southsider2k5 Posted March 19, 2020 Share Posted March 19, 2020 14 minutes ago, BrianAnderson said: You can try me on any bitcoin angle and I'll have a rebuttal. I've spent at least 30 mins a day for 4 years researching almost every angle. The thing that is holding back bitcoin is ease of use. Setting up and controlling your own wallet is quite tough. UX has actually been improved quite a bit through Coinbase, Gemini, CashApp, etc. The trouble remains the ease of transferring your funds to your own control, to your own wallet. It's not even all that tough, but I'll be damned if isn't never wracking. It's easier with practice, but remains way too tough and scary for probably 95% of the population. Until that is changed (and Square being FDIC approved just yesterday does intrigue me a ton) then it will be tough to make the jump as a P2P operation. However that doesn't stop it from being a tool utilized by the banking masses as another investment tool. Working 18 hours a day + at least half hour a day researching too? Add in time for all that White Sox knowledge, market knowledge and everything else, plus taking care of a wife with corona. Keep up the good work and they might make you President one day! Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 19, 2020 Share Posted March 19, 2020 9 minutes ago, South Sider said: Hey everyone. Some of you guys are way smarter than I am when it comes to stuff like this, so could I grab some advice perhaps? I have a big decision on my plate and want to hear as many opinions as possible. So I'm actually transitioning jobs right now and in order to get more control over the money in my 401K, I went ahead and quit that job so that I could move that money into something I have more control over. A few of the options I'm considering are: 1) Roll it all over into a Roth IRA, pay the penalties and taxes now, and use the rest to buy stocks and ETFs that I think will rebound nicely. 2) Roll it all into a Traditional IRA, pay no taxes right now but if I were to ever withdraw before age 60, pay penalties and taxes on (potentially) higher funds. 3) Do a split sort of contribution, say $6,000 into a Roth IRA for my 2019 contribution and the rest into a brokerage account where, yes I'd pay again full penalties and taxes on but then I'd have more accessible funds. I do realize this is a very personal decision with personal factors to consider, but if anyone has any real world experience or opinions to offer, I am all ears. I also understand that I only have a very rudimentary understanding of this, so if I missed any important nuggets, please share. Thanks everyone! I would roll to an IRA. But you quit a job to gain control over your retirement money? In this economy? That is a terrible idea. Quote Link to comment Share on other sites More sharing options...
soxfan49 Posted March 19, 2020 Share Posted March 19, 2020 (edited) 11 minutes ago, South Sider said: Hey everyone. Some of you guys are way smarter than I am when it comes to stuff like this, so could I grab some advice perhaps? I have a big decision on my plate and want to hear as many opinions as possible. So I'm actually transitioning jobs right now and in order to get more control over the money in my 401K, I went ahead and quit that job so that I could move that money into something I have more control over. A few of the options I'm considering are: 1) Roll it all over into a Roth IRA, pay the penalties and taxes now, and use the rest to buy stocks and ETFs that I think will rebound nicely. 2) Roll it all into a Traditional IRA, pay no taxes right now but if I were to ever withdraw before age 60, pay penalties and taxes on (potentially) higher funds. 3) Do a split sort of contribution, say $6,000 into a Roth IRA for my 2019 contribution and the rest into a brokerage account where, yes I'd pay again full penalties and taxes on but then I'd have more accessible funds. I do realize this is a very personal decision with personal factors to consider, but if anyone has any real world experience or opinions to offer, I am all ears. I also understand that I only have a very rudimentary understanding of this, so if I missed any important nuggets, please share. Thanks everyone! How long were you at that employer? Edited March 19, 2020 by soxfan49 Quote Link to comment Share on other sites More sharing options...
he gone. Posted March 19, 2020 Share Posted March 19, 2020 3 minutes ago, southsider2k5 said: Working 18 hours a day + at least half hour a day researching too? Add in time for all that White Sox knowledge, market knowledge and everything else, plus taking care of a wife with corona. Keep up the good work and they might make you President one day! I mean i can sincerely hope that isn't you being sarcastic. but if it is - then i just hope you find peace in your own life. cause mines a walking shit show right now. I'm logging long effing hours right now. My life isn't going great - but my job is to protect my employer from losses. So yes, I am on calls with CEO's and CFO's for hours a day demanding money from them to protect my employer. You think that it doesn't fucking rip my brain in every direction trying to take care of my wife and my job at the same time? If you want to add on to it, I am going through a complete gut job to my house, and have to move out to find another house to live in while (hopefully) my house gets finished so I don't infect my contractors while im stuck in quarantine. We literally just got the news today from the doctors. Likely have to carry a long term rent once we go full quarantine in the US /factories shut down and can't have a kitchen or work completed on my house. I literally wake up at 6:30 and work til 10pm ... so what is that ... 15.5 hour days. sorry. i rounded up. go eff yourself is actually what i mean. and i can get banned by the mods i dont give a flying shit. i hope you don't have to go through a personal pandemic in your life. I'm out. The health of my wife is #1 in my life. Peace Sox talk. Buy bitcoin. pay attention to what people do. I'm extremely pissed now. Be smart out there. This will be my last post on this board and you can mark that down and time stamp it and seal/mail it. People are assholes in this world. 2 Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted March 19, 2020 Share Posted March 19, 2020 27 minutes ago, BrianAnderson said: Also - the point was to add a rebuttal to this narrative that was presented above that the "majority" of use for bitcoin is on illegal activity. 1% isn't the majority by A LONG stretch That only really rebuts something if you can add a similar number for the dollar to compare. Quote Link to comment Share on other sites More sharing options...
Southwest Sider Posted March 20, 2020 Share Posted March 20, 2020 (edited) 28 minutes ago, southsider2k5 said: I would roll to an IRA. But you quit a job to gain control over your retirement money? In this economy? That is a terrible idea. I am already working full time at my new job. I was keeping the other one around as a weekend job. I am definitely doing an IRA. Probably Traditional. Just wondering what y'all think. Edited March 20, 2020 by South Sider Quote Link to comment Share on other sites More sharing options...
Southwest Sider Posted March 20, 2020 Share Posted March 20, 2020 28 minutes ago, soxfan49 said: How long were you at that employer? Almost 10 years. Quote Link to comment Share on other sites More sharing options...
Soxbadger Posted March 20, 2020 Share Posted March 20, 2020 4 hours ago, Soxbadger said: No it wont. A few years ago my former law clerk was telling me how great bitcoin was. I asked him to find a single thing outside of illegal transactions (he was using it for offshore gambling) that bitcoin was better at than regular money. To this day he has never successfully been able to argue 1 thing it was better for. I get why bitcoin has a niche, its for illegal goods/trade/etc. 53 minutes ago, BrianAnderson said: Also - the point was to add a rebuttal to this narrative that was presented above that the "majority" of use for bitcoin is on illegal activity. 1% isn't the majority by A LONG stretch I never said "majority", I said that is the one area where bitcoin is superior to regular currency. Quote Link to comment Share on other sites More sharing options...
soxfan49 Posted March 20, 2020 Share Posted March 20, 2020 21 minutes ago, South Sider said: Almost 10 years. Go traditional. No financial advisor from a compliance standpoint would probably do the Roth. The penalties and taxes on a 401k that's been around for 10 years will be borderline nuts. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 20, 2020 Share Posted March 20, 2020 46 minutes ago, South Sider said: I am already working full time at my new job. I was keeping the other one around as a weekend job. I am definitely doing an IRA. Probably Traditional. Just wondering what y'all think. Traditional for sure. No reason to pay taxes. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 20, 2020 Share Posted March 20, 2020 Another insider. https://www.thedailybeast.com/sen-kelly-loeffler-dumped-millions-in-stock-after-coronavirus-briefing Quote Link to comment Share on other sites More sharing options...
soxfan49 Posted March 20, 2020 Share Posted March 20, 2020 23 minutes ago, southsider2k5 said: Another insider. https://www.thedailybeast.com/sen-kelly-loeffler-dumped-millions-in-stock-after-coronavirus-briefing Guillotine time 1 Quote Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted March 20, 2020 Share Posted March 20, 2020 3 hours ago, BrianAnderson said: That's the Mnuchin angle. Then he goes along and hires Coinbase's Chief Legal Officer this week. Makes you think huh? https://cointelegraph.com/news/coinbases-chief-legal-officer-resigns-to-oversee-us-national-banking-system Rule one: watch what people do with their money - not what they say. Also, 1% of total Bitcoin in 2019 is on illegal activity. https://cointelegraph.com/news/515-million-in-bitcoin-spent-on-illicit-activity-this-year-representing-1-of-total-btc-activity#:~:text= And last i checked the majority of illegal activity is conducted via the almighty US Dollar. 1. No one knows the true percentage of criminal movement in either case, but it will be orders of magnitude higher on cryptos. 2. I could care less what Mnuchin says or does, except when it effects policy. But there is a large chunk of the world of finance that agrees with my take, so, I guess you can pick anyone you'd like. They see it for it's potential but not as an actual currency. 3. On your other post, you really actually think that moving funds from USD (or other core currencies) to crypto is giving "the people" power? That's like saying moving money into some non-licensed scheme run by Tony Breakyourface is giving you more control. Sure it's moving partially out of the regulated space but you are entering the financial void too. That's not power, it's gambling. Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted March 20, 2020 Share Posted March 20, 2020 2 hours ago, southsider2k5 said: Another insider. https://www.thedailybeast.com/sen-kelly-loeffler-dumped-millions-in-stock-after-coronavirus-briefing Her husband is chair of the company that owns the New York Stock Exchange. They were near a deal for EBay in early February then abruptly pulled out. He has also sold large numbers of shares in the last month. https://www.bizjournals.com/atlanta/news/2020/02/06/intercontinental-exchange-calls-off-possible-bid.html https://www.gurufocus.com/news/1073064/intercontinental-exchange-inc-ice-ceo-jeffrey-c-sprecher-sold-153-million-of-shares Quote Link to comment Share on other sites More sharing options...
gatnom Posted March 20, 2020 Share Posted March 20, 2020 This may be a bit of a hot take, but I wonder how much people here would change their tunes on bitcoin if they weren't paid in USD. Quote Link to comment Share on other sites More sharing options...
caulfield12 Posted March 20, 2020 Share Posted March 20, 2020 Note: this article came out before recent State of NY announcement about only essential service workers allowed to report...not quite the California shutdown, but close The U.S. labor market is about to experience even more pain, with Bank of America issuing a bleak forecast for initial unemployment insurance claims to soar to 3 million, as the coronavirus (COVID-19) disrupts the labor market. That would be the largest increase on record. With the COVID-19 crisis shutting down entire cities and countless businesses, unemployment is already on the rise. During the week ending March 14, jobless claims jumped to 281,000, up from the 211,000 a week prior. Now, BofA expects that the week ending Sunday will start to reflect the full force of food, retail and other service jobs laying off employees en masse. Major cities — and as of Thursday, the entire state of California — are urging residents to stay at home as new cases surge. “Our forecast is based on a compilation of news reports which show roughly 270k applications have been filed over 19 states through Wednesday,” Michelle Meyer, chief economist for Bank of America Merrill Lynch, wrote in a note on Friday. “Extrapolating from these numbers initial jobless claims will easily be in the millions, showing the immesh economic disruption the COVID-19 outbreak is having on the U.S. economy,” she added. yahoo.com/finance Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 20, 2020 Share Posted March 20, 2020 10 hours ago, gatnom said: This may be a bit of a hot take, but I wonder how much people here would change their tunes on bitcoin if they weren't paid in USD. That is quite literally the point. Quote Link to comment Share on other sites More sharing options...
Kyyle23 Posted March 20, 2020 Share Posted March 20, 2020 Every time they do a briefing the market drops. Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted March 20, 2020 Share Posted March 20, 2020 1 minute ago, Kyyle23 said: Every time they do a briefing the market drops. As it should. Blaming the Chinese does nothing, saying that these immigration restrictions are things they wanted to do a long time ago is backwards, failing to answer any questions about the actual disease response just ensures that the panic continues. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 20, 2020 Share Posted March 20, 2020 Goldman saying a 24% contraction could be recorded in Q2. https://www.google.com/amp/s/www.barrons.com/amp/articles/u-s-economy-could-contract-by-24-next-quarter-goldman-sachs-says-51584713292 Quote Link to comment Share on other sites More sharing options...
Soxbadger Posted March 20, 2020 Share Posted March 20, 2020 53 minutes ago, Kyyle23 said: Every time they do a briefing the market drops. If he wasnt so stupid hed realize hes tanking the market and keep quiet. Quote Link to comment Share on other sites More sharing options...
ptatc Posted March 20, 2020 Share Posted March 20, 2020 2 minutes ago, Soxbadger said: If he wasnt so stupid hed realize hes tanking the market and keep quiet. Maybe he is doing it on purpose because he knows it's going down and he can claim a greater improvement once it goes up. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 20, 2020 Share Posted March 20, 2020 4 minutes ago, Soxbadger said: If he wasnt so stupid hed realize hes tanking the market and keep quiet. Or he is short the market because he knew this all along. Quote Link to comment Share on other sites More sharing options...
ptatc Posted March 20, 2020 Share Posted March 20, 2020 Just now, southsider2k5 said: Or he is short the market because he knew this all along. also possible. Quote Link to comment Share on other sites More sharing options...
bmags Posted March 20, 2020 Share Posted March 20, 2020 That this is happening in UK give me some hope US can take away their "stimulus" focus here. UK typically is even more skeptical of unfairness than US, and the idiotic phase-in and means testing proposals of yesterday show how far behind US is in addressing this: Quote Link to comment Share on other sites More sharing options...
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