billy backstay
Backstay, never bought a suit, never went to Vegas
Thanks for that!!! I had never heard of encabulation before today!! Googling that led me down a rabbit hole to find this more useful endeavour!!
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FTX
- Thread starter blunderfull
- Start date
Thanks for that!!! I had never heard of encabulation before today!! Googling that led me down a rabbit hole to find this more useful endeavour!!
Clove Hitch
Halyard licker
Whoa. If I ever need to make a clothes pin and all I have is a broken clothes pin, Playdo, superglue and baking soda, I'm set
billy backstay
Backstay, never bought a suit, never went to Vegas
There's an even better one, mixing graphite powder shavings from a #2 pencil with the baking soda, and making it way stronger!! Kind of like carbon fiber compared to fiberglass!!
When it first came out, I hoped bitcoin was a way to undercut the merchant service providers and their 2-4% fees on all credit card transactions (varies by type of card, debit vs credit, in building, over the phone or online, phase of the moon, etc so when the competition does a cost comparison, they always find a way to look better). Cyber was far too volatile to use for real transactions, unless the goal was to launder money or hide illegal enterprises. On the other hand, I was happy to see them fail since they bypass the reserve banks of the countries using them, hindering a nation's ability to manage its own economy.
- Moderator
- #45
As almost anyone in the business would agree: Anything you can use blockchain to accomplish, you can do faster, cheaper, and more securely using something else.
SloopJonB
Super Anarchist
So essentially you were hoping for something for nothing.
When they were offering nothing for something.
Nah, I was just looking for a bookie with a smaller vig
Clove Hitch
Halyard licker
That's why I partnered with Google when I launched Knot Dollar$.
Sharing a link on the Google "Drive" for an nft is much easier and cheaper than getting a spot on the ethereum chain or any other blockchain. And if a crew member wants to use some of their Knot Dollar$ to get out of a boat work day they can easily see their balance on the drive. It's a tidy (de)centralized solution.
kent_island_sailor
Super Anarchist
Speaking of blockchain, at some point the "Block Chain" (sp?) company got a lot of interest from crypto-morons who did not realize they sold actual steel chain
- Moderator
- #50
Crypto bros are guys who buy speakers out of the back of a white vanSpeaking of blockchain, at some point the "Block Chain" (sp?) company got a lot of interest from crypto-morons who did not realize they sold actual steel chain
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silent bob
Super Anarchist
Do you still accept cash with proper identification?
Olsonist
Disgusting Liberal Elitist
There are different kinds of blockchains. The proof-of-work (proof-of-waste really) that Bitcoin uses is a strawman proposal that unfortunately people took seriously.
IBM's Hyperledger uses the much much more efficient+faster proof-of-authority. It really is a solid piece of engineering (solving a different problem than money laundering) but it still needed to survive in the market. Maybe it didn't because Bitcoin has such a bad reputation that real companies want to stay away from even the idea of blockchain. But it didn't and we'll still live.
Still, anyone taking Bitcoin seriously is a deluded moron.
kent_island_sailor
Super Anarchist
Based on Monday’s bitcoin prices, and assuming that Beckham put the entire $750,000 in bitcoin when the deal was made in November, his salary would now be worth about $401,500. Despite the drop in value for Beckham’s salary, he will still have to pay taxes on his income as it was given to him, at the $750,000 value.
* I think it fell a LOT more after this was written too
Clove Hitch
Halyard licker
Holy shit. What a fucking moron. I hope he wasn't keeping his bitcoin on FTX.Based on Monday’s bitcoin prices, and assuming that Beckham put the entire $750,000 in bitcoin when the deal was made in November, his salary would now be worth about $401,500. Despite the drop in value for Beckham’s salary, he will still have to pay taxes on his income as it was given to him, at the $750,000 value.
* I think it fell a LOT more after this was written too
I recommend he cash out and convert to Knot Dollar$
kent_island_sailor
Super Anarchist
That is something I never even thought about - you get paid in crypto and the IRS is going to tax you on what it was worth THAT DAY. You could very easily owe more income tax than your salary if it falls far enough.
* reminds me a little bit of a guy who wanted to "stick it to the man" and paid his employees with gold coins and sent in the tax info with the face value of the coins. The IRS, not being morons, taxed them on what the metal was worth.
Every market crash we hear the same thing. "I owe more in taxes than I ended up salvaging from that investment"
This happened in the DotCom crash - Folks bought their inflated options, which have a nasty "implied gain" in them for taxes, and if they didn't cash a portion out immediately to pay the taxes, would be HAMMERED and begging for payment plans the next April 15th.
One senior finance guy I know wound up owing $6million, with an M, and his stock, while both worthless, didn't cover 10% of that. Stock dropped 90% in just about 9 months. Think of the mind-fuck if you think you're worth $20m, and end up owing say $2-3m to the feds?
Buy High and Sell Low seems to be the standard market froth problem. What's the adage, you know the markets at a peak when joe-blow sells everything and invests?
Clove Hitch
Halyard licker
And turning your cyrpto into actual, useful money is not something to take for granted!
Olsonist
Disgusting Liberal Elitist
Same thing happens with incentive stock options for startups. Suppose you have incentive options at a strike price of a penny and hold on to them. Then the company does well and that penny becomes $100. So you exercise them at a penny. Woohoo! I have stock and it's worth a lot of money! Yeah, but you owe taxes on $100. Worse, if the stock tanks, you still owe taxes at that $100 level. Really really sucks to be you. If the company IPOs you can get forced into this scenario.
This is the purpose of the 83b election. You get the option at a strike price of a penny. You have 30 days to exercise it. Then your exercise price and strike price are the same with no taxes due.
Now you'd think that startup CEOs would have a gun (hi Tom!) in their desk drawer so that when they hand out you the options they can say I want the money now or your brains are going to be splattered on the option.
kent_island_sailor
Super Anarchist
So you get paid in a commodity, crypto, gold, lead, wheat, or whatever.
I *think* you pay income tax on whatever it was worth that day and then pay capital gains tax if you turn it into cash at a rate higher than what you got taxed on.
I *think* you pay income tax on whatever it was worth that day and then pay capital gains tax if you turn it into cash at a rate higher than what you got taxed on.
That's right. the ideal is you buy and pay the implied taxes, then, if there is future growth, you pay taxes on the cap gains. It's a good deal for early round employees as the buy in is quite low, and the implied gain isn't that large. So you're out of pocket maybe $20-30k, and maybe pay the same in taxes. Then, if the company goes nuts, you've locked in cap gains as your tax rate.
Later employees? Not such a good strategy, as now you're borrowing money to buy the stock and pay the taxes.
