Home > Daily > 🥛MILKBUSTERS: MetaMask & Taxes 🧐
May 23, 2023

🥛MILKBUSTERS: MetaMask & Taxes 🧐

GM. This is Milk Road. We’re that favorite pair of PJs in your drawer. We never go out of style.

It’s Taco Tuesday. Leggo:

  • Milkbusters: Can MetaMask Collect Taxes? 🧐

  • Who Wants Milk Road Swag? 🥛

  • STEPN Towards Mass Adoption 👟

  • Strike Goes Global 🍪

Prices as of 8:30am EDT

Today's edition is brought to you by $AXL & the Axelar network. For a growing ecosystem of interchain applications, $AXL delivers infrastructure to build cross-chain. Learn more about $AXL today! 

MILKBUSTERS: CAN METAMASK REALLY WITHHOLD YOUR TAXES? 🧐

Welcome back to another episode of Milkbusters – where we debunk crypto myths and misconceptions.

Today’s myth: Can Metamask (a popular self custody crypto wallet) collect taxes on your transactions? 

Let’s dive in…

What happened: Over the weekend, this image was going viral…

*gasp*

Everyone thought that meant Metamask could withhold personal income taxes if the government wanted it to. The claim spread across social media like wildfire.

Tweets with “🚨BREAKING NEWS🚨” + all capital letters + red underline = people lost their sh*t. 

So, is it true…?

The Truth: No, MetaMask does not collect taxes on your purchases.

That part of the Terms of Service doesn’t apply to MetaMask/on-chain crypto transactions. 

It only applies to sales tax that ConsenSys (Metamask’s parent company) has to pay on other products & plans, like subscriptions to Infura (Ethereum API) that developers pay for via credit card.

*PHEW*

Milk Road Take: Do. Your. Own. Research.

And watch out for people online blindly spreading panic. Crypto influencers be lookin like:

THE FUTURE OF WEB3 IS MULTICHAIN ⛓️

Last week, the Milk Man delivered a juicy cut of Prime Protocol. The week before that, he landed a fresh Squid Router in your inbox. 

What do these delicacies have in common? You can’t enjoy them without $AXL.

$AXL is the native staking token of Axelar, used for network validation, governance and fee payments to support cross-chain applications.

This growing list of applications consists of exchanges, games, lenders, creators and enterprises who rely on Axelar to deliver:

  • A platform for interchain tools & services in an open marketplace

  • A network for General Message Passing, secure from censorship and theft

  • A dynamic validator set, where participants accumulate $AXL and stake it

As Web3 builds on proof-of-stake, $AXL provides an essential link between dApps and the evolving interchain world.

Learn about $AXL

(The Milk Man is not a financial advisor, and this is not financial advice)

WANT COOL MILK ROAD SH*T? REFER YOUR FRIENDS! 🥛

You know, we’ve been thinking. It may be time to… take this relationship to the next level.

As in, it’s time to meet your friends and family. I know, big step.

But we’re making it as easy as possible. All you need to do is send your referral link to your friends and family!

The blue link at the bottom here 👇

What do you get in return? 🔥FIRE SWAG 🔥

If you use that link to get 5 people to sign up, you get stickers. STICKERS!

If you get 20 people to sign up, you get the coolest Milk Road T-shirt.

If you get 40 referrals, you get a Milk Road hat. Everyone needs something to block out the haters.

And if you send 100, you get a kickass sweatshirt to keep you warm during the crypto winters.

Wanna read more about Milk Road’s referral program and see more merch? Go check it out on the Milk Road website.

STEPN IN THE RIGHT DIRECTION 👟

Some things just don’t mix:

  • Diet Coke & Mentos

  • Orange juice & toothpaste

  • Crypto products and the App Store

It looks like one of those is about to change…

What happened? STEPN just became the first Web3 app to integrate with Apple Pay.

Here's everything you need to know:

  • STEPN is a fitness app that gamifies exercise and lets users earn crypto for being active

  • In order to play, you need an NFT

  • Before this move, the only way to buy an NFT was with crypto. (AKA it was a nightmare for non-crypto people, like my Uncle Vinny)

  • Now, users can buy an NFT directly on their phones with Apple Pay. Instead of cryptocurrencies, users purchase Sparks (a new in-app currency. 1 Spark = $0.10)

No cryptocurrencies are involved. No crypto wallet is needed. Easy peasy.

Sounds convenient, right? A little too convenient…

That's because there's a twist: users that buy the STEPN NFTs with Apple Pay will pay 40% more than if they were to buy the same NFT with crypto.

For example, there was a STEPN NFT that went up for sale for $31.40, if you used crypto.

The same NFT cost $44.60 on the iOS app with Sparks (AKA using Apple Pay).

That's a 42% price increase. 

You know what they say – where there's convenience, there's a fat f*cking fee.

It'll be interesting to see how this plays out.

On one side, convenience = more adoption and less headaches.

On the other side, convenience = more fees.

Which side will win? Only time will tell… 👀

MILK & COOKIES 🍪

LooksRare just launched an all-new mobile app. Stay on top of your NFT portfolio with glorious analytics, beautiful rarity visualizations and easy reward tracking – it's the must-have tool for any self-respecting degen.*

Strike expands to 65 countries. The BTC payments app is also shifting their HQ to El Salvador as they try to bring Bitcoin to the masses.

A Nevada man faces decades in prison after a $45M crypto scam. Not everything that happens in Vegas stays in Vegas… 

Gemini claims that DCG missed its $630 million debt payment. The next chapter of the Winklevoss vs. Barry Silbert saga. “I didn’t hear no bell.”

The Professional Bowler’s Association (PBA) is getting into NFTs. Wanna prove you bowled a perfect 300? Show us the pic NFT or it never happened.

*This is sponsored ad content

MILKY MEMES 🤣

HIT THE INBOX OF 250K+ CRYPTO INVESTORS

Advertise with the Milk Road to get your brand in front of the Who's Who of crypto. The Roadies are high-income crypto investors who are always looking for their next interesting product or tool. Get in touch today. 

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.