Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
How did you do it without giving up your keys?
Yup, had to give them up. IMO, the market has matured. We're no longer in the Gox era of amateur custodians, and the rewards of a low-interest loan and/or interest-bearing savings outweigh the risks for *part* of my stash. The bulk stays in cold wallet. DYOR.
good move, but I will wait a bit.
Wait for what?
You guys - parting with your coins for a fiat loan, instead of market selling and market buying back - constitutes the end of BTC as we know it.
Not my cup of tea.
That said, I do hope you get them back.
I think that you don't get the idea: instead of selling bitcoin and PAYING up to 50% in taxes, you get cash that you need now and then, for example 3 years later (of course you borrow somewhere close to the peak price) when bitcoin is at ATH, you can use a FRACTION of bitcoin that you borrowed against to close your loan. Taking a loan would be having necessary cash now, but effectively selling bitcoin at a price of 3 years LATER.
At LTV of 25% the interest is 1%. You can't get a loan like this when you buy a house, at least in US.
I am not planning to either sell or take a loan, but this "method" surely beats selling and paying a HUGE amounts of tax.
All rich do this. How do you think Musk had billions to invest in Space X (he borrowed heavily against Tesla stock to the tune of billions)?
TL;DR Want to pay lotta tax, sell; don't want to pay tax (lawfully), take a loan.