How to Cash ICP Staking Rewards
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- Опубліковано 15 жов 2024
- Now that I have over 10,000 ICPs, my priorities are different. I'm now about getting paid. Since I know many of you in here are about that paper as well, I thought I'd create a video tutorial showing how to cash your monthly staking rewards so that you can live good and all stuff. Enjoy! Gang gang!
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Instagram: JamesAllan0
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I have a 100 ICP locked up, sounds like a small amount but I’m very happy with the amount, and it’s because of your info . Thanks 🙏
🎉 great job
Could be humongous in 8 years
great job..we all are in differentsituations....think less than .0001 have what you have on the globe...see icp holders vs global population....i didnt do the math but your in good:)
I have 125 but only staked 50 so far
Hey man. I know this video is a few months old but i really appreciate this video. This is exactly the info I was looking for and in my opinion no other content creators explained this the way you have here. THanks
Thank you! Hope you subscribe man, more good stuff coming
I have 1800 ICP on Stake, James walked me through the staking process and then some! Super knowledgeable and down to earth brother. Best money I have spent in a long time.
120 coins a month, you’re a beast!!!!
Wassup big dawg, big thanks for the huge shout out. Hope you join the whale club soon!
Where did you stake yours at? Not sure where to stake my icp bag?Thanks!
@@motogp2375 You have to stake it through the NNS, you can hire me to help you with this stuff. Just hit me on IG (JamesAllan0)
Good job and congratulations for 10,000 ICP milestone! That’s life time investment.
Thanks for this straightforward explanation, I was nervous about this, but it will be super easy.
ICP is the only chance for all who never invested in Bitcoin or Ethereum. This is the next and biggest opportunity. I feel happy buying ICP
The staked maturity adds to voting power and also earning rewards!
Thanks for this video. As a new ICP investor I am yet to do this and was unsure how. Now I know how to redeem monthly 🙂
You killing it bro, looking at this video while in Va.
Thanks, I am fairly new to ICP. This was a very informative video to the point and really helps.👍🏻👍🏻
Great video thanks for sharing !
Cool vid, I've been waiting for this tutorial as no one seems to talk about this.
yes I realize this as well, because off this I am hesitating to stake
I still do not know when I stake for 8 years and receive 16% what do I get those 16% off???
many questions and no answers
@@meaversand you get 16% on COIN VALUE not dollars just like any other staking
Thank you, sir
So how many icp do you get every month from rewards? I’m thinking about selling all my eth and btc for icp so I can just live off the passive income
Remember, in some countries, you may have to pay more tax from staking as it may come under income tax rather than capital gains.
I have around 5300 ICP, but I'm only staking 3500 at the moment.
I get 1.5 icp per day so far.
I might never cash out my maturity as i suspect staking rewards could become very rare in the future as the percentage may go down over the years. There are so many different staking strategies.
Just what I needed to hear, TY
You are killing man. Handsome monthly cashouts for 96months😂😂😂🤣🚀🚀🚀🚀🤣🤣🤣
ICP is REAL money
I really appreciate your efforts! I have a quick question: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How should I go about transferring them to Binance?
My understanding is collecting the maturity is taxed and then if you sell it it’s taxed again.
Maybe not. It is more reasonable to treat rewards as an income and to pay taxes accordingly.
Thanks for the forecast! I have a quick question: My OKX wallet holds some USDT, and I have the seed phrase. (behave today finger ski upon boy assault summer exhaust beauty stereo over). Could you explain how to move them to Binance?
Can talk about ICP reward taxes??
Man 4 ICP a day, i wish i found ICP at the $4-5 range, could have had that too instead of 1 ICP a day
“Ever since I could remember, I’ve been popping my collar…”
what is your opinion about Forbes India report, 20 trash crypto in 2024 , I noticed ICP included in that list ,
Hey james, I do not know if you are aware of the neuron sandbox simulator but if you are not I can share the link to it here for you to play around with.
what is it?
One thing has been bothering me a little bit, not out of concern but more curiosity.
Let's say coinbase/Crypto CEXs went down - how would you cash out ICP? Where would you send it to? Do you think you'd have to send it to a dex, then convert to a coin like USDC/USDT or some other stable coin that an app like Robinhood/Webul would take? Just curious to hear what you'd think of doing in that scenario
That's honestly a bit unrealistic of a scenario. Why would all crypto exchanges be down at the same time? A situation like that is most likely to happen during war, and if ww3 is live and active then you got bigger problems than exiting out of crypto. The real answer to this question however is to also possess Gold and Silver so that your wealth is not entirely stored on the grid. Perhaps I'll make a video on this to expand such point as you suggested. Let me know if you have any other remarks you'd like to add.
@@cxc good point, it’s not that I see that ever happening - just in case if it did.
I was thinking a scenario of scare tactics like the SEC says “xyz” exchange can only stay up if they regulate certain coins. ICP was one of the coins the SEC said was a security - so it just made me think what if they really try to do a shakeout scenario.
I’m part of 8YG anyways, so I’m not selling regardless. Also I don’t care about the SECs threats, cause I see ICP being inevitable in the future. I was just wondering if in America at least - it got regulated against for a while and have a scenario like that.
@@NightcrawlerNetwork There will definitely be a crypto prohibition era where the SEC will try to put a ban of crypto. But just like alcohol, everyone will be breaking the law and they'll have to legalize it. There's no stopping change
“I just make 4 ICP a day”, damn I’d like to be in your shoes. I’m only a 1 a day but good for now.
This doesn't make sense, you make 4 ICP a day but you also make 1 a day?
@@Gafferman Lol.. they were quoting the video.. then he said he only makes 1 a day.
1 is still amazing. keep in mind you're in an ICP maxi community. 99% of the population doesnt even have 2500icp locked up
@@Chief_Indo I see
Excellent video ❤
Thank you james. This makes me think. When i spawned a new nueron it said it will be minting new icp tokens. Does this mean new icp tokens are actually minted/created? Also makes me think if thats true maybe some of these big whales are still tied to likes of solana/sbf or other nefarious actora and are purposely staking to try and create more inflation in the system and still trying to manipulate the network. What are your thoughts?
I staked 608 and did not dissolve does this mean I’m now officially an 8 year gang member ? 😅
Yes you are. Welcome to the gang. Gang gang!
@@cxc cool thanks for all your videos man. Really appreciate it. Until I week ago I was just accumulating, but because of your last 3 videos I speeded up my staking. Can’t wait to start collecting those rewards. With my amount it should be around 5 each month right? Anyway thanks for all you did. And keep the info coming. 💪👌🙏🫡.
It is better to cash out every month. That way, you only have 12 taxable events, and you have less stress when you-re filing your taxes
So it's double taxed, when you spawn and sell? That seems odd.
You are not taxed when you spawn only when you sell
@@CryptoblBoomerlv30 It seems to me it is not completely correct. After you spawn you created a FIRST taxable event. And therefore have to sell it at once to pay taxes on it as income. If you waited any time between spawning and selling then you created SECOND taxable event taxed as capital gain/loss during that time period. At this point I am not completely sure but I thing one has to consider price of ICP at the moment of ripe spawning as a cost basis.
Achievement unlocked 🐬! Not
Planning to cash out this year, going to be liquidity for dfinity and other token holders until the project is much more mature, which i guess is a way to contribute. Much love ❤ hope everyone reaches their goals. #ICP #dfinity #8YG
When spawning maturity and selling, is it double taxed? The action of spawning, and then selling? What it looks like. Lemme know what you think.
from what I know the ICP you have staked is unrealized gains so not taxxed, the rewards that are spawned are considered capital gains. Correct me if im wrong anyone.
@@bobbymitchell9353 yes that's correct, so once you spawn the maturity, that's taxed? Then once you sell.. that's taxed too?
Can you choose to re-stake the ICP?
brother i staked 3,000 icp. am i good? for 8 years?
How do you tell how many icps you will get for a staking reward before you stake.
Use the ICP dashboard and search up your neuron #, then times your daily rewards by 30 days
How does it look with taxes? Is this classified as income tax or capital gains tax? Cheers
Form 1099-INT is the most appropriate for USA, since it is interest on your investment (in my opinion).
As I have written to somebody above: "It seems to me it is not completely correct. After you spawn you created a FIRST taxable event. And therefore have to sell it at once to pay taxes on it as income. If you waited any time between spawning and selling then you created SECOND taxable event taxed as capital gain/loss during that time period. At this point I am not completely sure but I thing one has to consider price of ICP at the moment of ripe spawning as a cost basis."
But as gobbue8206 has indicated above it is possible that the FIRST taxable event could be treated as an interest not as an income.
ICP ❤❤❤
How much do I need to lock up to make 1 ICP a day?
About 2200
@@cxc Thank you so much!
Shirt wont ship to Canada! To bad
🙏❤️
When does the staked rewards actually get added to the principal.. it seems like mine has been sitting in staked state for months... does it have to be a minimum amount or does it take a specific time? I figured out how to claim rewards just haven't seen what I've staked actually get added to my principal
I guess it depends on if you had chosen to check restaking or not. If you had then it is somehow added to the principle though not formally so to my understanding. If you had not then it is not added to the principle in any sense.
how can icp survive giving so much away ?
Those high rewards are temporary and certainly short lived once ICP becomes unaffordable
The time is limited
I have 300 ICP locked up for 8 years ( i am a rookie started for 2 months ago )
The fact that someone might need a consultant to figure out how to turn money into icp and visa versa leads me to believe this institution wont become mainstream anytime soon.
If only you had an idea how hard it was to get ethereum or bitcoin 🤣
@@cxc Making it hard to swap between cash and crypto is why it'll never take off. They gotta sort that out...
@@beachboardfan9544 Hey you just standby safely and miss all the action
@@cxc I'm content with my stable and easily accessible 10%
@@beachboardfan9544 I wish that could keep me happy
RNDR $265 in the peak , better than ICP , RNDR token has max supply, its important for the price action , ICP doesn't have max supply, it can be print like fiat so the price would be $80 in the peak
pls be the icp black noise
Alpha!
Jesus Christ 4.2 per day. I got only 0.2 per day.
If ICP reaches $1000, you'll be earning $200 a day.
Rewards seem oversized. If half the supply is locked up and the majority are cashing their rewards then that's a ton of continuous sell side pressure. Poor price performance creates more selling, negative press and damages the perception of the project.
I know you want to make money now, but think if you restake for 3 more months, you will have 10 500 ICP. Then your maturity will be even higher each month.
what's the point tho when I can reach those extra 500 ICPs with the money I make from engineering consulting
@@cxc Cause it will increase your rate of return daily, even if you don't put any more money into it. And why not do both? If you have money to spend on ICP anyways, why not prevent unnecessary transaction fees by just always restaking maturity, until a time you feel you need it? Then you can start looting up every month, at much higher returns than 120 ICP.
Oh and why sell at under $13 , when you can sell at $50 in 3 months?
@@DJR000 Facts
@@DJR000 Smart man! That's good advice!
I wish ICP was at $1 so I could load up.
ICP needs to get a move on. I've been dca all year and i'm in negative.
Same here :(
Patience guys and we will be laughing all the way to the bank
@@CryptoblBoomerlv30 what timeframe are you thinking?
Either way, i dont need to dissolve,,, talk to me in 8 years! ❤8yg non dissolving for ever! ❤🐬👍💯😎
@CxC
I do not have an Instagram account, how can I get in contact with you?
I have Discord (Cinquain0) or email: planetcpr at gmail dot com
@@cxc sorry I dont do SM take to much out off me but I sent a mail, ty