/biz/ - Business & Finance

>>56459729
Two-wallet chad here. What are your plans, kings? Are you migrating everything or taking some profit?
Personally, I'm migrating all of my rewards and claiming them as taxable income.

We are making passive gains
It's like a free Big Mac every day

>>56459749
Migrating, topping up to 15k, making it. Not necessarily in that order.

>>56459749
I sell yield when prices are good. I do not find the prices good here. Same with my staked eth. Just waiting until it feels right to sell or when I need funds for something major irl

Was hoping to be one of the first 100 stakers but my wallet fucked up and I was number 500 or so. Feels bad.

>>56459749
Buying more and staking all of it, rewards included. I'm hoping to have at least 7500 in total to stake by the time 0.2 comes out.

securing another 7k on v0.2, with another 8k or so on the sidelines if there is any space when the pleb gates open

never selling principal unless i can buy a giga estate in southern california for about half my total stack after taxes are paid in full (need 4 digit linkies, maybe one day)

can you migrate some but also take some out? or is it all or nothing

>>56460191
I think you'll have a choice?

>>56459749
>claiming them as taxable income.
huh, do you have to do that?
>>56460262
oops, didn't mean to put the ? at the end

>>56460273
Yes, you do have to do that i think. Once the rewards are yours and not just hypothetical/forthcoming then it’s like you got paid that quarter. Then you have to donate some more to Israel if you sell.

>>56459729
Is this why it's pumping
Sirgay has to prop up the price for v0.2

>>56459729
Jeets have been getting mad at me in other threads the last few days for pointing out that staking rewards potential values are going up as links value goes up. Their feeble malnourished brains don't understand math enough to fully get it but they're still really mad.

Two full 7000 v0.1 wallets reporting in

>>56459771
Me too, I did it the first minute it opened and couldn't believe how far down I was

>>56460387
>first 500 people on the planet to stake in the most important technology of the next 20 years
>"I can't believe how many people beat me to it"
only on /biz/ , kek

>>56459771
How do you know which position you are?

>>56461128
You get a plaque

>>56459749
Not staking more but will transfer

>>56460293
migrating rewards is not taxable event
if you take them into your wallet and then stake them again its taxable

>>56459729
someone tell me what the FUCK that site is in OPs pic? That's not the official staking.link site, so what the FUCK is it

>>56461861
This

>>56459749
Can any chads give a linklet like me some advice on what to do? I bought as much as I could, but still only got 1.5k. But at least I was able to stake them, so it will be about 1575 when staking ends.

Should I just migrate to staking v0.2 for now?

>>56461861
debank or similar
they just read the balance from the blockchain directly
you can do this yourself through etherscan

>>56459729
How long did it take to earn those 293 from 7000 staked LINK?

>>56461921
from dec 6 2022 until now
when link is $100 then it will be $32,000 for staking for a year
also we are getting airdrops from 60+ projects which the market is still asleep on

>>56459729
Up like 50% since staking was implemented, and 300 free LINK to boot! (not to mention BUILD rewards). Jesus christ, it's a bad week to be a fuddie.

>b-but most banks nowadays give higher APY than 4.75% and y-you were down most of the time after staking was implemented!
Delicious. Based Sergey not letting us sell the bear market bottom is the biggest betrayal redemption arc that we could have wished for.

>>56461904
Same advice as everyone: stake as much as you can, but if you think you might genuinely need to sell some in the short term in order to stay alive then don't stake everything.
1575 is a lot though, you should be proud of yourself. That's enough to be very wealthy one day.

>>56461891
jeet scam

Staking 2 wallets, combined 12k Link, migrating rewards and keeping 3k Link in another wallet in case we hit 1000USD per Link. Will sell 1k Link, make investment into my company and buy some properties abroad.

I do believe locking your coins for a year has too much risk. You'll make more if you can sell around the top and rebuy around the bottom

>>56462043
v0.2 allows to unstake any time you want, with 2 weeks unbonding period

>>56459729
what app do you use that shows rewards?

gonna top up to 7700 at which point assuming 4,75 % yield will net 1 whole stink per day

GM BASED LPL CHUD HOW YOU DOING KIDDO???

HOW WILL YOU STEAK WITHOUT LPL

LOL

WHICH NODE?

THINK ABOUT IT

POOLS CLOSED

>>56461861
Rabby wallet. Does everything MetaMask does but shows you all of your staked balances as well. It’s the bomb.

>>56459729
> 293 Link in rewards now

> Migration week allows for up to 7K staked + 300 in rewards to migrate over to 0.2

Looks like v0.2 is coming in two weeks bros.

> not my theory, someone brought this up a while back.

>>56460529
Dude, we were all refreshing the page frantically to be the first transaction. Then they blocked the link so they can add 500K Link which sent a wave of panic at us, before finally releasing the interface, only for a bunch of us to fumble to get our transaction in.

>>56459729
may i invite you to join us on chainlink.chat, stakechads?

>>56462341
But yes, I get how absurd we sound. But that's the feeling of being second place. It sucks mang.

>>56462351
eat shit, no one wnats to join your turbo jannie moderated chat

>>56462358
it's just gated to keep seething nolinkers like yourself out. moderation is therefore not needed

>>56462351
>may i invite you to dox urself

>>56459729
w-what if i'm just a measly 1K v0.1 anon? What shall become of me ??

>>56461374
Could you explain further? Here’s an example. Let’s say I am a v0.1 staker with 7k. I am planning on removing 200 link at the start of 2025 and will continue to stake the rest. Would I just pay capital gains on the link I removed once I sell? Or would moving back to my wallet count as a taxable event? Even though you could argue I’m removing some of my staking principal

>>56463286
> Or would moving back to my wallet count as a taxable event?

correct, in the US at least. Ordinary income rates (not cap gains), it will be taxed similar to interest income

>>56463452
Ok so I would pay income taxes on whatever I receive back to my wallet. But I’d also owe capital gains (long term) if I were to then sell those link, correct?

>>56461904
Pools closed. If you’re not already in 0.1 or eligible for early access you’re fucked

>>56462320
<3 fank u vewwy much

>>56462329
i remember that thread, that was a good catch on anon's part. What was the calc, November 8 or thereabouts?

>>56463546
you'd owe cap gains on any gain in price from the date you moved them, yes. obviously, you could count the loss against other gains if the price went down from that date.

>>56459760
I missed 0.01 but won't miss 0.02. Say I have a wallet with 15k LINK that I hook metamask to. Can I stake just 10k of that 15k without making any transfers? Do your LINK go off somewhere and you get an NFT claiming ownership like with PRQ and IQ protocol? How does that work?

>>56464035
I think we get 0.81 or 0.91 Link per day, so count from the OP's pic from yesterday. A quick math check says next week the 31st... Kinda early, so I'll give it an extra week.

>>56462329
>>56464035
Nov 2, I believe. I didn't screenshot, but I did relay to a friend - just checked that text. Text was on 10/10, so thread could be anywhere from 10/06/-10/10. Likely 8th or 9th.

>>56464078
The link leaves your wallet into the staking contract. You don't get an NFT, your wallet is the only one that can withdraw your link though.

>>56461931
>not to mention BUILD rewards
there are no BUILD rewards

those will be gaslit away by chief Sergey.

>>56464112
oh. btc anniversary?

>>56462370
just link your wallet and lose everything

>>56464069
I get the capital gains. I’m still somewhat hung up on income tax. I understand staking link earns you income. But let’s go back to my example. If I withdraw some link am I withdrawing the rewards or what I originally staked. Does it even matter?

>>56464407
nolinkers don't get it
but og linkers know theres no danger in signing a message. you probably don't even know how to do that

>>56462192
damn really? there is not even a minimum time you need to stake?

>>56464148
Yes but all of it? Can I set a certain % that leaves?

>>56459749
I have ~100k, and two wallets. Going to restake my rewards and maxxx the wallets out

>>56464919
You can unstake when you want, but cannot stake again because that spot is already taken

>>56464295
Literally free shit. If even a tiny bit of the rewards materialize it's worth.

>>56464919
We're all sharing the same 45M pool. If you unstake, that means space for someone else to stake more link.

>>56459749
>claiming them as taxable income
are we liable for income tax at the moment unlocking is available, whether we unlock or not? i'm vague on this. will be getting an accountant

>>56459729
Hurr durr I’m an old chud troon loser

>only 500 LINKs
end me
will I make it?

>>56459749
>>56459729
How is it income tho?
You go to a casino, you bet 1k on red, you get lucky and walk out with 2k

Where exactly is the taxman in this transaction?

Why do they want a piece of your crypto/stock growth?
Why dont we start charging them a % for every dollar they print those fuckers

>>56465079
>whether we unlock or not?
in my country it's as soon as you receive the reward, even if you dont sell

>>56465174
>How is it income tho?
many tax juridictions consider it like stock dividends but i guess it could be challenged in court

>>56465174
>How is it income tho? You go to a casino etc
because staking rewards don't fall under gambling taxation rules
>>56465347
yeh i figured. i suppose that means we should always sell asap after unlocking, in case the token price fell and we still get hit with a large tax bill based on a higher token price.

>>56465428
of course you could gamble the token was going to increase in value and not sell any to cover the tax bill until later. hmm

I'm poor and can only afford 10 links. Am I going to be rich beyond my wildest dreams?

>>56459729
$3,300 a year

Dude if Chainlink 10x you can neet at a low middle class quality of life. If it 20x then middle class retirement.

This is all realistic scenarios. You can pretty much retire soon and be comfy and just keep watching Chainlink go up and then one day when Chainlink is 1k will be making 300k+ a year

Hahaha linkies wait year for staking , allocate their links all to be rugged by the SEC in the end . With Jews you lose, I’m sure you knew that already

>>56464548
not sure if you can choose whether you're withdrawing principle or interest. for safety's sake, i'd assume you have to withdraw interest first, and thus pay taxes on it. i mean, i highly doubt taxes will be going *down* in the near future, so it's probably better to pay them sooner rather than later anyway.

but i don't actually know if you get to choose your accounting method. i'd say talk to a CPA, but most of them have no fucking clue when it comes to crypto, though in this case it's pretty directly analogous to traditional investments.

>>56464957
well, yes, you can only stake a portion of the wallet if you want. you don't have to stake everything that's in there, you can choose to stake less. is that your question?

>>56465428
everyone spergs out too much about taxes. if it goes down and you sell it, you get capital losses that you can carry forward to offset future gains. if it goes up and you sell, Big Brother takes a piece. it's really not that onerous. i mean, fuck giving those assholes any more money than you have to, but the leeches are a fact of life.

>>56466391
>not sure if you can choose whether you're withdrawing principle or interest
Guess we’ll have to wait and see until the migration. Not really a big deal either way, I’ll pay my taxes. I just wish there was better clarity.

>>56466499
oh, i think there's, like, zero chance the migration app will let you declare what you're withdrawing. it's all just a matter of how you file it on your taxes and whether you're allowed to.

>>56459749
>Two-wallet chad here. What are your plans, kings?
Two wallet chad here too fellow link bro. I’m going to migrate both wallets and rewards to v.02 and then max out one of the two to 15k during early access. I’m considering topping off my other wallet to 10k and keeping my leftover linkies for the upcoming bull run.

Speaking on staking income tax, any fellow bongs know it works here? I know it counts as misc. income but do you pay tax on the value of link on the day you "receive" it. Or on the value of link when you actually gain access to the rewards? I have been tracking both just in case

>>56468878
When you receive it in your wallet.

>>56461145
where do i find the plaque? looking at the staking app cant see it anywhere

>>56459729
Had 7k Link. Sold it all for ICP. Kek

>couldnt stake my first 2 batches of 7k like i planned because i was out cold from a car accident (not my fault, other guy was drunk driving)
>i qualify for this round obviously still, but im not in the priority pre-game
>am still willing to stake 30k from my 42k stack but its probably never gonna happen
i feel fucking cursed honestly

>>56472683
>wanna stake 30k
You'll be fine. Most of the extra pool space will likely be free since most staked the majority of their stack in v0.1 and don't have much more left. It'll mainly be principals plus rewards from v0.1 going into early access v0.2
Just make sure you have your 30k ready to go with some gas in each of the wallets and get in there when it goes live.
t. 9 wallets from v0.1 and thought I had no chance of staking that many

>>56472683
you'll be fine but have 0.2 eth ready in case
i suspect 20m or so will migrate in the priority migration
so if you're ready to go when it opens then you'll be fine in early access
general access will be over fast, stake.link is going to take space too
but i definitely think we'll get to the general access stage, the team is autistic as fuck, never forget in v0.1 how exactly half the pool was filled in early access

>>56471920
larp, no one in THIS retarded