gm to everyone watching ETH very closely.
I have a solid feeling that ETH is going to de-couple from BTC really soon.
Just look at the prices 👇
Markets
Here are today’s market moves:
Here's what you need to know:
India releases new crypto tax rule and it’s super toxic
Polygon, the blockchain, and its token, $MATIC, were created by Indians. Its co-founder says there is a large crypto brain drain from India. After reading the new crypto law, I think that is completely true.
Here’s how the new rule goes:
Losses from one crypto asset cannot be used to offset gains in another. So if you lose some in trading BTC, you cannot offset that vs gains from another asset.
Adjusting capital losses from one crypto asset against gains from another asset is pretty common, except, according to the Indian government, this is not allowed either.
If you plan to mine, you cannot treat the mining infrastructure investment as costs 💀
You cannot carry forward losses to another year as well. Even in the same year, you cannot adjust it with gains from another asset.
Oh, btw, this bullshit is on top of a flat 30% capital gains taxes and 1% tax deducted at source.
And a meme for the crypto laws of other countries:
Yuga Labs teases the NFT space with its new metaverse trailer 🔥
The game based metaverse is called “Otherside” and includes other NFT projects as well.
Check it out here:
Also, the BAYC funding deck got leaked over the weekend 😋
It’s a massive deck of 93 slides and shows what Yuga Labs has in store for all the NFT fans.
Anyone looking for a neat template for their own funding deck should use that as an example.
Ownership economy > Attention economy
Mirror is a decentralized blogging platform. It’s the Substack of the Web3 world where what you write, you own. That means my subscribers are mine and I can take them wherever I want to.
Chris Dixon, one of my favourite twitter accounts, talks more about how Mirror is changing the blogging world:
Staking your ETH just got better
Last week, Ethereum developers successfully tested the long-awaited merge of the programmable blockchain's proof-of-work and proof-of-stake chains, dubbed ETH 2.0, which will allow users to hold coins in a cryptocurrency wallet to support network operations in return for newly minted coins.
The merge is likely to make ether a deflationary, or store-of-value asset, which would behave very similar to Bitcoin.
“Following the merge, the amount of ETH issued is projected to drop by 90%, which would lead similar levels of fees to reduce ether’s supply by as much as 5% a year,” as stated by IntoTheBlock, a blockchain analytics firm.
IntoTheBlock expects the staking yields to be higher than the U.S. consumer price index, which stood at a four-decade high of 7.9% in February.
And crypto traders are expecting ETH staking yields to be likely in the range of 10% to 15%.
Staking is analogous to passive investing.
Check Lido or Rocketpool for staking ETH.
DYOR. Not financial advice.
Check this out
Want to learn about the utility, supply, demand drivers, and other token dynamics when picking your next project/coin/token?
Here’s a thread that explains tokenomics:
Crypto lingo of the day
Initial Coin Offering (ICO):
Similar to IPO (Initial Public Offering) in the stock market. A way that funds are raised for a new cryptocurrency project.
Got popular in 2017 and led many crypto investors to disappointment. Always, DYOR.
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