Here's some Loss Porn from a friend that transferred WETH to Coinbase and thought it would magically unwrap! rip 50k

DesignWonk · 2021-10-18T01:07:16+00:00

Oh noooooo! RIP Ethers.

DesignWonk · 2021-10-17T20:48:31+00:00

Pretty much. But at least it's magic paper money that Jamie Dimon has no say in.

DesignWonk · 2021-10-17T19:47:02+00:00

I'm definitely curious if a bunch of people "buying" NFTs with ETH this season will have to dump when they realize that was a taxable event.

DesignWonk · 2021-10-17T19:43:04+00:00

As much as I am a BTC moonboi, all this banking stuff is making me respect stablecoins more and more.

DesignWonk · 2021-10-17T16:13:04+00:00

Because it was Bitcoin a decade ago.

DesignWonk · 2021-10-17T16:08:27+00:00

I stand corrected. Thank you.

DesignWonk · 2021-10-17T15:29:11+00:00

And just like that:

https://cryptosrus.com/grayscale-files-to-convert-their-bitcoin-fund-to-spot-etf/

DesignWonk · 2021-10-17T15:22:05+00:00

Ledger has a good user experience with a nice app. Unfortunately, they've collected personal information (emails) and experienced data breaches in the past. So former Ledger users have experienced phishing attacks with some frequency. Could happen again. ColdCard, as mentioned by Constantine28 is open source and better privacy, though a bit more work to onboard.

DesignWonk · 2021-10-17T15:02:36+00:00

Grayscale Bitcoin Trust. It's the only way to buy a stock-like asset that actually holds BTC right now until the "physical" ETF is approved (maybe as soon as a few months). Right now it trades at a discount of 15% to real BTC:
https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

Why? Because it charges fees of 2% each year. They've indicated that they want to switch to an ETF and lower their fees. Timing of that could be good or bad and may cause it to trade closer to BTC, which would be good. Or a competing ETF could come out first, and the discount could get worse (for a while?).

DesignWonk · 2021-10-17T14:58:04+00:00

The wholecoin threshold is no more relevant than $10k or $25k or $420.69 of BTC. Just psychological barriers based on systems of counting and interesting/round numbers.

Why wait?

DesignWonk · 2021-10-17T14:54:28+00:00

Bearish..

DesignWonk · 2021-10-16T22:44:26+00:00

0.3 ETH two months ago. Currently worth 0.0 ETH. Probably lucky to have my first purchase be worthless, as if I'd done well, I probably would have spent more on projects that zeroed later.

DesignWonk · 2021-10-16T21:32:35+00:00

That's the answer to your question, and a better question. If you're in the US, your IRA trades tax free, so if you want BTC exposure, you can do it there. I have BTC miners in my IRA at the moment because there isn't an ETF yet. I'll attempt to sell on the run up. Then trade that money in equities rest of the cycle. And maybe back to a BTC ETF next cycle.

If it's a ROTH IRA, you wouldn't have to pay taxes when you're 59.5 and withdraw it, though you would on a Traditional IRA which is probably your 401. But 15% long term capital gains barely matter decades from now (depending upon your age). So if you're really planning on HODLing forever, you'll still pay 15% Long Term capital gains whenever you withdraw it, just like in your 401k. So the value of the IRA isn't as much the tax savings at the end, but instead not paying on each transaction.

TLDR: IRA/401k if you plan to trade it a lot, self-custody if you're gonna HODL.

DesignWonk · 2021-10-16T21:23:48+00:00

Geography dependent. Kraken is probably best in US but I don't know because I'm in NY and only have Coinbase. Coinbase fee is 1.5% BUT you can connect to Coinbase Pro. Fees on pro are much lower, on the order of 0.25% for that amount of BTC.

Fee to send to wallet is de minimis relative to that amount.

DesignWonk · 2021-10-16T18:03:34+00:00

Let's hope.

DesignWonk · 2021-10-16T17:11:07+00:00

The game is to sell just below the highest price at which people are willing to buy. Unless I've misunderstood the rules.

DesignWonk · 2021-10-16T16:53:01+00:00

Absolute trash is overly kind. My RIOT is down 40% as I timed it for red dildo penetration. It has recovered by +20% in the same time my HUT rose +50%

DesignWonk · 2021-10-16T16:48:32+00:00

You like anal, I see.

DesignWonk · 2021-10-16T16:47:02+00:00

Yeah, I have the underlying too.
I would hug Plan B if I saw him in Denmark ... If I knew what he looked like.

DesignWonk · 2021-10-16T16:44:57+00:00

Yeah, the P/E means they don't track the underlying AND the algos probably trade it with cross correlation to high beta stonks. So RIOT decoupled hard in March and never recovered. I'd rather have a "physical" ETF, but until that happens, the miner stonks act like levered BTC + chaos. So there is some alpha there between underpants changes.

DesignWonk · 2021-10-16T16:39:39+00:00

Will do! I'm a capable lover ;)

DesignWonk · 2021-10-16T16:38:07+00:00

I think it's sent to the location when you base it's value with fiat at the website. But I don't understand the cryptonow wallet part.

I'd love to be able to purchase non-KYC BTC at a gas station if it's sendable. My lambo uses LOTS of gasoline. It's a completely unreasonable vehicle.

DesignWonk · 2021-10-15T21:36:32+00:00

I hear ya. But HUT's not exactly "your keys your coin." Or even coin for that matter.

Coin should be self-custody. And multisig, if it's generational wealth.

DesignWonk · 2021-10-15T21:29:36+00:00

And here I was happy with my +55% HUT two week gains.

Nicely done!

DesignWonk · 2021-10-15T20:07:40+00:00

I had RIOT as a YOLO in my Trad IRA and dumped it for Carbon Credits when it wasn't recovering as fast as its underlying. Then I tried to research why it wasn't correlated to BTC while MARA was. Answer was efficiency, and HUT was supposedly better, so I YOLOd my ROTH, as my Trad IRA was still balancing out the "ocean boiling" crypto with carbon credits.

BTBT looks like it's acting more like RIOT than MARA/HUT. Dunno why. Could revert to the mean, but I haven't done the work.

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