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i also feel bad for them going down the "world coin id" for real human verification path and making crazy statements like we are going to use zk rollups to prove you really used this product before reviewing it.
if only they heard of lighting zaps they could sort quality posts by those that have received the most value.
oh wait! that is stacker.news
you can tell that Saif hates this guy because he has supported Israel.
either way, radical political change really can't play within an existing fiat system it has to be a new system.
prediction: we will see jack mallers 21 emerge as the US based genius act compatable onshore version of tether.
the company will use jacks ability to get money transmitter licenses and tethers ability to monetize US treasuries to create a stripe like US based stable coin conglomerate
they are a collection of fixers and shell company experts, and have to be in order to run the scheme they have created especially for off shore dollars in Latin America. always on the edge of the law and that attracts a certain breed of operators. They need banking experts who can always keep the money moving.
reading through his bio I have to wonder, how did he snag any of these jobs? was he just a likeable guy who listened to a bunch of podcasts and could talk crypto, or was backed by some other dark-PAC money and supposed to tow a party line when he ran for office.
super stange
i am selling a $5 2L soda with an included mail in proof of purchase to get a $5 btc rebate.
use your fed credits at https://highfructose.com/
newborns who breast feed are animal based dieters. carnivore may be a little much for a toddler but animal based with fruit is totally doable
also increasingly common is under priced renting to children and then when the parent dies they gift the house to their renting heirs. helps the next generation live in a nice neighborhood and parents get the tax depreciation of the house to offset other forced withdrawals of 401k dollars
attempting to wealth transfer to the next generation -> buy a house then gift it to your children. many of these well off boomers have forced withdrawals from their 401k and need to deploy their dollars before they die.
Under federal tax law, the responsibility for the gift tax does not fall on the recipient. Instead, the person who gives the gift, known as the donor, is responsible for paying any applicable gift tax. The Internal Revenue Service (IRS) provides the donor with tools to manage this potential tax liability, meaning in many cases, no tax is actually paid.
The primary tool is the annual gift tax exclusion. For 2024, a donor can give up to $18,000 to any individual without triggering a gift tax or needing to file a specific tax form. Since a house is almost always worth more than this amount, the donor will need to file a gift tax return using IRS Form 709. This form discloses the gift to the IRS.
Filing Form 709 does not automatically mean the donor owes tax. The value of the gift above the annual exclusion is applied against the donor’s lifetime gift tax exemption. For 2024, this lifetime exemption is $13.61 million per individual. Only when a donor’s total lifetime gifts surpass this amount does an actual gift tax become due.
you are right. good luck. i hope you make a ton on fold. am just putting out my research and opinions.
i'm betting they lose money on the credit card (most companies use it as a loss leader like costco) and doubtful there is any uptake of bitcoin gift cards
expenses:
-Banking & payment processing $14.4 million
-Compensation & benefits $10.1 million
-Professional fees (legal, audit, consulting, etc.) $3.1 million
-Other selling, general & administrative
(SG&A) $2.4 million
-Marketing $1.0 million
-Custody & trading costs $0.2 million
if their major product is banking services and the banking services are their biggest expense it appears that their expenses will continue to grow as they acquire customers.
this is not a good business. there is a reason they listed via a SPAC.
yeah i am not really sure what their expenses are. the app is pretty stale, listing gift cards doesn't cost anything, they make a spread on bitcoin sales... yet have negative earnings per share.
biggest expense is compliance for their debit card and that just uses visa rails. strike has 75 employees and a massive amount of money transmitter licenses and is cash flow positive.
fold can't even get a credit card off the ground that blockfi and gemini had for a long time.
something seems off about their expenses and their execution speed.
https://mempool.space/tx/fcf172401ca9d89013f13f5bbf0fc7577cb8a3588bf5cbc3b458ff36635fec00?mode=details#flow=&vout=0