 All right, welcome to the last of news to get top stories in crypto and bring out a bite-sized pieces today Just as the thumbnail and title suggests we finally got a win In the regulatory department versus the IRS or take a look at what happened specifically there now. It's going to specifically affect what you do as far as crypto or potentially and We'll also take a look at a little bit of a story about how Russia Russia wants their banks to sell you crypto crazy story out of Russia Lastly, we'll take a look at how fidelity the Manager with almost a trillion assets in our management has been stacking Satoshi's since 2014 We'll take a look at a DCA example and at the very end we'll get to your questions So hold those until the end please so first of all Let's take a look at the market recap and if you're watching the replay Just so you know everything has time stamps below so you can just zoom ahead to things You want to watch because I am trying to be respectful of everybody's time And then just so you know the news takes about 10 or 15 minutes and the Q&A might take longer 15 20 just depends So just so you know that's what's going on. All right, so let's take a look at the market itself It's pretty good day. I mean besides the fact that we're down 4% It's a beautiful day here in Puerto Rico. We're above ground Healthy everything's looking good, right a healthy person has a thousand wishes a sick person has only one So just remember that it's not the end of the world when the market drops 4% Although for your bank account probably could be a big deal So we've got just real quick bitcoins slid below 37,000 Ethereum down 6% finance coin 4% 4% down for Corona, but if you notice Corana flip Solana again Solana is down 12% there was a wormhole hack yesterday or Was the other one an exploit if you want to call it and there's a lot of rap teeth that was taken out It's and we did a video about that yesterday. This was not specifically Solana getting hacked or a thing I'm getting a hack but the wormhole Which is a protocol for cross-chain and things like that. They just didn't do the due diligence a lot of people lost Almost 120 million dollars plus so pretty big crappy day another it was the second biggest D5 hack in existence Polka dots down 10% Who knows why 10% 4.9 and of course we are you know pretty much Correlated to the traditional markets S&P 500 took a little bit of its slide Nasdaq took a big slide and also Facebook meta was down 22% after after closing so because their orange report was off and You know, it's just is what it is and since we're correlated We unfortunately fill this thing will we always be correlated? Yeah, probably not so that's what's going on right now so let's just take a look at the victories the little victories that we do have and Let's just rejoice huh? Let's have a good time. So this was from my friend Sheehan and Sheehan Chandra Shakara He is a CPA specializing in cryptocurrency. He says hey Breaking IRS has decided not to tax staking income at the time of receipt this reporter from Black Works And this is the actual article and there is some specific nuances You need to know about and how this all plays out because this could have gone a very different way And this is why it's such a big deal. So Just so you know there was a win for crypto stakers and stakers and miners the IRS reposes not to tax unsold tokens a decision to refund a Nashville couple taxes related to unsold tazos tokens tazos remember that project? I still own that crazy enough Is set to clarify the IRS tax treatment of staked crypto because you have to understand We'll get that in a second about To set precedent and whatnot. So the IRS has offered to refund the couple taxes paid on Rewards gained but not redeemed from staking on the blockchain. So here's the thing What they were doing was what the what the legal advice was was that for every? Every staking asset that you have let's say you stake Solana or Cardano or Ethereum or whatever else What the IRS was doing here in the States is that when you were staking that and you would get rewards in your wallet they'd say ah, we will take those gains and we will tax those for what you have and People were like that doesn't make any sense because I haven't sold it. It's an unrealized Gain, so how can you do that? They're like well with the IRS would do what we want and there was different pockets around the world around I'll also do that as far as I understand it. So with this one It says no, you can't do that and you're gonna have to change what's going on So to finish this to finish this up and to get the nuances in May 2021 Joshua and Jessica Jarrett. I don't know who these people are but thank you for taking the IRS to court Requested a refund of just three thousand two or nine three dollars of income tax paid in 2019 For the receipt of 8,800 Tezos tokens again, they were they stake Tezos they got these Tezos tokens IRS says Oh, you got those tokens. I know you haven't sold them yet, but we're gonna tax you on the gains It's not how it works Tokens attained through proof of stake protocols are tax payer created property Because right now here in the United States I think a lot of different countries they're treating crypto as property and not as currency and not as securities That it's different throughout the whole world. Hopefully we can get a Settlement as far as like where that actually should be Taxpayer a pair of property and should not be taxed until sold or exchanged that makes sense, right? Decision to offer a refund because the IRS can refund was rejected by the plaintiffs This has potentially large implications for how proof of stake miners and stakers are taxing the future because here's the thing If they would have if the IRS would have said look Our bad. Sorry about that and we want to give you the refund right now But let's just Shirk this away this whole Losset that you have and that goes away then precedent is gone because they settle out of court and This couple from Tennessee because that's fine, you know, like we don't want to go through this this hassle We got kids. We got family. We got jobs. We don't want to deal with that But like no we don't want your refund. So we're gonna keep going through the court We want a settlement in court so that it's recorded which will set precedent for all the different stakers that are out there So like me and you I don't know if you're staking your crypto or digital asset But it's a pretty good way to gain some yield and because of that because of this what this couple did We're going to reap the benefits reap the benefits here in the United States and I'm potentially global So that is what is going on and then for to follow up on my point to talk about To talk about Taxes and whatnot I just remember that crypto trader dot tax is The software that I use so if you're feeling the pressure of tax reporting what not I just remember that this is what I use again if you want to find a crypto trader tax It's 20% off It's a direct API integration into all the different centralized exchanges and also decentralized exchanges and all the NFTs and things like that Which they have just started up now So link in the description looks just like this and you get 20% off is also a how to use it video So for the United States, that's what's going on as far as Taxes and whatnot so that's what we have so Little shilling, what can you do? All right, so let's move on to our next piece Russia Wants to sell you or wants the the banks to actually sell you cryptocurrency There's what's going on Russia's Minister of Finance suggests letting banks sell crypto I find this interesting because In the very beginning we had heard that The Russian central banks wanted to ban crypto and everybody's freaking out which is why it's so important to get the story behind the story Parliament came out and said you guys need the banks to the central banks your job is not to pass law That's our job So just sit down and we'll deal with this and then Putin came out and said you know what we're gonna regulate it And also we have advantages for crypto mining and now what's coming out as they're like. Hey, you know what? We should let the banks Not only should we not ban it, but we should ram crypto down their throats and say hey banks if you want to You should be able to sell crypto. I think I found it's very funny So the Russian Minister of Finance Anton Swolnov I think I know that we had ready the ministry's stance on regulatory regulating rather than banning crypto and suggested Legalizing crypto trading through banks interesting. This was starting a letter. That's a swolnova Still one of sent to Prime Minister Mikhail Mishustin on Wednesday, so this is not just some like some people saying I think there's what's going on This is an official letter sent out there in contrast the Bank of Russia, which advocates a ban on crypto Swolnov suggests banks can be authorized to provide crypto exchange services and Licensing rules will be introduced for other types of business as well both the Ministry of Finance and the Bank of Russia Do agree though that crypto cannot be legal tender in Russia Hey, that's what they want to go for that's fine, but they're moving in the right direction The Bank of and this is a great point right here And I don't understand why United States can't give this to their fat heads The Bank of Russia must have access to the information about crypto related transactions and the transparent blockchain transaction tracking system must be used because all these The people that make the laws here in the United States, they're not very well versed on blockchain technology I mean, it's okay like the average congressman of women I think in the United States is like 67 years old So now it's not that they can't learn that they haven't grown up with it, but that's no excuse to be ignorant Such an approach would put crypto on equal footing with precious metal accounts and banks and other regulated investment tools with obligatory know-your-customer checks for buyers taxation and Regulated fee on fiat on rents swolnav Russians own about 2 trillion rubles or 26 billion worth of crypto Which constitute a few percent of the population savings? Mining and crypto mining and foreign crypto trading platforms will also be need to be licensed Which will bring additional 180 billion rubles of taxes or 2.3 billion the regulator stated So here's the thing like I don't understand why this is just a perfect opportunity For America to get on board look Russia's beating the pants off us Sad, but it is what it is. You know like Russia beat us in the space race true and now they're beating us in blockchain So all you got to do America just go you know what let's just set it down a little bit regulation Not that America competes nonsense built as dumb But to actually come out and just say hey, this is the regulation that we want to set forth We've already got the opportunity for banks to sell crypto. Thanks to night dig But for them just to set out here's the rules and regulations here's what we're gonna go for I know people don't like regulation But look if we don't get regulation and all those crazy hacks that are going on They're just gonna continue and keep going through and keep going through So again, I think America should just get on board to say this is what we want to do We have a framework now. We know where to go I don't care if you guys if America says everything's a security go right ahead because now we know what the wet Playground we get to play in and we'll move forward So again, Russia great job on that part and hopefully the tensions subside Over in the Ukraine and we can all just get along but we'll see anyhow, let me know what you think about that in the comment section Let's move on to our last piece This is pretty interesting actually fidelity head of sales said we started mining in Q money Bitcoin 2014 This is actually pretty funny fidelity. You know what I have a question. I think Deli be Assets under management. Geez. That was way off. I thought was one twins 4.2 trillion Assets under management for fidelity. Yes, that's a lot So Deli herself says we started mining and Q money Bitcoin in 2014. I couldn't find a specific article For this but this is the head of sales and a man doesn't make sense because that's Christine Sandler former Coinbase exec appointed head of sales and marketing fidelity She's the former head of Institute sales at Coinbase that makes a lot of sense and for Pete's sake She's even got laser eyes in her Twitter account. So I'm like that makes sense that she would be Bitcoin Heavy, but I just thought about that. I'm like, man fidelity has been mining Bitcoin or stacking sat since 2014 How much is that and there is this great website and Thomas like last three days, I think DCA Com I want to just show you this just for giggles I think this is pretty interesting how like and I would encourage you to share this with your family I have a brother right now who is who is buying gold like nobody's business because he believes that the entire world's gonna collapse I suppose and I need to show this to him. So I'll show you why in a second. So like if you this is the settings you can use You can purchase a hundred bucks You can you can set it up for a weekly every two weeks monthly and this is just an example Like you may for a year and one year ago compare their assets. No, so like if you purchased a hundred dollars of Bitcoin weekly Well, your investment would be fifty three hundred dollars, which is what's just a dollar amount But you'd have sixty three hundred, which is a almost twenty percent change, which is let's be honest boring That's not a big deal, right, but that's the beauty of DCA and investing over time everything compounds, right? So let's say you do that for I Did this yesterday? I think two years ago 10,500 let's just skip let's just skip it and let's just assume Actually, you know what let's just do this. I'm gonna get 10 bucks Every week for since 2014 Roughly eight years nine years something like that. What does do eight years? This is ten bucks that maybe fidelity put in if you just put ten bucks a week Into Bitcoin like fidelity did you'd have four thousand one hundred eighty bucks in dollar amounts, but you'd have two hundred and sixty three thousand dollars Geez, that's a lot of money For just ten bucks a week and that's a percent change of six thousand one two Let's say you did a hundred bucks a week Which I mean is doable, right people at a hundred bucks a week. Yeah, that's that's forty one thousand dollars in your savings account Right, but you got to lose seven percent because of inflation or from the Bitcoin to have two point six million dollars And that's six thousand percent change and now I want to show you something crazy There's this little button here where it says compare to other assets if you click on yes Over eight years it'll compare it Bitcoin I don't know if this is bonds or dollars in my I don't know But this one is gold on this the second level right here So forty one thousand eight hundred you'd have a whopping fifty four thousand dollars in gold over eight years which is Let's be honest awful because you could have put on the S&P 500 and gain 10% per year That's 80% you would have doubled your money almost but in gold It would have been 30% and I know the gold bugs and so the bug will say well You don't understand because you know with the collapse society and getcha, right? I just I don't know like if the site really does collapse and we're like in Mad Max world I think the the mutants and the people that are out there They'll just bust through and just steal everybody's gold anyhow. So good luck But this is what's great is you can you can copy this link and send it to your family and go Hey, if you're investing in gold just look at this or you can tweet it out right here, which I really should let me just do that Tweet this now. I'll do it later because it's taking forever now. I'll do it right now tweet Hmm interesting. All right, so that's what we have today and That's brings us to the Q&A so Let's jump back real quick and Give this out of the way so you don't need to see all these banners All right, so right now. So again, if you're just here for the news That's it for today. If you want to stick around with the Q&A. Here we go Hmm-hmm Freason steam it says everyone buy a hundred bucks right now. Sure. Yeah Yeah Investment opinion on investment advice. I don't know but we gee soft the channel name and rob the honest and is not so I try Sometimes, you know Titles might not be the best and I have to change them. What are you gonna do? Is James okay after the slown hack? I'm telling you right now This is some like I'm not a developer. So I don't really like I've seen different postings and things about this and In some way it is this it it is the language of Solana, but in a large way, it's wormhole That's what really screwed everything up. So I can't really say it's Solana, but I mean Is what it is and Solana took a big hit Thoughts an alluvium is that the game I got to get into that that one big time and chain guardians You want to do want to shift to all-seller? I'm not gonna move there, but it sounds like a decent place to be I don't want to move there because like I would move there, but I've already moved from Texas to Puerto Rico. So That's a good question. He robbed one and where's the next PR meetup. So Ah, that's next Wednesday shoot. So my man biggie. He's setting that up He's my right-hand man here in Puerto Rico and he's got a place and I'll everybody know and we'll meet up and we'll Talk crypto, which I think is pretty good because I know like we can only do so much here, right? That's why I like to get people like in the flesh and talk to them I learned a lot of things about different investment strategies that people are doing and it's fun When algorand deep that great question. I need to go into that. I'm actually that's one of the few I'm actually dollar-cost averaging right now every day. This was a specific amount taken on a voyager algorand Bitcoin and there when mullet graces us with his presence from all the years of of Financial glory and his trading. What's up, man? Thanks, I appreciate it teedrop. I don't know I love him five. Why it's 550. That's a lot Here's a good question help Rob. What's your opinion steak and eat 2.0? I have some beef I don't like the idea of not being able to unsteak it for indefinite time assuming 2.0 goes live and not delayed forever 2.0 is coming But even Vitalik's like I mean parts of it will come out and even the developers the even The Ethereum Foundation says we're not going to be calling it a theorem 2.0. It's something there they named it something differently because I want to get away from that and I just don't understand like I understand the whole point of you can lock up a theorem 2.0, and it locks it there until Ethereum, you know upgrades of 2.0 But I don't like it and I'll think and especially something happens like let's say you need something like let's say you get really sick Let's say you lose your job or some catastrophe happens or Hurricanes or whatever you got to rebuild some or how do you get liquid? You know, I just don't like that That's why like I know people say Rob. You're a Cardano shill and da da da da. Well look man. I mean Cardano on avalanche. Yeah, Cardano Mostly now you can just you can stake and take it out anytime. He wants you. That's why I like it and his And it works right Mel just had their airdrop for all those tokens took four hours for everybody. It was awesome That's it When does NM crypto and Carl moon start the new Siegfried and Roy show in Vegas, that's funny What's your choice this table coin usdc? I don't like to have there. I just don't like it What's your opinion on? Lagarde from head of the IMF who decided to keep rates at zero. I didn't hear about this. That's interesting Well, she's part of the International Monetary Fund and Jerome Powell is over the Fed us Federal Reserve So it'd be interesting how that works out. Hmm. Wow if it does stay zero and Jerome Powell institutes that and says, okay no more changes. What does that mean? Well, the markets are off the races then because they have clarity but Doesn't do us any good for inflation and we inflate out and then we get to see if that modern monetary theory is actually correct That I don't think it is but I'm not a non-economist That's an avalanche. It's awesome. I love it. I like avalanche. It seems to be pretty fast. It's got a great team having her many hacks so I'm pretty happy about that and Yeah, so I mean a staple links in the description. You can stake your avalanche with us Then that's why we did it because like it's easy to do It's kind of easy to do something like super simple like I gotta tell you like For the different chains that they do it's kind of it's a little complex I did a deep I did a explainer video. So explain how to do that and that's that's in the description every one of the videos Bitcoin max is one hair of the earth, you know I was thinking about this today about how much Bitcoin maxis and if it could just be Totally Bitcoin because what they talk about is Bitcoin is Bitcoin you do everything and maybe you can But I was thinking about I'm like, you know like when Microsoft came out with windows and of course The operating system of Microsoft because that's what it is. It's Bitcoin is just it's technology. It's software, right? You think about it It's my it's monetary software and it's great But I mean can I do everything like can I do all the transactions what can do with lightning and kind of do defy Well, there's stacks on on it. Can I do tracking and can I do? Oracle process as far as pulling in real-world data and does everybody really want it because like because like Microsoft Windows everybody seems to want Windows and then You know the Mac came out and people loved it then there was Linux Linux, but then as time went on Like if I would have been stuck just in Windows I would have sucked because it's just like I use a Mac for everything and it's just great So, I mean if you're just gonna make the argument about the operating system and on the protocol level, I get it But I mean, why do we have HTTPS and and SSL and or different programming language It's like like a Python and other different ones like can it can it really be a one size fits everything? I just don't think that's true. I don't think we need a 10,000 cryptos Don't get me wrong. I mean, there's a lot of space for there's space for others. Let's just say that and And that's another thing like like if Bitcoin can do everything Like I don't think that that could actually work because like I mean how many I mean developers You have to have on just on Bitcoin on the base layer to make it for everything that we absolutely need to do to Whatever blockchain technology, I don't know. I just didn't think about it thoughts on UFO. I own some Gala games. I also own some of that I am gonna get into more into gaming because guess what and the gaming sector for a crypto and digital assets All this Toxicity there's it's not around everybody's like we like to play games. That's it. It was it's so fun and yeah, so that's why I like Everdome and again, so Kishi and Cornucopia is built on on Cardano, and then I'm gonna do a deep dive into chain games and chain guardians, so we'll see SEC going after eat this fake news I didn't hear anything about it. So who knows Good point gamification gamifications again with a metaverse. I agree. Why not? Mac is based on BSD not Linux. Okay I might say and it's been on the base on Linux. I'm saying there was three operating system There was Linux. There was the Mac OS and there was Windows and some If the internet was back was around those days, I wonder if there have been Microsoft maxis. I've been funny Need more Solana updates You want Solana updates watch James. They'll give them to did you work out using the kettlebell? Yeah, I Got kind of lazy this week though. How about the central and ah Do my own Did a video on that the central and she stopped Mana and essentially I think I have two different properties one in the sandbox and one in the central end So yeah, I think it could be big but again, who knows there's so many things going on It just depends but I will say like that wormhole hack that was yesterday and all those things are lost like I Sawed a lot of different people spouting off that they lost their entire savings. I'm like, why did you put it into? To these protocols it doesn't make any sense so I'm gonna get a lot more conservative like if as you notice on this channel like what do I talk about I talk about boring stuff like You know the open up a crypto IRA and Crypto trader tax the tax software and also we we talk about investing into Artwork or Fractionalized shares of masterpieces over at masterworks where I bought a basquiat and a Banksy and it's just fraction I shares of that because It's uncorrelated all the markets and it's it's boring stuff But I don't really bring to you a bunch of crazy wacky projects because let's be honest It's that's gambling and these days when I see all these hacks I get more conservative as I get older I get more conservative. I'm like, you know what? I don't think these are gonna make it and that's it Can we have a recap? Sure. So the recap was the IRS lost is losing is we lost the case Lost the case for if you stake Your crypto Let's say you stake Solana and you get a reward They're gonna stake the reward or they're gonna tax the rewards because of this couple in Nashville, Tennessee or in Tennessee they said that's That's not going to happen. And so you won't have taxes on The reward that you receive only until you sell them before it was once you received me were taxed Which is stupid also the Russia's Bank or Russia's Ministry of the finance says that banks should be able to sell crypto to its to its people and lastly we talked about how fidelity is Stacking stats and 20 is stacking bitcoins in 2014. There you go What? Please talk about meld not change a wall. Look man. I Gil I've got all my meld in my wallets so if everybody's unfamiliar with this meld is a protocol that's based on Cardano and When you just when you stake to their pools, they would give you rewards and meld But you had to stake to their pools on a specific time Everybody on Twitter and everywhere else has all gotten their rewards. I haven't seen you're the first person that says it's not showing up So depends on your wallet like Yoroi. I don't like Yoroi wallet. I just don't ate a light okay That Nami wall it seems to be fine the deadless wall is my personal choice People don't like deadless wallet because it takes so long, but in all honesty. It just works all the time So depends on your wallet man. If it's Yoroi go talk to that customer support And that's it. So what about sell sister wards taxes? So again? What this is setting precedent is is that once you receive rewards and I'm gonna have Xi'an Chandra's car on the show pretty soon. He'll lay this all out but once you get rewards and Either in staking or in yield or whatever else until you sell That crypto for cash or you pay for goods and services Then he won't be taxed on it. So because it's just considered as property here in the United States Every place else is different. That's why that's why when people say well, why isn't Celsius here? And why isn't voyager here? Why it's because of the regulations and they got to work with all these people sucks Which pool would you have to stake to get meld? This is meld had their own which was crazy about meld Meld had their own cordon of steak pools like nine of them. They filled all up they were all saturated and this happened months and months ago and It was for so it was like for it was quite some time actually like two or three months I think and then after it was done. They dissolved all their steak pools and said well We don't want to be accused of of Centralization so they just dissolved their steak pools. That was it So this is already done man, so you can't do it, but if you want to get Sunday swap you can You know you can delegate to the D news state pool Cardano and And you'll be paid in Sunday swap and in Ada. So, you know, it's got a show Sorry, I like that. Okay, so I think that's it for today. I think there's nothing else to do I Think we're good great. Good day. So look that's it for today. So thanks for sticking around in the Q&A I appreciate it. If you like today's video give it a thumbs up. I'll consider subscribing while you talk about our time sensitive I'm gonna put two more videos here So we can talk about a price in DCA videos and probably the last video which we talked about wormhole If you're watching the replay, so thanks so much for watching. I appreciate it and I'll see you on the next one The O's Lucas Bradley. What's up, man?