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Broke-Ass Stuart Runs For Mayor, Looks To Fix San Francisco’s “Major Fucking Problem”

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Broke-Ass Stuart has basically been it all. “Travel Writer. TV Host. Poet. A Motherfucking Hustler.”

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He’s written three books on how to live inexpensively. Stuart had his own travel TV show on IFC called Young, Broke & Beautiful, and his work has appeared in Lonely Planet, Conde Nast Traveler, US Airways Magazine, 7×7, The San Francisco Bay Guardian, The Bold Italic and others. His motto of sorts is, “What makes life interesting is not the things that you own, but the shit that you do.”

He arrived in the Bay Area by way of the University of Santa Cruz. “The next step was come here and move on up the coast, and so I did. I felt in love with the city,” he says. 

I've been working really hard to secure the dog vote

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Now a San Franciscan for 13 years, Stuart, whose full name is Stuart Schuffman, announced in May in the San Francisco Examiner that he would challenge incumbent Ed Lee and run for Mayor. Schuffman, however, does not especially expect himself to win. He told SFist his campaign is a “journalistic experiment.” He’s also called it a protest campaign. He’s spreading a certain message through the tech-oriented west coast city.

Schuffman has experience in politics as his high school’s Vice President and Treasurer at High School at UC High, in University City, San Diego. One of his major campaign focuses is affordable housing and solving the homeless epidemic in San Francisco.

His is not the first protest campaign in San Francisco’s recent history. Chicken John ran in 2007 and earned more than 1 percent of the vote. Although he goes out on the street to talk to San Franciscans, Schuffman has received a considerable amount of engagement throughout his campaign on Facebook.

We've got a button maker machine! Come to #sundaystreets at Valencia and 22nd and make your own! #goforbroke

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“I have a large following and I care for my city,” Schuffman tells Hacked. “I’ve been running a lot of my campaign online. I still get out there and shake the hands of people on the streets, but people are less committal online, so we will see what happens on election day.” Although Schuffman has never worked in tech, he has been an entrepreneur his whole life, as well as worked in bars.

“Despite that I’ve never worked in the tech industry, I do use the technology every day and understand those mechanisms and what makes it run,” he says. “This city is all about tech. I’ve been verySF critical of tech culture because I think it’s fair to be critical, but there is nothing innately wrong with tech nor people who work in tech.” He simply believes the current status quo is unsustainable and must be changed.

“The current regime is so fucking corrupted,” he explains.  “They are repeatedly bowing to hidden interests and ignoring the needs of the people. Nobody wants to live in a city just full of nothing more than business. What makes cities special are the people who live inside of it.” Schuffman doesn’t want the tech companies out.

“I simply think tech companies should pay their taxes, instead of receive exemptions, and that they should work more cohesively with the city,” the mayoral candidate opines. “San Francisco has some of the best minds of our generation, yet we aren’t using this massive brain power to solve homelessness, hunger or create a fairer democracy.”

If he were mayor, Schuffman says he would push to make these things happen with partners in technology. That many San Franciscans are distressed over high housing prices is well-known. Schuffman acknowledges this and wants to help fix the problem in housing.

“There is a major fucking problem. There’s a crisis, actually,” Schuffman says. “But nothing is gonna be done overnight. It took us a long time to get into this situation, it’s going to take us a long time to get out of it.” He doesn’t think the market will solve the problem.

“We need to build affordable housing,” he submits.

“The market does what it wants and the people on top win,” Schuffman describes. “If you want apple juice you go to the store, you don’t plant a tree and wait for an apple to fall out. Pro market types say ‘build, build, build, the market will take care of it.’ But, that’s not good enough. I am for building a lot of affordable housing. I’m pro prop I and Prop F.”

Part of Schuffman’s motivation is to preserve San Francisco’s diversity.

When the lights go down in the city… ?

A post shared by BSK (@bskphoto) on

“I love San Francisco because people of all different cultures are always out-and-about, walking or riding a bike,” he says. “You see all types of other people and other cultures and interact with them. It’s amazing.” It’s this variety of people that makes San Francisco such a special place.

“If Ed Lee is re-elected, I worry we might lose this part of the city,” he laments. The internet personality admits San Francisco suffers from a certain apathy.

“People move here and plan to live here only 4-5 years, make some money and leave,” he elucidates. “And that’s fine if that is your thing. But you are still making a very large footprint here, so it’s your duty to care.” He paints the picture with a nice analogy.

“If you go over to someone’s house and knock over a bottle of wine you don’t say ‘I am leaving in two hours, so I am not picking that up,’” Schuffman outlines. “That’d be insane. “You help clean up your mess. The same goes for people who are here. We’re all apart of the mess. That’s the message I’m trying to get across.” Schuffman thinks long work hours harm people’s experience with the city, and thus limits their ability to truly get to know it.

“People here work too many hours,” he says. “They uber to work, uber home, get home and are so tired they order take-out then go to bed.” People miss out on what San Francisco is all about.

“It’s all about the streets here and meeting everyone in the streets, and so by working such a long work week you miss out,” he says. Schuffman sums up his platform succinctly.

“Ultimately, the policies should be the same: people first, not profits,” he says. “There is always going to be profit.” His hopes his campaign inspires people to get involved.

“This world is yours. We are building a movement to get corporate money out of politics,” he says.

The San Francisco mayoral election takes place November 3, 2015.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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5 stars on average, based on 1 rated postsJustin O'Connell is the founder of financial technology focused CryptographicAsset.com. Justin organized the launch of the largest Bitcoin ATM hardware and software provider in the world at the historical Hotel del Coronado in southern California. His works appear in the U.S.'s third largest weekly, the San Diego Reader, VICE and elsewhere.




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  1. terminationshok

    November 3, 2015 at 7:20 pm

    Prop I and F are bullshit. I wanted to vote for you.

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Financial Freedom

Interview: Tax Strategies for Crypto Traders

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Crypto taxes

With cryptocurrencies going mainstream, more and more people are asking how trading and holding of it should be reported to the tax authorities in their respective countries. And not only are people wondering, even the tax authorities themselves sometimes seem to have a hard time figuring out how they should deal with it.

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Although guidelines in many countries remain unclear, we do know that the authorities have stepped up their efforts in uncovering unreported crypto fortunes with new measures. One recent example is from California where a judge last year ordered Coinbase to turn over personal details on all accounts worth over $20,000 between the years 2013 and 2015, to the US Internal Revenue Service.

According to current regulations in the US, the IRS considers cryptocurrency as “property” for tax purposes, meaning each and every transaction is in fact reportable and taxable. This includes trading from fiat to crypto as well as from one crypto to another crypto.

For active traders and day traders, manually reporting this on forms to the IRS obviously involves a lot of work, something many people have complained loudly about in online discussion forums:

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crypto taxes

The early days – “see no evil, hear no evil”

In the early days of bitcoin and crypto trading, the number of people involved, and the amount of money it represented, was so small that the tax authorities didn’t bother looking much after it. Although everyone was, of course, technically required to report their holdings and profits, very few did.

The tax authorities didn’t know anything about bitcoin, and the risk of getting caught was small.

This first started to change after the dark web marketplace Silk Road was shut down, most recently in 2014. That’s when the IRS in particular first started to become aware of bitcoin, and became interested in figuring out ways to trace bitcoin payments that were used for illegal activities and tax evasion.

Then came the extreme bull market of 2017, a lot more people got involved with crypto, and a lot of money was made in the market. And as always when someone is making a lot of money, the government wants its share of it.

The tax situation today

Today, taxes are again a hot topic of discussion among cryptocurrency investors, with many feeling anxious about previously unreported gains made in the crypto market.

Andrew Henderson, founder of Nomad Capitalist, told Hacked.com that there is indeed a lot of confusion among crypto traders these days, in particular with regards to the new Trump tax reform in the US.

“The number one issue people come to me with is obviously taxation. The new Trump tax reform in the US really screwed a lot of people, and now even intra-crypto trades are taxable,” Andrew explained.

“The second problem I typically hear about from people in the crypto community is that they cannot participate in ICOs because they are living in the US.”

“Many of these people say they are missing out on a lot of good investment opportunities because of that, and they want to find out what they can do to no longer be considered US Persons,” he added.

Andrew, who has been advising people on offshore tax strategies since 2013, explains that the solution for most of these people is to go out and set up a base of operations somewhere outside of their home country.

Unfortunately, he said, the old strategy of leaving one’s home country only to “become a resident of nowhere” is increasingly not working. In other words, people who want to invest in certain ICOs or lower their crypto tax bill therefore need to find a new country that is accepting of crypto and have low or zero capital gains tax.

Is not reporting an option?

When asked if crypto traders should even bother reporting all of their transactions and profits to the tax authorities, Andrew is pretty clear that at least people from Western countries, and the US in particular, should respect the taxman.

He explains that the IRS in the US is “really aggressive,” and that there is a real risk they will bust anyone who tries to evade taxes. In addition, Andrew said, “you’re probably going to want to spend the money some day. If your crypto holdings by this time has grown into a lot of dollars, you’ll have a problem explaining where all that money came from if the tax man asks.”

Going offshore

Given the fact that US citizens are liable to pay taxes on their worldwide income, Andrew’s advise to big crypto traders is clear:

“I think if you’re a US citizen, you might just want to consider not being one anymore.”

Although this measure may sound extreme to a lot of people, the suggestion appears to be backed up by statistics. Each quarter, the IRS publishes a list of Americans who have renounced their citizenship in the quarter. According to the statistic, there has been a steady increase in the number of people who have renounced over the past decade, with 2017 being the first year to show a slight decline from the previous year since 2013.

The United States is one of very few countries in the world that taxes its non-resident citizens on their global income.

Unfortunately for many of the readers, non-US citizens will therefore have an easier time implementing some of the strategies for lowering their crypto tax bill.

Residents of other high-tax countries such as the EU countries or Australia can in most cases simply declare themselves a tax non-resident in their home country by moving overseas and making sure they spend no more than a specified number of days each year in their home country.

While some countries require their citizens to continue to file and pay taxes for a number of years after they moved out, other countries will consider those who have moved a non-resident for tax purposes right away.

Because of all this, it’s important to distinguish between US citizens and citizens of other high-tax countries when it comes to regulations and taxes related to crypto.

If you’re a US citizen, what it all comes down to is basically how big of a problem it is for you not to be able to participate in a lot of the ICOs that are coming out. If this means a significant monetary loss to you, it may well be worth it exploring options for relocating yourself. For citizens of other countries, moving abroad for a period of time can be an effective way to slash your crypto tax bill without having to completely cut ties with your home country and give up your passport.

Featured image from VCG.com.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.3 stars on average, based on 32 rated postsFredrik Vold is an entrepreneur, financial writer, and technical analysis enthusiast. He has been working and traveling in Asia for several years, and is currently based out of Beijing, China. He closely follows stocks, forex and cryptocurrencies, and is always looking for the next great alternative investment opportunity.




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Blockchain Asset Manager Ambisafe Talks About Institutional Guarantees, Parity Debacle

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Ethereum platform Ambisafe has quickly emerged as one of the blockchain’s most promising asset managers. Hacked recently spoke with representatives from the company on their product, institutional bottlenecks and other contemporary issues facing the cryptocurrency market.

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Ambisafe Asset Platform

In the world of blockchain, Ambisafe is well established. The company has been involved in the cryptocurrency space as far back as 2010, and is today one of the blockchain’s leading asset issuance and management firms. The company provides many go-to-market offerings, including ICO services, asset issuance and custom Ethereum development solutions.

Ambisafe operates several other companies, including Orderbook, an Ethereum token exchange. Orderbook has 25,000 active users and is averaging about two ICO launches per week, according to a company spokesperson. Combined, ICOs launched via Orderbook have generated more than $35 million in funding.

Orderbook claims to provide full transparency and immutability by recording all transactions on the blockchain. In this sense, it is entirely trustless and stores all assets “on-chain.”

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The companies (both Orderbook and Ambisafe) areled by Andrey Zamovskyi, who has been coding since the age of nine. He has his fingerprints all over first of their kind blockchain projects, such as wallets, merchant services, exchanges and trading platforms.

A Lack of Institutional Guarantee

Ambisafe told Hacked that one of the biggest challenges facing the crypto-sphere isn’t payment processing, but a lack of institutional guarantees. This could make it difficult to attract new investors as the market eventually stabilizes and cools from its recent streak of record-setting gains.

In explaining this issue, Ambisafe drew our attention to account guarantees in the United States. In the U.S., all savings accounts held at banks are backed by a guarantee of $250,000 from the federal government. This is essentially a guarantee that your funds will be protected for that amount if the bank fails.

Moreover, if your credit card is stolen, U.S. law limits personal liability drastically so that you are not left on the hook for a massive bill payment.

These same guarantees are not present in the cryptocurrency space. Quite the contrary, as a matter of fact.

For example, if my Trezor is stolen or Coinbase is hacked, I simply lose everything. Large-scale trusted and insured institutions need to back vaults with extensively audited multi-sig wallets before we’ll see widespread displacement of credit/checking accounts.

Parity Wallet

Ambisafe also chimed in on the recent controversy surrounding Parity Technologies, whose account holders were locked out of $190 million worth of ether tokens. When asked about how the accounts could be unlocked, Ambisafe referred to the fact that there are some Ethereum Improvement Protocols (EIPs) on how to recover the funds. However, the discussions appear to be ongoing with no immediate solution in sight.

“In our solutions, we make sure to have a test coverage,” Ambisafe said. “Also, we don’t publish our code out in the wild just for the hell of it. We share the code by request though.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 410 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Does ‘CryptoRuble’ Threaten the Point of Cryptocurrencies? Jean-Yves Sireau Weighs In

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Last month, Russia said it would move to regulate cryptocurrency by bringing mining and exchange under the purview of the central government. Investors rejoiced in the decision, as it signaled that another major economy would not ban cryptocurrency. However, as one prominent blockchain expert notes, the advent of a government-controlled cryptocurrency – i.e., CryptoRuble – would threaten the point of cryptocurrencies all together.

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Binary.com Founder and CEO Jean-Yves Sireau (JYS) was recently in contact with Hacked.com, where he answered some of our most pressing questions. Below are excerpts from our most recent email exchange.

JYS Weighs In

According to the Binary.com founder, Russia’s plan to centralize the mining process is probably feasible, but will likely hamper the CryptoRuble’s popularity. That’s because this arrangement practically ignores one of the key selling points of cryptocurrency – that is, the potential for a universal token.

“​Indeed, the attraction of cryptocurrencies is that they are like cash: easily transferrable, essentially anonymous and open to everyone,” JYS says. “​A currency that doesn’t have these features is going to be at a competitive disadvantage. There are already hundreds of competing cryptocurrencies, hence creating one that has limitations is not likely to be a success story.”

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As many of our readers know, Russia isn’t the only country looking to create a state-run cryptocurrency. Kazakhstan and Estonia are in the process of creating a state-run digital currency, with several others considering the idea. There has even been talk of China – a country that recently banned cryptocurrency trading – implementing its own state-run digital currency.

In Sireau’s view, there’s no guarantee that these currencies will be popular. As he rightly notes, “there are hundreds of cryptocurrencies with a very limited following.”

ICO Regulation

Russia has given mixed signals about how it plans to regulate ICOs. According to Sireau, this reflects broader confusion about how to secure a market that so few know about. Apparently, JYS doesn’t think too highly of ICOs, either.

“In my opinion most ICOs are worthless or scams, and investors will lose 98% of their money. Even if regulators do come up with regulations, it will be too little too late. In 1-2 years’ time there is going to be a flurry of lawsuits surrounding ICOs, especially in the US where law firms can organize class-action lawsuits. I think these lawsuits are what are going to tame the market, not regulatory action.”

On whether any jurisdiction approaching cryptocurrency regulation the right way, Sireau said flat-out no. That’s because “the core issue is that regulators are typically lawyers or compliance people who don’t understand the details of the technology. It’s like trying to create grammatical rules for Greek without having any knowledge of the language.”

The future of cryptocurrency looks promising, but will be marked by volatility and many failed projects. In Sireau’s view, this is especially the case with ICOs, which could “implode in a flurry of lawsuits, especially in the form of class-action lawsuits, in the U.S.”

Featured image courtesy of Shutterstock.

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 410 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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