Friday Finance 12/3/2021: Death and Taxes
It is time again for another Finance Friday/Friday Finance. This is a series I started where I talk about random bits of financial stuff that I have seen, gathered, or experienced during the week. I hope as a reader you find it informational, entertaining, or both. I also hope it can generate some good discussion and edify the Leo community.
Splinterlands (Death)
The other day I had enough credits saved up from brawling that I was able to buy another Gladius Case. I have really started to love the unique brawling cards these cases offer. They can mean the difference between winning a match and getting totally decimated. I have had several occasions where my entire team is wiped out, but my Gladius card single-handedly wins the match. It is awesome!
Imagine my joy then when the other day I pulled this card from the case. It is my first legendary Gladius card and I am so totally excited. Unfortunately, as you know (or maybe not), Gladius cards can not be traded, so while this one holds no financial value, it is still pretty important to me. My hope is that I can start winning more battles, earn more Gladius Cases and maybe one day max level this card.
Speaking of Splinterlands, I've been spending some time lately trying to maximize my SPS for the second round of pack purchases. I don't want to have to buy vouchers, so I want to get my voucher drops happening at a good rate. I have been stashing away as much SPS as I can. I have also been pooling what DEC and Hive I can into the Tribal Dex pool to earn more SPS that way.
Sadly, I am nowhere near some of the people out there who have their sights set on purchasing 4000+ packs, but I am hoping to maybe get 500 if I am lucky. I bought 100 of the XCHAOS tokens on Hive-Engine to get some packs that way too.
Taxes (Taxes)
I remember a long time ago (three years or so), I said something like "if I ever get a big win in crypto, I am more than happy to pay the government their 30% cut or whatever it is". While at the time those words seemed appropriate, now that I am here, the reality of it is much different.
It was really heartbreaking the other day to move five figures from my Coinbase wallet into my bank account knowing that every penny of it was going to go to Uncle Sam for taxes.
I'm not saying there shouldn't be some form of accountability, but it does hurt when you see such a large percentage of your crypto going to someone besides yourself.
I don't really expect this to ever change at least for the time being anyway. It is going to be a necessary evil we have to face when we decide to move our crypto to fiat. Hopefully that move won't be necessary. Though I expect by then they will have found some other way to tax us for our crypto holdings, so it may not matter as much...
PolyCub/IDO2
I'm curious to know what anyone else is doing to get ready for PolyCub and the forthcoming second IDO from Cub Finance. I know the running joke is "soon", but it feels like @khaleelkazi has been kind of quiet in the Leo Discord lately, so that makes me feel like there might be something coming sooner rather than later.
We have been thinking that for a while now though, so....
Who knows!
I have a goal of saving up 1000 CUB to put into IDO 2 whatever it turns out to be. I didn't take part in the first IDO (I am a little glad about that now), so I am excited to see what happens with this second one. More importantly I like the fact that we are going to be able to use just CUB to enter it. Having to buy CakePop was the thing that really turned me off about the last one.
I am also starting to stack up a lot of BLEO to be ready for PolyCub. According to @edicted, that is the smart move right now, so I shifted what I had been doing (more on that in a second), and started moving some funds into BLEO. In fact, last night I took some of my Alien Worlds land owner earnings and swapped into a stack of BLEO with it.
My original thought was to have the funds ready to go over on Polygon, so I had been bridging USDC from BSC over to Polygon. I have a small pool of USDC over on Polygon ready to move into MATIC or whatever when PolyCub actually launches.
So there you have it, Friday Finance! Let me know what you thought of it in the comments. Let's get some discussion going!
Sports Talk Social - @bozz.sports
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I think having just CUB as a prerequisite to launching an IDO on CUB Finance, will incentivize holders like you and me to participate in them. And 1000 CUB (50% - 50%) sounds like a pretty good move on that.
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Thanks, I am looking forward to seeing how it all works out. I want to set myself up to have some solid passive streams for when the next bear market hits.
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yes, the 100% CUB IDO is a really good initiative, it will also make less people sell their CUB to buy a second token so I hope it will increase a little the price !
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I think crypto has really being helpful in so many in the aspect of it assisting in paying up your taxes it's really awesome.
Yeah, it is nice that i don't have to take the hit from my general fund, but it still would be even nicer if there was some more leniency.
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Great suggestion. I have been powering up my LEO but I might get a bit put aside in bLEO. There is also a bit of BNB I can convert.
I havent done anything on Polygon so I will have to learn that. Seems like will be a good move, at least initially, to get some fat returns.
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I am hoping so! We will see I guess. Polygon is pretty much exactly like BSC, so you shouldn't have too much of a learning curve.
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You make me realize that now I will have to figure out how Crypto taxes works here because when two year ago I was only earning something like $80 a year thanks to brave, now My hive account is worth between 4 and $6000 so I may need to make some search before having to pay a fine 😅 !PIZZA
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Being informed is always a good idea. You might not need to worry about it as long as you are not moving those funds into fiat. I varies by country though.
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As I understood for France (where I am) It' indeed only when you convert it to fiat and only applied to benefits (Since I paid anything in my case that would be on anything I withdraw)
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I haven't added much to my bLEO pool lately because I wanted the APR from the CUB/BUSD pool. Isn't it better to hold onto liquid LEO rather than bLEO? I would think the bridge would be on HIVE.
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BSC is where all my funds are. I don't see much reason to move it all around yet until we get more info. What if I move it to LEO and then it turns out it needed to be in BLEO? I already have a significant investment in the CUB/BUSD pool so I didn't feel to bad about that. I do feel bad that I have all that CUB sitting there instead of going into the Kingdom, but I pull in about 100 per week so I should hit that 1000 mark soon then I can start throwing CUB back into the Kingdom.
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I have been throwing in a monthly add using some of the LEO I earn into the Farms and harvesting them into my kingdom. I just prefer the approach where I can decide and still have a high APR. How often do you harvest? I tend to harvest once a month
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I harvest once a week when I cross that 100 CUB threshold. I have plenty of BNB to cover it, so I don't really mind.
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