1417575921565978628
  24. Cardano didn’t come up in the Cathie Wood, Jack Dorsey, and Elon Musk panel discussion at “The B Word” event. But, given how Elon repeatedly shot down maximalist explanations for the shortcomings of proof-of-work chains in energy consumption and throughput, the whole thing ended up sounding like a long-form pitch for proof-of-stake and Cardano. Seriously, you should check it out. https://www.thebword.org/c/track-2-Bitcoin-As-A-Tool-For-Economic-Empowerment
  25. Gary Gensler, SEC Chair, indicates that crypto assets providing synthetic exposure to securities will be regulated as securities. This should be scary news for any Cardano projects that are aimed at exactly that! https://www.sec.gov/news/speech/gensler-remarks-aba-derivatives-futures-law-committee-virtual-mid-year-program-072121
  26. The mainstream press is suddenly realizing the behavioral economics tools that a central bank with CBDCs could wield. There is definitely a universe where this becomes a very dystopian and jarring introduction to virtual currencies for the mainstream. https://twitter.com/NeerajKA/status/1418168477429424135
  27. Wolfram CEO, John Woodard, drops a guest article with IOHK on NFT liveminting. The article seems to have a good amount of focus on the community building potential of NFTs. I think that could be a big growth area for the future. https://iohk.io/en/blog/posts/2021/07/22/wolfram-and-cardano-build-communities-with-nfts-and-liveminting/
  28. IOHK has released its Conclave paper on collective stakepools. https://eprint.iacr.org/2021/742.pdf
  29. Here’s the IOHK Development Update for July 23! https://twitter.com/InputOutputHK/status/1418635822987943939
  30. Cardano received some coverage in the Motley Fool as an eco-friendly crypto! https://www.fool.com/the-ascent/cryptocurrency/articles/4-eco-friendly-cryptos-you-should-know-about/
  31. Big lesson for future Cardano DeFi projects: Uniswap Labs just had to censor the Uniswap UI to ban synthetics of underlying securities. Bucket shops have been around for 150 years and illegal for 100 years. It turns out that you can’t do it in crypto either. https://twitter.com/Uniswap/status/1418697012095164420 https://twitter.com/haydenzadams/status/1418961999539712006
  32. Check out this new video of the World Mobile Team on the ground in Zanzibar. Doesn’t this feel like a better mission for our ecosystem than DeFi? https://twitter.com/WorldMobileTeam/status/1419051567878221828
  33. Reports are coming in that Amazon plans to integrate Bitcoin, Cardano, ETH, & BCH in the very near future. This has apparently been a work in progress for several years. https://www.cityam.com/amazon-definitely-lining-up-bitcoin-payments-and-token-confirms-insider/
  34. Adam Dean brings us open source code to accept ADA in your Woo Commerce store. https://twitter.com/adamKDean/status/1419495005983371264
  35. Weiss Crypto has very good things to say about Cardano. https://twitter.com/WeissCrypto/status/1419685634566938634
  36. Check out this new bot that tweets every time it discovers a Cardano Giveaway Scam! The tweets show ISP and geolocation info for the scammers. Follow this bot and report the scammers! Brought to us by @nicknikiforakis. Thanks for building this, Nick! https://twitter.com/CardanoPhishing
  37. The regulatory purge of stablecoins is getting into full swing now with Bloomberg running a piece on a DOJ criminal probe of the Tether founders. Of particular note for the Cardano ecosystem is that the first attack surface for regulators is the relationship of the stablecoin with legacy banking institutions. This is something that Cardano ecosystem stablecoin, Djed, may already fix with its own crypto backed reserve system. https://www.bloomberg.com/news/articles/2021-07-26/tether-executives-said-to-face-criminal-probe-into-bank-fraud?srnd=economics-vp
  38. Nami Wallet now allows you to mint NFTs for no extra fees (only Cardano network fees) inside the wallet. https://twitter.com/NamiWallet/status/1420031000017608717
  39. More pressure for Crypto regulation is coming to bear today in the U.S. This time it comes in the form of a letter from Senator Elizabethe Warren to Treasury Secretary Janet Yellen (in her position as Chair of the Financial Stability Oversight Council which brings together 10 different financial regulators including the SEC, CFTC, and the Federal Reserve). The letter was sent after a Senate Banking Committee hearing titled “Cryptocurrencies: What are they good for?” https://www.cnbc.com/2021/07/27/elizabeth-warren-presses-yellen-financial-regulator-to-manage-crypto.html
  40. Stephen Wolfram does the first NFT liveminting event where he creates NFTs of cellular automata from the computational universe while live on stream. The first two created were “Crashing Waves” and “Down Arrows”. https://twitter.com/IOHK_Charles/status/1420087229104283656
  41. A new Cardano NFT Marketplace is now live and receiving a lot of attention. https://twitter.com/CNFT_IO/status/1419655915226152961
  42. Project Catalyst now has 30k members! https://twitter.com/InputOutputHK/status/1420474342253678599
  43. Emurgo has released an article about what we can expect from the Yoroi dApp Connector. https://emurgo.io/blog/emurgo-is-thrilled-to-announce-the-yoroi-dapp-connector
  44. Reports are coming in that the new bipartisan Infrastructure Bill contains new provisions that might require a whole host of actors within crypto ecosystems like Cardano to report transactions over $10k. https://www.coindesk.com/new-infrastructure-bill-looks-to-raise-30b-through-crypto-tax https://www.marketwatch.com/story/crypto-allies-rally-against-ignorant-new-tax-rules-in-bipartisan-infrastructure-deal-11627578844 https://twitter.com/jerrybrito/status/1420724068286926853
  45. But this bill is an even bigger deal. If passed as-is, we can probably say RIP to the Wild West Era of crypto (2009-2021). https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307
  46. The July Cardano 360 can now be viewed on Youtube. https://youtu.be/AG5DspF9tuA
  47. John O’Connor was on SkyNews discussing the Ethiopian Ministry of Education project! He stressed that this was not a profit center for IOHK, and had a chance to refute the “crypto colonialism” strain of thought. https://vimeo.com/581137605
  48. We are kings of the github commits once again! https://twitter.com/ProofofGitHub/status/1421138529908842502
  49. The differences between the currently dominant smart contract blockchain and Cardano’s upcoming smart contract architecture keep getting highlighted by dramatic failures of the former. https://twitter.com/WeissCrypto/status/1421064543900418048
  50. Don’t forget that registration for the Cardano Summit is live. https://summit.cardano.org
  51. In case you missed the July Cardano 360 and don’t have a lot of time. Here is the always great Cardano 360 Mini! https://twitter.com/InputOutputHK/status/1421803459997835266
  52. Reports are coming in that we’ve got final language from the crypto tax reporting piece of the Infrastructure Bill. It’s better but not great or even good. https://twitter.com/jerrybrito/status/1422002228102107142
  53. The Charles AMAs returned on August 1 after a brief break. https://www.youtube.com/watch?v=yKY6VwVq02s
  54. A quarter million votes were cast in Catalyst Fund 5 voting! Apparently, this is over 10x what we saw in Fund 2. https://twitter.com/danny_cryptofay/status/1422253955816505345
  55. Here’s a very good read on one vision for prosperity via CBDC and how such a currency should interact with existing blockchains like Cardano. https://twitter.com/RealNatashaChe/status/1422270993498705921
  56. Cardano has been listed by Bitpoint in Japan! https://www.bitpoint.co.jp/news/info/info-2021080301/
  57. Senators Wyden and Toomey are trying to fix the crypto provisions in the Infrastructure Bill! https://www.bloomberg.com/news/articles/2021-08-03/crypto-rules-in-infrastructure-bill-eyed-for-bipartisan-rewrite
  58. SEC Chair Gensler gave another speech strongly signaling that a lot of stablecoins, lending platforms, synthetics platforms, and other DeFi projects are probably non-compliant in the eyes of the SEC. I would heed this warning very carefully if I were one of those projects. https://www.sec.gov/news/public-statement/gensler-aspen-security-forum-2021-08-03 https://www.youtube.com/watch?v=tusQLLCgrDs
  59. The Yoroi Wallet is already making improvements in preparation for the dApp Connector release! https://twitter.com/YoroiWallet/status/1422905221793996809
  60. We’re now up to 5 different states that are getting after BlockFi for their crypto lending activities. Reportedly, this includes New Jersey, Vermont, Alabama, Kentucky, & Texas. Probably relevant for those building lending solutions on Cardano. https://www.coindesk.com/blockfi-receives-fifth-cease-and-desist-from-kentucky-financial-regulator
  61. Charles dropped an update to let us know that Light Purple Alonzo will come next week. That will bring in exchange partners. Mid-month there will be an update with official dates given for a primary date and a fallback date for triggering the hardfork combinator event. The fallback date will likely be one epoch (five days later). Part of this depends on how the exchange partners are doing with their integrations. Charles says it looks like late August or the first week of September. There will be a live HFC party where they will deploy “some things” minutes after the HFC. The Plutus Application Backend (PAB) might be integrated on something like September 10th. https://www.youtube.com/watch?v=8y261_eImsE
  62. Cardano’s closest competitor, Ethereum, carries out it’s EIP-1559 London Fork which creates a new transaction fee scheme including some burning of fees and a more predictable base fee with an additional tip option on top. While the long term impact is unclear, the immediate aftermath of the fork seems to be even higher fees. We’ll see if this is just due to high transaction volume at the moment. Of course, part of this is already solved by Cardano’s deterministic fee system enabled by its local state as opposed to the global state in the Ethereum system. https://twitter.com/Birdson64827145/status/1423324771303972867
  63. Senators Toomey, Wyden, & Lummis took to the Senate Floor to plead for a vote on their amendment which would fix the overly broad crypto tax reporting provisions in the Infrastructure Bill. https://twitter.com/jerrybrito/status/1423381402905726983 https://twitter.com/jerrybrito/status/1423413806634577922
  64. The Toomey, Lummis, Wyden Amendment was then challenged by a competing amendment from Senators Warner, Portman, and Sinema which only excluded proof-of-work block validators and sellers of wallets from the tax reporting requirements. This terrible competing amendment was then immediately endorsed by the White House. This is a serious danger to our industry! Please call your Senators and ask them to support the Toomey/Wyden/Lummis Amendment! https://twitter.com/jerrybrito/status/1423429377459736577 https://twitter.com/WardDPatrick/status/1423464991441702912
  65. Charles announces the Alonzo Purple testnet is out! Many new segments of partners and others will be onboarding with availability to any developer soon! https://twitter.com/InputOutputHK/status/1423704788512952331 https://www.youtube.com/watch?v=ZTExHbqVHAM
  66. It turns out that Janet Yellen lobbied lawmakers on Thursday against the Wyden-Toomey-Lummis Amendment according to the Washington Post. https://www.washingtonpost.com/politics/2021/08/06/crypto-bitcoin-infrastructure-senat
  67. Check out this awesome “12 Facts” style article about Alonzo from Sebastien Guillemot form dcSpark. https://medium.com/dcspark/do-you-know-what-is-included-in-cardanos-alonzo-hardfork-changes-96cde16a8305
  68. Senator Warner made not one but two revisions to his amendment to the crypto provisions in the Infrastructure Bill. Both revisions were good for Cardano since they included proof-of-stake implicitly and then explicitly. https://twitter.com/jerrybrito/status/1424040216961114112 https://twitter.com/jerrybrito/status/1424074177770921992
  69. Both Gene Simmons and Ted Cruz came out in support of the competing Wyden-Lummis-Toomey Amendment to the Infrastructure Bill. Gene Simmons has previously revealed his Cardano purchases. https://twitter.com/tedcruz/status/1424097173172637697
  70. After the Senate called it a day on the Infrastructure Bill Amendment debate, it sounded like there might have been some dealmaking going on among Wyden, Portman, Warner, and Toomey. The Senate will be back at it tomorrow at Noon. https://twitter.com/mikedebonis/status/1424143941914566659
  71. No agreement on an amendment to the crypto tax reporting provisions of the Infrastructure Bill materialized today. https://twitter.com/jerrybrito/status/1424543439396429828
  72. Senator Lummis (a co-sponsor of the proposed crypto-friendly Toomey-Lummis-Wyden Amendment) is holding out hope that they may be able to get a vote on amendments tomorrow. https://twitter.com/SenLummis/status/1424556793506635776
  73. Charles is already planning a strategy for dealing with the bill once it’s in the House of Representatives. https://twitter.com/IOHK_Charles/status/1424561446973628421
  74. Very action packed day today (Aug 9). The Toomey-Lummis-Portman-Sinema came together and proposed a compromise amendment to the crypto tax reporting provisions in the Infrastructure Bill. They were not able to include any section for exclusion of developers from the “broker” definition but did cover the previous progress on transaction validators and wallet sellers. https://twitter.com/SenToomey/status/1424777137500864513
  75. Toomey-Lummis-Portman-Sinema sought the required unanimous consent, but their attempt was thwarted by a disagreement over $50 billion in defense spending. https://twitter.com/jerrybrito/status/1424832132204138503
  76. Several co-chairs of the Blockchain Caucus have already written a letter to all the members of the House of Representatives letting them know of the dire need to fix these crypto provisions once the bill hits the House. https://twitter.com/RepTomEmmer/status/1424845416697323522
  77. There’s a new CIP to create an off-chain metadata standard from Matthias Benkort, Michael Peyton Jones, and Polina Vinogradova. https://twitter.com/_KtorZ_/status/1425162918363111425 https://github.com/cardano-foundation/CIPs/pull/112
  78. The Biggest Lobster Trap Harvest ever!!! A hacker decided to harvest over $600 million from the Polynetwork Bridge. We learned this lesson in the 2016 DAO Hack, but it’s really time that people stop giving up custody of their coins. https://twitter.com/ksatyarth2/status/1425140128784084994
  79. Senator Shelby laughably tried to claim he actually supported the crypto amendment in a tweet. The derision from the crypto community flowed like water out of the Amazon. https://twitter.com/SenShelby/status/1425142857199980550
  80. IOHK’s “Essential Cardano” list of projects keeps growing! https://github.com/input-output-hk/essential-cardano/blob/main/essential-cardano-list.md
  81. dcSpark is hiring for a few non-programmer positions. https://twitter.com/dcspark_io/status/1425490454787739649
  82. We got some coverage in Forbes over the Alonzo date reveal. https://twitter.com/ForbesCrypto/status/1425409227594555393
  83. Over $1 million in NFTs has now been sold on cnft.io. https://twitter.com/CNFT_IO/status/1425550638507769859
  84. This graphic pretty much sums up all the Cardano criticism. https://twitter.com/SmaugPool/status/1425403742925565956
  85. Emurgo has published an article about the status of Yoroi as the Metamask of Cardano. https://emurgo.io/blog/yoroi-wallet-what-it-means-to-be-the-metamask-wallet-of-cardano
  86. We’ll get the August mid-Month Development Update today (Aug 13) and we’ll also find out the exact date for Alonzo! https://twitter.com/timbharrison/status/1425791321168568330
  87. Alonzo (smart contracts on mainnet) is scheduled for the 12th of September! https://twitter.com/InputOutputHK/status/1426182060683796483
  88. The Cardano Ecosystem Infographics are still getting bigger and bigger. https://twitter.com/Coin98Analytics/status/1426051817876586499
  89. The rankings looked a little different today! https://twitter.com/RichardMcCrackn/status/1426331710107619328
  90. An insane amount of native assets have been issued on Cardano already. https://twitter.com/matiwinnetou/status/1426692124448333826
  91. We may see treasury guidelines on the tax reporting provisions soon (as of Aug 14). https://www.bloomberg.com/news/articles/2021-08-13/treasury-seeks-to-quell-fears-crypto-tax-rules-are-overly-broad
  92. Senator Lummis is asking for requests if anyone wants to hear about what actually happened with the Senate mayhem. https://twitter.com/CynthiaMLummis/status/1426631432223481860
  93. The maximalists of other projects seem to be really loving us lately. https://twitter.com/Bquittem/status/1426639546616254469 https://twitter.com/novogratz/status/1426757593737879552 https://twitter.com/joebirks/status/1426920500249481220
  94. The Cardano Community breathes a collective sigh of relief that it doesn’t suffer from the incredibly high fees seen on Ethereum recently. https://twitter.com/RichardMcCrackn/status/1427006419463778307
  95. The Cardano treasury is getting unbelievably huge at almost $1 Billion! https://twitter.com/SebastienGllmt/status/1426789664338284546
  96. Looks like 40% of crypto holders in Singapore have Cardano according to the Gemini 2021 Crypto in Singapore report. https://www.gemini.com/state-of-sg-crypto
  97. The Wyoming Blockchain Stampede will be going on at the same time as the Cardano Summit and in the preceding days. If you’re going to Wyoming, you may consider attending both. https://twitter.com/CaitlinLong_/status/1427316556476866561
  98. Apparently a “huge increase in user base” is responsible for the Yoroi downtime. That doesn’t sound all bad! https://twitter.com/YoroiWallet/status/1427283658432417794
  99. The Plutus Mainnet Candidate has been released to the Node Team. https://twitter.com/InputOutputHK/status/1427359174220996612
  100. Weiss Crypto really loves the Cardano consensus protocol. https://twitter.com/WeissCrypto/status/1427646299936014337
  101. Applications are now open to be a local Cardano Meet-Up host for the Cardano Summit 2020. https://twitter.com/Cardano/status/1427309534226300928
  102. Anticipation for Cardano smart contracts keeps growing stronger as more and more ETH users are publicly venting frustration over fees and throwing their support behind Cardano. https://twitter.com/RandCorp_/status/1427473742742052865
  103. CNFT.io is back in action after a brief period of absence! https://twitter.com/CNFT_IO/status/142808300944668262
  104. The Djed Stablecoin paper and an explanatory article are now out. https://twitter.com/InputOutputHK/status/1427933093210607619
  105. In larger nation-state crypto adoption news (an area that is very relevant to Cardano), it looks like the Salvadorean Finance Minister is now saying that Bitcoin acceptance by merchants in El Salvador will actually be optional despite the language in the law. https://www.coindesk.com/el-salvador-bitcoin-not-mandatory-businesses
  106. Various rankings websites are called out for what seems to be an unbelievable number of errors that imply an anti-Cardano bias. https://twitter.com/TheADAApe/status/1428312666569904129
  107. Coinbase is going to invest $500M into crypto and 10% of all profit going forward (probably increasing with time) according to Brian Armstrong. Since Cardano is listed on Coinbase and it’s a good guess they will invest in the coins they list, this is probably very relevant for Cardano. https://twitter.com/brian_armstrong/status/1428489591665856512
  108. If Google translate is correct, it looks like Bitpoint (a Japanese exchange) will begin its listing of ADA on August 25th. https://www.bitpoint.co.jp/news/info/info-2021081801/
  109. It never ends. We are the Perma-Techno-Kings of the Github Commit! https://twitter.com/ProofofGitHub/status/1428748675032010758
  110. It’s looking like the Cardano Summit is going to be huge. https://twitter.com/I_Am_DTaylor/status/1428791321440002054
  111. The Essential Cardano List has grown even larger! https://github.com/input-output-hk/essential-cardano/blob/main/essential-cardano-list.md
  112. Cardano is still crushing everyone else in terms of dollars staked. https://twitter.com/CryptoDiffer/status/1428368524745973773
  113. The August Cardano 360 will be this Thursday August 26th. https://twitter.com/InputOutputHK/status/1428756331423571972
  114. There is now an Eastern Hemisphere Catalyst Town Hall every Thursday with Korean, Japanese, Vietnamese, and Indonesian language hosts. https://twitter.com/InputOutputHK/status/1428649776111886336
  115. We generally think of Cardano competitors being other blockchains or big tech. In one part of the world, the advent of CBDCs might make it “tokenless blockchains”. https://twitter.com/sinoglobalcap/status/1429430262102822920
  116. If Web 3 will really be a building of new economies out of online communities and the units of value of those economies will be tokens and NFTs, it seems like a blockchain like Cardano that can generate those assets natively without smart contracts is going to be a central player. https://twitter.com/cdixon/status/1429585831899983876
  117. The ADA treasury is worth $1.6 Billion right now?????? https://twitter.com/nierop_pieter/status/1429656224732225536

~Army of Spies


20 cryptocurrency slangs every crypto enthusiast should know

Cryptocurrency is on the lips of investors, customers, developers, regulators, and everyday people on the street. Some of the terms and slang used in cryptocurrency can be troublesome if you coming across them for the first time. In this article we will guide you through 20 crypto slangs every crypto enthusiast should know.

Let’s jump right in.

Satoshi Nakamoto

No one knows who Satoshi Nakamoto is but what we do know is that he is the one that penned the white paper for bitcoin. He is credited with creating bitcoin and it is estimated that Satoshi Nakamoto would be worth billions.

Decentralized apps (dApps)

Decentralized Apps are outside of the control of any single authority. DApps are digital applications that run or exist on a Peer2Peer network of computers on a blockchain.

Initial Coin Offering

Initial coin offering or otherwise known as initial currency offering is a type of funding instrument that uses cryptocurrency. They are the most popularly crowdfunding campaigns, however, a private ICO can source funds without the need of the public.

Private Key

A private key is a secure password that enables you to access your cryptocurrency funds. That can consist of a string of numbers or letters and should always be kept safe.

Decentralized finance (DeFi)

Decentralized finance is a blockchain-based form of finance. They do not rely on central financial intermediaries like brokerages, banks, and exchanges. They utilize smart contracts on blockchains and the most common blockchain used is Ethereum.

Blockchain

In simple terms, blockchain is a system that is used to record information and makes it virtually impossible to hack, change or cheat the system. In essence, blockchain is a ledger of transactions that are duplicated and distributed over a network.

Crypto Wallet

A crypto wallet is a program or physical hardware wallet that stores your private keys. It is also used to digitally sign transactions.

Gas

Gas is a word that is frequently used on the Ethereum network. It refers to the computational efforts required to perform certain operations on the Ethereum network.

Mining

Mining is a way for different cryptocurrencies to enter the market. It is also a crucial component in the maintenance and development of the blockchain ledger. These mining processes use enhanced computers for complex computational problems.

A Seed phrase

The seed phrase is a list of words that are needed to recover bitcoin funds on-chain.

Digital Currency

Digital currency can be defined as any money or money-like asset that is stored or exchanged on the internet or a digital computer system.

Know Your Customer (KYC)

KYC is a way to verify or validate that someone is who they say they are.

Altcoins

Altcoins are any other cryptocurrency other than the famous Bitcoin.

Fiat

Fiat simply put is a currency established by the government. They don’t pose intrinsic value nor use-value.

Non-fungible tokens (NFTs)

A non-fungible token is a unique token that can’t be interchanged for another.

Proof of Work (PoW)

PoW is when one party proves to the others that a certain computational amount of work has been done.

Proof of Stake (PoS)

These PoS protocols are a class of consensus mechanisms for the blockchain. They work by selecting validators in proportion to their quantity of holding in a specific cryptocurrency.

Public Ledger

A public ledger is a record book system that has your specific cryptocurrency transactions.

Smart Contracts

Smart contracts are transaction protocols that are automatically executed. They also control or document relevant events on a blockchain and the actions according to the terms of a contract or an agreement between two parties.

HODL

Hodl is a slang term that means ‘HOLD ON TO DEAR LIFE’ it is a way to encourage cryptocurrency traders to not sell their cryptocurrencies assets once there is a downturn or upturn in the market.

To wrap things up

Now that you have finished our list you probably have a better understanding of the basic concepts and terms around cryptocurrencies. However, this is not an exhausted list and there are more phrases that you should learn to better understand cryptocurrency and the world of blockchain technology.


Bitcoin is up, but don't be fooled by the current FOMO, it will be down again in the future.

It's funny how fast things can go in the Bitcoin world.

Just a few weeks ago, the price of Bitcoin was just above $30K. Everyone was betting on a return to the $20K mark.

Bitcoin has since rebounded sharply back above $50K for the first time since May 14, 2021, and the crash that followed China's ban announcement.

Now everyone is in FOMO mode. Everyone is talking about one thing: $100K for Bitcoin by the end of the year.

While I have no doubt that Bitcoin will eventually see its price reach $100K, there are lessons to be learned from the past. Among the big lessons is that Bitcoin's volatility is part of the game.

Bitcoin is currently on the rise, but its price will fall sharply again in the future sooner or later. Bitcoin's evolution is made up of ups and downs.

This is natural, as Bitcoin is a free market where its users are constantly able to determine the equilibrium price.

De facto, its price fluctuates wildly depending on the events and emotions of investors. So you should be prepared to see the price of Bitcoin fall again, then bounce back again, and so on.

It is in your best interest to take a long-term view to control your emotions so that you do not experience this volatility. If you make this your greatest ally, you will be able to take full advantage of this revolution.

This was just a reminder as the Fear & Greed Index now stands at 79 which means extreme greed in the market.

Be careful and build your game for the long term.


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