# Why Beeple sold all his ETH *And you should too* By [Nahiko's Bookmarks](https://paragraph.com/@nahiko) · 2024-08-04 --- Hello friends, I know, I know, this week's newsletter was supposed to be a "how to migrate to Arweave in 90 seconds" tutorial. Life is hectic. Balancing everything—family, work, and creating content—is challenging. With only 24 hours in a day, it's tough. But I'm doing my best to bring you amazing tutorials and **tools** (_Let me know if you wanna be a beta tester_). For now, enjoy this newsletter; **it will save you a lot of headaches.** * * * How everything started ---------------------- In 2021, @beeple made headlines with a $69M (~ETH42,000) NFT sale. Then he cashed out. Some felt confused or scammed: [![User Avatar](https://storage.googleapis.com/papyrus_images/9f522a08007d754d107b4cc6ce55dd15.jpg)](https://twitter.com/sassal0x) [sassal.eth/acc 🦇🔊](https://twitter.com/sassal0x) [@sassal0x](https://twitter.com/sassal0x) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/sassal0x/status/1374735376909099008) Beeple rugged us like a 2017 ICO scam [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 537](https://twitter.com/sassal0x/status/1374735376909099008)[ 15:50 • 24 Mar 2021 ](https://twitter.com/sassal0x/status/1374735376909099008) but he had to do it... **No matter where you live:** * selling something = owing taxes to the gov (like VAT or capital gains) And be careful, because this can shatter your dreams. A true story ------------ ![](https://storage.googleapis.com/papyrus_images/4cfe3134a7df654e252548e5e4e5c770.png) One of my friends made $350,000 in 2021 from a big project, and **kept everything in crypto**. The guy is a true degen 👑 Still, he later consulted an accountant. The news was devastating: **He owed $200,000 but didn't have the money**. What happened ? Well, after selling his project, ETH plummeted BIG TIME. He sold for $350k but now only had ~$100k ! ![](https://storage.googleapis.com/papyrus_images/d5f36c53670e1b610c97ed72e8eb48e5.png) In some countries, taxes are based on the value at the time of selling. So, if you sell for a million and ETH crashes to zero, **you still owe taxes on that million**. How crazy is that? Beeple's $69M sale could've been a disaster. _Sure, ETH went up, but would you have bet $69,000,000 on that?_ Let's say he owes half to the gov, and ETH drops 50%, **he's broke**. The headlines would have been different: He sold for $69M but goes **bankrupt ?!** If you think "well if it fluctuates but not that much right?" Look again 👇 ![](https://storage.googleapis.com/papyrus_images/3a79ecbf162de3e2a2814beefd693d2d.png) I'm not telling you to always withdraw your sales (even though I do). This isn’t financial advice, of course your situation depends on local law. But if the government takes 30%, plan for it. maybe withdraw 30% or use stablecoins to reduce risk. Tools like [0xSplits](https://docs.splits.org/templates/diversifier) can help you automate this. **(let me know in the comments if you want a tutorial on how to use Splits for taxes)** * * * I kept my bookmarks for my faithful subscribers only (thank you for the support <3) 📖 Art Storytime ---------------- [![User Avatar](https://storage.googleapis.com/papyrus_images/e172840e23a3ad57520c45552c585f14.jpg)](https://twitter.com/CozomoMedici) [Cozomo de’ Medici](https://twitter.com/CozomoMedici) [@CozomoMedici](https://twitter.com/CozomoMedici) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/CozomoMedici/status/1817966675792380192) We almost never think about it, but there is a reason galleries hang art the way they do. Early on, art was hung "salon style" - pressed together and stacked floor to ceiling. But 161 years ago, it all changed, when 3,000 artists clashed with the President of France... ![🧵](https://abs-0.twimg.com/emoji/v2/72x72/1f9f5.png)![👇](https://abs-0.twimg.com/emoji/v2/72x72/1f447.png) ![](https://storage.googleapis.com/papyrus_images/b2da66d7d7d5a5c0df548ef3b9ce0094.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 2,105](https://twitter.com/CozomoMedici/status/1817966675792380192)[ 18:53 • 29 Jul 2024 ](https://twitter.com/CozomoMedici/status/1817966675792380192) 👬 The Best AI approach ? ------------------------- [![User Avatar](https://storage.googleapis.com/papyrus_images/fedc66f15cfc9c93713f97afb8d9ea08.jpg)](https://twitter.com/AviSchiffmann) [Avi](https://twitter.com/AviSchiffmann) [@AviSchiffmann](https://twitter.com/AviSchiffmann) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/AviSchiffmann/status/1818284595902922884) introducing friend. not imaginary. order now at [friend.com](https://t.co/7kGiH5pQVK) ![](https://pbs.twimg.com/ext_tw_video_thumb/1818283997778280448/pu/img/H613prn_NDIuA2gH.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 12.8K](https://twitter.com/AviSchiffmann/status/1818284595902922884)[ 15:56 • 30 Jul 2024 ](https://twitter.com/AviSchiffmann/status/1818284595902922884) 👬💀 Bitclout charged by SEC ---------------------------- [![User Avatar](https://storage.googleapis.com/papyrus_images/85c36143d2112f323290906c1359e81d.jpg)](https://twitter.com/Nahiiko) [Nahiko](https://twitter.com/Nahiiko) [@Nahiiko](https://twitter.com/Nahiiko) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/Nahiiko/status/1820033391150153808) You guys remember when I logged into Bitclout as [@elonmusk](https://twitter.com/elonmusk) ? Look at the insane amount of notifications the guy was getting. ![](https://storage.googleapis.com/papyrus_images/c7cec2a8fbc5ff41685061d8f8150456.jpg) [![User Avatar](https://storage.googleapis.com/papyrus_images/ca81085ecbc2281e0c29edb13e20a2bc.jpg)](https://twitter.com/SECGov) [U.S. Securities and Exchange Commission](https://twitter.com/SECGov) [@SECGov](https://twitter.com/SECGov) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/SECGov/status/1818396767018209435) Today we charged Nader Al-Naji with perpetrating a multi-million-dollar fraudulent crypto asset scheme involving a social media platform called BitClout and its native token of the same name. [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 0](https://twitter.com/Nahiiko/status/1820033391150153808)[ 11:45 • 4 Aug 2024 ](https://twitter.com/Nahiiko/status/1820033391150153808) The winner of last week's contest is [@NFTmaki](https://x.com/NFTmaki), who wins a "The Price is Almost Right" NFT (worth $170): [![User Avatar](https://storage.googleapis.com/papyrus_images/0bcbedffac7b3b1ef7505168ed4a215f.jpg)](https://twitter.com/NFTmaki) [Sidewayz](https://twitter.com/NFTmaki) [@NFTmaki](https://twitter.com/NFTmaki) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/NFTmaki/status/1818277704065806458) Just make sure your art survives longer than a Solana memecoin. [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 0](https://twitter.com/NFTmaki/status/1818277704065806458)[ 15:29 • 30 Jul 2024 ](https://twitter.com/NFTmaki/status/1818277704065806458) See you next week ✌ Nahiko * * * _If you enjoyed this marketing idea, please tap the Share button below_ ❤ _Thank you!_ [Share on Twitter](https://twitter.com/intent/tweet?text=I%20found%20an%20interesting%20newsletter%20%21%0A%0A%40nahiiko%20pushes%20the%20boundaries%20of%20NFTs%20and%20shares%20everything%20he%20learns%20along%20the%20way%3A%0A%0Anahikosbookmarks.com) **_I share 1 new thing I learned in the NFT space, every week_** ✨ Don’t miss the next one: [Subscribe](https://paragraph.xyz/@nahiko/memberships) --- *Originally published on [Nahiko's Bookmarks](https://paragraph.com/@nahiko/bookmarked-20)*