Oddbean new post about login | logout They can't allow self-custody for IRA's. A court case happened some years ago when a woman had gold in her IRA account & she took self-custody of it and the government took her to court and she lost. This is why bitcoin in IRA's have to be held by the companies issuing them & not the individual.
Gold self custody is not auditable.
How come Choice lets you do self directes IRA's?
The IRS rules state that they need to be held by a custodian or they lose IRA status. Choice might say you can self-host if you want but if you get caught it's tough. I dunno. "Custodians. All self-directed IRA use custodians to hold your assets, and ensure your account adheres to IRS rules. Banks and other financial institutions are custodians for conventional IRAs, while there are specialized crypto custodians for Bitcoin IRAs." https://www.forbes.com/advisor/investing/cryptocurrency/bitcoin-ira/
I don't have a 401k anyway. It's just what I heard. If those are the rules, then Bitcoin IRA's are dumb.
Well if you are going to have an IRA you may as well have one that's going to give you the best return possible & nothing beats bitcoin. You can always stack stats in your own cold storage and have a Roth IRA to give you tax free retirement money too. When you retire you can withdraw the bitcoin, you just can't self-host while you are contributing.
You also have to consider hostile govt or institution risk. You are absolutely exposed if you trust a custodian but not at all if you hold 2/3 keys. Everything is trade offs. But playing dumb fiat games will win you dumb fiat prizes. Testicular fortitude to hold your ground when faced with a formidable foe is present much in today's society. Everyone loves to ask permission "for their own safety". Play the game but don't be lulled into "safety" by following every fiat rule out there. This is a technical revolution and we have the better tech. Act accordingly.
Isn't present much***
Yeah I'm not advocating bitcoin IRA's just answering a question. Besides, not everyone wants to self-custody and that's just a fact that a lot of bitcoiners don't want to face up to. Some people are not going to take on that kind of responsibility, they'd rather stay with the convenience of fiat & banks and bitcoin ETF's. Convenience is so much easier, it's why most people don't take privacy & security seriously on the internet because that involves effort & responsibility no matter how many times they are told the importance of it.
Which is why this is a technical revolution. The defaults must incentivize better behavior. Many will learn this the hard way.
🤔 https://m.primal.net/HWbm.png
I don't see how this refutes my statement. Got anything from Code of Federal Regulations Title 26 1.408-2 Individual retirement accounts?
Lol! Mr Smarty Pants. Point is that bitcoin, gold etc in retirementt accounts have to be held by custodians while you are contributing according to IRS regulations. I dare say you can withdraw if you are able to & self-custody but be prepared for penalties if the IRS discovers it, & with the new regulations for LLC's having to report to FINCEN (self-directed IRA's require LLC's) every year that is more likely to happen.
Correct. The attacks on private property by a failing empire will increase. The unfortunate part is death throws can last years. But they only persist if people allow them to.
