Be prepared

in LeoFinance2 months ago

I really hate to be a downer but while taking a bath this morning, @nonsowrites post about the future bear market came to mind.

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For people like me who live off our crypto holding, you can't go wrong. Every step you take has to be correct, close to correct or take in some profit in some way. This is why despite all the excitement surrounding this bull run, I always find myself thinking about the aftermath.

The aftermath of this period will of course be a gruelling couple of years living in the wilderness with the bears. That period is meant for building and stacking coins for the unknown future run. However, the only way you'll be able to do something substantial in this period is by holding out some liquid cash from your profit.

This is something I've not been able to do recently but this is mostly because alt season hasn't even started yet. I'm hoping that whenever it comes around, I'll be able to jump on the train and end up with a fat stack that I could throw back into hive and power up for even sexier curation.

Anyways, this is just a timely reminder to everyone in the line of battle to stay vigilant and remember to pick your moment to strike the hot metal. Take out what you can take out and store your proceeds for the future. In the same way that we build for the future by hodling crypto for Fiat gains, hodling usdt or fiat for jumping into the future bear market is also a wise move to balance it out.


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This is good, staying alert, watching the market and planning for the future

Thats the best thing you can do for yourself this period

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Hopefully this bull run is as wild and long as the bear....I might just fucj around and get married😌

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Join the club bro bro

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You are learning from your time in this game mate - good to see! You can still get excited though!

I'm here for the long haul anyway although taking out my principal investment so that it becomes more "play money" is what I'm eyeing up. Having said that, I now have about 70% of my net worth now in crypto thanks to this run LOL! Slightly over-indulged...

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70% lol that's nice. I have 98% in crypto, although holding USDT doesn't necessarily feel like crypto but that's my life these days.

I'm trying to play the long game too and since I rely on crypt earnings for day to day stuff, I need to manage how I take out profit and reinvest it etc etc.

I need Hive to get on a substantial run, so I can take out funds to buy shitcoins during the incoming bear season

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Wow, you literally have crypto coarsing through your veins! No wonder you have criffies on a regular!

Sounds like you have a good strategy in place and yes, same here, I've seen posts from friends saying they're buying up HIVE and it's making me FOMO, even though I probably "have enough"... less than 300 sats though man, it's too tempting!

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If your gut tells you to buy, and you have spare cash, do it and keep it on the exchange. Worst case scenario, it is a weak erection and you can sell it back to retain your fiat. best case scenario, Hive value doubles or triples during this period and your holding on-chain plus your exchange hive gives you enough money to buy Buckingham palace

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Right now, my gut is saying to just HODL and post, curate, delegate and stake until next pay day from the day job and assess from there. If I sell it back to fiat, becomes a taxable event and all that shit - HMRC is a diva!

However, the thought of being able to buy Buckingham Palace from HIVE earnings is quite a tempting one lol! That alone is enough to go crypendicular!

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Lmao, I forgot the tax laws in your country grabs you by the balls. Around here, we just buy and sell our shitcoins udisturbed by our corrupt government.

When I eventually leave Nigeria, I'm going to keep all my crypto activities, including my KYC in exchanges and everything in Naira, at least until I can find an illegal savvy way to circumvent tax laws.

Getting rich off Hive earnings would be wild though.

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Yeah man, that's how it used to be here but I reckon where there's money to be made through taxation and other governments see how it work then they'll adopt it as well. For now though, enjoy the free ride!

Oh yeah, staking and earning off the rewards it produces is the name of my game. You get to have your stake and eat it!

So what if you gift someone your account, then the person sells the assets inside and gives you the money as "thank you", do you still get taxed?😁

As far as I know and my somewhat limited understanding of it all, if you gift someone your account, it would be classed as a disposal (taxable event). Then if that person gave it back to you, you'd need to then make a note of the market value at that time and keep it in mind for when you dispose of it later on.

Crazy stuff to get your head around man 😂

Mehnnnnnn....😂😂😂

We're still halfway in this bull market imo. I was thinking about the bear market as well the other day and that's probably when I'll get back to normal life working or opening a small business.

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It is always good to stay diversified and part of being diversified also means that you hold some cash for a rainy day. Don't put all your eggs in one basket--even if its a blockchained based basket. Cheers!

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