https://www.reddit.com/r/CryptoCurrency/comments/pbqukm/lolli_the_bitcoin_rewards_company_will_provide/
Wednesday, August 25, 2021
Lolli, the bitcoin rewards company, will provide users with the ability to earn up to 6% in bitcoin rewards when they purchase tickets to sporting events, concerts, and theatre shows
https://news.bitcoin.com/lolli-partners-with-stubhub-users-can-earn-bitcoin-back-on-tickets-to-live-events/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications
At this point, anti-Bitcoiners are as dug-in as anti-vaxxers. No amount of new evidence will change their minds.
We have reached economic liftoff. Full on countries have adopted Bitcoin and all the major banks and investment firms are scrambling to get in on the action. Regardless of the short term volatility, we are heading in one direction long term and that is moonwards.
Yet still the Peter Schiffs and the buttcoiners of the world refuse to believe, or rather, refuse to accept they were wrong. Pride is a hell of a drug, and there is likely a bit of a sunken coat fallacy involved as well.
But we can learn from their mistakes.
A smart investor looks at the evidence as events change and makes decisions accordingly. Just because you invested heavily in a shitcoin years (or days) ago, doesn't mean you can't learn from that past and move forward. Dont let your pride blind you and follow the best evidence.
Onwards and upwards!
[08/25/2021] Hot Girl Summer was nothing but a beautiful lie - The Yodel Daily from Yahoo
WEDNESDAY, AUGUST 25, 2021 / Finely crafted by Lily Herman
Howdy! Did anybody else wake up thinking it was Friday? Nope, just me? Anyway, on this fine hump day, we’re talking all about terrifying tortoises, the college sports star running for Senate and a whole lot of Ye.
News To Know
- Kathy Hochul was officially sworn in as the Governor of New York this week. Her first agenda item: She announced mask mandates for schools as well as vaccine and testing requirements for educators.
- A tiny 1,200-person Texas town had to shut down entirely after 42 percent of residents tested positive for the coronavirus. This headline feels like something that would happen on a young Mayor Ben Wyatt's watch.
- So much for tortoises being gentle giants. Scientists caught one on camera eating baby birds, and now the ecology world is, as the youths say, shooketh to its core.
Finance For You
- After much controversy, Peloton relaunched its treadmill with a number of new safety features. It costs almost $2,500 though, which is some serious dough that I certainly don't possess.
- It’s been a while since we talked about Bitcoin, and that’s because it continues to be A Mess. But according to crypto enthusiasts, we're supposed to believe it isn't a fad? It's all very confusing.
- A new survey showed that 55 percent of Americans will look for a new job in the next 12 months. It turns out ping-pong tables and cold brew on tap aren’t enough to keep employees hype. People want weird stuff, like higher pay and good health insurance.
Sports. Sports. Sports.
- College football star Herschel Walker is officially running for the U.S. Senate in Georgia against Raphael Warnock. He’s currently living in Texas though, so he’ll have to re-establish residency in his home state ASAP.
- The NFL’s not playing around with COVID-19, and their plan includes banning reporters from team locker rooms. A few folks are salty, but officials say it’s a necessary precaution to protect their $16 billion baby.
- A former volleyball coach at Valor Christian High School in Denver says he was pressured to resign from his job because he’s gay. School officials have a different version of events, but they did confirm there was a difference in “values.” Womp.
Culture Corner
- If you like putting your toothpaste or mouthwash in clear containers so that it’s got a whole ~aesthetic~, one dentist makes a preeeeetty compelling case for why you should stop doing that.
- You know that whole Hot Girl Summer we were all supposed to have? Well, it sits on a throne of *lies*!
- The pandemic has made us really appreciate the little things in life, like this $25 ghost rug that went viral and is already sold out everywhere ... in August.
Tech Talk
- Every social media platform caught the e-commerce bug at the same time. Instagram launched ads in its Shop tab this week, while TikTok announced a pilot with Shopify called TikTok Shopping. Brb, gotta have a chat with my credit card.
- Spotify also joined the announcement fray by saying that its podcast subscription feature is now open to all creators. Everybody's makin' money moves.
- My entire brand for the past two days has basically become reading reviews of this new ‘Twelve Minutes’ video game, which sounds equal parts thrilling and horrifyingly terrible.
Entertainment Spotlight
- Legendary Rolling Stones drummer Charlie Watts passed away at the age of 80. He's considered one of the greatest drummers of all time, and his family man presence was refreshing in the topsy-turvy world of rock ‘n’ roll.
- A certain Mr. Kanye Omari West must think six syllables is far too many for a full name, because he filed legal documents to officially change it to just “Ye.” I would expect nothing less.
- Remember Nirvana’s iconic ‘Nevermind’ cover that had a naked baby swimming towards a dollar bill? That kid’s now an adult, and he’s suing the band under the claim that the photo is child pornography. The whole sitch took … a turn.
Fantastic Finish
Ah, there’s nothing like renovating a house and discovering that you’re actually sitting on top of a manhole for a sewage line. Home sweet home, am I right?
Thanks for reading today's issue of The Yodel.
P4S | PlexStory Inc| Resellers Plan | Plex Appbox | Plex Share | Google TD Shares|Automatic | website | 10GPS | Remux | 4K | Anime | Kids Tv | 27k+M | 10k+T | Automated invoice
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''Bitcoin and me (Hal Finney)'' - one of Hal Finney's last posts - He talks about first meeting with bitcoin and other things..
I respect Hal Finney so much and I found this post of him that posted in 2013, March. I find it very interesting and it was one of his last posts before he died. It was a good read and I wanted to share with you guys. Here is the full post;
I thought I'd write about the last four years, an eventful time for Bitcoin and me.
For those who don't know me, I'm Hal Finney. I got my start in crypto working on an early version of PGP, working closely with Phil Zimmermann. When Phil decided to start PGP Corporation, I was one of the first hires. I would work on PGP until my retirement. At the same time, I got involved with the Cypherpunks. I ran the first cryptographically based anonymous remailer, among other activities.
Fast forward to late 2008 and the announcement of Bitcoin. I've noticed that cryptographic graybeards (I was in my mid 50's) tend to get cynical. I was more idealistic; I have always loved crypto, the mystery and the paradox of it.
When Satoshi announced Bitcoin on the cryptography mailing list, he got a skeptical reception at best. Cryptographers have seen too many grand schemes by clueless noobs. They tend to have a knee jerk reaction.
I was more positive. I had long been interested in cryptographic payment schemes. Plus I was lucky enough to meet and extensively correspond with both Wei Dai and Nick Szabo, generally acknowledged to have created ideas that would be realized with Bitcoin. I had made an attempt to create my own proof of work based currency, called RPOW. So I found Bitcoin facinating.
When Satoshi announced the first release of the software, I grabbed it right away. I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction, when Satoshi sent ten coins to me as a test. I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.
Today, Satoshi's true identity has become a mystery. But at the time, I thought I was dealing with a young man of Japanese ancestry who was very smart and sincere. I've had the good fortune to know many brilliant people over the course of my life, so I recognize the signs.
After a few days, bitcoin was running pretty stably, so I left it running. Those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU. I mined several blocks over the next days. But I turned it off because it made my computer run hot, and the fan noise bothered me. In retrospect, I wish I had kept it up longer, but on the other hand I was extraordinarily lucky to be there at the beginning. It's one of those glass half full half empty things.
The next I heard of Bitcoin was late 2010, when I was surprised to find that it was not only still going, bitcoins actually had monetary value. I dusted off my old wallet, and was relieved to discover that my bitcoins were still there. As the price climbed up to real money, I transferred the coins into an offline wallet, where hopefully they'll be worth something to my heirs.
Speaking of heirs, I got a surprise in 2009, when I was suddenly diagnosed with a fatal disease. I was in the best shape of my life at the start of that year, I'd lost a lot of weight and taken up distance running. I'd run several half marathons, and I was starting to train for a full marathon. I worked my way up to 20+ mile runs, and I thought I was all set. That's when everything went wrong.
My body began to fail. I slurred my speech, lost strength in my hands, and my legs were slow to recover. In August, 2009, I was given the diagnosis of ALS, also called Lou Gehrig's disease, after the famous baseball player who got it.
ALS is a disease that kills moter neurons, which carry signals from the brain to the muscles. It causes first weakness, then gradually increasing paralysis. It is usually fatal in 2 to 5 years. My symptoms were mild at first and I continued to work, but fatigue and voice problems forced me to retire in early 2011. Since then the disease has continued its inexorable progression.
Today, I am essentially paralyzed. I am fed through a tube, and my breathing is assisted through another tube. I operate the computer using a commercial eyetracker system. It also has a speech synthesizer, so this is my voice now. I spend all day in my power wheelchair. I worked up an interface using an arduino so that I can adjust my wheelchair's position using my eyes.
It has been an adjustment, but my life is not too bad. I can still read, listen to music, and watch TV and movies. I recently discovered that I can even write code. It's very slow, probably 50 times slower than I was before. But I still love programming and it gives me goals. Currently I'm working on something Mike Hearn suggested, using the security features of modern processors, designed to support "Trusted Computing", to harden Bitcoin wallets. It's almost ready to release. I just have to do the documentation.
And of course the price gyrations of bitcoins are entertaining to me. I have skin in the game. But I came by my bitcoins through luck, with little credit to me. I lived through the crash of 2011. So I've seen it before. Easy come, easy go.
That's my story. I'm pretty lucky overall. Even with the ALS, my life is very satisfying. But my life expectancy is limited. Those discussions about inheriting your bitcoins are of more than academic interest. My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they're safe enough. I'm comfortable with my legacy.
Can Hashgraph be used as a clearinghouse?
Came across this article:
"We will fundamentally need a crypto clearinghouse to see that liquidity," says a senior JPMorgan JPM +2.1% executive, speaking on background. "Once that exists, banks will move their liquidity to it."
"Clearinghouses, designed to sit in between trades in order to guarantee payment in the event either counter party defaults, ensure trading desks are able to handle orders."
They mentioned a crypto called RVP that claims to be the first blockchain clearinghouse. First time hearing about it so I looked into it and found this interview:
https://www.youtube.com/watch?v=aEJxXHM11nw
After watching this I started to wonder...why can't Hashgraph be used for something like this? JP morgan seems pretty interested and I'm sure other institutions are as well. Thoughts?
Many people get this wrong: Bitcoin is not private nor anonymous
People hear on the news that hackers and criminals use Bitcoin for shady transactions, money laundering, and to buy/sell drugs.
In reality, every transaction you make is public in the Bitcoin blockchain: everyone can see how much and when a particular wallet transferred currency.
If someone knows your wallet id (to make any kind of withdrawal or deposit with that wallet you have to share its id, yes this also includes exchange transactions) they can see every transaction you have ever made.
All exchanges are required to know your personal information, this allows the wallet you use on the exchange to be traced to you personally.
Don’t believe me?
These sites allow you to trace a wallet’s history of transactions:
A Quick Guide to Accounting For Cryptocurrency
While the FASB may consider new guidance for the treatment of digital assets, here’s a guide to accounting for cryptocurrency under the current standards.
Cryptocurrencies and other digital assets are receiving increased amounts of attention and interest from consumers, corporations, and governments. Consumers are adding exposure to their personal investment portfolios, major payment processors are facilitating digital asset payments at scale, and both private and public companies are exploring and increasing investments into digital assets; their cryptocurrency holdings are becoming increasingly material.
In the first quarter of 2021, Tesla added $1.5 billion worth of Bitcoin to its balance sheet. In the second quarter of 2021, Microstrategy added nearly $500 million of additional Bitcoin holdings.
Despite the increased attention digital assets are receiving, the financial reporting for these assets doesn’t fit cleanly into existing accounting guidance under US generally accepted accounting principles (GAAP).
Call for Updated FASB Guidance
As a result, many certified public accountants (CPAs) and accounting firms have requested the Financial Accounting Standards Board (FASB) address this growing concern, and consider issuing updated guidance more tailored to this new asset class.
A growing contingency outside of traditional accounting players have also raised concern and a desire for more clear accounting guidance.
Members of Congress, the Chamber of Digital Commerce, and others have sent letters to the FASB urging them to take action, and the discussion is also becoming increasingly popular in mainstream media.
In June of 2021, the FASB issued an invitation to comment where interested parties can voice their opinion regarding its upcoming technical agenda. While it remains unclear whether or not cryptocurrency and digital assets will appear on the FASB’s formal agenda, below is an overview of the currently applicable accounting treatment.
What are common crypto reporting issues with current accounting standards?
Changes in value
Unfortunately, you can’t account for a crypto asset using the same standards applicable to cash or cash equivalents. At first glance, it would seem like the most readily apparent way to account for cryptocurrency, but it poses some problems.
The term cryptocurrency is a bit of a misnomer for accounting purposes. Virtual currencies aren’t legal tender—unless you live in El Salvador—and most governments haven’t confirmed or clarified how digital assets will be treated from a regulatory perspective.
More importantly, unlike a cash or a cash equivalent, digital assets regularly undergo significant swings in value. Cash, or a cash equivalent, must have an insignificant risk of change in its fair value by definition.
Reporting as an intangible asset
An alternative accounting model for digital assets is to follow the inventory or financial instruments guidance. While these present some attractive features, again, they aren’t a perfect match and raise some challenges.
Currently, public companies must account for a digital currency as an intangible asset with an indefinite life under GAAP in the United States and international financial reporting standards (IFRS) abroad.
In both cases, companies would initially recognize cryptocurrencies on the balance sheet at their cost basis. There’s no need to amortize them as an indefinite-lived intangible asset, but rather a loss must be recognized should the asset ever become impaired.
Cryptocurrencies are impaired whenever the price dips below the cost basis, and because of their aforementioned volatility, this happens quite often.
Recorded losses, not gains
Unfortunately, only unrealized losses, not gains, get recorded in the United States. GAAP's intangible asset accounting rules don’t allow for the subsequent reversal of an impairment loss, even if the asset recovers or surpasses previous price levels.
If your business buys $500,000 worth of Bitcoin, then its fair value drops to $400,000, you'd have to recognize a $100,000 loss and reduce your Bitcoin holdings to reflect the decrease in value.
Even if the market value later increased to $600,000, you aren’t allowed to reverse the loss or increase its value on the balance sheet. It stays at the impaired $400,000 value according to GAAP.
Not only is that an unfavorable accounting treatment for businesses that invest in virtual currency, it also has the potential to create misleading information for the readers of financial statements.
For example, MicroStrategy Incorporated, currently the public company with the most Bitcoin holdings, owned 70,469 BTC on December 31, 2020. Its holdings had a fair market value of $2 billion at the time, but its balance sheet showed only $1.1 billion at year end because only unrealized losses were recorded. This creates a clear misalignment between the economic realities of a company’s holdings, and how accounting standards reflect those holdings.
These issues are the primary reasons that so many are requesting the FASB to issue new standards specific to cryptocurrency and other digital assets.
How should your business record cryptocurrency and other digital assets in its ledger?
While cryptocurrency transactions present many unique complications, they’re still an asset, and fundamental accounting principles apply.
When your business purchases cryptocurrency, you should recognize the asset on your balance sheet at its fair market value on the date of purchase. This is done by recording a debit to the asset’s account.
Assuming your business purchased the virtual currency using fiat currency, you would credit your cash account for the same amount.
When your business later sells the asset, you do the opposite. Credit the asset to remove it from your balance sheet at its book value, and debit your cash in the amount of your proceeds or other consideration received.
Because the proceeds could be much higher than the asset’s current book value—whether due to impairment, appreciation, or both—you could also recognize a credit to a capital gain account reflecting the difference between the book value and proceeds received.
How should your business record payments to its vendors?
When you use cryptocurrency to pay a vendor, you must record the transaction in the same way as if you’d decided to sell it.
Either way, it counts as a disposal, so you would recognize a capital gain for the difference between the expense and the book value of the digital asset.
Example of vendor payments
Imagine you hold 100 BTC on your balance sheet at $300,000. Since you acquired the coin, its fair value has gone up to $400,000.
Your business pays the CPA firm responsible for your audit $400,000 using the intangible asset as a means of payment instead of cash.
You’d record a $400,000 debit to your professional services expense account, credit your Bitcoin asset account for $300,000, and credit the remaining $100,000 balance to a capital gain account.
Note, if the asset’s fair value decreased to $200,000 at some point while it’s on your balance sheet, prior to recovering its current value of $400,000, there likely wouldn’t be a capital loss upon disposal because you already recorded an impairment when the value reduction occurred.
In that scenario, you'd actually credit an even more significant capital gain of $200,000 to account for the difference between the $200,000 book value of the asset and the $400,000 expense and current fair value.
How should your business record its crypto mining activities?
Mining is a fundamental component of blockchain technology and brings new digital assets into circulation.
If your business engages in mining activities, they should appear in your ledger like any other income-generating activity. You’ll credit your mining income account and debit the newly generated cryptocurrency asset onto your books at its fair market value.
Because you’ll inevitably incur expenses in the process, you’ll have to account for those too.
Assuming you use cash to pay for these activities, you’ll credit the cash account and debit either an asset—if you’re buying mining equipment that must be capitalized and subsequently amortized—or an expense for things like utilities and supplies.
Generally speaking, any proceeds from your mining activities should be recognized as revenue at the time the proceeds are earned.
How is digital asset trading treated on your ledger?
You should record your cryptocurrency trading activities similarly to how you would record stock trading.
When you buy a crypto asset using fiat currency, put the investment on your books by crediting your cash account and debiting the newly acquired crypto-asset account.
You'll need to make the necessary journal entries to account for any impairments as they occur by debiting your loss account and crediting your asset account.
When you dispose of your crypto investment, remove the asset from your books by crediting the asset account at its book value, and debiting the account that represents the consideration received in exchange for trading your digital asset away.
If you’ve sold your crypto for fiat currency, debit your cash account. If you exchanged it for another digital asset, debit the new crypto account.
Then, plug the difference into a capital gain or loss account to balance the transaction as necessary.
Will there be occasions when your financial statements and reporting for tax purposes don’t align?
Accounting and taxes are intimately linked. However, the accounting rules for your financial statements and your reporting for tax purposes won’t align 100% of the time.
For example, unrealized cryptocurrency losses may require you to make journal entries under the existing IFRS and GAAP rules, particularly when there’s an impairment event, where there wouldn’t necessarily be a deduction for unrealized losses on your taxes.
In fact, while the challenges of cryptocurrency taxation are nothing to scoff at, crypto taxes pose a smaller hurdle to most public companies than GAAP reporting. The tax basis of accounting is more straightforward and, in most cases, avoids the concept of impairment.
You can split your crypto transactions into two general camps based on the type of cryptocurrency tax they generate: those that generate income taxes and those that generate capital gains taxes.
What crypto transactions are taxable events under GAAP and IFRS?
The following activities constitute a taxable event and will cause your business to owe income taxes on the fair market value of the asset they generate on the date of receipt:
- Mining income
- Crypto staking
- Hard forks or AirDrops
- Interest earnings
You should include all of these activities in your gross revenue for the year; they will be taxable as ordinary business income. Of course, you’ll be able to deduct all ordinary and necessary expenses incurred as a result of these activities as well.
The list of events that trigger capital gains or losses is much shorter since it can be summarized as any disposal of your cryptocurrency for proceeds that are different from the cost basis including: selling it, exchanging it, or using it to pay a vendor.
What crypto transactions are non-taxable events?
Other than the events listed above, your cryptocurrency transactions should be non-taxable. None of the following will contribute to tax liability of your business:
- Buying crypto with fiat currency
- Gifting or donating crypto
- Transferring like-for-like crypto assets between exchanges
How TaxBit Can Help
This article briefly highlights some primary accounting considerations, but it quickly becomes clear that the accounting and tax repercussions for your crypto transactions are a lot of work.
Due to the complexity, volume, and rapid growth of crypto transactions, you’ll want to seek out and leverage technology to help you with your digital asset reporting.
TaxBit’s enterprise software combines the expertise of a specialized accounting firm and the efficiency of cutting-edge technology to automate your crypto reporting needs.
Contact us today to schedule a custom demonstration tailored for your business.
MW Wyco Wednesday Inventory Update! 1st 20 Orders get a FREE PExAA+ Hybrid, ALL Orders Today Only get a FREE Vendor's Choice, and Order #5000 Wins MILLY'S MEGA PACK v5.0! Last Week's Contest Winner Announced, Upcoming Shipping Info, and NEW This Week: Enoki and a New Pan Cyan! Restocked APEr and JMF
www.millywyco.com **CREDIT/DEBIT NOW ACCEPTED** Also: Cash App, Venmo, Zelle, Apple Pay, Google Pay, Bitcoin and Amazon Gift Cards (US SITE ONLY)
***PLEASE NOTE*** We cannot ship active spores to CA, ID or GA
***PLEASE NOTE*** All cultivation inquiries or any mention of cultivation will result in a block, cancelled order, and invalid for any refunds, returns or exchanges. Spores are for microscopy use only.
My marvelous and magical mycophiles and mush mothers,
My oh my what a beautiful day it is! I was outside this morning gazing into the ether deep in thought, and noticed a flood of appreciation enter my energy field. It's a gorgeous day over here- not too hot, blue skies, and the few clouds that are out are so perfect they almost look fake...couldn't ask for a better day! Then I thought back to a few days ago when I had the same exact feeling when it was pouring down rain..."God, what a wonderful day! This rain is perfect...thank you"
No matter what is going on life or what the weather is that day, everything is perfect just as it is. Don't forget to take a moment and....breathe....just be in the moment and appreciate how beautiful life is every single day....all the ups AND the downs ;) You got this.
Last week, we introduced two new gourmets to the library, with Wine Cap and True Morel, but due to operator error, both cultures were not live on the website until about 7PM. That guy last week was a little slow...this guy today is ON IT! Until you realize a goof, then feel free to call me out :)
Both new ones are now live and ready to ship, and new to the gourmet library this week, we have Enoki! Enoki are some of the most interesting looking mushies we have in stock, as they look like long spaghetti noodles with teeny tiny little caps! These mushies are commonly used in Asian dishes and soups, but I'm eager to explore their full potential in my experimental kitchen. Unlike most other mushrooms that typically have an earthy and meaty flavor, Enoki (sometimes called Enokitake) tend to absorb a lot of the flavor of the dish it is used in, and can be a noodle substitute as well! Check the MW subreddit on Fridays to read up on your favorite gourmets: Enoki post coming soon!
Also new to the exotics library this week, Panaeolus Cinctulus and Panaeolus Cyanescens PHV (Purple Haustralia Venom)!
Panaeolus Cinctulus are a common active, sclerotia producing mushroom in the wild, found in Spring to Fall in the northeast or more commonly on the west coast.
Panaeolus Cyanescens PHV was created using rattle snake venom to cross a Cyan found in a tropical region in the Gulf of Mexico known as Hausteca, and a Cyan from Australia. These spores are said to have mutated purple, isolated, and had a darker and darker purple hue with each isolation...truly unique and very limited!
This coming week, I have the pleasure of joining my very best friends and better half on a farm for 4 days of freedom, appreciation, positivity and pure joy for *Bonnaroo\* :) We have been patiently awaiting this event since grabbing tickets back in 2019, and while I'll miss you all oh so very much, I'm so grateful to have the opportunity to embark on this blissful weekend :) Will I see any of you there? If anyone wants to go but doesn't yet have a ticket, a buddy of mine found out he can't go and is selling his (on the cheap) so hit me up!
Shipping will resume as usual (usually same day shipping for orders placed by 3PM) today through Saturday, but we will not be shipping NEXT WEEK AUGUST 30-SEPTEMBER 8. Shipping will resume as usual for the next Wyco Wednesday post on September 8. I truly appreciate every single member of this community for allowing this dream "job" to be a reality. I owe you guys my life <3
CONGRATULATIONS, u/ErisNoxx on winning the "Bad Poetry" contest last week! All entries were unique and some "bad" entries were actually pretty good, but this one took the cake! I'll be in touch to arrange your personalized gift :)
RESTOCKED: Albino A+, APE Revert, B+, Blue Meanie, Golden Teacher, Jedi Mind Fuck, Penis Envy #6
As always, if you have any special variety requests, please send me a message or comment below and I'll get with my team to track it down for you! Also, I LOVE TRADES! Whether it be other spores, art (especially) or anything else you have in your collection, if you're tight on funds, I'm always down for some good old fashioned trades! Mush Love <3
AUGUST 25 PROMOS: (All promos are automatic. No additional coupon codes needed, I got this)
The first 10 orders after this post will be assigned 25 rewards points to their account! Check out the new points shop on the site to get some free rewards! (Points added on Thursday)
The first 20 orders after this post (Order #4935-4954) will receive a FREE Penis Envy x AA+ hybrid syringe with their order!
ALL ORDERS AUGUST 25 ONLY will receive a FREE Vendor's Choice syringe with their order!
Orders ending in "25" the week of 8/25 (5025, 5125, etc) will win a super cool mushroom t-shirt, and a coupon code for a free 5-pack of cubensis spore syringes, swabs or gourmet liquid cultures!!
And Finally....ORDER #5000 WINS MILLY'S MEGA PACK v5.0 INCLUDING:
- 10 Cubensis Syringes or Swab packs of your choice
- 5 Gourmet Liquid Cultures of your choice
- 3 Fully Colonized Gourmet Agar Plates of your choice
- 2 Exotic Syringes of your choice
- 2 Penis Envy hybrids
- 2 Unlisted Cubensis Varieties
- 1 Piece of Equipment missing from your lab (Pressure Cooker, Dehydrator, Digital Air Quality Tester, Stir Plate, etc)
- Mushroom T-shirt
- Mushroom Tapestry
- Mushie Hand-made Craft Pack (it's a surprise!)
- Book off the Shelf (Ram Dass, Terence McKenna, Paul Stamets, Sam Harris, Aldous Huxley, and many spiritual books available)
PLACING AN ORDER:
All orders must be placed on the website, and all items listed as "lab samples" will give you the option of 12mL spore syringes or a 2-pack of swabs. I have several coupon codes to fit most packages, but if you have a large order or need a custom coupon code, please email me, and I'll take care of you :) You may mix-n-match swabs, spore syringes, and liquid cultures.
The most common order, and the best deal is with coupon code 5PACK, which is for 5 cubensis or gourmet syringes or swabs for $30, including shipping! Coupon code 10PACK is $60 for 10 cubensis or gourmet varieties. Use coupon code 2PACK for 2/$20, or if you need any exotics with your 5-pack, you can use coupon code NEEDMORE for 5 cubes and 1 exotic for $40. NEEDMORE2 for 5 cubes and 2 exotics for $50, and so on :)
***PLEASE NOTE*** We cannot ship active spores to CA, ID or GA
***PLEASE NOTE*** All cultivation inquiries or any mention of cultivation will result in a block, cancelled order, and invalid for any refunds, returns or exchanges. Spores are for microscopy use only.
LIST OF AVAILABLE VARIETIES (list accurate at 17:00 on 8/25/21, but will change as varieties sell out):
Ajax (Alabama x Jacksonville, FL)
Alabama (Syringe Only)
Alacabenzi (Alabama x Mexican)
Albino A+
Albino Penis Envy Revert (APEr)
Amazonian
Avery's Albino (swab packs only)
B+
Big Blue (Blue Meanie iso)
Blue Magnolia Rust
Blue Meanie
Burma
Cambodian
Chitwan
Columbian Rust
Corumba Brazil
Costa Rican
Creeper
Ecuadorian
Fiji (Syringe Only)
Golden Halo (Syringe Only)
Golden Mammoth
Golden Teacher
Hanoi (Syringe Only)
Hillbilly (Syringe Only)
Illusion Weaver
Iquitos
Jedi Mind Fuck
Koh Samui
Leucistic Cambodian
Lizard King
Malabar
Malaysian (Syringe Only)
Mazatapec (Syringe Only)
Melmac Revert
Orissa India (Syringe Only)
Penis Envy #6 (Syringe Only)
PES Amazon
PES Hawaiian
Peru
PF Redspore
PF Stropharia
Red Boy
Rusty Whyte
S. African Transkei
Syzygy
Tailfeathers
Taman Negara
Tasmanian
Texas Orange Cap
Texas Yellow Cap
Thai Elephant Dung
Tidalwave
White Tailfeathers
Wikidzon (Syringe Only)
EXOTICS:
Gymnopilus Luteofolius (Yellow Gilled Gymnopilus)
Gymnopilus Spectabilis (Laughing Gym)
Panaeolus Bisporus
Panaeolus Cinctulus
Panaeolus Cyanescens (Peace River)
Ps. Allenii
Ps. Azurescens
Ps. Caerulescens
Ps. Cyanescens (Syringe Only)
Ps. Natalensis
Ps. Ovoideocystidiata
Ps. Semilanceata (Liberty Cap) (Syringe Only)
Ps. Subaeruginosa
Ps. Subtropicalis (Hoogshagenii var. Convexa/ Semperviva) (Syringe Only)
Ps. Tampanensis ATL7 (Syringe Only)
GOURMET LIQUID CULTURES:
Black Pearl Oyster
Blue Oyster
Chaga
Cordyceps Militaris
Enoki
Golden Oyster
King Oyster
Pearl Oyster
Phoenix Oyster
Pink Oyster
Red Reishi
Shiitake
True Morel
Turkey Tail
Wine Cap
***PLEASE NOTE*** We cannot ship active spores to CA, ID or GA
***PLEASE NOTE*** All cultivation inquiries or any mention of cultivation will result in a block, cancelled order, and invalid for any refunds, returns or exchanges. Spores are for microscopy use only.
I am not Willy Myco.
MW Wyco Wednesday Inventory Update! 1st 20 Orders get a FREE PExAA+ Hybrid, ALL Orders Today Only get a FREE Vendor's Choice, and Order #5000 Wins MILLY'S MEGA PACK v5.0! Last Week's Contest Winner Announced, Upcoming Shipping Info, and NEW This Week: Enoki and a New Pan Cyan! Restocked APEr and JMF
***WEBSITE LINK IN PROFILE DESCRIPTION**\*
**CREDIT/DEBIT NOW ACCEPTED** Also: Cash App, Venmo, Zelle, Apple Pay, Google Pay, Bitcoin and Amazon Gift Cards (US SITE ONLY)
***PLEASE NOTE*** We cannot ship active spores to CA, ID or GA
***PLEASE NOTE*** All cultivation inquiries or any mention of cultivation will result in a block, cancelled order, and invalid for any refunds, returns or exchanges. Spores are for microscopy use only.
My marvelous and magical mycophiles and mush mothers,
My oh my what a beautiful day it is! I was outside this morning gazing into the ether deep in thought, and noticed a flood of appreciation enter my energy field. It's a gorgeous day over here- not too hot, blue skies, and the few clouds that are out are so perfect they almost look fake...couldn't ask for a better day! Then I thought back to a few days ago when I had the same exact feeling when it was pouring down rain..."God, what a wonderful day! This rain is perfect...thank you"
No matter what is going on life or what the weather is that day, everything is perfect just as it is. Don't forget to take a moment and....breathe....just be in the moment and appreciate how beautiful life is every single day....all the ups AND the downs ;) You got this.
Last week, we introduced two new gourmets to the library, with Wine Cap and True Morel, but due to operator error, both cultures were not live on the website until about 7PM. That guy last week was a little slow...this guy today is ON IT! Until you realize a goof, then feel free to call me out :)
Both new ones are now live and ready to ship, and new to the gourmet library this week, we have Enoki! Enoki are some of the most interesting looking mushies we have in stock, as they look like long spaghetti noodles with teeny tiny little caps! These mushies are commonly used in Asian dishes and soups, but I'm eager to explore their full potential in my experimental kitchen. Unlike most other mushrooms that typically have an earthy and meaty flavor, Enoki (sometimes called Enokitake) tend to absorb a lot of the flavor of the dish it is used in, and can be a noodle substitute as well! Check the MW subreddit on Fridays to read up on your favorite gourmets: Enoki post coming soon!
Also new to the exotics library this week, Panaeolus Cinctulus and Panaeolus Cyanescens PHV (Purple Haustralia Venom)!
Panaeolus Cinctulus are a common active, sclerotia producing mushroom in the wild, found in Spring to Fall in the northeast or more commonly on the west coast.
Panaeolus Cyanescens PHV was created using rattle snake venom to cross a Cyan found in a tropical region in the Gulf of Mexico known as Hausteca, and a Cyan from Australia. These spores are said to have mutated purple, isolated, and had a darker and darker purple hue with each isolation...truly unique and very limited!
This coming week, I have the pleasure of joining my very best friends and better half on a farm for 4 days of freedom, appreciation, positivity and pure joy for *Bonnaroo\* :) We have been patiently awaiting this event since grabbing tickets back in 2019, and while I'll miss you all oh so very much, I'm so grateful to have the opportunity to embark on this blissful weekend :) Will I see any of you there? If anyone wants to go but doesn't yet have a ticket, a buddy of mine found out he can't go and is selling his (on the cheap) so hit me up!
Shipping will resume as usual (usually same day shipping for orders placed by 3PM) today through Saturday, but we will not be shipping NEXT WEEK AUGUST 30-SEPTEMBER 8. Shipping will resume as usual for the next Wyco Wednesday post on September 8. I truly appreciate every single member of this community for allowing this dream "job" to be a reality. I owe you guys my life <3
CONGRATULATIONS, u/ErisNoxx on winning the "Bad Poetry" contest last week! All entries were unique and some "bad" entries were actually pretty good, but this one took the cake! I'll be in touch to arrange your personalized gift :)
RESTOCKED: Albino A+, APE Revert, B+, Blue Meanie, Golden Teacher, Jedi Mind Fuck, Penis Envy #6
As always, if you have any special variety requests, please send me a message or comment below and I'll get with my team to track it down for you! Also, I LOVE TRADES! Whether it be other spores, art (especially) or anything else you have in your collection, if you're tight on funds, I'm always down for some good old fashioned trades! Mush Love <3
AUGUST 25 PROMOS: (All promos are automatic. No additional coupon codes needed, I got this)
The first 10 orders after this post will be assigned 25 rewards points to their account! Check out the new points shop on the site to get some free rewards! (Points added on Thursday)
The first 20 orders after this post (Order #4935-4954) will receive a FREE Penis Envy x AA+ hybrid spore tube with their order!
ALL ORDERS AUGUST 25 ONLY will receive a FREE Vendor's Choice spore tube with their order!
Orders ending in "25" the week of 8/25 (5025, 5125, etc) will win a super cool mushroom t-shirt, and a coupon code for a free 5-pack of cubensis spore tubes, cotton packs or gourmet liquid cultures!!
And Finally....ORDER #5000 WINS MILLY'S MEGA PACK v5.0 INCLUDING:
- 10 Cubensis Spore Tubes or Cotton packs of your choice
- 5 Gourmet Liquid Cultures of your choice
- 3 Fully Colonized Gourmet Agar Plates of your choice
- 2 Exotic Spore Tubes of your choice
- 2 Penis Envy hybrids
- 2 Unlisted Cubensis Varieties
- 1 Piece of Equipment missing from your lab (Pressure Cooker, Dehydrator, Digital Air Quality Tester, Stir Plate, etc)
- Mushroom T-shirt
- Mushroom Tapestry
- Mushie Hand-made Craft Pack (it's a surprise!)
- Book off the Shelf (Ram Dass, Terence McKenna, Paul Stamets, Sam Harris, Aldous Huxley, and many spiritual books available)
PLACING AN ORDER:
All orders must be placed on the website, and all items listed as "lab samples" will give you the option of 12mL Spore Tubes or a 2-pack of cotton. I have several coupon codes to fit most packages, but if you have a large order or need a custom coupon code, please email me, and I'll take care of you :) You may mix-n-match swabs, Spore Tubes, and liquid cultures.
The most common order, and the best deal is with coupon code 5PACK, which is for 5 cubensis or gourmet Spore Tubes or cotton packs for $30, including shipping! Coupon code 10PACK is $60 for 10 cubensis or gourmet varieties. Use coupon code 2PACK for 2/$20, or if you need any exotics with your 5-pack, you can use coupon code NEEDMORE for 5 cubes and 1 exotic for $40. NEEDMORE2 for 5 cubes and 2 exotics for $50, and so on :)
***PLEASE NOTE*** We cannot ship active spores to CA, ID or GA
***PLEASE NOTE*** All cultivation inquiries or any mention of cultivation will result in a block, cancelled order, and invalid for any refunds, returns or exchanges. Spores are for microscopy use only.
LIST OF AVAILABLE VARIETIES (list accurate at 17:00 on 8/25/21, but will change as varieties sell out):
Ajax (Alabama x Jacksonville, FL)
Alabama (Syringe Only)
Alacabenzi (Alabama x Mexican)
Albino A+
Albino Penis Envy Revert (APEr)
Amazonian
Avery's Albino (swab packs only)
B+
Big Blue (Blue Meanie iso)
Blue Magnolia Rust
Blue Meanie
Burma
Cambodian
Chitwan
Columbian Rust
Corumba Brazil
Costa Rican
Creeper
Ecuadorian
Fiji (Syringe Only)
Golden Halo (Syringe Only)
Golden Mammoth
Golden Teacher
Hanoi (Syringe Only)
Hillbilly (Syringe Only)
Illusion Weaver
Iquitos
Jedi Mind Fuck
Koh Samui
Leucistic Cambodian
Lizard King
Malabar
Malaysian (Syringe Only)
Mazatapec (Syringe Only)
Melmac Revert
Orissa India (Syringe Only)
Penis Envy #6 (Syringe Only)
PES Amazon
PES Hawaiian
Peru
PF Redspore
PF Stropharia
Red Boy
Rusty Whyte
S. African Transkei
Syzygy
Tailfeathers
Taman Negara
Tasmanian
Texas Orange Cap
Texas Yellow Cap
Thai Elephant Dung
Tidalwave
White Tailfeathers
Wikidzon (Syringe Only)
EXOTICS:
Gymnopilus Luteofolius (Yellow Gilled Gymnopilus)
Gymnopilus Spectabilis (Laughing Gym)
Panaeolus Bisporus
Panaeolus Cinctulus
Panaeolus Cyanescens (Peace River)
Ps. Allenii
Ps. Azurescens
Ps. Caerulescens
Ps. Cyanescens (Syringe Only)
Ps. Natalensis
Ps. Ovoideocystidiata
Ps. Semilanceata (Liberty Cap) (Syringe Only)
Ps. Subaeruginosa
Ps. Subtropicalis (Hoogshagenii var. Convexa/ Semperviva) (Syringe Only)
Ps. Tampanensis ATL7 (Syringe Only)
GOURMET LIQUID CULTURES:
Black Pearl Oyster
Blue Oyster
Chaga
Cordyceps Militaris
Enoki
Golden Oyster
King Oyster
Pearl Oyster
Phoenix Oyster
Pink Oyster
Red Reishi
Shiitake
True Morel
Turkey Tail
Wine Cap
***PLEASE NOTE*** We cannot ship active spores to CA, ID or GA
***PLEASE NOTE*** All cultivation inquiries or any mention of cultivation will result in a block, cancelled order, and invalid for any refunds, returns or exchanges. Spores are for microscopy use only.
I am not Willy Myco.
MW Wyco Wednesday Inventory Update! 1st 20 Orders get a FREE PExAA+ Hybrid, ALL Orders Today Only get a FREE Vendor's Choice, and Order #5000 Wins MILLY'S MEGA PACK v5.0! Last Week's Contest Winner Announced, Upcoming Shipping Info, and NEW This Week: Enoki and a New Pan Cyan! Restocked APEr and JMF
***WEBSITE LINK IN PROFILE DESCRIPTION**\*
**CREDIT/DEBIT NOW ACCEPTED** Also: Cash App, Venmo, Zelle, Apple Pay, Google Pay, Bitcoin and Amazon Gift Cards (US SITE ONLY)
***PLEASE NOTE*** We cannot ship active spores to CA, ID or GA
***PLEASE NOTE*** All cultivation inquiries or any mention of cultivation will result in a block, cancelled order, and invalid for any refunds, returns or exchanges. Spores are for microscopy use only.
My marvelous and magical mycophiles and mush mothers,
My oh my what a beautiful day it is! I was outside this morning gazing into the ether deep in thought, and noticed a flood of appreciation enter my energy field. It's a gorgeous day over here- not too hot, blue skies, and the few clouds that are out are so perfect they almost look fake...couldn't ask for a better day! Then I thought back to a few days ago when I had the same exact feeling when it was pouring down rain..."God, what a wonderful day! This rain is perfect...thank you"
No matter what is going on life or what the weather is that day, everything is perfect just as it is. Don't forget to take a moment and....breathe....just be in the moment and appreciate how beautiful life is every single day....all the ups AND the downs ;) You got this.
Last week, we introduced two new gourmets to the library, with Wine Cap and True Morel, but due to operator error, both cultures were not live on the website until about 7PM. That guy last week was a little slow...this guy today is ON IT! Until you realize a goof, then feel free to call me out :)
Both new ones are now live and ready to ship, and new to the gourmet library this week, we have Enoki! Enoki are some of the most interesting looking mushies we have in stock, as they look like long spaghetti noodles with teeny tiny little caps! These mushies are commonly used in Asian dishes and soups, but I'm eager to explore their full potential in my experimental kitchen. Unlike most other mushrooms that typically have an earthy and meaty flavor, Enoki (sometimes called Enokitake) tend to absorb a lot of the flavor of the dish it is used in, and can be a noodle substitute as well! Check the MW subreddit on Fridays to read up on your favorite gourmets: Enoki post coming soon!
Also new to the exotics library this week, Panaeolus Cinctulus and Panaeolus Cyanescens PHV (Purple Haustralia Venom)!
Panaeolus Cinctulus are a common active, sclerotia producing mushroom in the wild, found in Spring to Fall in the northeast or more commonly on the west coast.
Panaeolus Cyanescens PHV was created using rattle snake venom to cross a Cyan found in a tropical region in the Gulf of Mexico known as Hausteca, and a Cyan from Australia. These spores are said to have mutated purple, isolated, and had a darker and darker purple hue with each isolation...truly unique and very limited!
This coming week, I have the pleasure of joining my very best friends and better half on a farm for 4 days of freedom, appreciation, positivity and pure joy for *Bonnaroo\* :) We have been patiently awaiting this event since grabbing tickets back in 2019, and while I'll miss you all oh so very much, I'm so grateful to have the opportunity to embark on this blissful weekend :) Will I see any of you there? If anyone wants to go but doesn't yet have a ticket, a buddy of mine found out he can't go and is selling his (on the cheap) so hit me up!
Shipping will resume as usual (usually same day shipping for orders placed by 3PM) today through Saturday, but we will not be shipping NEXT WEEK AUGUST 30-SEPTEMBER 8. Shipping will resume as usual for the next Wyco Wednesday post on September 8. I truly appreciate every single member of this community for allowing this dream "job" to be a reality. I owe you guys my life <3
CONGRATULATIONS, u/ErisNoxx on winning the "Bad Poetry" contest last week! All entries were unique and some "bad" entries were actually pretty good, but this one took the cake! I'll be in touch to arrange your personalized gift :)
RESTOCKED: Albino A+, APE Revert, B+, Blue Meanie, Golden Teacher, Jedi Mind Fuck, Penis Envy #6
As always, if you have any special variety requests, please send me a message or comment below and I'll get with my team to track it down for you! Also, I LOVE TRADES! Whether it be other spores, art (especially) or anything else you have in your collection, if you're tight on funds, I'm always down for some good old fashioned trades! Mush Love <3
AUGUST 25 PROMOS: (All promos are automatic. No additional coupon codes needed, I got this)
The first 10 orders after this post will be assigned 25 rewards points to their account! Check out the new points shop on the site to get some free rewards! (Points added on Thursday)
The first 20 orders after this post (Order #4935-4954) will receive a FREE Penis Envy x AA+ hybrid spore tube with their order!
ALL ORDERS AUGUST 25 ONLY will receive a FREE Vendor's Choice spore tube with their order!
Orders ending in "25" the week of 8/25 (5025, 5125, etc) will win a super cool mushroom t-shirt, and a coupon code for a free 5-pack of cubensis spore tubes, cotton packs or gourmet liquid cultures!!
And Finally....ORDER #5000 WINS MILLY'S MEGA PACK v5.0 INCLUDING:
- 10 Cubensis Spore Tubes or Cotton packs of your choice
- 5 Gourmet Liquid Cultures of your choice
- 3 Fully Colonized Gourmet Agar Plates of your choice
- 2 Exotic Spore Tubes of your choice
- 2 Penis Envy hybrids
- 2 Unlisted Cubensis Varieties
- 1 Piece of Equipment missing from your lab (Pressure Cooker, Dehydrator, Digital Air Quality Tester, Stir Plate, etc)
- Mushroom T-shirt
- Mushroom Tapestry
- Mushie Hand-made Craft Pack (it's a surprise!)
- Book off the Shelf (Ram Dass, Terence McKenna, Paul Stamets, Sam Harris, Aldous Huxley, and many spiritual books available)
PLACING AN ORDER:
All orders must be placed on the website, and all items listed as "lab samples" will give you the option of 12mL Spore Tubes or a 2-pack of cotton. I have several coupon codes to fit most packages, but if you have a large order or need a custom coupon code, please email me, and I'll take care of you :) You may mix-n-match swabs, Spore Tubes, and liquid cultures.
The most common order, and the best deal is with coupon code 5PACK, which is for 5 cubensis or gourmet Spore Tubes or cotton packs for $30, including shipping! Coupon code 10PACK is $60 for 10 cubensis or gourmet varieties. Use coupon code 2PACK for 2/$20, or if you need any exotics with your 5-pack, you can use coupon code NEEDMORE for 5 cubes and 1 exotic for $40. NEEDMORE2 for 5 cubes and 2 exotics for $50, and so on :)
***PLEASE NOTE*** We cannot ship active spores to CA, ID or GA
***PLEASE NOTE*** All cultivation inquiries or any mention of cultivation will result in a block, cancelled order, and invalid for any refunds, returns or exchanges. Spores are for microscopy use only.
LIST OF AVAILABLE VARIETIES (list accurate at 17:00 on 8/25/21, but will change as varieties sell out):
Ajax (Alabama x Jacksonville, FL)
Alabama (Syringe Only)
Alacabenzi (Alabama x Mexican)
Albino A+
Albino Penis Envy Revert (APEr)
Amazonian
Avery's Albino (swab packs only)
B+
Big Blue (Blue Meanie iso)
Blue Magnolia Rust
Blue Meanie
Burma
Cambodian
Chitwan
Columbian Rust
Corumba Brazil
Costa Rican
Creeper
Ecuadorian
Fiji (Syringe Only)
Golden Halo (Syringe Only)
Golden Mammoth
Golden Teacher
Hanoi (Syringe Only)
Hillbilly (Syringe Only)
Illusion Weaver
Iquitos
Jedi Mind Fuck
Koh Samui
Leucistic Cambodian
Lizard King
Malabar
Malaysian (Syringe Only)
Mazatapec (Syringe Only)
Melmac Revert
Orissa India (Syringe Only)
Penis Envy #6 (Syringe Only)
PES Amazon
PES Hawaiian
Peru
PF Redspore
PF Stropharia
Red Boy
Rusty Whyte
S. African Transkei
Syzygy
Tailfeathers
Taman Negara
Tasmanian
Texas Orange Cap
Texas Yellow Cap
Thai Elephant Dung
Tidalwave
White Tailfeathers
Wikidzon (Syringe Only)
EXOTICS:
Gymnopilus Luteofolius (Yellow Gilled Gymnopilus)
Gymnopilus Spectabilis (Laughing Gym)
Panaeolus Bisporus
Panaeolus Cinctulus
Panaeolus Cyanescens (Peace River)
Ps. Allenii
Ps. Azurescens
Ps. Caerulescens
Ps. Cyanescens (Syringe Only)
Ps. Natalensis
Ps. Ovoideocystidiata
Ps. Semilanceata (Liberty Cap) (Syringe Only)
Ps. Subaeruginosa
Ps. Subtropicalis (Hoogshagenii var. Convexa/ Semperviva) (Syringe Only)
Ps. Tampanensis ATL7 (Syringe Only)
GOURMET LIQUID CULTURES:
Black Pearl Oyster
Blue Oyster
Chaga
Cordyceps Militaris
Enoki
Golden Oyster
King Oyster
Pearl Oyster
Phoenix Oyster
Pink Oyster
Red Reishi
Shiitake
True Morel
Turkey Tail
Wine Cap
***PLEASE NOTE*** We cannot ship active spores to CA, ID or GA
***PLEASE NOTE*** All cultivation inquiries or any mention of cultivation will result in a block, cancelled order, and invalid for any refunds, returns or exchanges. Spores are for microscopy use only.
I am not Willy Myco.
Crypto Tax Loss Harvesting: A Complete Guide
Tax-loss harvesting is a commonly used tax savings strategy that can help cryptocurrency traders minimize taxes that they may owe on capital gains, or possibly even increase an investor’s tax refund.
Cryptocurrency Trading Tax-Loss Harvesting Guide
This tax-loss harvesting guide explains:
- What is tax-loss harvesting?
- How often should I harvest my losses?
- What are the risks of tax-loss harvesting?
- Is tax-loss harvesting worth it?
- How TaxBit makes it easy for you to harvest tax losses.
Cryptocurrency provides the unique opportunity of being able to appreciate wealth over time while saving money on taxes along the way by taking advantage of market price fluctuations.
It is a common misconception that you should only realize capital losses right before the end of the tax year. Cryptocurrency prices can be volatile and widely fluctuate throughout the year.
Wise investors take advantage of the pricing dips throughout the year in order to capture taxable losses at the lowest points during the year.
What is tax-loss harvesting?
Tax-loss harvesting is an investment strategy that maximizes after-tax returns by taking advantage of dips in cryptocurrency market prices. Imagine if you could appreciate wealth over time while in the process increase your tax refund, or at a minimum reduce what you may owe in taxes. Tax-loss harvesting does exactly that!
Here is how it works:
A capital gain or loss is triggered anytime you dispose of (sell/trade) a capital asset. In 2014, the IRS declared cryptocurrency to be a capital asset, meaning that every sale or trade of cryptocurrency results in a capital gain or loss.
A capital gain or loss is equal to the value of what you receive at the time of disposal (commonly referred to as “Proceeds”) less the value of what you obtained the asset for at the time of purchase (commonly referred to as “Cost Basis”).
The following examples illustrate the tax position of two cryptocurrency investors (“Sam”) and (“Rachel”).
Example 1:
Sam purchased .25 BTC for $3,000 in June, Year 1. Sam has no gains or losses yet because he has not recognized a taxable event. Today, Sam continues to hold .25 BTC.
Example 2:
Rachel also purchased .25 BTC for $3,000 in June, Year 1, just like Sam. However, Rachel decided to sell her .25 BTC for $2,000 4-months later in October, Year 1.
The following illustration shows Rachel’s capital gain or loss:
📷
In this example, Rachel generated a $1,000 capital loss that she can use to offset other gains or potentially increase her tax refund come Year 1 tax season.
However, Rachel didn’t stop there. Let’s assume that Rachel used the $2,000 proceeds that she received from the sale of her .25 BTC to repurchase .25 BTC. Unlike Sam, Rachel can claim the $1,000 loss on her taxes. Just like Sam, today Rachel continues to hold .25 BTC.
As shown in these two examples, both Sam and Rachel bought the exact same amount of BTC for the same price, only Rachel decided to sell her BTC at the low-point in Year 1 before repurchasing it. By doing this, Rachel was able to take advantage of a tax benefit in Year 1, while Sam was not. This is tax-loss harvesting.
Rachel may realize greater gains in future years when disposing of the .25 BTC because she reset her cost basis. For most investors, it is advantageous to claim capital losses in the earlier years in order to maximize wealth today. As the common adage goes, “money today is better than money tomorrow.”
Rachel could have used the money she generated from her increased tax refund or tax savings in Year 1 to purchase more BTC, while Sam on the other hand left money on the table.
How often should I harvest my losses?
Many people choose to harvest their losses annually. They look for capital assets in their portfolios carrying losses in the last month of the tax year.
Once it’s clear that an asset isn't going to show a profit before the year ends, they'll consider locking in the investment loss for tax purposes.
However, that strategy leaves money on the table! Like securities, cryptocurrencies fluctuate in price significantly over a tax year. Wise investors know that being open to taking advantage of those dips in price regularly is far more efficient than doing so only once a year.
Even if your tax situation means that you won’t benefit from your losses in the year you deduct them, it’s still a good idea to claim them. You can carry forward capital losses to future years indefinitely.
That said, crypto tax-loss harvesting can be complex, especially for those who try to keep track of each asset’s cost basis manually. It’s always a good idea to get personalized tax advice from a Certified Public Accountant or another tax professional.
What are the risks of tax-loss harvesting?
Tax-loss harvesting has two primary risks.
- The first is that the costs to execute the necessary trades could outweigh the savings on your tax bill from harvesting the losses. For example, you may have to pay as much as 4% in transaction fees when buying and selling through some exchanges.
- The second is that while tax-loss harvesting defers your capital gains, it doesn’t necessarily eliminate them forever.
When you harvest your losses and use the proceeds to purchase a replacement cryptocurrency (whether or not it’s the same asset), your new cost basis will be equal to your fair market value at the time of the previous sale.
By definition, that will be lower than your original cost basis. That means you’re potentially setting yourself up for an even larger capital gain if you sell the new asset at a profit in the future.
That usually works in your favor because money now is more valuable than money later. Also, you’ll ideally be in a lower tax bracket when you decide to sell the replacement asset.
However, if you sell the replacement asset at a gain when you’re in a much higher tax bracket, you may end up losing some or all of the benefits you received from your tax-loss harvesting.
A common question is whether or not there is any risk of the wash sale rules applying to crypto. At this time, wash sale rules specifically apply only to stocks and securities, not cryptocurrency.
With that in mind, you should take advantage of the fact that wash-sale rules don’t currently apply.
Is tax-loss harvesting worth it?
For many investors, tax-loss harvesting is well worth it. It can significantly increase your investment returns over the long term in two ways.
First, it can noticeably decrease your tax liability the year you harvest the losses. Capital gains tax rates can be as high as 20%. That’s lower than ordinary income rates, but it’s still as much as a fifth of your profits.
Even better, if you have capital losses left over after netting them against your capital gains for the year, you can deduct up to $3,000 of them from your ordinary income. The savings here are likely to be even higher since you can have an ordinary income tax rate of up to 37%.
Second, the tax savings free up more money for you to invest each year. Remember our example with Rachel and Sam above. Rachel reduced her taxable income by $1,000. If she was in the 22% tax bracket for the year, she generated an extra $220 that she could invest into more Bitcoin.
Of course, no strategy is beneficial in every scenario. Balance the potential benefits against the risks mentioned above.
TaxBit makes it easy to tax loss harvest
TaxBit’s, ‘Tax-Loss Optimizer’ provides your cost basis and unrealized position in real-time while showing your unrealized losses, by exchange.
The displayed unrealized losses are in accordance with IRS requirements, specifically identifying the highest cost basis assets by source.
Anytime you have an asset that is “underwater,” the current value is lower than the value at which you obtained the asset, the optimizer will recommend a tax-loss harvesting trade.
📷
Tax-loss harvesting is a common strategy that wise investors deploy.
TaxBit has made it easy for you to take advantage of tax-loss harvesting throughout the year. Give it a try, today!
This AI just said WHAT?!?!?
***** I am NOT a financial advisor & this is NOT financial advice. Take everything you read, see, or hear with a grain of salt. Verify it ALL with your own DD & come up with your own conclusions! *****
For FULL disclosure, I do have long calls for Palantir, & this post isn't meant to boost or recommend to ANYONE that they purchase this stock. This post is meant purely for informational purposes to educate APES on the sheer power & to shine light on the level at which their system operates at. That way you can get a full grasp on what this system is & what it's capable of.
"Sometimes in order to see the bigger picture, you need to just step back, and watch everything as it happens. If we just remain focused only on one specific thing, we will miss all the other clues around us that completes the puzzle."
TL:DR - Honestly, if you truly want to understand and to see what I see, I HIGHLY recommend you read everything and watch all the videos I've linked to in this post. They are much better than me at explaining it and I don't feel that it's a good use of time just typing out something you can easily watch within mins.
Palantir's AI system (read below for more info about how powerful this system/software truly is to realize the magnitude of what it's capable of.), predicted that we are going to have a "Black Swan" type event by the end of this year. I know that a Black Swan event is an unexpected situation so we're just using this because that's the term that the article uses. So for the sake of consistency, we'll just stick with it. According to the AI, we are going to have disruptions starting around Sept 1st. This "Black Swan" event is expected to happen by the end of the year but even that timeline has a real HUGE possibility of being accelerated to the next 1 to 1-1/2 months.
They are so worried about the data that it's own system spit out, that it just purchased $51 MILLION in gold bullion & accept BITCOIN for payment of it's services! Worried the dollar might not hold it's value any time soon?
Just to let you know, their average customer revenue is $5M, so this company doesn't work with the retail public. About 80% of their income is derived from government contracts.
https://www.bnnbloomberg.ca/palantir-buys-51-million-in-gold-bars-accepts-payment-in-gold-1.1641197
This video was just released and this information is FRESH and not outdated nor rehashed by everyone.
https://www.youtube.com/watch?v=EuZea_Tf5mU
This information isn't just opinion, it's backed up by data to support the claims.
I could give you my opinion, but it's about the same as what Tom presents in his video above, so there's not much more to say. We are going to get our MOASS soon, heck who knows, we may be in the start of it right now according to what the AI has predicted.
September 1st is about 1 week away. Lets see if a machine/software that is so smart that it has been used to do things such as track down Bin Laden, and finally eliminated the threat that took us over a decade of doing whichever way they used before. That's how serious this thing is and that's just a part of it's full capability. Go down to learn more.
But either way, so many things that are happening in this coming month that it's gonna be one crazy ride and it seems like it'll start this Friday. Let's see the fireworks fly!
https://i.redd.it/zxbvug0boej71.gif
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If you're not sure who Palantir is, let's visit them thru these videos. But first here's the link directly to their site about their system. Trust me, they are making this look as "presentable' as possible without scaring off potential customers when they realize what their system can do.
https://www.palantir.com/edge-ai/
Why Palantir's AI system was built according to Joe Lonsdale, a Co-Founder for the company:
https://joelonsdale.com/news/why-we-built-palantir/
This is wonderful little excerpt from the article:
"Palantir is now one of the most powerful tools on the planet solving vital problems for governments and corporations. Our original thesis that technology should augment, not replace human beings has proven itself out hundreds of times as the world’s most important institutions have turned to Palantir to solve critical problems. "
Another good excerpt?
https://i.redd.it/o6ub11rf5kj71.gif
" We continued to develop new ways of solving the most important problems for large organizations with teams of forward-deployed engineers (FDEs) who then incorporated their solutions into the core platform. Today, a couple of FDE’s can perform in days what would otherwise require months of labor for hundreds of IT service professionals. "
https://www.youtube.com/watch?v=4LQCsPbA6rU
This is one of the YouTube guys I follow since he's really into numbers and analytics which he also provides links to prove everything he's speaking of.
https://www.youtube.com/watch?v=yU-tcHBFed0
Just within the first 6 seconds of the video, the Yahoo Finance headline proves how powerful the AI system is.
"Pentagon believe it's precognitive AI can predict events 'days in advance'."
I hope that by now, you can understand how powerful this machine/software is at predicting things. I mean when you use it to do things like track down the world's most notorious terrorist that has been on the run for 10+ years, that's pretty impressive!
This is more confirmation about what's going on with some different sources. Good info about the VERY likely scenario of "Tapering" to be the method to which the Feds are almost forced to take in order to resolve this economic shit show that's been going on.
https://www.youtube.com/watch?v=mfmpX9lyyMk
Key points to Graham's video:
- Taper Tantrum
- The "September Effect"
- US Housing Market
- Stock Market Bubble (Michael Burry's name involved here)
Here's a post by another Reddit Member
Stopping the usage of the Fed RRP system huh?
Show the things that are happening during the month of Sept. Historically this is a bad time of the year on top of all the things that are going on along with the anticipated announcements by J. Powell on Friday 08/27/21?
Whew! This is like a pressure cooker that's at it's limit & about to explode at any second!
https://i.redd.it/xpx47uoomej71.gif
Bad News....This is how the Feds are trying to "ease" the truth to the public.
https://www.youtube.com/watch?v=n5aOSFe4GgU
There's a WHOLE lot of other data that I haven't included here that all continues to support what's coming & ESPECIALLY what Palantir's AI system has predicted. This is one of the world's SMARTEST and powerful super computer/AI systems out there. This article states how SMALL the next competitor is to Palantir when it comes to this type of thing.
https://www.nanalyze.com/2021/01/palantir-stock-enterprise-ai/
So given all this information, be prepared. There is no specific dates except for those things that are literally going to happen as it's scheduled, and/or part of a cycle that happens on an monthly/quarterly/annual basis.
This may very well be it...
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