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BTC & GBTC tracking?

Discussion in 'Ask Jack' started by JanSz, Dec 16, 2020.

  1. JanSz

    JanSz Gold

  2. JanSz

    JanSz Gold

    upload_2020-12-17_13-29-42.png

    ...................................
     
  3. Jack Kruse

    Jack Kruse Administrator

    The premium to NAV is now shrinking......
     
  4. caroline

    caroline Moderator

    I wish I knew what that meant^^^^

    anybody?
     
  5. JanSz

    JanSz Gold

    Sorry, not just anybody.
    No need for anybody's guesses.

    Have to be Jack to explain what he meant.
    Jack explained reasons for that requirement many times.

    ..
     
    caroline likes this.
  6. caroline

    caroline Moderator

    okay - got it.
     
    JanSz likes this.
  7. JanSz

    JanSz Gold

    @John Schumacher
    You wrote:
    https://forum.jackkruse.com/index.p...ill-on-the-top-of-the-list.25424/#post-294109
    Is GBTC still on the top of the list?
    Ameritrade IRA
    However ... GBTC is closed to the public now.

    Question: Does this mean I need to find another BTC trust other than GBTC to purchase? Do you have an other recommendation?
    +++
    John;
    Jack was mentioning that he uses schwab.com to buy his GBTC
    I was able to transfer my IRA to Schwab within 3 days and make my GBTC purchase.
    I have not contacted my broker. Only contacted Shwab.
    Eventually I did all with Schwab's person on the phone telling me each move on my computer.
    I actually moved IRA and cash accounts that way.
    To open checking account there I need also a printer and scanner.
    All done while sitting in my chair.

    I had no problem buying GBTC, do not know where yours:
    "closed to the public now"
    came from.
    Possibly your Ameritrade have a different deal.
    ...

    ============================================================================
    https://optimalklubs.com/btc-7-should-you-be-like-mike/

    No one sees what you see/even if they see it too.
    So it is with BTC.
    BTC is that paradigm break.

    No one sees what you see/even if they see it too. We all view events through the lens of our experience in life. Since no two lives are exactly the same that means it’s not possible that we interpret what we have just seen in the same way. Next time you’re friend/patient seems to be all wrong about an event remember these two lines, No one sees what you see/even if they see it too. So it is with BTC.
     
    Last edited: Dec 26, 2020
    caroline and John Schumacher like this.
  8. JanSz likes this.
  9. JanSz

    JanSz Gold

    Dec 21, 2020
    Digital asset investment manager Grayscale has halted investments in its Bitcoin and Ethereum Trusts.
    ----------
    My first purchase of GBTC was on 12/09/2020
    last one on 12/23/2020

    ------------------
    What all this have to do with the prospects of GBTC going
    up or down?


    ....................
     
  10. JanSz

    JanSz Gold

    I think I may understand your hold up in funds transfer.

    On my Schwab account, I have noted this comment:
    For Mutual funds, the NAV is a daily calculation occurring after market close. This process may take 2-to-4 hours before a final NAV is made available to the public.
    This possibly makes the difference why your funds are not immediately available.
    Note: I was transferring to Schwab my IRA account as it was, stocks and cash.
    The sells I was making latter while at Schwab after transfer was completed and Schwab told me that I could start trading.
    Actually couple of hundreds $$ was still left at my old broker and they use that money to figure the details. It will take them 2 weeks to do it.

    I had an ETF which was SPY (that follows S&P-500)
    You have Vanguard Mutual (that follows S&P-500) Vanguard S&P 500 Value Index Fund (VSPVX)

    Wish you luck. This thing moves fast.
    I have already been thru some roller coasters.
    I made a bunch, lost 75% of it.
    Hopefully, today will be an up day, but then it may not be.

    ...
    What bothers me most (about this roller coaster) is that GBTC was already at this highs two years ago (also in December).
    It looked like this:
    Any comments about it?
    upload_2020-12-28_6-30-14.png

    https://finance.yahoo.com/quote/GBTC?p=GBTC&.tsrc=fin-srch

    upload_2020-12-28_6-57-46.png

    Is the idea of growing market cap
    the same as in Hollander tulip's?
    https://www.history.com/news/tulip-mania-financial-crash-holland
    ................
     
    Last edited: Dec 28, 2020
    John Schumacher likes this.
  11. JanSz

    JanSz Gold

    Not bad
    this thing jumped +16.45%
    I have to remember that Uncle Sam does not care about me
    except
    when he watches my IRA account on 31 December
    then tells me to divide its value (then) by 18.7 (I am 80 yo for few more days) and pay taxes on that amount the next year.
    But
    the way this is going
    according to Mike
    that @Jack Kruse told me to read about here:
    BTC #7: SHOULD YOU BE LIKE MIKE?
    there is nothing to stop BTC to go
    UP sky high
    or
    to go down to ZERO.

    Therefore I will be selling the part of my IRA that Uncle Sam worries about.

    ............
    The other note.
    Watching all this may lower my need for magnesium.
    Especially when it goes down.
    .....
     
    Last edited: Dec 28, 2020
    John Schumacher likes this.
  12. JanSz

    JanSz Gold

    Last edited: Dec 28, 2020
    caroline and Pablo like this.
  13. caroline

    caroline Moderator

    This isn't for the faint hearted.........
     
    JanSz likes this.
  14. JanSz

    JanSz Gold

    That is why you cannot depend on it to pay your (daily) living expenses.
    I hope that it will average very well over 5 years period,
    that is why I said to you to keep 5 years of daily expenses aside (in cash).
    For a little more daring version, that cash may come from a home equity loan on your (fully paid) house.
    Some say 7 years is better.

    What is more serious, for couples, only one should be (allowed) to make decisions, sometimes there is very little precious time and no time for lengthy discussions.
    The other person should either stay aside or just keep his/her part separately and run it as she/he wishes.

    When I quit working in June 1997 one of the reasons for quitting were discussions on
    retireearly.com
    bulletin board.
    All kinds of highly useful discussions happened then there.
    That board is long gone, do not know if it continues anywhere.
    Even before 1997, there was a talk there that if one would strike rich they would move and meet in Belize.
    Belize (used to be) nice English speaking country that even Jack would likely approve of.
    But at that time Jack was still practicing fake medicine and had good working knees.

    .....
     
    caroline and John Schumacher like this.
  15. JanSz

    JanSz Gold

  16. JanSz

    JanSz Gold

    John;
    When the discussions on Bitcoin started I was going by the fact that @Jack Kruse mentioned Schwab.com as a place to buy GBTC.
    At that time my broker was closing serviced to individual (read small) investors (by end of 2020) and was offering me help to transfer to another broker. That is how I landed in Schwab.
    It looks like Shwab is not the only broker who deals in GBTC (or other cryptocurrencies).
    I have just learned this list of brokers:
    fidelity-vanguard-charles-schwab

    https://www.coindesk.com/fidelity-vanguard-charles-schwab-crypto-miner-stock

    ...
    upload_2021-1-3_13-40-59.png
     
    Last edited: Jan 3, 2021
    John Schumacher likes this.

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