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2. Certain exchanges have to report your activity to the IRS by law.
If you receive any type of tax form (1099-MISC, 1099-B, or 1099-K), the exchange has already reported your info and amounts to the IRS.
If you don't report the amounts on 1099s when you file your taxes, the IRS system can automatically detect the discrepancy and send you a notice to correct the error. Sometimes, this also involves penalties. These notices/audits/examinations are not worth the headache. They can be costly.
Ok..but what about non-KYC wallets & exchanges?
First, KYC is coming to wallets/DeFi pretty soon as a result of "Section 6045 Broker regulations". I am not very happy about this. But, this may well be the case if the proposed 6045 regulations get finalized as it is.
I personally testified to the IRS/Treasury about this a few months ago highlighting issues like privacy and the burden on taxpayers. I am afraid the industry can make a difference here at this point.
Second, the IRS has access to Chainalysis. I have played with their tool called Reactor. All you have to do is copy and paste a wallet address and the software visually shows all the affiliated transactions and behaviors associated with the wallet. See below. After this analysis is done, it's just a matter of IRS tracking you down.
The IRS has used Chainalysis successfully to capture tax evaders on many occasions. Last week, a Texas man was charged with filing tax returns that falsely reported his crypto gain.
justice.gov/opa/pr/texas-man…
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If you live in California you can’t stake your crypto, which blocks a legitimate form of financial yield
Coinbase is fighting to make this and many other valuable parts of crypto fully legal
coinbase.com/en-gb/blog/a-ca…
If you live in California and noticed your staking services just magically vanished, it's time to fight back. I suspect that pressures from the financial industry msy be at play, here.
Yes on #FIT21!
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Make Ethereum cypherpunk again
vitalik.eth.limo/general/202…
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I’m on the hunt for my next opportunity in web3!
If you’re looking for a crypto-native product marketer and experienced community advocate, let’s chat 🥳 You can see all of my accomplishments here: ohyeahdavid.notion.site/gm-4…
I dove into the web3 rabbit hole right after defi summer, rode the highs/lows of jpeg summer (along with many other rollercoasters), and haven’t looked back since. As blockchain tech permeates society and proves to be integral to our digital future, I’m all-in on driving mainstream adoption.
My professional web3 experience has been built on a foundation of understanding key value props of a product and ensuring those values resound with user bases, guiding product teams when that isn't the case. I’ve done my best work when applying my user-first (read: crypto-native, degen) approach in 📣 product marketing and 🏘️ community advocacy to help platforms deliver value and reach new users.
Ultimately, my goal is to apply these skills at a growth stage company where I can be in tune with user needs and make meaningful decisions with product teams.
Starting as a Community Manager Intern at OpenSea, I demonstrated not only a strong understanding of the OS community of creators and collectors but also of the platform as a whole. I was eventually hired full time as Product Marketing and Community Insights Lead, where I interfaced daily with engineering, PMs, marketing, and leadership to lead GTM campaigns for all user-facing features (nearly 40 during my time). I continued to strengthen my ties with the community by piloting the community council at OS (recruiting 50 prominent creators and power users), empowering product teams with direct and timely user feedback for the very first time, influencing over 20 features.
After OS, I joined the small team at vibe.xyz where we built creator tools for dynamic NFTs. My responsibilities grew from product marketing to include operations and customer outreach, where I delivered weekly product & marketing alignment plans to coordinate major milestones across teams. I continued engaging with users and led a creator chat series, diving deep into potential customers’ journeys and needs while matching them to our platform’s USP. I especially loved the opportunity to be hands on with UX design and product QA, submitting over 180 issues covering core functionality, user flow, and UI improvements within the span of a few months.
My career has never been rockier, but I’ve never had more conviction about anything else. The web3 technological revolution is just getting started, and I'm here for it.
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Hearing some rumors about a certain project reaching out to other projects asking to get acquired. 👀
I really hope that’s true and it happens.
If “community” takeover is an option I have a group of interested people.
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1/ Introducing Metaplex Inscriptions and Engravings, a new standard for fully on-chain and immutable digital assets on Solana 🦾
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Parallel EVM has already been achieved today.
You can add many small numbers by doing a single multiply.
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Why most people in crypto don't make it:
You have to be dumb enough to buy the coin and smart enough to sell it.
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we are so back @TaipeiWeek – at Taipei City, Taiwan
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Holy crap bitcoin fees!
A this rate bitcoin's economic security might be...sustainable. Well done.
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i love openai, and everything i’ve done over the past few days has been in service of keeping this team and its mission together. when i decided to join msft on sun evening, it was clear that was the best path for me and the team. with the new board and w satya’s support, i’m looking forward to returning to openai, and building on our strong partnership with msft.
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Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.
I’m pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.
Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.
Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.
With Richard and the entire team, I’m confident that the best days for @Binance and the crypto industry lay ahead.
As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.
What’s next for me?
I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years.
After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi.
I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.
On that note, I am proud to point out that in our resolutions with the U.S. agencies they:
- do not allege that Binance misappropriated any user funds, and
- do not allege that Binance engaged in any market manipulation.
Funds are SAFU!
With that, I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion.
Onwards!
CZ
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We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners. We look forward to getting to know Emmett Shear and OAI's new leadership team and working with them. And we’re extremely excited to share the news that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a new advanced AI research team. We look forward to moving quickly to provide them with the resources needed for their success.
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Here are some common pricing models along with brief descriptions of how they apply, plus a few traditional and crypto-specific examples for each.
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Dear friends, I'm deeply honored and excited to share this news with you : Machine Hallucinations — Sphere! ' The latest canvas for Refik Anadol's AI-generated art? The new Sphere in Las Vegas' latimes.com/entertainment-ar…
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🚀 #TBW2023 Returns December 11-16th, 2023 to welcome over 5000+ attendees and 100+ Speakers at Song Shan Cultural Park!
taipeiblockchainweek.com/ 🇹🇼
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We're excited to share our experimental solution on Paying Onchain Gas Fees with a Visa Card
At @Visa, we've been exploring ways to simplify blockchain transactions
Imagine paying for gas fees as easily as buying coffee with your card!
But how did we get here?
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