Friends and family ignorant about cryptos!

WATERCOOLER
#21

Yes, I think that governments need to find a way to get taxes from all the selling of crypto how else can they pay their bills? But how will they know my guess would be to demand transactions information from exchanges just like how your broker reports your actions on regulated trading accounts. For now it will be based on trust. Most tax reporting is based on trust.

I’ve heard only about 1000 people reported Bitcoin gains/losses on 2016 taxes. This is a big problem that they will address. Just imagine if the IRS or your nations tax authority finds a way to follow your gains and you didn’t report those gains man o man will the back taxes and penalties be steep.

2 Likes
#22

I have one office manager who knows about crypto. He’s a young twenty-something and just bought his first crypto through Coinbase. Outside of him, NO ONE I know has a clue to what I’m talking about, except my wife who pretends to engage me in conversation about it. Actually, her interest lies mainly in how to recover our money if I die. :face_with_raised_eyebrow: Therefore we have crypto “lessons” and she’s just not getting it. I’ll have to write some kind of massive instruction manual describing how to cash out that will be opened and acted upon my death. But then, what if this instruction book gets in someone else hands and they steal all my crypto? I know, I can encrypt the file and keep it on a hidden file on my computer. But then I have to teach her how to access the file and decrypt it. Oh never mind…:roll_eyes:

4 Likes
#23

I work with many other tech savvy engineers and it’s becoming divisive. Those who have already made up their mind that it’s just a bubble with no long term purpose actually dislike hearing about it and will move tables to avoid our rants at lunch time. A great quote from today: “We are so early that not even the smartest guys we know understand it.”

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#24

My wife is only interested in the fact that I have made gains on the crypto investments. Doesn’t want to talk about it but has faith in me and has is ok with investing more.

I also have to figure out a way to secure my codes and keys and locations of everything just in case something happens to me. I just don’t like storing information on my windows pc.

2 Likes
#25

Actually this seems to be the case with where I work as well. I work in a tech firm and while there are quite a lot of people who are ignorant. There is actually quite a few (compared to other places) who know about crypto. But like you described, many of them seem to already have a set view on it where its either a bubble with no value or it is the most valuable thing around right now.

1 Like
#26

Totally agree. It can be so hard to even start the conversation. I have even tried with my own kids who are 17 and 21, to tell them to start learning about this. It could really have great impact on their lives! You have to keep your ears open for that “golden” moment when friends and family express a genuine curiousity. And take hold of that moment to help them find out more without coming across as too over-enthused!

People think of bitcoin and don’t know the relationship to the blockchain. They think of the money and the pump and don’t seek to understand what is behind it. Then they want to argue about how it’s a scheme when they have never bought any crypto or read about any of the blockchain applications or even know who Satoshi Nakamoto is (are…?)!

I think the blockchain and cryptocurrency is a real marketing challenge and has some image issues to overcome. In my opinion, the media is ignoring the blockchain by focusing only on bitcoin and either stellar ATH days or dumps. It takes more than a 10 second soundbite to explain. As great examples of use cases come to light it should be easier to obtain mass understanding. There should be more widespread media coverage of how blockchain technology is changing the world and not buried in the back pages of the paper or on all our favourite youtube channels!!

I have to say that I thought it was very interesting and very intimidating in 2017 and now I know it is! But that is where the exciting opportunities lie, career and otherwise.

#27

Yes most definitely, Im thinking that the reality is that the majority of the population doesnt understand money itself, then when this new form of fiat system is implemented the new shit storm will be hilarious. Its ok, it just means there will be more jobs for the educated.

Wake up NEO.

#28

personally i wouldn´t pay with btc. but yeah i have similar talks and frustrations. although i have to admit that i´ve been also skeptical in 2015 when i first heard about it. should have started buying then… a friend was ecstatic about it. thing is that people don´t like to be pushed so they will pay the price for their btc that they deserve :wink: