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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