Made my step dad $20,000 by telling him to get into bitcoin last month, now he's lost $10...

made my step dad $20,000 by telling him to get into bitcoin last month, now he's lost $10,000 because he didnt listen to me and bought into the GBTC instead of actual coin.
will this correct or do i need to move his funds into actual BTC right now?

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to clarify he's still up 10,000.

hahahhahahhahahah
how fucking retarded do you have to be to buy a stock that buys bitcoin instead of just buying fucking bitcoin
holy shit are normies actually this fucking gay?
that they would rather buy a stock because its what they know?

idiot

Never heard of GBTC. How is it down when Bitcoin's rocketing?

Sounds like somebody's getting shamalam'd.

Your mom's husband is just that stupid.

No wonder he is being cucked

isn't -20% in stocks suicide tier? that is just a pothole in cryptos.

isn't GBTC traded at a huge premium? Like, pretty sure it's actual value in bitcoin is $200/share or less

nobody here can even answer the question of give advice?

it's a trust that holds btc

it's very easy to get in and out of, so it was trading at a premium during a pump

unironically this.
Are you a nigger by any chance and the cuckdad is white?

yeah it is, i'm working on getting him out, but i wasn't sure if he should hold out for it to correct or not?

I dont understand how it's down when btc is doing so well.

cuckdad? what? we're white you fucking faggot.
you can't answer a question, you're poor trash.

...

>baby boomers are literally this retarded

Dont know anything about GBTC, but something related to btc going down when btc skyrockets seems so bad for you, i will get out

(Not seting stoplosses on stocks)

ONE GBTC share is 1/10th of a Bitcoin.
It currently trades at 785 freedom papers.
That would imply a Bitcoin price of 7850 freedom papers.
Now, let's compare this with the actual Bitcoin price.
IT IS A FUCKING MASSIVE PREMIUM.
You ask if it will correct? L O L

What the fuck is that even? Is that a security?

retard.

All the shitposting here reminds me of what massive faggots i'm going to have my yacht docked next to once you pale beta males "make it"

God damn it. I googled this shit.
>GBTC resembles an exchange-traded fund in that it is passively managed and has been seeking to replicate bitcoin's movement. It's been around since May 2015 and is not listed on a major exchange, trading instead in the "pink sheets" or the over-the-counter market. The trust offers investors a rare chance to invest in digital currency without actually have to buy bitcoins.
It exists for people to buy into bitcoin without actually buying it or owning it. Yes, they WANT TO AVOID OWNING IT directly. That is the entire goal. That's how most stocks and funds work, so they're applying it to btc.

Some people even argued that the premium is worth the price as an entrance since it promises to correct to at least that in short time. Like what the hell.

There is the fact that investment managers of other people's money are required by law to only trade in registered securities. That's at least somewhat valid.
But the risk in something so disconnected from the coin itself is absolutely absurd.

>GBTC is billed as an open-end investment trust, meaning it can sell unlimited shares, unlike a closed-end fund. However, the fund is no longer issuing new shares or allowing redemptions since it petitioned to convert the fund into an ETF so it can resume normal operations.
It is probably dropping due to a combination of failure to track the currency directly, and this temporarily suspended activity.

There's shitposting because the very idea is fucking absurd. It's a compound headache, almost as retarded as debt culture.

> a premium

One share represents 0.1 BTC.
It's trading over 800 USD.
It was trading over 1000 yesterday.

That's a 120% premium.

Fucking normies.

You can really tell this board is filled with retarded teenagers.

GBTC trades at a massive premium because it allows institutional exposure to bitcoin. You can't buy actual bitcoins with your IRA or 401k, but instruments like GBTC lets you get exposure to the asset. Since it's pretty much the only of it's kind, the premium is insane.

Whatever user runs this scheme is a genius.
Have a piece of paper.

I'll hold on to your bitcoin for you.

That will be 8000 dollars.

>tfw you didnt dream up the scam to rip off boomcucks by having them buy BTC at a 75% premium cause you're "institutional"

I understand there's one born every minute but good fucking god

You completely ignore the fact that this is the only instrument that allows hedge funds/retirement accounts to get exposure to bitcoin.

Thats retarded m8, no advice needed

Its like buying paper gold

Fucking boomers LMAO

Just fucking move it back into BTC Jesus Christ

/thread

thanks

Why is GBTC down?

Doesn't it just follow the price of BTC based on actual holdings?

Wrong
BTC Retirement accounts already exist

>jewry

No they don't.

There are no other qualified investments that give you exposure to Bitcoin that you could shelter in an IRA for example.

That is a valid point too. Pretty sure federal law insists that these things go through registered securities and whatnot as well, strictly for the regulatory aspect. To ensure everyone is in line.
Oh? That would be nice. But how do they work and where would one sign up?
It's supposed to. But it tracks the traded price of the shares instead. And the owner of the share charges 2% to take profit, I believe. Which drives a wedge in it, and collapses that wedge in reverse.

I don't know. I'm just googling this shit. The trading system is so fucking convoluted. Designed specifically so that the many middle men can take profits 'for holding the system together' and whatnot, while everyone involved gets tax mitigation.

It would be awesome if/when crypto overtakes this shit. Replace all middlemen and businesses with cryptographic keys. What a dream.

Plenty of retirement accounts do accept bitcoin as legit assets. People also set up self-directed IRAs and put their tax-free gainz in there.

Overcomplicated kike shit. I might as well buy shares of a fund that buys shares of companies which buy shares of mines predicted to mine gold.

yes
they're really that stupid

Your dad literally bought fools gold. Sage, its your dads fault for buying a fucking Bitcoin fund stock, instead of a deflationary currency.

So GBTC is like a really shitty version of tether for bitcoin? And boomers buy this so they can feel like they're on the cutting edge? Good god, that is pathetic.

It fell because Citron advised to buy actual bitcoin and short this shit

>"pink sheets"
>pink wojaks

youtube.com/watch?v=nJzo5TDfamk

welcome to Veeky Forums

Move it into OMG
Thank me in a month cuck

what the fuck. there's a reason coinbase is called normiebase. get him a fucking account and hold actual BTC

Obviously since all the gold mines, and the companies that own them, are owned already, the only way to profit is to fund the owners. But that requires setting up a fund and taking responsibility for it, so let's let someone else do that.

Truth be told, there is reason in doing shit like that. The system holds all of those middlemen somewhat accountable for losses. Through a lengthy process, assuming the terms agreed upon allow it, Mr. John Doe Shmuck can possibly get some money back.
Because alleviating responsibility of one's own money is obviously very beneficial!

the only reason to buy gbtc is for the tax advantages and if you're too lazy to hold the btc yourself.