Appreciate the kind words! And yes, that's a point I should have hammered on harder... Imagine getting angry at a decentralized protocol that could potentially help you avoid selling your bitcoin :)
Wow sovryn looked like a good option at first to me, but half the reason I want to borrow from BTC / ETH was to avoid taxable event of sale (realizing gains), and wrapping BTC to RBTC is def a taxable event with current US regs. Plus a ton of fees and risk vs having a contract for direct BTC (or ETH). Guess I will keep looking
Is token-wrapping really a taxable event? If so, (1) that’s so bad… and (2) unfortunately the best option at that point is probably a centralized service like Unchained Capital. There are P2P options like hodl hodl but I don’t think US citizens can use it unless something has changed … lend.hodlhodl.com
defi; specifically GMX ended up being the best option for me. I like the features that let you do everything like add collateral, remove, increase leverage, limit orders, up to 50x, etc etc. but in the US wrapping is a taxable event for now I believe. I dont' think direct guidance has been issued. like-kind exchanges are not allowed for crypto @@IanMajor
@@rrandrigo well in the US tax code gain is measured in US dollars. Most bitcoin or Ethereum holders are in the black or profit at the time of my writing this because the asset is near its all-time high. So you would have a realized US dollar gain if it is in fact, a taxable event. Which, unfortunately I believe under the current code, it is since they don’t allow exchanges and technically RbtC is not the same asset as BTC.
New subscriber and a few videos into your content. Good stuff and you're covering a lot of areas within Bitcoin that I've been wanting to get more understanding and eventually leverage. Too bad Zero has been halted (actually they just bumped origination fee to 99%). See Zero as one of the first steps in doing what investors like Saylor discuss, leveraging our BTC for expenses due to consistent value increases. Not through many of your videos but might be interesting experiment to walk through how to live for # months off 0.# Bitcoin and how you did it. You already have many pieces like buying off Bisq, leveraging off Sovryn, etc.
Welcome, and really appreciate the feedback! It's indeed a huge bummer on Zero - I'm debating taking the video down temporarily but think I'm going to leave it up (though will add a disclaimer to the description). And you're spot on - Zero is potentially one of the ingredients that would enable that "cheat code" of the rich that Saylor has eloquently described. I haven't done a video where I work through the math, so that's a great suggestion, and I also would like to do more content in the future where I'm talking through a higher level objective that spans multiple tools (not just singular tutorials). Thanks for being here and always welcome additional input!
@@IanMajor IMO leave it up, they've mentioned returning it "soon" so why do the extra work...a qualifying statement in the comments would probably be sufficient. Have been playing out with some modeling 6-12 months after the halving and taking a chunk of cash at that time to carry through until the next 4 year peak but it is just a wild guess on the numbers.
HI, i have Sovryn i purchased and storing on my Tangem wallet. I cannot work out how to sell some of it. No option to swap or sell on Tangem. Anyone have any suggestions please?
Hey there - I'm unfortunately not familiar with Tangem and have never heard of it before this comment. But I suspect you would need to send your sovryn assets from Tangem to one of several wallets that can be connected to sovryn's dapps (e.g. Metamask). At that point you'd be able to swap assets. Does that make sense?
You can lend assets and earn a yield: sovryn.com/earn Though I haven't looked as closely at things like APY and what the risks/trade-offs are, so I would recommend checking out their docs: wiki.sovryn.com/en/sovryn-dapp/lending
Only other thing I'm aware of is the following with Thorchain: x.com/ErikVoorhees/status/1706733938377400485?s=20 Though I am not privy on the specifics of Thorchain and thus can't comment on pros / cons but maybe worth exploring.
@@IanMajor Anchor simplified this process so well that a 5-year-old could use it. This is also a big reason so much money went into it and sadly got wrecked. Sovryn copying it is a good thing. Terra got Anchor right. It's their tokens they got wrong. Bitcoin is not Luna.
@@IanMajor you like the rest of us that’s be around for a while knows how borrowing against your BTC has ended up for ppl in the past. It’s new wording but will ultimately be the same outcome as all the other platforms that convince people to do this crap. Yes, new way and method, I get that. But this has never gone well for the people lending their coins and once this goes belly up, it’ll be a lot of noobs coming to you mad that you recommended this crap, seriously.
There’s a massive difference between a protocol like Zero and a centralized company like Celsius who rehypothecates your btc in order to produce the “yield” for you (and inevitably blows up when the rehypothecation chain is long enough and prices trend down). There is no rehypothecation happening with your bitcoin here. Is Zero riskless? Absolutely not as I made sure to point out multiple times in the video. I also at no point recommended that anyone go and blindly use this - rather, I think this is a useful tool that people should be aware of and may need some day even if that need is not right this second. Imagine the transition period where some people are personally on a full bitcoin standard yet maybe there are certain expenses in their life where they need fiat. A tool like Zero will be key in such a situation (instead of trusting centralized lenders). I’m afraid that some in the community have lost all sense of nuance on this topic from the terrible things that have happened with centralized lenders over the years. People should rightly be skeptical and most are indeed best served by simply stacking sats and not leveraging their bitcoin holdings. But at the same time, I think completely denouncing a tool simply because there’s the word “borrow” in the description is not helpful and detracts from moving bitcoin forward. When I make a video, I’m doing so because I think it’s interesting and potentially useful for my audience and I trust them to do their own research and understand the risks associated with anything.
thanks for your efforts🌹
Awesome vid! Love Sovryn, been using/folling them since 2021! Big fan
Extremely impressive what they've managed to build!
So I can buy Rbtc with my Zusd? How do I then transfer that Rbtc into actual BTC
You can just transfer the RBTC to a normal BTC wallet address.
I suggest you try with a small amount to get used to the process.
That’s right. You can then peg out your RBTC to BTC using the instructions here: wiki.sovryn.com/en/sovryn-dapp/rbtc-to-btc
Not having to sell BTC is my only goal. If you know of other loan opportunities please review. You’re detailed reviews are great, thx.
Appreciate the kind words! And yes, that's a point I should have hammered on harder... Imagine getting angry at a decentralized protocol that could potentially help you avoid selling your bitcoin :)
thanx boss
Wow sovryn looked like a good option at first to me, but half the reason I want to borrow from BTC / ETH was to avoid taxable event of sale (realizing gains), and wrapping BTC to RBTC is def a taxable event with current US regs. Plus a ton of fees and risk vs having a contract for direct BTC (or ETH). Guess I will keep looking
Is token-wrapping really a taxable event? If so, (1) that’s so bad… and (2) unfortunately the best option at that point is probably a centralized service like Unchained Capital.
There are P2P options like hodl hodl but I don’t think US citizens can use it unless something has changed … lend.hodlhodl.com
defi; specifically GMX ended up being the best option for me. I like the features that let you do everything like add collateral, remove, increase leverage, limit orders, up to 50x, etc etc. but in the US wrapping is a taxable event for now I believe. I dont' think direct guidance has been issued. like-kind exchanges are not allowed for crypto @@IanMajor
But if you convert/wrap BTC to RBTC you have no gain or profit because it is 1 to 1. Not sure if you mean other tax?
@@rrandrigo well in the US tax code gain is measured in US dollars. Most bitcoin or Ethereum holders are in the black or profit at the time of my writing this because the asset is near its all-time high. So you would have a realized US dollar gain if it is in fact, a taxable event. Which, unfortunately I believe under the current code, it is since they don’t allow exchanges and technically RbtC is not the same asset as BTC.
New subscriber and a few videos into your content. Good stuff and you're covering a lot of areas within Bitcoin that I've been wanting to get more understanding and eventually leverage. Too bad Zero has been halted (actually they just bumped origination fee to 99%).
See Zero as one of the first steps in doing what investors like Saylor discuss, leveraging our BTC for expenses due to consistent value increases. Not through many of your videos but might be interesting experiment to walk through how to live for # months off 0.# Bitcoin and how you did it. You already have many pieces like buying off Bisq, leveraging off Sovryn, etc.
Welcome, and really appreciate the feedback! It's indeed a huge bummer on Zero - I'm debating taking the video down temporarily but think I'm going to leave it up (though will add a disclaimer to the description).
And you're spot on - Zero is potentially one of the ingredients that would enable that "cheat code" of the rich that Saylor has eloquently described. I haven't done a video where I work through the math, so that's a great suggestion, and I also would like to do more content in the future where I'm talking through a higher level objective that spans multiple tools (not just singular tutorials).
Thanks for being here and always welcome additional input!
@@IanMajor IMO leave it up, they've mentioned returning it "soon" so why do the extra work...a qualifying statement in the comments would probably be sufficient.
Have been playing out with some modeling 6-12 months after the halving and taking a chunk of cash at that time to carry through until the next 4 year peak but it is just a wild guess on the numbers.
HI, i have Sovryn i purchased and storing on my Tangem wallet. I cannot work out how to sell some of it. No option to swap or sell on Tangem. Anyone have any suggestions please?
Hey there - I'm unfortunately not familiar with Tangem and have never heard of it before this comment. But I suspect you would need to send your sovryn assets from Tangem to one of several wallets that can be connected to sovryn's dapps (e.g. Metamask). At that point you'd be able to swap assets. Does that make sense?
@@IanMajor thanks Ian. It does make sense. I think I may have worked out out. Appreciate the reply.
Can I earn interest on my Bitcoin using the Sovryn Platform ?
You can lend assets and earn a yield: sovryn.com/earn
Though I haven't looked as closely at things like APY and what the risks/trade-offs are, so I would recommend checking out their docs: wiki.sovryn.com/en/sovryn-dapp/lending
Is there anyone else doing this where you can borrow interest free using your bitcoin..?
Only other thing I'm aware of is the following with Thorchain: x.com/ErikVoorhees/status/1706733938377400485?s=20
Though I am not privy on the specifics of Thorchain and thus can't comment on pros / cons but maybe worth exploring.
@@IanMajorI believe Thor chain you transfer your funds meanwhile Sovryn is through SmartContracts, where it is completely decentralized.
It looks like Sovryn borrowed much of what Terra did with Luna - bLuna on Anchor.
So not ready for prime time smh
In what ways?
@@IanMajor Anchor simplified this process so well that a 5-year-old could use it. This is also a big reason so much money went into it and sadly got wrecked. Sovryn copying it is a good thing. Terra got Anchor right. It's their tokens they got wrong. Bitcoin is not Luna.
Very interesting - thanks for sharing
Are you on Odysee?
I'm not and wasn't aware of it - what is it?
Hello mon ami
Damn Ian I’ve learned a tons watching you man but this isn’t it brother. Got to be honest with you
Care to share more?
@@IanMajor you like the rest of us that’s be around for a while knows how borrowing against your BTC has ended up for ppl in the past. It’s new wording but will ultimately be the same outcome as all the other platforms that convince people to do this crap. Yes, new way and method, I get that. But this has never gone well for the people lending their coins and once this goes belly up, it’ll be a lot of noobs coming to you mad that you recommended this crap, seriously.
There’s a massive difference between a protocol like Zero and a centralized company like Celsius who rehypothecates your btc in order to produce the “yield” for you (and inevitably blows up when the rehypothecation chain is long enough and prices trend down). There is no rehypothecation happening with your bitcoin here.
Is Zero riskless? Absolutely not as I made sure to point out multiple times in the video. I also at no point recommended that anyone go and blindly use this - rather, I think this is a useful tool that people should be aware of and may need some day even if that need is not right this second. Imagine the transition period where some people are personally on a full bitcoin standard yet maybe there are certain expenses in their life where they need fiat. A tool like Zero will be key in such a situation (instead of trusting centralized lenders).
I’m afraid that some in the community have lost all sense of nuance on this topic from the terrible things that have happened with centralized lenders over the years. People should rightly be skeptical and most are indeed best served by simply stacking sats and not leveraging their bitcoin holdings. But at the same time, I think completely denouncing a tool simply because there’s the word “borrow” in the description is not helpful and detracts from moving bitcoin forward. When I make a video, I’m doing so because I think it’s interesting and potentially useful for my audience and I trust them to do their own research and understand the risks associated with anything.
@@IanMajorwell said Ian. I am gonna take a look at this, play around with a few sats and see how it works