Time for a four parter, as I said I am making it up to you guys for lost time during recent travel and I suspect at least one show will not happen next week as well with the workshop and all. So today here is what we have on hand.
First I am going to talk about why the “big news” about bitcoin is not big news in any negative way. Of course I mean the IRS ruling that BTC is property and not currency. Anyone running a business publicly collecting BTC should have greeted this announcement with a resounding duh, frankly, no shit is more accurate.
Let me break it to you bluntly, the IRS guidance is actually factual, accurate and consistent with all existing code and treatment of property and assets by the IRS.
Note I am not saying the IRS is fair, that taxes are fair or that taxes are okay and not theft. What I am saying is based on current IRS code, historical treatment of barter and the trade of goods and the treatment of commodities, the new IRS guidance is fair and consistent in relation to historical IRS guidelines.
Here are several reason this ruling is meaningless…
- Anyone with a brain taking in lots of bitcoin into a business was likely already doing the accounting as the guidelines state.
- The IRS still can’t track person to person bitcoin, they don’t have that ability, if they ever acquire it, the system will take it away from them in an “update”.
- New software to maximize tax advantages of this ruling is likely being coded RIGHT NOW.
- Likely the IRS is going to have to change their guidance when BTC becomes a recognized currency anyway, it will then function like any currency on the FOREX, this is going to happen.
Second we move one to a bit more on PermaEthos and a few questions that have come up since my big announcement yesterday. I will also again explain that YES the MSB will get a discount code for Geoff Lawton’s PDC and the code will be in the MSB likely today or tomorrow but definitely before the PDC goes on sale.
The new Ethos model has been extremely well received! I want to talk just a bit more about it. I will be updating the PermaEthos site soon to reflect the new model and start creating a true virtual community around it. It will be important that Ethos function both as an extension of the TSP community and yet function on its own merits to those who have no clue what or who a TSP is.
Then I have some “homestead updates” for you guys. Yes an MSB only video will come out this week by the way, showing a lot of what I am going to talk about. There is some cool stuff though, today our homestead population grew by yet another dozen with 12 ridiculously cute ducklings! I’ll tell you also how they and the geese are going to get some “ponds” that will almost be actual ponds.
Then I am joined by Matthew Miller who is a long time listener to TSP and an MSB member. . In an effort to continue building resiliency and self-sufficiency in his life he wanted to learn how to maintain his own vehicles. Inheriting his late grandfather’s 94 Ranger was the final push needed. A 20 year old truck with 80k miles on it was a great starter project to get his feet wet.
He has documented all of his repairs and progress on the TSP forums for others to learn and gain encouragement from. Since starting he has gained a basic working knowledge of autos and has no fear when he hears a knock or rattle. Through his desire to do things himself he has inspired friends and family members to do their own work and offers to help when he can.
Matthew loves watching his kids play in and on his truck or car when he’s working on them. They’ll jump in with tools and ‘help’ daddy out. Knowing that he is teaching them positive values, resiliency, and self-reliance is the greatest reward he’s gotten since learning this new skill-set.
Resources for today’s show…
- Join the Members Brigade
- The Year 1321
- Join Our Forum
- Join Our Forum
- Walking To Freedom
- TSP Gear
- Survival Gear Bags – (sponsor of the day)
- Safe Castle Royal – (sponsor of the day)
- Terroir Seeds – (MSB Discounter of the day, 10% off)
- Matt’s TSP Forum Thread on Vehicle Maintenance
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