Mooncoin is a volunteer driven, microtransaction cryptocurrency which was created in December, 2013. Over the past 4 years it has grown to become a solid coin with incredible potential for the future!
This subreddit is dedicated to inform and discuss the revolutionary cryptocurrency Stablecoin.
Ryo (両 in Japanese: one syllable) aims to be the most secure, private and untraceable cryptocurrency. Led by fireice_uk, mosu_forge & psychocrypt the developers of Cryptonight-GPU and Cryptonight-Heavy mining algorithms, Ryo Wallet Atom with GPU ready solo-pool, Xmr-Stak miner, and Ragerx mining platform. As our promise is to create the most private & untraceable cryptocurrency, we plan to replace RingCT with 2nd generation trustless setup ZK-proofs.
I will preface this with I am not a lawyer or an accountant, just a guy, so am I reading this wrong?
These are from the actual IRS notice.. http://www.irs.gov/pub/irs-drop/n-14-21.pdf
"Q-10: Does virtual currency received by an independent contractor for performing services constitute self-employment income?
A-10: Yes. Generally, self-employment income includes all gross income derived by an individual from any trade or business carried on by the individual as other than an employee. Consequently, the fair market value of virtual currency received for services performed as an independent contractor, measured in U.S. dollars as of the date of receipt, constitutes self-employment income and is subject to the self-employment tax.
See FS-2007-18, April 2007, Business or Hobby? Answer Has Implications for Deductions, for information on determining whether an activity is a business or a hobby."
"Q-13: Is a person who in the course of a trade or business makes a payment using virtual currency worth $600 or more to an independent contractor for performing services required to file an information return with the IRS?
A-13: Generally, a person who in the course of a trade or business makes a payment of $600 or more in a taxable year to an independent contractor for the performance of services is required to report that payment to the IRS and to the payee on Form 1099-MISC, Miscellaneous Income. Payments of virtual currency required to be reported on Form 1099-MISC should be reported using the fair market value of the virtual currency in U.S. dollars as of the date of payment. The payment recipient may have income even if the recipient does not receive a Form 1099-MISC.
See the Instructions to Form 1099-MISC and the General Instructions for Certain Information Returns for more information. For payments to non-U.S. persons, see Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities."
So basically if you are mining a pool, you are an independent contractor, and if an independent contractor makes more than $600 worth of convertible currency from a pool in a given year, the owner would have to send them a 1099-MISC. Plus there are additional rules for withholding to foreign entities.
This means that (at least for pools in the US) that the average pool owner would have some SERIOUS tax work to do under these new rules and they would need to start following KYC guidelines for user registration.
No question involved here, just an observation and maybe a call for people to give their opinions.
Dated: November 12th 8 pm GMT +7
Venue: t.me/DeFiProjectAMA Community
Guest: Shawn You https://t.me/envyfly
Ok, my name is Shawn You. I was once served as PR director of NEO, Ontology and be responsible for domestic and overseas marketing and public relations.
Project Telegram: t.me/ChocoSwap
Host: Anita Williams & Amanda Simon
The AMA will be in 3 Phases
1st Phase: Questions will be from Team.
2nd Phase: Questions from Twitter
3rd Phase: Questions from Telegram Community.
Questions will be from Team!
Q1. Will you please decribe yourself and your CHOCOSWAP PROJECT?
Ok, I’ve just described myself. And, Chocoswap is the first cross-chain decentralized exchange on the Ontology, aims to solve the existing issues in the DEX sector by providing instant transactions, lower fees, cross-chain asset exchange, improved user experience, and many other benefits.
Q2. What is the concept behind the creation of the project "CHOCOSWAP"?
mm.. Ontology had developed the technology of cross-chain, but they didn’t have a DEX right now. So our team liked to build up a DEX base on Ontology , then had the idea of “Chocoswap”. Chocoswap, sounds close to "Ontology". That’s the suggestion they gave us.
Q3. How can we get CHOCOSWAP tokens? Does your project include farming or just we say staking?
Yes，you could join in our pre-sales for Choco. The 1st round of presale has just begun from Nov. 10th. Pleast refer to https://www.reddit.com/Chocoswap/comments/jsaaq7/chocoswap_preseed_announcement or
our official telegram group https://t.me/chocoswap for
details. Our project includes farming. We will have the Chocoswap DAO token VNLA, and the initial set of mining pools are as following:
Choco-USDT (2x reward) - initial VNLA is 20,000, and the total will be 40,000; VNLA-USDT (1.5x reward) - initial VNLA is 15,000, and the total will be 30,000; DAI-USDT - initial VNLA is 10,000, and the total will be 20,000;
Can you give us an overview of tokenomics and roadmap to see where yield has gone and achieved its success? Can you tell your mitigations to avoid market crash from team dump?
In the market, different DEXes are coming up with their incentive mechanisms, such as SushiSwap, which offers SUSHI as an additional reward for liquidity providers. However, after analyzing SushiSwap’s token economy, several common flaws of DEXes arise:
Team reserve: SushiSwap’s founder keeps 10% of each SUSHI distribution, a time bomb for the sustainable development of the ecosystem;
Staking risk: The protocols require users to stake LP tokens and earn profits;
Token economy: Existing protocols mess up the DAO and utility tokens, which could destroy the entire ecosystem;
Single asset swap: Since most of the protocols are based on Ethereum, meaning they only support ERC-20 swaps;
Low speed and high costs: Due to Ethereum’s underlying technology, transactions on the swap protocols are relatively slow and expensive.
To solve this dilemma, Chocoswap creatively applies a dual token model (Choco and VNLA). Choco is the utility token in the ecosystem, while VNLA is the governance token in the decentralized autonomous organization.
Chocoswap will follow three versions to accomplish.
V1 would like to adopt Uniswap’s elegant core design. Chocoswap has added community-oriented features to improve the design of the protocol. V1 will be launched in December,2020.
In V2, Chocoswap will conduct a liquidity migration, which will migrate all the liquidity tokens staked Chocoswap contracts.V2 will be launched in 2~3 months after V1.
V3 will be a fully cross-chain decentralized exchange built on Ontology. Meanwhile, Chocoswap will build more financial products, including decentralized futures, options, etc., to meet with diversified demands, and will be launched in the middle of 2021.
As for the second question, the tokens for team and advisors will only be released 10% after listing on the exchange, and the rest would be gradually unlocked within the next 5 years.
What are the main features you would recommend to us? What are the application that "CHOCOSWAP" target in the future?
Chocoswap has features like cross-chain swap, order book, transaction mining, decentralized referral program, etc. That will be different from other DEXes.
As for the goal, we’d like to make Chocoswap the biggest cross-chain swap on Ontology with a large number of users, to provide a convenient, smooth transaction with lower fees and higher speed.
1st Phase END.
Questions from Twitter!
Are you planning to burn or buyback your tokens from the market in the future? What happened to the unsold tokens?
Firstly, in the pre-sale round, the unsold Choco will be burned directly.
Secondly, there will be a buyback& burn mechanism while V2 is launched.
50% net profits will go to Choco buyback & burn and 50% net profits will be rewarded to Choco holders.
What is the risk strategies or your preemptive measures does "Chocoswap" use to ensure that ny deposits are always safe well managed liquid and depkoyed in the most favourable positions? Do you use centralized entities protocols?
Chocoswap is a decentralized exchange. User assets will be stored in smart contracts and kept safe. That’ll be a complete decentralized way.
Q3 . @kinymuem
All platform that use a SWAP mechanism, must affront 2 issues, the low Liquidity ( that cause Big spreads between orders) and Slippages, so can you tell me how you will solve this instrinsic limitations?
We will bring in external data sources through Oracle to decrease the price gap and slippage in trading orders as best as we can. On the other hand, we will use order book in our DEX. Chocoswap will be equipped with a decentralized automated full limit order book, which not only gives traders complete control over their orders unlike automated market-making but also automatically executes on-chain order matching. The order book will allow users to submit orders with directions, prices, sizes, etc., which gives users control over their trading. Chocoswap includes lots of optimization in the order book system to make it simpler and more efficient for users.
If you were to summarize your project in one word, what would it be?
One word.... I think it’s "profitable"
The Ethereum blockchain has some problems with transaction speeds and high gas fees, but why is $ Choco using the Ethereum blockchain? And how do you react to that?
We’ve just noticed the problem, so we will build up on Ethereum at first then migrate to Ontology network for higher speed and lower fees. Collabrate with Ontology will help us solve these problems.
2nd Phase END
Questions from Telegram Community!
Is your project is fully decentralized and is there some risk of centralization in the future?
Yes, it’ll be fully decentralized.
As I am a developer with knowledge of programming languages such as solidity, C ++, Java etc., can I create Dapps on your platform ? And HOW easy to create dapps on you platform???
Yes. Our platform is open to the developers. All of the new concepts, technology and products are welcome.
Do you have any new partneship recently? And what advantage of this partnership to the project?
Actually we’ve just contacted some big exchanges like Binance, MXC for co-operation and big funds to invest. Ontology will provide strong tech supports as well.
Over the past months we have seen many yield farming projects that are just clones or copies with a few changes to Yam or sushiswap. What is your plan to attract liquidity from the mainstream yield farms that have launched to date?
Good question. Frankly, our purpose is to make a big DEX with high flows. Liquidity mining is a way of attracting users. At first, we will have about 100,000 users from ONTO wallet. Then, we’d try hard to attract more users from ETH Dexes to our cross-chain Chocoswap.
As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency? If anybody thinks your project really likes a scam project, and they can’t trust this project. How do you make them believe in your project?
Firstly, we will provide users from blockchain industry with convenient and low-cost transaction service; Secondly, we consider DEX will be a trend for financial market in the future. More and more people will use Bitcoin or Altcoin to trade, besides their Fiat currency transaction, for some inflation or other factors.
Final Phase END
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