>No LINK is required in order to be a node operator. However, holding LINK on your node (commonly referred to as staking) helps with ranking your node against others. Your node will also need some LINK in order to bid on smart contracts with the penalty amount. If the node is not selected to perform the job, or the node successfully completes the job, then it can retrieve that paid penalty amount.
Can someone explain how this will even function? Because each smart contract will require link, and receives funds, node operators in the USA will have to report every contract to the IRS as a accession of wealth. The IRS will have a very easy time going after node operators, as it will be recorded publicly.
You would report the LINK received for completion of jobs as income on the day the job is completed
Very similar to how coins gained through a hard fork are reported
Jacob Peterson
Yep, but you are aware TurboTax, H&R Block, and TaxAct have a 3,000 transactions import limit? anything more you have to hire a jew to do your taxes. I ran into this last year.
Dominic Phillips
So register your company in a tax haven, you don't think those companies all pay taxes?
Angel Howard
so what you are saying is the average user is unable to run a node, and it will only be able to be run by corporations, or users in foreign countries?
William Miller
No, everyone who would expect a huge amount of passive income usually opens a starts a company to benefit of tax benefits. At least that's how we do it in Europe. There are all these fucking loopholes,why not use them. You would be crazy to pay all those fucking taxes.
Anthony Perry
Not a mess at all. It will be easily organized in a csv or excel spreadsheet. If you get audited, you give that to the IRS man, tell him to reference the eth blockchain and tell him to fuck off.
uh, thats not my point at all but nice reaching. my point is you are going to have so many fraction of a penny transactions its going to be a PITA hiring a CPA
Joseph Miller
considering it will be monthly/weekly and not all at once, yes. When you declare a larger amount like that especially under capital gains is a huge red flag. You could try to file it under something different but im not so read up on tax law.
Henry Hill
my normal income tax is 32% tax rate. long term cap gains is 15%. my funds were all legit held longer than a year too, they just require every transaction to be reported.
Angel Davis
cointracking has no limits
Henry Wilson
but thats just to generate the file of tx from exchanges logs. you still need to manually fill out a 1040 is my understanding.
hiring a jew to deal with my shit from bitcoin.tax was expensive last year. i'm all for avoiding it this year if possible, I just haven't found a way
Elijah Mitchell
In my country you just report the net gain or loss after you yourself calculate every transaction and only need to keep the records in case of an audit, nobody I know reported thousands of single crypto transactions.
If it's different in the land of the free I'm sure you can attach an excel sheet or pay some highschool student to write you a script that's gonna transfer all the txs to your 1040
Luis Fisher
it is 100% different. every transaction you need to individually report.
You can't attach a form, unless you aren't efiling. If you do it electronically you need to manually fill out a paper. I had to pay a jew ~$2k for 4 hours of unfucking myself last year.
Kayden Sullivan
>how will the outdated, slow and inefficient financial system keep up with smart contracts? It won't. The US will either need to remodel or they will lose to fucking India lmao
Aiden Baker
this /bread/
Ayden Gonzalez
Is making so much money you won't be able to keep track of it all the new fud now?
