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It doesn’t make much sense does it? There should be a thriving discussion here. It’s starting to feel like I walked into the wrong bar. Back to Medium and Reddit regrettably.
Thank you for your insights Mark.
Details on the mechanics of expected futures trading:
I’m very interested in hearing what others expectations are for the market dynamics surrounding the advent of futures trading. Does anyone expect there to not be an overwhelmingly large institutional short position? Why wouldn’t the institutional objective be to drive the price into the dirt first and then reverse direction? I realize many expect the “gold suppression” playbook to be used but what if it’s not? Many late participants may lack the testicular fortitude to hold should we reach a 30-50%+ correction resulting in a weak to strong hands transfer. Anyone care to query their crystal ball and share their rationale on where the new equilibrium might be on December 11th?
Other than the possibility of the govt. co-opting the network from within. What other potential near to mid-term price inflection points are you contemplating?
I know many here are eager to hear your thoughts on recent developments in the BTC/ crypto universe. I'm particularly interested in hearing your take on Jamie Dimon's comments and how they're being interpreted in the deeper network, the China lockdown, and especially new reports that central banks are considering the pluses and minuses of issuing their own crypto.
Also hoping Chris et al will include you and/ or your input when preparing the upcoming crypto webinar alluded to in the Q and A of the prior webinar.
The *resiliency* of this newest asset class is increasingly being tested. Of course anything could still happen, hero or zero, but IMHO it's starting to resemble the growing pains, angst and uncertainties of adolescence. I'm becoming more convinced each day that I might actually see BTC reach adulthood.
Apologies for the broken link.
I'm not quite sure what you mean when you say an IRA LLC "carries a significant amount of risk". The prohibitions are clearly stated and easy to understand for anyone with even a marginal understanding of cryptocurrencies, and take less than 5 minutes to learn.
Executive summary: Buy, sell or hold. Don't get creative. Keep your personal finances separate. Don't hold assets at home or in a safety deposit box.
For those that follow the rules, I don't see how the risk can be called "significant". For the few that choose not to follow these simple rules, it may certainly be easier to make prohibited transactions.
If interested in comparing costs and set-up time, I have found irafinancialgroup.com to be very efficient in setting up a checkbook IRA LLC at a competitive price. They also have specialists and lawyers available for any questions that come up while opening the account, or down the road when the inevitable questions arise, for a low annual fee (unlimited access). They are currently waiving some of their account setup and custodial fees until 2019. There are reputable lower cost custodians (iraservicestrust.com) but they won't answer the legal and practical questions that many will have.
I would be interested in hearing how others with IRA LLC's are planning to manage their cold storage (device, location/trustee) to ensure compliance with the following, which also likely applies to holding crypto:
The tax spike mentioned in David Collum's article can easily be avoided by gradual conversion. As mentioned below, retirement funds may be at risk regardless of Roth or deferred-type account status which can only be controlled by not having them there in the first place. There seems to be no consideration for the primary argument for the Roth. It's easier and cheaper to tax than to confiscate. If tax rates balloon in the future, paying a marginal tax rate now, may in retrospect look prescient, or am I missing something?
I spoke to one of their engineers today. They should respond to some of the questions raised within 24 hours. I wouldn't beat the product up too badly just yet.
I'll submit your questions and comments to the creators. I'm interested in their answers too.
I haven't received the panels yet. They're still in pre-production. My comment on installation was from the creator in response to a question on the difficulty of installation, which was stated to be DIY for those with basic skills.
I'm in the northeast. The utility has blessed the installation in concept and will be installing a new meter so we can push to the grid with additional panels when the time comes, if the shakedown run with four proves successful.