ETHEREUM DEAD ? CRYPTO TAX REBATES? MARKET CARNAGE!  BTC ‘DEADMAN WALKING?’

ETHEREUM DEAD ? CRYPTO TAX REBATES? MARKET CARNAGE! BTC ‘DEADMAN WALKING?’


Welcome everyone it’s us, the New Kids On
The Blockchain back for more crypto related fun and games welcome back
everyone we had a great time by the way in the
Berlin Xmas Christmas market it was wonderful they were very festive
I’m Christmas’d out though already, but now we have a show to do and we have some
wonderful things happening what is coming up first of all we have a first
in a series of sponsored pieces with TAXTOKEN giving you guys the knowledge you
need to keep your crypto taxes sharp and not get it in the arse from the tax
office very important we talked to Eric Benz from Crypto Friends and find out
what they have been up to and we have an amusing video clip that we’ve done in
association with Crypto Go about how the market has been and exactly the reason the
internet was created in the first place but first up we have news roundup first up I’d like to start with a little
bit of good news hazzah! but unfortunately there isn’t any so we’re gonna go to a
crypto news first of all where the headline is Bitcoin and alt coin bears
gain momentum the past few hours were super bearish as there was an aggressive
selling in the crypto market From CCN carnage in the crypto market yes as
there are losses of sixteen billion dollars overnight The crypto market has
lost about 16 billion of its valuation as it dropped from 123 billion to 107
billion for the first time since May 2017 the Ethereum price has fallen to the
$80 region deleting all of the gains recorded throughout the bull market of
late last year An analyst has said that the asset is currently demonstrating
weakness based on virtually every
technical factor From RT news Bitcoin
crashes to new lows as the crypto market continues to nosedive Bitcoin plunged
more than 12 percent on Friday falling below 3,400 its lowest point in over a
year From Coin desk and I like this one US congressman introduced two bills to
prevent crypto manipulation two US Congressmen have introduced the bipartisan bills to prevent crypto price manipulation and boost acceptance of the
tech, representatives Darren Soto and Ted Budd jointly announced Thursday that
their two bills the virtual currency Consumer Protection Act of 2018 and the
u.s. virtual currency market and regulatory competitiveness act of 2018
ultimately aimed at making the USA leader in the cryptocurrency industry Lastly from Bloomberg the crypto currency market crash is leaving
bankrupt startups in its wake The Plunge in the cryptocurrency market is weighing on the software development community that spawned over a thousand digital
coins amid dreams of independence from traditional finance systems and instant
wealth many of the companies are suffering because they kept a portion of
their funds in digital assets whether in tokens they sold through ICOs or in
Bitcoin and Ether which served as the preferred means of exchange in the
crypto world As prices collapsed this year by more than 90 percent in some
cases and their so-called digital wallets thinned out many developers
found they couldn’t raise additional funding I feel like we should have a funeral for Etherium, well I bloody hope not is all
I can say because I’ve still got quite a lot of my emotional support invested in
Ethereum and a lot of people are declaring Ethereum over and a lot of
the EOS people are saying it’s all gonna be good they’re saying that Ethereum
are failing on updating and that they’re having meetings behind closed doors and
it’s curtains but I would like to think that that’s not the case
come on Ethereum you can do it! From a pretty dark news story I feel like we’re
saying that every week to some things that may make your crypto experience a
little better now follow me on this one taxes, it may not be so bad in a bear
market to get a hold of your taxes and part one of our series of four videos
we’re doing with TAXTOKEN you will see why so today is the first in our series of
sponsored content we’re doing on the subject of crypto taxes we all know
important very important to get it switched on and I think it’s subject
that people didn’t think was gonna be associated with crypto yeah exactly but
the reality is you need to get your head switched on and you need some expert
knowledge we have teamed up with TAXTOKEN and we have Nathan Nichols with us
today and he’s going to be guiding us and telling us what you need to know to
keep your crypto taxes tight so Nathan are you there hey yeah great to be here
guys thank you thank you for being on the show so can you tell us first of all
why and how TAXTOKEN was founded ? So actually me and a couple of my friends
started it at our senior year in college in our accounting program we just saw a
specific need for you know taxation and how to understand your taxes in the
crypto space the biggest problem was is you know back last year there was a huge
run-up and cryptocurrency etherium and all the alt coins and I
looked online for a specific program that could you know calculate cost basis
accurately and I just it wasn’t out there so we went through some different
other programs and we found out that our taxes were being overstated by tens of
thousands of dollars obviously that wasn’t good so we saw an immediate need
and a problem that needed to be solved now I know there’s a lot of people out
there I think there’s a statistic of less than point zero five percent of
people file crypto taxes because they simply you know don’t know how to
do that I mean is that a real problem at oh absolutely
I mean even accountants today don’t understand all the nuances in
cryptocurrency depending on what regulatory body you’re speaking to
cryptocurrency can be treated as four different type of asset classes which
all have different tax structures and so what we went through is trying to
understand and make the individual feel empowered through our program to know
exactly why the taxes are being treated the way they are in crypto currencies
and making sure that we hold their hand along the way to instill some confidence
in them to make sure they understand this is why you’re paying this amount
this is why it’s responsible and also this year specifically how you can get
some money back because the cryptocurrency market has been in a
bear market so a common misconception with Bitcoin and other coins and tokens
is that they’re completely anonymous but that’s not the case is it no not at all
there’s actually a few companies out there one of them is chain analysis that
works directly with the IRS to find individuals that have large transactions
moving and cryptocurrency similar to the way that you can see you know Bank wires
going you know to and from and you can see regulatory body stepping in and
making sure everything’s okay chain analysis has worked with the IRS to kind
of trace back wallets and transactions on the blockchain and as we know once
it’s on the blockchain it’s immutable and it can’t be changed so you kind of
have that permanent record of if they do find you and if there is a large amount
of transactions happening then you got to make sure that you’re all buttoned up
and grown a lot of people probably don’t even realize with the bear market we’ve
been in for last year that you actually need to book losses in order to take
benefit from that can you explain a little bit about how that works yeah
absolutely let’s speak about the United States
specifically so in the US you can take up to three thousand dollars against
your adjusted gross income and then all losses that exceed that amount you can
indefinitely carry forward so say for example you know Bitcoin in a tight was
twenty thousand dollars and you bought a Bitcoin there and right now
unfortunately the price of Bitcoin is about thirty five hundred dollars you’re
gonna have about a sixteen thousand five hundred dollar loss you can take three
thousand of that against you know your salaries and wages etc and that could
increase your tax refund immediately but most importantly just because you only
get that three thousand in the first year doesn’t mean you don’t benefit from
future years so you can keep rolling that in future years or if the
cryptocurrency market comes back and Bitcoin goes back up to twenty thousand
dollars you don’t have to pay taxes on the game that happens from that
thirty-five hundred point we’re at currently back up to the twenty thousand
points so there’s a lot of added benefits in booking your losses and tax
harvesting this year so you just explain sort of tax token is is being released
in January right so what’s coming up and how is that going to look to somebody
who wants to take advantage of this kind of information absolutely so we have a
lot of things that we’re pretty excited about at TAXTOKEN that’s our second
release of the 2.0 version there’s really head and shoulders we feel above
our competitors the biggest one we feel is the needs review or review
transactions tab and that will go through like we said earlier in the
video and hold the hand of the individual making sure that you
understand exactly why the tax situation is happening so in some of the exchanges
there’s some data that isn’t a hundred percent accurate we just go back and say
hey are you sure this is correct similar to how with TurboTax you answer
a few you know rudimentary questions and then you’ll understand why it’s being
treated as such so it’s really not only hey here’s a number on the bottom line
at the end of the year we’re telling you here’s the taxes do you understand
you’re tax scenario and in our 2.0 version we actually have the ability to
match you with crypto specific accountants that can allow you to have a
deeper understanding of what forms you’re directly submitting to the IRS so
you have full compliance Thanks Nathan for that it’s great to get some solid
tax knowledge on board and next week I think we’re going to be looking at
taxable events and all the different specific types of events there are in
crypto of which there are many some may surprise you they surprised me yeah and
the week after we’re gonna be looking at minimization strategies again to look at
how you get that tax bill down get your notebooks and pens ready because it’s
education time so we will see you next week for more tax knowledge with TAXTOKEN yeah thank you so much you guys have been great Thank you We love a bit of
humor that we find on the Internet and we have something a little funny for
everyone from one of our favorite films which you may recognize, I won’t spoil
anything just enjoy we collaborated with Crypto Go on this who, I’ve got to be
honest wrote the script and we helped you some of the production it’s very
funny and we hope you enjoy it as we did too Somewhere along the line these ICOs
went from somewhere from a little bit risky, to dogshit where’s the trash I’m
talking rock bottom token economics no kyc verification white paper dogshit the REKT is already up from 1% to 4%
fellas and if the Bitcoin price keeps
going down a lot of these lower cap alt coins will go down to this you’re too
close is an opportunity hold on hold up so the scam ICOs are dogshit and many of
the alts a dogshit wrapped in cat shit? yeah that’s right and if BTC goes down
more these alt coins go to zero zero no user case zero and then that happens next up in blockchain banter we chat to
Eric Benz from Crypto Friends about what they’ve been up to so as part of our blockchain banter this
week we were out in Malta recently and we met the guys from Crypto Friends and
we have yeah you’ve got the t-shirt you actually got the t-shirt on literally
and we have Eric Benz others at the moment and wanted to welcome in and say
hi so eroge there and a hi thanks for making time it’s great to be here
friends who are you guys what are you watching
well Crypto Friends is a group of you know crypto professionals and
influencers and thought leaders all working together in a community format
to basically build smart connection and our philosophy for the past year has
been about putting on very tailored very intimate and exclusive events which
provide a lot more networking opportunity you know we’ve really
established a wonderful brand that really makes people feel comfortable
friendly and and brings them together in such an awesome way so it’s you know so
Crypto Friends is uh has definitely delivered on on the overall vision thus
far you have also some kind of event so what kind of things do you do really
where we specialize in is putting on events that cater to a more exclusive
community inside that growing community so I’m really trying to connect crypto
projects with the right community environments so depending on
jurisdiction depending on kind of where we might put on the event we’re very
very kind of aware in terms of what needs to be connected cuz our events
aren’t huge they’re not you know like big you know where we met the I think
with the Delta summit or what previously I mean these events are not you know
thousands and thousands and thousands of people these are very tailored exclusive
networking style events that really bring those people together and that’s
why we really focus on establishing and nurturing those smart connections so
cCrypto Friends overall not only is it an events company
because obviously you know that’s the tagline right but at the end of the day
crypto friends is is really about community and there’s a lot that we have
in terms of our roadmap and plans moving forward that really are gonna highlight
how we’ve built up our crypto friends Network and how we’re going to be
bringing them into that community platform so that we can obviously reach
out into other markets and and grow the crypto friends brand the market
obviously has been very different this year than it was last year a lot of the
kind of documentary we’re featuring on has been about how things have changed
from 2017 to 2018 I mean how have you found building the
network in these kind of more bearish markets or is it all about just looking
beyond that and looking at the technology and the longer future the
market is pretty bare right now but that that really means that there’s so many
people building actual technology and hopefully they’re building impactful
technology and transformative technology and that’s why you see that you know
when the market was pumped up you know companies that raise this money needed
to obviously sell and and you know you see such a bearish market right now but
this is really the time where true innovation is going to come and and and
really showcase these products whether it be on a on a beta scale or whether it
be on an even enterprise level because at the end of the day in blockchain we
still haven’t seen that yet I mean at the end of it last year there
were more ICO’s than DAPP users so you know we’re going through a bit of a
maturation process and and that transformation is is taking place right
before our eyes so it is about long-term vision and objectives at the end of the
day it’s always nice for the price to be high and and for the markets to be doing
well but the thing about these markets is it’s not controlled by any one
central authority the value is established by the community and the
people that then give us that value so there’s a really interesting economic
model within this this ecosystem which a lot of people don’t really associate it
with so the technology is great the price is the price and we just have to
focus on providing the necessary tools the right platform to help gain
awareness for this growing ecosystem and provide the visibility necessary for the
companies that need to raise financing to be able to do so and we feel that you
know with crypto friends we have a phenomenal vision and networks and the
ability to really bring some very large people together and to help new
companies and other global jurisdictions be able to interconnect with one another
and share the ability to make and establish those long term smart
connections well The New Kids On The Blockchain would very much like to be
Crypto Friends so consider us your buddies in England perfect, perfect we’d
love to stay in touch where can people find out more about Crypto Friends if
they want to go and check out some more please check out our website www.cryptofriends.IO or just google Crypto Friends and you’ll see a whole bunch of things come up in terms of what we have done over the past year and videos and different events and then obviously we are putting on our next really big event in St Petersburg Russia which will be May 31st to June 1st 2019 Well take care and travel safe and its a pleasure to chat to you and im sure we’ll speak soon! Thank you very much Take care Thats it folks, another week flies by a fantastic
knowledge news and a wealth of information about the blockchain crypto
space time goes so quickly when you are having a great market but thank you for
sticking with us through these turbulent times we hope you find everything very
excitingLIKE, COMMENT, SUBSCRIBE we love to hear from you guys we love to hear
from let us know how you feel in this current climate of a bear market and
until next week remember you been BLOCKCHAINED!

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