Father, Husband, Crypto Enthusiast, proponent of common sense. - Unus pro omnibus, omnes pro uno!
Joined March 2013
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PRomulus 🌐 retweeted
Friends asked me about what recent IRS tax guidance for staking rewards means for $ICX. Sharing my thoughts:
Last month, IRS said that you owe taxes when you have "dominion and control over the validation rewards".
For ICX, you accumulate I-SCORE when you begin staking. When you claim ICX, you trade in your accumulated I-SCORE for ICX. This is when you first have control over ICX. Until you claim, ICX is held in the Public Treasury which is owned by the community. This was written and designed in accordance to the original ICON White Paper. The fair market value should be calculated based on the ICX price on the day ICX is claimed.
In general, as with many others, I personally do not agree with the IRS guidance. Staking rewards are not the same as interest or dividend income that comes from profits. Staking rewards for almost all protocols come from steady increase token supply, not profits. If protocols are deflationary in a given tax year, then it makes more sense. But for simplicity, it makes most sense to be taxed as income when converted into USD.
Unlike oil or gold, digital assets can be re-staked where token amount and value can compound, which may be viewed as a way to defer tax payment indefinitely. But, I'd view this a nice tax incentive to support an extremely young, fast-growing industry. IRS should aim to get a share of the bigger pie.
coindesk.com/policy/2023/07/…
PRomulus 🌐 retweeted
#CMCCommunity Spotlight ✨
What is ICX? The ICX token is the currency of all applications that are built on the ICON blockchain.
@helloiconworld #Crypto #CoinMarketCap #CMC #CMCY $ICX
coinmarketcap.com/community/…
PRomulus 🌐 retweeted
We are super excited to allow you to do the first-ever cross-chain minting in the NFT space with ICON Bridge!
Pre-sale mint will start in 30 mins from now!
@helloiconworld 🌉 @harmonyprotocol
#teaparty #ICON #bridge #HarmonyONE
PRomulus 🌐 retweeted
The @helloiconworld project is focused on building a multichain bridging solution that is scalable, chain-agnostic, and secure.
$ICX is hot on the market.
#zelcore #simplifydefi #digitalinnovation #cryptocurrency #cryptoexchange
PRomulus 🌐 retweeted
👆I just want to support the 🌕 $LUNA $UST community. We've fought well. We're still in disbelief and digesting. For now, stop the blame. Stop the should'ves and could'ves. Stay strong. Take a breath. Go to sleep. Remember the sun will rise tomorrow. ☀️
#LUNAtics #terraluna
PRomulus 🌐 retweeted
I'm preparing something allowing anyone to deploy an NFT collection + presale + UI on ICON with no technical knowledge $ICX
PRomulus 🌐 retweeted
Check out this article from @TheDailyMichiel about the upcoming changes he's most excited for:
• Enhanced $bnUSD
• Protocol-owned liquidity
• Continuous rewards
• bBALN
• Synergy with DeFi platforms like @ommfinance, @OptimusDeFi, & @karmadaofinance
bit.ly/3LNpEDu
PRomulus 🌐 retweeted
Hit the share button at the top right of any #nft on the nftbazaar to help promote your favorite #cryptoartist and get PAID in $ICX 4 lyfe. Who doesn't like #passiveincome ? $ICX
PRomulus 🌐 retweeted
📸 This was the 'Future of Centralized Finance' panel at the 2022 Harvard Blockchain Conference!
👤 Ken Li (Investment and M&A Director at Binance Labs) |
👤 Haijing Lin (Investment Director at Huobi Ventures)
👤 Paul Erlanger (Business Development and Product Growth at DYDX)
PRomulus 🌐 retweeted
#ICONists follow ICONists. I want to increase my exposure to ICON news and developments.
Starting a #followtrain for all those interested in the #ICX project. Retweet this tweet and give me a follow and i will follow back, who's with me?😃
PRomulus 🌐 retweeted
1/ Andre Cronje and Anton Neil recently announced their departures from crypto. I hope "closing the chapter" doesn’t mean that this is it. Regardless, TY for everything.
teapawt.net/AntonNellCrypto/status…
Here are my takes on what it takes to be a crypto/Web3 founder/builder.🧵👇
