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re: Official CryptoTalk Thread
Posted on 7/15/21 at 9:26 am to James11111
Posted on 7/15/21 at 9:26 am to James11111
Digital dollar is meant to be spent and used. BTC is meant to store value.
It is an asset.
BTC is a recognized asset. You don't spend your assets. You borrow against them.
Put it to you this way, if you had 10 BTC today. You 100% could use that as collateral at a bank or institution. Today, it is true you might be limited on the banks that would work with you, but the number is growing.
Fidelity announced growing their crypto team. Yes, they have a team.
All I see is growth!
It is an asset.
BTC is a recognized asset. You don't spend your assets. You borrow against them.
Put it to you this way, if you had 10 BTC today. You 100% could use that as collateral at a bank or institution. Today, it is true you might be limited on the banks that would work with you, but the number is growing.
Fidelity announced growing their crypto team. Yes, they have a team.
All I see is growth!
This post was edited on 7/15/21 at 9:32 am
1
Posted on 7/15/21 at 9:32 am to JayDeerTay84
Digital dollar is incredibly bullish for BTC.
Sort of a negative for ETH and other stablecoin platforms. Why would you use any other stablecoins when you can just exchange to digital dollar?
Sort of a negative for ETH and other stablecoin platforms. Why would you use any other stablecoins when you can just exchange to digital dollar?
This post was edited on 7/15/21 at 9:33 am
Posted on 7/15/21 at 10:16 am to bayoubengals88
Hey guys,
I'm new to the crypto game. I'm buying BTC from exchanges while it's down.
I also wanted to invest in BTC in a traditional investment account like a Roth. I'm looking at buying shares of MicroStrategy, Michael Saylor's company, as a proxy for buying BTC, since they own a ton of BTC.
Just curious what you guys' thoughts were on this, and what you guys are doing to invest in BTC in a qualified account?
I'm new to the crypto game. I'm buying BTC from exchanges while it's down.
I also wanted to invest in BTC in a traditional investment account like a Roth. I'm looking at buying shares of MicroStrategy, Michael Saylor's company, as a proxy for buying BTC, since they own a ton of BTC.
Just curious what you guys' thoughts were on this, and what you guys are doing to invest in BTC in a qualified account?
Posted on 7/15/21 at 10:28 am to LSU Jonno
MSTR is an option. Look at BITF also for exposure to miners. Or you could open a Crypto ROTH and buy BTC directly in the ROTH, which could be huge when considering no Capital Gains taxes.
Posted on 7/15/21 at 10:37 am to Tiguar
yea in theory if people become more comfortable using or holding digital assets they will look into btc more as it's issuance is predictable
whereas a CBDC will still have the same properties as the dollar with the relentless money printing
whereas a CBDC will still have the same properties as the dollar with the relentless money printing
Posted on 7/15/21 at 10:40 am to James11111
quote:A central bank digital currency is good for BTC. 1) it gets people into digital currencies and those already in, more comfortable using it and 2) privacy and individual control is killed (i.e. cash today is private and you control what you have) so people may flock to a more private, less controlled solution like BTC.
What do you guys think the long term effect on BTC, creation of a digital dollar will have? Obviously it wouldn’t be obsolete like the chairman said, but do you think it would keep a certain portion of people That don’t know the difference from investing in BTC, thus stunting its growth over the next 10-15 years?
Posted on 7/15/21 at 10:42 am to LSU Jonno
quote:I own MSTR and GBTC in my Roth account. I'd split them evenly, or weight a little more to GBTC while the premium is negative.
I also wanted to invest in BTC in a traditional investment account like a Roth. I'm looking at buying shares of MicroStrategy, Michael Saylor's company, as a proxy for buying BTC, since they own a ton of BTC.
Just curious what you guys' thoughts were on this, and what you guys are doing to invest in BTC in a qualified acco
Posted on 7/15/21 at 1:58 pm to TigerTatorTots
What is yalls crypto exit strategy?
Let's say 5-10 years down the line you have X Million in assets and are ready to retire.
If you borrow against it, you'll still have to pay the loan back. Where does the interest/gains come from once the volatility has settled.
Let's say 5-10 years down the line you have X Million in assets and are ready to retire.
If you borrow against it, you'll still have to pay the loan back. Where does the interest/gains come from once the volatility has settled.
Posted on 7/15/21 at 2:28 pm to Scooba
Take out enough money to do what I want to do with and also pay taxes, reinvest some percentage of it when the bottom falls out again as a hedge
Posted on 7/15/21 at 2:31 pm to Scooba
quote:
If you borrow against it, you'll still have to pay the loan back. Where does the interest/gains come from once the volatility has settled
Keep rinsing and repeating is the thinking. Say your loan has 3% interest rate and BTC goes up 20% a year you just pay the balance back each year and take another one out to live on. All tax free, no income tax.
Posted on 7/15/21 at 2:46 pm to TigeRoots
quote:
BTC goes up 20% a year
Genuinely curious, is BTC still expected to rise +20% annually after say 2030 and >99% are mined?
I could see someone doing it with current growth but it seems very risky should price drop and you default.
Posted on 7/15/21 at 2:51 pm to Scooba
5-10 years is an eternity in the crypto space so it is hard to say what options will be available. Sell some and borrow against some seem like the obvious plans. I do expect to continue holding the majority of what I have for the long haul. Maybe it gets to a value where interest paid on it will fund my annual income, who knows. Would have to see what the space is like 5 years from now to make an educated guess.
Posted on 7/15/21 at 3:18 pm to TigerTatorTots
Reason I ask is because I'm playing it like a gamble (which of course it is). Throw a few thousand in and if it goes 10-20X in the next few years, I'd sell it all and enjoy the reward. I don't see it being the primary source for retirement income; rather, I'm not contributing into it with that goal in mind because of the uncertainty of the exit strategy.
Thanks to all who keep this thread going with great info. Us daily lurkers 'preciate it.
Thanks to all who keep this thread going with great info. Us daily lurkers 'preciate it.
Posted on 7/15/21 at 3:29 pm to Ross
quote:Agree. Partially related story but back in the 2000-aughts, I had alot of friends that worked for Omniture out here in Utah, before they were acquired by Adobe. They were really the first website analytics firm and created that category. Well Google comes into the market and essentially offers a free version of Omniture's platform. Spooked all of my friends, but what actually happened is it provided huge validation and legitimacy for Omniture. In the next 2-3 years salespeople at Omniture didn't have to make sales calls. Companies would just call into Omniture and buy their platform.
I'm not sure how good the crypto marketing will be, but crypto awareness does seem to be spreading so I'm optimistic.
The digital dollar in my opinion can actually offer confirmation to the idea of purely digital assets. Once you arrive at that point mentally, one might realize the digital dollar shares most of the same perceived flaws as the existing fiat with potential additional flaws (arbitrary supply, a central authority telling you when you have to spend your money before its removed from your account in times of economic downturn, etc). So I think the draw of decentralized assets with known tokenomics will still exist, and for something like BTC the scarcity and functional decentralized network will continue to be the main draw.
Posted on 7/15/21 at 5:05 pm to TigerTatorTots
Thanks for the comments all.
I should have caveated that I can't buy crypto directly through my investment firm (no ETFs, no coins, etc.). So I was looking for a few proxy plays.
I should have caveated that I can't buy crypto directly through my investment firm (no ETFs, no coins, etc.). So I was looking for a few proxy plays.
Posted on 7/15/21 at 5:49 pm to TigeRoots
quote:
Say your loan has 3% interest rate and BTC goes up 20% a year you just pay the balance back each year and take another one out to live on
yup.
I'll eventually die with unpaid fiat loan backed by Bitcoin
Posted on 7/15/21 at 5:53 pm to rocket31
Yep, I mean Celsius is offering 1% APR right now. Can’t get much lower and the space is still in its infancy
Posted on 7/15/21 at 6:02 pm to LSU Jonno
Gbtc but read and understand the premium to nav it trades at. This trust is also trying to convert to an etf wrapper and lower the fees.
Posted on 7/15/21 at 6:59 pm to down time
Just buy MSTR. It’s like an ETF with no fees
Posted on 7/15/21 at 9:51 pm to TigeRoots
It ain’t a bad idea to keep some btc always in reserve as collateral to do nothing but borrow against.
Never take out another car loan ever again.
Never take out another car loan ever again.
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