Bitcoin is still early

[Tim]

https://www.nytimes.com/2022/02/22/w...e=articleShare

Can you think of a country more similar to the US than Canada? This happened.

I don’t personally support the convoy or their tactics, but the fact that people’s personal bank accounts were frozen due to support of this protest is wild.

The use of legal systems are actually quite different. English, French, and USA have substantial differences. We tend to equate “elections” as being the same. Substantially different as well. Coalitions to elect the Prime Minister? Dissolving the government and calling new elections?
I found in the U.S. Louisiana property laws are based on French law. (Courtesy of Katrina-landlord/tenant rights and obligations).
COVID had governments and states really stretching those “emergency powers”. Still doing it.
BTW, Russia and China claim they have free elections too and court systems too. Different legal systems. The US is unique but subject to the same abuses. “Emergency powers” changed election laws. Trudeau confiscated trucks and property. Pelosi erected fences. Emergency bypasses elections and the laws. Some say it’s okay and and some say not. Yes, the right to work has been removed and property confiscated with “emergency powers”, bypasses the legal systems.

[xraygoggles]

So bought a little GBTC last year (I know, I know, it's not BTC). But, I'm looking at my Vanguard brokerage statement and I have a squillion trades listed on my transaction history (which I didn't trade). I didn't even notice it, but just got a call from my accountant asking what that is all about. Any ideas from the forum before I go to Dr Google?

I've held GBTC (and ETHE) in my Roth at Schwab since 2020 - I've not seen any excess trades (or any trades that i didn't do myself) from the trusts on my statements...

That's really strange - if you figure out what happened, I would be curious to know.

[G]

I've held GBTC (and ETHE) in my Roth at Schwab since 2020 - I've not seen any excess trades (or any trades that i didn't do myself) from the trusts on my statements...

That's really strange - if you figure out what happened, I would be curious to know.

It's on my 1099-B; perhaps you are shielded because it is in your Roth? According to Vanguard rep, as a commodity trust, the expenses are paid by passing a cap gain along as a fee (or was it the other way around). He said that most report the cost basis as zero.

I still don't understand it, but my accountant said "makes sense."

[xraygoggles]

It's on my 1099-B; perhaps you are shielded because it is in your Roth? According to Vanguard rep, as a commodity trust, the expenses are paid by passing a cap gain along as a fee (or was it the other way around). He said that most report the cost basis as zero.

I still don't understand it, but my accountant said "makes sense."

Oh if it's in taxable account, then that's probably why.

Although, if you really wanted bitcoin exposure in a non-tax advantaged account, then the best way to do is to just buy the coins directly. You will save 2% expense fee yearly, and it's really not hard to do.

Coinbase or Gemini make it very easy to purchase. Their UI is similar to any brokerage account.

[GasFIRE]

I've held GBTC (and ETHE) in my Roth at Schwab since 2020 - I've not seen any excess trades (or any trades that i didn't do myself) from the trusts on my statements...

That's really strange - if you figure out what happened, I would be curious to know.

Thanks to Dr. Google I found this on the TT forum: https://ttlc.intuit.com/community/ta...ons/00/2556739
As noted, this is an issue for taxable accounts (I too hold both GTBC and ETHE in my Roth IRA). Apparently the trust sells shares to pay expenses which generates the 1099-B. It’s treated as a Return of Capital rather than a sale of shares so you’re given a Cost Basis Factor to adjust your cost basis. Sounds like a PITA for taxable accounts even though the factor is small.

[xraygoggles]

Bear market in full force now. If one wanted to allocate 1-5% of portfolio in crypto, now would be a reasonable time to start DCA I suppose.

Although I think still more downside ahead for the rest of the year. As quickly as it bubbled up, it can come crashing down. Wouldn't be surprised to see BTC around 20k at some point.

However: Bitcoin has only existed during a secular bull market, so unsure if the returns going forward will be anything like before. If there is continued adoption, then there could be. If not, then it's also possible 70k was the ATH.

[jacoavlu]

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[FunkDoc83]

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How low can we go? Buy the dip?

[FIREshrink]

Every time I post in this thread I signal a short term bottom in BTC.

[billy]

Can we admit that 2020-2021 bitcoin massive gains were a bubble/speculative bet now? That is not to say it has no value, just that the price increase the last 2 years were fueled largely by mass FOMO? Inflations rising, stocks are dropping, isnt this when bitcoin was supposed to rise up and shine?

Will we see the "real" value of it now? Where do those who believe in bitcoin think the true price will be? 30-40k? to the moon? 10-20 k? Will we see 70k again anytime soon?

[billy]

How low can we go? Buy the dip?

If you believe in bitcoin regaining value, I'd assume you'd be throwing money into it right now.

[jacoavlu]

Can we admit that 2020-2021 bitcoin massive gains were a bubble/speculative bet now? That is not to say it has no value, just that the price increase the last 2 years were fueled largely by mass FOMO? Inflations rising, stocks are dropping, isnt this when bitcoin was supposed to rise up and shine?

Will we see the "real" value of it now? Where do those who believe in bitcoin think the true price will be? 30-40k? to the moon? 10-20 k? Will we see 70k again anytime soon?

nobody knows nothing. when markets crash correlation of everything goes to 1

long term investors who are accumulating should care little, beyond being happy that assets are cheaper than they were a little while ago

[Panscan]

One million percent a bubble. It has 0 value.

[Zzyzx]

If you believe in bitcoin regaining value, I'd assume you'd be throwing money into it right now.

only if you want to try to catch a falling knife

[xraygoggles]

"Real value" more in line with 200 week average of 22k-ish.

But if you believe in its adoption rate, then anything sub-30k is prolly not a bad time to add.