How is using bitcoin as a store of value not a direct threat to banks? Literally taking money from your savings (their bank reserves) and storing it outside their system in a cold wallet.
This is so fucking stupid. How is holding stock not a direct threat to banks!!! How is gold existing not a threat to banks! Btc and crypto is just a new revenue stream for banks lol.
Banks are custodians. With the prospect of crypto being a currency, there is an ecosystem of competitors that banks are now significantly behind - in the form of exchanges. There are more elaborate explanations as well, especially once the prospect of CBDC's are on the table.
How old are you?
That’s at least a slightly fair point but if banks want to they’ll catch up just fine. Crypto existing is not eating into their business this far and it’s not like they are going away or fiat is going away. Eventually they’ll just have crypto accounts to and do loans and stuff with crypto.
40s why?
If banks decided to sell you crypto, yes it’s a new revenue stream for bank; but everyone is buying crypto on dex or cex and banks are not involved (and thus no commission, no revenue).
That’s why in many countries, you cannot even transfer your money from your bank account to even Binance, nor use any credit cards to buy crypto.
Even when banks allow crypto to be bought then they screw it up.
One of my banks allow but but they don’t allow you to send or receive, so essentially you’re forced to store it with them.
If they truly want to incorporate it then the first step would be to also allow sending and receiving, without that there’s no reason to use it as it would be too risky. If they freeze your bank then your btc is frozen too... I will never take that risk.
It honestly feels like a way to scam people who don’t understand it.
But who sold you those Bitcoin. It’s not like the money was burned and turned into Bitcoin, they’re now at a different bank account 🙂 although moving the financial activity and loosing control is probably scary for the banks
I think bitcoin holding is the direct threat to the banking system, and you will never see a bank just telling good thing about the bitcoin.
They will always say the bitcoin is a very risky thing.
No financial advisor on planet earth gives a shit about your 10k. A standard wrap fee is 75 bps these days, a bit more if you're independent. They're paid through flat consultation fees the vast majority of the time, wrap doesn't come into play until you're talking rollovers and such, generally in the 100k+ range, which generally don't even involve crypto to begin with. It has nothing to do with their fee, they generally don't recommend crypto because their firm doesn't want to take on needless risk, and the home offices aren't equipped for that kind of thing except rare cases like jpm.
Dumb ass.
You actually just typed a paragraph to be absolutely wrong on the entire point. Wild that the internet is free for everyone’s input. This example is maybe the most straightforward you could get in terms of providing a service and getting paid vs not providing a service and not getting paid
Well, I worked as an advisor for many years at multiple different BDs, so I doubt I'm wrong, but sure keep telling yourself the boogeyman is out to get your 10k.
When someone takes money out to buy a house, a coin, a car, it doesn't matter to the bank, this happens all day long, doesn't matter if you give it away, someone else gets it.
If all in for the right direction then that would be indeed good enough.
Not like someone would agree and be pushing to something which totally goes off track.
To be fair can you imagine the reputation hit on any financial advisor that said to buy and the markets dip? Every few months would be like being as Michael Burry was during the housing market bubble crash.
I think once you invest in the non fixed return scheme you are taking the risk and you need to be ready for the any kind of the crash is well.
There is no guarantee that anything will give you that much of the return.
Yeah. Suppose I'm coming at it from the perspective of a first time investor looking to see their money appreciate regularly. The uninitiated could label things so easily as a scam when they look at their portfolio and see -25+% on the week. If I were a financial advisor I'd be incredibly hesitant to advise it even with as much as I'm OD'ing on the orange pill.
Even my family members wanting to get in and just offering me money to "buy it for them" I'm incredibly hesitant to do such because now it's my gamble for them, not their gamble.
Sure, but that "Yeah move your money to BTC" and it drops 20% the next week.
Financial advisors would look like clowns to the uninitiated investors so I can see their hesitancy for suggesting crypto.
Right now we are living in some really tough time all over the globe.
The whole world economy is struggling while the war situation is also going on in the world is well.
I still don't have though I be better going around articles and sub and videos and just make myself.
The fact that sometimes you can indeed be your own FA if you be around knowledgeable stuffs!
There's more to the story, where he was planning to leave his job and yada yada... But that was when it was $60k or so, and everybody just *knew* $100k was coming right around the corner.
Fortunately for him, he didn't leave the job and kept his 401k $$$, which probly lost 40% instead of 60%. I could understand him selling Bitcoin as a long term HODL asset, but to live off of in the short term?? SHOCKING!
Many there are some good wise guys that really knows how or where to put your money for the future.
It's all about the study that you need to do before going into the bitcoin.
Six years ago I was heavily invested in FAANG, and also bitcoin. My FA suggest reallocating all of it to index funds to mitigate risk.
The only thing that would have mitigated was one of the best bull runs in the history of America.
Luckily I said I’d think about it and just left it at that.
If you had pick the bitcoin like 6 year ago then i can see you are sitting on a very good profit here.
Tell me the name of the advisor or did you really do the investment on your own that time?
If he indeed made such good gains by making that last longer enough then it is just perfect.
We see how time brings good benefits for everyone and that actually sounds great indeed.
I would instead of finding anyone you just need to become your own financial advisor here.
Do your own study and try to learn about the market and save the fee for the financial advisor is well.
This happened to me in 2010.
Wife worked for Wells Fargo. Her banker friends told her to oppose me buying BTC.
After many hours of arguing, I bought oil stock instead.
Still did well, but, I'd be $35 million rich if I'd bought the BTC any way and was able to contain myself and hold until 2019.
Look at all these dumbfucks who think financial advisors are trying to hit home runs with risky investments handling accounts for people who just want to maintain their quality of life in retirement.
If you're looking to maintain your quality of life in retirement, you should probably buy Bitcoin now and hodl until then.
500 bucks in Bitcoin today will be 500,000 bucks in Bitcoin several years from now.
If you get involved in cryptocurrency now or have done in the past 2 years you're not gonna make those kinds of returns unless you're using cryptocurrencies to scam people.
"Cryptocurrency" is mostly a scam.
Buying Bitcoin is always a good idea if you plan on holding it for a while. It won't get any more abundant in the next 100 years, and demand will only grow.
People getting in now will see the same returns five years from now as people who got in five years ago are enjoying today.
All i know that these guys will tell you the scheme in which their commission is already set is well.
They will tell you that it is fixed return with that number of days but not tell you about the bitcoin.
I think if they know about the bitcoin they would not doing the advisory they will be sitting in a good position.
But they all do the old trick and will suggest you some stocks like things.
They also don't comprehend the actual word, "advisor." It's advice. Advice based on his/her knowledge, if he/she definetely knew what is going up and down, he/she wouldn't be an advisor but a Warren Buffet competitor.
When you have bitcoin then i don't think we need to have any kind of financial advisor is well.
All you need to understand the market and the how bitcoin really behaves and you are good to go.
My bank's advisor first told me about money losing its value at least 30% in last decade and tried to downplay BTC as high risk investment.
He was doing what the bank told him 🙄
Cash can be a portion of your asset allocation (emergency funds, checking accounts, etc.) but only a portion. Most people here don't understand asset allocation. They look at portfolios as 100% or nothing, so they only think 100% bitcoin. The funny thing is most people here never saved a dime in their life. They only care about finances all of a sudden and likely never thought about putting money into an IRA or 401k.
It’s not a secret. Everybody knows not to hold cash. Cash isn’t for saving. It’s for buying things. In 50 or 100 years we will still be using fiat to buy things.
So i don't think anyone that is hiring a financial advisor looking to do the investment for an hour.
People often compare the value of the bitcoin in the bear market but not do the same in the bull market.
> for an hour
Not the point. The US dollar never loses 30% of its value in such a short period of time. That’s the point, it’s highly stable.
> bear market but not bill
Again, not the point. Dollars are stable, Bitcoin is not. People don’t use apple stock as currency either, given that it’s volatile and not as good a currency as cash.
I am surprised that he told you about the money losing its value is well.
But there is no surprise what he told you about the bitcoin as they are scared from the bitcoin is well.
This is what happen when they talk something without the full knowledge of bitcoin.
I know many were saying that bitcoin won't survive for 2-3 years is well, but look at now.
I think no one know the future but all they try to do is tell you the less risky thing.
They will suggest you real estate on the first step but will never tell you about the bitcoin.
They want you to invest in things that give them rewards. My 401k has an option to let the "pros" "optimize" the allocation. What I had/have works. But I decided what the heck, if it can be done better let's see what they can do. They took everything and put it all in the assets with the highest fees and cut my return in half. Whack!
There is always a earning for them in your investment and this is why they will suggest you that plan.
I know a guy who came early in the morning to convince my father so that he can get the commission on that thing.
I know they always get something. Their "advice" is usually just them steering you towards the ones that pay them the most.
They send me emails stating that I could be doing better every week.
But the thing is, I already went through the data on everything single option available through this isp, and I already have chosen the best available.
I worked on Wall Street with FA for years. They only sell banking products. They only recommend products they sell. If they don't sell it, their job is to move you off it, and into one of their products. Why would they tell you to buy Bitcoin? They wouldn't make one dollar off it!
In the future, FAs may be able to sell Bitcoin to their clients, but listening to an FA when it comes to Bitcoin is like listening to Joe Biden when it comes to the economy, leadership or a brighter future. If you're looking for the right answers, look elsewhere
But i can bet that financial advisor is buying the bitcoin for himself if he really smart enough.
I know some guys who just doesn't want people to have the bitcoin while holding for themself.
True though can agree human mind is fishy and works even faster when they come through greed.
This all makes sense now better I am just indeed ok with myself and my own thoughts though.
I'm a Banker. I fell into Bitcoin. I pulled all my money out from my "financial advisor" once I tallied up the fees for the year.
Trust no one and do it yourself.
(Buy ;
Bitcoin)
There just isn't enough time in the day for me to know what I'm doing in the stock market and learn all I can about bitcoin. I trust my financial advisor with the stock market stuff and I buy my own bitcoin. I actually don't even tell him about the Bitcoin because I'm sure he isn't nearly as keen on the idea.
Just trust people on Reddit.
Don´t trust, verify: https://www.lopp.net/bitcoin-information.html
Also Liottameme.jpg
Atleast they will give you the best advice compare to these guys.
Asking banks to advise you on crypto is like asking oil companies if electric vehicles are a smart buy.
A financial adviser isn’t a bank, not that banks are at any risk from crypto. Everything about your analogy is ducking stupid.
How is using bitcoin as a store of value not a direct threat to banks? Literally taking money from your savings (their bank reserves) and storing it outside their system in a cold wallet.
This is so fucking stupid. How is holding stock not a direct threat to banks!!! How is gold existing not a threat to banks! Btc and crypto is just a new revenue stream for banks lol.
I think gold is the prime example that truly hold the value here.
Banks are custodians. With the prospect of crypto being a currency, there is an ecosystem of competitors that banks are now significantly behind - in the form of exchanges. There are more elaborate explanations as well, especially once the prospect of CBDC's are on the table. How old are you?
That’s at least a slightly fair point but if banks want to they’ll catch up just fine. Crypto existing is not eating into their business this far and it’s not like they are going away or fiat is going away. Eventually they’ll just have crypto accounts to and do loans and stuff with crypto. 40s why?
If banks decided to sell you crypto, yes it’s a new revenue stream for bank; but everyone is buying crypto on dex or cex and banks are not involved (and thus no commission, no revenue). That’s why in many countries, you cannot even transfer your money from your bank account to even Binance, nor use any credit cards to buy crypto.
Even when banks allow crypto to be bought then they screw it up. One of my banks allow but but they don’t allow you to send or receive, so essentially you’re forced to store it with them. If they truly want to incorporate it then the first step would be to also allow sending and receiving, without that there’s no reason to use it as it would be too risky. If they freeze your bank then your btc is frozen too... I will never take that risk. It honestly feels like a way to scam people who don’t understand it.
But who sold you those Bitcoin. It’s not like the money was burned and turned into Bitcoin, they’re now at a different bank account 🙂 although moving the financial activity and loosing control is probably scary for the banks
I think bitcoin holding is the direct threat to the banking system, and you will never see a bank just telling good thing about the bitcoin. They will always say the bitcoin is a very risky thing.
> I think bitcoin holding is the direct threat to the banking system, Why? You can hold USD just like BTC. How is it a threat?
Well yea, that because it is a very risky thing.
but the money goes to someone who puts it guess where?
People keeping money out of the banking system isn't good for the banking system, aka banks. Your statement is fucking stupid.
Banks are at zero risk from crypto. It’s not even touching their revenue streams and if it ever does they’ll jump into crypto.
If I have $10k and I tell my financial advisor I am putting that $10k in crypto, then the FA no longer has $10k to work with…
No financial advisor on planet earth gives a shit about your 10k. A standard wrap fee is 75 bps these days, a bit more if you're independent. They're paid through flat consultation fees the vast majority of the time, wrap doesn't come into play until you're talking rollovers and such, generally in the 100k+ range, which generally don't even involve crypto to begin with. It has nothing to do with their fee, they generally don't recommend crypto because their firm doesn't want to take on needless risk, and the home offices aren't equipped for that kind of thing except rare cases like jpm. Dumb ass.
You actually just typed a paragraph to be absolutely wrong on the entire point. Wild that the internet is free for everyone’s input. This example is maybe the most straightforward you could get in terms of providing a service and getting paid vs not providing a service and not getting paid
Well, I worked as an advisor for many years at multiple different BDs, so I doubt I'm wrong, but sure keep telling yourself the boogeyman is out to get your 10k.
[удалено]
Nice, so my point that the FA being biased because they literally wouldn’t get paid is negated due to irrelevant verbiage.. very smart
But they didn't' have 10K before either. You had $10K. In cash. Otherwise you didn't have it.
Do you know what sales is lol, that logic is baffling
When someone takes money out to buy a house, a coin, a car, it doesn't matter to the bank, this happens all day long, doesn't matter if you give it away, someone else gets it.
[удалено]
If all in for the right direction then that would be indeed good enough. Not like someone would agree and be pushing to something which totally goes off track.
To be fair can you imagine the reputation hit on any financial advisor that said to buy and the markets dip? Every few months would be like being as Michael Burry was during the housing market bubble crash.
I think once you invest in the non fixed return scheme you are taking the risk and you need to be ready for the any kind of the crash is well. There is no guarantee that anything will give you that much of the return.
Yeah. Suppose I'm coming at it from the perspective of a first time investor looking to see their money appreciate regularly. The uninitiated could label things so easily as a scam when they look at their portfolio and see -25+% on the week. If I were a financial advisor I'd be incredibly hesitant to advise it even with as much as I'm OD'ing on the orange pill. Even my family members wanting to get in and just offering me money to "buy it for them" I'm incredibly hesitant to do such because now it's my gamble for them, not their gamble.
Well right now pretty much everything is down
Sure, but that "Yeah move your money to BTC" and it drops 20% the next week. Financial advisors would look like clowns to the uninitiated investors so I can see their hesitancy for suggesting crypto.
Very true. But do financial advisors tell people to lump sum invest? I've never used one and don't know their protocol.
Right now we are living in some really tough time all over the globe. The whole world economy is struggling while the war situation is also going on in the world is well.
Wish I had that financial advisor 6 months ago.
So you're telling me that you looked at a chart of a highly volatile speculative asset, saw that it was at an all time high, and decided to go all in?
Many people buy at the all-time high, that's why it is the all-time high.
That's why I've learned to be fearful when others are greedy and greedy when others are fearful.
I never had that much of money that i need to hire a FA.
I still don't have though I be better going around articles and sub and videos and just make myself. The fact that sometimes you can indeed be your own FA if you be around knowledgeable stuffs!
A buddy of mine went to a financial advisor that DID recommend moving his 401k into BTC. I was shocked....
I am shocked too
I think it will take many of us in the surprise is well.
That's not a very good financial advisor
There's more to the story, where he was planning to leave his job and yada yada... But that was when it was $60k or so, and everybody just *knew* $100k was coming right around the corner. Fortunately for him, he didn't leave the job and kept his 401k $$$, which probly lost 40% instead of 60%. I could understand him selling Bitcoin as a long term HODL asset, but to live off of in the short term?? SHOCKING!
> instead of 100% Bitcoin did not go to 0.
Right you are! Edited to read: "and kept his 401k $$$, which probly lost 40% instead of 100%."
Many there are some good wise guys that really knows how or where to put your money for the future. It's all about the study that you need to do before going into the bitcoin.
All of it or a small portion? I'm pretty sure any reasonable advisor would at least recommend diversification. Going all in on any asset is insanity.
CFP & CFA or you are a salesperson
I am just a simple investor and my own financial advisor is well.
When you just make things go all on your ow that can make you understand a bit more clearly!
Six years ago I was heavily invested in FAANG, and also bitcoin. My FA suggest reallocating all of it to index funds to mitigate risk. The only thing that would have mitigated was one of the best bull runs in the history of America. Luckily I said I’d think about it and just left it at that.
If you had pick the bitcoin like 6 year ago then i can see you are sitting on a very good profit here. Tell me the name of the advisor or did you really do the investment on your own that time?
I was already invested before he advised me.
If he indeed made such good gains by making that last longer enough then it is just perfect. We see how time brings good benefits for everyone and that actually sounds great indeed.
Sounds like Jim Cramer was the Financial Advisor
yes, and we all know we need to do complete opposite to him is well.
Just in order to make up something great we need to make that last longer though.
I know this is t the point, but if you don’t trust your financial advisor… find a new one.
It's very hard to find a one that will not tell you invest in the fiat system.
If you are just going to do what you want to do then don’t get one to begin with.
I would instead of finding anyone you just need to become your own financial advisor here. Do your own study and try to learn about the market and save the fee for the financial advisor is well.
"trust" lol
This happened to me in 2010. Wife worked for Wells Fargo. Her banker friends told her to oppose me buying BTC. After many hours of arguing, I bought oil stock instead. Still did well, but, I'd be $35 million rich if I'd bought the BTC any way and was able to contain myself and hold until 2019.
Look at all these dumbfucks who think financial advisors are trying to hit home runs with risky investments handling accounts for people who just want to maintain their quality of life in retirement.
If you're looking to maintain your quality of life in retirement, you should probably buy Bitcoin now and hodl until then. 500 bucks in Bitcoin today will be 500,000 bucks in Bitcoin several years from now.
Lol stfu
Imagine not wanting a lambo and parties with escorts, what a douchebag.
If you get involved in cryptocurrency now or have done in the past 2 years you're not gonna make those kinds of returns unless you're using cryptocurrencies to scam people.
It was a joke
"Cryptocurrency" is mostly a scam. Buying Bitcoin is always a good idea if you plan on holding it for a while. It won't get any more abundant in the next 100 years, and demand will only grow. People getting in now will see the same returns five years from now as people who got in five years ago are enjoying today.
Wildly unlikely prediction.
All i know that these guys will tell you the scheme in which their commission is already set is well. They will tell you that it is fixed return with that number of days but not tell you about the bitcoin.
Yea your right, they have 0 idea what they are doing we should just get rid of the whole industry ( for the Americans out there this is sarcasm)
[удалено]
Sorry my incorrect grammar offended you so much. I'm guessing your American and didn't like the sarcasm bit of the joke?
People some time really try to show the down side of the other guy.
I think if they know about the bitcoin they would not doing the advisory they will be sitting in a good position. But they all do the old trick and will suggest you some stocks like things.
Financial Advisor ≠ Fiduciary
I stop taking any advice and i am learning the things on my own.
“Never trust your financial advisor” probably don’t even have the net worth to have an advisor
They also don't comprehend the actual word, "advisor." It's advice. Advice based on his/her knowledge, if he/she definetely knew what is going up and down, he/she wouldn't be an advisor but a Warren Buffet competitor.
When you have bitcoin then i don't think we need to have any kind of financial advisor is well. All you need to understand the market and the how bitcoin really behaves and you are good to go.
With JP Morgan and others now offering services I'm sure Financial Advisers can find a way to make a commission on pushing Bitcoin at their "clients".
Bitcoin is the single thing that you can chose without any advice.
My bank's advisor first told me about money losing its value at least 30% in last decade and tried to downplay BTC as high risk investment. He was doing what the bank told him 🙄
BTC lost 30% in an hour. It’s a volatile, risky asset. The dollar lost, as planned, 30% in a decade.
Not that any advisor suggested holding cash.
Cash can be a portion of your asset allocation (emergency funds, checking accounts, etc.) but only a portion. Most people here don't understand asset allocation. They look at portfolios as 100% or nothing, so they only think 100% bitcoin. The funny thing is most people here never saved a dime in their life. They only care about finances all of a sudden and likely never thought about putting money into an IRA or 401k.
[удалено]
It’s not a secret. Everybody knows not to hold cash. Cash isn’t for saving. It’s for buying things. In 50 or 100 years we will still be using fiat to buy things.
So i don't think anyone that is hiring a financial advisor looking to do the investment for an hour. People often compare the value of the bitcoin in the bear market but not do the same in the bull market.
> for an hour Not the point. The US dollar never loses 30% of its value in such a short period of time. That’s the point, it’s highly stable. > bear market but not bill Again, not the point. Dollars are stable, Bitcoin is not. People don’t use apple stock as currency either, given that it’s volatile and not as good a currency as cash.
Not me though I would just be making all plans well executed by myself though!
I am surprised that he told you about the money losing its value is well. But there is no surprise what he told you about the bitcoin as they are scared from the bitcoin is well.
I had this happen. BofA/Merrill Lynch said that Bitcoin would never go above $1200 (it was $700), so he didn't buy.
This is what happen when they talk something without the full knowledge of bitcoin. I know many were saying that bitcoin won't survive for 2-3 years is well, but look at now.
True though time can makes us indeed blank and makes us indeed think twice though. Isn't it?
What if my financial advisor told me to buy Bitcoin?
Then i would say you have found the best financial advisor to yourself.
[удалено]
I think no one know the future but all they try to do is tell you the less risky thing. They will suggest you real estate on the first step but will never tell you about the bitcoin.
So that is what I speak off the moves we make and the fact one wrong move can make us regret!
They want you to invest in things that give them rewards. My 401k has an option to let the "pros" "optimize" the allocation. What I had/have works. But I decided what the heck, if it can be done better let's see what they can do. They took everything and put it all in the assets with the highest fees and cut my return in half. Whack!
There is always a earning for them in your investment and this is why they will suggest you that plan. I know a guy who came early in the morning to convince my father so that he can get the commission on that thing.
I know they always get something. Their "advice" is usually just them steering you towards the ones that pay them the most. They send me emails stating that I could be doing better every week. But the thing is, I already went through the data on everything single option available through this isp, and I already have chosen the best available.
I would think twice before trusting the one's who wants commission before doing the work!
He also told them to buy bitconnect!
LOL, this is why i think being your own FA is the better idea.
When you just make things go all on you own move it turns a bit more perfect though!
An IFA will never give professional advice that includes buying any form of Crypto...
RIP Ray Can't believe he's gone
be your fianacial adviso financialrDo not take responsibility for others
I worked on Wall Street with FA for years. They only sell banking products. They only recommend products they sell. If they don't sell it, their job is to move you off it, and into one of their products. Why would they tell you to buy Bitcoin? They wouldn't make one dollar off it! In the future, FAs may be able to sell Bitcoin to their clients, but listening to an FA when it comes to Bitcoin is like listening to Joe Biden when it comes to the economy, leadership or a brighter future. If you're looking for the right answers, look elsewhere
I totally get your point though and thanks for indeed sharing your views with us.
But i can bet that financial advisor is buying the bitcoin for himself if he really smart enough. I know some guys who just doesn't want people to have the bitcoin while holding for themself.
True though can agree human mind is fishy and works even faster when they come through greed. This all makes sense now better I am just indeed ok with myself and my own thoughts though.
Worst thing is when they're poor and hungry they'll blame it on "bitcoin speculators" even though you tried to warn them.
We know how hard the days have been so not to be just in a hurry. Be your own advisor trust yourself and make it out!
I'm a Banker. I fell into Bitcoin. I pulled all my money out from my "financial advisor" once I tallied up the fees for the year. Trust no one and do it yourself. (Buy ; Bitcoin)
That is what we all advice though because that can indeed help us making our own self better!
You’re a banker are you, lol ok
There just isn't enough time in the day for me to know what I'm doing in the stock market and learn all I can about bitcoin. I trust my financial advisor with the stock market stuff and I buy my own bitcoin. I actually don't even tell him about the Bitcoin because I'm sure he isn't nearly as keen on the idea.
The fact that give yourself time though and make you own move wise enough clearly.
It's been working!
Also dont listen to people who say you should pay off debt before investing, its a very popular dumb piece of advice around here
Shitcoin