Jump to content

Ripley

Member
  • Content Count

    80
  • Joined

  • Last visited

About Ripley

  • Rank
    Regular

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. So here's the challenge. The IRS is vague about this. It would be up to us individually to understand whether we take a conservative approach or not. A conservative approach is simple - when there is a transfer of assets between two wallets, it's a taxable transaction unless you own both ends. The regulatory framework isn't smart enough to understand outcomes (i.e. it's your own money) vs. technicalities (you are going through an intermediary) The challenge is with wrapping, where you technically own both ends but there're intermediaries. At that point, especially with high value transfer
  2. Frankly, I didn't either, until literally a couple of days ago as I was preparing documentation for last year's taxes and this struck me. I was hoping to mint FXRP and get that nice FLR bonus. I'm unfortunately at a fairly low cost-basis, so I'll probably skip this. Unless XRP crashes and makes it financially viable
  3. Well put !! F-Assets are essentially stable coins pegged to their native coins. One other note - @HAL1000 since you've mentioned rewards: please be aware of tax implications, especially in the U.S., with wrapping your tokens. There are broadly two steps when wrapping: You are transferring your native tokens to an Agent's wallet on the original blockchain You are being issued new tokens from an Agent's wallet on Flare Both these transactions are taxable in the U.S. and if you are sitting on a significant profit on your original tokens, you may be liable to pay taxes on the gains
  4. The only way I see myself considering dropping out is if there is no path for Ripple to continue building out XRPL for ODL, Loans, and other future products in the U.S. That means regulatory clarity. Not price of XRP in 2021,2022,etc. If there’s regulatory clarity, that’s all that matters.
  5. I agree with the sentiment. What people do in Beta tests is hardly what they're going to do in real life. The team's primary motivation is feedback for their software and crowd funded testing. The motivation for most beta testers, frankly, is that NFT. Personally, I never had a chance to use DeFi before - largely because I couldn't be bothered by the taxation complexity I needed to deal with. So when there was an opportunity to test Flare Finance, I was motivated to understand how the product (and DeFi) works so I'm not overwhelmed when they launch - not so much win.
  6. Focus on learning to use the product. That’s the first goal. If you’re looking to win, you’ll need to spend a fair amount of time looking for arbitrage opportunities. The FF team and some mods are whales that’ll throw some chances across time zones. Joining their discord will help. That NFT is actual money (share in profits), so extra time spent on this will be worth it.
  7. There’s no airdrop, to my knowledge. Just support for wrapping XLM
  8. I don’t know much about TA but it has just been following BTC and ETH for a while. It’s possible it’ll go lower, but it won’t go down by itself. I wonder if crypto just following the equities market, as it usually does. Got to go the other way to claim the “hedge” narrative.
  9. The original intent was just libertarian in nature - freedom from government. I don’t think it was humanitarian in nature. I’m not suggesting Satoshi would dump / not dump though. But would people really trust a gradual distribution plan ? They are not trusting Ripple to do it, with its Escrow and all so why should they trust Satoshi ?
  10. FLR price doesn’t have to necessarily follow XRP or any other wrappable token (LTC, DOGE). But what it does do is enable a feedback loop - presumably the most with XRP given the amount of FLR airdrop linked to XRP. I suspect FLR is going to bring a significant amount of additional liquidity to XRP and that they both will act as a counterbalance to significant volatility, feeding off each other through highs and lows. It may not happen on day 1 but if Flare is even reasonably successful and once the lawsuit is cleared up, I think we will see that.
  11. A lot of hate against Diem is really directed against Facebook and Big Tech, which is very unwarranted. That said, Facebook really shot itself in the foot by overtly associating itself with Diem (or whatever it was called originally). It's a valuable idea, frankly.
  12. Personally, I fully knew the risks of getting into XRP. I was (and I still am) confident of decision. Most investors who got into XRP I'm sure at some point thought - surely they won't start an enforcement after close to a decade. That said, the SEC had plenty of opportunities to communicate potential risk either directly or indirectly. Could they not have explicitly said that they haven't made a determination with a "be careful" message ? Or simply warn the exchanges ? Or disallow exchanges from listing unless a determination has been made? Or that tokens should be considered securities
  13. We certainly don’t have to agree. I’m sure you trust your research as I do mine. I sincerely wish you the best of luck.
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.