Congrats to anyone holding #Doge!

originally posted by: projectvxn
a reply to: JinMI

There is also no limit on how many coins will be created. This is why I advised people to take profits and not give in to euphoria.

Yep, well aware and also tried to convey some logic and wisdom into the conversation.

A quick peek at the github should show folks the seriousness of the project

a reply to: JinMI

a reply to: projectvxn

Dude, it is easy. Lol

Another newish coin on the market that I'm liking is NFT art finance. NFTART.

It's real early in the project and a good position can be acquired pretty cheap.

A question regarding this new cryptocurrency trend.
Now, with more traditional cryptos, you buy 'x' amount of coins, you hold them for a couple years without touching them, then when the value goes up to your liking you sell them.

At that point, since it's been a couple years you will incur long term capital gains tax in the appropriate rate for the amount gained.

Fairly straightforward.

However with Safemoon, and a whole new ton of cryptos, (I have holdings in 5 of them currently) you gain free tokens constantly added to your wallet every time someone buy, sells, or I think even transfers.

In the 10 days I've been in safemoon, this has gotten me around 7 some million free tokens. By the end of the year, it could be upwards of a 100 million tokens.

It's my understanding that recieving tokens counts as a taxable event by the IRS, if so, does anyone have an idea how this works?
Even if I hodl, and dont touch my wallet am I going to be getting hit with taxable income for all these free tokens at some value next tax filling year?

If so, at what value? The value at when they were received? On dec 31? An average value through the year?

If the value of one of these cryptos start to rise significantly, but not enough to make one wish to cash out, we could be hit with large unexpected tax Bills for something we havent even seen actual payouts on yet.

Its mind boggling to even think of how messed up this could get at tax time for a few hundred dollar drop into a high risk crypto.

Hope yall didn't panic sell that little dip this week.

Standby for new ATH...

Holding on....

It's like the energizer bunny.

$.60 hit pretty nicely.