Friday, February 17, 2023

Cardano Daily Discussion - February 18, 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


About selling mined crypto and Form 8453

I don't know how you would do this. But in 2022, I mined some bitcoin. and sold it within the same year. I understand that there are two taxable events; income and when I sold it. The income part, I just place in schedule 1 underneath other income. That's simple enough.

However, when I sell the mined bitcoin, I have to establish a cost basis for it. This would be the price of the bitcoin when I mined it, subtracted by when I sold it. But this information is not reported to the IRS; I only have it as a csv. Would I need to attach this to a form 8453 and send it to the IRS? There's no checkbox on the form that allows me to send something like that so I'm unsure. But without the csv I don't know if the IRS will establish the right cost basis.


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The hottest short crypto news for 02/17/2023

  1. The world’s first government tokenized green bonds worth ~$102 million with a 4.05% yield were released in Hong Kong. They were issued on the GS DAP platform by Goldman Sachs. The Bank of China and HSBC will offer the assets to global institutional investors.

  2. The blockchain project Theta Labs, a decentralized video streaming network, agreed to cooperate with the AI platform FedML. The project involves joint machine learning algorithms for content recommendation and generative AI based on Edge Network Theta.

  3. Zebedee announced “Bit-tendo,” a software project for various venues and events that is “a free retro game Bitcoin infuser.” The software replicates classic retro games, allowing players to earn satoshis for gaming achievements.