Bitcoin

Wild Turkey said:
Here is a clue if you are looking for one:

The Department of Labor has advised 401K funds not to put funds that invest in Crypto

www.cpajournal.com

Department of Labor Position on Cryptocurrency Investment in 401(k) Plans - The CPA Journal

Many 401(k) plan sponsors mistakenly believe that they have no liability for investment fund options made available to participants in core investment
www.cpajournal.com www.cpajournal.com

The DOL recently issued a release strongly cautioning plan fiduciaries to exercise extreme care before adding a cryptocurrency option to their 401(k) plan investment menus (see Compliance Assistance Release 2022-01, 401(k) Plan Investments in “Cryptocurrencies,” U.S. Department of Labor, Employee Benefits Security Administration, March 10, 2022). The DOL intends to investigate plans that offer participant-directed investments in cryptocurrencies, question plan fiduciaries as to their fund selection process, and take action to protect participants.

Now Hammer and his minions on this will come out screaming that Bitcoin is NOT Crypto but in this case, I think we can all agree the DOL is not making that differentiation. It's pretty strong language and I was surprised.
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I think what @HammerDown and others are saying is Bitcoin is different than other crypto’s. It’s more widespread. It’s more legitimate. It’s like the dot com craze. Everyone was pouring money into all those dot com companies at the height but many went bust. However, Amazon did not. Amazon was a great deal. He’s saying Bitcoin is the Amazon of the crypto craze. Bitcoin really is different than all the other crypto’s.
 
Wild Turkey said:
Regulation is coming and it is going to center around reporting transactions and filings that are going to be associated with Bitcoin and crypto and there are going to be big penalties associated with not complying.

The United States Government isn't going to allow an unregulated "currency" to undermine the US dollar. They've got a ton of investment in the dollar and even more political/economical capital worldwide with it. They are going to make Bitcoin users jump through hoops to use it and if you don't think so then you are naive.

Congress can, in fact, ban all crypto if they wanted to and there is no constitutional protection so it is up to them if they want to do it. If you think they will ever let it get to the size where it is an actual threat to the USD then you're nuts.
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You don't know what you're talking about. The SEC has already defined Bitcoin as a commodity.
 
Wild Turkey said:
Don't put words in my mouth.

It's not currency the way you are using it as it is a speculative investment (one that you are way too emotionally attached to BTW).
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It is currency. From the first block in 2009 it's been currency. That's what it is. You said it wasn't currency.
 
dbldwn711 said:
I think what @HammerDown and others are saying is Bitcoin is different than other crypto’s. It’s more widespread. It’s more legitimate. It’s like the dot com craze. Everyone was pouring money into all those dot com companies at the height but many went bust. However, Amazon did not. Amazon was a great deal. He’s saying Bitcoin is the Amazon of the crypto craze. Bitcoin really is different than all the other crypto’s.
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Bitcoin is currency. It's a commodity that you buy, sell own. Cryptocurrency tokens are all securities. Obviously they need to be regulated.
 
Swurv said:
You don't know what you're talking about. The SEC has already defined Bitcoin as a commodity.
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He's trolling us. Only possible answer.

Bitcoin is crypto, it's not currency, the government wants to ban it and will but just not yet, you can't use it which doesn't make any difference because no one buys it or wants to, blah blah blah.

Dude literally came into this thread like a bull in a china shop and doesn't even know the definition of currency nor the fundamental difference between commodities and securities. And he's a CPA.

:L
 
My CRO stake is up soon. Should I use the 75% drop in value to buy bitcoin or hope and pray that CRO goes back to even before selling it to buy bitcoin?
 
Swurv said:
Bitcoin is currency. It's a commodity that you buy, sell own. Cryptocurrency tokens are all securities. Obviously they need to be regulated.
Click to expand...

Thanks man. I admit that I don’t know a lot about Bitcoin and the crypto market. I know just enough to be dangerous. I’m also not ready to invest the time necessary to learn it. However, I do watch it. I watch it every day. At this point I know enough that if it gets lower (or I feel an entry point) I’ll buy a little and then invest the time to learn more.
 
Gatorchip said:
My CRO stake is up soon. Should I use the 75% drop in value to buy bitcoin or hope and pray that CRO goes back to even before selling it to buy bitcoin?
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How much do you have? I have a bridge for sale and it'd be perfect for you.
 
Wild Turkey said:
Here is a clue if you are looking for one:

The Department of Labor has advised 401K funds not to put funds that invest in Crypto

www.cpajournal.com

Department of Labor Position on Cryptocurrency Investment in 401(k) Plans - The CPA Journal

Many 401(k) plan sponsors mistakenly believe that they have no liability for investment fund options made available to participants in core investment
www.cpajournal.com www.cpajournal.com

The DOL recently issued a release strongly cautioning plan fiduciaries to exercise extreme care before adding a cryptocurrency option to their 401(k) plan investment menus (see Compliance Assistance Release 2022-01, 401(k) Plan Investments in “Cryptocurrencies,” U.S. Department of Labor, Employee Benefits Security Administration, March 10, 2022). The DOL intends to investigate plans that offer participant-directed investments in cryptocurrencies, question plan fiduciaries as to their fund selection process, and take action to protect participants.

Now Hammer and his minions on this will come out screaming that Bitcoin is NOT Crypto but in this case, I think we can all agree the DOL is not making that differentiation. It's pretty strong language and I was surprised.
Click to expand...
You don't understand the fundamental difference between commodities and securities. You can probably clear that up in just a few minutes. :thumb:
 
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