Bitcoins/Litecoins/Virtual Currencies

  • Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!



    Go here and give us your nominations!
    Who's been the biggest Asshat in the last year? Give us your worst ones!
Tuco

Tuco

I got Tuco'd!
<Gold Donor>
47,797
82,216
If you buy a bitcoin ETF, don't you have to pay capital gains tax?

I think I only pay capital gains tax on my BTC if I convert it to cuck bucks, which I will never do.
 
  • 1Seriously?
Reactions: 1 user
hory

hory

Bronze Baronet of the Realm
1,886
5,072
You would pay the same tax either way if you're doing things on level.
 
Tmac

Tmac

Adventurer
<Aristocrat╭ರ_•́>
10,026
17,087
TomServo said:
Mstr an ok etf to buy bitcoin shit?
Click to expand...

MSTR isn't an ETF. It's an actual company and it's the one I would suggest you buy. I can explain more if you care that much about what you want to be exposed to per BTC.
 
  • 1Mother of God
Reactions: 1 user
Oblio

Oblio

Utah
<Gold Donor>
11,742
25,707
Sorry didn't finish that thought and responded to Foler.

I owned some BTC from 6+ years ago. That shit has skyrocketed. The comment above was in regards to my large purchase roughly two years ago when BTC was at 45k.
 
Last edited:
  • 2Like
Reactions: 1 users
Foler

Asshat Foler

2024 FoH Asshat
<Gold Donor>
48,194
43,397
Here we go. Initial resistance is broken and 100k conquered. Stand ready and STAY frosty..
 
  • 1Mother of God
Reactions: 1 user
Flobee

Flobee

Vyemm Raider
2,683
3,089
Word is Trump is going to establish the Strategic Bitcoin Reserve via executive order day 1. Eric Trump was onstage for a Bitcoin event in Abu Dhabi recently saying Bitcoin is going to a million. Make of that what you will. Couple good podcasts recently from Luke Groman going over how US could use Bitcoin to essentially pay off the US debt. Its a little complicated but seems plausible... If obviously extreme. Trump himself has joked about it. If its going to happen though, it has to happen very fast.

Edit: podcast in spoiler. Relevant bits start around 1:50:00ish but whole thing worth watching

 
  • 3Like
  • 1Mother of God
  • 1Solidarity
Reactions: 4 users
D

Dalren

Trakanon Raider
26
9
Flobee said:
Word is Trump is going to establish the Strategic Bitcoin Reserve via executive order day 1. Eric Trump was onstage for a Bitcoin event in Abu Dhabi recently saying Bitcoin is going to a million. Make of that what you will. Couple good podcasts recently from Luke Groman going over how US could use Bitcoin to essentially pay off the US debt. Its a little complicated but seems plausible... If obviously extreme. Trump himself has joked about it. If its going to happen though, it has to happen very fast.

Edit: podcast in spoiler. Relevant bits start around 1:50:00ish but whole thing worth watching

Click to expand...

If i have learned anything from the many times i've dismissed Bitcoin (2012-14) or sold early (Covid cycle) it's to never fade the damn thing at this point. Initially in the early eras i thought governements would shut it down, turned out wrong. So i fully expect 1 million in the next 2-5 years is possible. The insane numbers in 20 years could be a reality as well if it truly is a world reserve asset or new large asset class to dump money into.
 
  • 1Like
Reactions: 1 user
hory

hory

Bronze Baronet of the Realm
1,886
5,072
If bitcoin goes to let's say 500k these bitcoin ETFs that are peged will come up with the money to keep buying ? No down side to buying the etfs instead ofnthe actual coins ?
 
Tmac

Tmac

Adventurer
<Aristocrat╭ರ_•́>
10,026
17,087
hory said:
If bitcoin goes to let's say 500k these bitcoin ETFs that are peged will come up with the money to keep buying ? No down side to buying the etfs instead ofnthe actual coins ?
Click to expand...

The downside of not owning actual coin is that you don't own actual coin.

The upside is that you can hide the ETF in your retirement account.
 
Arden

Arden

Blackwing Lair Raider
2,776
2,080
hory said:
If bitcoin goes to let's say 500k these bitcoin ETFs that are peged will come up with the money to keep buying ? No down side to buying the etfs instead ofnthe actual coins ?
Click to expand...

It's supposed to go:

1. Customer buys $100 of the ETF
2. ETF buys $100 worth of spot bitcoin to cover the customer's purchase

It's obviously more complicated than that and I'm sure there are plenty of sneaky ways for the ETFs (and Coinbase) to make money via the lag between etf purchases and spot purchases, as well as through OTC buys. But I think that's the basic idea.

One major concern that doesn't get talked about enough is that all but one of the ETFs use Coinbase to custody their BTC. This is really bad for a number of reasons, not least of which is the single point of failure issue.

I'm invested in the ETFs, but only because it's the best way for me to get BTC exposure in my retirement account. Otherwise I would go spot with self custody all the way. The ETF I use is the only one that does self-custody (FBTC).
 
You must log in or register to reply here.