March 9, 2022 • 16 mins
There’s a lot of bad internet advice about crypto taxes. Don’t fall for it. As one of the handful of consultants in the country with an Advanced Crypto Tax Expert (ACT-E) certification--along with 38+ years of business and tax consulting--My Tax Guy In Houston is uniquely qualified to craft your ideal tax solution.
Connect with Douglas
Phone 713-893-7348
Email tax@mytaxguyinhouston.com
Website http://mytaxguyinhouston.com
Your hosts: Colton Cockerell & Trisha Stetzel
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Colton Cockerell
Trisha Stetzel
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Colton Cockerell (00:04):
Hello and welcome to a another exciting
episode of Bridge the Gap wherewe're balancing life through
health, wealth, business andrelationships.
All right, what is going oneveryone? Welcome to the show.
My name is Colton Cockerell. I'mso excited right now I can't
keep it in. Well first let meintroduce Trisha and then we are
(00:26):
going to go straight toquestions because I am so
pumped. Trisha, what is goingon?
Trisha Stetzel (00:29):
Oh my gosh, Colton really gonna skip me so
you can get straight to ourguests today. Like I'm not
feeling very good about this.
Hey, everyone. Welcome to theshow. Again, this month, we are
focused on financial wellness.
And we're going to talk aboutthe thing that Colton is so
excited about cryptocurrency andwho better to talk about crypto
(00:53):
than Douglas Hord, owner of MyTax Guy, Houston. Douglas,
welcome back to the show.
Douglas Hord (00:57):
Thank you. Glad to be here.
Colton Cockerell (00:59):
Yes. And so before we jump in, Trisha, I did
not forget our sponsor for thisshow is Results Xtreme Business
Solutions. Okay. So let's goahead and jump into questions.
So let's quickly do this. Canyou go ahead and just tell us
for the people who have beenliving under a rock over the
last five years? What iscryptocurrency?
Douglas Hord (01:18):
cryptocurrency is a way to transfer value that is
validated by third parties wherenothing physical changes hands.
Colton Cockerell (01:28):
So the blockchain is what you're
Douglas Hord (01:30):
the blockchain is the third party verification of
the transaction, the digitalledger.
Colton Cockerell (01:35):
Okay. Trisha, I know you want to get some
questions. And I'm trying notjust to not
Trisha Stetzel (01:40):
just well, actually, you know, we were
talking about before the showkind of an update on where we're
at, you know, you guys aretalking about the market and how
big are the swings are and Ihappen to know that there have
been some crazy things happeningsince you guys were talking
about it. Before we jumped on,that we're really seeing some
big swings, and it doesn't seemto be deterring people. Douglas,
(02:02):
can you give us an update?
Douglas Hord (02:05):
This the whole idea of crypto and NFTs are
basically day trading formillennials and Gen Z. I have
seen some older people get intoit. Primarily the the people who
are participating in this spaceare male, many of them are
single, and they all want tobasically get rich quick.
Colton Cockerell (02:27):
Let's talk about this because you are a tax
guy. I don't want to just talkabout crypto, it is related to
crypto. So you've been hearing alot about the federal
government. They're crackingdown on crypto, and we saw it
starting in 2020. With the taxeswhenever they're asked, Hey, do
you exchange Do you sell? Didyou buy any crypto? So what are
you seeing from the tax side ofthings when crypto is coming
around? And are they able now tohave more? I guess show the
(02:51):
transactions because I know thatthere's no 1099 being issued
back then. So can you explainkind of the I guess evolution of
cracking down on the taxes
Douglas Hord (03:00):
at this point. Now there are two exchanges Coinbase
and one other one that willissue 1099 B's, that's because
they've been required to they'reboth US based companies. It's
pretty easy to track whensomebody is buying and trading
in crypto because they you know,their banking activity, people
convert this stuff to fiat sothat they can actually spend it.
(03:22):
So the IRS is notifying peoplethat they either suspect or
believe have been trading thatthey had they believe that they
had crypto trades that arereportable that they did not
report and then you have 28 daysto respond, or they're going to
assume you were it's still notas tightly controlled as
(03:44):
securities futures or or othertraded equities. But it's
getting there. And at thispoint, if you don't answer the
question, Did you buy tradesell, hold exchange blah. You
can't even file the return. Itwon't go through.
Colton Cockerell (04:03):
Wow. Well, and so again, I feel there's
probably a ton of fraud goingon. No, I didn't write in
crypto. I didn't exchange No.
Douglas Hord (04:16):
Yeah, the semantics that will be argued is
impressive. Um, but yeah, thiswhole I'm looking to aggregate
and, and, and make, you know,massive returns I end up just
like oh my gosh, what's next?
Trisha Stetzel (04:31):
It's interesting to me, Douglas, as you describe
the demographic right, becausewe happen to have someone of
that specific demographic hereon the podcast. As I point to
Colton, for those of you whocan't see my finger pointing at
Colton realizing it Colton is inan industry where that might be
a little iffy. Right. So Colton,do you find I know this show is
(04:54):
not about you, but I'm justcurious, do you find that people
that you're hanging around withright you're own demographic are
trading?
Colton Cockerell (05:03):
Yeah, actually yes, I was at dinner two weeks
ago, or less than two weeks ago,I had a 25 year old male dating.
You know, he's dating somebody Ihad a, my, I won't say who it
is, but had a young 21 year oldsingle. And then I had a married
27 year old, all sittingtogether the table everyone
under 30 years old, all male,has Doug's pointed out every
(05:25):
single one of them, that gavehim my view on crypto, and they
just, you know, they're like,like, Ah, well, you know, it's
gonna go to the moon like, theydon't they don't I don't think
they understand find it like howthe financial systems work,
because we're, I'm hung hung upthat and this is what Doug and I
have talked about in the past,is that with crypto, again, I
don't, I don't see an underlyingvalue. If I if I buy Ford
(05:47):
Motors, and Ford goes under,they at least have physical
assets that they can sell thatcan generate income, right where
they can maybe give mesomething. I mean, I know that,
you know, shareholders like thelast people to get paid. But
still there they have physical,there's fiscal worth there. With
crypto, it's just an NF Ts toit's all supply and demand. So
the demand for crypto so highbecause you hear people like
(06:09):
Mark Cuban, you hear people likeElon Musk go on. They talk about
crypto knowing they have apretty decent sized crypto
portfolio. And so what does thatdo? It drives up the price. I
mean, my goodness, how is how isElon Musk saying that Bitcoin
will now be used for Teslapurchases? How is that not
market manipulation? And then,you know, a few weeks later, he
(06:31):
then says, oh, nevermind, we'renot we're actually not going to
do this now. Well, you know,like, it's just, it's crazy.
I've people are making so muchmoney smart. Like these people
who are wealthy who are they'vealready made a ton of money,
there's making a killing. And Ifeel like they're, it's kinda
like the Gamestop issue thathappened to you know, a year
ago, but in reverse. The youngpeople aren't the ones making
the money. It's the army, therich and powerful people who are
(06:52):
making the money. So I justdon't really like crypto
especially now, let me go into aquestion here. Doug, is what are
you hearing? Because I'm hearinga lot about, you know, China,
United States, they're startingto create this digital currency.
Right? And, you know, I'massuming it's so they can
monitor every single transactionthat we make, right? Kind of
like I guess, like our creditcards. How do you think that's
(07:12):
gonna play into Bitcoin? Becausethere has to be heavy
regulation, right, a digitaldollar for the purpose of
tracking all transactions.
Douglas Hord (07:20):
The last I saw a number there were more than 140
countries looking to createblockchain verified versions of
their fiat currency, US Treasuryis one. My opinion in answer to
your question is, if there was ablockchain verified version of
(07:44):
the euro, or the dollar or thepound sterling. Those would be
used heavily in commercialtransactions. Who would never
touch crypto? Because there's anactual value there. There's, as
you were describing about Fordin the United States, how much
is the United States dollarworth while there's some market,
(08:08):
you know, appeal, driving thevalue of it, but then there's
also tax collections, grossdomestic product growth rates,
population growth, all theseother trends that you can track,
and people who have completelydifferent training than I do,
would be able to come up withwhat that means as a future
value. And then thereby it isset against other fiat
(08:31):
currencies. I think that that'svery interesting. I don't know,
Colton, if you had seen ButRussia has banned crypto holding
and Mining. As has China.
Colton Cockerell (08:45):
I knew China.
I didn't know about Russia.
Yeah,
Douglas Hord (08:47):
that was very recent. And interestingly
enough, Russia's moves the visathe Ukraine yesterday, cause the
crypto market to take a nosedivetoday.
Colton Cockerell (08:58):
Yeah, so I guess we should probably date
this podcast. You know, we'rerecording this on February 22,
2022. Yeah, no, it's been anosedive. Yeah, so 4am. Last
night, Ukraine did get, youknow, there was an invasion by
Russia. And so that but I mean,it wasn't I mean, the stock
market too, did fall a littlebit, but nothing compared to
what crypto did I agreecompletely. Now, let me ask you
(09:19):
this, because Trisha actuallybrought this up to me, and I
thought it was a great question.
She said, Hey, with crypto andblockchain, can someone track my
transactions in the blockchain?
Douglas Hord (09:29):
Generally not know, unless there's a security
breach. And we have to remembercrypto.com Right before they had
their massive Superbowl ad thattook down their entire website.
They had a $43 million cryptobreach. And then there was
(09:50):
another company the next weekthat had a $400 million security
breach. People This, this isalmost easier to steal, than by
giving somebody bankinginformation.
Colton Cockerell (10:06):
So explain that. So when you say a $400
million breach, are you sayingthat people are going in and
they actually stole $400 millionworth of crypto from? Yes. Wow,
that's scary.
Douglas Hord (10:18):
But it's beyond scary. And then now that there
are all these unregulatedplayers who are trying to
aggregate crypto holdings, withpromises of returns that are
very Bernie Madoff, like rightnow. You're basically giving
away control of your cryptoassets, for the promise of daily
(10:40):
interest payments between sevenand 20%. But then, there's no
regulation, there's no security,there's no bond, there's no
anything to prove that yourmoney is being handled
correctly, or it's being used tobuy a Maserati. Who knows,
right? Galee.
Trisha Stetzel (10:59):
Yo, can I hear I'd like to take this to a less
technical place, but a morecomplicated place. Can I want to
talk about buying a bottle ofwine that you can't drink?
Colton Cockerell (11:12):
So you transition to NFT's I like it.
Okay,
Douglas Hord (11:15):
NFT's are so new that there's barely any Treasury
guidance on how we're supposedto deal with that. Basically,
any sort of digital image can bepurchased and owned. To me the
most hilarious thing about it ispeople are posting pictures of
the NFT's that they've purchasedon twitter and reddit and other
(11:40):
public forums. And then somebodyjust goes right Chrome, right
click Save image as. Okay,thanks. It's so it's not it's
Colton Cockerell (11:52):
it's there. No IDC and that's that's exactly
what I said. Is there not an IDor anything attached to the
actual NFT? Because I said, Iwould just go ahead and just
steal everyone's NFT's by justcopying. Yeah, just saving to a
folder.
Douglas Hord (12:05):
Yeah. Well, they're supposedly blockchain
verified. However, there's zerosecurity.
Colton Cockerell (12:17):
So let's Okay, so let's actually talk about how
those actually how you tradethem because this is i This is
just very confusing. I couldtake a picture of Trisha right
now with her permission, ofcourse, and I can use say, Hey,
here's a Trisha Stetzel NFT.
Okay, so I can say that I boughtthis for 20 bucks. Alright, then
Douglas, you might come alongand say, Hey,
Trisha Stetzel (12:37):
wait, wait more than 20
Colton Cockerell (12:40):
a million dollars. And then Gaga says you
know what, hey, you know what?
Okay, why not? You know, Trishais a good friend of mine. I'm
gonna pal pay Colton. 1.1million for it. Boom, right?
Which wouldn't happen, right?
It's so ridiculous. But thething is, I don't understand
that you can trade these things.
The only people who in myopinion, I could be wrong, that
make money and NFT's arecelebrities, famous people that
create NFT's because Oh, it'sjust like the Logan Paul
(13:03):
Charzard card. Oh, so Logan,Paul own this NFT? Well, he can
sell it for like 10 times 20times what he bought it for
because it was his NFT at onepoint. So how does that make any
sense to trade these things?
Douglas Hord (13:18):
It doesn't. There again, it's just as you as you
were describing about cryptoassets. They are based entirely
on demand and supply. But withNFTs, there's basically an
unlimited supply. One of thethings that drives crypto values
is that each coin issue willstate a maximum number of coins
(13:43):
that will be issued. So theycreate a an appearance of
scarcity. Right? But with NFT'swe could just take the former
president's wife who isgenerating a bunch of NFT's to
sell for her charity. And sheshe knows create more than like,
(14:03):
what's the exclusivity there?
Colton Cockerell (14:06):
Right? But again, it was a Melania Trump
NFT. So again, they're gonna buyit's gonna have more value, you
know, and so, I mean, I mightbuy an NFT if I have a friend
who created something and justto help now pay five bucks for
one I mean, I can I'll do thatbut again, I just don't I just
don't see the value there's nodemand there's no physical asset
(14:26):
everything is digital, I thinkyou get to a really scary place.
And like you said a whole loteasier to to see fraud and theft
because digital assets areprobably more exposed versus me
putting you know gold in a safeor you know something or having
the SEC actually monitor alltransactions that I invest in
right so dangerous, man. We arecoming right here on the on the
(14:48):
dot. Trisha, I could talk wecould probably go 30 minutes in
this podcast once you wrap thisup so we can stay within our
parameters.
Trisha Stetzel (14:55):
Yeah, absolutely. Douglas. Thank you
as always for coming and talkingto us and I haven't seen Colton
this excited in a really longtime.
Douglas Hord (15:06):
Yeah, Colton, I need to get together and knock
back a couple bottles of wineand just do a whole lot of
giggling.
Colton Cockerell (15:12):
It's not not real bottles. Yeah. Not NFT's
real. No.
Douglas Hord (15:17):
Real bottles of wine.
Trisha Stetzel (15:20):
Thank you for being on the show, Doug, Hord My
Tax Guy, Houston. And by theway, if you want to get in touch
with Douglas and talk morecryptocurrency all of his
contact information, as well ashis social connections are in
the show notes. So please helpyourself and connect with
Douglas offline. Douglas. Welook forward to having you back
(15:42):
in a few months, so we can talkmore about financial wellness on
the show. Sounds great. Thankyou. Thanks, Doug. Absolutely.
So tune in next week for anotherexciting episode of Bridge the
Gap where we'll be focused onfinancial independence for the
rest of the month.
Colton Cockerell (15:59):
And we're going to be speaking to a loan
officer, Mr. Trey Garcia, soit's gonna be a lot of good
information.
Trisha Stetzel (16:05):
See you guys on the other side.
Colton Cockerell (16:08):
Thanks again for tuning into this week's
podcast. Don't forget tosubscribe and share this podcast
with the most important peoplein your life. Colton Cockerell
with Sharer McKinley Group, LLCis located at 820 South
Friendswood Drive Suite 207Friendswood, Texas 77546 phone
number to 281-992-5698.
Securities and investmentadvisory services offered
through NEXT Financial Group,Inc. member FINRA/SIPC Sharer
McKinley Group is not anaffiliate of NEXT Financial
(16:28):
Group, Inc.
Hello and welcome to a another exciting
episode of Bridge the Gap wherewe're balancing life through
health, wealth, business andrelationships.
All right, what is going oneveryone? Welcome to the show.
My name is Colton Cockerell. I'mso excited right now I can't
keep it in. Well first let meintroduce Trisha and then we are
(00:26):
going to go straight toquestions because I am so
pumped. Trisha, what is goingon?
Trisha Stetzel (00:29):
Oh my gosh, Colton really gonna skip me so
you can get straight to ourguests today. Like I'm not
feeling very good about this.
Hey, everyone. Welcome to theshow. Again, this month, we are
focused on financial wellness.
And we're going to talk aboutthe thing that Colton is so
excited about cryptocurrency andwho better to talk about crypto
(00:53):
than Douglas Hord, owner of MyTax Guy, Houston. Douglas,
welcome back to the show.
Douglas Hord (00:57):
Thank you. Glad to be here.
Colton Cockerell (00:59):
Yes. And so before we jump in, Trisha, I did
not forget our sponsor for thisshow is Results Xtreme Business
Solutions. Okay. So let's goahead and jump into questions.
So let's quickly do this. Canyou go ahead and just tell us
for the people who have beenliving under a rock over the
last five years? What iscryptocurrency?
Douglas Hord (01:18):
cryptocurrency is a way to transfer value that is
validated by third parties wherenothing physical changes hands.
Colton Cockerell (01:28):
So the blockchain is what you're
Douglas Hord (01:30):
the blockchain is the third party verification of
the transaction, the digitalledger.
Colton Cockerell (01:35):
Okay. Trisha, I know you want to get some
questions. And I'm trying notjust to not
Trisha Stetzel (01:40):
just well, actually, you know, we were
talking about before the showkind of an update on where we're
at, you know, you guys aretalking about the market and how
big are the swings are and Ihappen to know that there have
been some crazy things happeningsince you guys were talking
about it. Before we jumped on,that we're really seeing some
big swings, and it doesn't seemto be deterring people. Douglas,
(02:02):
can you give us an update?
Douglas Hord (02:05):
This the whole idea of crypto and NFTs are
basically day trading formillennials and Gen Z. I have
seen some older people get intoit. Primarily the the people who
are participating in this spaceare male, many of them are
single, and they all want tobasically get rich quick.
Colton Cockerell (02:27):
Let's talk about this because you are a tax
guy. I don't want to just talkabout crypto, it is related to
crypto. So you've been hearing alot about the federal
government. They're crackingdown on crypto, and we saw it
starting in 2020. With the taxeswhenever they're asked, Hey, do
you exchange Do you sell? Didyou buy any crypto? So what are
you seeing from the tax side ofthings when crypto is coming
around? And are they able now tohave more? I guess show the
(02:51):
transactions because I know thatthere's no 1099 being issued
back then. So can you explainkind of the I guess evolution of
cracking down on the taxes
Douglas Hord (03:00):
at this point. Now there are two exchanges Coinbase
and one other one that willissue 1099 B's, that's because
they've been required to they'reboth US based companies. It's
pretty easy to track whensomebody is buying and trading
in crypto because they you know,their banking activity, people
convert this stuff to fiat sothat they can actually spend it.
(03:22):
So the IRS is notifying peoplethat they either suspect or
believe have been trading thatthey had they believe that they
had crypto trades that arereportable that they did not
report and then you have 28 daysto respond, or they're going to
assume you were it's still notas tightly controlled as
(03:44):
securities futures or or othertraded equities. But it's
getting there. And at thispoint, if you don't answer the
question, Did you buy tradesell, hold exchange blah. You
can't even file the return. Itwon't go through.
Colton Cockerell (04:03):
Wow. Well, and so again, I feel there's
probably a ton of fraud goingon. No, I didn't write in
crypto. I didn't exchange No.
Douglas Hord (04:16):
Yeah, the semantics that will be argued is
impressive. Um, but yeah, thiswhole I'm looking to aggregate
and, and, and make, you know,massive returns I end up just
like oh my gosh, what's next?
Trisha Stetzel (04:31):
It's interesting to me, Douglas, as you describe
the demographic right, becausewe happen to have someone of
that specific demographic hereon the podcast. As I point to
Colton, for those of you whocan't see my finger pointing at
Colton realizing it Colton is inan industry where that might be
a little iffy. Right. So Colton,do you find I know this show is
(04:54):
not about you, but I'm justcurious, do you find that people
that you're hanging around withright you're own demographic are
trading?
Colton Cockerell (05:03):
Yeah, actually yes, I was at dinner two weeks
ago, or less than two weeks ago,I had a 25 year old male dating.
You know, he's dating somebody Ihad a, my, I won't say who it
is, but had a young 21 year oldsingle. And then I had a married
27 year old, all sittingtogether the table everyone
under 30 years old, all male,has Doug's pointed out every
(05:25):
single one of them, that gavehim my view on crypto, and they
just, you know, they're like,like, Ah, well, you know, it's
gonna go to the moon like, theydon't they don't I don't think
they understand find it like howthe financial systems work,
because we're, I'm hung hung upthat and this is what Doug and I
have talked about in the past,is that with crypto, again, I
don't, I don't see an underlyingvalue. If I if I buy Ford
(05:47):
Motors, and Ford goes under,they at least have physical
assets that they can sell thatcan generate income, right where
they can maybe give mesomething. I mean, I know that,
you know, shareholders like thelast people to get paid. But
still there they have physical,there's fiscal worth there. With
crypto, it's just an NF Ts toit's all supply and demand. So
the demand for crypto so highbecause you hear people like
(06:09):
Mark Cuban, you hear people likeElon Musk go on. They talk about
crypto knowing they have apretty decent sized crypto
portfolio. And so what does thatdo? It drives up the price. I
mean, my goodness, how is how isElon Musk saying that Bitcoin
will now be used for Teslapurchases? How is that not
market manipulation? And then,you know, a few weeks later, he
(06:31):
then says, oh, nevermind, we'renot we're actually not going to
do this now. Well, you know,like, it's just, it's crazy.
I've people are making so muchmoney smart. Like these people
who are wealthy who are they'vealready made a ton of money,
there's making a killing. And Ifeel like they're, it's kinda
like the Gamestop issue thathappened to you know, a year
ago, but in reverse. The youngpeople aren't the ones making
the money. It's the army, therich and powerful people who are
(06:52):
making the money. So I justdon't really like crypto
especially now, let me go into aquestion here. Doug, is what are
you hearing? Because I'm hearinga lot about, you know, China,
United States, they're startingto create this digital currency.
Right? And, you know, I'massuming it's so they can
monitor every single transactionthat we make, right? Kind of
like I guess, like our creditcards. How do you think that's
(07:12):
gonna play into Bitcoin? Becausethere has to be heavy
regulation, right, a digitaldollar for the purpose of
tracking all transactions.
Douglas Hord (07:20):
The last I saw a number there were more than 140
countries looking to createblockchain verified versions of
their fiat currency, US Treasuryis one. My opinion in answer to
your question is, if there was ablockchain verified version of
(07:44):
the euro, or the dollar or thepound sterling. Those would be
used heavily in commercialtransactions. Who would never
touch crypto? Because there's anactual value there. There's, as
you were describing about Fordin the United States, how much
is the United States dollarworth while there's some market,
(08:08):
you know, appeal, driving thevalue of it, but then there's
also tax collections, grossdomestic product growth rates,
population growth, all theseother trends that you can track,
and people who have completelydifferent training than I do,
would be able to come up withwhat that means as a future
value. And then thereby it isset against other fiat
(08:31):
currencies. I think that that'svery interesting. I don't know,
Colton, if you had seen ButRussia has banned crypto holding
and Mining. As has China.
Colton Cockerell (08:45):
I knew China.
I didn't know about Russia.
Yeah,
Douglas Hord (08:47):
that was very recent. And interestingly
enough, Russia's moves the visathe Ukraine yesterday, cause the
crypto market to take a nosedivetoday.
Colton Cockerell (08:58):
Yeah, so I guess we should probably date
this podcast. You know, we'rerecording this on February 22,
2022. Yeah, no, it's been anosedive. Yeah, so 4am. Last
night, Ukraine did get, youknow, there was an invasion by
Russia. And so that but I mean,it wasn't I mean, the stock
market too, did fall a littlebit, but nothing compared to
what crypto did I agreecompletely. Now, let me ask you
(09:19):
this, because Trisha actuallybrought this up to me, and I
thought it was a great question.
She said, Hey, with crypto andblockchain, can someone track my
transactions in the blockchain?
Douglas Hord (09:29):
Generally not know, unless there's a security
breach. And we have to remembercrypto.com Right before they had
their massive Superbowl ad thattook down their entire website.
They had a $43 million cryptobreach. And then there was
(09:50):
another company the next weekthat had a $400 million security
breach. People This, this isalmost easier to steal, than by
giving somebody bankinginformation.
Colton Cockerell (10:06):
So explain that. So when you say a $400
million breach, are you sayingthat people are going in and
they actually stole $400 millionworth of crypto from? Yes. Wow,
that's scary.
Douglas Hord (10:18):
But it's beyond scary. And then now that there
are all these unregulatedplayers who are trying to
aggregate crypto holdings, withpromises of returns that are
very Bernie Madoff, like rightnow. You're basically giving
away control of your cryptoassets, for the promise of daily
(10:40):
interest payments between sevenand 20%. But then, there's no
regulation, there's no security,there's no bond, there's no
anything to prove that yourmoney is being handled
correctly, or it's being used tobuy a Maserati. Who knows,
right? Galee.
Trisha Stetzel (10:59):
Yo, can I hear I'd like to take this to a less
technical place, but a morecomplicated place. Can I want to
talk about buying a bottle ofwine that you can't drink?
Colton Cockerell (11:12):
So you transition to NFT's I like it.
Okay,
Douglas Hord (11:15):
NFT's are so new that there's barely any Treasury
guidance on how we're supposedto deal with that. Basically,
any sort of digital image can bepurchased and owned. To me the
most hilarious thing about it ispeople are posting pictures of
the NFT's that they've purchasedon twitter and reddit and other
(11:40):
public forums. And then somebodyjust goes right Chrome, right
click Save image as. Okay,thanks. It's so it's not it's
Colton Cockerell (11:52):
it's there. No IDC and that's that's exactly
what I said. Is there not an IDor anything attached to the
actual NFT? Because I said, Iwould just go ahead and just
steal everyone's NFT's by justcopying. Yeah, just saving to a
folder.
Douglas Hord (12:05):
Yeah. Well, they're supposedly blockchain
verified. However, there's zerosecurity.
Colton Cockerell (12:17):
So let's Okay, so let's actually talk about how
those actually how you tradethem because this is i This is
just very confusing. I couldtake a picture of Trisha right
now with her permission, ofcourse, and I can use say, Hey,
here's a Trisha Stetzel NFT.
Okay, so I can say that I boughtthis for 20 bucks. Alright, then
Douglas, you might come alongand say, Hey,
Trisha Stetzel (12:37):
wait, wait more than 20
Colton Cockerell (12:40):
a million dollars. And then Gaga says you
know what, hey, you know what?
Okay, why not? You know, Trishais a good friend of mine. I'm
gonna pal pay Colton. 1.1million for it. Boom, right?
Which wouldn't happen, right?
It's so ridiculous. But thething is, I don't understand
that you can trade these things.
The only people who in myopinion, I could be wrong, that
make money and NFT's arecelebrities, famous people that
create NFT's because Oh, it'sjust like the Logan Paul
(13:03):
Charzard card. Oh, so Logan,Paul own this NFT? Well, he can
sell it for like 10 times 20times what he bought it for
because it was his NFT at onepoint. So how does that make any
sense to trade these things?
Douglas Hord (13:18):
It doesn't. There again, it's just as you as you
were describing about cryptoassets. They are based entirely
on demand and supply. But withNFTs, there's basically an
unlimited supply. One of thethings that drives crypto values
is that each coin issue willstate a maximum number of coins
(13:43):
that will be issued. So theycreate a an appearance of
scarcity. Right? But with NFT'swe could just take the former
president's wife who isgenerating a bunch of NFT's to
sell for her charity. And sheshe knows create more than like,
(14:03):
what's the exclusivity there?
Colton Cockerell (14:06):
Right? But again, it was a Melania Trump
NFT. So again, they're gonna buyit's gonna have more value, you
know, and so, I mean, I mightbuy an NFT if I have a friend
who created something and justto help now pay five bucks for
one I mean, I can I'll do thatbut again, I just don't I just
don't see the value there's nodemand there's no physical asset
(14:26):
everything is digital, I thinkyou get to a really scary place.
And like you said a whole loteasier to to see fraud and theft
because digital assets areprobably more exposed versus me
putting you know gold in a safeor you know something or having
the SEC actually monitor alltransactions that I invest in
right so dangerous, man. We arecoming right here on the on the
(14:48):
dot. Trisha, I could talk wecould probably go 30 minutes in
this podcast once you wrap thisup so we can stay within our
parameters.
Trisha Stetzel (14:55):
Yeah, absolutely. Douglas. Thank you
as always for coming and talkingto us and I haven't seen Colton
this excited in a really longtime.
Douglas Hord (15:06):
Yeah, Colton, I need to get together and knock
back a couple bottles of wineand just do a whole lot of
giggling.
Colton Cockerell (15:12):
It's not not real bottles. Yeah. Not NFT's
real. No.
Douglas Hord (15:17):
Real bottles of wine.
Trisha Stetzel (15:20):
Thank you for being on the show, Doug, Hord My
Tax Guy, Houston. And by theway, if you want to get in touch
with Douglas and talk morecryptocurrency all of his
contact information, as well ashis social connections are in
the show notes. So please helpyourself and connect with
Douglas offline. Douglas. Welook forward to having you back
(15:42):
in a few months, so we can talkmore about financial wellness on
the show. Sounds great. Thankyou. Thanks, Doug. Absolutely.
So tune in next week for anotherexciting episode of Bridge the
Gap where we'll be focused onfinancial independence for the
rest of the month.
Colton Cockerell (15:59):
And we're going to be speaking to a loan
officer, Mr. Trey Garcia, soit's gonna be a lot of good
information.
Trisha Stetzel (16:05):
See you guys on the other side.
Colton Cockerell (16:08):
Thanks again for tuning into this week's
podcast. Don't forget tosubscribe and share this podcast
with the most important peoplein your life. Colton Cockerell
with Sharer McKinley Group, LLCis located at 820 South
Friendswood Drive Suite 207Friendswood, Texas 77546 phone
number to 281-992-5698.
Securities and investmentadvisory services offered
through NEXT Financial Group,Inc. member FINRA/SIPC Sharer
McKinley Group is not anaffiliate of NEXT Financial
(16:28):
Group, Inc.
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