quote:

Originally posted by Saeed:
I have a few trillion ZimDollars.

I will use these before I go to crypto.

quote:

Originally posted by Frostbit:
Everyone, myself included, should bookmark this thread and revisit it in five years. You'll likely laugh at your own posts.

quote:

Originally posted by crbutler:
As long as crypto is more about speculation and making money by it rather than it being an alternative currency, it’s not going to be particularly useful.

The whole idea behind currency is supposed to be a stable way of counting wealth.

quote:

Originally posted by crbutler:
As long as crypto is more about speculation and making money by it rather than it being an alternative currency, it’s not going to be particularly useful.

The whole idea behind currency is supposed to be a stable way of counting wealth.

quote:

Originally posted by Frostbit:
Everyone, myself included, should bookmark this thread and revisit it in five years. You'll likely laugh at your own posts.

quote:

Originally posted by Beretta682E:


The problem with crypto is it attracts this cultish anarchist libertarian crowd - you need to be careful stepping in front of that cultishness.



Mike

quote:

Originally posted by Frostbit:

quote:

Originally posted by Beretta682E:


The problem with crypto is it attracts this cultish anarchist libertarian crowd - you need to be careful stepping in front of that cultishness.



Mike

You talking about CrossFit

quote:

Originally posted by Frostbit:
Everyone, myself included, should bookmark this thread and revisit it in five years. You'll likely laugh at your own posts.

quote:

Originally posted by Saeed:

quote:

Originally posted by Frostbit:
Everyone, myself included, should bookmark this thread and revisit it in five years. You'll likely laugh at your own posts.

Are you a betting man?

If so, I bet you a million Dollars that I will NOT be using crypto to book my hunt in 5 years time!

I do not even use Internet banking yet, and my banks are very happy about it.

quote:

Originally posted by AilsaWheels:

quote:

Originally posted by Frostbit:
Everyone, myself included, should bookmark this thread and revisit it in five years. You'll likely laugh at your own posts.

Agree 100%.

It is easy to settle up while in Africa with crypto. Person to person. No need for banks or carrying cash. No need to declare cash if a person wants to be legal. No need for your bank or the outfitters bank to report a transaction.

You can travel the world with all the crypto you want. No one knows you have it and you can't be robbed of it. It's just a seed phrase in your head.

Exchanges were mentioned. It is best to take your crypto off exchanges. That way you don't have to worry about others.

Not all crypto is good. There is a lot of junk out there. Think of the dot.com bubble. The key is owning quality, the Price lines, Amazons, Googles, Ebays, etc after the next big bust.

All fiats will debase. Politicians will make sure it happens. One dollar now has about the same value as ten cents, when most of us were born. One dollar last year is worth $.93 today. Most people have insurance. Think of bitcoin as insurance against your fiat. Buy some to help offset the debasement of your fiat.

Feel free to bring this thread up in five years. I will be happy to eat my words with Frostbit if crypto isn't being used regularly in the hunting industry.

quote:

Originally posted by DLS:
I’ll have more to say later, but for now will share these few thoughts.

1; if an African PH needed to get out of an unstable country in a hurry, taking his crypto with him, especially if stored in a cold wallet, could be an effective way to leave and be able to take many assets with you. He’d get to a safe country and be able to access it safely, instead of leaving with almost nothing more than the shirt on his back.

2; Many cryptos are actually high tech companies developing applications in the digital space. Bitcoin is a fiat currency, Etherium is a development protocol but many other coins/companies are providing applications in everything from decentralized finance to coin exchanges to absolute worthless junk. While 90+% of cryptos will probably fail and be worthless, I won’t be surprised if some are household names five years from now.

3. Back around 2011 or 2012, we were watching the news and the anchor was talking about this new thing called Bitcoin. At the time, each Bitcoin was worth just a few cents. My daughter, a teenager at the time, asked what I thought about buying some Bitcoin. I told her only drug dealers and money launderers used that stuff. I do wish I had given her question some thought back then. A simple $1,000 speculative purchase back then would today be worth perhaps as much as $40,000,000.00 today.

One of the Cardinal rules of crypto is STFU. I’d bet more people on here who will never say so, own at least a little crypto.

quote:

Originally posted by Beretta682E:

quote:

Originally posted by AilsaWheels:

quote:

Originally posted by Frostbit:
Everyone, myself included, should bookmark this thread and revisit it in five years. You'll likely laugh at your own posts.

Agree 100%.

It is easy to settle up while in Africa with crypto. Person to person. No need for banks or carrying cash. No need to declare cash if a person wants to be legal. No need for your bank or the outfitters bank to report a transaction.

You can travel the world with all the crypto you want. No one knows you have it and you can't be robbed of it. It's just a seed phrase in your head.

Exchanges were mentioned. It is best to take your crypto off exchanges. That way you don't have to worry about others.

Not all crypto is good. There is a lot of junk out there. Think of the dot.com bubble. The key is owning quality, the Price lines, Amazons, Googles, Ebays, etc after the next big bust.

All fiats will debase. Politicians will make sure it happens. One dollar now has about the same value as ten cents, when most of us were born. One dollar last year is worth $.93 today. Most people have insurance. Think of bitcoin as insurance against your fiat. Buy some to help offset the debasement of your fiat.

Feel free to bring this thread up in five years. I will be happy to eat my words with Frostbit if crypto isn't being used regularly in the hunting industry.

Would the US person (the hunter) not have to report the transaction as a gift and file a form 703 for $16k or greater ? If one is getting trophy fees, tips and or settling accounts after the hunt via transferring crypto from us hunter to foreign person (ph) it has to be reported by US person to IRS.

Just taking a simple hunting trip and entering into the world of gift tax.

Mike

quote:

Originally posted by AilsaWheels:

quote:

Originally posted by Beretta682E:

quote:

Originally posted by AilsaWheels:

quote:

Originally posted by Frostbit:
Everyone, myself included, should bookmark this thread and revisit it in five years. You'll likely laugh at your own posts.

Agree 100%.

It is easy to settle up while in Africa with crypto. Person to person. No need for banks or carrying cash. No need to declare cash if a person wants to be legal. No need for your bank or the outfitters bank to report a transaction.

You can travel the world with all the crypto you want. No one knows you have it and you can't be robbed of it. It's just a seed phrase in your head.

Exchanges were mentioned. It is best to take your crypto off exchanges. That way you don't have to worry about others.

Not all crypto is good. There is a lot of junk out there. Think of the dot.com bubble. The key is owning quality, the Price lines, Amazons, Googles, Ebays, etc after the next big bust.

All fiats will debase. Politicians will make sure it happens. One dollar now has about the same value as ten cents, when most of us were born. One dollar last year is worth $.93 today. Most people have insurance. Think of bitcoin as insurance against your fiat. Buy some to help offset the debasement of your fiat.

Feel free to bring this thread up in five years. I will be happy to eat my words with Frostbit if crypto isn't being used regularly in the hunting industry.

Would the US person (the hunter) not have to report the transaction as a gift and file a form 703 for $16k or greater ? If one is getting trophy fees, tips and or settling accounts after the hunt via transferring crypto from us hunter to foreign person (ph) it has to be reported by US person to IRS.

Just taking a simple hunting trip and entering into the world of gift tax.

Mike

I don't know what the reporting rules are. Not sure why a person would file a gift form on a transaction for services. As of this time I have never tipped an individual over 16k or come close.

I have never reported a wire to an outfitter and didn't know that might be required. Just figured it was taken care of in the banks required notifications. If an individual is paying in crypto and following the law as you are explaining it, then what you are proposing may be the way to handle it.

quote:

Originally posted by Beretta682E:
[QUOTE]Originally posted by AilsaWheels:
[QUOTE]Originally posted by Beretta682E:
[QUOTE]Originally posted by AilsaWheels:
[QUOTE]Originally

Would you keep your Africa crypto in a separate entity - broker/wallet ect from your other crypto. Otherwise your seed phase open all your crypto holdings to someone in Africa China anywhere in the world pointing an Ak to your head and asking you to transfer more than what you intended to spend in Africa.



Mike

quote:

Originally posted by larryshores:
There is a relatively new addition to form 1040. It asks about one’s involvement with crypto currency. A yes or no answer is required .

If one pays their safari bill with crypto currency which has appreciated in value, a taxable gain occurs. For example, pay a $75,000 safari bill with crypto currency that cost $50,000, a $25,000 taxable gain occurs.

I do not see how this can be construed as a gift . It is payment for services .

One additional note. I use a very large bank to manage my money . I told them one day that I wanted to buy $10,000 of crypto currency just to see what happened . This particular bank will not sell crypto currency to it clients . Says a lot right there .

quote:

Originally posted by larryshores:
There is a relatively new addition to form 1040. It asks about one’s involvement with crypto currency. A yes or no answer is required .

If one pays their safari bill with crypto currency which has appreciated in value, a taxable gain occurs. For example, pay a $75,000 safari bill with crypto currency that cost $50,000, a $25,000 taxable gain occurs.

I do not see how this can be construed as a gift . It is payment for services .

One additional note. I use a very large bank to manage my money . I told them one day that I wanted to buy $10,000 of crypto currency just to see what happened . This particular bank will not sell crypto currency to it clients . Says a lot right there .

quote:

Originally posted by AilsaWheels:
Just to clarify a couple of things.

Earlier in this thread, crypto was called a store of value. That can be the case but crypto comes in many forms.

Store of value- Bitcoin and some other crypto like it would fall in this category. There will only be 21M bitcoin ever mined so it is limited, unlike fiat that will continue to be printed. You can believe in bitcoin or not. I did an unscientific survey at the end of last year to a group of about 50 young professionals I was speaking to. I believe eight of them had bitcoin. Exactly zero had any gold or silver. At some point our generation might ask itself who will be the buyers of our gold and silver if we ever sell. I have a family member in his 30's who is into crypto. Most of his friends are into crypto. It is amazing how many have seven, eight and even nine figure net worth's at this age. None of his friends own gold or silver. The younger generation is looking at bitcoin as gold or silver without the high transaction costs, storage issues and as a way of having assets anywhere in the world at the snap of a finger.

Start up companies- Many crypto companies are start ups that provide a product or service. Chainlink would be an example.(ironically, one of the things Chainlink is doing is upgrading and securing the SWIFT system) Instead of going through the various rounds of early financing then going public which can make the early investors extremely rich, these companies go directly to the crypto market to raise funds. This gives the average person the opportunity to invest in startups with a great idea. This is how many young people are getting extremely rich. Thus my earlier statement of buying quality companies like Amazon, Google, etc. were 20 years ago. Realize, most crypto companies are crap!

Stable coins- There is crypto that will mimic currencies. USDT and USDC being the most used. If you make foreign transactions in stable coins, I don't see it triggering a taxable event, but I am definitely not a Chartered Accountant. As Larry mentioned, if you pay in bitcoin and have a gain then you have a taxable event, just as if you sold stocks to pay for the safari. What you don't have is multiple transactions.

The beauty of crypto is the blockchain. This is an open ledger backed up on tens of thousands of computers/servers all over the world. If I send $20,000 of USDC from my account ABC, to Larry's account, XYZ. The transaction is probably recorded thousands if not tens of thousands of times. These ledgers have also verified that I have the $20,0000 of USDC in my account to pay Larry with. If the transaction confirms, Larry is assured the funds are now in his account. The entire world knows the transaction between these two accounts took place. They don't know who the owners of these two accounts are or anything other than $20,000 of USDC moved between ABC to XYZ.

Because Larry had this transaction with me, he will know that my account number is ABC. He could actually send money there if he wanted to but he has no access to getting money out of my account. He would have to know my password which could be 24 words (words not characters). Will computers be able to break 24 word encryption at some point. Possibly but it may be awhile and there will probably be better ways to secure an account by then. It is always good to have multiple crypto accounts. If you think trophy fees will run $30,000 but you may take the lion if it is better than any you have previously shot, you might transfer $60,000 to the crypto account you will use to pay trophy fees.

Most countries in the world are talking about digital currencies. We will probably all be dealing with digital currencies, whose transaction will be just like crypto, within five to ten years. These will be fiat currencies that will be open to being debased. Many countries will do what they can to crush crypto. They might be able to but at this point it would be close to impossible to do it world wide.

This year in Canada, truckers and those that helped truckers had their bank accounts frozen without due process. Think about that, a western democracy stopped citizens from being able to buy food, pay heating bills, buy gasoline to get to work, pay a mortgage, etc. all without due process! Is it good to have access to fungible assets that only you can access and no one in the world can stop you from accessing?

In no way am I an expert on crypto. Just an old dog trying to figure out a new trick before I get left too far behind. Perhaps something I have said above is off a bit. Please feel free to correct me if I have misspoken. Hope I have clarified a couple of things for some. Is crypto volatile? Definitely. Will people loose money in crypto? Definitely. Most people our age probably aren't investing a lot of their money in startups anyway. As I mentioned earlier, holding some bitcoin as an insurance policy against fiat is probably not a bad idea. Just buy with plans to hold indefinitely.

PS: Someone mentioned that a transaction fee on $20,000 was $400-$700. It could be that high I guess if a person wasn't paying attention. It can also be easily in the range of the cost of a wire. I made a significantly larger transaction a few months ago for under $10. Transaction prices are going down fast and will probably be in the cents within a couple of years.