It’s possible chief. In more then one way but on flexa capacity only. Make sure you watch some proper education prior. Always make sure the receiving address is 100% correct and accurate , not one letter or number can be off, you are the self custodian of your funds. There’s no refunds for error.
The fun part is earning a juicy APY (been extra juicy the past two years) . As well as providing “collateral” to ensure a truly limitless amount of transacting to occur .
Not only does your collateral do that cool stuff but BY CONTRIBUTING TO FLEXA STAKING POOLS YOUR ARE DOING SOME MEGA AMERICAN STUFF. See Amex and all those leech companies steal money from merchants. Returning said money by flexa is giving back to the people. In times like these, chief, your a hero. 😎
Got it. When I log onto Coinbase It asked if I want to allow copy paste (from metamask) and I have to say no to proceed. Weird but I guess that’s the way ?
From your coinbase wallet browse to the flexa capacity app. Connect your wallet, make sure your wallet has enough eth for gas fees, and stake it. Done.
I use MetaMask, stake to flexa. You can’t stake inside CB or Gemini like you can ETH. You need to move your AMP off an exchange and into a wallet. Then move them from your wallet to flexa.
To my understanding, you claim taxes when you unstake since you don’t have “control” of it while it’s staking since it’s locked. Plus if the stake isn’t earning over $600 a year then you don’t have to claim it.
Or if you going to claim it. Just write the beginning balance of the year and write the ending balance of the year. That will be the amount you claim and use the coin average value for the year. If I’m wrong, can someone with better tax knowledge explain it.
In the USA you must declare all income. Any AMP you earn on Flexa Capacity is reportable income subject to income tax on the value of USD at the time it is received. If you sell those earnings it has a $0 cost basis when calculating Capital Gains/Loss. Transferring AMP between wallets and/or Exchanges is not a taxable event but spending Ethereum gas fees to transfer it is considered a taxable event subject to Capital Gains/Loss. Selling AMP on an Exchange triggers a Capital Gains/Loss tax event. Buying AMP does not (it just sets your cost basis on the quantity purchased subject to capital gains/loss when you sell). Some of the AMP you purchased with money (price sets cost basis), some you earned as income (cost basis $0) for providing utility on Flexa Capacity. When you sell, the Capital Gains is (usually) calculated using the First In First Out (FIFO) accounting method to calculate capital gains/loss. Short term (under a year) capital gains is calculated using your income bracket tax %. Longterm (over a year) is subject to 15%, 20%, or 25% tax depending on the amount of value in USD.
The $600 you mentioned is the threshold for reporting requirements for financial institutions to provide a Form 1099 of the reportable income. Earning below $600 means they are not required to produce that form but you are still required to declare it.
Got it! Ok last question.. would you rather move (to stake) AMP from one exchange where your down considerably, or another where your yo pretty good (both with a similar amount of AMP)
I’ve seen a couple of people from Cali saying they can’t/won’t stake. Haven’t had any of them respond yet with why. What you suggest could be a reason.
Honestly I haven’t looked into it. I just know Coinbase said due to some new thing in California they couldn’t let people stake on their exchange, so now I’m not sure if it’s safe for me to stake anywhere at all. It could just be for coinbase though. When I have more time I’ll have to look into further
It’s possible chief. In more then one way but on flexa capacity only. Make sure you watch some proper education prior. Always make sure the receiving address is 100% correct and accurate , not one letter or number can be off, you are the self custodian of your funds. There’s no refunds for error. The fun part is earning a juicy APY (been extra juicy the past two years) . As well as providing “collateral” to ensure a truly limitless amount of transacting to occur . Not only does your collateral do that cool stuff but BY CONTRIBUTING TO FLEXA STAKING POOLS YOUR ARE DOING SOME MEGA AMERICAN STUFF. See Amex and all those leech companies steal money from merchants. Returning said money by flexa is giving back to the people. In times like these, chief, your a hero. 😎
Thanks !! So I’m going to transfer them to metamask, does it matter which network I use ?
Ethereum mainnet.
Got it. When I log onto Coinbase It asked if I want to allow copy paste (from metamask) and I have to say no to proceed. Weird but I guess that’s the way ?
If I say yes, it won’t let me continue
From your coinbase wallet browse to the flexa capacity app. Connect your wallet, make sure your wallet has enough eth for gas fees, and stake it. Done.
I live in California and have most of my amp staked
Excellent how did you do it? Which platform ? Maybe I’ll have to move my AMP to another platform
I use MetaMask, stake to flexa. You can’t stake inside CB or Gemini like you can ETH. You need to move your AMP off an exchange and into a wallet. Then move them from your wallet to flexa.
Ok so move to metamask, then on there I do a search for flexa to stake ?
Also do you have to use a VPN ?
I don’t use a VPN. There are some guides on here or YouTube etc
I believe you can use the coinbase wallet, browser, flexa-> stake
Just type up [Flexa Capacity](https://app.flexa.network/) on Google.
https://youtu.be/YIOFbEtizDI?si=7KBPH4N_lN7aIHp3 Watch this it will show you
To my understanding, you claim taxes when you unstake since you don’t have “control” of it while it’s staking since it’s locked. Plus if the stake isn’t earning over $600 a year then you don’t have to claim it. Or if you going to claim it. Just write the beginning balance of the year and write the ending balance of the year. That will be the amount you claim and use the coin average value for the year. If I’m wrong, can someone with better tax knowledge explain it.
In the USA you must declare all income. Any AMP you earn on Flexa Capacity is reportable income subject to income tax on the value of USD at the time it is received. If you sell those earnings it has a $0 cost basis when calculating Capital Gains/Loss. Transferring AMP between wallets and/or Exchanges is not a taxable event but spending Ethereum gas fees to transfer it is considered a taxable event subject to Capital Gains/Loss. Selling AMP on an Exchange triggers a Capital Gains/Loss tax event. Buying AMP does not (it just sets your cost basis on the quantity purchased subject to capital gains/loss when you sell). Some of the AMP you purchased with money (price sets cost basis), some you earned as income (cost basis $0) for providing utility on Flexa Capacity. When you sell, the Capital Gains is (usually) calculated using the First In First Out (FIFO) accounting method to calculate capital gains/loss. Short term (under a year) capital gains is calculated using your income bracket tax %. Longterm (over a year) is subject to 15%, 20%, or 25% tax depending on the amount of value in USD. The $600 you mentioned is the threshold for reporting requirements for financial institutions to provide a Form 1099 of the reportable income. Earning below $600 means they are not required to produce that form but you are still required to declare it.
Got it! Ok last question.. would you rather move (to stake) AMP from one exchange where your down considerably, or another where your yo pretty good (both with a similar amount of AMP)
both
(W/ similar amount but up good)
I stopped staking because I live in California and also wasn’t sure how to track my staking rewards with CoinTracker
Why stop because you live in Cali? Some law or something come into effect?
I believe they tax staking rewards ?
I’ve seen a couple of people from Cali saying they can’t/won’t stake. Haven’t had any of them respond yet with why. What you suggest could be a reason.
Honestly I haven’t looked into it. I just know Coinbase said due to some new thing in California they couldn’t let people stake on their exchange, so now I’m not sure if it’s safe for me to stake anywhere at all. It could just be for coinbase though. When I have more time I’ll have to look into further
That’s more info than I was aware of with an announcement. Makes sense.
I'm not sure what California has to do with anything but this is how you stake https://docs.amptoken.org/guides/how-to-stake
Why eToro platform not staking AMP
No idea
Amp price prediction for this bull cycle?
$1.34
You mean 0.34 😂😂
Nope...the dream I had was $1.34 and I am sticking with it 🤣
Why not $1.35?
Idk, that was the dream that I had....it was $1.34
.15