Here we go. Coinbase doing exactly what I predicted:
* Users can mint BETH by staking ETH via Coinbase
* they can trade BETH against ETH and other coins on Coinbase
* get staking rewards AND liquidity at the same time
This is very attractive. Other exchanges will follow.
* Users can mint BETH by staking ETH via Coinbase
* they can trade BETH against ETH and other coins on Coinbase
* get staking rewards AND liquidity at the same time
This is very attractive. Other exchanges will follow.
https://twitter.com/coinbase/status/1333478962576715777
Hope this also buries the "there won't be two assets, only ETH" narrative that was popular for a short while
spent a few minutes thinking through the tax implications of staking on Coinbase.
here's a few things we know with ~reasonable certainty. cc @TokenTax
1) going ETH -> BETH is a taxable event
2) you don't own a token until you claimed it
(cont)
here's a few things we know with ~reasonable certainty. cc @TokenTax
1) going ETH -> BETH is a taxable event
2) you don't own a token until you claimed it
(cont)
so what @coinbase could do to prevent unnecessary tax events for their customers would be
- let them stake ETH
- don't credit them BETH automatically
- instead, allow them to claim BETH when they want to sell, at which point they would have incurred a taxable event anyway.
- let them stake ETH
- don't credit them BETH automatically
- instead, allow them to claim BETH when they want to sell, at which point they would have incurred a taxable event anyway.
I realized the last two tweets are being misunderstood by some people. I was not talking about sending ETH to the deposit contract but about staking via Coinbase/Lido/Rocketpool and receiving a staking token in return.
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