EddieJayonCrypto
3 Feb 22
Here is what is on my mind today:1. IRS may not tax staking rewards until sold. A couple has won a case that says they will get a refund along with any interest provided by the law for having paid taxes on unsold staking gains. They plan on taking this onward to set precedent since there are not rea...
Here is what is on my mind today:1. IRS may not tax staking rewards until sold. A couple has won a case that says they will get a refund along with any interest provided by the law for having paid taxes on unsold staking gains. They plan on taking this onward to set precedent since there are not real regulations around staking. In the UK, staking crypto will often be considered as the sale of tokens and will incur capital gains tax. 2. There is new malware targeting MetaMask and 40 other wallets, including Coinbase Wallet. This is on the heels of a Crypto.com hack. 3. Solana Wormhole bridge gets hacked for about 80K ETH (over $200M). Keep in mind that was ETH and not SOL 4. Cardano announces upcoming performance enhancements and other innovations. This should address scalability and congestion as Cardano enters its third leg OF its roadmap, the Basho era. They would increase the overall block size to 80 kilobytes, a significant increase to the current 72 kilobytes. It would also increase memory units. I have said it before and I will say it again, Cardano is going to make some big moves this year. Stayed tuned! 5. According to Russian government officials, Russians collectively hold about 16.5 trillion Rubles in cryptocurrencies. This was calculated by the IP addresses and "other information". Of course, this is not accurate, but the research is pretty astounding when you consider the recent flipflop of Russia's approach to regulating crypto. 6. Crypto derivatives hit all-time high on speculation compared to normal trading on exchanges that were down by about 30%. Most of the derivative's trading is happening offshore as traders see a chance for much larger gains.7. Amazon beat spectacularly and so did Snap! 8. John Legend launches new music and art NFT platform called OurSong. The platform will not require users to have a crypto wallet. People will be able to turn their art, music, stories and photography into NFT trading cards called Vibes. As a person that writes music, lyrics and poetry, I think this is the coolest thing. They have built the platform to cater to the broadest audience by not requiring a crypto wallet. I am guessing it will operate almost like some sort of exchange where they tokenize and hold your work for you and handle the transfer of NFTs and money. 9. Wharton joins a list of schools accepting crypto payments for blockchain program tuition fees.Check out our NFT! https://opensea.io/assets/matic/0x2953399124f0cbb46d2cbacd8a89cf0599974963/70107227251895808812277070274325079555192346213643448933819430980363338383361/🔥 Check out my new NFT: https://opensea.io/assets/matic/0x2953399124f0cbb46d2cbacd8a89cf0599974963/70107227251895808812277070274325079555192346213643448933819430980363338383361/🚨 Full Disclaimer: This video and its contents are for informational purposes only and do not constitute an offer to sell or trade, a solicitation to buy, or recommendation for any security, cryptocurrency, or related product, nor does it constitute an offer to provide investment advice or other related services by Eddie Jay on Crypto. Eddie Jay on Crypto may have a financial investment with the cryptocurrencies discussed in this video. In preparing this video, no individual financial or investment needs of the viewer have been taken into account nor is any financial or investment advice being offered. Any views expressed in this video were prepared based upon the information available at the time such views were written. Changed or additional information could cause such views to change.