3350 sats \ 3 replies \ @nout 3 Mar 2023 \ on: How can financial advisors help bitcoiners? bitcoin
- Stay humble. If you just started learning there are likely many things you haven't yet discovered/understood. Bitcoin is a long term journey and there is a lot of noise that takes many years to comprehend and filter out.
- Onboard as many people into self custody as possible
- Give them and educate them on correct usage of the tools, specifically securing keys, etc.
- For people that are filing capital gains (their choice, I know DarthCoin will explain otherwise), show them non-custodial and local tools for how to generate LIFO/FIFO from their transactions (i.e. please don't push them into using some monstr privacy destroying online service that asks you to upload all transactions)
- Get solid lists of opportunities where to actually use and spend bitcoin
- Have a well tailored list of materials for each person (e.g. someone may like to read interesting book that you would suggest like Mandibles, Blocksize Wars...)
- By yourself actually learn how to act online fully privately and anonymously. I would suggest you try getting yourself familiar with darknet markets and go through the tutorials about how to use those. I'd expect my financial advisor to have solid set up in terms of privacy and anonymity (e.g. I'd expect you communicate with clients over Signal, use non-Gmail like proton, etc)
I think one time fee for initial set up and then hourly fee for support would be reasonable. There may be some power in in person support.
With Bitcoin the trust building is even more important, so you need to give a great deal of verifiable visibility into what you are doing.
Great stuff, thank you. The good news is I've been researching bitcoin for 3 years. The bad news is it took me about that long to work through all the compliance issues necessary to make bitcoin part of my offering (and there's still more work to do).
To give you an example of the compliance tightrope I'm walking, it would be a violation of SEC rules for me to communicate with clients through a channel that's not monitored by my firm. Several big banks were recently fined $1.8 billion because some of their employees used private apps to communicate with clients.
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The reality of laws and especially policies is that they are conflicting on the margins. No one can follow every policy there is, because the only option to do that would be to literally die (and depending on the type of death that likely also breaks multiple policies).
And so even with SEC type of policies this is about balancing the cost of implementing such policy vs the cost of repercussions when ignoring the policy. This is what all the big players learn - so for the banks the fine was most likely still worth it.
E.g. here are all the fines that banks got for money laundering and cheating users one way or another and yet they continue doing that, because by doing it they earn way more than what they spend on fines.
Now specifically about using privacy tools. The whole point is that if you use those right, then a government won't be able to pin you down.
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I'm going to print this reply and frame it.
(Although, of course, I do not condone it, and I always adhere to every applicable compliance standard, no matter how stupid and contradictory it might be.)
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