Make Money While Cruising - List

[Peace_Seeker]

This has been a great thread to read through. So many great ideas. Not sure how this idea will be received but I wanted to throw it out there. I have paid very close attention to the "BITCOIN" model and its progression and growth. Although it is very controversial it does seem to have held its own in many respects. The sailing community is monstrous and worldwide. A common currency may have some merit. Anyone care to invest in some "BOAT-BUX"?

[ArtM]

Originally Posted by Peace_Seeker

This has been a great thread to read through. So many great ideas. Not sure how this idea will be received but I wanted to throw it out there. I have paid very close attention to the "BITCOIN" model and its progression and growth. Although it is very controversial it does seem to have held its own in many respects. The sailing community is monstrous and worldwide. A common currency may have some merit. Anyone care to invest in some "BOAT-BUX"?

Bit coin is a science experiment meant to exploit the concept of "Fiat Money" - that is, money which has no value.

In the past, gold was a true currency because it had certain values and properties that were irreplaceable, and it was hard to get - it is easy to mold, does not corrode easily, and has excellent electrical properties.

Today, gold is easily replaced by alloyed metals for most applications. "Platinum" is the new gold. Gold is actually nearly worthless, and it's current value is held primarily by traditional values and misconceived ideas of "value".

Bitcoin is something that never had any intrinsic value. It is difficult to obtain, which was a key element of the experiment. It shows basically that people can be fooled into taking something completely worthless in exchange for something of actual value merely by STATING that it is very valuable, creating a market for it, and ensuring that it remains difficult to obtain.

No fiat currency, whether it be bitcoin, US Dollars, Euro's, or gold is ever meant to be collected, hoarded, and held. It is meant to be obtain, then immediately exchanged for objects of real value.

Given that, then, it does not matter if the currency is BitCoin, US Dollars, or anything else since the only real value of it lies in it's ability to be immediately traded for something else.

The hoarding of fiat currencies has led to global financial crises of all global currencies, and will continue to do so until a new system takes it's place, or until new laws are put in place to prevent such hoarding.

BoatBux? Sure, if you will back them with a market place for exchange, and as long as they don't violate US law.

BTW, remember that if your receive BitCoin for services or the profitable exchange of goods, then you must pay taxes on that income - and you MAY NOT pay the taxes with BitCoin, even though that's the currency that was exchanged.

[hellosailor]

Art, I think I read about a recent judgment from the IRS indicating that they also want capital gains tax on any increased value on bitcoins. i.e. you got 'em at $500, they go up to $800, the IRS wants capital gains tax on the difference too.

But what I can't understand is where the original "value" of the bitcoins comes from. You do computing and then get "paid" for it in bitcoins. OK, that's "paid" as in someone gave you something of value, which means....Where'd that payment come from anyhow?

Secret technophilanthropist, who wants to keep geeks able to buy groceries? Or...plain old fashioned money laundering?

Thanks, no bitcoins for me.

[ArtM]

Originally Posted by hellosailor

Art, I think I read about a recent judgment from the IRS indicating that they also want capital gains tax on any increased value on bitcoins. i.e. you got 'em at $500, they go up to $800, the IRS wants capital gains tax on the difference too.

But what I can't understand is where the original "value" of the bitcoins comes from. You do computing and then get "paid" for it in bitcoins. OK, that's "paid" as in someone gave you something of value, which means....Where'd that payment come from anyhow?

Secret technophilanthropist, who wants to keep geeks able to buy groceries? Or...plain old fashioned money laundering?

Thanks, no bitcoins for me.

There is no "original value" at all. However, there is production cost. Bitcoins were designed to be easy to produce at the beginning, then difficult to produce later.

Today, to produce bitcoins, you must use a multi-processing parallel computer using GPU chips (the kind used in high-end video display cards), then hope that you can create Bitcoins that are more valuable than the cost of electricity.

For gold, the high value is capped (with some market lag) by the cost of production - last heard to be around $1000/oz. Any value above that cost of production is unsustainable (after accounting for various modifying factors), and should be sold.

Similarly, for bitcoins, the value is capped by the cost of electricity and equipment and your ability to build/obtain and operate that equipment.

Hmm... wonder if I could build a solar powered bitcoin machine...

[Saltyhog]

Originally Posted by ArtM

Hmm... wonder if I could build a solar powered bitcoin machine...

Done! SOLARMINER Corporation, Solar Powered Bitcoin Mining - SOLARMINER Corporation | SOLARMINER Corporation

[ArtM]

Originally Posted by Saltyhog

Done! SOLARMINER Corporation, Solar Powered Bitcoin Mining - SOLARMINER Corporation | SOLARMINER Corporation

So with enough deck space, this gives new literal meaning to the phrase "MAKING money while cruising"

Correction to previous comment: The "original value" was that someone (anyone) was willing to provide a fluid market for the bitcoins. Today, it is sustained by a network of speculative "investors" hoping that bitcoins, though utterly worthless, will offer more value than the worthless currencies being issued by governments around the world.

Bitcoin does, did, or might offer additional value by offering anonymity to it's users. I'm not sure if that's still or ever been true. Maybe I made it up in a dream.

[sparrowhawk1]

Didn't some hackers "steal" Millions of dollars of bitcoins?

[Lasata]

Working while cruising sounds great in theory; in practice not so great, but it beats the office.

I'm a Business Intelligence Software developer. Most jobs require some level of face to face due to the nature of the application and it's users. I'd like to think that I can somehow spin this off into some other web-based data information business that I can teach to others.

[su2014]

i have done well trading gold in levered ETFs namely NUGT and DUST as well as UGLD ,UGAZ,etc using the schwab A/C with visa access to profits. This A/C is available to non-usa residents tax-free.www.scwab dot c.

[Scot McPherson]

One of the things I plan on doing as a semi retirement plan is build a bigger than I needed sailboat in the 65 ft LOD 15 ft beam range. The extra space will be used for extra berthing or cargo holds.

I plan on getting my 6 pack and my 100 ton license, and chartering / dinner cruising, maybe even some charter fishing up north in the New England Area, and then as it comes time to go south, carry along some cargo for someone who needs it somewhere down there. Maybe shuttle some folks or stuff around or back and forth between mainland and islands, and just make some money by actually sailing.

Sometimes people just need stuff moved, but don't want to buy a whole cargo container. If it's stuff that can be shoved into a hold or lowered into a hold from topside, then sometimes people will pay a premium for the convenience.

I am not looking to compete, just take a slice of the market big shippers aren't really interested in, and consumers aren't interested in paying unnecessarily big bucks for their relatively small cargo and get there in a few days rather than the month or more when forced to use container shipping.

All above board, I would be doing my research before booking anything to a new previously unvisited port.

Scot

[peteh007]

Boat Sitting?
I want to leave my boat for a month.. unattended. Someone close int he marina to keep an eye on it?

[Fidar]

I am designer, engineer and inventor. Plan to try to do AutoCAD design and engineering work for my clients while cruising. Also, always wanted to write books. My wife is capable of healing people using a whole blend of approaches, starting from Chinese methods, massages, diets and special food selection and going into re-structuring water, colloidal silver, hand energy, and so on. But this is a gift from Above and she does not charge for this. So, no income as such there...


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[Ex-Calif]

Would anyone pay for documentation services?

i.e. you tell me where you are coming from, where you are going the nationality and crew make up and I provide all the docs you need for departure and arrival.

This can easily be a mobile business.

[Lasata]

Originally Posted by peteh007

Boat Sitting?
I want to leave my boat for a month.. unattended. Someone close int he marina to keep an eye on it?

Pete, where is the boat?

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[Scot McPherson]

Originally Posted by Ex-Calif

Would anyone pay for documentation services?

i.e. you tell me where you are coming from, where you are going the nationality and crew make up and I provide all the docs you need for departure and arrival.

This can easily be a mobile business.

If you were going to just get the blank documents for folks, you might be able to charge a few dollars, but if you helped them fill them out, ensure they are complete and filed them on their behalf, that would make you am agent and a service you could probably charge for, but you'd definately want to check with each country that you can do that.


Scot McPherson
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