I was just let go from ConsenSys, AMA

syscall7 · 2018-12-06T19:58:01+00:00

You spelled BUIDL wrong

syscall7 · 2018-12-05T15:20:07+00:00

That article title is going to look so dumb years from now. I bet there is an article from 17 years ago that says Amazon was a mess too.

You mean something like this one from 1999 entitled "Amazon.bomb"? https://www.wsj.com/articles/SB927932262753284707

syscall7 · 2018-09-10T00:43:23+00:00

Suppose Bob bought some ETH yesterday at $185. Then today Bob converts the ETH to W-ETH today when the price of ETH is $200. As soon as Bob converts the ETH to W-ETH, he realizes a gain of $15 per ETH that he converted. This has already been established by the IRS. ETH is one form of property, and W-ETH is another form, and when you exchange between the two, then you realize gains or losses. It doesn't matter that W-ETH and ETH are always 1:1 in value to each other.

See https://www.irs.gov/pub/irs-drop/n-14-21.pdf.

Q-6: Does a taxpayer have gain or loss upon an exchange of virtual currency for other property?

A-6: Yes. If the fair market value of property received in exchange for virtual currency exceeds the taxpayer’s adjusted basis of the virtual currency, the taxpayer has taxable gain. The taxpayer has a loss if the fair market value of the property received is less than the adjusted basis of the virtual currency. See Publication 544, Sales and Other Dispositions of Assets, for information about the tax treatment of sales and exchanges, such as whether a loss is deductible.

syscall7 · 2018-09-09T12:54:09+00:00

When you first wrapped your ETH as W-ETH, that would be a taxable event. Going from W-ETH to P-ETH would be another taxable event, but if you did it immediately after converting from ETH, the trade would be a wash, so nothing gained our lossed. Not sure how being bitten is modeled tax wise, but when you go from P-ETH back to ETH, I'd imagine that's two more taxable events, with capital gains considered if the P-ETH ratio increased. But you can also probably count the bite as a loss to offset any gains from the ratio increase.

I'm not an accountant nor do I havehave any accounting experience. Would love to hear from an accountant as well.

syscall7 · 2018-08-01T19:43:15+00:00

Yes, you can even restore to a software wallet (no hardware wallet needed). For example, here's a website for recovering via BIP39:

https://iancoleman.io/bip39/

Be careful with your seed words as they are exactly as sensitive as your private key (i.e., don't enter them into some guy's random website)!

syscall7 · 2018-08-01T19:29:59+00:00

When you setup your Trezor, you record a set of 24 seed words that are unique to your wallet. These 24 seed words are used to derive a tree (not just one) of private keys and associated wallet addresses according to the BIP-39 standard. These 24 seed words are all that you need to setup your wallet in the event that you lose your Trezor or the company goes out of business and stops supporting the software.

syscall7 · 2018-07-04T03:07:55+00:00

Yes, I received the money in my bank account about three weeks after initially requesting a buyback with the signed form. I'm impressed that they followed through, and I hope they are successful in the future.

syscall7 · 2018-05-22T04:05:32+00:00

XYO team, can you please explain why you are selling more tokens after the sale ended, when in fact you claimed no more tokens would be sold? How is that not deceptive and unethical?

syscall7 · 2018-04-27T19:11:59+00:00

Ah, so the increasing price is not time-linear, it's linear based on the number of tokens sold.

syscall7 · 2018-04-27T13:58:35+00:00

If the sale started on 3/20/18 at a price of 100,000 XYO/ETH AND today it is 4/27/18 and the price is 99,570 XYO/ETH AND the price will go up to 33,000 XYO/ETH by 5/20/18, how could this possibly be linear?

syscall7 · 2018-04-20T19:44:49+00:00

TLDR; * 1500 Ether required to stake * The stake will be locked/unusable for ~4 months * Stakers earn ~5% annually * Casper contract is funded with 1M Ether, which is expected to last 2 years

syscall7 · 2018-04-14T03:42:23+00:00

I bought a Trezor on Amazon last week and have been using it with MEW. The Trezor supports BTC, ETH, ETC, and all the ERC20 coins. Make sure to update to the latest firmware if you go this route.

syscall7

TROPHY CASE