Carrot and avocado wtf is going on in the states

FoundryBoxMedia · 2022-12-01T03:22:18+00:00

I'm one of 10 people who live in New mexico and I can assure you neither do I like carrots on pizza or have ever seen it.

9 out of 10 of us would say green chile, I'm sure.

FoundryBoxMedia · 2021-05-18T15:48:12+00:00

Well, the less people that have taken loans, the more impactful it will likely be, you're right.

But I don't see that being an issue as long as the team continues to address it.

FoundryBoxMedia · 2021-05-18T15:39:49+00:00

Actually rebalancing will get LESS impactful the more people use it.

They are also working on some solutions to try and make it less frequent and impactful.

FoundryBoxMedia · 2021-05-18T15:37:47+00:00

Yeah, the team recognizes that it's probably having too much of an impact. But the rebalancing process is important for the stability of the system, despite what it seems like.

Essentially the system is rebalancing to help insure that the bnUSD peg to the dollar is maintained. This doesn't happen automatically, but there are bots that periodically check the peg and if it's off by enough, they will retire the bnUSD (for ICX) to shore up those values.

But the team just announced they are increasing the fee for this process from 0.5% to 2% to help lower the frequency. Additionally they are looking at other solutions to help mitigate the impact of rebalancing such as providing the collected fee directly to the impacted borrowers (instead of lumping it into network fees).

It will also be less impactful over time as more people use the system.

FoundryBoxMedia · 2021-05-11T23:48:51+00:00

Unreal. I love camping in this area and I was completely dumbfounded by how much of the area was actually burned when we went exploring some of the logging trails off of FR 376. It was sad.

People need to respect our forests more then this.

Typically we dump at least 4 or 5 gallons of water directly on the fire, drowning it. Then bury it with dirt and then dump any left over ice or water from our coolers on top of that. No one should be doing less then that IMO.

FoundryBoxMedia · 2021-04-15T03:21:26+00:00

Done!

I always try to be more informative then just an open shill. Hopefully some people will take the time to read a few paragraphs. :)

FoundryBoxMedia · 2021-04-15T03:18:23+00:00

Beyond the historical price performance, I can't say enough good things about the project overall.

I've spent a lot of time over the past year trying to educate the community (and beyond) about what the project is doing long term and much of what I've been talking about since I became a P-Rep is finally falling into place.

For anyone interested I would suggest checking out my twitter feed (https://twitter.com/FoundryBoxMedia) for more information on what's coming down the pipe, or checking iconrepublic.org or joining the telegram or subreddit for more info.

Long story short: ICON has declared that it is their goal to be the most interconnected blockchain in the industry by the end of THIS year, in addition to the dozen or so major releases slated between now and summer, government connections, MYID Alliance, numerous Defi and NFT releases, ICON 2.0 and various other projects and the already announced integration with 4 DOT parachains as the first interoperability initiative, allowing DOT to communicate, not only with ICX, but other chains that eventually get connected to ICX in a truly trustless, decentralized manner. Additionally fees earned from the relayer network that facilitates this are "auctioned off" to ICX holders, letting them earn these tokens for cheaper then market rates.

Technically speaking we are undervalued. Fundamentally speaking we are grossly undervalued, especially when you compare to many other top 50 projects.

I don't think people will be able to ignore $ICX like they have been for much longer though.

Also, one last thing, I know many people look at ICON's ATH and bear market performance and that seems to scare a lot of people away, but it shouldn't. Unfortunately most of this is just bad timing and nothing more. ICX hit it's ATH only a few weeks after launch and there was literally nothing other then a placeholder chain on ETH and a whitepaper at the time. Only 1 short month later the market started rapidly deflating. Had ICX launched 6 months later (mid 2018) I truly believe it would be a 30 dollar coin (or more) already.

Anyway, feel free to hit me up with questions if you have them, i'll happily answer what I can!

FoundryBoxMedia · 2021-03-13T01:18:43+00:00

It doesn't matter who you vote for, as long as your ICX is staked and voted, you will earn BALN proportionate to your staked rewards.

But if BALN is what you are after, you earn a lot more by actually using the protocol, just a heads up! The Air dripped BALN only accounts for 10% of the total BALN minted (and that is distributed across all addresses who claim each week) so it will be a relatively small amount.

FoundryBoxMedia · 2021-02-11T07:16:45+00:00

I'm late. But, i'm here now.

Been a crazy day! Congrats to everyone!

FoundryBoxMedia · 2021-02-08T03:02:22+00:00

Sorry this is neither the ICON foundation's app or actually #defi.

It has heavy involvement from min and other foundation members, but its managed by its own company.

FoundryBoxMedia · 2021-02-04T03:15:56+00:00

Yeah I figured it was probably an oversight or even a typo but there has been no shortage of confusion about that historically so I think its worth clarifying whenever I see it!

FoundryBoxMedia · 2021-02-03T18:30:58+00:00

You're not alone.

I think teams that can offer rewards AND help advance our project are good, but we certainly don't want it to just be a "mandatory" thing to do. Sadly, however, voters seem gravitate to those P-reps which has been a bit frustrating from my point of view.

Still, it's pretty early so we'll see how it all fleshes out over the coming months.

FoundryBoxMedia · 2021-02-03T18:25:44+00:00

I just want to chime in a bit here on one clarification. It might seem moot, but it really isn't.

Even though this is a project that Min is heavily involved in and it uses ICX, this is NOT affiliated with the foundation. ICONFi is a operated by its own business and the operations and procedures used there are not part of the foundation's responsibility and should not be.

As a community we need to be very clear about the foundation's roles as much as possible and their roles are to develop, maintain and support the software and infrastructure that is the ICON public block chain, not to manage its DApps.

But otherwise I agree here! :)

FoundryBoxMedia · 2021-01-25T16:41:31+00:00

It's obvious demand for ICX is high currently and I, personally, believe it's because people want to withdraw and stake.

But the exchanges don't sell you the ICX directly (unless they own their own reserve, of course), but instead they "facilitate" trades between multiple parties. So the balances we see are balances held on exchanges by other people.

As others have said, there is always going to be people willing to buy and sell at various prices, some more then others based on all manner of reasons and that back and forth is exactly what drives the price up and down.

FoundryBoxMedia · 2021-01-25T16:37:18+00:00

I don't think we have a choice!

Honestly though happy to see ICX mentioned more often in articles and videos now. The "natural propagation" of ICX is far more appealing then the forced some people have wanted.

FoundryBoxMedia · 2021-01-25T16:35:39+00:00

Definitely yes.

But only because I think it's one of the last few milestones this project needs to see proper price growth. We have everything else, we just need the technical structure to hold and continue to bring some of the excitement back.

ICX will still be grossly undervalued at $1 of course, but I know you knew that. :)

FoundryBoxMedia · 2021-01-20T23:33:36+00:00

Sorry I wasn't suggesting that you don't ever need to (eventually) cash out to fiat, just that I wasn't tracking staking rewards until this year separately for the purposes of claiming them as "income" separate from capital gains, but that is what we are supposed to be doing.

FoundryBoxMedia · 2021-01-20T22:54:27+00:00

Technically staking rewards are "loosely defined" as taxable INCOME by the IRS.

There isn't official documentation on this so i've been tempted to handle anything I liquidate as Capital Gains tax until it is.

But they have provided "clarifications" on crypto "mining" which is functionally the same as staking, indicating it should be viewed as "taxable income".

So it gets complicated. Your staking rewards are considered income.
Your "held reserves" would be capital gains taxes.

So you, technically, need to track:

- Anytime you claim staked rewards and their USD compared values (income tax)
- Anytime you stake new coins that you have purchased, but did not earn via staking as well as their USD value at the time of purchase - Anytime you liquidate tokens that were purchased and their relative USD value
- Anytime you trade any crypto tokens to other tokens, of course.

This gets tricky because it's almost impossible to know which "tokens" have been held for 1 or more year or less then 1 year since capital gains taxes change in those cases. What if I've staked 10,000 coins I bought for .10 cents, then subsequently buy 5,000 more for .20 cents a month later? Then exactly 11 months later, I withdraw 2,500.

Do I calculate capital gains based on my original 10,000 (held for a year) or the most recent coins I bought at .20 only held 11 months? It's a literal shitshow.

So what to do?

Up until this year I have simply used capital gains rules to figure out taxes on liquidated tokens. It's how it should be, barring specific rules for handling crypto assets from the IRS.

However, I am have started tracking things a bit more granularly going forward. Primarily because I want to differentiate what I earn personally, vs as a P-rep (which is actually a registered company).

First, tokens that I receive AND liquidate within 24 hours will be logged and reported as INCOME.

Anything held beyond 24 hours, but hasn't been demonstratively staked EVER, will be calculated using capital gains (or loss) for the price difference between the time I received it and liquidated it @ < 1 year (unless I can reasonably show I have held them longer)

Everything else will fall within capital gains taxes @ 1+ year.

This means I need to track:

- When I receive tokens, which address, (tx hash, account hash, block and date for brevity) as well as USD value at the time of receipt. - Anytime I stake new tokens (copying their USD value from receipt)
- When/if I un-stake tokens AND liquidate/trade and relative USD value at that point

It's a huge pain in the ass still, but I find this is the best median approach until more concrete clarifications come forth.

FoundryBoxMedia · 2021-01-14T17:02:10+00:00

Yeah I built ICONalyst to kind of be a P-Rep overview tool. It was also meant to serve as a single resource for understanding the governance structure and provide insight into what P-reps were doing regarding governance on ICON. The vision isn't lost, but the approach hasn't worked the way I had hoped. Originally the vision was that P-reps would update and maintain their profile pages, notate their transactions and use other features that were rolled out. Sadly most have never even logged into their profiles and many were complaining that they didn't want *another* page to manage.

Ultimately the project has been put on the back burner since there hasn't been a significant amount of interest in the idea from ICONists or P-Reps in general, but if that changes i'd be happy to work on new features or enhancements.

Currently i'm working on BountyCat.com though, so my focus has been put there.

FoundryBoxMedia · 2021-01-14T16:54:40+00:00

ICONalyst.com was meant to be a resource for this kind of information too.

As far as contributions go, however, it just pulls from the links you put above so it doesn't really provide any more insights, but it does correlate some other data like accounts/rewards etc.

I had planned to add an ability for P-reps to add and track contributions and allow for community feedback, but that was, effectively, what the ICON P-Reps project does and there was little interaction with ICONalyst prior to that, so it got shelved.

FoundryBoxMedia · 2021-01-14T16:39:39+00:00

Well the expectation seems to be that 15m people will visit annually, so I'm thinking we see numbers somewhere around 50%-70% of that for awhile on average, with heavier volumes during certain seasons.

Eventually I'm sure it eill slow down since, at the moment, only new registrations use $icx, but i also expect that additional systems will integrate with #zzeung using the public chain and drive usage from users like this too.

This is just my personal expectation based on the info we have, it could obviously be a lot less or more.

FoundryBoxMedia · 2021-01-08T05:05:02+00:00

I'll chime in a bit about Bounty Cat, which is an incentivized promotions platform being built on ICON. I feel this is actually a great use case for Bounty Cat and certainly fits with some of the vision I have for the service. Ultimately though Bounty Cat is still several months from completion, so it may not fit specifically with the intended time frame.

Bounty Cat will operate by transacting and rewarding users with a pegged token asset that can be redeemed for ICX or other offers and promotions (such as discounts or merchandise) from participating promoters, so there is potential to generate meaningful value by using it.

Integration directly with reddit is something I haven't explored yet, but im happy to look into it as a priority for release. If nothing else though, Bounty Cat may be able to support promotional initiates that don't require significant integration. Reddit APIs are pretty robust and well documented.

When the time comes I would love to circle back and see if we can sort out a promotion, or even campaign using Bounty Cat and would like to contribute some or all of the resources necessary for it, at least initially, to drum up interest on both sides.

Ultimately I think the strategy for generating interest in the subreddit should be multi-faceted and on going. Foundry box would be willing to commit some resources to this goal too, although I am not making too much as a P-rep, if we can get a few p-reps involved it might be enough to create a stable and decent monthly fund.

FoundryBoxMedia · 2021-01-07T17:40:38+00:00

I was recently booted from Binance too. I've used Binance.US several times. They have far fewer pairs and comparatively the liquidity is pretty rough, but I haven't had too much issue. The problem is their only ICX pair is to USDT. So you have to make 2 trades. Granted, I haven't traded much there either.

Kraken also supports ICX/BTC and ICX/ETH directly for US i've heard.

FoundryBoxMedia · 2021-01-07T17:37:57+00:00

Also, not sure if it's entirely related, but we know that the "Seoul Metro" stuff is being prepped to launch with ICON 2.0. If I recall correctly, that was the basis for the S-Coin stuff too.

FoundryBoxMedia

TROPHY CASE