PlanB: “I have transferred my bitcoin to ETFs” \ stacker news ~bitcoin

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PlanB: “I have transferred my bitcoin to ETFs”x.com/100trillionusd/status/1890721205059031311

354 sats \ 27 comments \ @supratic 15 Feb bitcoin

141 sats \ 3 replies \ @HardMoney 15 Feb

Wonder if this is the new “lost keys in a boating accident” to dissuade wrench attackers from thinking they can get your seed words via home invasion

33 sats \ 2 replies \ @siggy47 15 Feb

Good point. I hope so.

36 sats \ 1 reply \ @gmd 16 Feb

I think this is becoming increasingly popular. In this interview on MFM this guy claims to be 100% in on BTC since 2013 but then claims it's all via third party custody.

No one wants to paint a target on themselves unnecessarily.

33 sats \ 0 replies \ @siggy47 16 Feb

Target? When coinbase Prime's gigantic honeypot gets cracked there will be many targets.

243 sats \ 0 replies \ @siggy47 15 Feb

Of course he has a right to do what he wants to do, but I think this is a bad sign overall if all these "influencers" start normalizing this idea. It just adds to the big finance coopting of bitcoin. I need some more @JoeNakamoto Peru stories to feel better.

30 sats \ 0 replies \ @IamSINGLE 16 Feb

What's Plan B? He's choosen plan C which is only a plan with no objective!

76 sats \ 0 replies \ @sime 15 Feb

Dude doesn't believe in he first line of the whitepaper

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

9 sats \ 10 replies \ @freetx 15 Feb

I wonder how he achieved that in a tax efficient manner? Do euro ETFs allow in-kind creation?

30 sats \ 3 replies \ @justin_shocknet 15 Feb

BREAKING:

10 sats \ 2 replies \ @Bell_curve 15 Feb

Unrealized capital gains tax is unconscionable

19 sats \ 1 reply \ @028559d218 15 Feb

i don't see how it is even enforcable

41 sats \ 0 replies \ @justin_shocknet 15 Feb

It wasn't enforceable on his Bitcoin until he put it into an ETF

30 sats \ 4 replies \ @justin_shocknet 15 Feb

Just ran some hypotheticals out of curiosity, I knew euros were serfs but had no idea it was this bad...

In the US for example, with standard deductions for a family of 4 you, could roll over almost 100k without paying any taxes in a given year without a special tax deferment vehicle

The same scenario in most of Europe would cost about 50%, not including all the other pain like VAT they endure day to day.

So for him to do it tax efficiently, the value he rolled over would have to be under 10-20k total value.

Now it seems like Germany specifically has a rule for Bitcoin gains to be tax free if held for at least a year, but that's an outlier... Malta seems to be a tax haven also. Multiple AI chats can't seem to point out any other ways he'd have been able to avoid regular taxes.

9 sats \ 3 replies \ @freetx 15 Feb

Since in-kind doesn't seem to exist....I would imagine the most likely approach he took was:

Move some btc to a 401k-style retirement account
Sell bitcoin inside tax protected / deferred retirement account
buy BTC ETF (Coinshares seems to be most popular EURO one)

(Note: The lack of in-kind creation / redemption is really a crime against nature as it is deliberate and intentional stealing. In an ideal world, RICO cases should be brought against these politicians for clear racketeering)

0 sats \ 2 replies \ @justin_shocknet 15 Feb

AI seems to think there's not really a euro equivalent to 401/IRA that's not employer managed

Europe the lack of in-kind doesn't surprise me since governments there have been suicidal for decades, but I'm surprised the US didn't have in-kind from the jump.

All these borrow against your Bitcoin startups are very sus, in-kind will destroy them overnight given you could just margin against anything rolled to an ETF.

9 sats \ 1 reply \ @freetx 15 Feb

but I'm surprised the US didn't have in-kind from the jump

Yea, they were part of original application put forth by Blackrock (who had huge incentive for it to take all GBTC deposits)...but Gary struck out that line.

Hopefully with a new admin less criminally minded we will see it added back.

in-kind will destroy them overnight

I think adding in-kind + bank custody will wholesale change the entire existing players. The large exchanges like Coinbase will be take over targets...and may continue to exist as an independent brand. However most of the other exchanges will receive offers to buy their customer base which they will either accept and go away or try and stay and fight..

21 sats \ 0 replies \ @justin_shocknet 15 Feb

receive offers to buy their customer base

I think that explains all the lending startups, they're not here for the long term but rather to become acquisition targets.

I do recall seeing something about Hester Pierce etc working on in-kind, fairly certian it'll happen by year end. From a macro-economics standpoint, I think it'll be necessary just to prevent a deflationary death spiral by boosting he money-supply in a way that doesn't hurt the real world with inflated real estate prices and PE multiples.

reply on another page

0 sats \ 0 replies \ @79c9095526 15 Feb

he lives in a jurisdiction that doesn't have capital gains tax. he said as much in his twitter post :)

2 sats \ 0 replies \ @Aardvark 15 Feb

I guess I am not a maximum anymore.

The only explanation is that he literally was never a maxi.

0 sats \ 0 replies \ @galt 16 Feb

Why would he even disclose it and attract a lot of hate from all bitcoiners? Definitely a tactic to remove a target from his head, good try

0 sats \ 0 replies \ @User21000000 15 Feb

Could just be a way to keep himself in the conversation as most stopped talking to him about his bitcoin model ?

0 sats \ 0 replies \ @TheBTCManual 15 Feb

Lol so much for plan B, if you're holding paper Bitcoin, you're very much back in plan A tradFI while you might get some of the price appreciation, you're not getting the security of the network

Eye-opening that someone who has been in the game this long would trade cheap self custody for 2% management fee paper sats

Oh man, the more people feel like ETFS are safe the more I feel like this rugging is going to be the rug of all time

0 sats \ 0 replies \ @79c9095526 15 Feb

I think that moron Doc Kruger (think thats his name) said he was going to do the same when the ETFs were launching. turns out he was both a moron and a scammer (released some shitcoin that he pump/dumped)

0 sats \ 0 replies \ @guts 15 Feb

🤡

0 sats \ 0 replies \ @BlokchainB 15 Feb

His coins his decision. Hopefully the ETFs never get rugged

0 sats \ 0 replies \ @nitter 15 Feb bot

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0 sats \ 0 replies \ @TheBen 16 Feb freebie

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Created a song about this 🤌