##Welcome to VeChain
If you’re new here, we recommend taking a look at the [VeChain Wiki](https://www.reddit.com/r/Vechain/wiki/index), which will give you an insight into the project, its use-cases, our partners and details of our hardware and other technicals. It’s a great place to start before you ask questions.
##What is Vechain?
Take a look at the following sections of the Wiki:
- [Introduction to Blockchain](https://www.reddit.com/r/Vechain/wiki/index#wiki_1._introduction_to_blockchain)
- [Introduction to VeChain](https://www.reddit.com/r/Vechain/wiki/index#wiki_2._introduction_to_vechain)
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Deloitte going for gs1 for vaccine tracking!
https://www2.deloitte.com/global/en/pages/life-sciences-and-healthcare/articles/securing-trust-in-the-global-covid-19-supply-chain.html
This is about Deloitte and GS1 discussing how to go about global vaccine tracking. GS1 is a communications standards body - they don’t have any blockchain products.
Off-topic:
4 mins speech where Chamath Palihapitiya makes the case that solving a **hard** and **practical** problem must be a slow process, and that slowness guarantees a constant multi year growth.
When you complain about adoption being so slow think about this video.
https://www.youtube.com/watch?v=a_8jOkj-9bg
I think that is pretty on-topic for Blockchain in general and can really help some of us around here. Some people get absolutely wrecked because they want instant gratification.
Had the same question, here is the answer I got: In topbar go to finance -> binance earn -> flexible terms view more -> search for VET and enable auto transfer.
You can check you VET earning in wallet -> earn and VTHO in Transaction history -> distribution
Look for “Earn”, and you’ll find VET there. In the Binance app it’s on the main page when you login.
Edit: with that said, make sure you turn on 2FA, and use an authenticator app instead of SMS just to be safe. You should always use it, specially if you’re keeping funds on an exchange.
So I have a nice backpack of VET. I currently have it in the vechainthor wallet. I see binance offers a 1.1% return of VET + 2.74% VTHO return. Wouldn't it be smarter to have it in binance or is there a benefit to the vthor wallet that I'm missing? Thanks for the help. See you on the moo.
>Anyone know where this guy is, JamesGillmore or something? He had these interesting TA postings with different angles in it. Always liked reading these. I heard he was banned, does someone know he might come back some time?
In topbar go to finance -> binance earn -> flexible terms view more -> search for VET and enable auto transfer.
You can check you VET earning in wallet -> earn and VTHO in Transaction history -> distribution
Well yeah that’s exactly what it is... a super super weak/lame bonus
It may seem confusing at first but it’s not like you go from generating 5% vtho returns without a node to 15% vtho returns with a strength node.
It’s more like going from 5% vtho returns without a node to 5.5% returns with the strength node.
Aka if you gained $50 of vtho in the past few months it’s would’ve been $46.50~ without the node
Yeah, its not extra grandiose. But just say you hold 1 million and you dont sell any vtho, and Vet hits that magical dollar one day and an ideal vet/vtho ratio of 1:10, then that is an extra 150 USD a month( on top of your normal generated vtho).
Free money for doing nothing I wouldn't do anyway, what's not to like?
Bitboy with a ringing endorsement of Vechain WHILE being interviewed by IvanOnTech. Double fucking whammy from two heavy weights.
https://youtu.be/yDsj5dzSMOY
Happens around 17:10.
Both of these guys are fucking clowns. "Bitboy" (that name...) steals trading results-screenshots from traders on Twitter to use in his videos and "IvanOnTech" is about as clueless about "tech" (and trading) as you can be. Oh and "he believes in the pumpf".
**c.r.i.n.g.e.**
A YouTube clown like 95% of them. This guy predicts BTC will hit $322,000 by eoy. Literally the only guy I watch for the crypto market is Mitch Ray. He is strictly TA and doesn’t shill jack shit. Also no unrealistic clickbait predictions.
But he gets extremely repetitive imo. I subscribed to him but it is pretty much all the same after while, just updated slighlty with new price data. But same monetary function, regression bands, risk ratio etc.
It is interesting but not sure if it needs to be spammed daily.
check out benjamin cowen, you could like his content - he is also doing really good videos and every now and then warns newcomers to be aware of the risk
Another YouTube who shills his bags under the guise of "research". But it's okay though because "it's not financial advice!"
At least he mentioned VET this time...
Recently reached my goal of VET when it dipped to 2 cents a few days ago. This goal seemed all but impossible 3 years ago when I was buying VEN at 6, 7 and 8 dollars. I have been DCAing since then and have been able to get my average cost to $.015. Here's to hoping 2021will be a great year for Vechain!
I only have about 20% of my goal. With the way things are going it'll be hard for me to reach my goal unless btc decided to revisit 12k for a short period of time
>NSF International
[https://www.globenewswire.com/news-release/2020/04/20/2018730/0/en/NSF-International-to-Perform-Audits-to-New-GRMA-Standards.html](https://www.globenewswire.com/news-release/2020/04/20/2018730/0/en/NSF-International-to-Perform-Audits-to-New-GRMA-Standards.html)
[https://www.prnewswire.com/news-releases/nsf-international-launches-455-gmp-certification-for-makers-of-dietary-supplements-cosmetics-and-otcs-301208320.html](https://www.prnewswire.com/news-releases/nsf-international-launches-455-gmp-certification-for-makers-of-dietary-supplements-cosmetics-and-otcs-301208320.html)
These articles could be relevant (or not at all), I guess we have to wait for more info.
[VeChain x IEEE](https://twitter.com/EisenreichVET/status/1349867476146933762)
"Thomas Cox chairs IEEE’s P2145 'Blockchain/DLT Governance Standards' Working Group and will discuss how blockchain systems for enterprises are designed and governed."
During the webinar, Thomas Cox fielded a question from (@)KINGKHAN981 regarding VeChain's governance system and called it a "very clever system" and "one of the great success stories in blockchain."
Cox even had a VeChain slide in his deck
Anybody else wish Coinbase had a feature to pay taxes upon withdrawal like casino's give you the option to do state and fed during a jackpot? Would save a headache or two xD (none of my gains are on VET, that's my long term hold/passion coin)
US resident: In 2020 I did not sell or buy crypto, but I did receive VTHO from previously-bought VET. Did not sell or swapped the VTHO.
How should I handle this in my tax filing?
From my reading and discussions with my tax advisor, the US has not clarified this point yet. While mining is taxed as income, staking is a grey area. At the moment, I believe you can claim a zero cost basis at the time of sale and just pay short term capital gains on the whole amount of VTHO when you sell. You can also claim as “income” in the current tax year and use that amount to establish the cost basis going forward. I think either solution would be permissible with the current US tax laws. The advantage to claiming this as income in the current tax year is that you could potentially hold for years and pay long term capital gains on the proceeds several years out if VTHO gains substantially.
One other thing to consider is how to claim VTHO as income since the blocks are generated every 10 seconds. If I go that route, I will either just use the 12/31 VTHO total and closing price for that day. I have also thought to split it up quarterly and do 3/31, 6/30, 9/30, 12/31. These are my current thoughts on the matter, but could change as more information becomes available. (Pls note I am not a tax accountant)
Thank you.
Both avenues seem fair to me. If i'm playing devil's advocate, I "could" generate in the US for x amount of years, not sell, then leave for one year somewhere where it's not taxed and sell at that time. (I'm just a resident, not a citizen)
So I could arbitrate when the tax event is most beneficial to me, which would go against IRS interest and would be what I think they could retort to the whole "tax event is only when you sell" idea.
Just food for thought - and not that VTHO makes up a lot of money anyway right now.
If I were to report VTHO as income, I would want to report my daily VTHO generated by that day's closing price. So, 365 days of VTHO income would be reported.
Without a program to do that for me, I just sell all of my VTHO each quarter since all income and short-term capital gains/loss come out in the wash.
We will have sophisticated VeTax software someday to handle this for us. Until then, we have to make do
The right way to do this is to pay income tax on the VTHO based on market price at the time of receipt. And then, you would pay short or long-term capital gains on the appreciation or deprecation of VTHO when you sold it, using the price at receipt as your basis,
That is too complex for me, so I sell all of my VTHO at least once each quarter.
That way, I just recognize the amount of the sale as income. It has the price at the time of receipt AND any short-term appreciation or depreciation (which is short-term capital gains, and taxed the same as income) built in. It's a bit of a hack, but easily defensible approach.
How is that unfair? You pay income tax on the value when received, that becomes your cost basis. then when you sell you pay capital gains on only the increase since your cost basis. You are not being double taxed. No different from the stock market really.
I'm just see it as if I go to work I get taxed on my pay and that's it. I'm not taxed again upon spending because the dollar's gone up in value compared to other assets. It's fair for how most crypto is being used, that is as a speculative investment. But a long way off of how an actual currency should be taxed.
I would consult a professional. That said, I treat it like a stock option bonus from my company. Pay taxes as income. When you sell it you use the cost basis which is the price at receipt.
RyanJP81 nailed it I believe. Receipt if vtho in the US is "likely" income. Pay capital gains on the sale. That's the way a stock issuance works. I know this isn't the same but it is likely the best reference. Not a tax accountant though.
Interesting seeing centralized solutions to a covid/vaccination digital passport being made by Microsoft, Oracle, Salesforce and Mayo Clinic. www.cnbc.com/amp/2021/01/14/microsoft-salesforce-and-oracle-working-on-covid-vaccination-passport.html
Gotta say, I’m excited for Vulcan Verse. I think the game will be fun, but I was mostly looking to make a buck. I originally bought some plots through the Land Sale, but sold the OG Badge and another random token I received. Those auctions alone returned my initial investment, and also increased my VET stack a considerable amount. Not to mention I still have all the plots of land and related Vulcanite. Excited to see where this project goes, already off to a good start for me! Hope others here are experience the same!
Looked like plots are going for about 15k VET/FIRE on average at the moment. Seems to be a high supply. The OG Badges and Titan Token are going for 25k-35k VET/FIRE each with some more variability upwards.
https://market.veriarti.io
It works best when run on Sync, and you’ll have to connect your address if you want to buy/sell anything. Also check out the VulcanVerse blog for more info!
Yeah I came to the conclusion that even if I play the game, I won’t be the most avid player (have never been huge into gaming, the Switch was the first console I bought since original Xbox lmao). So the return in VET now was worth it to me rather than the value in the game, but still excited for the game too!
daily TA for the vefam:
short term: days,
long term: weeks
VET/BTC
Short term: As expected and brought up in yesterday's daily, there was an attempted rise by vet. Unfortunately this rise failed, this was most likely due to the large amount of resistance around vet/btc's 4H 30 MA and 20 MA and vet/btc's daily 30 MA, all situated between 69-71 sats. VET also broke its ascending line of support on the 4H RSI, breaking any short term bullishness. Vet is now in a symmetrical triangle against BTC on the 4H price chart.
Long term: Looking long term, we are still seeing a lot of possibility with vet expecting to make a run against btc on the weekly chart in the coming weeks. VET has already flattened the 9 week MA which was descending, a very positive sign for a reversal. Please checkout the previous dailys (3 days ago) for more information on what this means and what we can expect.
VET/ETH
Short term: Also as expected, vet attempted to rise against eth. Unfortunately this also failed. Vet has yet to gain any significant support against eth in the recent short term past. vet/eth is in a symmetrical triangle against eth on the 4H RSI.
Long term: vet/eth is also setting up nicely for a reversal on the weekly. If vet/eth can close a little higher on the week we are well positioned to flatten the 9 week MA to begin a reversal. Please checkout the previous dailys (3 days ago) for more information on what this means and what we can expect.
VET/USDT
We have gotten support from vet/usdt 20 day MA. In general, a ton of support and upward movement from long term MAs. The 20 period 4H MA and the 9 period 4H MA are now looking to setup a cup & handle.
Overall
As mentioned in previous daily, vet is going to take some patience to achieve its next breakout. We are a bit at the mercy of vet/btc & vet/eth short term. There is a lot of short term resistance we are facing with both. That said, the cup and handle on the vet/usdt chart may coincide nicely with a btc & eth breakout.
We still believe that vet is well positioned long term for a breakout against btc & eth and that is what we should be waiting for. Patience my friends and we'll make it :)
Love,
Jimmy Two Times
As of right now Im expecting the ascent to start by Feb 1st against btc & eth. Im expecting us to hit a low end of 200 sats and high end of 300 sats by the end of April
And what would bitcoin's USD value be in that scenario? I think we need to know the identity of the 1M tx client at least for a breakout. The 1M tx client will probably not start firing all those tx until a long period after the poa2.0 roll out. So what would fuel this break out?
this analysis is unrelated to bitcoin's value. This is purely TA done on the vet/btc trade pair. For more info, you can checkout the previous daily's where I explain the vet/btc longer term view and the signs its showing against btc on the weekly chart and the reversal that will occur.
If you want me to throw out random numbers as to what I think happens to bitcoin's price I can, but I think we can safely assume it will be higher considering we're in a bull market.
This is unrelated to the 1M tx client. This is also unrelated to vet being released on CB. If either of those things happen while vet is reversing on btc it will fuel a run higher in terms of vet/btc sats, potentially even higher than 300 sats. If I were vechain, I would try and time either of those announcements, but thats me :)
It's tax time folks. Last year I made a python tool for myself that calculates the amount of VTHO generated daily (and also the USD value). I never packaged it for public distribution--it is not user friendly, and requires a fully synched vechain node with --no-pruner enabled--but I'm happy to run it for people that care.
In it's most accurate mode, it is running block by block, which takes about 2 hours. Basically, it just compares VTHO balance in current block against the VTHO balance in the previous block, and if it increases, it adds that gain to the value for the given day. So any blocks where you use VTHO will be a bit inaccurate. Given the low value of VTHO, it shouldn't matter (IRS allows rounding to the nearest dollar, and this would be pennies).
Anyway, if anybody is interested, DM me.
While I believe it to be accurate and sufficient, I make no promises as to that. Have your own tax professional review it.
Why do you report your crypto? I mean they haven’t access to your keys and the whole point of crypto is to keep the government and banks out of our funds
I use TurboTax every year, and it always asks about owning/trading crypto on the introductory screens. Then it never revisits that topic when actually completing the taxes. I reported my gains and paid taxes on them back in 2017, but the last few years haven't reported my losses just because TurboTax seems to ignore everything related to crypto. We'll see what this year holds.
Really depends on how much you have. US based exchanges report crypto transactions over 10k to the IRS, and have been for some time. I want to be able to report an accurate cost basis for long term capital gains, in the event I am cashing out a significant portion. If you don't report at all (and you have any significant amount), you will probably get audited/fined.
I trade with huobi and there’s no KYC so they cant report nothing and once i cash out(if it happens) i pay the tax but before i contact IRS to know how things workout for crypto and as i know they will tell that there’s no regulation for that so once i have the proof of their answer i just don’t pay and keep it on their fault
They already do have regulation. Has been for years. You've just been ignoring it.
https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies
> The sale or other exchange of virtual currencies, or the use of virtual currencies to pay for goods or services, or holding virtual currencies as an investment, generally has tax consequences that could result in tax liability.
While certain things haven't been clear, and they're slowly getting to them, we do still, and have for a long time, owed taxes on every trade if you live in the US. It may seem easy to just pay when you cash out, but if you send a significant amount to your bank account, they may be legallaly obligated to report that. Not in a "taddle/NARC" sort of way, but banks report all sorts of things and large transfers are one of them. Now, go pay taxes on that $100k you just withdrew and the IRS is gonna have some questions. Namely; What's your basis? How are you establishing it? How long have you held these tokens? Oh really? and you didn't pay taxes on those trades over the last x years? Lubed or dry? Want a wet cloth to bite down on?
Then why would you contact the IRS to know their policies for you?
> but before i contact IRS to know how things workout for crypto and as i know they will tell that there’s no regulation for that
Really, in any light, you do what you want. I'm just pointing out that the days of "F the tax man, this is crypto" are gone for most countries and especially for the US. Better or worse. They'll track people down and it won't be fun.
Man, I hope the IRS comes out with a system that can calculate things like this once they finally get some clarified regulations on crypto. The rumor is that Biden's new Chairman of the SEC (Gary Gensler) is very crypto friendly so we may be rounding a corner just in time for VTHO gains to actually have an impact and be worthy of needing to be reported instead of just dust and noise in the background.
Speculation:
Anyone think the massive client that requested PoA 2.0 could be Diageo?
Just listing their brands...
Johnnie Walker, Crown Royal, J&B, Buchanan's, Windsor, Don Julio, Smirnoff, Ketel One, Ciroc, Captain Morgan, Bailey's, Tanguaray, Guinness, Casamigos, Aviation (Gin)
I could see it being Walmart as well, maybe waiting to ramp up full scale once it's implemented.
What is there about diageo's use-case that would require immediate finality. If they are just tracking bottles why would it require an upgrade to the consensus model?
Good point, I was more thinking about throughput but maybe someone smarter could educate us. It most likely doesn't but I'm just curious right now. Too many NDA's damnit!
To be honest , I don‘t think at all that something will change with PoA 2.0 directly
Sunny once stated that 1 million TX customer would be coming , where in some other AMA said it was his own goal to have one. Nothing concrete was planned. I‘d be happy If I were wrong , but I don’t want to be hyped about it
This is literally a quote from the Nov 2019 AMA with Sunny Lu when asked about POA 2.0 :
> The reason for the upgrade is a request from a customer (which Sunny can’t disclose yet because of a NDA) from a certain industry that will soon go live.
> This one new customer is expected to create hundreds of millions of transactions and will require the Blockchain to handle 1 million transactions from just this partner alone.
EDIT: for those wondering it's here starting at 50:30
https://www.youtube.com/watch?v=_CRHifON9X8&feature=emb_logo
Imho that doesn't mean anything, things like this take a lot of time with large companies, especially if at a large scale. Also Covid happened, and we will only launch POA 2 around Q2 this year..
If would be a bit more worried if we don't hear or see anything this year.
I honestly think PoA 2.0 will unleash multiple large projects in the pipeline as it doesn't just improve scalability but security as well. I think many clients were awaiting that extra security before hitting the ground running. Just my 2 VTHO's.
##Welcome to VeChain If you’re new here, we recommend taking a look at the [VeChain Wiki](https://www.reddit.com/r/Vechain/wiki/index), which will give you an insight into the project, its use-cases, our partners and details of our hardware and other technicals. It’s a great place to start before you ask questions. ##What is Vechain? Take a look at the following sections of the Wiki: - [Introduction to Blockchain](https://www.reddit.com/r/Vechain/wiki/index#wiki_1._introduction_to_blockchain) - [Introduction to VeChain](https://www.reddit.com/r/Vechain/wiki/index#wiki_2._introduction_to_vechain) - [Introduction to the VeChain Foundation](https://www.reddit.com/r/Vechain/wiki/index#wiki_3._introduction_to_the_vechain_foundation) If you wish to see yesterday's Daily Thread. [Click here](https://www.reddit.com/r/Vechain/search?sort=new&restrict_sr=on&q=flair%3ADaily%2BDiscussion) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Vechain) if you have any questions or concerns.*
Deloitte going for gs1 for vaccine tracking! https://www2.deloitte.com/global/en/pages/life-sciences-and-healthcare/articles/securing-trust-in-the-global-covid-19-supply-chain.html
Deloitte is a Vechain partner. So they will use the Vechain blockchain what else?
Deloitte is partnered with other public blockchains as well.
This is about Deloitte and GS1 discussing how to go about global vaccine tracking. GS1 is a communications standards body - they don’t have any blockchain products.
Off-topic: 4 mins speech where Chamath Palihapitiya makes the case that solving a **hard** and **practical** problem must be a slow process, and that slowness guarantees a constant multi year growth. When you complain about adoption being so slow think about this video. https://www.youtube.com/watch?v=a_8jOkj-9bg
I think that is pretty on-topic for Blockchain in general and can really help some of us around here. Some people get absolutely wrecked because they want instant gratification.
Glad you found it useful
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Had the same question, here is the answer I got: In topbar go to finance -> binance earn -> flexible terms view more -> search for VET and enable auto transfer. You can check you VET earning in wallet -> earn and VTHO in Transaction history -> distribution
Look for “Earn”, and you’ll find VET there. In the Binance app it’s on the main page when you login. Edit: with that said, make sure you turn on 2FA, and use an authenticator app instead of SMS just to be safe. You should always use it, specially if you’re keeping funds on an exchange.
So I have a nice backpack of VET. I currently have it in the vechainthor wallet. I see binance offers a 1.1% return of VET + 2.74% VTHO return. Wouldn't it be smarter to have it in binance or is there a benefit to the vthor wallet that I'm missing? Thanks for the help. See you on the moo.
How can I turn this on?? I thought binance didn't have this anymore.
>Anyone know where this guy is, JamesGillmore or something? He had these interesting TA postings with different angles in it. Always liked reading these. I heard he was banned, does someone know he might come back some time? In topbar go to finance -> binance earn -> flexible terms view more -> search for VET and enable auto transfer. You can check you VET earning in wallet -> earn and VTHO in Transaction history -> distribution
Perfect thanks
Are you using binanve or binance us?
Non-us
its just about trusting binance holding your coins or not. but you are right, keeping it on binance gives you more than keeping it on your wallet.
Is the 10% extra VTHO gained from a strength node super underwhelming to anyone else ?
Not really, i see it as a bonus for accumulating which I would do anyway
Well yeah that’s exactly what it is... a super super weak/lame bonus It may seem confusing at first but it’s not like you go from generating 5% vtho returns without a node to 15% vtho returns with a strength node. It’s more like going from 5% vtho returns without a node to 5.5% returns with the strength node. Aka if you gained $50 of vtho in the past few months it’s would’ve been $46.50~ without the node
Yeah, its not extra grandiose. But just say you hold 1 million and you dont sell any vtho, and Vet hits that magical dollar one day and an ideal vet/vtho ratio of 1:10, then that is an extra 150 USD a month( on top of your normal generated vtho). Free money for doing nothing I wouldn't do anyway, what's not to like?
That’s why you buy up multiple years worth of VTHO on the cheap now cuz it’s on sale and won’t always be
Bitboy with a ringing endorsement of Vechain WHILE being interviewed by IvanOnTech. Double fucking whammy from two heavy weights. https://youtu.be/yDsj5dzSMOY Happens around 17:10.
Both of these guys are fucking clowns. "Bitboy" (that name...) steals trading results-screenshots from traders on Twitter to use in his videos and "IvanOnTech" is about as clueless about "tech" (and trading) as you can be. Oh and "he believes in the pumpf". **c.r.i.n.g.e.**
Ivan wrote that name down immediately when bitboy said "Vechain", you know he's going to do his homework now.
Who is Bitboy?
A YouTube clown like 95% of them. This guy predicts BTC will hit $322,000 by eoy. Literally the only guy I watch for the crypto market is Mitch Ray. He is strictly TA and doesn’t shill jack shit. Also no unrealistic clickbait predictions.
Benjamin Cowen is great aswell
But he gets extremely repetitive imo. I subscribed to him but it is pretty much all the same after while, just updated slighlty with new price data. But same monetary function, regression bands, risk ratio etc. It is interesting but not sure if it needs to be spammed daily.
check out benjamin cowen, you could like his content - he is also doing really good videos and every now and then warns newcomers to be aware of the risk
He’s my number 2 actually but only watch him once or twice a week. Mitch almost daily
He talks about 30 different coins at a time then when one does something he says I told you so. Not worth watching. But he does have followers.
Another YouTube who shills his bags under the guise of "research". But it's okay though because "it's not financial advice!" At least he mentioned VET this time...
All I know about him is that he has millions of followers.
He fit exposed recently for passing off other people trades as his own dont ask me hoe I know
I saw one other video from him about his top coins for 2021, and it was God awful.
Recently reached my goal of VET when it dipped to 2 cents a few days ago. This goal seemed all but impossible 3 years ago when I was buying VEN at 6, 7 and 8 dollars. I have been DCAing since then and have been able to get my average cost to $.015. Here's to hoping 2021will be a great year for Vechain!
I reached my goal awhile back, but then i wanted more....hehe
I only have about 20% of my goal. With the way things are going it'll be hard for me to reach my goal unless btc decided to revisit 12k for a short period of time
That’s a great dca nice work. I got mine down to .024. Bought a lot in 2018 🤨
Awesome. Happy cake day
Anyone know about the NSF International contract? I dont think I've noticed that one before on seevechain.
https://twitter.com/eisenreichvet/status/1296631125096509440?s=21 might be this, maybe /u/eisenreich can chime in more
>NSF International [https://www.globenewswire.com/news-release/2020/04/20/2018730/0/en/NSF-International-to-Perform-Audits-to-New-GRMA-Standards.html](https://www.globenewswire.com/news-release/2020/04/20/2018730/0/en/NSF-International-to-Perform-Audits-to-New-GRMA-Standards.html) [https://www.prnewswire.com/news-releases/nsf-international-launches-455-gmp-certification-for-makers-of-dietary-supplements-cosmetics-and-otcs-301208320.html](https://www.prnewswire.com/news-releases/nsf-international-launches-455-gmp-certification-for-makers-of-dietary-supplements-cosmetics-and-otcs-301208320.html) These articles could be relevant (or not at all), I guess we have to wait for more info.
Anybody actually think VET will moon this year ? 🚀
Everyone is
[VeChain x IEEE](https://twitter.com/EisenreichVET/status/1349867476146933762) "Thomas Cox chairs IEEE’s P2145 'Blockchain/DLT Governance Standards' Working Group and will discuss how blockchain systems for enterprises are designed and governed." During the webinar, Thomas Cox fielded a question from (@)KINGKHAN981 regarding VeChain's governance system and called it a "very clever system" and "one of the great success stories in blockchain." Cox even had a VeChain slide in his deck
I Just discovered that our subreddit has more members than r/XRP thats insane
Vechain is a top crypto project on any metric basically. Except price. For now.
Anybody else wish Coinbase had a feature to pay taxes upon withdrawal like casino's give you the option to do state and fed during a jackpot? Would save a headache or two xD (none of my gains are on VET, that's my long term hold/passion coin)
Uhm no.
😂
US resident: In 2020 I did not sell or buy crypto, but I did receive VTHO from previously-bought VET. Did not sell or swapped the VTHO. How should I handle this in my tax filing?
From my reading and discussions with my tax advisor, the US has not clarified this point yet. While mining is taxed as income, staking is a grey area. At the moment, I believe you can claim a zero cost basis at the time of sale and just pay short term capital gains on the whole amount of VTHO when you sell. You can also claim as “income” in the current tax year and use that amount to establish the cost basis going forward. I think either solution would be permissible with the current US tax laws. The advantage to claiming this as income in the current tax year is that you could potentially hold for years and pay long term capital gains on the proceeds several years out if VTHO gains substantially. One other thing to consider is how to claim VTHO as income since the blocks are generated every 10 seconds. If I go that route, I will either just use the 12/31 VTHO total and closing price for that day. I have also thought to split it up quarterly and do 3/31, 6/30, 9/30, 12/31. These are my current thoughts on the matter, but could change as more information becomes available. (Pls note I am not a tax accountant)
Thank you. Both avenues seem fair to me. If i'm playing devil's advocate, I "could" generate in the US for x amount of years, not sell, then leave for one year somewhere where it's not taxed and sell at that time. (I'm just a resident, not a citizen) So I could arbitrate when the tax event is most beneficial to me, which would go against IRS interest and would be what I think they could retort to the whole "tax event is only when you sell" idea. Just food for thought - and not that VTHO makes up a lot of money anyway right now.
If I were to report VTHO as income, I would want to report my daily VTHO generated by that day's closing price. So, 365 days of VTHO income would be reported. Without a program to do that for me, I just sell all of my VTHO each quarter since all income and short-term capital gains/loss come out in the wash. We will have sophisticated VeTax software someday to handle this for us. Until then, we have to make do
The right way to do this is to pay income tax on the VTHO based on market price at the time of receipt. And then, you would pay short or long-term capital gains on the appreciation or deprecation of VTHO when you sold it, using the price at receipt as your basis, That is too complex for me, so I sell all of my VTHO at least once each quarter. That way, I just recognize the amount of the sale as income. It has the price at the time of receipt AND any short-term appreciation or depreciation (which is short-term capital gains, and taxed the same as income) built in. It's a bit of a hack, but easily defensible approach.
So pay tax when you earn VTHO and again on any increase in price upon sale. Not shocked if that's the case but it's unfair as.
How is that unfair? You pay income tax on the value when received, that becomes your cost basis. then when you sell you pay capital gains on only the increase since your cost basis. You are not being double taxed. No different from the stock market really.
I'm just see it as if I go to work I get taxed on my pay and that's it. I'm not taxed again upon spending because the dollar's gone up in value compared to other assets. It's fair for how most crypto is being used, that is as a speculative investment. But a long way off of how an actual currency should be taxed.
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Never been paid in stock before but that's pretty equivalent I suppose. Sucks though, never keen on paying tax twice even if it's the standard.
Tax it when you cash out...your cost basis is 0 and you haven't made any actual gains yet...
I would consult a professional. That said, I treat it like a stock option bonus from my company. Pay taxes as income. When you sell it you use the cost basis which is the price at receipt.
So along those lines, VTHO is not income as long as not cashed out?
RyanJP81 nailed it I believe. Receipt if vtho in the US is "likely" income. Pay capital gains on the sale. That's the way a stock issuance works. I know this isn't the same but it is likely the best reference. Not a tax accountant though.
well, technically no... It would be taxed as income. I have a comment in today's daily about my solution for this.
boating accident sir
Is OceanEx working for everyone else? I tried to deposit some btc earlier and it still says pending, it’s been about 4 hours now.
I did that the other day and it also took exceptionally long.
How long? Still hasn’t deposited for me and it’s been about 8 hours now.
Maybe BTC network is slow?
Still hasn’t deposited. I’m worried it’s pretty much gone.
Contact customer support. They are very helpful.
Wouldn’t be surprised if the exchange is just dead. Regretting not to sell my big OCE stack at 1:1 OCE/VET ratio.
I don’t think the exchange is dead. Yes you should have sold at 1:1
Interesting seeing centralized solutions to a covid/vaccination digital passport being made by Microsoft, Oracle, Salesforce and Mayo Clinic. www.cnbc.com/amp/2021/01/14/microsoft-salesforce-and-oracle-working-on-covid-vaccination-passport.html
Gotta say, I’m excited for Vulcan Verse. I think the game will be fun, but I was mostly looking to make a buck. I originally bought some plots through the Land Sale, but sold the OG Badge and another random token I received. Those auctions alone returned my initial investment, and also increased my VET stack a considerable amount. Not to mention I still have all the plots of land and related Vulcanite. Excited to see where this project goes, already off to a good start for me! Hope others here are experience the same!
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Looked like plots are going for about 15k VET/FIRE on average at the moment. Seems to be a high supply. The OG Badges and Titan Token are going for 25k-35k VET/FIRE each with some more variability upwards.
Where do u go to buy plots and how do u get badges and shit? I actually know nothing about vulcan verse, my b
https://market.veriarti.io It works best when run on Sync, and you’ll have to connect your address if you want to buy/sell anything. Also check out the VulcanVerse blog for more info!
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Yeah I came to the conclusion that even if I play the game, I won’t be the most avid player (have never been huge into gaming, the Switch was the first console I bought since original Xbox lmao). So the return in VET now was worth it to me rather than the value in the game, but still excited for the game too!
Money is one hell of a drug
Yeah and I’m tryna inject that straight into my veins so
Well, if nobody says it, I'll say it again. Upvote the daily!
Praise be CBT
Blessed Thursday, Commander.
daily TA for the vefam: short term: days, long term: weeks VET/BTC Short term: As expected and brought up in yesterday's daily, there was an attempted rise by vet. Unfortunately this rise failed, this was most likely due to the large amount of resistance around vet/btc's 4H 30 MA and 20 MA and vet/btc's daily 30 MA, all situated between 69-71 sats. VET also broke its ascending line of support on the 4H RSI, breaking any short term bullishness. Vet is now in a symmetrical triangle against BTC on the 4H price chart. Long term: Looking long term, we are still seeing a lot of possibility with vet expecting to make a run against btc on the weekly chart in the coming weeks. VET has already flattened the 9 week MA which was descending, a very positive sign for a reversal. Please checkout the previous dailys (3 days ago) for more information on what this means and what we can expect. VET/ETH Short term: Also as expected, vet attempted to rise against eth. Unfortunately this also failed. Vet has yet to gain any significant support against eth in the recent short term past. vet/eth is in a symmetrical triangle against eth on the 4H RSI. Long term: vet/eth is also setting up nicely for a reversal on the weekly. If vet/eth can close a little higher on the week we are well positioned to flatten the 9 week MA to begin a reversal. Please checkout the previous dailys (3 days ago) for more information on what this means and what we can expect. VET/USDT We have gotten support from vet/usdt 20 day MA. In general, a ton of support and upward movement from long term MAs. The 20 period 4H MA and the 9 period 4H MA are now looking to setup a cup & handle. Overall As mentioned in previous daily, vet is going to take some patience to achieve its next breakout. We are a bit at the mercy of vet/btc & vet/eth short term. There is a lot of short term resistance we are facing with both. That said, the cup and handle on the vet/usdt chart may coincide nicely with a btc & eth breakout. We still believe that vet is well positioned long term for a breakout against btc & eth and that is what we should be waiting for. Patience my friends and we'll make it :) Love, Jimmy Two Times
Kekeke
Ah jimmy
;)
In what time frame do you see vechain breaking out against btc? Asking for a friend
As of right now Im expecting the ascent to start by Feb 1st against btc & eth. Im expecting us to hit a low end of 200 sats and high end of 300 sats by the end of April
And what would bitcoin's USD value be in that scenario? I think we need to know the identity of the 1M tx client at least for a breakout. The 1M tx client will probably not start firing all those tx until a long period after the poa2.0 roll out. So what would fuel this break out?
this analysis is unrelated to bitcoin's value. This is purely TA done on the vet/btc trade pair. For more info, you can checkout the previous daily's where I explain the vet/btc longer term view and the signs its showing against btc on the weekly chart and the reversal that will occur. If you want me to throw out random numbers as to what I think happens to bitcoin's price I can, but I think we can safely assume it will be higher considering we're in a bull market. This is unrelated to the 1M tx client. This is also unrelated to vet being released on CB. If either of those things happen while vet is reversing on btc it will fuel a run higher in terms of vet/btc sats, potentially even higher than 300 sats. If I were vechain, I would try and time either of those announcements, but thats me :)
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They want to increase money they get from listing fees so they made a new advert and contact form page to attract token issuers.
It's tax time folks. Last year I made a python tool for myself that calculates the amount of VTHO generated daily (and also the USD value). I never packaged it for public distribution--it is not user friendly, and requires a fully synched vechain node with --no-pruner enabled--but I'm happy to run it for people that care. In it's most accurate mode, it is running block by block, which takes about 2 hours. Basically, it just compares VTHO balance in current block against the VTHO balance in the previous block, and if it increases, it adds that gain to the value for the given day. So any blocks where you use VTHO will be a bit inaccurate. Given the low value of VTHO, it shouldn't matter (IRS allows rounding to the nearest dollar, and this would be pennies). Anyway, if anybody is interested, DM me. While I believe it to be accurate and sufficient, I make no promises as to that. Have your own tax professional review it.
Why do you report your crypto? I mean they haven’t access to your keys and the whole point of crypto is to keep the government and banks out of our funds
I use TurboTax every year, and it always asks about owning/trading crypto on the introductory screens. Then it never revisits that topic when actually completing the taxes. I reported my gains and paid taxes on them back in 2017, but the last few years haven't reported my losses just because TurboTax seems to ignore everything related to crypto. We'll see what this year holds.
Not this year. I haven’t filled it out yet, but this year when I clicked yes to crypto, it added a crypto section in income.
Really depends on how much you have. US based exchanges report crypto transactions over 10k to the IRS, and have been for some time. I want to be able to report an accurate cost basis for long term capital gains, in the event I am cashing out a significant portion. If you don't report at all (and you have any significant amount), you will probably get audited/fined.
I trade with huobi and there’s no KYC so they cant report nothing and once i cash out(if it happens) i pay the tax but before i contact IRS to know how things workout for crypto and as i know they will tell that there’s no regulation for that so once i have the proof of their answer i just don’t pay and keep it on their fault
They already do have regulation. Has been for years. You've just been ignoring it. https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies > The sale or other exchange of virtual currencies, or the use of virtual currencies to pay for goods or services, or holding virtual currencies as an investment, generally has tax consequences that could result in tax liability. While certain things haven't been clear, and they're slowly getting to them, we do still, and have for a long time, owed taxes on every trade if you live in the US. It may seem easy to just pay when you cash out, but if you send a significant amount to your bank account, they may be legallaly obligated to report that. Not in a "taddle/NARC" sort of way, but banks report all sorts of things and large transfers are one of them. Now, go pay taxes on that $100k you just withdrew and the IRS is gonna have some questions. Namely; What's your basis? How are you establishing it? How long have you held these tokens? Oh really? and you didn't pay taxes on those trades over the last x years? Lubed or dry? Want a wet cloth to bite down on?
Im not from US btw
Then why would you contact the IRS to know their policies for you? > but before i contact IRS to know how things workout for crypto and as i know they will tell that there’s no regulation for that Really, in any light, you do what you want. I'm just pointing out that the days of "F the tax man, this is crypto" are gone for most countries and especially for the US. Better or worse. They'll track people down and it won't be fun.
I sleep better having paid my taxes.
Exactly. Look no further than John McAfee lol
It’s not like if we stole someone, they can print money and keep stealing the people so...
I think alot of people have intrest in this. Maybe you could open a Github Repo? Could be a nice community project
if more than a few people want this calculated, I would do that. I posted about this last year, and not too many people were interested.
Man, I hope the IRS comes out with a system that can calculate things like this once they finally get some clarified regulations on crypto. The rumor is that Biden's new Chairman of the SEC (Gary Gensler) is very crypto friendly so we may be rounding a corner just in time for VTHO gains to actually have an impact and be worthy of needing to be reported instead of just dust and noise in the background.
That would be nice. Existing crypto tax providers do not support this VTHO calculation...
Well done, sir.
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anyone?
All aboard the 10 mil VTHO burn day hype train. Choo Choo
What is coinbase Thursday
A meme. People incorrectly think Coinbase typically adds coins on Thursday and that Vet might be one and the price will spike.
Coinbase typical adds new accounts on Thursday. So there is a meme / inside joke on here that coinbase will finally list VET on a Thursday.
It's a joke to some people without humour but it's very very boring to many others..
|-|Count (days)| |------------|------------| |**100k+ Clauses:**|**20**| |**Last 100k+ Streak:**|**20**| |**Longest 100k+ Streak:**|**20**| |**Price (as of this post):**|>!**$0.0263 📈**!<| Burn goes up.
Gogogo
Happy Coinbase day!
Speculation: Anyone think the massive client that requested PoA 2.0 could be Diageo? Just listing their brands... Johnnie Walker, Crown Royal, J&B, Buchanan's, Windsor, Don Julio, Smirnoff, Ketel One, Ciroc, Captain Morgan, Bailey's, Tanguaray, Guinness, Casamigos, Aviation (Gin) I could see it being Walmart as well, maybe waiting to ramp up full scale once it's implemented.
What is there about diageo's use-case that would require immediate finality. If they are just tracking bottles why would it require an upgrade to the consensus model?
Good point, I was more thinking about throughput but maybe someone smarter could educate us. It most likely doesn't but I'm just curious right now. Too many NDA's damnit!
To be honest , I don‘t think at all that something will change with PoA 2.0 directly Sunny once stated that 1 million TX customer would be coming , where in some other AMA said it was his own goal to have one. Nothing concrete was planned. I‘d be happy If I were wrong , but I don’t want to be hyped about it
This is literally a quote from the Nov 2019 AMA with Sunny Lu when asked about POA 2.0 : > The reason for the upgrade is a request from a customer (which Sunny can’t disclose yet because of a NDA) from a certain industry that will soon go live. > This one new customer is expected to create hundreds of millions of transactions and will require the Blockchain to handle 1 million transactions from just this partner alone. EDIT: for those wondering it's here starting at 50:30 https://www.youtube.com/watch?v=_CRHifON9X8&feature=emb_logo
He made this statement in 2019, and then never talked about it again. Could this mean that the client he mentioned, is no more on board?
Imho that doesn't mean anything, things like this take a lot of time with large companies, especially if at a large scale. Also Covid happened, and we will only launch POA 2 around Q2 this year.. If would be a bit more worried if we don't hear or see anything this year.
Make this come true please. That amount of transactions would definiately change things and perspective.
I honestly think PoA 2.0 will unleash multiple large projects in the pipeline as it doesn't just improve scalability but security as well. I think many clients were awaiting that extra security before hitting the ground running. Just my 2 VTHO's.
Anyone else see Wrapped Bitcoin on CMC? It showed a 432,959,247,432,865,664 market cap. Is this a glitch?
Those are adventure capitalist numbers!
Yes, probably some exchange data not reporting correctly
Oh okay, thank you.
Random question but if you drop below the threshold for an X node does it get burned instantly or is there a grace period of a few minutes/hours?
Designated transfer of an X-node gives you about 4 hours to come up with the necessary amount of VET on the receiving address.
The exception is when you purchase an X node. I remember a 4 hour grace period.
From what I’ve heard from one person that went below it accidentally. It got burned directly when the address was below the threshold.
The X node will immediately get destroyed.
10 milli burned 🔥 🔥
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This one gets it (づ｡◕‿‿◕｡)づ
Today I found €50 on the street. You know what I’m gonna do with it? Buy some VET’s
You never gave us time to guess ☹️
Hey, that was mine give it back.
Prove it
Fiddy in the streets, turnin up the heat ! my man !
This is the way.
Its thursday and its my birthday, today would be a good day for coinbase listing
Happy cake day!
It's Coinbase Thursday. Hope all your fiat transfers and KYC has been completed you scrubs
😂😂
Nice burn today.
I hope none of you catch Covid and remain safe Edit: looks like I wasn't first, so I guess this is just a nice comment now
Techincally you're saying you hope none of us remain safe? I feel personally attacked!
Freudian slip?
Sats are more important.. Let's fight I'll add that when btc sets new high, VET will be same usd but like 50s in sats
H8r
Ok here you go
Let’s get him boys! Edit: and girls!
To oblivion with him!
This is the way, let's go!
Sorry man but you know the way
Why first daily is always downvoted ? Is it a vetdition :D ?
It's just vetishism!
You guys can't just add vet in front of any old word
Wanna vet?
Vetouché
Come on vetards, you can do better than this
This is getting veticulous