Two questions came up from the same post from @Blanchy, where he (assuming gender) asked the first, How much does your wife know about your crypto holdings. The answer to this question in my case is very, very simple:
More than she wants to know.
As a "slight" crypto enthusiast, I have kept her in the loop, but more than that, she has been on this journey with me from the start, at least indirectly. I will give the abridged version, as many of you have likely heard this before, but after our daughter was born, despite being very prepared, medical complications meant that we burned through all savings within the space of a few months and were stuck with a monthly baby formula expense that was twice that of our mortgage.
My wife in bed recovering for many months, a daughter that wasn't sleeping more than 30 minutes in a row and me trying to accommodate both while running a sole proprietorship, we were at breaking point financially and emotionally. And at this point, at the start of 2017, a friend introduced the idea of writing for "money" and I chose to give it a go.
I say "money" because at the time of joining, I didn't even know it was a crypto platform and once I did, my only experience was crypto was back in 2010/11 where I tried to buy about 250€ worth of Bitcoin as an investment (knowing nothing about it), spent ten minutes trying to work it out and after failing, went drinking instead.
Two pizzas anyone?
Now, while writing never eased our burden in any way for us and my wife hasn't been very active in the crypto space over the last six years, she has been supportive. I have had the space to write and as things changed in the industry, perform other activities too. Sure, much of this has been done when everyone else is asleep at the expense of my own rest, but that is a luxury too in some ways. As a result, through thick and thin of our lives, I have managed to post daily for well-over five years on Hive, missing only a couple sporadic days early in 2017, which has resulted in this:
It is 2049 days from the start date to the end date, but not including the end date.
Or 292.7 weeks
Or 5 years, 7 months, 11 days excluding the end date.
Or 67 months, 11 days excluding the end date.
So as you can see, while I have missed 9 weekly author badges, I have only missed 3 monthly author badges, so all of those nine missed appeared in one of those 3 months, and they were all before June 2017. At that time, these badges didn't exist, they came later.
In order to do this, I needed "wife support" and at times, it wasn't always easy, but overall, she has come to understand that I am a better person when I get to write, because I am able to clear mental and emotional blockages and equip myself with tools to deal with whatever life throws our way - and that has unfortunately been quite a lot of "misfortune", especially in terms of our health. And of course, she doesn't mind having the possibility that it will one day help us out financially.
Well, that last point is an interesting one, as it already has helped us, even though we aren't using it. The reason is that through writing and interaction here, I have learned a lot about finance, opportunity, risk and myself; which has led to me taking a second job and expanding it, investing, consolidating, as well as taking risks and mitigating risks. This has given me "confidence" to make moves I wouldn't have earlier, like buying a house that needs renovation.
So, while that is a long-winded (typical) answer to a simple question, in short, my wife doesn't know the details of everything that I am involved with across Hive, Splinterlands, Leo infra and holdings, but she does know in a general sense, that the amounts I am playing with a larger than we could have dreamed those six years ago, when we were at financial and personal breaking point.
Which leads into the second question that @blanchy asked in the comment section after I said that about the support and added,
I don't think she'd be as understanding if there wasn't the potential for a return one day.
This is a very hard question to answer, but I know that the "timeframe" is not a useful point, as while time is incredibly important for the development of crypto and wealth, there is so much volatility and timing that it is far too unknown as to "when" something will or will not happen. On top of that, time indicates a "getting out" of crypto, which is not my goal at all, as the more I learn, the more I want to get further in.
However, in order to make crypto valuable for my family, there has to be the ability to use it to improve our wellbeing in some way, which does currently mean getting out, as most of our life can't be lived only in crypto, because vendors want it converted to fiat at some point. Sure, I could use a card where I can use my crypto and don't have to touch the fiat, but that is just proxying the conversion in the background, still moving crypto wealth into fiat at some point.
This will change in the future, but by extension, this "problem" also indicates that the "number" is not going to be suitable either, as that number is based on fiat value, meaning getting out of crypto and into the centralized system again, but also that the number in fiat is a stagnant point, which it is not. For example, when I was young, everyone's dream reference point was "if I had a million dollars", but at that time, the average house price was around 150K, so having 8-10x in cash on top of a median house price made a person wealthy.
Now however, with the median house price being almost a million dollars, that dream of if I had a million seems immature. Because of the way fiat markets work, whatever we think of in terms of adequate value now, is always going to seem immature in the future, unless we are able to make what we have now work to generate enough to give equivalent value in the future, which leads into the last option mentioned;
Passive income.
This is where it is and for example, over the last six years I have been working hard to stake Hive and use some of it to diversify for risk mitigation and opportunity so that I can earn a passive amount daily. For instance, I am getting about 20 dollars a day at current prices through curation activities based on my stake, which is around 600 dollars a month, more than I am able to put aside from my salary to save currently, especially with the ongoing renovation. This also means that I am distributing the same amount to the Hive community through voting and content, which helps many other people do the same.
I have been well supported on Hive through my content, but I will posit that when it comes to the value of content on average cross-referenced with effort in and all that jazz, I am also probably one of the hardest working content creators on the platform and have been for years. At first, all of the work was just trickles of value, but the power of compounding effects makes a difference, though most people only look at it in terms of financial gains. Compounding also happens at the social level and through all of the various activities that work together to improve experience and ultimately, improved experience is the goal, not improved wealth - but often, they go hand in hand or at least, there is a strong correlation for the average person. And I am very average.
My wife knows this too.
So, the goal is to create passive income revenue streams that are stable enough (not just at the highs) to provide for all of my family's needs indefinitely into the future. This is far easier said than done, because generating that future income stream means investing now, which can be hard for us due to the immediate needs and wants in life. And, "spending" on investment now also comes with the risk of not having it available to use, but with no guarantee on the future, possibly losing the availability in the future too.
Investing is always a risk.
And while we all know this, it is good to understand and visualize what that really means for our daily lives and whether we really are willing to lose it all for the potential of a more financially certain future. Can we go without the streaming services in order to use that extra 15 dollars to buy 30 HIVE? Are we willing to forego a new phone to buy 2000 more? Are we willing to limit our expenditures to move more into investments of all kinds, giving up "wellbeing" now for wellbeing tomorrow?
With the events of the last years and especially with the stroke in 2021, I am more certain than ever that having even small streams of incoming value from crypto is vital for my family's wellbeing, as it allows us to invest when we couldn't otherwise and if something were to happen to one of us, that extra could be used to cover some shortfalls, or keep us investing on a single income. Yes, in that scenario, assets would likely need to be sold, but so would the house - not because of the mortgage, but because of the physical work it takes to maintain, work that my wife can't do and while I can, I would struggle with if a single parent trying to raise a daughter.
how much passive is enough?
"Passive" is an interesting term, because it makes it sound like it doesn't take work - but it does. The difference is that the work is done prior to the income coming in, which means the passive part is like getting paid for services already rendered. For the last handful of years, I have been doing the work and have made many errors of judgement in how to best utilize the value of that work, but overall, I am still in with a chance that the future value of what I have done will be enough to make it worth it.
And I am not the only one.
What I love about crypto is despite a lot of it being seemingly lonely work and based on individual desires, for it to become successful, it is actually a massive collaboration of activities globally between tens of millions of people who do not know each other, but all dream of a better future. It is a redefining of our species, taking back individual responsibility for ourselves and building an economic system that works to improve our wellbeing, not degrades it through maximization of the corporation activities through power monopolization.
What this means is that while my family might benefit from a passive income, in order to do so, millions of families will similarly benefit, even if they themselves haven't directly invested into the industry. It does this because in time, as more value is generated on chain, it starts to distribute power outwardly rather than through consolidation and that gets applied locally, improving the systems where people live, not the systems where the central authorities choose to improve, which are inevitably where they live.
While immature as an industry now, we can already see the beginnings of how crypto and blockchains are starting to formalize to bring decentralized opportunity and localized value to its users, through platforms like Hive and games like Splinterlands. Tens of thousands are already here people are benefiting daily, and now it is about scaling that up. However, those who will benefit the most, are also likely going to be those who support the development the most, by investing into that idea of a better future.
That support comes in many forms, but for those looking to generate financial wellbeing for their life in the future, it is going to take work and risk exposure to do so. Passive income is great, but it is a resource and like any resource, how it is used now is going to determine outcomes in the future.
Making decisions on where we want to be is valuable, but more valuable than that is, making decisions on what we are going to do right now in order to get there.
We can always change where we want to be, we can't change what we did yesterday.
I want to be in crypto.
Yesterday, I was working toward that end. Today, I am working toward that end. And while the future is uncertain, I am predicting, tomorrow, I will be working toward that end.
The more who do, the more likely it will be.
Taraz
[ Gen1: Hive ]
Posted Using LeoFinance Beta
Thanks for writing a detailed response to my questions. Hive has changed in recent years with some of the second layer projects such as Splinterlands and Leo Finance (and many more to come) providing the bright future for Hive and even going as far as outperforming Hive itself but I think this was the idea of SMT's in the first instance. I would have never in a million years predicted that Splinterlands was going to be the success it has been. I am not overly optimistic on the future of crypto as a currency but I do think it can be a game changer when it comes to gaming and professions such as accountancy. My worry is around Hive as a platform as alternative social media. We all migrated over from Steem on our little boat leaving some behind such as @exyle heading into the unknown a few years back and now we all don't mention the platform that made us all what we are today. Like an ex girlfriend in a bad breakup . I. migrated over completely myself but what if something like that happens in Hive like in Steem in a couple of years and we have to move house again. Crypto is so volatile we never really know what is going to happen so I cannot trust any platform longevity completely. I think we are all so in love with this platform that an element of groupthink slips in and we think it is going to last forever. So the when to cash in some of the earnings should be in everyone's mind. You and a few others have stuck it out and built a great account through hard work and dedication which you should be proud of. In truth cashing out would upset you (and me) as it seems like it is throwing away all that work over the years. However ,if you wrote off your mortgage with the cash out, would that be enough for you? Your wife would be ecstatic I would think it would for me. You can always keep writing and you have that skill now. The best case scenario for those embedded in the platform is to make so much passive income that it dwarfs your "real" job. So much so that you can quit your job and work on Hive full time. That would probably be the dream which will hopefully come through. For you , along time before me. 😀
There is only one true vote, with your wallet and your feet. The more time I spend in crypto the more I realize that we are also shaping highly coordinated communities(call it 100% democracy instead of 50% majority democracy). We migrated because as a community, we recognized there would be more value for ourselves if we migrate. Interestingly enough, the hard-fork seems a beautiful democratic construct. You can keep the old AND go for the new. You can try them out and see what you like best, then swap completely if ever. You kept your STEEM and received HIVE, you then choose what to do with your life. Yes we did remove some members, but that was the value proposition. The active community creates the value and thus decides where to invest it.
HIVE keeps hard-forking, and that is OK.
Yeah you are right. It was a great democratic construct actually. worked out well for everyone.
Yes it was. Secure the foundation infrastructure, support massive growth on the second layer. Few remember these days.
It is always a possibility, but the reason for the move (centralization) is far less likely to happen now, at least through a hostile takeover like it was. There will be plenty more competition though. But think about it this way, that there are companies and platforms valued in the hundreds of billions - if Hive hit 2B in market cap, that is about 5 dollar HIVE - and that changes everything again, as it will be spread more widely than it was and, offer a lot more platform experience.
I don't see it lasting forever, but there is so much potential to be a market innovator, I feel I have to be part of it.
Not really. It would ease my mind, but it will not add a passive income. Possibly, at a significant high, I might cashout and buy an investment property to bring in passive income.
Yep - I am far away from that - but edging closer year by year. I just hope it isn't because I lose my job though! :D
The rewards earned on this comment will go directly to the people( @joydukeson ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
My wife knows nothing about my crypto holdings 😆
J was saying I should diversify and I told him he could diversify, this is about as much as I can manage 😵
All the stuff you learned on the way is probably at least as valuable as the actual money?
The actual question allowed for more, that was the cutdown version :D
Diversity is good - but only so far.
If I can keep my jobs, I think so :)
Net worth is becoming such an ephemeral concept. The numbers on the screen are just a best guess; and moving gains into fiat requires selling. Growth is great, but yield is where the fun is. I remember when I was making $2/day in Splinterlands, and being delighted that I could re-invest that $2. Then it was $15/day.
Then it was more.
I'm not happy that I'm getting $x/day in fiat value. I'm happy that I'm able to buy more cards to put on the rental market. I'm happy that I'm able to buy more node licenses, and save up for RW and TD.
That's where the compounding gets interesting and fun.
What happens when the 1000 biggest whales in SL are each getting $1000/day worth of value? $10,000? Exciting times ahead.
I haven't looked into TD yet - what are your thoughts?
RW is going to go fast I believe - I am just hoping I have a chance to get something. Another node license would be good too!
The compound effects, especially if more games are built in the Splinterlands ecosystem, could be enormous. I never have enough, no matter how much I have invested - I always feel like I am going to miss out.
Even if I didn't enjoy TD games, I'd still move heavily on it; just for the health of the ecosystem. Just like how you don't really get crypto until you use it, people aren't getting the benefits of a single sign-on, and shared assets between games.
SL, TD and GLS will be a practical demonstration of the potency of this chain.
Nobody has enough RCs. Push & Shove.
Wife of my friend does not know how much he lost in cryptos :)
Well, till where do yo think to write at least one post everyday? It would be not a sustainable effort for me.
And this is why "still wife" :D
Hard to say, but because my posts are generally quite personal (in many ways), they have also helped me get through some very difficult times by writing about the experience or, processing it in the background as I write. So, I don't see why I would stop, unless something actually stopped me from physically writing.
It's not work; it's creativity😛
Work should be creative! :)
It always feels great and hit different when those who we love so dearly actually support us, this will makes us grow in an amazing pace. Passive income is great but only if we're ready to sacrifice for it
Posted Using LeoFinance Beta
If the people we love don't support us, it might be an indication that they don't love us. Sure, they can argue and don't have to support blindly or unquestioningly, but support in some form has to be there.
Most people are unwilling to sacrifice anything they hold, except their own potential.
I like the passive income idea more and more now. I focused on too much trading, which takes more time, is riskier, and ive screwed myself over too many times lol
Keep rockin buddy, youre doing well.
I am not immune to this! :D
It is good to trade too, as it helps build skill and resilience to failure :)
We cannot change our past. But we can learn from it and be proactive in seizing our future responsibly. We are the captains our our own destiny, whether that be financial, emotional or personal. We cannot live in the past nor push the blame on others. But we can be show gratitude for moving forward in our journey.
Precisely! It is about taking responsibility for our future, by seizing the day today. Too many people think "seize the day" is to use all available resources to satisfy momentary desires...
Mr @blanchy's question sounds very trivial and simple. But far behind it, it contains a very deep meaning and influence.
It is a question many people have had a life partner and is often a source of problems in managing their finances.
Your answer, Mr @tarazkp. Really your answer has strengthened what I have started here.
First, that openness with a life partner will determine the achievement of a family's vision and mission. Moreover, this concerns where the money comes from and where their money goes. It concerns all the needs that must be met now and will have in the future the welfare of their families. So far, for those who don't have openness, it's always been a big problem.
Second, an explanation of your current achievements and position with "money" coming in at an average of 20 USD is the fruit you pick from the seeds you planted many years ago. You are the First Generation here and have gone through a lot to be in this position. In fact, you have a great contribution to the birth of Mr. Taraz-Mr. New Taraz in time.
For those who are new, like me who just joined 4 months ago, this is an encouragement to never stop creating opportunities in my future. You know, in the first month and the second month, I almost quit. But, because I have several people who deserve to be followed intensely and what they discuss is fun and opens my new horizons, then I filter some people here that I can be a role model in this community business. You are one of them, Mr @tarazkp.
I have a new spirit and maintain my determination to be involved here, as much as I can even though I am dealing with the problem of limited resources. I believe, "effort never betrays results".
I think new or old on the platform, those who are really looking to invest long term in crypto, the main thing is to stay active and aware of what is being done and learning what might be coming. Investing into the future of what will be, will always have a higher return than investing into what already is - but it comes with more risk.
I try to educate my wife about crypto with every chance I get, and she thinks it's quite interesting. She even knows about my "losses" and the itsy bits hits that I've taken so far in crypto and the bear market, but she knows what's up, how it all works, just as you mentioned...
As I see it, everyone is going to have to learn in the future, so may as well start that ramp now. My wife knows of all the losses for sure - and she still trusts :D
I guess then we're both quite "lucky" when it comes to this part haha. 😂
I wish mine would get more involved though.
I think mine will get involved soon enough, there's no way around it; sooner or later almost everyone will have to get involved, more or less. So why not sooner rather than later?
You enjoy writing, and it gives you clarity and peace. Also, there is an incentive to write. It's an enjoyable activity for you instead of work.
I think you are stuffing crypto for a rainy day and hope that rainy day never comes.
Your mindset is that 10-15-20 years from now, you can do hive + ecosystem(splinterlands) full time when you are retired.
Your view of crypto is long-term, not what you can make daily, so you can quit your job or supplement your current income but to create an additional income or maybe leave a small crypto fortune for your daughter.
While I hope, I know those days are coming and always present on the horizon - at least through experience and predicting on current conditions.
Wouldn't it be grand to retire and still work at something like Hive?
I have been a day trader in stocks and futures since 2006. And since 2017, he completely switched to trading in the crypt. All this time, my wife was aware of all my income)
Has it worked out well for you?
Yes, for example, I did not sell Ether for $700 in 2021 at her request. Then I sold a part for 4200 and 3500 dollars.
Nice one!
At least you have been clear in your mind that you want to build a stream of passive income with your Hive stake. It is cool that you are a supportive wife in your crypto journey!
If not clear about what we want from life, we can't really complain about what we get :)
:) with a positive vibe!
I taken it up as a routine to read a post from you everyday. There's something I've learnt from you. Consistency. I mean, at a higher level. I admire that a lot. As a newbie in this platform, it hasn't really been all smooth but seeing writers like you who started long ago and are still consistent, it only means there's more to benefit from the app. And yes, most times your write-up is from your personal experiences so it's relatable and real. I'm always motivated whenever I visit your blog. Keep inspiring us! Keep soaring! @tarazkp
My wife will definitely get to know about my crypto investments. She's very interested in the topic and has been asking me about it for a while. I'm not sure how she'll react, but I'm hoping she'll be supportive.
One of my (very adult) friends invests in Pokemon cards and his wife doesn't know.
I don't know why I find that so hilarious... but sorta sad at the same time.
Posted Using LeoFinance Beta
I don't have a wife but I guess I would just keep them up to date on a surface level and maybe leave behind some way to access the funds if I were to pass away. Other than that, I don't really think anything would really change for me so long as my daily needs are satisfied.
Posted Using LeoFinance Beta