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


#22

It seems tax is the most often commented concern about hodling. And rightly so, it’s something we’ll all have to deal with one way or the other. Even if you relocate due to tax, it’s still as response to it being chosen.

So what else can we do to lower our tax burden?

How about starting a “side hustle” now to turn into a legitimate business later. If it’s true (in the US anyway) that 10% of tax law is what you have to pay and the other 90% is how people “get out of it,” then having your own business unlocks a lot of the tax law “loopholes.” (This is not tax advice, rather an opinion. Do your own research.)

A CPA would be a good investment here as well.

A good podcast on getting that side hustle started:

One of my favorite podcasters. Personal liberty minded, lots of varied content, and a VERY switched on guy to crypto. Haven’t talked to him about ETN yet, but he’d probably take it for his membership model as I know he takes others.


#23

Dont end up like this guy. (And in turn company)

https://www.altcoinflow.com/2019/02/02/canadian-exchange-insolvent-after-ceo-dies-with-keys-to-145m-of-cryptocurrency/

Back up those private keys and have a plan for your loved ones in case something happens to you. Ya never know.

You can encrypt the keys simply with a “code” known only to those trusted.

While I’m on about it, you should have some sort of life insurance plan for your loved ones just in case. I’ll admit, I don’t have a legal will yet, but I do have a documented plan for what to do with my assets/ items to pass on.

Next, what if something happens to both you and your significant other? What is the line of succession for your estate? Don’t trust the state to handle it for you.

Thanks @MohamedAfifi for bringing this up in fight the dump .


#24

I don’t know this for a fact, but…

Since Electroneum holds the private keys for the mobile app wallet, combined with KYC verification, my thoughts are your next of kin may be able to access your account with an official legal death certificate like with traditional financial institutions.

It’s worth looking into.

Of course that doesn’t cover paper wallets.


#25

Another example of an exchange with zero Risk Management strategy and no Business Continuity Plan. This is why regulation is important.


#26

Here’s another podcast on side hustles, and plenty of examples of what other people have done.

Side Hustle Nation


#27

Nuff said. Thanks @Pahini! :+1:


#28

What about facebook posts etc my wifes planted my mug all over it , plus passport and drivers license has that image on …

No point using facial recognition in my opinion . Easy to replicate in photo .
Fingerprint all the way

Or go one step further dna recognition


#29

I think twins are identical dna.


#30

Nope. Similar Genes but not DNA.


#31

Thankyou @wTz1 i knew you would know that answer :slight_smile:


#32

My wife is a twin. Dunno when I read that though. Thank Google either way! :crazy_face:


#33

Lol yup good ol google :smile:


#34

As does Electroneum since KYC, but price of playing the game right?

Sharing personal info/ data/ pics online is ok as long as you trust the source/ person you’re sharing with. Do you trust their security, whether it’s a team or personal operational security (OPSEC) procedures and protocols? At this stage of the game, I trust ETN to not share my personal info, @etnceo has said they were not looking to do that anytime soon.

My wife has a FB ( I call it FaceTube or TwitBook) but doesn’t post much. Mostly to keep up with family. I’m not anti social media, it has it’s advantages, disadvantages too. Something to keep in mind, data/ personal info is more valuable than money anymore as SO much can be done with it. How else does a “free” service like Googs or FB get to be publically traded and worth billions of dollars? Selling advertising is only one piece of their revenue puzzle.

Between legal identification, smart phones and social media, the powers that be already have plenty of info on ya. I’m not as worried about them as I am a person or group up to no good.

How many celebrities have had personal photo accounts hacked from things they posted online that turned out to match security questions? Let alone interviews. Something to keep in mind. This is a public forum that you don’t need a login to read btw, i didnt log in for months.

Social media has been around long enough that we’re starting to see politicians using FB posts from when their oppenent was a kid to smear them as an adult. PMs have been made public. How’d they get that data? Who was holding onto it that long? They weren’t even interested in politics back then.

And that is one of a few reasons why I’ll be careful about posting full face and family pics on here. Truth is the crypto market is so new, we don’t know exactly how all of this is going to play out. If ETN goes to the magic Fugazi price or higher, it could also put you and your loved ones at risk. We’ve heard the stories during spikes of BTC price. I’m no whale at all, but how many of us may be viewed as such 2, 5, 10 years down the road in these “historical archives.”

One of the main reasons I started this thread.

Sorry for the novel, but something I’ve been meaning to cover here. Thanks @pahini for getting the convo started.


#35

Wondering how much of your personal info is out there for anybody to find? Go to Googs or your favorite search page and look up “spokeo.” It is scary and possibly enraging how much info they may have on you. (I’m not providing the link as I don’t want to give them the click through traffic.)

Names, addresses, online accounts, so on.

They’re not the only ones playing that game and there is something you can do about it. Find all the records pertaining to you and your family, then you can request for them to remove it. And they do. Something you need to check on every so often.


#36

Who don’t want to share personal info, transfer your etns on exchanges and that is.
I did the same, didn’t even open the app since summer 2018 i think


#37

Not on it . But thanks for the info …

If people want your data they will get it regardless what measures you take.

The wife has facebook locked to her friends only but , they have a great reputation dor security hahahaha…

This is very high on my agenda , i wonder if the team would be able to delete all of our posts , so to further protect any info we have said over the year/s … i mean hell your all like family here , weve all dropped info we shouldn’t …

Smart phones , laptops have cameras microphones and street cctv our faces are everywhere . Nothing you can do to stop this . Fingerprints are different still easily gotten but harder than the face.

All security can be broken . All of it .


#38

Yea, I dont know what spokes reach is, US only, international?

I agree for the most part, locks are for “honest” people right? I think it’s all about how difficult can we make it for the less than honest.

What’s funny is, it’s not all that long ago that we weren’t completely surrounded by cameras and microphones. It used to be a fancy thing for a phone to even have a camera. Modern cell phones are double edged swords in that way. So much tech capability and opportunity, yet the other side…

Gas stations, banks, shops, and “official” buildings have had video surveilance for a long time, it’s more recent to see cameras everywhere though. It’s completely normal to people now.

Not to mention, the price for the capability has plummeted. Used to cost 100s to 1000s for security cameras. Now I can buy a home surveilance camera for $20 USD that will email me pics over wifi if something sets it off. It’s astonishing to think of how far we’ve come in such a short time.


#39

Sorry if i sounded a bit up front in the middle of my kids school project lol …

All we can do is be as secure as we can be , dont leave details on silly websites etc… make sure all the sites are green https etc…

Great information though appreciate it…


#40

Nope, it’s all good, no issues here.

I’ve appreciated you posting scam alerts on threads here too. :+1:

I just want people to have the conversation, even if only in their own head. People need to understand and define what living securely means in their own life. I don’t want to see any of us “early adopters” duped, cheated, kidnapped or worse.


#41

This is quite invaluable info to me, I tend to bowl through life assuming nothing bad will ever happen (it does of course,) and not thinking too much about most things. This thread made me think a bit. ARGHHH IT HURTS…must blank out the thoughts…urggghhh…pain…:crazy_face: