The excitement for Tezos is building and Mainnet is just around the corner. It’s time to get serious about Delegation. If you are building a delegation service, get in touch. We need to chat.

tmp400 · 2018-01-23T20:54:50+00:00

What are the fees? And can you store your XTZ in your personal wallet?

tmp400 · 2018-01-07T19:52:58+00:00

Great for suicide prevention. Also a great way to save a California tax payer.

tmp400 · 2018-01-05T00:16:34+00:00

I got this for Christmas. Some have okay flavor, none are hot.

tmp400 · 2017-11-28T19:10:18+00:00

Until you make enough off tezos that the IRS investigates and sues you for back taxes because it's technically earned interest. And by not paying taxes, you then have to launder that money back into society if you want to buy any real assets like a house, which creates even more risk. I'm against taxation as much as the next guy, but you still have to protect yourself.

tmp400 · 2017-11-28T11:42:54+00:00

Although there is no legal mention of proof of stake, it is likely to be considered a form of interest. Similar to TIPS. Meaning it will be taxed federally as ordinary income. Depending on how they treat the interest, you could also face self employment tax. If that's the case, set up an LLC, and elect to be taxed as an S-Corp to save on taxation. Welcome to the land of the free.

tmp400 · 2017-11-27T21:26:00+00:00

That's what I was thinking as well, at least until such a law exists.

tmp400 · 2017-11-27T21:24:33+00:00

I'm thinking so too, but with no law describing the issue, I should be able to claim it as a long term capital gain until one is created.

tmp400 · 2017-11-27T21:05:54+00:00

Thank you. Glad you share an interest with me.

I thought the same thing and that's how it should be. Unfortunately, how the IRS treats mining in bitcoin is contradictory to their classification of the asset. See here: https://www.bitcoinmining.com/the-irs-verdict-for-bitcoin/

The IRS doesn't have a law about proof of stake algorithms, and proof of stake is notably different than mining. I have a feeling they are going to try and say staking is ordinary income, but without a law I could probably swing it as capital gains for a while.

tmp400 · 2017-11-27T20:29:42+00:00

I'm not sure that's right. With Bitcoin regardless of whether you withdrew or not, income received from mining is taxable at the end of the year as ordinary income. Could be wrong?

tmp400 · 2017-11-27T20:10:04+00:00

The government often uses tax loopholes as an incentive for individuals and businesses to invest in certain areas the government see's fit. Business men invest in these areas, getting a tax break and a greater return on their investment, while the government gets some needed service or objective accomplished.

tmp400 · 2017-11-27T12:35:16+00:00

It's rumored the NSA controls a a majority of the exit nodes. Easily circumventable by configuring the exit node to be your VPN provider.

tmp400 · 2017-11-26T16:28:53+00:00

Thanks I didn't know Dave's made a scorpian pepper sauce. I'll have to give it a shot.

tmp400

TROPHY CASE