To be fair to him, he trades from his retirement account so he does not pay cap gain taxes on his trades.
Discussion
Ah i think that makes it even dumber actually. Trying to trade bitcoin to remove it's volatility in an account designated for long-term holding is super high time preference activity for what should be a low-time preference account. And we all know how bitcoin moves, often times unpredictably and in huge jumps. Trading in and out means you're much more likely to miss these moves.
On top of that, he trades iBIT so it’s all Fiat anyway. I think he should just be stacking sats but he probably didn’t stack enough for how early he was and he’s trying to make up for it by trading.
Oooph.
Yeah people that stacked enough aren’t out there trading in their retirement account, they’re retired somewhere nice 😂
The dude's just a trader, period. I totally understand the urge to play that game. I dabbled in lnmarkets for a bit. He's pretty good at it iirc; he understands risk. I'm sure his total positions are negligible compared to his stack.
Shit ain't for me though. I have real work to do.
This. His exit and entry prove he was dumber than the market. Moreover, he did this, pondered it, typed it, reread it, then hit send. At every point he said, "fuck yeah".
Exactly. There are so many layers to this shit sandwich it's unbelievable
I’m not advocating for his trading, I’m simply saying he was at least smart about the cap gains part. He should just be stacking sats.
nostr:nprofile1qqszrdqezqk63lqt4yzgftkfxjl4tdatea67akeezf8g6a0yj86p5hsppemhxue69uhkummn9ekx7mp0qyg8wumn8ghj7mn0wd68ytnddakj7qg3waehxw309ahx7um5wgh8w6twv5hs7hzcmq I'm glad somebody said it.. 😶🫡😆
NFA I'm poor ❌🩷❌🩷❌