Wealth Mastery Premium Investor Report 122
In This Issue
- I share my thoughts on the state of the market, which coins will survive, staked Ethereum melt down, celsius melt down, NFTs keep falling & evaluating risks.
- Rekt Capital has the latest technical analysis for you on the market.
- Sam has a report for you on art NFTs & 1/1s.
- Defi Dad has a tutorial for you on how to how to earn yield safely using Bancor v3 IL-Protected LPs.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca has all of the latest news for you.
For any crypto related questions please comment on the website.
For any support related issues please visit the website.
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What's On My Mind by Lark<h3 id="the-state-of-the-market">The State of the Market
Crypto market chaos has happened this week as prices for key cryptocurrencies plummeted on the back of higher than expected inflation data.
In response to this the FED raised interest rates by 0.75% today, a higher than expected number.
The crypto sell off was further exacerbated by staked Ethereum no longer trading at parity to Ethereum and came to a painful crescendo when Celsius halted withdrawals.
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I am also in NZ. As I am new in crypto and hasn’t made any profit from crypto yet, I would like to know how crypto tax is calculated here in NZ?
I guess we don’t need to pay any tax to ird unless we made any profit and withdrawn money to our bank account?
Do you use easycrypto to withdrawn gains to bank account?
Will appreciate your advise on it. Thanks
Well, I am not an accountant, so I cannot give you specifics. I would recommend Tim Doyle, he is an NZ accountant that understands crypto.
But long story short if you make profits it is taxable, on chain. So if you make $1000 and stash it in stabelcoins then you owe IRD whether or not you withdraw to your bank.
Also keep in mind that defi, farming, staking, and liquidity pools, and airdrops are all taxable.
I use an Australian broker Caleb and Brown, but Easy Crypto is fine too.
Do you see Polkadot being successful as a protocol and potentially returning to it’s all time highs in the future?
I was thinking to slowly dollar cost average in during these bearish times.
I still think that the best days are still to come for Polka Dot. This bear market will determine their success.
That is some hopium 🙂
Do you think there’s a bigger risk now staking on Kraken?
Staking via Kraken “should” be fine. It is a very different risk profile, yes you need to trust Kraken, but they are just staking for you, nothing else is going on in the background.
I have the majority of my crypto portfolio of BTC and ETH staked in Celsius.
Given your notes above, I am obviously very concerned. Any advice?
I wish I had something more encouraging to say, but the situation is not awesome. I hope it is just a liquidity issue, if it is something more then I hope they will implement some kind of recovery plan like Simon Dixon proposed on Twitter.