Like many people across the world, I had a short work week this week. Short, but busy. It's almost like seeing the light at the end of the tunnel when Friday rolls around. I was saying to @ericvancewalton the other day that I really want to do a better job of not "working for the weekend", but when you are stuck in the 9 to 5 life, it is hard to accomplish that I think.
Let me break down a typical day for you:
- Get up between 4 and 4:30 AM to work out in the basement
- Get ready for work and be heading out the door a round 6:00 AM
- Get to work at 6:30 AM
- Work until 3:30 PM
- Get home between 4:00 and 4:30
- Wait for @mrsbozz to get dinner heated up (she meal preps on the weekend to make things quicker at night)
- Eat dinner around 5, watch a little bit of TV together before she goes to read at 6:30 PM
- I'll stay up and watch a show or something until about 7:30 PM before I crawl into bed and play around on my phone for a bit.
- 9:00 PM (if not sooner), phone down, sleepy time.
Rinse and repeat. You can see how it can be difficult not to want something better come the weekends. It's sad though because you are basically tolerating two thirds of your week to appreciate one third of it. Clearly, something needs to change, but given the fact that I need my job, it's probably going to have to be my attitude!
It is time again for another Finance Friday/Friday Finance. This is a series I started where I talk about random bits of financial stuff that I have seen, gathered, or experienced during the week. I hope as a reader you find it informational, entertaining, or both. I also hope it can generate some good discussion and edify the community.
You asked for it!
Well, some of us have been wanting/expecting crypto regulation for a while now. The hope was that the government would use some common sense and not try to apply old standards to new concepts. We should have known that would be too much to ask.
Someone shared an article the other day that basically requires: "anyone who receives $10,000 or more in cryptocurrency in the course of their trade or business to make a report to the IRS about that transaction".
Pretty crazy right? Like many things, it brings up more questions than it actually answers. What is considered a trade? My career is in IT, but given my blogging here on Hive, some might consider me a writer. I don't, but what if the IRS does? How do I even report that.
This is the part that really gets me: "The report must include (among other things), the name, address, and social security number of the person from whom the funds were received.
For real? Social Security Number? That's like asking people at Radio Shack for their name and address back in the day. You are more likely to get a gun pulled on you than to actually get that information.
Let's say HIVE makes a bit of a moonshot. I do my regular posting through the week and get lucky enough for @appreciator to upvote it. Assume that maybe in the course of a week I made $10,000 USD in HIVE for posting. How easy is it going to be to get that information from an account that may or may not be tied to single person.
Clearly, decentralized blockchains make the requirements harder than say BTC where I maybe did some coding for someone and they paid me $11,000 BTC.
Plus, don't even get me started on what they mean by the word "trade". Do they mean "a trade" or "to trade"? Your guess is as good as mine.
Finally, from what I read, the forms that they want you to fill out to report all of this, haven't even been created yet!
Talk about a massive cluster @#$^%@^%&% !
More Silver
When I went and picked up that Aztec Calendar Silver Bar, I also picked up this silver round.
It's only 1 oz, but it is pretty cool and it has a nice ziggurat on the back of it. I think that's what they call those things. It's kind of hard to believe that these used to be scattered all across the southern part of the Americas once upon a time.
I have seen photos from friends that have visited some of the old cities on cruises and things like that, but I have never visited them myself.
The obverse once again has the Aztec calendar like the bar I bought and this was the main reason why I picked up this piece. I didn't think I could get more excited than my BTC and LTC 1 oz rounds, but this might take the prize.
I'm probably done buying silver for a while now, but I will try to continue to throw some stuff out here and there in my posts. The place that I have been buying a lot of my stuff from sent me an email the other day that they have some exciting announcements to make. Since they also have an online presence, I will be sure to share those with you.
Plus, I still have my secret santa gift that I hope should be showing up any day now. It's crazy just how difficult it is to ship stuff from country to country. You would think by 2024 they should have the process down pretty smooth.
Apparently not...
I just look forward to seeing what comes my way whenever it eventually does!
Next week could be a big one for us (or not), it's hard to say really. I don't see anything significant happening on the HIVE side of things no matter what happens with BTC. Consensus seems to be that we still have about a year to wait before HIVE (and everything else) gets exciting.
We shall see!
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STOPor to resume write a wordSTARTHe who rises early must earn well.)
Is that what's supposed to happen?
yes
I use meal prep when I was in the States. Now I go with the flow in Jamaica... and my freezer is smaller 😅
Side note, I saw a special on covered bridges. Apparently it's a niche passion for travelers
Yeah, they draw people from all over the world I think. There area a lot of them across the US though some are in better condition than others.
Thats a pretty early start, nice one! I usually go to my basement as that is where my office is and work from there.
We have an office in our basement too, but Covid taught me that I am not as productive when working from home!
The office is not for me. lol
:)
You received an upvote of 94% from Precious the Silver Mermaid!
Thank you for contributing more great content to the #SilverGoldStackers tag.
You have created a Precious Gem!
Thank you!
You might be wrong in your thoughts about Hive, things can turn around and Hive becomes the sought out token, we shall see.
That would be awesome, but I don't see it happening. Do you have any indicators that lead you to believe that could be the case beyond blind faith?
Funnily enough I've just spent the last two days speaking to my accountant as its tax return time here in the UK. We've been trying to figure out what to declare on the crypto side of things, and the allowance here for un-taxed gains appears to be quite low, so in other words I'm going to be paying some tax. It appears that "trading" here in the UK, from an HMRC perspective means are you effectively operating as a business to make an income, and does not mean buying/selling crypto as such - but I'm struggling to be honest to be clear about that.
Now luckily I didnt make that much on crypto in FY22/23 (which we are currently declaring), so my tax burden wont be that high. But if there is a bull market in 2024 like everything is talking about, then the gains could be large and the tax burden along with it, so I really am starting to question what I will continue to do, and not do.
Also, as you've said - how in heck do you keep records for it all - every transaction, whether it be post payouts, staking income, etc. They are not asking for super detail here (yet). Luckily I work mostly just on the hive blockchain, and as such all the transactions are in the blockchain - but how do you even begin to sensibly extract them to help inform a tax return ??? Its theoretically do-able, but well beyond my ability !
So I feel your pain - and best of luck with it !
I went through the same thing with my WAX account when I was making hundreds of dollars per day from my play to earn games like RPlanet and Alien Worlds. It would have been virtually impossible to track it all. That's when I decided I was just going to claim what I converted to fiat. I made sure to bake in whatever I was going to owe for taxes so I wouldn't have that extra burden. What I didn't plan for was the penalty I had to deduct for in the following year. I ended up getting that money back because I didn't take any gains the next year, but it was still a lot of money to tuck away at the time.
I thought we already were expected to report all crypto earned whether through work (hive posts) or from capital gains (trading). Hell I already report all of it both to the Japan gov and the US gov, so I should be covered in any event. But they sure aren't making it clear what they want.
I don't know about that. I just know it is kind of a hot mess. I only report what I convert to fiat and what Coinbase/Crypto.com tracks. Anything beyond that they will need to audit me and ask for it specfically.
I think it's the same more or less. Not sure. My accountant explained it to me but it was over my head. Something about establishing a cost basis by following the regulation and reporting my income from each Hive post, then when I do withdraw it to fiat in the future my tax obligation will be far less. Or something. I don't know... accounting is definitely one area I know absolutely nothing. I should have been an accountant.
That makes sense I guess. I just plan on paying the 30% tax or whatever it is when I move to fiat and handle it that way. If you are trying to maximize your gains versus taxes then I can see how you might do it differently.
What a fantastic bridge!
Thanks! I took that a while ago in a small town in Michigan called Frankenmuth. They call it little bavaria and all of the buildings have a German village sort of theme. There are two big restaurants in the town that are famous for their chicken dinners. There is also a large Christmas store that is open 364 days a year and has acres upon acres of Christmas paraphernalia.
One thing is certain, when you let someone with no crypto experience write up regulations it's going to be a cluster @#$^%@^%&% ! These idiots have no idea what crypto really is much less the consequences of creating regulations that are idiotic. The government is really good at that...
The rat race does suck, but it pays the bills, at least for now until crypto shoots to the moon!
Nice silver round! The Aztec calendar ones are always really pretty. Great pick up!
Thanks, I appreciate it. I wonder how long it is going to be before they realize these rules don't work and they have to rework everything. Which they should have just done from the beginning. I guess the longer it takes them to sort it out, the less worried we need to be. Hopefully they have bigger fish on their radar.
One thing we can count on is they will make everything much worse.
As my nieces would say: Facts!
Another gorgeous silver piece and what a beautiful covered bridge. I was in Ohio over the holiday with my sister and just marvel at how much better Ohio has maintained their covered bridges than Indiana has. Our daily schedules are pretty similar. All the best for the weekend to you.
Thanks, I wish the same to you as well. When we head to Columbus there is a sign for a covered bridge that I have always thought it might be fun to track down. Usually we are in a hurry to get home or to our relatives, so we never take the time to explore. I think it's the Swartz Covered Bridge.
Oh, I remember those days well, @bozz. I had about 30 years of 5:30am wake ups. It makes time seem to move so much more swiftly. It's as though the daily routine sweeps you into its current and before you even realize the sun is setting. I hope you can step away from it during this bull cycle. If you're anything like me it'll still take a few years to deprogram yourself.
I read about that absurd IRS rule! I can't imagine they don't realize how impossible something like that would be at this point in the game. I believe they're purposely making things difficult. I've even read that the SEC is considering making it illegal for US investors to directly hold BTC after the BTC ETFs are approved. If this rumor is correct, to comply with the law, US investors will have to invest in an ETF if they want exposure to Bitcoin. Crazy, I know, but I wouldn't say it's totally out of the question for them considering who they take their marching orders from.
I hope you are right, but for some reason, I don't feel like this bull cycle is going to be the "big one" for me. I think I will get some gains for sure, but I just have this feeling in the pit of my stomach that it isn't going to be life changing. Fingers crossed I'm wrong. I could see the SEC trying to do something like that, but I think their days of having the politicians on their side are slowly fading. I think big exchanges like Coinbase are just biding their time until they know they can go toe to toe with the SEC and be supported by the right people.
I'll have my fingers crossed for you my friend. Some people think the ETF approvals are already priced in but I don't.
I totally agree with the SEC losing Congressional support. I believe Gensler's one task was to help manipulate and suppress the market leading up to these ETF approvals. I see him riding off into the sunset after this event. Hopefully his replacement will bring about meaningful change.
I hope that is the case as far as the SEC is concerned too. I just have a feeling that I am not holding the right tokens for the next bull cycle. That's basically a crap shoot though, so I am not sure I could have done anything differently.
Yes, it's always a gamble. Having a bunch of different micro caps in your portfolio is usually a good way to do it. The buy-ins are small and the chances one of them will go parabolic are better than average.
Your day is fixed just like mine too
I hardly have the time to play or do other things and that’s why I set my weekend for rest or any kind of enjoyment
Yeah, the problem is when you live just for the weekend the rest of your life flies by. That's what I am trying to fix!
That's a sick round and I feel you it's all part of the rat race !BBH
Thanks!
@bozz! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @bitcoinman. (3/50)
Interesting choice of silver for the topic discussed prior. Not a fan of regulation and if they start getting too greedy, I will move elsewhere.
I wish moving were that easy for me. At least for right now crypto is such a small part of my portfolio that it wouldn't be worth it.
!WOC
!WOC
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