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GM. This is Milk Road. We present crypto news like a gourmet meal – a feast for your mind, no reservation required. |
Here's what we're serving up today: |
Your guide to crypto taxes 📖 Crypto is full of 'Infinite Regret"… 👀 Ethereum's big upgrade was a success 🍪
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YOUR GUIDE TO CRYPTO TAXES 📖 |
Every year, we all have to play a game. It's called Guess-Your-Taxes™. |
The opponent in this game is the Internal Revenue Service (IRS). |
It goes a little something like this: |
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It's bullsh*t. I know 🤬 |
To make matters worse… crypto makes Guess-Your-Taxes even harder. |
We decided to hit up some smart crypto friends to see what they were doing. They all said the same thing…use crypto tax software. |
So we took a trip up Figure It Out Mountain™️ to find out everything we could. |
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We tried out different tools like Awaken, CoinTracker, and more. Each one was put under the Milk Road Stress Test to see how well they tracked data. |
We did different things with crypto like: |
Buy it Stake it Bridge it
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It was the real-life 'Bop It' game (the real ones know). |
Then we created a guide and ranked each tool based on our experience. Think of it like your cheat sheet for the annual tax pop quiz. |
For all my fellow Olympic-gold-medal-procrastinators who haven't filed taxes yet… check the guide, study it, and bookmark it. |
It just might save you a few headaches this year. |
For all of you who have filed taxes… Kudos! Don't get too comfy though. Next year's tax season will come knocking before you know it. |
So check out the guide, study it, and bookmark it anyway. |
Your future self will thank you. |
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CRYPTO IS FULL OF 'INFINITE REGRET' 👀 |
Yesterday we took a stroll down memory lane. |
We visited the Milk Road "Wisdom Warehouse". It's a bank of old tweets, blogs, videos, and explainers we've saved over the years. |
Only the best of the best. And while dusting off the cobwebs, we found a hidden gem from 2022. |
It's called 'Infinite Regret' and is written by Zeneca, an NFT trader. |
Here are the 5 biggest takeaways: |
1/ Crypto is full of 'Infinite Regret' |
Did you buy a token that ended up being a scam? Regret. |
Did you sell too early and miss the pump? Regret. |
Did you sell too late and end up round-tripping your profits? Regret. |
Did you miss out on an airdrop worth thousands because you were too busy using the 24837438 other protocols that exist? Regret. |
Were you asleep while a new token did a 100x? Regret. |
Crypto is FULL of Infinite Regret. |
It's the only industry where investors can get a 50x return, and still be mad. And while we all think we'll have no regrets (like this guy)... |
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… the reality is, you'll probably feel regret at some point in your crypto career. |
But here's why that's a good thing… |
2/ Infinite Regret = Infinite Opportunities |
Yes, it sucks seeing everyone (but you) hit 100x returns. You might even start thinking that you're allergic to profits. |
But the fact that these insane money-making opportunities even exist is a very, very good thing… |
It means you're roughly in the right place, at roughly the right time. |
3/ Crypto investing is a numbers game |
There's a TON of luck involved in this game. Anyone that says otherwise is a damn liar. |
But there's also a lot of skill too. |
This includes your ability to research projects, evaluate them (i.e. know what's likely to succeed and what isn't), and then place bets accordingly. |
^^ This is what you need to focus on improving. |
And after a while, you realize it's all a numbers game. The more educated guesses you make, the more the odds will slant in your favor. |
This still does not guarantee success, but it guarantees a better chance of success. |
4/ You will lose money sometimes |
This is the cost of tuition for crypto college. |
But here's the thing. The goal isn't to be happy when you make money and upset when you lose money. (Sounds counterintuitive, I know). |
The goal is to: |
Be happy when you play well (i.e. did good research, found a hidden gem, etc.) Be upset when you play poorly (i.e. FOMO invest, fall for a scam, etc.)
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5/ In order to thrive, you need to survive |
If you go all in on a couple of projects that turn to dust, not only do you lose your money, but you also lose your chance at future opportunities. |
It's a double whammy. |
So don't feel the need to FOMO into whatever hot project your favorite neighborhood influencer is talking about. |
There are no shortages of opportunities (not anytime soon at least), so don't let the Infinite Regret consume you. |
Take your time to really learn and understand the space. |
As they say - we're all gonna make it. |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
Hashlock, a cybersecurity firm, provides smart contract audits and other security services to web3 and blockchain projects. Hashlock is rapidly building a solid portfolio of completed audits, and you can read more about their services in our review! |
Ethereum's 'Dencun' upgrade went live on the main network this morning. History has been made! (Btw - if you want to dive deeper into the upgrade, here you go). |
Coinbase is planning to raise $1B in convertible notes. The crypto exchange will use the money for "general corporate purposes" and may also use it to "make investments in and acquisitions of other companies, products, or technologies." |
Grayscale applied to launch a new "mini" Bitcoin trust. If approved, it will be a spin-off of Grayscale's existing GBTC fund, with lower fees. |
Goldman Sachs, BNY Mellon, and Cboe Global Markets are testing a blockchain-based, communication system called Canton Network. According to the report, they executed 350+ simulated transactions using tokenized assets, digital cash, securities lending, and more. |
El Salvador is sitting on $84M profit from its BTC holdings. 🎵 Stand on my money, headbutt Yao Ming 🎵 |
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MILKY MEMES 🤣 |
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ROADER REVIEW OF THE DAY |
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VITALIK PIC OF THE DAY |
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Ethereum after the Dencun upgrade... |  | | | Mar 13, 2024 | | |  | | | 0 Likes 0 Retweets 0 Replies |
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. |
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