Friday Finance 1/27/2023: Tom Petty knew what's up
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.
When Tom Petty sang "the waiting is the hardest part", he really nailed it on the head. I remember when I was waiting to find out if I had cancer, one of the worst parts of the whole ordeal was just the constant waiting.
Waiting for test results, waiting for appointments, waiting for treatment, it was excruciating. You would think I should be an expert with the waiting by now, but that definitely isn't the case. I am just as impatient as ever.
Crypto doesn't help that at all does it? There is so much waiting involved here. Waiting for the next bull market, waiting for regulation, waiting for mass adoption, waiting for it all to come tumbling down. Okay, maybe not the last one, but you know what I am saying. Unless you are one of those crazy day traders, all we can really do is sit and wait.
Of course if we are on Hive, we keep posting, voting, and commenting, but overall, I think you know what I am saying.
XRP
I've never really been a fan of Ripple or XRP. When I first got into crypto, I definitely had those "get rich quick" thoughts, but I was also impressed by the underlying technology and the paradigm shift it represented. I always kind of view XRP as the anti-crypto crypto since it was basically established by the big banks for the big banks. How is that any different that what we previously had?
That being said, I did eventually pick a small amount of XRP up and I have been loosely following the court case between them and the SEC. I still feel like the outcome of that case (which they keep saying should happen soon) will have a major impact on the price of crypto. If the court rules in Ripples favor, we could see a huge pump in the markets.
If they don't, I think we just see more of the same stagnation we have seen over the past several months.
Even though I'm still not a Ripple believer 100%, I'm definitely interested to see how this all resolves. Putting the SEC on their heels could be a good but dangerous thing. We will have to see what happens.
Taxes Again
I'm still working on getting my tax information together. Okay, that's not true. I haven't done a single thing yet. As soon as we get our W2's from work, then I will know it is go time and I will start gathering all of my documents up.
I have a feeling before too long we will be having a "Tax Party" at my brother in laws house so he can get us all squared away. My forms should be much easier for him this year than last year. He is likely not going to do too horrible himself this year. I know for a fact he had an FTX account with an undisclosed amount of crypto invested, so I am guessing he might be claiming some loses this year.
As much as I am looking forward to my taxes being easy this year, part of me would almost prefer them to be messy. Messy means we are doing good crypto-wise. Wouldn't you rather have messy taxes?
Market Sentiment
I got an email from Coinbase this week with some interesting information in it. It was part of a weekly or bi-weekly newsletter that they send out called "Coinbase Bytes". They were talking about the current pump in the markets and what the outlook is for it.
I was a little surprised to see that most of the people who replied to the poll seem to think that it is a bull trap. I have had the same feeling myself. On the flip side, many of the market analysts and wall street folks seem to think this is a good sign and we would be crazy to be bearish right now.
Perhaps it is the pragmatism of having been burned before that has many of us who are actually in crypto being quite wary of this pump. These wall street folks might not be used to the random swings and inconceivable behavior that we are when it comes to crypto markets. Who knows.
What do you think? Do you think this is a bull trap or do you think we have nowhere to go but up from here?
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I read today's issue of the BRO paper and there was a link to an article that gave 8 indicators that a bull is on the way. Normally I don't have much faith, but Bitcoin is not failing like I expected. And the article in the post was written by an economist. I ran through his articles, I think he sees the market pretty well...
I myself am still waiting for Hive to drop to stock up. 😜
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I wouldn't complain about a bull at all. I am going to be cautiously optimistic though!
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I initially thought it was a bull trap but it seems to be building a solid foundation. It is crazy but I find it hard to buy more crypto at these prices after we were spoiled with BTC at 16k$ and Hive around $0,25..
Good luck sorting the taxes out, I didn't start yet until I get all the paperwork, but I am hoping it wont be too much damage.
I have some monthly buys that I set up a long time ago in Coinbase. They aren't a lot, but I am pretty happy with them. I go in every now and then and move some of the tokens out of the exchange into a custodial wallet. I know I am not making a ton, but it all adds up over time and I don't really pay much attention to the price that way.
Thats a good strategy. Best to automate it that way.
Here is a useful tool to check your Hive earnings:
https://hivedata.live/totals
Very cool. You can really see the drop off from the beginning of the year in 2022 to the end.
Yes, a huge difference from you earning 400HBD in Jan compared to 160HBD in Dec!
The waiting indeed never stops and we somehow still can't get used to it lol. It's hard to decide where the market is headed next but I have a feeling that it's a bull trap albeit a kind of long one. The events in the coming weeks will play a decisive role in influencing the direction the market takes.
Yeah, we could go sideways from here for a bit. I still think we have a big drop coming up, but I have seen people say we won't go below $20K again. People also said we would never go below $40K again when BTC was up to $60K too...
That's what I think too. It will be a 'sideways journey' for awhile. Hopefully, it will be upwards after that :)
People are wrong most of the time. The market has a mind of its own that we currently can't decipher lol.
I think your last sentence sums it all up pretty good. I don't think anyone knows what is going to happen and if they tell you they do then they are full of crap. Of course after the fact they will be the first to tell you "I knew that was going to happen".
Lol, it's typical of them, acting like nothing happened in between.
WTF are you stealing my niche :
XRP is all about waiting till the case gets settled and the same goes for the market, just waiting for that next break to tell me if we are truly leaving those bearish woods! !CTP
Yeah, they keep saying it should be wrapped up sometime soon, but they have been saying that for a while now. I think the SEC is just stalling to push off the inevitable. At least I hope that is the case!
Taxes are always messy and that is why I just toss the stuff over the accountant to figure out. Although, I am not sure if it's going to be that tough for people because they can write down their losses.
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I'm with you. My brother in law is an accountant, so it works out well for me.
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