Publicly traded non-custodial bitcoin company. TSXV: BTCW. Bitcoin in your wallet, not our IOU. Canada + all 50 U.S. states.
Joined January 2014
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Bitcoin in Your IRA?!? Here's What Wall Street Doesn't Want You to Know xitter.cf/i/broadcasts/1MJgNbXVV…
Make too much for a Roth IRA? That’s what the backdoor is for.
Reilly and Mark walk through it here: contribute to a traditional IRA, then convert it to a Roth.
The part that trips people up is the pro-rata rule. If you also hold pre-tax money in a traditional, SEP or SIMPLE IRA on December 31, the IRS counts it when it taxes your conversion. An old 401(k) left in the plan doesn’t count. Roll it into a traditional IRA, and it does.
Where your money sits on December 31 matters more than most people expect.
Not tax advice. Please consult a tax professional about your situation.
Sell bitcoin in a regular account and the gain is taxable.
Inside a Roth IRA, buys and sells don’t trigger capital gains tax. You pay tax on the money going in, once, and qualified withdrawals come out tax-free.
Same bitcoin. Different rules.
Not tax advice.
US residents: bitcoinwell.com/ira
Not tax advice. Consult a tax professional.
One of the keys keeping your browser safe was the number 4.
Not a number starting with 4. Just 4.
eMudhra, a certificate authority your browser trusted, signed with eight keys so small a researcher recovered all of them on his laptop in under a second. Browsers are now blocking them.
A proper key would be a random number about 116 digits long.
Your bitcoin private key is the same idea: a random number about 78 digits long, too big for anyone to guess.
The difference is who picks it. The internet lets a list of companies you’ve never heard of pick theirs. With bitcoin, you guarantee that number is random by making it yourself.
Chamath says bitcoin “eventually gets hacked and then it goes to zero.”
He’s right that everything is getting stress tested right now. This week alone:
-AI-assisted audits found two critical holes in PHP, the code behind a huge share of the web. Patches are already out.
-The Switch 2 got its first public jailbreak.
That’s what a stress test looks like. Software has bugs. Bugs get found and fixed.
Bitcoin has been through one. In 2018, a bug that could have inflated the supply was reported on September 17 and fixed on September 18.
Finding a bug isn’t the same as breaking the math. And if the math under bitcoin ever breaks, your bank login breaks with it.
The boring defense is what works. Updated wallet software and, eventually, a new private key.
Count the people between you and your money.
We built a tool that does it. Give it a rough split of your net worth (percentages, no balances) and it puts each piece on a ladder by how many counterparties stand in the way.
We ran a made-up saver: home 40%, 401(k) 30%, bank 10%, brokerage 10%, bitcoin on an exchange 10%.
90% of it sits on rung 1. The 401(k) alone has 10 counterparties, from the plan administrator to the clearing house.
Where does yours sit? Link in the reply.
bitcoinwell.com/tools/counte…
Educational only, not financial advice. Not tax advice. Please consult a tax professional about your situation.
"I know exactly what Bitcoin was created for. It's to reach people where the traditional structures don't."
@frankcorva on the Bitcoin Well Podcast, speaking from experience. Living in Venezuela, he had no digital way to move his own money from a U.S. bank account into the country. So he carried cash down and sold it at the black-market rate.
This week Washington finalized the rulebook for regulated digital dollars. By law, every issuer keeps "the technical ability to freeze and burn wallets."
Two kinds of digital money in one week. One comes with a freeze button. The other got through where Frank's bank couldn't.
Full episode in the comments.
Listen to the full podcast here: pod.link/1874355214/episode/…
Wall Street now has a 10-year base case for bitcoin. JPMorgan expects it to beat stocks, bonds and gold.
That forecast is for people who already have an account. The harder test is a refugee in Nairobi with no ID, no bank and no lock on the door.
“If you could solve the problem in situations like that, the lowest tech situations on planet Earth, then the problem automatically gets solved elsewhere.” @frankcorva
Bitcoin doesn’t need JPMorgan to be right. It just needs to work on a Nokia.
Listen to the full podcast here:
pod.link/1874355214/episode/…
YouTube took down two of the biggest bitcoin channels yesterday for “harmful and dangerous” content. Both are back. How it went:
-1:49 PM: Simply Bitcoin is banned. Its second time.
-2:56 PM: reinstated, about an hour later.
-3:44 PM: the Bitcoin Conference channel is gone. Its appeal is denied.
-7:57 AM today: back, “after the second review.”
Nobody has said which video broke the rule.
Glad they’re both back. But look at how it worked: a company decided, a crowd pushed, the company decided again.
Simply Bitcoin is streaming on Rumble, X and Facebook this week instead.
Your bank account runs on the same kind of review desk. Bitcoin doesn’t have one.
Our YouTube channel is back! 🧡
Thank you to @TeamYouTube for the second review, and to everyone who helped spread the word.
More keynotes and panels are coming: youtube.com/@thebitcoinconfe…
Elon’s pitch: AI and robots make the economy so big that providing what everyone needs becomes trivial.
“Provided” by whom?
If it isn’t bought and sold freely, someone decides who gets what. That’s central planning, however smart the planner. And “free” stuff still gets paid for, through taxes or the printer.
Mises showed this in 1920: a planner without prices can’t calculate. A faster computer doesn’t fix a missing price.
We’ve heard this one before. In 1933, Technocracy Inc. promised engineer-run abundance, paid out in “energy certificates” with your ID, your allotment and an expiry date.
Robots change what we can make. They don’t change who decides.
Pomp's onto something. The building does wear out. Roofs leak, furnaces die.
What climbs is the land under it, measured in a dollar that keeps shrinking.
So a whole generation stopped saving in the bank and started saving in houses. Your house became your savings account because your savings account couldn't be one.
Bitcoin is going to fundamentally change the housing industry. Few.
It is insane that home values go up over time.
The home should be most expensive when it is initially built. At that point, the structure is new and unused.
As the home experiences wear and tear, the home becomes used and should be worth less money over time.
A used home should cost less than a new home.
But that is not what happens.
Home prices continue to grow to the sky because the debasement of the dollar distorts the market, which enriches the home owners at the expense of the home buyer.
This is a silent wealth transfer that requires the home buyer to pay more for a less valuable product.
Just insane.
Got an old 401(k) or IRA sitting idle? It may be able to move into bitcoin with a direct transfer.
Start here: bitcoinwell.com/us/bitcoin-i…
Not tax advice.
Your retirement account doesn't have to stop at funds that track bitcoin.
Hold the real thing in a Traditional or Roth IRA, $210 a year flat: bitcoinwell.com/us/bitcoin-i…
Back in Denver, one year later.
This time @adamobrien gives a keynote at the Bitcoin for Financial Services Summit tomorrow, and @ChantelLillycr1 is on panels tomorrow and Thursday.
The room is CPAs, advisors, attorneys and lenders who keep hearing the same question from clients: what do I do with my bitcoin? Buying it is the easy part. Holding it well and planning around it takes more.
At #BFFS26? Come say hi.
Back in Canada 🇨🇦 after an incredible few days in Denver!
The Bitcoin for Financial Services Summit was packed with innovators building tools to help bitcoinize the financial system. ⚡️
During our panel on “Bitcoin, From Start to Finish”, we spoke about the importance of going beyond “bitcoin exposure.”
Just like @john_zaprite said during his talk — bitcoin won’t reach its full potential until it’s used for payments, not just as a store of value.
It also won’t be realized until we teach people how to self-custody and buy real bitcoin.
Don’t take the easy way out, empower your clients to hold their own keys.
- Chantel 🧡
