For nearly a decade, Puerto Rico has offered huge tax breaks to individuals who become residents and companies that provide services to attract wealthy investors. In recent years, cryptocurrency investors have begun to take advantage of this by moving to Puerto Rico to enjoy zero tax on capital gains, shares, and interest – the benefits that are available to residents. No one already lives there.
People like Bitcoin billionaire Brooke Pierce, YouTuber Logan Powell, and Facebook whistleblower Francis Hogan have already moved to the island to take advantage of the tax holidays and join others trying to build a community there. – Even as the arrival of the original owners of the property appears. Creating a property bubble that puts a price on local people. In the latest episode of Cryptoland, Morboard traveled to Puerto Rico to talk to Brandon Mansella, a crypto investor, especially at the new and dangerous border between Memicoins and DeFi (decentralized finance) that not only protects its crypto. Hopefully moved to the island area. Avoid taxes but take advantage of the break so they can grow even faster.
Mansella, who last year worked as a debt relief officer in Florida, resigned after a series of increasingly lucrative trades in Dogecoin, Ravencoin, and finally SafeMoon. SafeMoon – a cryptocurrency that became mega-viral after promoting celebrities and influential coins – proved to be his most lucrative investment, surpassing 7 7 million with his $ 110,000 investment. The price of altcoin will eventually drop to almost 90 percent, but Mansella left its position with nearly $ 1 million. He had already moved to Puerto Rico to become a resident when he took the money, a decision he made when Safe Moon prices began to rise months ago.
“When I was about half a million dollars, once I saw the Saif Moon explosion I was like, ‘Well now is the time.’ From that moment on, it takes about 5 days – just get up and go, “Mansella told Motherboard reporter Edward Onguiso Jr.. That would be zero. If I could get that back to 5 5 million, we could easily talk about saving ملی 1 million in taxes. “
In the episode, Motherboard also talks to Andrew Lewis, maker of the Super Coal Automatic Money (SCAM) coin, about his journey and Mimicoin in general.
“The whole season of Mimiquin was very exciting for me because these other coins came out with no background. I was like a man who wouldn’t have it so complicated. Halfway through, and I told Lewis: I made my coin, I just wanted to flix, just to say I did it– and I named it SCAM just for fun. Ticker SCAM-Super Cool Automatic Money-BOOM, BOOM, I think people liked it so much that they bought it for no reason.
For less than an hour’s work, SCAM quickly reached the کی 70 million market cap. If it looks great for the end, it was because it was. The value of the coin plummeted, and Lewis found himself in extreme distress. He told Motherboard that any money from SCAM was eaten up by legal fees to regulate future crypto investments.
Morboard also spoke with SafeMoon CEO John Caroni, who said the coin differs from other altcoins in several ways. First, he said, it is inflation: the supply of coins decreases over time through taxes on buying and selling. Second, he envisions an ecosystem of products and services that would be connected to Sefimon.
“Our actions speak louder than our words. We’re not talking about price action, we’re always talking about vision, what we do,” Caroni told Motherboard. Carney told Motherboard. The future and implementation of blockchain technology in various industries.
Although the name of the token means – it’s a “safe” way to “reach the moon”, or to feel the huge return on investment if the price of the token skyrockets – Caroni insists that this is not the case. That is about SafeMoon, although he remained silent on the details of what plans to implement blockchain technology in other industries would look like.
Joining Cryptoland host Krishna Andalu for panel discussion were Litecoin creator Charlie Lee, cybersecurity expert Dan Guido’s Trail of Bits, and Motherboard reporter Edward Onguiso Jr. to discuss the volatility and risks of altcoins. And as they attract. Punishment – Investors.
Litecoin was one of the original altcoins, launched in 2011, two years after Bitcoin was launched. It began life as a Bitcoin clone (Bitcoin “gold” to “white”) which, among other mechanisms, made things “more fair” to users by allowing miners easy access and large supply. Trying. At the time of the panel, the coin had a market cap of 15 15 billion. Since then, however, general sales in the crypto market have depreciated almost all of the tokens and projects and it now sits at 8 8 billion market capitalization.
Things have changed a lot since those days, however, and the amount of new altcoins – or ironically, “shitcoins” – has exploded with increasing ease in cloning existing projects and blockchains that are cheaper to use, such as Binary Smart. China. These coins are sometimes joked to turn into something more serious (like Dogecoin), or an apparent fraud, or just pumped and re-dumped the latest dog-tipped coins to keep track.
Now, the market has seen another transformation in the form of DeFi, which is the name given to blockchain-based financial goods and services over the years. Like SafeMoon, they use more sophisticated investment mechanisms than simple buying and keeping, such as “staking”, which is when investors close some of their tokens to provide liquidity to the project and get it back. SafeMoon, for its part, automatically deducts a portion of the sales tax for the provision of liquids as well as rewards for buyers. With all this complexity, DeFi space has also seen an explosion in hacks that have taken billions out of the ecosystem. Guido is the CEO of Tell of Bits, a cybersecurity company that works closely with DeFi protocols and blockchain software companies to help protect them from exploits and hacks that appear malicious in the industry.
“This is a mass fraud,” Guido said, pointing to the reversal of the current huge market for altcoins, adding that it was a market likely to be worth hundreds of billions of dollars.
“When you find something that is very early in its development and then pumped up – yes you stand to win a lot of money, but at the other end of it there will be a lot of people. Lose money,” he said. “And from what you hear, you’ll hear the affirmative bias. ‘Yes, I got this big comeback. I’m a millionaire now.’
He added: “There are a lot of other people who have the opposite story that you probably wouldn’t have heard so much.” He added: “A lot of people are misled by information that they don’t really know how to interpret and they make decisions based on guesswork, which means that at the end of the day there will be a lot of crypto community “Is referred to as.