For the last several months I have effectively been all in on cryptocurrencies: My experience with decentralized finance.

wideface · Nov 4, 2021

I have received $18652 in my last month from home by doing easy work online. I have joined this job 3 months ago and in 3 months I have got paid in Total $42863 isn't this awesome? This simple job is very easy to do in part time and its earnings are very awesome as compare to others office type Full time job. Everybody can get this job very easily and start making easy cash online by just follow details........... ===>>> here.

UltimateHigh · Nov 4, 2021

crypto people are annoying as hell.

Mistouze · Nov 4, 2021

UltimateHigh said:
crypto people are annoying as hell.

Really the lamest hobby but you do you OP.

Cocolina · Nov 4, 2021

Soap said:
You should charge him interest on what he owes, since apparently crypto is so great that he had been making interest on your hard earned money.

Ha, good point! Next time I will lay out the terms and conditions.

Crow · Nov 4, 2021

Interesting, I'm currently using Blockfi to get 9% on GUSD. I'll look into this more next week when I get paid.

PixelatedDonut · Nov 4, 2021

y'all are bumping the crypto thread, don't y'all know reading about crypto is gonna make everybody put their life saving in it.

Randam said:
You get 20%?

So why don't I get 250k from my home bank and put it into UST?

And you want to educate people on the uses, but you say yourself that there aren't any uses besides buying more cryptos or nfts!?

You could totally do that…Im lost. Most people would tell you it's not smart. I wouldn't do it tbh, cryptos volitile. Be smart, play safe only spend what you can afford to lose. And yeah you'll be able to turn what you made and the gains back into usd very easily. AND PAY YOUR TAXES, most exchanges already report to the irs.

tadaima · Nov 4, 2021

Hey OP, I also use Terra and play with Zookeeper and Osmosis for liquidity providing (bit risky though, and you've gotta consider impermanent loss). I also use Crypto.com, Nexo, and BlockFi for earning interest on my tokens and (sort of) paying with crypto by card!

DGP said:
How do you fund this? What about taxes? With my job but I have multiple streams of income. I do private lessons, have a small internet business and I'm an ebay reseller. Taxes are easy to deal with. I just don't pay them (I kid, I kid), it's pretty straightforward when it comes to UST since the asset is pegged to the US dollar. Every dollar of interest you earn is considered a dividend and is reported as such. When you convert UST back to cash, it's a taxable event but since it's pegged to the US dollar you don't earn any capital gains on it so it's a pretty straightforward reporting process.

Sorry if this has already been commented on, but are you sure about the underlined? Where I live (Japan), any crypto interest earned is a taxable event, regardless of what a token is pegged to.

Here, additional taxable events include receiving tokens from an airdrop, converting one token into another token, using crypto as a form of payment, gifting crypto (sender is taxed), and so forth. These are two-step taxation processes (convert the original token to JPY, calculate profit since it was purchased/received). In the event that you receive any interest, the whole amount is taxable.

Basically the only non-taxable events are: 1. buying crypto; 2. transferring to another wallet, and; 3. donating crypto to charity.

I will say to others – tax rules vary by location, so don't take what anybody else says for granted.

Muppet of a Man · Nov 4, 2021

L Thammy said:
By the by, I'm kind of wondering how crypto evangelism would fit into this:

General Guide to ResetEra

General Guide to ResetEra Last updated on May 3, 2021. Mission Statement Since its founding in late 2017, ResetEra has been an inviting bonfire at the crossroads of the gaming industry. Our goal is to provide a modern platform where enthusiasts and industry professionals alike will want to...

www.resetera.com

It should fit exactly under these restrictions, as it is thinly veiled pumping.

PixelatedDonut · Nov 4, 2021

tadaima said:
Hey OP, I also use Terra and play with Zookeeper and Osmosis for additional liquidity providing. I also use Crypto.com, Nexo, and BlockFi for earning interest on my tokens.

Sorry if this has already been commented on, but are you sure about the underlined? Where I live (Japan), any crypto interest earned is a taxable event, regardless of what a token is pegged to.

Here, additional tax events include receiving tokens from an airdrop, converting one token into another token, using crypto as a form of payment, gifting crypto, and so forth. These are two-step taxation processes (convert the original token to JPY, calculate profit since it was purchased). In the event that you receive any interest, the whole amount is taxable.

Basically the only non-taxable events are: 1. buying crypto; 2. transferring to another wallet, and; 3. donating crypto to charity.

I will say to others – tax rules vary by location, so don't take what anybody else says for granted.

You definitely pay taxes on gains In the US.

Randam · Nov 4, 2021

PixelatedDonut said:
Be smart, play safe only spend what you can afford to lose.

what could I lose, when only investing in something like UST?
only way to lose is a big stock market crash, no?

Metal Gear?! · Nov 4, 2021

DGP said:
In one of my threads here about NFTs:

- One user got permabanned for posting a photo of tubgirl
- One user told another user to go kill themself - that user btw is in this thread right now.
- The mods had to warn users to stop attacking the OP with personal attacks (me) before closing the thread because it descended into personal attacks against the OP.

Most of resetera's cryptocommunity members are pretty mild by comparison. We basically just post erotica on our Discord all day.

Cryptoevangelists should expect that treatment and worse when posting on a gaming forum for as long as they are the single largest reason GPUs remain hideously expensive and out of reach

purseowner said:
Why do we allow threads on environmentally destructive scams on this forum?

Threads that talk about the truth - that they are scams at best and the single most wasteful and environmentally destructive asset bubble in the history of mankind at worst - should be allowed. But threads that forsake that truth should not.

PixelatedDonut · Nov 4, 2021

Randam said:
what could I lose, when only investing in something like UST?
only way to lose is a big stock market crash, no?

Yeah pretty much. It's just smart to be cautious, unless you got a bag already. you never know where this shit will go. if you got big money already just do STONKS and BONDS.

Deleted member 1659 · Nov 4, 2021

Crow said:
Interesting, I'm currently using Blockfi to get 9% on GUSD. I'll look into this more next week when I get paid.

That's how I started doing this. Blockfi is centralized finance still though, it just pays out in crypto instead of fiat.

DeFi works the same way except there is no one company in charge of holding custody of your funds. But because its done entirely via smart contracts the risks are in the code.

V23 · Nov 4, 2021

brokeastronaut said:
Because the more people you convince to put money into crypto, especially your choice of crypto, the more you have to gain.

Never have we seen so many people want to share their investments like the way we see people like you talk up crypto. There's no question as to why.

Ding! Ding! Ding!

War95 · Nov 4, 2021

I think i'll keep my dollar

PennyStonks · Nov 4, 2021

Randam said:
what could I lose, when only investing in something like UST?
only way to lose is a big stock market crash, no?

Stablecoins are scams unless they are regularly proving they have $1 per coin.

jman2050 · Nov 4, 2021

wideface said:
I have received $18652 in my last month from home by doing easy work online. I have joined this job 3 months ago and in 3 months I have got paid in Total $42863 isn't this awesome? This simple job is very easy to do in part time and its earnings are very awesome as compare to others office type Full time job. Everybody can get this job very easily and start making easy cash online by just follow details........... ===>>> here.

You made me think I was on a FiveThirtyEight article's comment section for a moment there.

PixelatedDonut · Nov 4, 2021

PennyStonks said:
Stablecoins are scams unless they are regularly proving they have $1 per coin.

Thisssss, you have to do your research if you're looking to get into long term. I'm more interested in turning profit into a more stable market.

Sunbeam · Nov 4, 2021

wideface said:
I have received $18652 in my last month from home by doing easy work online. I have joined this job 3 months ago and in 3 months I have got paid in Total $42863 isn't this awesome? This simple job is very easy to do in part time and its earnings are very awesome as compare to others office type Full time job. Everybody can get this job very easily and start making easy cash online by just follow details........... ===>>> here.

Thanks! Just joined and in only ONE day I made more than i have in the last month IT WORKS WOW

EarthPainting · Nov 4, 2021

brokeastronaut said:
Because the more people you convince to put money into crypto, especially your choice of crypto, the more you have to gain.

Never have we seen so many people want to share their investments like the way we see people like you talk up crypto. There's no question as to why.

Yup, you can't astroturf effectively if crypto discussions are quarantined to the OT.

Yankee Ruin X · Nov 4, 2021

I love DeFi and it has defs helped me achieve financial freedom by parking stables into yield farms and earning steady APY's on it. Is it risky, yep it sure is but I feel comfortable enough in it now I have been in the space for such a long time.

As for creating money from nothing to give these 20% APR's that's not true. Essentially just like a bank when you deposit they take your money and put it to work to earn more money. Banks take your money send it out on loans, investments etc, well Defi does the same and earns you money by using your funds to fund collateralized loans, providing liquidity, trading fees, etc. Yeah 20% seems outrageous but it is based on supply and demand and right now demand is high so the APR's are high. Also unlike banks who pocket all the money they make off your money themselves DeFi gives you that money by cutting out the middleman and having much lower overheads as it's all smart contract driven.

kiguel182 · Nov 4, 2021

So, is this user just astroturfing trying to get people into crypto? Or maybe doing it just by himself.

the push recently for people to buy crypto has been very clear

Mukrab · Nov 4, 2021

DeFi is just the best. Imagine having shares in a company and on top of the pice potentially go up, you also get guaranteed more shares on top of it. Absurd amounts too like over 100% APY in some places.

Maxximo · Nov 4, 2021

brokeastronaut said:
Don't pretend like people are simply trying to educate eachother on ways to invest when there's a direct correlation with personal gain. Ever since cryptocurrencies began there's been ulterior motives.

Well it's not like people on a forum can actually move an almost 3 trillion dollar market.
It's not grandmas money that are in crypto assets anymore, it's become a bigboy's game.

massoluk · Nov 4, 2021

Celcius and DEFI are on the news right now for being targeted by NY Attorney General and SEC for offering illegal Securities, people

Deleted member 1659 · Nov 4, 2021

massoluk said:
Celcius and DEFI are on the news right now for being targeted by NY Attorney General and SEC for offering illegal Securities, people

Celcius is not defi. It's literally centralized finance.

DeFi operates entirely on smart contracts.

massoluk · Nov 4, 2021

DGP said:
Celcius is not defi. It's literally centralized finance.

DeFi operates entirely on smart contracts.

I didnt say Celcius is Defi and if you're not a bank and you're paying interest for someone deposit, its a security under SEC.

SEC.gov | SEC Charges Decentralized Finance Lender and Top Executives for Raising $30 Million Through Fraudulent Offerings

www.sec.gov

Thrill_house · Nov 4, 2021

Brick said:
Most Crypto investor really give off that "Friend from high school you haven't spoken with in decades suddenly DMing you about an incredible MLM opportunity " energy to me.

This! Can I pay my car note, my house payment, utilities or buy groceries with this shit? Didn't think so. They can keep this nonsense

Soda · Nov 4, 2021

It's my understanding that POS still uses significant energy. Eth 2.0 is estimated to use a TV running for 20 minutes worth of energy, for example, per transaction.

Any insight on that OP? Your statement on the environment is basically "POS means efficient" which I think is shortsighted possibly.

Jakisthe · Nov 4, 2021

massoluk said:
I didnt say Celcius is Defi and if you're not a bank and you're paying interest for someone deposit, its a security under SEC.

SEC.gov | SEC Charges Decentralized Finance Lender and Top Executives for Raising $30 Million Through Fraudulent Offerings

www.sec.gov

There are a few forms of interest payment setups that wouldn't be securities, even to non-banks, and this legal case is more about incorrectly registered tokens in particular (they'd be security/asset tokens, I believe) and mismarketing - not that DeFi is intrinsically flawed and illegal.

PixelatedDonut · Nov 4, 2021

Thrill_house said:
This! Can I pay my car note, my house payment, utilities or buy groceries with this shit? Didn't think so. They can keep this nonsense

I mean I do. I have a coinbase visa card. You can use it at any atm/store that accepts Visa cards. I even get %4.5 back in xlm on every card purchase the next day.

Soda said:
It's my understanding that POS still uses significant energy. Eth 2.0 is estimated to use a TV running for 20 minutes worth of energy, for example, per transaction.

Any insight on that OP? Your statement on the environment is basically "POS means efficient" which I think is shortsighted possibly.

There a few that are carbon neutral, a few that are carbon negative and if I'm not mistaken hbar uses less energy than a Vista transaction.

Xanfrabot · Nov 4, 2021

I really wish people would stop destroying the planet to gamble on the value of imaginary, made-up money.

massoluk · Nov 4, 2021

Jakisthe said:
There are a few forms of interest payment setups that wouldn't be securities, even to non-banks, and this legal case is more about incorrectly registered tokens in particular (they'd be security/asset tokens, I believe) and mismarketing - not that DeFi is intrinsically flawed and illegal.

Not how SEC Securities regulations work. If It doesn't have a banking license, it fall under SEC and needed to be regulated as securities. This is why Celcius is under scrutiny by SEC and various states.

States Act Against Celsius Network for Unregistered Products

www.bloomberg.com

https://www.njoag.gov/new-jersey-bureau-of-securities-orders-cryptocurrency-firm-celsius-to-halt-the-offer-and-sale-of-unregistered-interest-bearing-investments/

Dyle · Nov 4, 2021

You really need to be more upfront about the unique risks and challenges of cryptocurrencies and other forms of decentralized finance if you're going to promote it. Not putting that information upfront is simply irresponsible and is no different than a sleazy stock broker or financial advisor not disclosing the risk of their advice to their clients.

Soda · Nov 4, 2021

PixelatedDonut said:
I mean I do. I have a coinbase visa card. You can use it at any atm/store that accepts Visa cards. I even get 5% on every card purchase.

I think it's 4%?

Xanfrabot said:
I really wish people would stop destroying the planet to gamble on the value of imaginary, made-up money.

Destroying the planet is a fair point, but imaginary money is a misnomer. If it can be converted to USD it's no more imaginary or valueless than owning stocks, gold, or collectibles.

PixelatedDonut · Nov 4, 2021

Soda said:
I think it's 4%?

Yeah 4.5 with xlm

Deleted member 69501 · Nov 4, 2021

Plumbob said:
Wait so you want the Asian restaurants near you to accept cryptocurrency?

He wants them to accept credit or debit.

Most of them only accept cash to avoid taxes

Yankee Ruin X · Nov 4, 2021

Thrill_house said:
This! Can I pay my car note, my house payment, utilities or buy groceries with this shit? Didn't think so. They can keep this nonsense

Actually I bought a Range Rover Sport recently and paid the dealer in Bitcoin directly which was pretty cool to do.

eonden · Nov 4, 2021

Punjabi_Hitman said:
It's better than holding USD which is losing 5% purchasing power every month for the past 5 months.

But stay ignorant and keep holding that USD in a bank that uses all your money to earn high yield for themselves while paying you pittance in return.

Atleast the guy is trying to give people other options than staying broke their whole lives and living paycheck to paycheck.

Because the government ain't gonna ever save your asses and that's a fact you can take to your grave.

Inflation is measured on a year basis (compared current costs with the costs from a year ago) what you are talking about would be a 25% yearly inflation rate (or well 50% if we extend to one year the data being the same) which would be kind of unheard of in the USA.

Also 20% yearly interest rate doesnt really bring confidence on the actual viability of that wallet considering how high it is. Pretty much feels like a Bernie Madoffs style pyramid scheme / Ponzi scheme, which in fact gave half that interest rate (around 10%).

bytesized · Nov 4, 2021

Bedlam said:
Exactly. The crypto investors only win if they work on pumping up the market and convince more people to put their money into it. It's as simple as that.

In other words: please keep that "gospel" to the crypto OT.

Sounds like a Ponzi scheme

Jakisthe · Nov 4, 2021

massoluk said:
Not how SEC Securities regulations work. If It doesn't have a banking license, it fall under SEC and needed to be regulated as securities. This is why Celcius is under scrutiny by SEC and various states.

States Act Against Celsius Network for Unregistered Products

www.bloomberg.com

https://www.njoag.gov/new-jersey-bureau-of-securities-orders-cryptocurrency-firm-celsius-to-halt-the-offer-and-sale-of-unregistered-interest-bearing-investments/

No, as per my SEC regulations Series 63 handbook I'm looking at right now, there are several non-bank instruments given exemptions by them, including:
-Insurance, endowment policies, or annuity contracts ie life insurance policites
-IRAs or keogh plans
-Currencies
-Collectibles
-Condos as primary residences
-Futures

What's more, something needs to follow 4 elements more broadly to be a security:
-Investment of money
-In a common enterprise
-With the expectation of profits
-From efforts of others

Now, I don't know Celcius; my point about marketing/wrongly securitization was for the specific story I responded to. And certainly, the DeFi/crypto market needs further scrutiny and regulation. But the fact remains, there are several non-bank securitization exemptions, and as those laws are written at the moment, baring missed registrations by what should be asset tokens, DeFi, on the whole, is not yet illegal.

Punjabi_Hitman · Nov 4, 2021

Thrill_house said:
This! Can I pay my car note, my house payment, utilities or buy groceries with this shit? Didn't think so. They can keep this nonsense

El Slavadore you can do all of the above with Bitcoin directly.

Grug · Nov 4, 2021

Punjabi_Hitman said:
El Slavadore you can do all of the above

Don't even need to go that far. Chai is a payment system taking off in South Korea, and it is backed by UST, the same algorithmic stable coin the OP is talking about.

Grug · Nov 4, 2021

ADS said:
20% annual interest immediately gets my scamdar firing at maximum alert. Best of luck.

You are going to really discombobulate then when you discover you can currently get 0.57 percent annual returns for borrowing money on the same platform.

Punjabi_Hitman · Nov 4, 2021

eonden said:
Inflation is measured on a year basis (compared current costs with the costs from a year ago) what you are talking about would be a 25% yearly inflation rate (or well 50% if we extend to one year the data being the same) which would be kind of unheard of in the USA.

Also 20% yearly interest rate doesnt really bring confidence on the actual viability of that wallet considering how high it is. Pretty much feels like a Bernie Madoffs style pyramid scheme / Ponzi scheme, which in fact gave half that interest rate (around 10%).

the code is open source. It's all there for you to decipher how it functions if you know how to interpret Rust language.

Deleted member 1659 · Nov 4, 2021

I secretly inserted a passage of erotic fan fiction into this thread. Nobody noticed it which implies that nobody is reading what I'm saying.

I've decided to donate some money to a local charity that teaches adults how to read.

Grug · Nov 4, 2021

DGP said:
I secretly inserted a passage of erotic fan fiction into this thread. Nobody noticed it which implies that nobody is reading what I'm saying.

I've decided to donate some money to a local charity that teaches adults how to read.

I've done very well myself this year from various Terra DeFi protocols OP. I've just learned that it's just not worth talking about it here outside of the main Crypto OT.

Some critics of crypto here are quite balanced and abreast of the latest developments and can provide some valid insights on significant risks and pitfalls which are undeniably part of the crypto market.

There are more vocal elements however that just recycle dated third-hand talking points, seem to think that Bitcoin and Crypto are interchangeable terms, and seem to have no awareness of how the technology has evolved and talk of energy consumption as though proof-of-stake doesn't exist.

It's just not the right forum for it, and that's okay.

Delusibeta · Nov 4, 2021

OP converted his money into a known ponzi cryptocurrency (Tether) and invested into a crypto ponzi scheme, and it hasn't blown up yet.

Grug · Nov 4, 2021

Delusibeta said:
OP converted his money into a known ponzi cryptocurrency (Tether) and invested into a crypto ponzi scheme, and it hasn't blown up yet.

UST is not Tether. It's an algorithmic stable coin that uses seigniorage and arbitrage incentives to maintain its peg.

USDT is Tether. It's a minted stablecoin that once purported to be backed 1:1 by fiat currency however now seems to be backed by a combo Stef of other more dubious securities and investments.

I'm not saying UST is a perfect model either. It's balancing mechanisms need to be tested and adjusted further through some more bear runs to see if the Luna <-> UST seigniorage algorithm can hold up in the long term.

But yeah, you are criticising the OP based on a misunderstanding.

shintoki · Nov 4, 2021

Avitus said:
From the mind that brought you:

Gambling is ruining my life but it's because I keep winning

Legitimately not trying to brag so I won't say how much I'm up. Every year I start gambling on a small amount on regular season games in various North American sports - hockey, basketball, and football only. I never bet playoffs ever except in the NBA. I selectively bet in combat sports and...

www.resetera.com

North Vancouver to use Bitcoin mining to heat homes.

Awesome news for North Vancouver. Using ASICs to produce heat for then in the winter and and cutting on costs by generating Bitcoin. It really goes to show you how far ahead Canada is in the game when it comes to cryptocurrency adoption. Go Canada...

www.resetera.com

Yet another NFT sales record. Cryptopunk 9998 sells for over $530 million (Sold and bought by the same owner)

https://twitter.com/darrenrovell/status/1453887118183391254?s=20 Crazy. Makes me wish I made smarter investments....

www.resetera.com

NFT Collectors of ERA, show off what you have here.

This isn't a crypto thread. My crypto accounts are all paying out staking rewards gave me some extra money to invest in the world of NFTs so I started dipping my toes into that space recently. I only started so I'm not as knowledgeable as I'm sure many of you are so I didn't spend much money on...

www.resetera.com

What do you think will be the fate of Bitcoin in your lifetime?

Was curious because there's a healthy number of BTC critics here. I personally think it'll hit $1 million by the time I'm dead.

www.resetera.com

I want to go all in on crypto

That is I want to throw all my liquid assets into ethereum and stake it. The interest will sustain me. My job will provide me with normal cash which I'll keep a small amount to pay bills for. The rest I wanna throw into ethereum. Tell me why I this is a dumb plan. Edit: Sorry about the...

www.resetera.com

Which country would you pick to annex your own if it came to it?

The laws and constitutions from your new overlords are now your laws and constitutions. I'm from Canada, I would like to welcome my new German and/or any on of the Scanadnavian countries, overlords.

www.resetera.com

Comes this OP history: https://www.resetera.com/search/13902810/

For the last several months I have effectively been all in on cryptocurrencies: My experience with decentralized finance.

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