Seeing a ton of posts about taxes on the feed lately, specifically the 1099-DA.So here is a fun experiment, can you solve this Crypto tax problem?Steve bought 1 BTC on Kraken in February 2024 for $43,000.A few months later, he moved it to his Ledger for safekeeping.In December 2025, he sent it back to Kraken and exchanged the BTC for ETH valued at $97,000 at the time of the exchange.Kraken sends out a 1099-DA showing $97,000 in proceeds and $0 cost basis.What should Steve's report as capital gains on his 20 ...

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Core Insights - Coinbase CEO Brian Armstrong has fallen out of the Bloomberg Billionaires Index as his wealth decreased by over $10 billion in the last seven months, from $17.7 billion in July to approximately $7.5 billion [1][2] Company Performance - Armstrong's wealth is primarily linked to his stake in Coinbase, whose stock price has dropped nearly 70% from its peak of $444.65 in July to close at $141.09 [2] - The cryptocurrency market is currently facing tough conditions, contributing to the decline in Coinbase's stock value [2] Market Context - Bitcoin is trading around $66,000, down nearly 50% from its record price of $126,000 in October, indicating a lack of clear narrative and stalled regulatory clarity in the sector [4] - Other cryptocurrency billionaires, including the Winklevoss twins, Michael Novogratz, and Michael Saylor, have also seen significant declines in their net worths, reflecting broader market challenges [5][6]

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Core Insights - Robinhood has launched a testnet for its proposed blockchain aimed at trading tokenized assets and cryptocurrencies, marking a significant step in its blockchain strategy [1][2] Group 1: Blockchain Development - The infrastructure partners for Robinhood's blockchain include Alchemy, Chainlink, LayerZero, and TRM Labs, which are key players in the Web3 and blockchain space [1] - The testnet is designed to support developers in exploring Robinhood Chain's capabilities, which will enhance the network in preparation for its mainnet launch [3] Group 2: Financial Applications - Robinhood's blockchain is tailored for various financial applications, including lending and perpetual exchanges, expanding beyond traditional asset trading [3] - The company is investing $1 million in the 2026 Arbitrum Open House to stimulate developer activity on the Arbitrum network, which serves as the foundation for Robinhood Chain [4] Group 3: Industry Positioning - Robinhood Chain is positioned to advance the tokenization and permissionless financial services sectors, leveraging Arbitrum's developer-friendly technology [5] - The initial announcement of Robinhood Chain was made in June, alongside plans for U.S. stock and ETF token offerings for EU customers on the Arbitrum platform [7]

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