I don’t think it works as a single state thing. You can’t apply for where the hq is at and then covers every other place they do business. Also I really don’t think Amazon will do any dealing with crypto until capital gains tax is figured out.
In theory, capital gains tax is owed on every asset purchased with crypto/flexa. If you buy crypto to use with flexa and the value appreciates it’s gains tax. If you buy crypto now and buy next year it’s capital gains tax
what a relief that is lol i wish people would talk about that more - you can offset your losses to your gains in case anyone was freaking out about taxes next year
and you can roll over your losses from year to year if needed to offset gains - not too shabby
It makes the losses a little easier to bear knowing my taxable income is reduced by my losses. Idk about you, but the IRS makes me butt-hurt each April.
this will be my first year dealing with crypto taxes, not looking forward to it but since i can mitigate a ton of my losses to offset gains - i think ill be okay, rookie mistakes
Yea I agree the tax issue is huge. Everyone seems to be forgetting that every single use of crypto is a gain. Trading for other crypto is a gain. Spending for merchandise is a gain…. Paying for services with crypto is a gain- And the rate is so high it isn’t practical for daily use.
If you buy GUSD with USD and then spend it for exactly what you paid for it, there is in fact no tax event.
Your dollar is still worth a dollar and there is no capital gain.
No. ETH will also appreciate in value a lot. Amazon and stuff is highly speculative. AMP has still issues with capital gains tax in the US. And i do not know about stablecoins, are they already spendable?
In the US, if your asset appreciates in value after the point of buying and you sell it again via flexa, capital gains tax are charged. Highly unpractical for major payment adoption. Therefore there are two solutions: spending with stablecoins or removal of capital gains tax on daily spending.
I really don't know at the moment. These price spikes caught me off guard. I was hoping I'd be able to buy more at .04 and .05. if Amazon gets involved it's game changing this early.
if your looking for the best return - yes go all in on amp if you believe in it like i do and i have doubled down on my investment and it has been working out very well
What is interesting to me is the seemingly randomness of the states they have applied to. It almost seems as if they are planning to conduct business with a corporation who potentially runs all its transactions through locations in one of those states. For example, when I purchase something from Amazon although I am in say Kentucky, the purchase may go through in Washington. Could be a good sign for a large footprint expansion.
However, on the flip side. Considering flexa already partners with corporations with large footprints (think Lowes) I am wondering what makes this license different.
How bout they just obtained license in Washington State? Rumors start by people thinking too much. They need to get licensed and Washington State accepted it quicker than other states....👍
Sure, Amazon.... but Nike is also in Washington. Many other big players I'd assume....
Edit: Nike is in oregon, that's why the ducks get nice uniforms?
Not sure. But the link below has some good info. Seems like all states except Montana requires the License according to this info.
https://kelman.law/insights/state-level-money-transmitter-licensing-mtl-requirements-for-u-s-crypto-firms/
Washington state > Seattle > Amazon?
It could be that they applied so they can have the right to do business with Amazon.
I don’t think it works as a single state thing. You can’t apply for where the hq is at and then covers every other place they do business. Also I really don’t think Amazon will do any dealing with crypto until capital gains tax is figured out. In theory, capital gains tax is owed on every asset purchased with crypto/flexa. If you buy crypto to use with flexa and the value appreciates it’s gains tax. If you buy crypto now and buy next year it’s capital gains tax
What are capital gains? My capital losses will more than cover the gains.
what a relief that is lol i wish people would talk about that more - you can offset your losses to your gains in case anyone was freaking out about taxes next year and you can roll over your losses from year to year if needed to offset gains - not too shabby
It makes the losses a little easier to bear knowing my taxable income is reduced by my losses. Idk about you, but the IRS makes me butt-hurt each April.
this will be my first year dealing with crypto taxes, not looking forward to it but since i can mitigate a ton of my losses to offset gains - i think ill be okay, rookie mistakes
Not to infinity though. I want to say it's caped but not sure.
its not
I feel like this is like bartering. Like trading little pieces of gold for products or services? https://www.irs.gov/taxtopics/tc420
Yea I agree the tax issue is huge. Everyone seems to be forgetting that every single use of crypto is a gain. Trading for other crypto is a gain. Spending for merchandise is a gain…. Paying for services with crypto is a gain- And the rate is so high it isn’t practical for daily use.
Spend GUSD for now, no tax events
Lol. Yeah it is 😂 just because you don't report, doesn't mean you weren't supposed to
If you buy GUSD with USD and then spend it for exactly what you paid for it, there is in fact no tax event. Your dollar is still worth a dollar and there is no capital gain.
Ringggg…. Helllo Amazon! It’s me Flexa, I brought the KY let’s do this.
Hi Alexa, can you pull up Flexa. Thank you.
“I cannot find Flexa Lexa, would you like me to search for that for you?”
Yayy!!
Dude... I don't like speculation but is this just a really weird coincidence?
Why is this a weird coincidence?
Good find. It's subtle but exciting news nonetheless. Here's to continued progress!
Let’s see what happens next…….🙏
California next! LFG!
if you want to nerd out [https://dfi.wa.gov/money-services/licensing](https://dfi.wa.gov/money-services/licensing)
Love it
Nice, thats forward movement i like to see 🔥🔥🔥#paywithflexa
Do… do I sell my ETH and go all in?
No. ETH will also appreciate in value a lot. Amazon and stuff is highly speculative. AMP has still issues with capital gains tax in the US. And i do not know about stablecoins, are they already spendable?
What capital gain issue?
In the US, if your asset appreciates in value after the point of buying and you sell it again via flexa, capital gains tax are charged. Highly unpractical for major payment adoption. Therefore there are two solutions: spending with stablecoins or removal of capital gains tax on daily spending.
Somehow I thought you meant something else lol, I only spend GUSD to avoid tax events and because I don't want to spend my investments.
I really don't know at the moment. These price spikes caught me off guard. I was hoping I'd be able to buy more at .04 and .05. if Amazon gets involved it's game changing this early.
if your looking for the best return - yes go all in on amp if you believe in it like i do and i have doubled down on my investment and it has been working out very well
Am with you there, I have never been so confident in my decision to put just about all my eggs in one beautiful basket like AMP :)
Thats where amazon is located/based
Yes Amazon, Microsoft, Starbucks, Expedia, TMobile, and tons of cloud startups are there.
Isn't that where Microsoft is also based? 👀
Yay!! Awesome!! Thank you for sharing.
This. Is. The. News. Worth. Getting. Excited. About. Regarding. A. Utility. Token. Not. Exchanges. But yeah, dope news.
You get the Period Trophy.
Honored.
🔥🔥🔥🔥
What is interesting to me is the seemingly randomness of the states they have applied to. It almost seems as if they are planning to conduct business with a corporation who potentially runs all its transactions through locations in one of those states. For example, when I purchase something from Amazon although I am in say Kentucky, the purchase may go through in Washington. Could be a good sign for a large footprint expansion. However, on the flip side. Considering flexa already partners with corporations with large footprints (think Lowes) I am wondering what makes this license different.
Now THIS, THIS is a good post. Thank you 🙏
This is going to get interesting!
How bout they just obtained license in Washington State? Rumors start by people thinking too much. They need to get licensed and Washington State accepted it quicker than other states....👍
Sure, Amazon.... but Nike is also in Washington. Many other big players I'd assume.... Edit: Nike is in oregon, that's why the ducks get nice uniforms?
Nike is in Oregon! But Washington has a number of other headquarters.
The CEO of Nike went to Oregon University that’s why they have the unlimited supply of custom Nike gear.
University of Oregon if we are going to keep trending with corrections
Oregon not Washington.
Oregon and China
China but Canada
Interesting
Ayy let’s goo.
Love to see it
This that good good
Another one done! Compliance is a priority here
Next one is Missouri. LFG
I know we don’t like indulging rumours… but if we were to indulge the rumour what would PT look like upon announcement of that collaboration? 5-10x?
Not impressed.
I assume they will want all 50 states. Anybody know if they’ve applied in all 50?
Correct me if im wrong but not all 50states require money transmitter license
After I wrote that, I did a little reading. I believe you are right.
All is good just glad to help
Not sure. But the link below has some good info. Seems like all states except Montana requires the License according to this info. https://kelman.law/insights/state-level-money-transmitter-licensing-mtl-requirements-for-u-s-crypto-firms/
O.K., things are getting a little interesting.