I used a few bitcoins as collateral for some USDT Tether loans using Celsius Network. I transferred the Tether to Coinbase and sold them for USD. Is this a taxable event according to the IRS? The Tether was from a loan. If we are to HODL and borrow like the billionaires, what's the best way to do this and get the loan money as real US dollars?
Monday, January 17, 2022
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Tokenomics :
Token Supply: 1,000,000,000,000
Presale : 87%
Locked : 10%
Team : 3%
*__Tax (10%)
5.0% Liquidity Pool
3.0% Api integration and development
2.0% Marketing
First Mover Asia: Bitcoin Is Off on US Holiday and Could Fall Further
Ether and most other altcoins also drop amid more bad news for the global economy.
Crypto prices sagged on Monday, a national U.S. holiday honoring civil rights activist Martin Luther King Jr., and showed few signs of reversing any time soon.
Bitcoin, the largest cryptocurrency by market capitalization, fell below $42,000, although at the time of publication it was above that mark. Ether dropped under $3,200, while most of the other leading altcoins stayed in the red.
Equity markets were shuttered on the holiday, offering a respite from the recent drumbeat of bad news that seems to be increasingly intertwined with crypto pricing. The Wall Street Journal reported that about 220 U.S. publicly traded companies with market capitalizations over $10 billion have fallen 20% from their peaks and that the S&P 500 and Nasdaq had declined 2.2% and 4.8%, respectively.
Meanwhile, a New York Times story highlighted the inability of the U.S. Centers for Disease Control and Prevention to keep pace with data about the Omicron variant of the coronavirus, which has been hammering the global economy.
Pankaj Balani, CEO of the crypto derivatives exchange Delta Exchange, said that bitcoin is vulnerable to falling further because buying demand is absent. "We are not seeing any bottom fishing at these levels, and the interest to own bitcoin risk around $40,000 remains low," Balani told CoinDesk's Omkar Godbole in a WhatsApp chat. "We could retest $40,000 and should that break, we can see a fresh round of selling come through."
Column
Off the Charts: DeFi Rebound: Total value locked is rising despite the retreat in other crypto prices. (By Michael Casey)
Amid the weakness in bitcoin and other crypto assets during the latter part of 2021 and early 2022, there’s been an anomalous counter-performance by the decentralized finance (DeFi) sector. The last few weeks have seen a modest rebound in total value locked, a measure of how much digital asset value has been collateralized for loans in the DeFi system. CoinDesk’s Shuai Hao whipped me up this chart, based on data from DeFi Pulse, which shows TVL, as expressed in ether, versus the value of the CoinDesk Indices' DeFi (DFX) index.
It’s too early to say whether the rebound in TVL will meaningfully reverse the declines in DeFi commitments seen since last spring. However, it’s notable the value has increased despite close to no rebound in dollar prices. We will have to see whether the sector can return to the unbridled enthusiasm of a year ago, or whether the zeitgeist has been lost to NFTs.
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. Subscribe to get the full newsletter here.
Important events
11 a.m. HKT/SGT (3 a.m. UTC): Bank of Japan announces its decision on interest rates and issues a monetary policy statement.
11 a.m. HKT/SGT (3 a.m. UTC): Bank of Japan outlook report (Q4)
12:30 p.m. HKT/SGT (4:30 UTC): Industrial production (Nov. MoM/YoY)
3:30 p.m. Switzerland producer and import prices (MoM/YoY Dec.)
What are your thoughts on the fourth turning and how it relates to bitcoin?
Just want to start off by saying I’m a big believer in bitcoin and truly think it has the potential to change the world in a positive way. It can also be a great long term savings vehicle.
Lately I’ve been hearing a lot about the Fourth Turning and how we’re well underway in that current cycle. And what follows is typically some type of big change that often includes some form of societal/financial collapse. And I can’t help but feel something big is coming. Maybe it’s just the way these last two years have gone. Or maybe I’m just overthinking, but I have this eerie feeling that something is on the horizon. The world is in a crazy place right now.
With regard to the possibility of a major financial crash happening, i.e. something way bigger than 2008 (and I know it sounds cliche because you hear about these doomsday type of predictions every single year), I’m curious to hear your thoughts on navigating such an event. Obviously all assets including bitcoin would suffer a massive correction, but I seem to think bitcoin would be among the fastest recovering assets, if not the the fastest of them all.
When I think of such a scenario occurring, I feel the urge to sell some of my stack in anticipation of buying back lower (classic right? I’m sure you’ve never heard of that strategy before lol). And I have to keep reminding myself I’m probably just better off hodling and DCA’ing.
Can anyone relate to this? or feels similar in that some big change is coming soon?
What is White Dream?
Yo, I'm Valtos, the headcoder of White Dream and I want to explain you what does it taste like. But before, you need to take the red pill:
I - The Rise and Fall
First server of russian Animus community, potentially intended for beginners, experienced a lot of variants of its existence, including that it was not originally based on /tg/station (it was set during the guidance of MasterOfDmx, which allowed to accumulate dozens of newcomers). After long local undercover wars, the main build of White replaced by Green Miracle codebase, which led to the departure of many players, due to sudden change of the codebase. Then, Animus finally fell apart into separate Onyx and Yellow servers in 2019.
II - Breathe or Die
The Yellow server has always been a testing ground and in order to keep White Dream one great guy named NFogmann, before the collapse, just put a separate /tg/station instance on it, which allowed to collect some of the remaining players. After a while we changed server name back to White.
III - Backstab
After moving to a new host (station13.ru), separately from Animus, we were doing great, new players come, community expands. And my friend suggested me an idea how to speed up expansion - buy placement of server join link on the main page of ss13.ru (Animus). The fact is that ZloFenix sold us the place and we stayed there for about a month, which brought us an incredible number of new players, because at that time the game was reviewed by a famous youtuber in russia named Wycc220. But on the other hand, we literally squeezed online of Onyx to zero values, lol. After some deliberation, they decided kick out us from the main page and close the forum completely.
IV - Helping Hand
It hit us hard, at one time we even thought about closing the server, but after creating a post about a possible closure, MasterOfDmx offered me the option of transferring the server to the FunClub community and full coverage of all expenses and any other help. Without thinking twice, I agreed and the server started growing back to the point you can see now in the BYOND hub.
Now, it's time to take a brown pill about development:
Course
We are a server for russian-speaking players who are just getting to know the game, but at the same time having all the possibilities for tricks, because of /tg/station codebase. This is an our unchanging policy that we strive to comply with. Also, almost most of the text in the game is being translated or translated to russian, so, for you, this server is probably unplayable, this is why I don't post here.
Another stolen and translated interface for techfabs.
Codebase
Some initial time, we were downstream /tg/station, but after Combat Mode commit, we had to switch to cherry-picking/copypasting changes from upstream. God bless intents. But in general, our code consists of copy-paste from different repositories, because of BYOND code adaptability. Sorry if we steal your precious assblast cannon mk3000.
Playerbase
Is mostly CIS (Commonwealth of Independent States). Quite toxic, but generally tolerable. I love my playerbase, all my friends inside it.
One of round aspects just put everyone in this room. Another buffed damage to x3.
Nazi?
No, we against this in every possible way. https://github.com/tgstation/tgstation/blob/master/.github/CONTRIBUTING.md#banned-content
Furries?
No, we against this in every possible way, but we have lizards.
That's all I wanted to write, you can ask questions if you have them of course.
V - The Unification
Coming soon.
Ethereum Explained: Ether, DApps, and Eth2
In 2018, the first major boom of cryptocurrencies took place: that’s when the general public learned about digital assets, and new projects were emerging every day. A considerable part of initial coin offerings, or ICOs, was carried out on Ethereum — and since then, the platform has played a key role in the crypto market. It’s home to hundreds of services, its founder is one of the most influential people in the industry, and for many, the ETH coin has become an asset as important as Bitcoin.
In this introductory article, we will break Ethereum down. You will learn about DApps, smart contracts, and their use cases. We will explain the issues of Ethereum and how the platform is to become more scalable and accessible with the transition to Ethereum 2.0, or Eth2.
Key concepts
To start, let’s cover a few concepts essential for understanding Ethereum.
Ethereum is a distributed computing environment, a blockchain that allows developers and businesses to create decentralized applications, or DApps. The founder of Ethereum Vitalik Buterin calls it a “world computer”: it’s a network of thousands of nodes that share and simultaneously update information about transactions in this network. To validate a transaction, all nodes have to agree upon it — and given the size of the network, approving a wrong or malicious transaction is close to impossible in Ethereum.
Ether, or ETH, is a native coin that serves as a means of payment for every transaction in the Ethereum network. Since ETH has become a second-largest crypto asset, it’s used by many as an investment tool.
DApps that run on Ethereum resemble regular applications, but they are based on blockchain and leverage its security and immutability. On the contrary, “traditional” apps that we use in daily life are run on centralized servers and are fully controlled by single entities.
The major technology that has made Ethereum widely used is a smart contract — a contract written in code that executes automatically without human intervention. Users set conditions, and once they are fulfilled, the deal self-executes. Pretty much everything that Ethereum has runs on smart contracts. For DApps, such contracts serve as backend. Developers write DApps using a tool called Ethereum Virtual Machine, or EVM.
How DApps and smart contracts work
One of the biggest DApps on Ethereum is Uniswap, a decentralized exchange that allows users to swap Ethereum-based tokens. First, each of these tokens is based on its own smart contract. Second, in Uniswap, there are liquidity pools that also run on smart contracts. In these pools, users lock their funds (liquidity) so that others can exchange their tokens. Each pool’s smart contract sets rules for such exchanges.
Smart contracts enable tons of use cases for Ethereum, the main of which are:
- Decentralized finance services — blockchain-based borrowing and lending (Compound, Aave), decentralized token exchanges (Uniswap, Sushiswap).
- Blockchain-based games and their native tokens (Axie Infinity, Sandbox, Decentraland).
- NFT marketplaces (OpenSea, Rarible).
Here are the advantages of smart contracts:
- They are trustless. Unfamiliar users don’t have to trust each other to interact: they only have to believe that the smart contract operates properly. Good protocols and their contracts are trusted by the community and are proven to be secure through audits.
- They are irreversible, immutable, and transparent. As soon as the contract’s conditions are met, the deal will execute without the possibility to reverse. Its records will stay in the blockchain forever, and everyone can see them.
- They offer clear rules of the game. In regular contracts run by people, there is always room for maneuver regarding what parts of the deal to execute and how. Disputes are resolved in court. In smart contracts, all conditions are clearly described, and once they are fulfilled, the deal executes according to the “all or nothing” principle.
Ethereum gas and transaction fees explained
Currently (and supposedly until mid-2022), Ethereum is running on the Proof of Work consensus algorithm — like in Bitcoin, Ethereum miners compete with each other in computing power for the right to validate transactions and get block rewards.
The power necessary for a miner to validate a transaction is called gas, and the price you pay to the miner for their work is called gas price. If we multiply the two, we get the transaction fee. The average fee in Ethereum is pretty high and varies between $2–5 and all the way up to $50–80 at times of big network congestion. Fees in Ethereum are paid in ETH coins but are denoted in gwei (or gigawei, which is 1*10^-9 ETH).
Although the system suggests an optimal transaction fee automatically, you can add a miner tip to make miners more incentivized to process your transaction as fast as possible.
Ethereum vs Bitcoin
In 2013, Vitalik Buterin proposed to enlarge the functionality of Bitcoin by adding smart contracts, but the community said no. This is how Ethereum was born — a dedicated platform with improved transaction speed that allows building DApps and tokens on top of it.
Ethereum and ICOs
When the crypto markets started mooning in 2017–2018, Ethereum became the main platform for ICOs, or initial coin offerings. Crypto enthusiasts were proposing ideas for new blockchain projects and raising money for their implementation. This is how many notable projects that we know today emerged: EOS, another DApp platform, raised $185 million over 5 days and $4B in total; Brave web browser attracted $35 million in 30 seconds. NEO and IOTA also had an ICO in those days.
Money was raised in ICOs throughout 2017
However, due to poor regulation of ICOs, it turned out that many of them were scams. Later, projects started to raise their first money in different ways, but Ethereum has never lost its significance after the ICO boom.
Why Ethereum 2.0? Scalability, security, and sustainability
As mentioned above, Ethereum was a huge step forward compared to Bitcoin: it accelerated mining to just 10–20 seconds and introduced new robust functionality. However, Ethereum could still only process no more than 15 transactions per second (TPS), while the demand for smart contracts was rising. The platform’s throughput couldn’t meet it, and the blockchain often got congested, which caused frequent surges in fees.
Ethereum 2.0 aims to solve this: the new network’s configuration will allow it to handle up to 100,000 TPS with improved security. The first step towards Eth2 is switching from the Proof of Work consensus to Proof of Stake. PoW currently used in Ethereum is very energy-consuming: miners engage enormous computing power in their competition, but only one of them ultimately mines a block. Others still contribute to the network’s security, but the waste of energy is nevertheless too high.
In PoS, there are stakers instead of miners. Everyone staking at least 32 ETH gets a reward, and stakers are one by one assigned the right to validate a block. By eliminating miners’ competition, PoS drastically reduces energy consumption in Ethereum, making it more sustainable and scalable without harming security. If a user doesn’t have 32 ETH but still wants to participate, they can become a pool validator — join hands with other users and receive a share of rewards.
Eth2 roadmap
There are 3 key elements in Ethereum 2.0 that are to be rolled out consecutively.
- Beacon chain. This is the Ethereum blockchain that runs on the PoS consensus. Its implementation is referred to as Phase 0 of the Eth2 roadmap, and the chain has already been launched. However, the main Ethereum chain remains PoW at the time of writing.
- Merge. This is an event scheduled for 2022 when the PoW Ethereum 1.0 mainnet will merge with the Beacon chain, and the platform will mark the full transition to PoS. The Merge will open the door for the implementation of sharding.
- Sharding. This is the key solution for improving Ethereum’s throughput (scalability). Sharding spreads Ethereum across 64 separate shard chains that run in a relatively autonomous way. This allows processing far more transactions than originally.
The beacon chain will become the core of the system and will coordinate shard chains. PoS makes such a structure possible — running 64 chains on PoW would require unprecedented amounts of energy, and it would be hard to maintain operation of so many miners. The security of such a system would be flawed.
Ethereum hard forks: from Berlin to Altair
Besides implementing the 3 concepts of Eth2 listed above, the transition to PoS implies a few updates that bring the network closer to the ultimate goal. These are hard forks — radical changes in the protocol’s functioning that make the previous version of the blockchain obsolete and require all nodes to update their software.
In 2021, 4 hard forks took place to prepare the current Ethereum mainnet for the Merge with the beacon chain.
The Berlin hard fork was rolled out on April 15 and included 4 Ethereum Improvement Proposals, or EIPs — propositions that are put forward by developers and are actively discussed in the community. EIPs of the Berlin hard fork reduced fees for some transactions and made DoS attacks on Ethereum more complicated.
The London hard fork took place in August and consisted of 5 proposals. The most significant one of them, EIP-1559, aimed to make fees in Ethereum cheaper and more predictable.
Before this update, transaction fees were defined in an auction: users proposed a fee based on the network congestion data. The high demand for transactions pushed the fees up significantly. EIP-1559 removed the auction system and instead, introduced the base fee: now, gas price is determined automatically and changes very little from block to block, eliminating sharp increases in gas price.
Another side of the EIP-1559 enraged miners: it prescribed to burn the base fee, thus slashing a big part of their rewards. Miner tips were also introduced: users could now add tips to the base fee to promote their transaction, and these tips would reach miners. Fee burning is meant to protect ETH from inflation by creating deflationary pressure on the coin.
Another proposal in the London update was the EIP-3238 introducing the “difficulty time bomb.” This is an algorithm that will once activate, making Ethereum mining obsolete since it will become too difficult and cost-ineffective to mine ETH. This move aims to disincentivize miners and push them to engage in staking.
The Altair update in October 2021 facilitated the upcoming Merge for the beacon chain, enabled support for “light clients” to promote decentralization, and set penalties for inoperative nodes. Finally, the Arrow Glacier hard fork in December delayed the activation of the difficulty time bomb for June 2022. This means we will see Ethereum fully switch to PoS not earlier than this summer.
Bottom line
The way Ethereum grew over the past 6 years is a tremendous success for its founders. However, Vitalik Buterin who is now the youngest crypto billionaire doesn’t seem to be a person for whom personal wealth is of critical importance: rather, improving the Ethereum ecosystem is his priority. His approach and the transparent work of hundreds of developers have helped Ethereum gain trust in the crypto community, and the ongoing transition to Eth2 will help retain this trust and ensure the platform’s competitiveness for years to come.
🍑ASSCOIN🍑 | Low mc 25k 🚀🚀 l sexy girl promote us 🚀 l this month we launch general shitcoin forum I 113 Nft on marketplace I Nftgame ASSteroid soon
Join our Telegram, a sexy girl promoted us! We have a funny game active on telegram, the best score will recieve 15$!
Only 25K marketcap!!! Contract
0xdfb637b35e1ea86fcf2880f1859b2bbaa821e5a8
We want make Asscoin the biggest meme on the crypto world!!!
We need 1000-1500 holders to be listed in cmc and this will explode! 😍
Updated roadmap 2022
New nft game coming soon + development of a new general shitcoin forum board will be launched this month.
Nft gallery with +113 nfts! This week we will start big shilling raids and big marketing for our nft's and launched alpha version of onlyass service.
1️⃣WHAT IS ASSCOIN❓
-
We are not going to tell HODL, x1000 ot Lambos. This is the real shitcoin, a parody of bitcoin and all BSC shitcoins in general. We have started with a very low marketcap and without private/public presales that dump the coin, anyone who entered the first days after reddit post can be a whale.
-
Dedicated and hard working, with engaged moderators and community members.
2️⃣ WHY BUY ASSCOIN❓
-
We don't throw empty promises around like 'you will go x100'. We will reach that goal by dedication and hard work! Only then we will say: here you go, enjoy the big gains.
-
We are honest about the fact that Asscoin is a meme coin. However, that doesn't stop us from going big!
-
All ideas, opinions and contributions are welcome in our group.
-
We don't lock ourselves with a generic roadmap that every meme coin is using nowadays. We have specific goals, but improvise on the go too.
3️⃣ WHEN MARKETING❓
-
Marketing is an ongoing process. We continuously search and engage in the most efficient promotion for Asscoin.
-
Coming marketing (under review): shout-outs by TikTok influencers, reviews by YouTubers, viral events with price pools, shilling contests and many more.
-
We will keep pushing to get on cg and cmc.
4️⃣ TOKENOMICS❓
-
Liquidity is locked on DeepLocker for 10 years.
-
Max supply of 1000T tokens.
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990T circulating supply.
-
10T burned
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49T team tokens.
-
Max 5T per transaction to prevent sharp pumps and dumps.
-
5% tax (4% liquidity pool and 1% rewards for Asscoin holders).
-
0xdfb637b35e1ea86fcf2880f1859b2bbaa821e5a8
(Check in Telegram)
Still have some questions about Asscoin? Check our links below. Excited? Then join us, share ideas and lets go to URANUS 🌕 together!
5️⃣ LINKS❓
🌐 Website
💬 Telegram group
Liquidity locked 10 years
0xdfb637b35e1ea86fcf2880f1859b2bbaa821e5a8
🥞 Buy on PancakeSwap (Always check and verify the contract address!)
https://pancakeswap.finance/swap?outputCurrency=0xdfb637b35e1ea86fcf2880f1859b2bbaa821e5a8
💎 Coinrealcap | Kyc and doxxed team💎 $CRC Token ILO on Pinksale Tomorrow| 💎 Big advertisement campaigns | Actual and real-time data for 2600+ cryptocurrencies and defi | kyc by interfi network | Audit by three auditors and certik soon| 💎 Blockfolio and watchlist
Social Media Links :
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Twitter : https://twitter.com/coinrealcap
Website : https://www.coinrealcap.com
Presale : 300/600 BNB on pinksale
CoinRealcap shows the most accurate live prices, charts and market rates from trusted top crypto exchanges globally. CoinRealcap have over 2100+ cryptocurrencies, trusted historical data, details of active, upcoming and finished ICOs. The website provides a list of cryptocurrency and blockchain related events, valid and authentic list of cryptocurrency wallets and Bitcoin mining pools. We also provide rich advertisement campaings to advertise your business on this website.
Top DeFi coins by market capitalization
All available top crypto exchanges
Blockfolio of your coins
Watchlist of your favorite coins
Crypto Fear and Greed Index (Every day emotions and sentiments analysis of cryptocurrency Fear and greed index of bitcoin)
Fundamental Crypto Asset Score (FCAS)Complete List of Fundamental Crypto Assets Score Compare Bitcoin, Ethereum and Litecoin Assets Score Bitcoin, Ethereum and Litecoin Crypto Score
Cryptocurrency converter
Buy / Sell Instantly
Bitcoin Blockexplorer
Cryptocurrency News
The website provides a list of cryptocurrency and blockchain related events, valid and authentic list of cryptocurrency wallets and Bitcoin mining pools. We also provide rich advertisement campaings to advertise your business on this website.
Tokenomics :
Token Supply: 1,000,000,000,000
Presale : 87%
Locked : 10%
Team : 3%
*__Tax (10%)
5.0% Liquidity Pool
3.0% Api integration and development
2.0% Marketing
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