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FOHNewb
| Favorite team: | LSU  |
| Location: | Over here |
| Biography: | Born, living, will die at some point. |
| Interests: | Stuff |
| Occupation: | Dollar dollar bills, y'all |
| Number of Posts: | 12 |
| Registered on: | 6/16/2021 |
| Online Status: | Not Online |
Recent Posts
Message
quote:
coinbase and voyager seem to be doing it by the book
Ehhhhhh...Voyager's interest program isn't registered as a security and Coinbase.US doesn't offer it, only international Coinbase does, and if they find out you're using a VPN to bypass their "No US accounts" check they'll lock or cancel your account.
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re: Baton Rouge, Zachary, Felicianas financial advisor?
Posted by FOHNewb on 8/3/21 at 1:47 pm to Tiger In the Swamp
Just don't sign up for a "we take x% of your assets under management per period and we handle everything" program. Unless your investments are crazy complex it's not worth it and the advisor you talk to will hand it off to his brokerage so you're paying the local face for nothing.
And whoever you pick, check them out on BrokerCheck before you sign anything.
And whoever you pick, check them out on BrokerCheck before you sign anything.
Gensler also mentioned the lending platforms and DeFi platforms and said they're offering securities without being registered, that's probably related to the different states that have taken action against BlockFi recently.
I have to agree with him, these platforms have billions of dollars and registration isn't actually that expensive in comparison. These platforms just want to act like banks without anyone being able to look at their balance sheets.
I have to agree with him, these platforms have billions of dollars and registration isn't actually that expensive in comparison. These platforms just want to act like banks without anyone being able to look at their balance sheets.
re: NJ issues cease and desist against BlockFi for their Interest bearing accounts
Posted by FOHNewb on 7/20/21 at 12:49 pm to BottomlandBrew
It said some cryptos aren't securities, some are. It's based on the token's utility.
And this isn't the tokens themselves, this is the interest bearing accounts. Basically, this:
"People give you something of value, then based on the efforts of someone else and NOT the people who gave you something of value, that value is put to work doing something and the people then get more value in return"
is a security UNLESS it's offered by a bank or equally regulated financial institution. They get an exemption. Anything else that follows that profile is a security.
And this isn't the tokens themselves, this is the interest bearing accounts. Basically, this:
"People give you something of value, then based on the efforts of someone else and NOT the people who gave you something of value, that value is put to work doing something and the people then get more value in return"
is a security UNLESS it's offered by a bank or equally regulated financial institution. They get an exemption. Anything else that follows that profile is a security.
NJ issues cease and desist against BlockFi for their Interest bearing accounts
Posted by FOHNewb on 7/20/21 at 11:19 am
Forbes: NJ Issues Cease and Desist Order against BlockFi
This could be writing on the wall for all of the companies selling interest-paying accounts in crypto. I was telling someone about this with regards to Voyager just the other day. I'll be surprised if the SEC doesn't weigh in.
This could be writing on the wall for all of the companies selling interest-paying accounts in crypto. I was telling someone about this with regards to Voyager just the other day. I'll be surprised if the SEC doesn't weigh in.
re: Voyager - VYGVF Due Diligence
Posted by FOHNewb on 7/13/21 at 2:36 pm to AUHighPlainsDrifter
Eh, Binance US has the former head of the OCC and they're in deep shite already :lol:
From an interest-offering standpoint, the way I learned it was if you are a bank under banking regulators, you are exempt, but otherwise you're a security. SOME public body has to be auditing you and ensuring you're mitigating risks and not cooking the books. Even with regulation the banks and securities firms still mess up badly. Celsius and Nexo and Voyager and all these companies could do a lot of damage if institutional money gets involved and they have security lapses or flop.
From an interest-offering standpoint, the way I learned it was if you are a bank under banking regulators, you are exempt, but otherwise you're a security. SOME public body has to be auditing you and ensuring you're mitigating risks and not cooking the books. Even with regulation the banks and securities firms still mess up badly. Celsius and Nexo and Voyager and all these companies could do a lot of damage if institutional money gets involved and they have security lapses or flop.
re: Voyager - VYGVF Due Diligence
Posted by FOHNewb on 7/13/21 at 2:19 pm to tenderfoot tigah
I've been looking at Voyager but I have some trouble with this part of their Terms and Conditions:
" The securities of the Company
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933 (the “Securities Act”), as amended, and may only be
offered, and this presentation may only be made, to persons within the
United States that are “qualified institutional buyers” within the meaning of
Rule 144A under the Securities Act. The Company does not have a class of
securities registered with the Securities and Exchange Commission (the
“SEC”). The Company prepares its disclosure in accordance with the
requirements of applicable securities laws in effect in Canada, which differ
significantly from the requirements of U.S. securities laws.
"
They're offering accounts that pay interest, but they aren't registered as a bank or a security. To my understanding you can't do that. I'll be shocked if regulators don't come down on them. They meet the standard definitions of a security by the usual tests (Howey and Reves) at the federal and blue sky levels. I'm holding off until I can be sure that they aren't going to get into massive legal trouble and see something similar to a bank run.
" The securities of the Company
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933 (the “Securities Act”), as amended, and may only be
offered, and this presentation may only be made, to persons within the
United States that are “qualified institutional buyers” within the meaning of
Rule 144A under the Securities Act. The Company does not have a class of
securities registered with the Securities and Exchange Commission (the
“SEC”). The Company prepares its disclosure in accordance with the
requirements of applicable securities laws in effect in Canada, which differ
significantly from the requirements of U.S. securities laws.
"
They're offering accounts that pay interest, but they aren't registered as a bank or a security. To my understanding you can't do that. I'll be shocked if regulators don't come down on them. They meet the standard definitions of a security by the usual tests (Howey and Reves) at the federal and blue sky levels. I'm holding off until I can be sure that they aren't going to get into massive legal trouble and see something similar to a bank run.
You're doing well but don't let that lull you into a sense of confidence that will result in "I can afford this nicer car", "I can afford a boat", "I can afford a motorcycle" and other hypotheticals that involve depreciating assets.
You want your money working for you. No brand new vehicles, and don't rationalize it as "Oh man, but I'm getting such a great price!" You aren't. They have to make money.
You've done a great job at limiting interest working against you, so after creating an emergency fund (that we only touch for REAL emergencies, right?), put the money to work for you in Roth IRAs and index funds. You're young, so I'd recommend you put a small portion in small cap growth indexes with low fees. And then leave it the heck alone other than to add to it.
What if the market goes down? If planes aren't falling from the sky, the market will recover. Leave it alone and don't realize losses. If the market is truly failing and will never recover, it's apocalypse time and your investments don't matter anymore anyway.
You want your money working for you. No brand new vehicles, and don't rationalize it as "Oh man, but I'm getting such a great price!" You aren't. They have to make money.
You've done a great job at limiting interest working against you, so after creating an emergency fund (that we only touch for REAL emergencies, right?), put the money to work for you in Roth IRAs and index funds. You're young, so I'd recommend you put a small portion in small cap growth indexes with low fees. And then leave it the heck alone other than to add to it.
What if the market goes down? If planes aren't falling from the sky, the market will recover. Leave it alone and don't realize losses. If the market is truly failing and will never recover, it's apocalypse time and your investments don't matter anymore anyway.
Congratulations on the quantity of time you've wasted posting on a message board, champ :rolleyes:
quote:
Glad to see you have so much faith in the honesty of a system that has huge, beneficial advantages for multi-billion dollar institutions.
...you mean capitalism?
BURN THE COMMIE
re: Holding AMC Thread- Diamond hands unite
Posted by FOHNewb on 6/23/21 at 11:38 am to UltimaParadox
I'm also in the industry, and I second the idea to just get index funds for most retail investors if they don't have time to sit on trades. It really isn't hard to just find low-cost index funds. An advisor might make sense if you have a very complicated financial situation, but all most of us do is take a % for putting you in stuff that our firm's CFA's tell us to. We're salespeople, not actual financial experts. Very few advisors know their arse from a hole in the ground when it comes to finance. The exams we take to get licensed are a joke. At one very well-known firm I was with, we were told that we were financial "experts" just because "we knew what a 401k was and that put us years ahead of a layman."
If you do go with a FA, check them out on Broker Check, and call your state's securities regulator to see if there are any disclosures they know of that aren't in the Broker Check system. There are people in the industry I wouldn't trust to run a lemonade stand.
If you do go with a FA, check them out on Broker Check, and call your state's securities regulator to see if there are any disclosures they know of that aren't in the Broker Check system. There are people in the industry I wouldn't trust to run a lemonade stand.
re: Home buying advice
Posted by FOHNewb on 6/16/21 at 1:28 pm to HermanBoone
That leaves $2,220/month before mortgage and the housing market is overpriced AF right now. You COULD technically afford it but on thin ice and your equity will go down when the market cools. I'd keep renting for now, just my $0.02.
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