DFD

If we had retirement at 30 money wants to open an animal sanctuary.

troyguitar wrote: ↑Thu May 06, 2021 3:51 pm

Detroit wrote: Depends on your intended scale, but probably 8 figures if you're going to lose money on a big venue. I feel like break-even would be an attainable target and if you did something on the smaller side (like an old theater in a downtown type thing), 7 figures might cut it.

I'm assuming that I'd be buying a home and a small venue, probably a million or more needed for that alone if it's not financed. Then covering our own living expenses on top of hiring at least a few full-time employees because I don't want to micromanage/DIY everything... running costs must be on the order of half a million a year all-in for a small operation?

Really hard to say because there's a lot of different ways to execute.

Concessions? That's revenue but also requires hiring more people. For just a space for musicians to perform, you still need some element of security/crowd control even just to check tickets because people suck, you'd need a tech person or two, and then maybe some maintenance grunts. half mill is probably a safe estimate, but again...it shouldn't be that difficult to make half mill with a venture like that, especially if you can make concessions work.

The ideal would be an open outdoor space in a town with stuff close by. Minimal maintenance and utility costs, make some arrangements with local food/booze people to sell their stuff for a cut or something, and place the focus on music.

There's a brewery in the middle of nowhere 40 minutes from me that did something VERY similar. They have a large back lot behind their facility where they setup a stage and bring in local musicians. They don't charge a cover beyond a beer and have an honor system of paying to see the band, you just put cash in a box next to the stage and 100% goes to the musicians. Their payment system even allowed you to pay the band when you buy a beer (in addition to tip for servers) if you didn't have cash. Amazingly, everyone put money in when we were there. They built a little "beer shed" to facilitate beer sales, it's a 5/7 place to spend a Saturday afternoon. It's not a fancy place and it's clear they don't make a ton of money, but the owners were running around with big grins on their face when we were there helping clear glasses, chatting with guests, the bands, etc. They were doing what they love, and I haven't been so envious of someone in a while.

Detroit wrote: ↑Thu May 06, 2021 3:02 pm

Tarspin wrote: ↑Thu May 06, 2021 2:20 pm

Do you know if block chains are reliable? I'm reading up on scams, and there are some shady large scale events taking place now and then. Again, I don't know my head from my ass when it comes to the inner workings of crypto offerings on the market, but if shit hit the fan do you not think there could be a bunch of crashing servers and stolen money? I guess the same could be said about stocks, but at least those lofty valuations have some connection to a functioning business.

https://blockchainmagazine.net/top-5-bl ... -aware-of/


Sorry man, I'm in a dark place today. Just sharing some of my many disgruntlements

10 years ago I was in grad school, and a classmate was telling me about this new currency that's going to take over the world called Bitcoin. He bought $10k worth, which at the time a bitcoin was like $.10 or something, so he got A LOT. He said he was starting to look into getting into mining and swore he was going to be rich.

I didn't have much cash at the time, but was debating some small investment.

The next week I saw him in class and he was all I asked him what's up and he said his Bitcoin wallet was hacked and he lost everything. No hope of getting it back, just gone. He was still up on the concept, but claimed it would take years before it was secure enough for him to invest in again. I got in the car after class listening to NPR and it was apparently a widespread attack that wiped out a ton of people. That did it for me, I wrote it off since.

It's more secure now, basically like a bank account EXCEPT it's not insured unlike most bank accounts. Lose money in the bank and it's the bank's fault, you're not screwed. Lose your crypto and AFAIK, it's gone.

Still, if I had thrown what little free cash I had at the time when BTC was $.10 and I managed to not lose it, I'd be sitting pretty right now. Oh well.

Two? years ago, an entire network hub went down in Australia, and everyone's shit was gone. How can this happen? I can't even find articles about it right now.

I feel like there's some deeper thing going on, and I'm not 100% sure how it will play out.

Tarspin wrote: ↑Thu May 06, 2021 4:26 pm

Detroit wrote: ↑Thu May 06, 2021 3:02 pm
10 years ago I was in grad school, and a classmate was telling me about this new currency that's going to take over the world called Bitcoin. He bought $10k worth, which at the time a bitcoin was like $.10 or something, so he got A LOT. He said he was starting to look into getting into mining and swore he was going to be rich.

I didn't have much cash at the time, but was debating some small investment.

The next week I saw him in class and he was all I asked him what's up and he said his Bitcoin wallet was hacked and he lost everything. No hope of getting it back, just gone. He was still up on the concept, but claimed it would take years before it was secure enough for him to invest in again. I got in the car after class listening to NPR and it was apparently a widespread attack that wiped out a ton of people. That did it for me, I wrote it off since.

It's more secure now, basically like a bank account EXCEPT it's not insured unlike most bank accounts. Lose money in the bank and it's the bank's fault, you're not screwed. Lose your crypto and AFAIK, it's gone.

Still, if I had thrown what little free cash I had at the time when BTC was $.10 and I managed to not lose it, I'd be sitting pretty right now. Oh well.

Two? years ago, an entire network hub went down in Australia, and everyone's shit was gone. How can this happen? I can't even find articles about it right now.

I feel like there's some deeper thing going on, and I'm not 100% sure how it will play out.

New World Order.

razr390 wrote: ↑Thu May 06, 2021 2:52 pm

Tarspin wrote: ↑Thu May 06, 2021 2:20 pm

Do you know if block chains are reliable? I'm reading up on scams, and there are some shady large scale events taking place now and then. Again, I don't know my head from my ass when it comes to the inner workings of crypto offerings on the market, but if shit hit the fan do you not think there could be a bunch of crashing servers and stolen money? I guess the same could be said about stocks, but at least those lofty valuations have some connection to a functioning business.

https://blockchainmagazine.net/top-5-bl ... -aware-of/


Sorry man, I'm in a dark place today. Just sharing some of my many disgruntlements

First off, hope you feel better and push through today.

Second off, like with anything there is always a portion of shit that is shady. Block chains are reliable in that they track every transaction. That doesn’t mean some bro buying stolen art with BTC can get tracked even though they may be doing it. That’s actually one of the benefits of crypto is that it is decentralized and harder to track the person, even if the transaction is public.

I see NFT’s as a boom & bust hype thing. That’s straight up money laundering IMO for those people paying millions of dollars for the rights to digital art like wat

Thanks bro.

As a dad you probably get this, when I'm at low motivation levels I have the added joy of guilt, since I'm doing my kids some disservice by not being an active and motivational dad. Fuck it, I got outside a bit and cleaned up the back yard with the kids. They went to the TV and I'm wrapping up my WFH. It is what it is, but a lot of my drive has been sucked out of me thanks to crappy weather and lock-downs which are in full effect for another two weeks, I believe. Alas, I pushed through. It wasn't so bad, I just feel agitated easily, and think I'm going to either have a beer or something and try to get more sun, now that it's out.

Apex wrote: ↑Thu May 06, 2021 4:28 pm

Tarspin wrote: ↑Thu May 06, 2021 4:26 pm

Two? years ago, an entire network hub went down in Australia, and everyone's shit was gone. How can this happen? I can't even find articles about it right now.

I feel like there's some deeper thing going on, and I'm not 100% sure how it will play out.

New World Order.

I don't think so, but it was a big deal when it happened and I remember watching interviews about it. Am I the only one who caught that?

Tarspin wrote: ↑Thu May 06, 2021 4:36 pm

Apex wrote: ↑Thu May 06, 2021 4:28 pm

New World Order.

I don't think so, but it was a big deal when it happened and I remember watching interviews about it. Am I the only one who caught that?

I don’t recall it, but I don’t remember much it seems like these days.

Tarspin wrote: ↑Thu May 06, 2021 4:36 pm

Apex wrote: ↑Thu May 06, 2021 4:28 pm

New World Order.

I don't think so, but it was a big deal when it happened and I remember watching interviews about it. Am I the only one who caught that?

I remember it VIVIDLY because of my story...I was seriously considering some small investment when the dude that turned me onto it got wiped out and then all the news stories started. IIRC, billions of wealth was wiped out to hackers over a somewhat short period of time.

People are quick to forget because ZOMG BTC IS THE FUTURE, but I remember, and it's why I've been so hesitant to get involved with crypto.

Admittedly, those fears are probably unwarranted now. Those early attacks were when this was all in its infancy and security protocols were non-existent.

Still, all this exists 100% digitally. Hackers gonna hack, if someone hacks my bank acct, the .gov steps in if the bank goes under. If hackers hack your bitcoin wallet (or whatever), that's...just gone.

Detroit wrote: ↑Thu May 06, 2021 4:52 pm

Tarspin wrote: ↑Thu May 06, 2021 4:36 pm

I don't think so, but it was a big deal when it happened and I remember watching interviews about it. Am I the only one who caught that?

I remember it VIVIDLY because of my story...I was seriously considering some small investment when the dude that turned me onto it got wiped out and then all the news stories started. IIRC, billions of wealth was wiped out to hackers over a somewhat short period of time.

People are quick to forget because ZOMG BTC IS THE FUTURE, but I remember, and it's why I've been so hesitant to get involved with crypto.

Admittedly, those fears are probably unwarranted now. Those early attacks were when this was all in its infancy and security protocols were non-existent.

Still, all this exists 100% digitally. Hackers gonna hack, if someone hacks my bank acct, the .gov steps in if the bank goes under. If hackers hack your bitcoin wallet (or whatever), that's...just gone.

:thankyou: !

Yeah, if they can't get those hackers under control and recover the funds, then who's to say we aren't all just feeder fish in this whole thing. Either way, I'm now in this digital world. There's never been a time in history when the little guy struck it rich en-mass. How will this be any different?

Thursday! fugit lol

Tarspin wrote: ↑Thu May 06, 2021 4:58 pm

Detroit wrote: ↑Thu May 06, 2021 4:52 pm
I remember it VIVIDLY because of my story...I was seriously considering some small investment when the dude that turned me onto it got wiped out and then all the news stories started. IIRC, billions of wealth was wiped out to hackers over a somewhat short period of time.

People are quick to forget because ZOMG BTC IS THE FUTURE, but I remember, and it's why I've been so hesitant to get involved with crypto.

Admittedly, those fears are probably unwarranted now. Those early attacks were when this was all in its infancy and security protocols were non-existent.

Still, all this exists 100% digitally. Hackers gonna hack, if someone hacks my bank acct, the .gov steps in if the bank goes under. If hackers hack your bitcoin wallet (or whatever), that's...just gone.

:thankyou: !

Yeah, if they can't get those hackers under control and recover the funds, then who's to say we aren't all just feeder fish in this whole thing. Either way, I'm now in this digital world. There's never been a time in history when the little guy struck it rich en-mass. How will this be any different?

Thursday! fugit lol

Agreed on all. The little guy never wins, and this is no different.

Detroit wrote: ↑Thu May 06, 2021 4:52 pm

Tarspin wrote: ↑Thu May 06, 2021 4:36 pm

I don't think so, but it was a big deal when it happened and I remember watching interviews about it. Am I the only one who caught that?

I remember it VIVIDLY because of my story...I was seriously considering some small investment when the dude that turned me onto it got wiped out and then all the news stories started. IIRC, billions of wealth was wiped out to hackers over a somewhat short period of time.

People are quick to forget because ZOMG BTC IS THE FUTURE, but I remember, and it's why I've been so hesitant to get involved with crypto.

Admittedly, those fears are probably unwarranted now. Those early attacks were when this was all in its infancy and security protocols were non-existent.

Still, all this exists 100% digitally. Hackers gonna hack, if someone hacks my bank acct, the .gov steps in if the bank goes under. If hackers hack your bitcoin wallet (or whatever), that's...just gone.

I've put a cap of $100/month.

I try to time it to "Buy the dip" but I'm not a financial genius, the real plan is to spread out the wins and losses over several months, and several prices.
I may lose some if it dips down to $3500 like it did 2 years ago, but I'll still only buy $100/month. And when it comes back bigger and better than ever, then I'll make a decent amount of money.

The hardest part with this will to keep track (Coinbase does this) of the gains and losses if I choose to sell when it comes time to pay the pied piper (IRS)
I didn't report anything back in 2017 when I made a decent chunk, but I'm not gambling on that again. I'll report everything 100%,

Detroit wrote: ↑Thu May 06, 2021 5:06 pm

Tarspin wrote: ↑Thu May 06, 2021 4:58 pm

:thankyou: !

Yeah, if they can't get those hackers under control and recover the funds, then who's to say we aren't all just feeder fish in this whole thing. Either way, I'm now in this digital world. There's never been a time in history when the little guy struck it rich en-mass. How will this be any different?

Thursday! fugit lol

Agreed on all. The little guy never wins, and this is no different.

He does if he strikes it rich in the Klondike then kills the 50 people who come to rob him. Things are less analog with this situ.

Melon wrote: ↑Thu May 06, 2021 5:12 pm

Detroit wrote: ↑Thu May 06, 2021 4:52 pm
I remember it VIVIDLY because of my story...I was seriously considering some small investment when the dude that turned me onto it got wiped out and then all the news stories started. IIRC, billions of wealth was wiped out to hackers over a somewhat short period of time.

People are quick to forget because ZOMG BTC IS THE FUTURE, but I remember, and it's why I've been so hesitant to get involved with crypto.

Admittedly, those fears are probably unwarranted now. Those early attacks were when this was all in its infancy and security protocols were non-existent.

Still, all this exists 100% digitally. Hackers gonna hack, if someone hacks my bank acct, the .gov steps in if the bank goes under. If hackers hack your bitcoin wallet (or whatever), that's...just gone.

I've put a cap of $100/month.

I try to time it to "Buy the dip" but I'm not a financial genius, the real plan is to spread out the wins and losses over several months, and several prices.
I may lose some if it dips down to $3500 like it did 2 years ago, but I'll still only buy $100/month. And when it comes back bigger and better than ever, then I'll make a decent amount of money.

The hardest part with this will to keep track (Coinbase does this) of the gains and losses if I choose to sell when it comes time to pay the pied piper (IRS)
I didn't report anything back in 2017 when I made a decent chunk, but I'm not gambling on that again. I'll report everything 100%,

The IRS will be tracking these gains CLOSELY, and that's where you get screwed.

I think you have a fantastic approach. I little bit now and then using money that's mostly immaterial to your daily life. It's good diversification and over time if/when BTC ends up being widely accepted currency, you'll be ahead.

I played with the meme shit, got burned on GME (BUT YOU DON'T LOSE IF YOU DON'T SELL) so I know to sit on the sidelines when mass appeal cranks up values. I'll keep an eye on crypto values and maybe get involved when people inevitably lose interest and it dips hard.

Also, this may be a bit but if shit REALLY hits the fan, I have a way to move money internationally via Crypto.

Detroit wrote: ↑Thu May 06, 2021 5:17 pm The IRS will be tracking these gains CLOSELY, and that's where you get screwed.

Just have to keep it in mind. for every $ I lose, that's a loss I can claim on taxes.
It's been roughly ~$55k, say it goes down to $5k for a while, and then back to $50k
Every % of a BTC I bought at $55k will be claimable as a loss, so should help some on taxes, even though I'm still behind overall.

Melon wrote: ↑Thu May 06, 2021 5:17 pm Also, this may be a bit but if shit REALLY hits the fan, I have a way to move money internationally via Crypto.

I know a lot of people like this aspect, but lets be real here. Shit won't hit the fan that requires this sort of action in our lifetimes. If it does, nothing will save you, including all the BTC in the world.

But it's a good hedge, and smart diversity overall. I'm just going to wait for the entry price to get more appealing.

Melon wrote: ↑Thu May 06, 2021 5:19 pm

Detroit wrote: ↑Thu May 06, 2021 5:17 pm The IRS will be tracking these gains CLOSELY, and that's where you get screwed.

Just have to keep it in mind. for every $ I lose, that's a loss I can claim on taxes.
It's been roughly ~$55k, say it goes down to $5k for a while, and then back to $50k
Every % of a BTC I bought at $55k will be claimable as a loss, so should help some on taxes, even though I'm still behind overall.

Is it? You can only claim losses on things you sell...so you'd have to sell at a loss to realize it on taxes...why do that?

I'm going to sell my GME on 12/31 if it doesn't do anything before then. It'll be a tax offset this year if it doesn't end up doing anything.

Detroit wrote: ↑Thu May 06, 2021 5:22 pm Is it? You can only claim losses on things you sell...so you'd have to sell at a loss to realize it on taxes...why do that?

Life event, buy another house, blow a hole in another transmission.
Can't say for sure, but it's part of my "Spread it out" strategy.

Melon wrote: ↑Thu May 06, 2021 5:27 pm

Detroit wrote: ↑Thu May 06, 2021 5:22 pm Is it? You can only claim losses on things you sell...so you'd have to sell at a loss to realize it on taxes...why do that?

Life event, buy another house, blow a hole in another transmission.
Can't say for sure, but it's part of my "Spread it out" strategy.

Detroit wrote: ↑Thu May 06, 2021 4:52 pm

Tarspin wrote: ↑Thu May 06, 2021 4:36 pm

I don't think so, but it was a big deal when it happened and I remember watching interviews about it. Am I the only one who caught that?

I remember it VIVIDLY because of my story...I was seriously considering some small investment when the dude that turned me onto it got wiped out and then all the news stories started. IIRC, billions of wealth was wiped out to hackers over a somewhat short period of time.

People are quick to forget because ZOMG BTC IS THE FUTURE, but I remember, and it's why I've been so hesitant to get involved with crypto.

Admittedly, those fears are probably unwarranted now. Those early attacks were when this was all in its infancy and security protocols were non-existent.

Still, all this exists 100% digitally. Hackers gonna hack, if someone hacks my bank acct, the .gov steps in if the bank goes under. If hackers hack your bitcoin wallet (or whatever), that's...just gone.

With crypto, you can send your actual investments to your own hardware wallet. Most people tho keep their investments on the platform are susceptible to losing it in that way or if the platform gets hacked, etc.

razr390 wrote: ↑Thu May 06, 2021 9:51 pm

Detroit wrote: ↑Thu May 06, 2021 4:52 pm
I remember it VIVIDLY because of my story...I was seriously considering some small investment when the dude that turned me onto it got wiped out and then all the news stories started. IIRC, billions of wealth was wiped out to hackers over a somewhat short period of time.

People are quick to forget because ZOMG BTC IS THE FUTURE, but I remember, and it's why I've been so hesitant to get involved with crypto.

Admittedly, those fears are probably unwarranted now. Those early attacks were when this was all in its infancy and security protocols were non-existent.

Still, all this exists 100% digitally. Hackers gonna hack, if someone hacks my bank acct, the .gov steps in if the bank goes under. If hackers hack your bitcoin wallet (or whatever), that's...just gone.

With crypto, you can send your actual investments to your own hardware wallet. Most people tho keep their investments on the platform are susceptible to losing it in that way or if the platform gets hacked, etc.

Actually, I think this is why hardware wallets exist.

Melon wrote: ↑Thu May 06, 2021 5:27 pm

Detroit wrote: ↑Thu May 06, 2021 5:22 pm Is it? You can only claim losses on things you sell...so you'd have to sell at a loss to realize it on taxes...why do that?

Life event, buy another house, blow a hole in another transmission.
Can't say for sure, but it's part of my "Spread it out" strategy.

Just don’t tell the IRS that trans hole occurred during an autox. It’s a sure fire way to trigger an audit.

4zilch wrote: ↑Fri May 07, 2021 7:20 am

Melon wrote: ↑Thu May 06, 2021 5:27 pm

Life event, buy another house, blow a hole in another transmission.
Can't say for sure, but it's part of my "Spread it out" strategy.

Just don’t tell the IRS that trans hole occurred during an autox. It’s a sure fire way to trigger an audit.

You can claim shitboxes as dependents now.

Melon wrote: ↑Fri May 07, 2021 8:03 am

4zilch wrote: ↑Fri May 07, 2021 7:20 am

Just don’t tell the IRS that trans hole occurred during an autox. It’s a sure fire way to trigger an audit.

You can claim shitboxes as dependents now.

Melon wrote: ↑Fri May 07, 2021 8:03 am

4zilch wrote: ↑Fri May 07, 2021 7:20 am

Just don’t tell the IRS that trans hole occurred during an autox. It’s a sure fire way to trigger an audit.

You can claim shitboxes as dependents now.

FiST is coming up on 125k. It should qualify this year.