Crypto Talk Radio: Basic Cryptonomics
IRS Issues Guidance On 1099-DA Crypto Reporting; Bitcoin Under Threat
01 Apr 2026
Chapter 1: What is the main topic discussed in this episode?
Welcome to Crypto Talk Radio, the podcast for everyday investors like you. Visit us on the web at CryptoTalkRadio.net. And now, here's your host, Leister.
Thank you for that, Bailey, and welcome everybody out there on Crypto Talk Radio, found at CryptoTalkRadio.net. The weather cannot seem to make up its mind, lovely people.
welcome or welcome back depending on your situation my name is Leister I'm your host and I am going to be having a very short episode today I have some things I need to deal with however I'm going to focus on Bitcoin the predominant amount of today's episode will be Bitcoin oriented cryptocurrency at a high level but Bitcoin specifically because Some things are happening.
I want to share my thoughts. Others have shared their thoughts. I figured I would lend my voice to it because as you've probably seen, if you listen to me at CryptoTalk.fm, chances are I'm closer to the pulse than some other people that are making their own statements. It doesn't mean I always get it right, simply that I seem to be closer to the pulse. So I will be talking about Bitcoin.
I also had somebody listening on the YouTube side who made a request about some coverage I'll be talking about. around proof of work specifically, and some more things that happened recently. I'll be talking about those. Hopefully, again, I can get through the vast majority of my coverage in rather short order. I don't want to spend a lot of time today.
I want to make sure my message is focused and on point because we've got more stuff on the horizon yet to come. coin market cap.com. We are going to zoom out to the month chart, starting with Bitcoin because I'm curious where I'm going to take a slight victory lap. I've been saying for quite a few weeks now that it felt like Bitcoin was downward, slightly downward trend.
And then recently it looked like it was coming up, but not strongly. And I said that it didn't feel as though Bitcoin had the strength to sustain the We are now looking on the month chart where we see a slight downward trend and it's a middling behavior. If you look at the market cap for Bitcoin specifically $1.35 trillion, as I record, this is a significantly low number.
It actually got to a risk of breaching down beneath the $1 trillion mark. I would argue. If we can get Bitcoin down into where people are estimating, which is into the $50,000 range, might be a buying opportunity.
There were some bits that came up, obviously Iran's a piece, but there were some other bits that came up that I believe are contributing to some of the downward sentiment that we experienced with Bitcoin. But I still think that Bitcoin has an opportunity for more runs, if only because of supply.
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Chapter 2: How does Bitcoin's market behavior affect investors?
It's been insulated so far by simply a lack of knowledge. But remember that the code is out there. It's not like it's not. And so the real thing was around the keys. Some of the older ones, their keys are less secure. The ones that are just still sitting on it, their keys are less secure. Even Satoshi's himself, it's themselves.
The key is still insecure because it was never swapped over to the better security layer. And so the risk is if Satoshi's wallet gets breached, Satoshi holds a significant amount of supply. How do you know that Satoshi is not still alive contributing to the quantum thing? You know, killing his own product. We don't know.
I'm saying that this quantum computing thing has spooked some people, which has contributed to some of what we see. Certainly. So my thoughts on it, quantum computing, I think is a buzzword just like AI. I think AI is a buzzword.
There are some things we see in AI that are, eh, it's pretty good, but at the end of the day, it's too easy to identify the difference between AI and reality down to the nth. It's just that when you're not a strong critical thinker, as I covered on the other podcast, you're easily fooled by AI.
Certainly, I just saw a video I was watching for, because I don't watch the main WWE product because it's garbage, but I do watch the snippets every time there's women involved because I'm a guy, right? And so somebody put up a video, it's clearly AI, because Randy Orton and Cody Rhodes, right?
And I've been saying at this point, if we were in the right era, Randy Rhodes would have taken an RKO while Cody's cuffed to the ring. And then Randy would have given her a kiss while Cody struggling. Cause that's what happened with Steph and triple H because that's the character. That's what it was.
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Chapter 3: What factors are contributing to Bitcoin's downward trend?
And Cody did the promo and he's talking about, which is Stephanie spoiler. And he's talking about, look, There's stuff that happened to you. We can't even show anymore. That's, that's disgusting. It's disgusting. Cause that's real bro. That's real. It's like, you look at it, it gets you invested. You want to now cheer to see this guy get his comeuppance.
And instead, every time he gets beat down, people are like, yeah, it's going to happen again. This person on YouTube put an AI video of what would happen. Literally right in my head. Yep. Cody's cuffed. Randy's laid out. It's from the Steph Triple H, but they did AI overlay. And Randy is perfect. But you can clearly tell it's AI. There's no confusing it for AI. AI is a fad. I'll say that.
I say quantum is a fad. The reason I say these are fads is because at the end of the day, what are we trying to solve and what are we trying to go away from? With AI, you might not understand, but it's really catered towards businesses.
Businesses don't want to hire staff to do tasks, especially when they think the tasks are easy, routine, rote type things, and they're not satisfied with the quality. I talked about creativity on a different podcast. Creativity is the one thing AI sucks at and will continue to suck at because creativity is born from experiences.
It's not born from somebody you can program this computer to be creative. It can create. There's a difference between creating and being creative. And some don't understand the fine line between the two at the end of it, right? It's a fad. That's what it is. Quantum computer, I think is also a fad. That said,
There will come a time when regardless of quantum, we are going to expose gaps in cryptocurrency in general, not just Bitcoin. We're going to expose that there are certain shortcomings in the security layer for some of these. They're going to be subject to something. Why am I so confident about that? Notice how many company breaches there are.
out there it we're now taking it for granted and notice that the governments don't do something to protect citizens they kind of expect it's going to happen invariably you're going to get some sort of weird hey you got a year's worth of credit monitoring garbage that doesn't really solve the problem because the companies are still allowed to do it why are those allowed to happen and why does it keep happening it keeps happening because
they've they've adopted cloud number one number two you have disgruntled employees so between those two those are the two main things cloud and i'll talk about that in a second and disgruntled employees disgruntled employees has always been a problem however without cloud it was difficult it was not impossible it was difficult to have a breach like this
When you have a disgruntled employee now and the company's rushing to like OneDrive and Google Drive and all these things for their business, you're just setting yourself up for failure. They go that way because in their mind, eh, the government's not going to punish us anyway, so whatevs, we'll just fire the employee when we find out what happened. That's the reality that we live in.
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Chapter 4: What recent IRS guidance affects crypto reporting?
They wanted to do it. when everything shifted away from the UTXO model. And this by the way is under their FAQ. They did say we're dropping UTXO. They just didn't elaborate to simplify it down for the layman user. So you could understand what does that mean? How does it affect you? How does it change? And they never changed the marketing to this day.
They're still making claims about the speed of the darn thing and the layers and the parallel, their parallel is not there.
performance isn't really there it gets brought to its knees anybody tries multiple people try to go and do claims so it's clearly not what they claimed it's just a regular layer one chain no different than polygon right polygon with that sunflower game where the game brought it to its knees for a couple hours that's what you have here so their marketing is false now here's why it matters
When they moved away from the original model, at that point, mining is not really a thing because if you're not proof of work, there is no mining. If you're proof of stake, which if you have a staking app, you're effectively proof of stake. It's been quoted multiple times. There's going to be pools. You stake into the pools and you get rewards. That's proof of stake.
If it's proof of stake, there is no mining. When you need coins in circulation, they are minted. Okay. So once the chain is established, you mint the coins or yeah, you meant the coins. You do not mind them. You meant them once they're made available and in circulation, they're made up for sale, right?
So you might have presale, you open sale, whatever that is, or you distribute them, which is what we have at no point is mining part of it.
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Chapter 5: How does the IRS classify crypto transactions for taxes?
Then people were asking, well, then what's dag tech doing?
are they claiming to do they're claiming that there's some mining operations people did analysis around some of the data shown from dag tech and they speculate that the hardware that was presented is less powerful than most mobile devices well how can that then do any sort of mining if it's that low powered and you're talking about hardware that was specced to do roughly i think it says 600 of the coins per day there's open questions
Bottom line, what you have now does not match what they market on their site at all. It's essentially a layer one EVM, no different than Polygon at this point. Is that a negative? It could be. Part of the issue is, part of the issue, is them not just owning up to the change, the shift, because they've talked about, this is not the end game. This is the first step.
And we eventually want to get here, which is the layer zero blockchain. I'm not going to bore you with layer zeros here. I think that's a waste of time. That's what their goal is, but a layer zero, and this is not the end game. And then they talked about another token. Well, there's a lot they plan to do, whether or not any of that plan is going to bear any fruit.
Nobody really understands what's going to happen, but everything has impacted the sentiment around it. The price is a jacked up mess. The central exchanges are a jacked up mess. The messaging is still not consistent. They're clearly building something, but it feels half-assed. It feels rushed. It feels,
Ill thought out like they didn't really take the time to understand and have a plan or the plan that they had failed and they won't own that failure. That's my strike on it. So bottom line, what you have certainly is not representative of what you were told it was going to be up front. A lot of that I think is because it was too lofty to begin with.
We have to consider if I'm right where they just, it was too lofty and then they decided away from it. That might help explain. The absence of some of the funds, because there was a lot of people during that whole process. There were a lot of team members all over the world, hackathons and all sorts of garbage happening that costs money. It's not free.
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Chapter 6: What are the implications of Form 1099-DA for crypto users?
So it's possible. They just burned a lot of money, trying to do a lot of this stuff on something that was too lofty to begin with. If that's true. And I can't say it is, but if that's true. then it debunks the narrative about money stolen. It validates. These were just people that have not, because they even said, there's no CFO. We don't have any audits. Okay.
Well, if you have poor money management and you just burn money, we have to look at who was really in charge.
at that time and the person who was really in charge is not the person that everybody thinks it is it's the person that people thought was the best fit and he actually was not because chances are by his own admission he just took his eye off the ball and money was burned excessive money was burned and he had nothing to show for it and then he gets fired
so what you might be seeing now and again i say might because i don't know for sure but what you might be seeing now is an earnest attempt to course correct but it's so far after damage it comes across as if it's just an extended something the marketing is still crap everybody agrees it's still garbage it's misleading it's not accurate it's not true and the central exchange situation is a nightmare some have said other layer ones went through the same
Whether they did or not, they didn't present themselves as something they were not, with the exception of Shibarium, because it lied, right? Because they claimed, no, we're not going to be a fork of polygon, and it turned out it was a fork of polygon. So Shibarium is the one notable close parallel to this. A layer one that claims it's something that it's not,
lies shibarium consider shibarium never got to the level of integration not even close on a multitude of exchanges with its primary coin as this one over here this one over here has made significantly more progress in terms of listing and integrations than shibarium could ever touch we have to put that in perspective shibarium The one that people thought was the most credible and legit.
I remind people, this is an idiot that went up on stage and tried to sell you a cologne scented book for one ETH. That happened. It was $2,000 I think at the time. So we have to look which one really is a scam. This one over here where the guy tried to sell you a cologne scented book, lied about what the chain was going to be and said it wasn't a fork of polygon.
Turned out it was a fork of polygon on their leash token.
hundred thousand in supply somebody must steer a developer mysteriously turns on the rebase and now it's printing out of control bone they renounced it but it's price crapped because they had paired it to their shiboshi garbage nfts and to leash which is printing out of control all of these bad decisions and the value is not there and they never did get it fully integrated on exchanges i'm talking with the network
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