New to crypto? Cryptocurrency Basics is a 9 minute video that serves as a great intro to the world of crypto. It’s part of our Crypto and Web3 for Absolute Beginners course.
You know how yesterday’s issue was pretty NFT-heavy? Well today’s issue is more or less the opposite. Gotta mix things up! In this issue I’ve got a great response for anyone who wants to give you their thoughts (good or bad) on crypto, some perspective on volatility from outside of the crypto world and some good news from the US government (from the IRS of all places). Also: don’t miss today’s NITRO! thread recommendation!
In this issue:
Portfolios speak louder than words
Crypto volatility vs tech stocks
Fearless staking
NITRO! (3 can’t-miss things)
Tools
Portfolios speak louder than words
People tend to do a lot of talking in the crypto space. They talk up A, B and C coins. They talk crap about X, Y or Z tokens. When I came across the following tweet I heard, “ding, ding, ding.”
In other words: put your money where your mouth is. Do you think crypto is the future? Have you really done your research? Which NFT projects hold the most promise? Does ETH matter more than Solana? The blockchain speaks of your convictions (and it doesn’t can’t lie).
Next time someone has something to tell you about crypto then cue your inner Samuel L. Jackson: “What’s in your wallet?”
Crypto volatility vs tech stocks
Crypto is known for it’s volatility but some macro perspective always helps. As it turns out… crypto isn’t the only place where volatility exists.
And then there’s Facebook (ahem, “Meta”) which was down 26%.
Yes. Crypto is volatile. Yes. Tech stocks can be volatile as well. So…?
Fearless staking
You know what’s really motivating for people? Taking away money they haven’t even made yet. Right? RIGHT?! Oh wait… As reported by Blockworks:
A decision to refund a Nashville couple taxes related to unsold Tezos tokens is set to clarify the IRS tax treatment of staked cryptocurrency.
In a win for cryptocurrency stakers and miners, the IRS has offered to refund the couple taxes paid on rewards gained — but not redeemed — from staking on the Tezos blockchain, according to people familiar with the matter.
How much are we talking here?
In May 2021, Joshua and Jessica Jarrett requested a refund of $3,293 of income tax paid in 2019 for the receipt of 8,876 Tezos tokens, according to a legal complaint filed on May 26, 2021, with the US District Court for the Middle District of Tennessee. The couple also sought a $500 increase in tax credits for lost income.
Not exactly a million dollars but a solid amount. Aside from the reassurance that I’m not likely to be taxed for gains I haven’t yet locked in (which is nice) the bigger thing here is almost just getting a bit of clarity from the government regarding crypto!
NITRO!
Tools
TrendSpider: technical analysis software to speed up your analysis, automate grunt work, find winning chart setups and reduce costly analysis mistakes.
Paybis: buy Bitcoin and other assets with a credit or debit card.
See you tomorrow!