 All right, welcome to the last of the news to get top stories in crypto and bring on a bite-sized pieces today Just the thumbnail suggest there's some good news on the horizon because it looks like that wormhole hack Everything has been restored. So we're gonna take a look at just what happened by taking a look at who is jump crypto That actually came into this and pretty much bailed everybody else out And then finally we'll take a look at just a clarification of that IRS case, which is clarifying Exactly what it means to stake your crypto and the rewards and what you have to pay and then at the very end We'll go over a little Q&A. So it's gonna be a very quick update Just just for what is going on today and we'll get out of here. So real quick Let's take a look at the market recap and also if you are watching the replay Just know that there will be timestamps Just right below so you can skip ahead anything that you want to see and then the news usually takes about 10 or 15 Minutes, then we do Q&A which could take a very long time. So it's up to you to stick around if you want to All right, so let's jump into it and just take a look at what's going on with the market. So today it is The third third favorite time is flying by about 5 20 p.m. Puerto Rico time and it's looking okay, not too great I'm not gonna spend a great deal of time pretty sideways day. Nothing really fantastic is going on The big I guess the big loser or big one that's down the most avalanche 3% that's pretty big What else we got 4.8% for near no real reason 5.3 for FT. That's crazy Well, I can kind of understand why maybe the 5.3% is because of them and Their group bailing out wormhole, but we'll take a look who dares up 8.3 8.3. Congratulations And that's the big stuff. I thought it was gonna be all makers up 7% is pretty good It doesn't be a worse day because I had heard that Microsoft I was a Microsoft it was Facebook or meta as they call now they they dropped by like 20 20 points because of their earnings and everybody was freaking out if I was gonna be a bad day on The markets and not too bad actually in all honesty I mean look S&P 500 didn't drop that much and over five day time frame It's actually doing much better and then if you take a look at the NASDAQ I mean for everything else. It's out there I mean one day didn't go down too much and actually over five days is looking pretty good So in all honesty the crypto market went a little bit sideways so the traditional market and that's where we're at So no big deal, but this is the big story today So if you're not aware there was a a monstrous hack It was the second biggest DeFi hack in history and it was over on this one It says 120,000 worth of ETH, which is 300 million and there was there was reports of different fluctuations All I have the 200,000 ETH, which could have been half a billion dollars But it looks like that is what happens the worm wormhole itself. It's an interoperative protocol Transfer of value just cross-chains and it deals with seven different ones. One of those is Solana and There was a there was a hack. It was a an issue With it sounds to me like some part of the language of Solana but in reality it was just an issue with the security and The audit actually laid it all out for a wormhole about what what to make sure that they patch up And they didn't do it and a lot of people lost a lot of money, but that's okay because As of today all funds have been restored and wormhole is back up. We're deeply grateful for your support and thank you for the patience and Seven hours ago, it says yeah contract was explained for 120,000 ETH Folder already patch ETH contract. That's pretty fast. I must admit and I will tip my hat So what happened here? How did this all come about? Well, it came about because of this jump crypto Came in and said hey, we're gonna bail you out so jump crypto and This is the the tweet itself believes in a multi-chain future and That wormhole crypto is essential infrastructure. That's how we replaced 120,000 ETH To make community members whole and support wormhole now as it continues to develop That's it case closed. Everybody's happy money's back It's not it's not as cutting drives that first of all like I was just thinking myself like Just for a questions and for giggles Who's jump crypto because it's not like, you know, first of all 120,000 ETH, right? So let's just Figure that out one ETH right now is worth 2,600 120 Thousand ETH is worth 314 million 768 thousand four hundred dollars. So These guys just came in and said here it is. There's 120,000 ETH like it's nothing like no big deal So this is the information I could find jump crypto is building next frontier and crypto infrastructure and it's just a one really just a one-page website and Here's who is who are their partners or alongside as they call them the community Amp, Bitzo, Chili's Bybit, BTSO, Coina, Human Oasis Labs. Now here's where it gets interesting serum Solana Terra Voyager And 0x wormhole. I gotta ask Steve about that. That'd be interesting See how that all works out, but this is the big thing with Solana because the language was part of that issue with Solana and When I take a look at Their Twitter feed, let me go back You can see here their big Solana supporters, right? And that is part of their community which I could I could totally understand and of course, you know They're big supporters of Solana. There's this big event riptide coming up It's a hackathon and I look over at Sam Bakeman Freed's Twitter account We know that he's big in the Solana and of course down here here is the the video itself Of course, they are all about it Riptide hackathon. So What it says to me is this is that's For jump crypto, whoever that entails and all the different partners that they have That's deep money. That's deep money just within Less than 24 hours to come about and just say, you know what here's $300 million Let's not try to do that again and then move on So if you're looking at these different projects, I know that people some people love Solana And some people hate Solana because they say well, it's not decentralized and it's VC back and things like that Hey, I will say one thing. I'm not a big fan of scammers and scam artists and things like that I've seen a lot of people lose a lot of money But if you can come in here And just say here's $300 million for this hack for all the people who lost their life savings And more it's not just VCs that are out there. They got that may have gotten hurt I think it's a lot of individual individual investors if they can come in there and save them so much the better and if you're looking for deep pockets And of course sometimes when you throw a lot of money at different projects, even though it might not be perfect Usually a lot of money can lead to a lot of progress not not all the time I've known a lot of businesses who started off as a pretty good people and a pretty good amount of capital And they just tanked but in this situation when you have a quarter of a billion dollars come out of nowhere That might be a project to bet on that is just investment opinion not investment advice Let me know what you think about that in the comment section I just thought it was a good story and i'm glad within 24 hours all those people Everybody's got their money back. That's great. All right. Let's move on and this is just real quick is the an irs the irs case clarification today We had talked about this and I got a little little exuberant little excited, but I need to clarify Something's very important. This case isn't over. This case is not over It's just that these people who Took this case to the irs. They are not backing down and I was like how they're not backing down because that's pretty expensive. I'll explain so This the fate of millions of taxpayers hangs the balance of the irs crypto staking case And there's a there's a nuance between staking And apy yield if you're on a platform say like voyage or a celcius So that is also we'll we'll give that a second So this is it. This is what I was talking about today a Nashville couple declined a reimbursement From the united states internal revenue service friends of mine on taxes paid On rewards gained but not redeemed from staking on the tasos blockchain. So yeah Wherever you're staking if you're staking salana cardanos tasos, whatever else if the rewards that you gain here in the us They're gonna say well, whatever those rewards are We're gonna tax you on them even if you don't redeem them or sell them or use them for goods and services Whatever else we're still gonna tax you which I think kind of sounds to me like unrealized gains uh And then to clear this up This is uh, josh jared. He is him and his wife are uh, they are part of the lawsuit And they said look, uh, we we turned down that offer because we didn't want to just take a settlement Until the case receives an official ruling from a court There'll be nothing to prevent the irs from challenging me again on this issue I need a better answer and that's the truth because if they take the settlement That won't set precedent And they won't be able to say okay now we know what it is and not only just for them But for all the difference, uh crypto investors out there that are gaining These rewards from staking And when I was looking at this, I'm like that's kind of ballsy just to come out and be like, hey, you know what? We're just a couple from tennessee Nothing wrong tennessee We're just a couple just just just two regular people and we want to fight the irs for nothing else to do So i'm like, how the heck are they doing that because that's super expensive I've been through lawsuits and it sucks and it's super expensive. So this is how it all came about because Uh industry group Proof of stake alliance Is a partial funder of the lawsuit Which makes sense uh prove a stake alliance. That's that's people like uh facebook and meta who just joined uh coinbase and uh gem and i and some other different uh big players in the game And they said that in turning down this reimbursement that jared has set the stage for a wide sweeping legal precedent So of course they're going to back them. That is good for the entire market. But here's the kicker Just because they turned that down doesn't mean they won because now a bench trial Is set for march 2023 So you got another year to wait unless the case is settled After discovery in mid-march. So at the best you're looking at mid-march But a settlement offer is not the same as a binding precedent Again, they could settle in march, which I don't think they will because these guys are backing them and it was going to go a long time According to tax and public policy experts sure and then there is one thing to note here I thought it was interesting accounting firms are already adjusting their reporting options for clients. I thought there's I'm like, that's that's kind of brave Legible a crypto accounting firm that works with both retail and institutional clients will now give clients the option to Skip the staking rewards and are taxable income tallies, which means they could just like nope. I'm not going to claim it Now on this channel, I am not a cpa. Nor am I Giving investment advice. So talk to your cpa about that if you don't want to claim it. It's up to you Uh, and they state rewards reporting will need to be flexible as this evolves Which is why we're adding options into the legible tax platform to treat staking rewards Any manner according to this case if the user chooses So again, it's up to you for what you want to do But for right now It's still the old way and that is and there is a difference between the staking rewards and then Ap y that you could or yield that you could gain For your crypto assets, which to me personally sounds like the damn same thing But apparently it's not For voyager and for sales isn't any other type of platform that you're using So the yield that you gain there that's also taxable income just so you know But great thing is that if you use crypto trader dot tax link in the description Uh, you can that's what I use and it's easy to tally now. Here's the thing. You don't have to use the affiliate link In the description. I could care less if you use it, you know But if you don't you don't get 20 off. That's all I'm saying. I use it if you use it for two years Very easy to do. I've got a video that explains it. That's all we got. All right So, uh, that's it for today. I just wanted to update, uh, those two things that it was interesting that everybody got their money back Because I've never heard of that and I'm glad that there's some deep pockets. So that's what we got And now let's get to q&a. So right now that ends the news section if you want to drop off here I totally understand if you're watching this as far as recording But now we'll get into the q&a if whatever you have so go ahead and bombard me with your questions right now And I will get to them. So thanks so much for sticking around. All right hide that and that to do And blah blah blah Warhawk They hate soul because they are locked up on eith and can't get out. Well, that's true If you if you stick it for e2.0, you are locked. It is what it is So we'll continue to be adapted Uh while e2.0 isn't coming out and decided to go with the name change So yeah, I don't know when it's coming out, but uh, I've got a lot of eith a lot I mean a lot, but I got a good amount It's my second biggest holding and I'm not gonna stake it. That's just me. You can stake it Uh, that's how it is. My goal is not your goals I am not cool. I will never be cool. That's my grandson. He thinks I'm a nerd Let's see what else What do you think about the crypto app owned by trust swap? I have heard problems with that And uh, I don't use those types of Uh Wallets so I use ledger and then I keep some some of my crypto But first of all my state pool cardano Dnews and then I also put a lot on a voyager and celsus to gain the yield. That's just me Uh, that's it What do I think of hbar? I think it's uh, it's a it's a good platform I think it's in the top 30 or top 40 or something like that. It's been around forever and it looks It's just it's just an interesting project Mathematically, I'm not really well versed in it. People tell me the things that I've read so far. It looks very promising I just haven't invest into it. Uh, I have invested in the algorand and I've been dollar cost averaging that every single day I think that's uh, another good play But we will see All right And in which platforms you buy ufo Hey, that's a great question because they're new to this if you ever want to find out like how to buy something A word it's actually uh given i'm just going to show you set So, uh, just go to coin gecko and let's look up in the search bar here ufo Ufo gaming and we click on ufo. No ufo. I'm just kidding Underneath here. You can see all the the Price chart historically as it goes around but then over here it says exchanges You can see all the trading pairs and then that's where you can find it So like I pretty much I'm pretty sure I got it on q coin q coin or gate io because I'm in america You can get on uniswap which is a dex, but just be prepared to pay a boatload of gas fees And that's where you can find everything that you want to and where it all is so I hope that helped. All right Oh h bar is hosting the enterprise metaverse. I'm telling you I think metaverse can be a pretty big play Uh, I love coin gecko. I like 202 Let's see. I can't see that one. Sorry Have you covered vault? No, I have not It'll win. Well, maybe a lot of room for out there. Hello What's the it's a great question a o del. What's the worst? That could come out of crypto regulation the very absolute worst Because it could become crushing regulation That doesn't allow any kind of wiggle room and it's pretty much makes it impossible to transact and crypto and digital assets Own wallets and do anything as far as innovation. That's the worst play But And I said this numerous times I don't think that's the that's the case here because you have to follow the money And there's so much money coming in and so much just even look at job creation Um Ever since china did that crypto ban that's a mining ban. I was like, thank you, jesus Thank you lord because I will tell you, uh, it's great when all those miners shut down in china And they move everything over to the united states And then the mining corporation or different mining companies like in rockdale texas and different parts of texas where i'm from Uh, all the construction companies are are working feverishly They are building these different huge huge warehouses people are actually being hired for these, uh For these rails And it's a great job builder and in america I think in every country people love jobs and especially when things are coming to america now america Isn't like everything right But a lot of times when we set a little precedent it kind of gets copied around the world So there's so much money in here. There's so many things being created I think it won't be crushing regulation that really what it hinges down to is just how Hard gary genzler and the sec are going to clamp down on crypto and if I I can really care less Where they go if they say it's a security or it's an honest security for whatever else it is That's fine. Tell us what it is and then we'll work our way around it because we're pretty ingenious people Especially in the crypto space That's it 10x with lq. I don't MT says do you have a good contact for iTrust? I'm having trouble getting contact with someone. That's odd. That doesn't usually happen Just email me Or put me on twitter And uh, finally, I'll get you in with anthony burdolino that those guys are pretty good about getting back to everybody Oh, this is a great question Upon a mic digitalized. Did you did you still have to pay us mainland capital gains? On the unrealized gains You have in your crypto portfolio for the crypto you own when you left the mainland us for PR. That is a great question So i'm going to update my video on Puerto Rico And let me tell you something. I was under the impression From a prominent lawyer and he wrote me a nice fat opinion about what it could do is that When you bring your crypto over from your past Uh, and you come over to Puerto Rico The capital gains would get washed away because the time that act 2021 22 and x which is now x 60 When it was written back in those days crypto was considered a property investment Which I still think it is this still is and there wasn't a really definitive of is it actually it wasn't definitive What is a property is a current it doesn't matter So what happened was I thought that I could bring it over here for the crypto and then when I saw it'll be okay And it turns out it's not the case So if you're going to move to Puerto Rico from what I understand from different CPAs Not just the lawyers You're going to pay capital gains tax now moving forward. I'm not going to have to But for the ones that I bought before yes good news is I didn't sell a bunch of crypto I just sold enough to well it was To pay for this house we had to pay I sold like around 25 or 30 percent to pay for this house not of my whole portfolio, but just pay for this house the rest was crypto loans and The other part we had shopped around or pulled it from other bank accounts. So To answer your question you got to pay for your crypto that you bought over in the us But as soon as you land foot here It's it's retro from the time that you land in Puerto Rico going back. So hope that helps Okay Uh, it's another good question. I'm curious as to why people use dex as if the gas is so much. What's the advantage so The advantage is if you can't find crypto on a like there's like let's say you're looking at this really great Low-cap gem right and you're like I really want to buy this because somebody told me about it Sure So you go to a you go to all your different exchanges and it's not offered there The only place that's offered is in it is on a dex because you can get a lot of different cryptos over there And you can just swap away So it for dollar cross averaging Which is buying every day every week. It's awful. It's awful to do it like that because the gas fees are so high So if you're going to go in there and buy something like I did that with World mobile token and something else And but I bought a big chunk of it. So you don't want to just like buy a couple You know like 100 bucks worth of of the crypto and then pay gas fees for like 40 bucks or 600 bucks or whatever it is You want to go heavy into dexes and get your big thing and then just sit out that is not investment Advice to do that. But if you are into a specific crypto and you're like you got to have it and it's only on a dex That's where people have to go. So it's like just to buy Like every day is a bad idea because you're gonna get crushed in uh in gas fees How secures it to stake your crypto in exchange is not secure whatsoever in any way shape or form So when you put it on there like I've never had a problem with celsius or voyager ever um I've never even liquidated for uh, you know the margin loans that I have on celsius So but just just know that they are a centralized Exchange. So if you're putting a crypto there, um, you don't control it. That's why that's why like like with cardano Like I just like how they did the uh staking process. You can unstake at any time The staked tokens that you have never leave your personal wallet, which you control your keys to And uh, you can do whatever you want and the yield is like between four and six percent So, uh, I've never had a problem with it. There's been everybody in glitches It's been just great me and the team handle all those things with our stake pool. I love it Do you know, I don't I've watched the first two seasons and I just kept falling asleep Uh, what's the advantage using defi seems pointless to me. Well, you have to remember it depends on where you're at So like if you are in the united states for like decentralized finance like do I really need this? I mean, I just rather just go to a bank and deal with their bs And sign all the paperwork because the rates are pretty low. Let's be honest but if you're in like an emerging country and you are trying to do something with like to Get a loan for your business Or to get a loan to buy property or to get or do much and much of anything It's pretty difficult Especially if you don't even have a bank because you're unbanked So to for defi it can work out pretty well in those regards right now defi what I see it as Is uh, first of all, it's a great place to get a loan Also, it's a great place to get rug pulled and then the third one is that it's a great place to get yield Crazy yield, but again because because of the higher risks for the gains The higher rewards, but again a great place to get rug pulled That's how I see defi so far and the only thing that's that's great about it Like in my mind, I see it as time goes on that it's more so About eliminating the middleman like here's an example If you go to go buy a house and when you sit down at the title company You sign all the paperwork and everything else All the different fees that you see there and there's a boatload of them All those middle people that can just be eliminated with with with defi and nfts Because you could like all the different things where it has to go like to check your credit report to to record this at For the county to put it through to the bank and to have somebody sign off that can all be eliminated Just by by blockchain technology. So I see that as being one of the big things later on But that's just not available right now Okay, I'll then answer that question I think that's it Uh, this is the last question Dow just disappeared Now there's two more questions So diesel that's a great name diesel. Okay. Yeah, that's your real name. That's a great name Will you be going to the bitcoin conference in miami? No, I will be here I think it's in april and uh, that's the time that I have to be uh back in texas Because we do a charity event. Um, it's uh to help, uh Uh local kids in the uh in the community We put on this obstacle course and we get people together in our in our sports complex And then they just run this obstacle course and then we give the the funds to the kids So like I have to do that and that's just so I won't be there But I'm going to give away two tickets because I trust give me two tickets. So Be be aware of that and then This is the last question rob when the divs keep coming How do you stagger your buys? You don't enter the forest living on the streets drinking vodka from a brown pepper bag Uh, I just lied to my wife and then she never knows. Now. I'm just kidding. So what happens So, how do you stagger your buys? well there's a This is a pretty good play and I this is what I I have done in the past and I'm gonna tell you what to do obviously not investment advice, but It's DC ang works in the very long run But it's it's a very long process. You have to understand When people look at me like why are you so calm because the the market's down like 50 of a time This was this and I've said this many a time This is the same response. I got when I would look at those damn youtubers back in 2018 and 2019 I'm like, how these guys will come What the hell because I mean everything is down so much It's because those guys back then which they aren't around anymore. I might add They were around in 2013 2014 and they're like, hey You know, you usually make it in the first bull run kid But you can make it in the second or third and I was like, hmm. All right, so I can I can see that So what I did was I just said, okay, I'm going to dollar cross average Throughout the whole time to hell with it 2018 2019 2020 2021 And it paid off paid off pretty handsomely actually So there was one process that I did Is uh, first of all, I try to pick the best projects that I possibly can now some aren't coming back like you Like my analogy is dash assault Look at the project dash As far as from the all-time high to what it is now never came back Take a look at salt it was a lending platform from its all-time high It was like a 15 bucks something that and it came up to like eight cents and never went up So those two projects are never coming back And when I try to find is like the best project by looking at the utt the utility What what does it do? Is it have the actual resource? Uh, the tokenomics good or is it all going to go to some vc? You know crony and then uh, what is the team behind it and what have they done? So I take a look at those I do some dca and then one little trick that I do is as things start to spiral down even farther Let's say That's it takes a dip at 20 percent. It's a good time to buy right and then I'll just maybe dca I'll just wait a week or two weeks depending on what the news is and then I'll buy again But I try to keep it pretty consistent But when there's a huge huge dip Like when we saw in march of 2020 when that thing called coronavirus came out and it it was like I think bitcoin was at $3,300 and I want to say a theorem was like a hundred 200 bucks That's when you can do what's called dynamic dollar cost averaging where you actually increase the amount of money that you put into it And buy in now that could work great Or it could fail miserably because if you pick the wrong project Which let's be honest. It's it's some some of these products. It's a crapshoot Uh, you pick the wrong project that money's gone But it's okay because if you spread it around a little bit Some of the products that you've looked into do okay because like when I did it I put it into bitcoin and Ethereum And I put it as something like fun fair energy toe or something stupid and that's never went up But I'm like, who cares the other ones did pretty well. Anyhow, so that's what I got today So look, I know the q&a always goes longer, but the news is the news. So that's it If you like today's video give it a thumbs up. I'll consider subscribing while I think we talk about our time sensitive I'm going to put up two videos right here. There was a lot of questions about staking. So I'll put up the video on how to What is proof of work first proof of stake how to stake cardano and the other one over here I'll just put uh, I don't know something about itress. That's it. So thanks so much for watching. I appreciate it And I'll see you on the next one. Adios