20 sats \ 18 replies \ @Undisciplined 17h \ parent \ on: BTC Investing: 1 million Sats or Fold(FLD) Stock? An analysis Stacker_Stocks
I don't know if "faith" is the right word. I have a retirement account from a previous job and the Bitcoin ETF is the closest thing in it to Bitcoin. The ETFs only hold Bitcoin (or really, a third party holds it for them), so I don't know why fiat collapsing would wipe out any value.
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46 sats \ 8 replies \ @grayruby 17h
The custodians could go bust or rug you. It’s not without risk but it’s a reasonable option based on the framework you need to work in.
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50 sats \ 4 replies \ @Satosora 17h
I also worry that these 401k companies wont do well once people start to withdraw. What if the etfs dont manage their money well. Even worse....what if they are doing the paper bitcoin scam?
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40 sats \ 3 replies \ @Undisciplined 17h
They're just brokers. They'll be making money as people withdraw. They don't have to manage money (fiat) for the ETF, beyond the transactions to buy and sell the bitcoin. Unless they're committing immense and blatant financial fraud (possible), the declared amount of bitcoin is held by a custodian and the number of shares is public knowledge.
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45 sats \ 2 replies \ @Satosora 17h
Largers companies have fallen to greed. Didnt one company take on too much bad debt and crash the economy?
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40 sats \ 1 reply \ @Undisciplined 17h
No, the federal government's response to one company taking on too much debt may have crashed the economy, though.
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20 sats \ 0 replies \ @Satosora 17h
Didnt one company do that though? Then they tried to unload it and crashed the economy?
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40 sats \ 2 replies \ @Undisciplined 17h
I have to compare that risk to the tax penalty of withdrawing early. I also suspect the financial service provider would be required to make us whole if the custodian rugged them, so that also has to go into the risk calculation.
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13 sats \ 1 reply \ @grayruby 17h
Yes of course. Maybe Trump will confiscate all the custodians bitcoins for his strategic reserve. Then he can have “fun playing with your bitcoins”
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0 sats \ 0 replies \ @Satosora 17h
That would be a major rug pull. Could he actually do that? Maybe it is time for me to lose my keys in a boating accident...
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16 sats \ 8 replies \ @Satosora 17h
I put in enough to get the company match. I will also be putting it into bitcoin through an etf. But I save with the rest of my paycheck for the future. I wouldnt be surprised if the government seizes our 401ks in the future.
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60 sats \ 7 replies \ @Undisciplined 17h
I've never put more into mine than required for matching either.
I don't expect government 401k seizures, but I could easily imagine being required to hold a certain share of US Treasuries. That's as good as a seizure to them and it's easier to pitch politically.
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42 sats \ 6 replies \ @Satosora 17h
You dont expect it, but at the rate they are making debt and printing money, Im sure it could happen.
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40 sats \ 5 replies \ @Undisciplined 17h
Why would it happen, though?
Like I said, making us hold their debt is the same thing financially, so why go through the political headache of confiscating hundreds of millions of peoples retirement accounts?
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37 sats \ 4 replies \ @Satosora 17h
Just imagine, they will give you the fiat and seize your btc. In order to set up their btc reserve, they would be giving you "fair value".
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40 sats \ 3 replies \ @Undisciplined 17h
They will definitely cash it out in fiat. There's no claim whatsoever that it's your bitcoin. The ETF holder only has a claim on the value of those bitcoin transactions. It's the same for any other ETF, like gold or oil or whatever.
That could change if the regulations change in such a way that we can actually hold bitcoin directly in these accounts.
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34 sats \ 2 replies \ @Satosora 17h
Can you imagine if we could hold our own keys? That would be like paradise, but I can see a lot of people abusing that system. Maybe a multi-sig system?
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40 sats \ 1 reply \ @Undisciplined 16h
For legal reasons, it would have to be some form of multi-sig.
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