The Future of Money and Historical Perspective

[Tybee]

Okay, I looked at the spectrum article, and now I really am more confused and a little repelled--it reminds me of The Matrix. It seems very far removed from activities that help mankind, but I guess the same could be said of a lot of financial markets.

Terry, you must have a really really high electric bill. Or maybe not. I am not sure how much our computers draw, and we use them all day, too, but not 24/7.

[Teacher Terry]

WS; here is the thing. We could have cashed out at almost 10k/coin and had a 100k guaranteed. WE are speculating that it will go higher. That is one reason we have been taking some of our profits so in case it all goes to crap we have some of the $ we made. When you cash it out $ appears in your banking account and yes you have to pay taxes on it. When we first started we were fine with losing our initial 2k that we invested.

[Teacher Terry]

Yes our electric bill ranges between 300-500 /month for the miners. We pay for this with our profits. When the miners quit being profitable we sell them off. My son thinks there will come a time not that far off that it won't be profitable for small time miners like us to do it.

[bae]

So, by “mining”, you are burning through power (which causes ecological consequences) to create virtual currency.

This is why I don’t worry about my own carbon contribution to our planet, frankly.

[LDAHL]

Im going to make this a comment and not a question so you don’t feel obliged to answer and I don’t want to sound accusatory or a little too nebnosy......is that a word...anyway you know my intentions.

The obvious question is ....doesn’t this unsecured crypto currency give you a little of the heebeegeebees. And it would seem vague guidance from the IRS could be a bit of a
landmine. But hey, I know nothing....I’m still saving change in a Pooh Bear.

Would that be Schedule SE reportable income, or some kind of capital gain?

[Teacher Terry]

WE have someone do our taxes so I can't answer that question but both we and my son report it on our taxes. The last thing we want is to have a problem with the IRS.

[Tybee]

WE have someone do our taxes so I can't answer that question but both we and my son report it on our taxes. The last thing we want is to have a problem with the IRS.

I'm sure they have a protocol for it.
Are you ever tempted to just get out completely with all that profit? That is a lot of money!

I teach online, and some days I feel like I'm in the matrix, too. . .

[Teacher Terry]

Me yes but DH and son say no. That is precisely why we are taking the middle ground to cash out some as we go. I love teaching online. It has been the funnest thing I have ever done for work. Jan will be 5 years for me. They used to ask me every semester if I was going to teach the next one. I finally said you will have to pry it out of my cold dead hands. So they quit asking. Also this past summer was the first time I taught in summer so now I do all 3 semesters but each one is only 11 weeks long.

[Tybee]

Me yes but DH and son say no. That is precisely why we are taking the middle ground to cash out some as we go. I love teaching online. It has been the funnest thing I have ever done for work. Jan will be 5 years for me. They used to ask me every semester if I was going to teach the next one. I finally said you will have to pry it out of my cold dead hands. So they quit asking. Also this past summer was the first time I taught in summer so now I do all 3 semesters but each one is only 11 weeks long.

Haha, that's the way I feel about my one college--the other one is a little less fun, but I value both jobs. I teach all year round, every day. I've been doing it since 2004.

[Teacher Terry]

You work a lot more then me. I teach the same course each semester for one college. That is enough for me.