Daily Top 10 Tweets
Washing away crypto losses
|Kurt Grela||May 22|
10. That’s a Goldman Sachs report on crypto as an asset class.
9. Some pages from the report
8. So true
7. Barry, what’s up?
Barry Diller believes crypto is a con. The crypto market cap is worth $1.77 trillion. Meaning crypto would be the biggest con ever.
6. Nic Carter
5. Stacks ecosystem expanding. I’ll be sharing more and more news.
The ecosystem is growing so fast! I discover initiatives/projects around it almost every day! I am trying to draw a complete ecosystem map. Please if you are working on something related to DM me the details, so I won't miss it.
4. Chainlink and Stacks
We’re excited to award a grant to to support the Accelerator. This grant will help fuel the growing ecosystem of devs who are using Stacks to build hybrid smart contracts on that leverage ’s secure off-chain services.
3. Abra’s “Money Talks” YouTube Show is back! Bill Barhydt is one of my favorite people in crypto.
Money Talks is back!! Join for our live update in 1 hour. Want to understand everything that's transpired this week in the world of ? Are we still in a bull market? Are stocks effecting Bitcoin? Live AMA (Ask me Anything!)
2. Mid-July 2017 was a painful decline. The last few days few like that.
1. Wash rules for crypto. Recognizing losses. Waiting 30 days or move into a correlated asset.
Friendly reminder that the Wash Sale Rule does NOT apply to investments. So if you bought some , , or another crypto that's recently taken a plunge, you can sell it to LOCK IN THE CAPITAL LOSS, and buy it back shortly afterwards. DON'T need to wait 30+ days!🔨👊
A word of caution though... your transaction DOES need "economic substance", or else IRS could try to disregard it as a "sham" transaction. Interestingly, this is an area where crypto's volatility comes in handy. Big price swings can occur even over short periods of time!
To be on the safe side, wait 30 days. Or switch into a correlated asset and recognize the loss.
Wash Sales in Crypto: What Are the Rules?