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Flare FAssets Warning: Prevent a Costly Mistake! ⚠️💥 

DeFi Divvy
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Are you ready to dive into the world of Flare's FAssets but worried about making a costly mistake? 😱 No worries, we've got your back! 💪
In this video, we’re breaking down a potential pitfall of Flare’s FAssets and how you can potentially dodge it. 🏃‍♂️💨
🎯 What You’ll Learn:
One common mistake that could burn you 🔥
Tips to manage and avoid this mistake
How to maximize benefits without the headaches! 🚀🛡️
Don’t let a simple oversight cost you big time. Join us for an easy-to-understand, fun-filled guide.
Subscribe for more crypto tips and hit that bell 🔔 to stay ahead in the game! Comment below if you have any FAssets stories or questions-we’d love to hear from you! 💬👇
Follow DeFi Divvy on Twitter:
/ defidivvy
About Me:
Hi there,
My name is Matthew.
Crypto changed my life and I believe it can change your life, too.
On the DeFi Divvy channel you get data driven content that can help you compare cryptocurrencies and other assets so you can reach your goals faster.
On this channel you also get DeFi news, along with education and ideas that you can use for simple crypto passive income.
One goal of this channel is to expand our financial education in relation to blockchain metrics, adoption, and decentralized applications, so we can implement our own personal strategies with confidence. Why are we here? So we can reach our ultimate goal: Financial Freedom Faster.
The information on this RU-vid channel and the resources available are for entertainment and educational purposes only. I am not an investment adviser and nothing said or written by DeFi Divvy is investment advise.
Please always do your own research into each project mentioned on DeFi Divvy so that you understand the risks involved with investing in Crypto, Defi, Staking and Delegation.
Thank you for Reading and Watching ❤
#flarenetwork #fassets #crypto

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10 июн 2024

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Комментарии : 91   
@monkeytube32
@monkeytube32 Месяц назад
Great point you made here, DeFi Divvy.
@DeFiDivvy
@DeFiDivvy Месяц назад
Thank you!
@Anubis666
@Anubis666 Месяц назад
As always great video Matthew 👏
@DeFiDivvy
@DeFiDivvy Месяц назад
Thank you!
@david8769-d8p
@david8769-d8p Месяц назад
Good thoughts!
@DeFiDivvy
@DeFiDivvy Месяц назад
Thanks David!
@bullishx.r.p.blacc23merriw53
@bullishx.r.p.blacc23merriw53 Месяц назад
Thank you
@DeFiDivvy
@DeFiDivvy Месяц назад
Thanks for watching!
@ThuyPham-lr5dc
@ThuyPham-lr5dc Месяц назад
Good morning Matthew🎉🎉🎉 Hua Hin beach tomorrow 🎉🎉🎉 Let’s gooooooo Flare❤❤❤❤
@DeFiDivvy
@DeFiDivvy Месяц назад
Oh man I would love to meet up on Hua Hin. Enjoy Thuy!
@ThuyPham-lr5dc
@ThuyPham-lr5dc Месяц назад
@@DeFiDivvy First 10 Chang on me pal!
@freddythefly
@freddythefly Месяц назад
Finally fAssets🥳LFG FLR🔥🔥
@DeFiDivvy
@DeFiDivvy Месяц назад
Let's go Freddy!
@dee3953
@dee3953 Месяц назад
How do you set it up?
@etaiii
@etaiii Месяц назад
Wrapping and unwrapping a cryptocurrency is considered a taxable event in the US. However, you can use this process to tax-harvest when you're at a loss. This allows you to lock in the loss without selling the coin, which is a smart strategy.
@DeFiDivvy
@DeFiDivvy Месяц назад
Thats crazy. If it's true I won't be wrapping highly appreciated assets. In my example I'd have to earn $22,500 in yield to hit break even on the wrap.
@casualtrips9571
@casualtrips9571 Месяц назад
That doesn't even make sense. That's literally taxing unrealized gains at that point that's crazy if true.
@Eternalxrp
@Eternalxrp Месяц назад
How about just don’t tell anyone
@DeFiDivvy
@DeFiDivvy Месяц назад
@@Eternalxrp If you want to pay bills with your earnings the Gov. will want to know how you're doing it. Tracing your income doesn't sound hard once you've converted to fiat on a Centralized Exchange.
@XRPeakyBlindAR
@XRPeakyBlindAR Месяц назад
This is actually not true. And I have a resource that proves in unequivocally. I try and share it with those who show theyvare open to being incorrect about this whole tax situation I’d be willing to send the info to you Defi Divvy if you’re interested. Be well
@marchandfield4557
@marchandfield4557 Месяц назад
keep up posting "whale list" an these videos. Great Work.
@DeFiDivvy
@DeFiDivvy Месяц назад
Thank you sir, will do!
@frankvalentich62
@frankvalentich62 23 дня назад
Taking a small loan out against our Crypto is coming also. Pay no taxes
@DeFiDivvy
@DeFiDivvy 23 дня назад
Looking forward to it!
@MD-ce4vq
@MD-ce4vq 25 дней назад
how do you withdraw token from the bitfrost wallet into another wallet?
@juliusarceo3800
@juliusarceo3800 Месяц назад
Excellent point you brought up. Not tax advice but....in this case, a taxpayer will need to use the Speficic ID method of accounting in order to select individual purchases of BTC with the highest cost basis. If they've already filed crypto taxes in prior years using the LIFO or FIFO method, then they will need to change this by notifying the IRS. Now imagine the crypto investor has DCA'd into BTC over many years, accumulating many fractions of BTC at different prices throughout the Bull/Bear market, and has amassed 10 BTC. Taxpayer then decides to put 5 BTC into F-assets system. How many fractions of BTC (individual purchases) each with different cost bases represent that 5 BTC???? This would be a tax accounting nightmare if a failed redemption occurs. But I don't care, I'm all in on Flare and the F-asset system!!!
@DeFiDivvy
@DeFiDivvy Месяц назад
Great points. Thanks for watching and for for pointing out the name of 3rd option over LIFO and FIFO!
@hoos.crypto
@hoos.crypto Месяц назад
Wotcha Matthew. Excellent video sir. I've shared and features with phrens & phams on fBs.
@DeFiDivvy
@DeFiDivvy Месяц назад
Much appreciated! Thanks for dropping in on YT. See you on Twitter!
@Spartan69117
@Spartan69117 Месяц назад
That’s why SGB/FLR have to have higher value as collateral and insurance
@Cryptoview_1
@Cryptoview_1 Месяц назад
i think not sure but tax is base on FIFO ( first in first out) so you can't use fresh tokens?
@DeFiDivvy
@DeFiDivvy Месяц назад
That's a good point. I think there is an option on Coinbase where you can report the order of in / out if you want. I forgot the name of it.
@dee3953
@dee3953 Месяц назад
I'm confused 😢
@mikeodonnell14
@mikeodonnell14 Месяц назад
Flare is should a great asset that its STILL sitting at .024 cents.... I have a large bag and hate to see this much $$ tied up for 4 yrs now... uugghhhh
@DeFiDivvy
@DeFiDivvy Месяц назад
My larger bags are in bigger cryptos with strong metcalfe's metrics. But fingers crossed FLR has a nice move soon. I have been stacking from airdrops and delegations for a while now, along with some fun DeFi
@semsolar9273
@semsolar9273 Месяц назад
impermanent loss going to be a consideration with FAssets?
@DeFiDivvy
@DeFiDivvy Месяц назад
Great question: Yes depending on where you deploy your FAssets. I recommend doing a deep dive on IL so you'll know which types of DeFi has impermanent loss risk.
@jcasi003
@jcasi003 Месяц назад
Just having your asset sit as an F Asset, will not accrue Impermanet Loss?
@DeFiDivvy
@DeFiDivvy Месяц назад
@@jcasi003 I am not sure why you'd mint an FAsset to just "sit as an FAsset". Can you earn that way? I believe you have to put it to work in DeFi
@Pl2045
@Pl2045 Месяц назад
I was under impression you could simply mint..
@pbono6758
@pbono6758 Месяц назад
Yes. When you mint and simply hold an F asset you can get FLR from the reward pool.
@dudanoseporque
@dudanoseporque Месяц назад
in my country its diffrent first btc value 10 to 100k. first you need to subtract your investment 10 k you only pay 0,25 on the 90 k. because your 10 k was already taxed before. f assets needs to be live on the chain to see the results :)
@XxXxXBig
@XxXxXBig Месяц назад
Yep same as he said. 90k gain. 25% on the 90k. Tax
@DeFiDivvy
@DeFiDivvy Месяц назад
Yep, same here. Taxed on the $90K appreciation. No tax on the $10K cost basis.
@Scott-iw8yr
@Scott-iw8yr Месяц назад
I thought a taxable event occurs anytime you swap tokens
@DeFiDivvy
@DeFiDivvy Месяц назад
That is my understanding as well. And if there's no appreciation on the base token then there shouldn't be a gain to be taxed.
@aqadaptiveintelligence
@aqadaptiveintelligence Месяц назад
Don’t lose money. buy more FLR & SGB. NOW.
@DeFiDivvy
@DeFiDivvy Месяц назад
I love when things are on sale.
@aqadaptiveintelligence
@aqadaptiveintelligence Месяц назад
@@DeFiDivvy ye hope you did. About to moonrocket up 🚀 ⬆️
@Knackers_Oreilly
@Knackers_Oreilly Месяц назад
Flare has a bright future
@DeFiDivvy
@DeFiDivvy Месяц назад
Yessir!
@Guust_Flater
@Guust_Flater Месяц назад
So...waiting till XRP gets a high value, then transfer to FXRP, so that during the next bear market, you have an unrealized loss on your XRP. You don't care, because you do not want to sell, but still making gains with your FXRP. Right !? 🤷‍♂️
@charliebacchus5360
@charliebacchus5360 Месяц назад
@DeFi Divvy - Matthew can you give an explanation to the weekly FTSO rewards ? What are the factors that would increase or decrease the amount. Activity ? The last 2-weeks SGB rewards have significantly dropped. I do not see anything changing with my chosen providers.
@DeFiDivvy
@DeFiDivvy Месяц назад
Definitely worthy of a couple dedicated videos. Multiple variables in play. Thanks for the idea and suggestion! To be continued...
@charliebacchus5360
@charliebacchus5360 Месяц назад
@@DeFiDivvy thank you much for taking the time to respond... much appreciated. I look forward to your educational Videos. Have a GR8 weekend. Cheers
@paulfrank158
@paulfrank158 Месяц назад
What do you think about the Forbes article ?????????????????????????????????????????????????
@DeFiDivvy
@DeFiDivvy Месяц назад
I didn't see it. Which one?
@user-mb1rq1dn4i
@user-mb1rq1dn4i Месяц назад
So in this scenario what are you supposed to do with your BTC? Just have it's value sitting there not earning any yield. If so then there is no point in having the F-assets system.
@DeFiDivvy
@DeFiDivvy Месяц назад
Depends on each person's tax situation. If in your location wrapping alone is taxable, then you'll want to factor in that tax to calculate your break even before you're in profit. In my example, if I simply wrap a coin with a $90K gain (taxed owed $22.5K), then I know my profit doesn't kick in until I make that additional amount to pay off the cap gains.
@MrArjan23
@MrArjan23 Месяц назад
FLare is build too be stronger in a bear marked
@DeFiDivvy
@DeFiDivvy Месяц назад
I like the sound of that. Thanks for stopping by.
@futuresbright8023
@futuresbright8023 Месяц назад
interesting tax talk
@DeFiDivvy
@DeFiDivvy Месяц назад
Thanks Future. Something to consider for your profits!
@Xrp944
@Xrp944 Месяц назад
So what if you got 100 of thousands of xrp how do you find the price of them? Hate the tax man you can’t do anything lol
@DeFiDivvy
@DeFiDivvy Месяц назад
To get your cost basis you divide the total USD you put into XRP by the total amount of XRP tokens you have. For example, if you put in $50,000 over a 6 year period and you own 150000 XRP, your cost basis for XRP is 33 cents per token. ($50,000/150,000 XRP)
@Xrp944
@Xrp944 Месяц назад
@@DeFiDivvy thanks I don’t even know how much I put in over the years been buying for so long,
@Xrp944
@Xrp944 Месяц назад
All I wanted to do is delegate my xrp like we do with flare,
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