Magic Internet Money (MIM)

by | Dec 23, 2021

About Magic Internet Money

Magic Internet Money is a stablecoin soft-pegged to the US dollar and minted by the Abracadabra.money lending platform.

MIM is a stablecoin that is soft-pegged to the US Dollar and minted by the Abracadabra.money decentralized lending platform. Abracadabra uses interest-bearing crypto assets as collateral to mint MIM, which can be swapped for other stablecoins. Loan liquidations on Abracadabra differ from other stablecoin/lending protocols, in that each collateralized debt position (CDP) is unique and has its own liquidation price. When the liquidation price for an individual CDP is crossed, a liquidator can buy the position by paying off any outstanding MIM.

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Why Donate MIM?

Since MIM has appreciated significantly, donating MIM and other cryptocurrencies can save you money on your taxes. Because the IRS classifies cryptocurrency as property, this means you don’t have to pay capital gains tax on your donation and can deduct the amount on your tax return. This is why financial advisors recommend you donate your most highly appreciated assets first. Users who donate and enter their email address will automatically get a compliant tax receipt.

Don’t want your MIM stack to decrease? Repurchase the same amount of MIM afterward and still get the same tax benefits to offset some (or all) of your gains.

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