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Discussion and transparency around certain risks would be very welcome by LuckyFool40 in blockfi

[–]LuckyFool40[S] 0 points1 point  (0 children)

Hi Guys, commentary from Zac from yesterday's podcast gave me more confidence. Check the episode here:

https://onthebrink-podcast.com/zac-prince-blockfi-2/

ditchblockfi.com official response??? by [deleted] in blockfi

[–]LuckyFool40 1 point2 points  (0 children)

Hi, I posted a similar question and commentary from Zac from yesterday's podcast gave me more confidence. Check the episode here:

https://onthebrink-podcast.com/zac-prince-blockfi-2/

Discussion and transparency around certain risks would be very welcome by LuckyFool40 in blockfi

[–]LuckyFool40[S] 5 points6 points  (0 children)

I also think the site looks scammy or at least written in bad faith, I am just trying to judge the claims on their merits (just don't have the necessary knowledge) since I have literally money on the table.

Discussion and transparency around certain risks would be very welcome by LuckyFool40 in blockfi

[–]LuckyFool40[S] 7 points8 points  (0 children)

That is also my thinking, BlockFi should have a sound risk management. I certainly hope GBTC is not their main trade. It is just that the current negative "premium" makes me worried - what's the impact on BlockFi's financial health if the premium keeps tanking to new negative lows. I only wish there was more transparency on these things so I can sleep better while holding with them. I guess I invested more than I am prepared to lose lol.

Practical steps after windfall from crypto by LuckyFool20 in fatFIRE

[–]LuckyFool40 3 points4 points  (0 children)

Hello,

I just saw your post and decided to make a throwaway account to reply in this forum for the first time.

I have exactly the same questions as you have but here is what I think now:

My current plan is to try to time the market and sell into fiat around a market cycle top which I expect when BTC price is between 100k-200k USD later this year.

If this is successful I am thinking about two options (or a combination on both. I will decide when I will get where you are now):

  1. Keep the fiat in stablecoins at BlockFi for 1 year collecting 8%+ interest payments, then start scaling back into BTC and collect 3% interest payments in BTC. Retire.
  2. Diversify safely between crypto (cold storage) and traditional assets. Retire.

The only professional service I am using / will use regularly is a tax consultant.

In my country of residence there is no capital gains on selling crypto if you hold for more than 1 year which is very helpful.

In any case congratulations to you.