Friday, February 10, 2023

Cardano Daily Discussion - February 11, 2023

Hello everyone,

Welcome to the Cardano Daily Discussion!

The standard sub rules apply here (see sidebar), with the exception that price discussion is allowed in this thread, though we encourage you to try not to make this the focus and talk about the project itself. Please ask questions, help others and be civil - be sure to get involved in Project Catalyst too!

If you're new, please make sure you're read through the newbies guide and share it with others (use the ?newbies comment command to reference it).

⚠️ Scam Warning ⚠️

Please read the Cybersecurity guidelines for Cardano Users.

There are ongoing giveaway scams on youtube and many scammers lurking in Cardano's social channels impersonating ambassadors/moderators/official staff contacting users via direct messages.

For example, searching 'cardano' on youtube and sorting by most recent upload date shows several giveaway scams running (all videos in screenshot are scams):

Ongoing 'giveaway' scams on Youtube

The youtube scams are automated; use stolen footage usually of Charles Hoskinson and are restreamed so to appear to be 'live'; appear to have many watchers (which are bots); use bought hacked channels and are edited to appear like official channels.

See this post for more examples of what they look like

Do not be fooled!

To be clear:

⚠️ There is no such thing as a Cardano giveaway
⚠️ Never share your seed phrase with ANYONE
⚠️ Never send ADA to someone promising to send you more ADA back
⚠️ You will never be contacted by ambassadors/moderators/staff

Please report scams on the Cardano Fraud Detection Bureau.

⚠️ Scam Warning ⚠️

https://preview.redd.it/60ofludzpq8a1.png?width=284&format=png&auto=webp&v=enabled&s=7d58fc8aaa2eb5f125624608b97bdd7b943a1111

Midnight Subreddit

In anticipation of Input Output's new data protection blockchain 'Midnight', I've managed to acquire r/Midnight through some negotiation and repurpose it for the Cardano Community (the sub was created for a card game back in 2011 but was mostly unused).

I decided to do this as I thought the project will eventually need a home on reddit and best to setup now before any scammers do. Obviously there's not much to post about on there right now as it's early days as the project is yet to be released, but if you'd like to be kept up to date on the project please feel free to join the new subreddit if the project interests you and I'll be sure to post updates as and when they become available.

Right now the sub is mostly a carbon copy of r/cardano, I've copied most of the automod and rules over, so certain aspects may seem a little incongruent atm, but I'll tailor and tweak the sub as we go. Feel free to send me or post any input if you want stuff to change.

Cheers all

EU | UK |CHERNARUS |PC | ENGLAND RP PVE NO RAIDS OR KOS PVP ZONES

ENGLAND |RP |PVE |NO BASE RAID |NO KOS

Hello survivor are you looking for a new place to call home? Well we have the perfect brand new server for you with a friendly community looking for. ☆Active members ☆Clans ☆Role play jobs ☆Experienced and freshie

PLAYER START CASH: 50K

IP: 51.89.239.17:2518

MAP: Chernarusplus

PLAYER SLOT : 0/30

VERSION: 1.19

➡️MOD-LIST⬅️

➼Unlimited stamina ➼80+ custom cars ➼Garage mod green mountain ➼Much stuff pack ➼Cs_mvs_clothing ➼Cf ➼Much car keys ➼Pve/Pvp zones ➼Server panel ➼Teddy weapons ➼Flip vehicles ➼Build anywhere ➼Drugs plus ➼Cannabis plus ➼More drugs and effects ➼Role play clothes ➼Territory clan claim ➼More doors + EMD ➼Cabins ➼More flags ➼No vehicle damages ➼Code lock ➼SchanaParty ➼Advance banking ➼Multiple traders + fixes and features ➼VPP map ➼Dayz dog ➼Player tombstone ➼Better drinks ➼Builder items. ➼Natural overhaul . ➼Collectables - 107 pokemon cards, bitcoin, jewellery and lots more!. ➼Gore blood ➼Active Events. ➼Role play. ➼Ear Plugs. ➼Disabled garden plots. ➼DB surfaces. ➼Auto run. ➼Upgraded air drops. ➼Extra fish & bugs ➼Bullet stacking. ➼Simple building ➼Base building plus ➼Animal farming ➼Key card rooms ➼Custom areas ➼Unknown ghillies ➼M3s truck fix Much much more!

Dayz launcher: Find our server https://dayzsalauncher.com/#/home

EnglandRP social reddit: share your experience https://www.reddit.com/r/EnglandDayzServer?utm_medium=android_app&utm_source=share

We really hope to see you in discord and in game soon.

https://discord.gg/XphY5THW3a

Crypto Tax Basics

So, figure I'd post this here about Crypto taxes. Yes, it's from CoinBase but that doesn't mean the information isn't valid. Take it for what it is. Note, I am not a financial or tax advisor. Do your own research and speak with licensed professionals if you have questions or concerns.

Article: https://www.coinbase.com/learn/crypto-basics/understanding-crypto-taxes

U.S. taxpayers are required to report crypto sales, conversions, payments, and income to the IRS, and state tax authorities where applicable, and each of these transactions has different tax implications.

To understand if you owe taxes, it’s important to look at how you used your crypto. Transactions that result in a tax are called taxable events. Those that don’t are called non-taxable events. Let’s break them down:

Not taxable

Buying crypto with cash and holding it: Just buying and owning crypto isn’t taxable on its own. The tax is often incurred later on when you sell, and its gains are “realized.”

Donating crypto to a qualified tax-exempt charity or non-profit: If you give crypto directly to a 501(c)(3) charitable organization, like GiveCrypto.org, you may be able to claim a charitable deduction.

Receiving a gift: If you’re lucky enough to get crypto as a gift, you’re not likely to incur a tax until you sell or participate in another taxable activity like staking.

Giving a gift: How thoughtful! You can gift up to $15,000 per recipient per year without paying taxes (and higher amounts to spouses). If your gift exceeds $15,000 per recipient, you’ll need to file a gift tax return (which generally does not result in any current tax liability). If you transfer crypto to someone else outside of a purchase for goods or services, it may count as a gift, even if you didn’t mean it that way.

Transferring crypto to yourself: Transferring crypto between wallets or accounts you own isn’t taxable. You can transfer over your original cost basis and date acquired to continue tracking your potential tax impact for when you eventually sell.

ETH2: If you have staked ETH and hold ETH2 that is accruing staking rewards, those rewards are generally not yet taxable as they have not been released by the protocol. At the time when you gain control over those rewards, those rewards will be deemed taxable as income.

Taxable as capital gains

Selling crypto for cash: Did you sell your crypto for U.S. dollars? You’ll owe taxes if you sell your assets for more than you paid for them. If you sell at a loss, you may be able to deduct that loss on your taxes.

Converting one crypto to another: When you use bitcoin to buy ether, for example, you technically have to sell your bitcoin before you buy a new asset. Because this is a sale, the IRS considers it taxable. You’ll owe taxes if you sold your bitcoin for more than you paid for it.

Spending crypto on goods and services: If you use bitcoin to buy a pizza, for example, you’ll likely owe taxes on the transaction. To the IRS, spending crypto isn’t that much different from selling it. You need to sell the asset before it can be exchanged for a good or service, and selling crypto makes it subject to capital gains taxes.

Taxable as income

Getting paid in crypto: If you were paid in crypto by an employer, your crypto will be taxed as compensation according to your income tax bracket.

Getting crypto in exchange for goods or services: If you accept crypto in payment for a good or service, you’re responsible for reporting it as income to the IRS.

Mining crypto: If you mined crypto, you’ll likely owe taxes on your earnings based on the fair market value (often the price) of the mined coins at the time they were received. Crypto mined as a business is taxed as self-employment income.

Earning staking rewards: Staking rewards are treated like mining proceeds: taxes are based on the fair market value of your rewards on the day you received them.

Earning other income: You might earn a return by holding certain cryptocurrencies such as USD Coin. This is considered taxable income. Although this is sometimes referred to as interest, the IRS treats it differently than interest you'd earn from a bank. Special note on ETH2: If you have staked ETH and hold ETH2 that is accruing staking rewards, those rewards are generally not yet taxable as they have not been released by the protocol. At the time when you gain control over those rewards, the rewards will be considered taxable as income.

Getting crypto from a hard fork: Taxes on crypto you got from a hard fork depend on how you use the asset, when it’s available to withdraw from your exchange, and more. See the latest IRS guidance on hard forks

Getting an airdrop: You might receive airdrops from a crypto company as part of a marketing campaign or giveaway. Getting an airdrop is taxable as income, and you’ll need to report the amount in your taxes. See the latest IRS guidance on airdrops

Receiving other incentives or rewards: This list isn’t comprehensive — there are a variety of reasons why you might receive free crypto. These can include rewards from learning rewards or incentives like getting $5 in bitcoin for referring a friend to a crypto exchange. Regardless, you’ll need to report these as income.

Hiro's Weekly Community Updates: Bitcoin-Native Experience to the Hiro Wallet, Guide to Web3 App Development, Bitcoin Smart Contracts 101, and more!

Calling all Stacks developers! Don't miss out: Here's a roundup of all the latest announcements, tutorials, and events to keep on your radar. Some of our latest posts include:

Bringing a Bitcoin-Native Experience to the Hiro Wallet - In this episode of Web3 on Bitcoin, our Product Lead, Mark Henderickson, discusses the wallet team's work to integrate Bitcoin directly into the user experience.
Guide to Web3 App Development - If you want to build an app that taps into Web3's unique potential but don't know where to start, we've got you covered. Download your free guide here.
Bitcoin Smart Contracts and How They Work - Thanks to Stacks: Bitcoin Smart Contracts are here to stay. Find out what they are and how they work in this deep dive with Joseph Bender.
Release Roundup - January 2023 - Our goal is to better illustrate what we're working on, the big bets we are making, and how these are all tied together to help developers build better. Jump in the latest product updates from last month here.

Looking to enter the world of blockchain? Hiro is hiring! Check out some of our open positions here.

Stay tuned here and on our Twitter for more updates and announcements.