Practical Concerns of Hodling for the Present & Future: Security, Financial Decisions, Etc


#1

It’s easy to get caught up in “when moon” and “when lambo” and all the dreams that go along with it, but have you/ we taken the time to think about what that would actually mean?

How would that event actually change your life, both good and bad?

If you’re not already accustomed to dealing with large sums of money, how will you handle it? Do you expect to just cash out and move it all to a checking account? Or do you hodl until cryptos are standardized and could be used anywhere instead of fiat?

What if things don’t go according to plan/ hope?

Tax is quite the concern, but what does that even mean yet? A new year is upon us, and at least in the U.S. I haven’t seen a clear cut statement or addendum to tax law that lays out what the IRS expects.

Would you tell anyone? Are you already regretting telling certain family members that you hodl a decent amount?

What security protocols do you already have or will you need to put in place, both online and in the real world? We’ve all seen the stories of publicly known figures who made money in BTC being kidnapped, robbed, received death threats, so on.

All of this depends on how many ETN you have in those bags :chipmunk: and what you want to do with them of course.

I’m not expecting to hear specific 10 point plans, or elaborate security measures, but I am trying to get the conversation started. Even if only in your own head. Ask yourself these questions if you never have before. Do you already practice good situational awareness? Would “mooning” put you and/or your loved ones at risk? I don’t want to see any of my fellow community members here in the news for losing everything or being ransomed so on…

What other questions need to asked?

I’m also not an expert in any of these, but have been giving each of them a lot of thought lately.


ETN Fomo Moonwalk Club
Fight The ETN Dump Club Round 3!
#2

This pertains more to big lottery winnings, but food for thought:

This article doesn’t specifically say it, but one method on lottery winnings was to first set up an LLC and then claim the winnings under it. If that’s legal to do where you are.

Afterall, around 70% of lottery winners end up broke or worse, could certainly happen with crypto.


#3

Thats a realy interesting subject that most of us really dont take to seriously.
Not till its knocking on the door.
For me It doesnt change much in my life.
After all Im just a Squirrel.
I certainly wont be drawing unnecessary attention to
How many nuts Ive got or which tree they are in.

My daughter already asked me to pay off her credit cards.
To which I replied “No, I dont believe in banks and I take that as insulting.I will however put you through Med School”

Although I’ll probaly not see her invest in Crypto,
I earned her respect by NOT giving her cash but opportunity.
I have found that giving cash is not the best way.
I find familarity breeds contempt.
Hey , thats just my opinion
Im just a Squirrel !!
:chipmunk::chipmunk:


#4

I’ll give you the tools to do the job but I ain’t doing the job for you !!

That’s what I tell my kids , similar to what you done @Pahini

So the same for me would be not to give people money apparently it makes the tax issue much much worse (uk)

Thanks for the share


#5

I made my plan. I have my ETN on paper wallets. I told My brother where they are and with them is all he needs to transfer them back to exchange. (this is for case that something happens to me, you never know). luckily he is not into crypto and it doesn’t interests him, he also don’t know how much ETN is on paper wallets.

I intend to take some profits on the way. In Slovenia we don’t have tax if I use crypto. Only if I convert them back to fiat and make profit.

So I can sell to BTC and spent it. We have a mall in Slovenia that accepts crypto payments.


#6

I recently :chipmunk::chipmunk::chipmunk:d up more, and the potential reality is starting to set in. I’m no :whale: by any stretch, but I remember @M-Kid saying once that anyone with at least 10k ETN will be very happy with their investment in due time. And that’s REALLY not a lot of $ at this price point. In reality, even at a price point of $1 USD, 10k ETN brings the above questions into reality. I’ve seen people blow it all and make a huge mess of themselves with much less. (The above statement is an example for thought exercise, not a price prediction. :stuck_out_tongue_winking_eye:)

Kudos to you @Pahini regarding the family debt. I have a similar situtaion, but with parents and other members. Requests for $100 here, $200 there. Each time my answer is “No.” Most of my family is historically bad with money and it took some time for me to break those patterns. I always tell them it won’t solve their problems. Don’t get me wrong, I do a lot for them but handing out cash will not be one.

I have considering setting some ETN aside for certain family members, all of which don’t do anything with crypto now, but I doubt I can trust them with it at this point. Would probably earmark it for certain life events instead of just, here ya go.

I hear ya, just another :chipmunk:!


#7

Yea, I still have to explain to my wife how to access it all, and the encryption used on the records. I explain what I’m doing and why to her all the time, but she doesn’t quite get it.

She probably has this by now:

I look forward to the day when I can choose to use either USD or crypto, anywhere. I’m not a fan of malls, but I would go there if we had it. It will be nice to not even have to worry about converting ETN to fiat.


#8

Zdravo Jernej. To me je zmeri zanimal kolk je pr nas davka? Ko sem neki bral je pisal da je obdavcen sam ce majnas, al kako je s tem?


#9

To tudi mene zanima…kaj bi se zgodilo, če prenesem nad 10k EUR nazaj na banko…verjetno blokiran račun :smiley:


#10

Exactly, this completely depends on your location, as such there’s no clear guidance yet. (I used google translate) In the US, the feds went after people who cashed out over $20k USD on coinbase and didnt pay tax, all the while saying we should record and pay tax on every single transaction. Although they got pretty quiet about it after the price dipped…:thinking:

I have my own ideas/ theroies, but was hoping a whale :whale: or two would jump in with some guidance. Too bad @M-Kid is still silenced…


#11

Jaz se zdaj nevem kako je dejansko z davkom pri nas. Ce bos kdaj kaj izvedel, bi te prosil za info. Ja pa upam, da bomo mel dost za nakazat :slight_smile:
In drugace iz kod sta mojstra. Sem prav vesel k vaju vidim tu na forumu, pa prav razturata morm priznat


#12

There’s really no point in discussing something that is not going to happen anytime soon. Give it a year or two, then we can bring the topic up.


#13

I agree that the time frame is further out, I’ve never thought otherwise as many of my posts in other threads would attest to.

However, I like to plan ahead and be prepared. With everything I can.

This thread was never meant to be focused on price anyway, rather to challenge people to consider more than just high price dreams and lambos.


#14

For those of us in the UK, there is a very good article published by the government here on its stance on tax liability:

https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals

Paying 20% tax isn’t too bad for me to ensure I don’t end up with a massive bill


#15

It’s simple in the u.k just don’t withdraw it in one go , we each get 11,700 before any tax is involved so just use that each year , oh and if you have 20 kids at the taxing age then gift them 11700 worth each and every tax year … job done. This isn’t fiddling either it’s just using the tax free part to your advantage rather than theirs .


#16

This is exactly what I thought - don’t forget the wife either!!


#17

Oh did I not mention her … Woops hahahaha … Only kidding . Or am I lol … only problem with giving the wife 11k is it would be spent well before it hit the bank hahahhahaha…


#18

Better as tax free ETN than straight out of your wages!!


#19

If your already earning more than your allowance for example then every penny you earn after that is taxable. I would imagine most of us have a job So I doubt anyone of us could ever use the allowance to our advantage


#20

Nope this is a total separate entity , it’s not included in your working tax

HMRC does not consider cryptoassets to be currency or money. So therefore it’s not wages it’s an investment , they got us on gambling so this is the other option.

Either way , 20 Percent tax , or 30 capital gains it’s drop ya trousers were taking it… but you have to notify them first …

So save it buy stuff with it never change it to fiat over the 11700… simple