I was watching fox business yesterday and saw Ron Paul in a cryptocurrency commercial. Is this legit? I remember Ron Paul - mr goldbug himself, not liking cryptocurrencies.
Last edited by SpiritOf1776_J4; 10-24-2017 at 03:49 PM. Reason: add picture
And here is Ron Paul on their homepage when I just went to it. Never heard about this endorsement. checked my ron paul feeds, nothing. hate to think it's someone ripping off ron's image if it isn't official.
https://coinira.com
Ron Paul was never against cryptocurrency, he just never advocated for it because he advocated for gold and silver as a way to preserve wealth. He was always "for" cryptocurrency in the sense that people should be allowed to use it.
Looks like he changed his mind on the first part.
"He's talkin' to his gut like it's a person!!" -me
"dumpster diving isn't professional." - angelatc
"You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
"When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q
"Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul
"Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."
Daniel McAdams here. Key Ron Paul phrase on the page you linked to:
"If you've done your research and think that you're ready to invest in Bitcoin or other cryptocurrencies, contact CoinIRA..."
(Emphasis added.)
Last edited by RonPaulInstitute; 10-25-2017 at 01:40 PM.
https://www.forbes.com/sites/forbesf.../#3876063e2cd2
Bitcoin IRA: Not Approved By The IRS
Bitcoin -- the current king of cryptocurrencies - continues to make waves in the press because of its meteoric rise from a price of under $1 per Bitcoin in 2011 to over $4,000 today, with astounding volatility at every turn.
With that new fame has come a booming interest in a fabled financial tool known as the "Bitcoin IRA." Nowhere to be found in the tax code and yet increasingly popular in the financial press, the promise of marrying high-profit Bitcoin investing with tax-free IRAs has led to an explosion of questions from listeners to my Self-Directed Investor Talk podcast, like:
• Is it legal to invest in Bitcoin in an IRA?
• What is a Bitcoin IRA?
• Has the IRS approved Bitcoin for IRAs?
They do have an image and quote from Ron Paul on their website: https://coinira.com/ though he does not specifically endorse any of their products but a quote on bitcoin in general. He is probably not getting compensated for it but being used as an implied endorsement.What is a Bitcoin IRA?
There’s no such thing as a Bitcoin IRA, just as there’s no such thing as a gold IRA or a real estate IRA or any of the other myriad types of asset class-specific IRAs. All of those are marketing terms that hold zero practical significance.
Under the law, there is only the IRA -- the Individual Retirement Account. Most IRAs are of the captive variety, forcing the IRA owner to invest in a very narrow range of asset types offered for sale by the IRA company itself, such as stocks or mutual funds or even Bitcoin.
But there’s another type of IRA that’s provided by a special type of custodian that allows investors to deploy their IRA capital into any asset class the law allows. These IRAs are known as self-directed IRAs and are capable of holding not just conventional assets but also alternative assets like real estate, precious metals and Bitcoin.
So, when you see the term Bitcoin IRA, be aware that there’s no such thing. That’s simply a marketing term that, in reality, refers to a self-directed IRA that is capable of owning Bitcoins. Practically any self-directed IRA custodian can facilitate ownership of Bitcoins -- not just those that specialize in cryptocurrencies.
You and your links are such bull$#@!.Originally Posted by Zippyjuan
The link says there is no such thing as a Bitcoin IRA, but then says that self-directed IRAs can hold bitcoin. So a self-directed IRA is not an IRA? Or it is an IRA that doesn't derive any government benefits? It's just worded in a really statist manner.
But he directs people to go to their website??he does not specifically endorse any of their products
Again bull$#@!..
"He's talkin' to his gut like it's a person!!" -me
"dumpster diving isn't professional." - angelatc
"You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
"When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q
"Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul
"Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."
Can you find links to Ron Paul actually endorsing the website? I couldn't find any.
As for IRAs: https://bitcoinmagazine.com/articles...till-not-easy/
How to Hold Bitcoin in an IRA and Why It’s Still Not Easy
But for adventurous and capable investors who want to bet some of their retirement on bitcoin, there are currently two ways to get the tax protection of an IRA.
First, investors will need to find a custodian to administer the IRA. Most IRA custodians allow “unconventional investments” like real estate and precious metals, but do not allow clients to hold bitcoin, at least not directly.
The alternative is to open an account with an IRA custodian that works with a fund like the Bitcoin Investment Trust (BIT), which holds bitcoin and issues shares based on its value. BIT is an approved investment vehicle offered by IRA custodians like PENSCO, Entrust, Millennium and Equity Institutional. However, there are several disadvantages to this method.
The first is that BIT shares are only available to accredited investors, those with a net worth of more than $1 million or with an annual income greater than $200,000. The second is that the account owner does not hold any bitcoin directly, only shares in a fund that promises to hold actual bitcoin on his or her behalf. The third is that the intermediary custodian who holds the asset, in this case shares in the BIT fund, charges fees to cover compliance and management costs.
For non-accredited investors who want to buy and hold bitcoin directly and avoid high custodial fees, there is really only one option, and that’s to set up a Limited Liability Company within a self-directed IRA.
A self-directed IRA LLC allows investors to hold bitcoin directly without giving up their wallet keys to a custodian and without seeking custodial approval for transactions, but it comes with more paperwork and liability risk.
Investors will still need to find the right custodian. Any IRA custodian that offers “checkbook LLCs” should allow clients to hold bitcoin in an LLC. However, only a few custodians specialize in bitcoin specifically and can streamline the process.
BitcoinIRA, headed by former U.S. Mint director Edmund Moy, specializes in setting up self-directed IRAs for clients who want to invest in bitcoin, but it charges a hefty one-time fee for the service. IRA Financial Group recently announced a self-directed IRA structure that will allow investors to hold bitcoin directly in an LLC, without the intermediary of a fund like BIT.
There are many risks to holding bitcoin in a self-directed IRA LLC, including a lengthy list of “prohibited transactions” that can disqualify the tax protection of assets within the IRA.
Legally, an IRA and its owner are separate entities and must act separately. The list of “prohibited transactions” is intended to prevent account owners from drawing double benefits from the IRA’s tax protection.
For example, account owners cannot put up the assets of their IRA LLC as security for a loan, since that would give them the double benefit of tax-protected assets and collateral.
Under these same rules, account owners cannot sell bitcoin to their own IRA LLC and must buy and store bitcoin in the name of the LLC, not their own names.
For investors who own bitcoin and want to transfer it into an IRA LLC, there’s only one option: sell the bitcoin, then contribute the proceeds — in U.S. dollars — to the IRA LLC, and then buy bitcoin in the name of the LLC with its own cash assets.
As with real estate and other unconventional investments, it’s also the responsibility of investors to report the fair market value of their assets to their custodian each year, whether those assets are held in an LLC or not.
For assets such as stocks and bonds, these values are assessed automatically. For real estate and unconventional investments like bitcoin, a third-party assessment is usually required.
If an account owner fails to report the value of their assets accurately to their custodian or engages in a “prohibited transaction,” their IRA can be disqualified and all assets distributed and taxed. Last but not least, account owners must also file annual reports and pay fees to the Secretary of State where the IRA LLC is incorporated.
Even if account owners cross all the t’s and dot all the i’s, bad custodians can still get them in trouble.
In some cases, custodians have failed to update fair market values accurately in their reporting to the IRS, and account owners have had to pay taxes on assets that have gone down in value. However, the potential tax savings still make self-directed IRA LLCs an attractive option for many bitcoin investors.
As property, investors must pay capital gains tax on any increase in the value of their bitcoin. With a Roth IRA, investors can buy bitcoins with post-tax dollars and avoid paying any taxes on their gains when they cash out. As with any IRA, however, investors can only withdraw disbursements without suffering penalties after age 59 ˝.
Although holding bitcoin in IRAs has been possible since 2014, regulators are still worried the complicated process could land unwary taxpayers in trouble. As the GAO’s report pointed out, the IRS currently provides no guidance to IRA custodians or account owners about how to properly assess the fair market value of unconventional assets such as bitcoin, even though such assessments are mandatory.
Last edited by Zippyjuan; 10-25-2017 at 02:51 PM.
Daniel McAdams isn't good enough?
"He's talkin' to his gut like it's a person!!" -me
"dumpster diving isn't professional." - angelatc
"You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
"When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q
"Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul
"Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."
Link? Nevermind. https://coinira.com/
“As a firm believer in currency competition, I'm excited to see the options that Bitcoin and blockchain open up. If you've done your research and think that you're ready to invest in Bitcoin or other cryptocurrencies, contact CoinIRA today to learn about all the options that are available to you." - Dr. Ron Paul
Last edited by Zippyjuan; 10-25-2017 at 02:48 PM.
Post #4
"He's talkin' to his gut like it's a person!!" -me
"dumpster diving isn't professional." - angelatc
"You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
"When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q
"Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul
"Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."
Thanks.
Posting Permissions
Reply With Quote
Connect With Us