Cryptocurrency
- Thread starter Playboi Carti
- Start date
I'm picturing my grandma going in to open an account. "Ok now what you'll want to do Mary, is stamp each letter of your password on a metal washer and then bury them at randomly selected locations"
NGL. I enjoy watching crypto crash.
It takes a lot of inner strength to not bug my crypto friends 10x a day about the free falling prices.
It takes a lot of inner strength to not bug my crypto friends 10x a day about the free falling prices.
Just checking back in to see if we are still making the case that crypto is a great way to hedge against inflation. I'll hang up and listen.
Joe Dirt's meteor is going to be worth more than crypto pretty soon.
It won't be long before banks begin to custody Bitcoin for clients.
I personally have a Bitcoin IRA from a financial institution. They custody the BTC. The account was more user friendly and easier to fund when compared to my troweprice brokerage account.
The fact that you can self custody Bitcoin is a unique feature whether you take advantage of it or not.
I don't know about that. I have worked for banks/financial institutions basically my entire professional career. There are a LOT of red flag laws, anti-money laundering laws, reserve requirements, etc. that will make them holding those digital assets a lot more complex and costly than normal financial assets. I'm not even sure how they'd comply with a lot of existing laws and regulations.
Add that to the fact that they aren't going to hold those assets for customers unless they can lend against them, and all of a sudden things get really hairy.
I don’t revel in peoples losses. I have a good friend who had millions in ether and btc. He’s still “up” bc he was in early but he’s obviously not happy.
But I do chuckle with the Celsius Binance terra blocking withdrawals. Maybe crypto will stop being touting “safe and unregulated” alternative to fiat. Bc unregulated really means prone to carpet pulls.
But I do chuckle with the Celsius Binance terra blocking withdrawals. Maybe crypto will stop being touting “safe and unregulated” alternative to fiat. Bc unregulated really means prone to carpet pulls.
Having a few percentage points of my overall retirement plan in bitcoin is pretty common these days. It's not hard to find financial advisors to agree with that amount.
Define common. Because pretty common means "most".
You ask 100 people today on the street who have retirement savings and if more than 1 have it in their plan I'd be shocked.
Fidelity recommending they are going to allow up to 20% of ones 401k to go crypto is just so wrong it's sickening. Remember their "just follow our green arrow to a secure retirement" commercials back in 06, 07. Yah how did that work out for people who thought if they had an account with them that they'd actually care for it.
I'd estimate 95% of financial advisors don't understand how crypto works. And for them to be recommending it to their clients would be wrong.
I have read some of your other posts. I am wondering if we had the same job back in the mid 2000s, lol! You want predatory? How about a 110% LTV refi with 4% origination fees? Or, maybe a neg am? I am aware of everything you are referring to. Unfortunately, I worked for a bank for the better part of my working career. I also had the pleasure of working directly with the CFPB and OCC. There is a reason I am passionate about crypto. I have seen first hand the level of incompetency, inefficiency, and greed that exists in the legacy system.
Regarding bank custody. Even if banks don't self custody, they will use a regulated entity like coinbase to custody for them in order to offer products to clients. Same in the end for clients, really.
Common like common side effects listed for medications (1-10% to be exact). Not most, but not unusual.
So 47% of advisors own Bitcoin, but you assert only 5% know how it works?
Around 47% of advisors say they now own Bitcoin, Ethereum or other crypto assets, up from 24% in 2020 and 17% in 2019, according to Bitwise Asset Management and ETF Trends.
While Fidelity will allow those enrolled in its 401(k) plans to transfer up to 20 percent of their retirement savings into Bitcoin and divert 20 percent of future contributions into the currency as well, no expert that Newsweek spoke with supported staking such a large share of your savings on crypto.
Instead, many recommended far more modest positions, between 1 and 2.5 percent of the total amount you invest. At a maximum, Edelman suggests investing 5 percent of your total savings in crypto, assuming you're adding it to an otherwise well-diversified portfolio and intend to hold onto the investment for at least five years.
Bitcoin in Your 401(k)? Not So Fast, Financial Advisors Say
Just because you may soon be able to buy cryptocurrency in your workplace retirement account doesn't mean you should.
www.newsweek.com
FAs Investing in Crypto; Most Client Allocations are 5% Tops
www.financialadvisoriq.com
I find it crazy that some people put a good portion of their life savings in platforms like Celsius, and think it being “unregulated” is a good thing. From what I read about it last night, it sure looks like a Ponzi scheme.
Coinbase lays off 18% of workforce as executives prepare for recession and 'crypto winter'
Coinbase is laying off almost a fifth of its workforce amid a collapse in crypto prices.
We could see A LOT of layoffs coming up. There is currently an employee shortage where there are at least 2 job listings for everyone looking for work. This is healthy for our economy to trim fat.
Just because they own it doesn't mean they understand it.Common like common side effects listed for medications (1-10% to be exact). Not most, but not unusual.
So 47% of advisors own Bitcoin, but you assert only 5% know how it works?
Around 47% of advisors say they now own Bitcoin, Ethereum or other crypto assets, up from 24% in 2020 and 17% in 2019, according to Bitwise Asset Management and ETF Trends.
While Fidelity will allow those enrolled in its 401(k) plans to transfer up to 20 percent of their retirement savings into Bitcoin and divert 20 percent of future contributions into the currency as well, no expert that Newsweek spoke with supported staking such a large share of your savings on crypto.
Instead, many recommended far more modest positions, between 1 and 2.5 percent of the total amount you invest. At a maximum, Edelman suggests investing 5 percent of your total savings in crypto, assuming you're adding it to an otherwise well-diversified portfolio and intend to hold onto the investment for at least five years.
Bitcoin in Your 401(k)? Not So Fast, Financial Advisors Say
Just because you may soon be able to buy cryptocurrency in your workplace retirement account doesn't mean you should.
FAs Investing in Crypto; Most Client Allocations are 5% Tops
www.financialadvisoriq.com
Was that survey done across the entire spectrum of FAs. From full commission captive to full on fee only.
I see the data. Wow, those must be the financial advisors that got into the business after 2008. And there are A LOT of those.Common like common side effects listed for medications (1-10% to be exact). Not most, but not unusual.
So 47% of advisors own Bitcoin, but you assert only 5% know how it works?
Around 47% of advisors say they now own Bitcoin, Ethereum or other crypto assets, up from 24% in 2020 and 17% in 2019, according to Bitwise Asset Management and ETF Trends.
While Fidelity will allow those enrolled in its 401(k) plans to transfer up to 20 percent of their retirement savings into Bitcoin and divert 20 percent of future contributions into the currency as well, no expert that Newsweek spoke with supported staking such a large share of your savings on crypto.
Instead, many recommended far more modest positions, between 1 and 2.5 percent of the total amount you invest. At a maximum, Edelman suggests investing 5 percent of your total savings in crypto, assuming you're adding it to an otherwise well-diversified portfolio and intend to hold onto the investment for at least five years.
Bitcoin in Your 401(k)? Not So Fast, Financial Advisors Say
Just because you may soon be able to buy cryptocurrency in your workplace retirement account doesn't mean you should.
FAs Investing in Crypto; Most Client Allocations are 5% Tops
www.financialadvisoriq.com
True. So, we have legacy system experts advising the public about their financial investments. And these said experts don't understand an investment that they personally own? Like I said before, incompetence is thick in our system.
Here is the full report that details the respondent profiles.
Until crypto can prove actual utility instead of theoretical utility it is all a Ponzi scheme
