CREW TECH OFFICIAL Crypto Thread - so...WHO'S HIRING???

[riznat]

@riznat or anyone else that's using https://app.oklg.io/ to bridge anyp tokens, if you run across any issues, reach out to the main dev on the OK Let's Go Telegram. He looked up my stuck transaction, and found me the correct codes to use. Just saved me several hundred bucks retrieving my coins from limbo.

I've moved from the FTM chain back to AVAX due to 1/5 the holders. Just trying to chase the largest rewards (even though they are pretty non-existent right now lol)

oh nice

I was stupid with anyp, bought it on FTM, wanted to bridge it over to BSC, at the time, nothing was setup to et you do it. So i just sold on FTM And rebought on BSC, so I paid all the taxes on those, i went onto a chain where my position was much lower, and there is barely any volume anyway hahah. oh well.

FTMP is still printing money but its drastically slowed down, they have lowered the rewards too so we can survive this shitty market. The Sells they were doing to pay back the holders was hurting the price cause there is such little other volume right now. I hope it comes back... they are developing a launchpad for new projects on FTM, hoping that helps, FTMP holders will get airdrops of the tokens they launch.

 

[Faikius]

SHDW gang, I have a tax question.

I've seen some people mention not claiming their staked tokens until 366 days staked, making it one taxable transaction that can be classified as a long term gain.

But my question is, is the the smartest way to do things if you think price will be higher in a year than it is now? For arguments sake, let's say the price rises $1 a month over the next year and I were to claim on the first of every month - so $1 price on Feb 1st, $2 March 1st, etc.

Wouldn't it be smarter to create the 12 short term capital gain taxable transactions but spread out the amounts based on token price vs. claiming them all at the highest token price, albeit as a long term capital gain?

Depends on what you think the SHDW token price will be when you plan to withdraw I guess.

 

[MarylandTerps]

Depends on what you think the SHDW token price will be when you plan to withdraw I guess.

True. Maybe I'm drinking the kool aid too much but I think after the storage solution is in place it's gonna rise, potentially rapidly

 

[riznat]

True. Maybe I'm drinking the kool aid too much but I think after the storage solution is in place it's gonna rise, potentially rapidly

sure hope so, the solana network issues have me a bit worried about it being able to stay 'hot' like it was this summer. Hopefully they figure it all and hopefully Genesys team is able to get storage solutions on all the major chains so it wont matter about Solana all that much.

 

[cbpage]

SHDW gang, I have a tax question.

I've seen some people mention not claiming their staked tokens until 366 days staked, making it one taxable transaction that can be classified as a long term gain.

But my question is, is the the smartest way to do things if you think price will be higher in a year than it is now? For arguments sake, let's say the price rises $1 a month over the next year and I were to claim on the first of every month - so $1 price on Feb 1st, $2 March 1st, etc.

Wouldn't it be smarter to create the 12 short term capital gain taxable transactions but spread out the amounts based on token price vs. claiming them all at the highest token price, albeit as a long term capital gain?

I don't think that would be the case. Your timer started when you bought the NFTs (afaiac). Any sells prior to 1 year from that date are short term gains. What are you planning on doing? Claim every month and pay short term taxes and then still having to hold past a year to get it reduced to long term for your final sale? Or are you going to sell multiple times in less than a year and pay short term taxes for each sale? I'm not aware of any situation where paying 25% results in less taxes than paying 15%.

It's really simple to figure out. Assume you have 1 token. Starting price is $1 (cost basis). At 1 month the price is $2. At month 2 the price is $3. Etc, etc. Claim your token at various points and calculate the tax. Sell under short term and long term conditions. Claiming under long term taxes will net you the lowest tax bill.

 

[MarylandTerps]

sure hope so, the solana network issues have me a bit worried about it being able to stay 'hot' like it was this summer. Hopefully they figure it all and hopefully Genesys team is able to get storage solutions on all the major chains so it wont matter about Solana all that much.

yeah it is worrisome. But Solana mainnet is still in beta and I think is constantly improving, hopefully these are just growing pains

 

[MarylandTerps]

I don't think that would be the case. Your timer started when you bought the NFTs (afaiac). Any sells prior to 1 year from that date are short term gains. What are you planning on doing? Claim every month and pay short term taxes and then still having to hold past a year to get it reduced to long term for your final sale? Or are you going to sell multiple times in less than a year and pay short term taxes for each sale? I'm not aware of any situation where paying 25% results in less taxes than paying 15%.

It's really simple to figure out. Assume you have 1 token. Starting price is $1 (cost basis). At 1 month the price is $2. At month 2 the price is $3. Etc, etc. Claim your token at various points and calculate the tax. Claiming under long term taxes will net you the lowest tax bill.

but the assumption isn't that I have 1 token, the assumption is that I have 12 considering the NFTs are emitting tokens in a linear fashion.

The equation would be, do I pay more taxes by claiming short term gains at $1, $2, $3, etc at every dollar amount up to $12 or one long term gains tax with all 12 tokens at $12

I mean it's kind of a dumb argument I'm making anyway because the token price won't be that linear and may not even go up at all who knows, but I'm just curious



The other consideration is that if you claim throughout the year, you can lend those claimed tokens out on Tulip and have them be generating additional tokens during that time

 

[riznat]

yeah it is worrisome. But Solana mainnet is still in beta and I think is constantly improving, hopefully these are just growing pains

I forget that its still beta lol, are there plans/roadmap on when its supposed to be a released product and not beta?

 

[cbpage]

but the assumption isn't that I have 1 token, the assumption is that I have 12 considering the NFTs are emitting tokens in a linear fashion.

The equation would be, do I pay more taxes by claiming short term gains at $1, $2, $3, etc at every dollar amount up to $12 or one long term gains tax with all 12 tokens at $12

I mean it's kind of a dumb argument I'm making anyway because the token price won't be that linear and may not even go up at all who knows, but I'm just curious

The number of tokens you have is irrelevant. The math isn't suddenly going to reverse because you went from having 1 token to 100 tokens to 10k tokens. Calculating with one token is just to make it easier for you to do the math.

 

[MarylandTerps]

The number of tokens you have is irrelevant. The math isn't suddenly going to reverse because you went from having 1 token to 100 tokens to 10k tokens. Calculating with one token is just to make it easier for you to do the math.

But the 1 token example doesn't work in this case because I don't have the ability to claim the full 1 token right now. So it's not either claim my one token now or one token in a year, I'm talking about claiming a fraction of that one token every month at various prices vs. claiming the whole token at the end of a year at a fixed price, whatever that may be. Basically DCAing my tax hit

 

[MarylandTerps]

guys in Discord making a compelling argument, obviously none of them are tax lawyers lol. If the NFT was an assumption of 13k tokens when bought, then claiming isn't taxable - only selling the token eventually. Just means the cost basis for every token is like .06 or whatever so if you don't sell for a year it's all long term either way.

If this is what you've been saying the whole time @cbpage I'm sorry, I'm kinda dumb

 

[cbpage]

But the 1 token example doesn't work in this case because I don't have the ability to claim the full 1 token right now. So it's not either claim my one token now or one token in a year, I'm talking about claiming a fraction of that one token every month at various prices vs. claiming the whole token at the end of a year at a fixed price, whatever that may be. Basically DCAing my tax hit

I don't know how else to explain it. It is not to your advantage to pay short term taxes vs long term. We'll just assume a cost basis of 0 to keep the math simple. You will have a final sale price on your token(s)- let's say $10. Would you rather pay $2.50 in taxes or $1.50? If you claim it under short term taxes when the value is $4, you'll pay $1 in taxes. When you sell at $10 under long term taxes, you'll owe an add $.90 for a total of $1.90 in taxes. $1.90 is not less than $1.50. No matter where you choose to claim and then ultimately sell, you will never come out better paying any amount in short term taxes rather than just paying the entire amount in long term taxes.

This is why I suggested to just take a single token and claim it at various points. The math is simple.

 

[cbpage]

guys in Discord making a compelling argument, obviously none of them are tax lawyers lol. If the NFT was an assumption of 13k tokens when bought, then claiming isn't taxable - only selling the token eventually. Just means the cost basis for every token is like .06 or whatever so if you don't sell for a year it's all long term either way.

If this is what you've been saying the whole time @cbpage I'm sorry, I'm kinda dumb

Not a tax lawyer here, but yes, this is how I'm going about it. The NFT purchase date is when I'm starting my counter for the 13k tokens and sets the cost basis. I think this is at least a defensible position against the IRS since I did buy the NFT as a representation of the tokens. Of course, that doesn't mean that I'd win, but I'm willing to roll the dice on it.

 

[cbpage]

guys in Discord making a compelling argument, obviously none of them are tax lawyers lol. If the NFT was an assumption of 13k tokens when bought, then claiming isn't taxable - only selling the token eventually. Just means the cost basis for every token is like .06 or whatever so if you don't sell for a year it's all long term either way.

If this is what you've been saying the whole time @cbpage I'm sorry, I'm kinda dumb

Just reread and it's not 100% my plan. I was still planning on paying taxes when I moved them into my wallet with the cost basis and timer set by the NFT purchase.

I'll have to consider what they're saying and see if I feel comfortable rolling the dice on that.

 

[MarylandTerps]

Not a tax lawyer here, but yes, this is how I'm going about it. The NFT purchase date is when I'm starting my counter for the 13k tokens and sets the cost basis. I think this is at least a defensible position against the IRS since I did buy the NFT as a representation of the tokens. Of course, that doesn't mean that I'd win, but I'm willing to roll the dice on it.

I was getting caught up in the "every time you claim the tokens it'll be taxable" mindset which was why I was being dense about your first few responses. Now that I'm out of that vortex, I think this makes much more sense, it really is the simplest way to conceptualize it. And this type of concept is so new, there's no way the IRS is even know what to do with this, much less be in a position to start slapping people's dicks about it.

 

[cbpage]

This page sucks. Can we get to the next page already.

 

[riznat]

This page sucks. Can we get to the next page already.

doing my part

 

[cbpage]

doing my part

Thanks.

 

[riznat]

Thanks.

your welcome

 

[fuqxyu]

This page sucks. Can we get to the next page already.

cbpage plz

 

[MarylandTerps]

thank god that's over

 

[cbpage]

I feel like we should already be there.

EDIT: We are there

 

[Grape_Ape]

Another 10K or so and I can tell my wife that we gonna be rich

 

[Cicada]

SHDW gang, I have a tax question.

I've seen some people mention not claiming their staked tokens until 366 days staked, making it one taxable transaction that can be classified as a long term gain.

But my question is, is the the smartest way to do things if you think price will be higher in a year than it is now? For arguments sake, let's say the price rises $1 a month over the next year and I were to claim on the first of every month - so $1 price on Feb 1st, $2 March 1st, etc.

Wouldn't it be smarter to create the 12 short term capital gain taxable transactions but spread out the amounts based on token price vs. claiming them all at the highest token price, albeit as a long term capital gain?

How many tokens are unlocked every month?

 

[BAUCE]

ohhh I'm enjoyyinggg

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how much time do you spend on 4chan?