yes bitcoin ETF can be a bit more tax efficient but the SEC wants all shares to be sold in-cash and not traded in-kind/like for like, for other assets
so normal investors with basic portfolio's will still need to pay cap gains per trade
Actually, I just remembered that a Roth IRA can work up to 20 million if I recall correctly tax free if done correctly, I remember that example because Peter Thiel got away with 5 Billion in it with PayPal. That's right 5 BILLION DOLLARS!!! So a few multimillionaires with Tax Free Investment returns with no cap gains per trade on options or a good stock bet is uncommon but it does happen regularly enough to be mentioned.
If you want to play the game you can ask the bank for a cheap low interest loan using that same Roth IRA as a collateral they will get back
https://www.propublica.org/article/lord-of-the-roths-how-tech-mogul-peter-thiel-turned-a-retirement-account-for-the-middle-class-into-a-5-billion-dollar-tax-free-piggy-bankhttps://www.cnbc.com/2021/09/17/house-tax-bill-would-likely-force-peter-thiel-to-pull-5-billion-from-his-ira.html#:~:text=Thiel%2C%20a%20PayPal%20co%2Dfounder,than%20%242%2C000%20two%20decades%20earlier.
I love this video it's terrible in a beautiful kind of way
https://www.youtube.com/watch?v=vW_pYFJkGBEThe number of taxpayers with IRAs over $5 million tripled to roughly 28,600 from 2011 to 2019, according to a recent analysis by the Joint Committee on Taxation, the congressional tax scorekeeper.
They account for less than one-tenth of 1% of the roughly 70 million taxpayers with a traditional (pretax) or Roth IRA, according to IRS statistics.
However, the super-rich aren’t necessarily the only ones with multimillion-dollar accounts — especially after the bull market for stocks coming out of the Great Recession.
“It’s not just people like Peter Thiel,” according to Beth Shapiro Kaufman, an estate planner at the law firm Caplin & Drysdale. “I see professionals who have amounts that could be into the two digits of millions, because the period of their working life was a phenomenal period in the stock market.”
However, most people should be able to live comfortably on $10 million in retirement savings, she added.
The only real way to earn Bitcoin is to go mining after all or ancient faucets (kidding)... but then I recall there were also all those terrible bitcoin cloud mining investments mumble that's the past ...
At least with the modern regulations were moving to Bitcoin basically being established permanently as the foundational coin of the entire crypto ecosystem, with a relatively low risk ETF Franky, while Altcoins are still shooting it out and Ethereum.
So Progress?
there are many other ways to earn bitcoins.
sell products and skills for it (although niche market right now) i do see many businesses and freelancers getting paid in crypto and people selling merch in bitcoin
(the guy that designed the metallic bitcoin sold sooo many of them metallic coins.
BTC caps, hoodies, initially even alpaca socks and cupcakes )
bitcoin was literally always the foundational coin..
but institutions are recognising that bitcoin remains superior to the flood of altcoins in the last decade.
years ago i used to order fast food delivery paid in btc to people i knew to prove bitcoin had utility. now i just show them how blackrock is investing in bitcoin and spending millions in legal costs to establish itself in bitcoin ETF to show they are interested in hoarding bitcoin for the long term, meaning bitcoin is not a fly by night temporary turn and burn investment.
employers and employees interested in crypto can divert their pension allocations into exposure to bitcoin price via etf where they can pre-tax invest their income in bitcoin price exposure. and if they only make $44k of GAINS they dont have to pay tax on the exit . thus get exposed to bitcoins profit with no income tax and no cap gains tax(within threshold) so you can understand why the institutions want to offer bitcoin exposure.
however the altcoin community is not completely dead.
we will see networks appear that archive tokens that represent things such as:
imagine you had a token for a song. owning this token then allows you signing access to play that song on multiple platforms without having to buy the song on different platforms each time you want to play the song
current concepts/design of NFT are dead/serve bad purpose. but there will be new concepts and designs that will make consumers appreciate crypto more and make it common
for instance:
everyone knows of pokemon go's AR interface.(where people enter the app and use their camera phone to scan the real world to find digital animals to collect.)
well right now KFC are making an app where you can walk around a town and bump into and collect the colonels head or a chicken drumstick. where these are stored like vouchers/airdrops/loyalty points. and you can trade them with other people on a secondary market (imagine like mcdonalds monopoly sticker thing but digitised into pokemon go)
it ends up being free to advertise to customers instead of leafleting peoples homes mail.
and once people collect the tokens instead of being spammed with emails of other deals when signing up to traditional loyalty subscriptions. the company just gives occasional add-on tokens(vouchers)
imagine collecting 9 drumsticks and able to claim a free bucket of chicken
so things are yet to even flourish for some altcoins yet to be released, so keep an eye in the space of what starbucks, kfc and big brands are doing in their crypto based loyalty systems and if they integrate with any already known altcoins
I agree with you Franky on All that, I know Bitcoin was and is the Foundational Coin always has been ha-ha but it took years to get to this point where its being formally recognized as it.
Casascius coins were a thing after all and are still quite the collectible before they were made illegal to produce haha.
Now we only have a blank industry you know no coins included.
https://news.bitcoin.com/regulations-have-ruined-the-physical-bitcoin-industry/So your right on that classic memories came up.
Your also right there are the services where you can earn Bitcoin rewards with your purchases or as a cashback a good example of that in Canada is Shakepay etc.
Or selling Honey for Btc the classic example being the good old Bees Brothers remember that Franky haha got some oldies indeed.
http://www.beesbros.com/bitcoin-store.html None the less most people ran to the altcoin market for that as Lightning pick up was slow and people felt it was not worth it per se to invest in it that way. Throwing it into Solana contracts or Ethereum as we were fighting the 1 MB debate on our chain. (Before Ordinals came in) So we are the laggards there sure but that doesn't mean we had to take in everything either.
I remember back in the early days people used to get paid in Bitcoin to write articles for Bitcoin services, now its almost all going to stock shares in a company etc. Although your right there are still jobs that pay people in Bitcoin instead of Fiat currency or what currency they choose.
I ran off to Steemit myself during that period with a few others as a side project since well like Hive works and paid you for your posts simple enough, of course we have Sig campaigns here but the point is that it was an altcoin and there are likely a multitude of others now that do the same thing so its not a significantly unique use case anymore.
The reason the Bitcoin market is interesting now is 100% because they are planning to make an ETF so they can put it into a Pension Plan as a diversified investment. When you got Trillions of Dollars waiting for an approved entry point its real money that is on the sidelines waiting to be handled.
I mean the Ontario Pension Plan invested in FTX a bit as well got burned and all that and that caused quite the Grudge under Trudeau but that's one thing on the side. This is another.
https://fortune.com/2022/11/10/canadian-teachers-could-have-95-million-hole-pensions-ftx-crypto-implosion/BTC is at that stage where it doesn't need to prove itself, its getting close to traditional finance and the entry ramp into crypto as people start moving it mainstream using our classic adoption curve if the ETF is approved its more less the early majority to late majority as the Old money gets in with a way to do it legally without their funds getting in trouble.
On to the Altcoin part
Well the altcoin market is never dead, its just growing in different ways too, I mean when we literally have a Bitcoin Season and Altcoin Season index and we have to at least acknowledge they both earned some respect rofl. On a sidenote ORDIS on Fire man
Ha-ha but that's an internal debate of if its a shitcoin or just a natural extension of an altcoin derived from Bitcoin or just Bitcoin originally.
I'm not getting into that right now Luke would have a great time on that topic haha.
https://www.blockchaincenter.net/en/altcoin-season-index/https://coinmarketcap.com/currencies/ordi/#AboutHowever the altcoin community is not completely dead.
we will see networks appear that archive tokens that represent things such as:
imagine you had a token for a song. owning this token then allows you signing access to play that song on multiple platforms without having to buy the song on different platforms each time you want to play the song
Already exists Rising Star part of the Hive Network set of projects
https://risingstargame.com/It's one of those types that just needs scaling and likely exists in different versions just not one major one has gained traction yet but we will see it's similar to Mogul Productions for Example in the Film Industry.
De-Fi funded movies with a celebrity access token to private events funded by Mogul Productions for their premiers.
That said the idea really never intrigued me as I was not that interested in private events with some celebrities after a movie premier but it exists and some people like it, and love the idea of a decentralized platform to create the movies they want with other likeminded people to fund them without Hollywood telling us what to watch. It's decentralized movie creation with potential income creation and that's why I like it personally.
Even got some cool creators into projects to like the Stan Lee collection with Rob Prior that came with a physical and digital edition copy that was pretty neat actually so projects like that definitely have a place and should exist.
https://my.mogulproductions.com/platform/collection/0x1a0563346492b8091c7bcdb74788ac0ab3c427d8https://mogulproductions.gitbook.io/mogul-productions/What you learn in the Futurist Conferences can be fun and entertaining the Altcoin market can be an interesting space, if you know where to look for it sometimes
.
Going down the list, there will be new concepts and designs that will make consumers appreciate crypto more and make it commonplace.
Indeed they exist like the ones I mentioned your Pokemon VR is another good example its hard to keep up with the true cryptofeed now so much is going on in the space, people only get snapshots. Kind of why I came back 180 days or so prior to halving to relearn and update my interface like an AI Beep Beep that's right haha.
I recall that project existed a few years back to maybe it's a new rehash, Coinhuntworld was similar to that only there you earn Bitcoins for walking around and opening vaults. That said I also oh I remember now Futurist did that too where you would walk around the event conference and as you scanned objects you would claim them for food and drinks as prizes. Looking at it now it seems so retro for me but for others its new and I like it haha.
I'll show you what I mean this was the event they pulled off it was neat.
https://www.youtube.com/watch?v=gclEKqfQ7tsCan't find the particular game think Untraceable hosted it but they had airdrops all over the conference floor, crypto enabled food trucks for the claimed NFTs you found around the conference venue etc it was a fully integrated side-hustle event to earn your free nachos haha.
Multiple Airdrops of free cryptocurrency available to all conference attendees!
https://www.futuristconference.com/previous-yearsThey also do something similar to that with Event NFTs if you went to a particular event they grant you an NFT for it and it serves as a memento that you participated and were there and as a digital collectible. If people had those for a culturally impactful event such as Woodstock they could make a market. Similar thing could happen for a Taylor Swift concert in the modern era etc.
Or services like Eukapay that allow merchants instant conversion though that's not really new mean crypto point of sale has existed for years already at this point.
The point is I don't need to lookout for them I already see them existing and they are already there so its more like Get Ready for one of them to scale it up for me at this point haha.
Ah found the Old PR Reel there it is Franky
https://www.businesswire.com/news/home/20230815319245/en/Blockchain-Futurist-Conference-Launches-Today-With-Record-Breaking-AttendanceThis year’s conference will again feature Untraceable’s event engagement token called UNNY. The token uses gamification to power the conference’s engagement, and provides exclusive rewards. Attendees are incentivized to visit expo booths and attend speaker sessions among other activities. Last year, thousands of attendees earned UNNY to claim rewards such as access to food stations, front row seats to Vitalik Buterin, and helicopter rides onsite.
https://www.futuristconference.com/media-kitGuess its call UNNY now if only I could figure out how to throw money at it haha unny.io
On a bonus note think of all the future wash trades as of Feb 2023 rules
Warning: The wash sale rule says you can’t take the tax benefit if you sell a losing investment and buy the same or substantially identical security within 30 days before or after the sale. So, make sure you no longer want that investment or can easily replace it with other investments that fill a similar role in your portfolio.
NOTE: Cryptocurrency and other digital assets are exempt from the wash sale rule.
“Crypto’s not considered 'securities', so it’s not subject to wash sales,” said Phil Drudy, managing director at consulting company CBIZ MHM’s New York tax department. That means you could have sold crypto at a loss last year to take advantage of the tax benefit, then bought it back immediately at the lower price if you still wanted it in your portfolio, he said.
https://www.usatoday.com/story/money/taxes/2023/02/21/super-rich-tax-strategies-you-can-use/11305150002/And the future Backdoor IRAs going to be a fun time haha
