I think this place and my account are way too small fry for anyone to bother targeting TBH!
For now. After a repeat of early 2018, your account could be worth over $500,000. It only takes Bitcoin topping out at $300k and an alt season taking HIVE to $10 to $15 after that.
Come to think of it have I ever earned any actual 'money' on Hive? They're just widget-tokens aren't they?
I don't know the details of UK tax law.
Yes - ideally I wouldn't be writing about such things
TBH I doubt it'd be my posts on earnings that would attract non-desirables - it'd by my big fat wallet page more generally, same for everyone else!
At least with Hive my master password and owner key are in cold storage on an encrypted USB so that's a layer of security!
On the UK tax law there's nothing specific on my return that asks me about crypto - and I don't actually 'earn' in fiat, so I think I'm safe!
I cannot comment on UK tax law but in general taxable earned income does not need to be fiat. You could earn anything worth money and that would be taxable income. But if your employer, say, recited poems to you in exchange for your work, that would not be taxable because such an activity cannot be traded for anything else.
It could be argued that Hive is an MMOG. Some countries only tax in-game assets earned on MMOGs when they're cashed out. I don't know about the UK. There are other complexities like how to tax Hive Power earned as rewards. HP is controlled by a smart contract that does not allow it to be cashed out except with a considerable delay. If you asked, you'd be hard pressed to find anyone at HMRC who could give you any definitive answers. I think if you just pay taxes on what you cash out into fiat, other cryptocurrencies or goods or services, you'll be fine. Owing to the complexity and novelty of Hive, that is the only just and fair model of taxation of Hive income. Additionally, your tax authorities would most likely be completely unable to determine the exact amount you owe even if they managed to come up with a theory on how your taxable income should be calculated. For that reason, I don't think publishing detailed reports on your earnings is a good idea.
Oh you're definitely right, it's better not to publish this stuff, it's maybe a habit I need to get out of!
Thing is, whether I publish it or not, it's all on the chain anyway!
Your past info yes, but not your future reports if you stop making them.
No, I mean the 'earnings' data if you want to call it that, it's all there, it really doesn't take that much still to extract it for any account, whether one posts about it or not!
Sure, if you know your way around this platform. But if you don't know the first thing about it, it can be daunting to get it right. For example, what is shown below each post is the total post rewards in Hive Token Units and not dollars, which most front ends might lead you to believe. Because of the fluctuating price of HBD that number may grossly exaggerate or underestimate the dollar amount. Secondly, it shows the total rewards only half of which is made up by the author rewards. Curation rewards are made up of a large number of small transactions.