STEEM is not a Cryptocurrency!!
We have 2 tokens on the STEEM Blockchain, STEEM Which is like a common stock or preferred stock. This token can either be traded without voting-rights, or it can be taken off the market and utilize its full VotingPower and ownership in the STEEM Blockchain as SteemPower!
In the offline business world - The main difference between the two types of stock is that holders of common stock typically have voting privileges, whereas holders of preferred stock may not.
STEEM - The Stock!
STEEM is either one or the other, it is either STEEMPOWER (Technically called VESTS) with voting-rights or liquid STEEM without voting-rights.
SBD - The Cryptocurrency
Backed by nothing but nightmares, hopes, dreams & a lot of Bitcoin - SBD is the ultrafast single feature cryptocurrency that has the only feature of being a cryptocurrency - safer than Bitcoin and built for speed and to be spent publicly just like money.
The SUPPLY of SBD is very low, regulated by a de-escalating inflation model, there will never ever be truly a lot of them under the current economic concensus, and from the looks of it the supply will remain low and sustainable at least for my lifetime and beyond.
STEEM/SBD or SteemPower may have legal differences where you live!
If you are holding SteemPower, you are locked in the system - and to explain the difference so that lawyers and worse understands it - SteemPower is similar to owning the outcome of a Mining-Rig, like those Asics and GPUs people buy to mine Bitcoin & Ethereum & Dogecoin - SteemPower is virtually the same, with the same risks and ROI as everything else. If you do not use it, you do not gain much from it, but if you are smart and delegate your SteemPower where it is profitable, you can become very successful in managing your part of this encrypted cyber republic of STEEM (re-public).
Make sure you have registered a company for your business!
If you still sit in your mothers basement as a private citizen on paper rich as fuck at New Years EVE, that will most likely have PERSONAL concequenzes for you before easter. Yes, some governments work extremely hard to attack private citizens in their wallets, which is why you have to INCorporate. It is legally sound, and stupid not to. Companies have professional rights worldwide, and no country is the same - so before you run down to your LOCAL lawyer to establish a company where your mother lives, take a look at the worldmap, and use some time finding out which country is the most business-friendly and tax-friendly so you can continue building your crypto-empire, and from there you should establish a second entity which only purpose is to pay you a small salary, the pocket-change you need to eat and sleep. Pocket-change, because as a private citizen you get slaughtered in some countries if you make "too much" money personally.
Smarter Cryptards do:
- Establish the Holding Company / Mother/Father/Parent Company
- Establish Son/Daughter/Children Companies owned by the Holding company
- Each major investment should be a new company:
By that think of it like this - your house should not be owned by your personally - but by one of your companies which only purpose is to own that lot. If you buy an expensive super-car, helicopter, plane - those items should be placed inside their own company for ownership, and rent them out to the highest bidders, or to yourself if you want to play with the toys of your companies.
You may be CRYPTOSMART - But in this game you have to be BUSINESSMART as well!
There are clear rules of juristiction in this world, and therefore by incorporating in as much of it as possible enables you to move in and out of markets completely legal and unhindered for the most part.
It may at some point be smarter & cheaper for your company to hire a private UN-Approved army to protect you, then paying local or federation taxes to give you parking-tickets!
Because governments around the world have drained the lifeblood out of the public sector (see broken roads, bridges, abandoned cities etc) they do not offer anyone any real protection. Calling the police is done after the fact, it is not like your local police is there to serve and protect you - they are there to serve and protect the treasury and make sure you pay into it. However, there is no rules in this world that say they are entitled to extort you with a government license paid for by your mothers last paycheck outside of their juristiction, and since we are talking about legally obtained unclassified assets here, assets which you must protect - at certain levels private security becomes much more then the gun at your desk. If you take this seriously today and you are new, in 3 years from now you may be "too rich", so hopefully this article found you in good time to plan ahead.
It should Always be Business! Me capiche?
First we build, then we keep building, and that is our life!
Join me and thousands of others at http://STEEMspeak.com Discord - we have a 24/7/365 active (always people and music) in there - plus mighty bots that can upvote your friends posts and investigate abnormalities and STEEM development as a (very large) group of investors.
Thank you for reading & supporting my witness by voting for @fyrst-witness on the witness-page on steemit.com (see the menu)
Fyrst.
@fyrstikken This content is more informative and educative about crypto-currency.I hope that you will make this types of important post all the time and now i am learning more valuable things from your post .Thanks for sharing this significance post .I am waiting for your next content .thanks for Great tips as always.
upvoted
This guy owner of multi ID
Wow!! That's pretty sad. How do people do that and why? Ugh
Why is this sad?
People making tons of accounts or ID's to take advantage of the platform.
Wheeewwww!! Let's add this to the list of things I didn't know. I really thought that SBD was backed by something, since it says "Steem Backed Dollars" or something like that.
I'll have to reread the bits about registering companies and businesses because it's complicated stuff. But now I see that this can be a complex task once one gets to a certain level of income. Thanks for the many clarifications. It's certainly worthwhile!
Actually you can find yourself there with relatively small investments. Buy or get rewarded with Steem Dollars at current prices and when it hits $50 this year most of us will have a tax liability of immense proportions
:O Is that so? Where are you from? What is the minimum limit for paying taxes?
I concur with you I have a feeling that I get my pay as stocks + money. I have faith in purchasing and holding STEEM for long haul venture as I see it like I would live out of profits of this 'stock'. I can change money 'SBD' to play around in the business sectors and purchase some different kinds of money. Over the long haul holding stocks is the thing that will pay off your retirement.
Fortunately, we are early and we can still earn SP much more easily than later. I hope everything keeps a steady upward rhythm and we'll be dancing in crypto money later.
Hlw author this guy owner multi ID and always comment by multi ID.This person always try to chest and get your reward.
where are your problem,
you are a spammer
absolutely i support you and same i like your thoughtful post .but i think,,,,,,,,
The cryptocurrency markets are a blazing, often confusing ecosystem, in which you find thousands of chances to win a lot of money – and to lose it. Every day gives birth to new coins and death to some old coins. Every day sees some coins heavily falling, and some vertically raising.
thanks for sharing.
followed + upvoted + resteemed your post.
This is one of the most intriguing posts I have read here on Steemit in a long time!
I have been aware of you since a long time yet I am now sure that it is time I talk to you.
Not sure when it will be as honestly I don't want to allocate the time to figuring out how to use discord and find you, yet I will sometime soon just to find you.
See you soon~~*
So interessing steem & steemit will be huge its more then crypto and bllockchain it's a way of life
Well, for me who is just starting, it's not yet a way of life, but after a few months I hope that it will.
For me Yeah and it will change the world:)
I hadn't considered the need to incorporate in order to take advantage of the laws that protect corporations. Damn, you hit me with this at the right time - before I get too rich. Time to start doing some research. Glad the weekend is nearly here so I have time to dig deep.
I've spoken with you a few times in the discord, but I'll cop to not reading enough of anybody much, any more than the rest of us do, right? But this caught my eye, and was worth the time. I concur with ya man. Good shoutin' out.
Thanks for this very informative post fyrstikken. Always good to get clarification between STEEM and SBD. I'm not as wary of the government, yet. This may change if (read when) I come in a position of financial wealth, and when that time comes, it always good to have tips like these in the back of my mind. Again, thanks, and I hope you have a great day fyrstikken!
Ever read a content such full of information? This is one. I honestly don't know where to start from complimenting your post. You make a whole lot of sense. Thanks