Topic: Is a ban on Retirees Cypto Account a fair deal? (Read 357 times)
Banning is too strict, given that over time, Bitcoin does seem to grow in value, and there is no better long-term asset in terms of profits so far, which is very good for a retirement account. However, normally retirement plans should be about low-risk investments as far as I know, and Bitcoin isn't one of those. I think a better solution would be to oblige those retirement funds that invest in cryptos to do that only if a retiree agrees to it, and require performing an act of orally informing a retiree (and making it written in bold and with a big font in some sort of form one would have to sign) of the risk and high volatility of the asset.
In my opinion the main factor is considered is the number of scam cases, things that are dangerous if a retirement is hit by a scam so that he loses money and cannot make money anymore, with the money that is there then it is considered sufficient without having to take risks with investment in cryptocurrencies, let's think positively by taking and think from a good side.
Retirement funds are probably more delicate than others. They're not to be played with. I guess its risk tolerance should be set at a low level. I'm not very familiar with how retirement funds are usually invested, but if investing them could mean the loss of the only financial source for the survival of retirees, I guess I'd rather keep them away from very volatile assets as Bitcoin.
However, citing the case of FTX and Ontario as a solid reinforcement for this is probably wrong. It's not that it is very risky to bet on Bitcoin using retirement funds, it is almost a suicide to expose retirement funds to the likes of FTX and Celsius and others. If it's Bitcoin as in Bitcoin, meaning, without all the third parties and centralized platforms, it could have been avoided.
However, citing the case of FTX and Ontario as a solid reinforcement for this is probably wrong. It's not that it is very risky to bet on Bitcoin using retirement funds, it is almost a suicide to expose retirement funds to the likes of FTX and Celsius and others. If it's Bitcoin as in Bitcoin, meaning, without all the third parties and centralized platforms, it could have been avoided.
I think this is unfair, let the retirement put money in Cryptocurrencies investment, if lucky then they can become millionaires, when there are limits for investment, of course this is felt unfair so that we are worth rejecting ideas like this, and Cryptocurrencies investment of course there is an opportunity for loss or Fortunately depends on the situation in the market.
They do deserve those retirement funds or money and it is really just right that they would be the ones to decide on what would be they doing into their funds.It is really just that governmentdo really love to have that involvement on how people on their control will really be spending up their funds.its not bad to have that in concern but totally trying out to hold into their neck most of the time.
Crypto investment doesnt assure or make sure that they would become millionaires but something that not bad an option if they would tend to invest on for their future
grandsons or family because they are old and its not really that important for them to mind much on keeping on more money.
I think this is unfair, let the retirement put money in Cryptocurrencies investment, if lucky then they can become millionaires, when there are limits for investment, of course this is felt unfair so that we are worth rejecting ideas like this, and Cryptocurrencies investment of course there is an opportunity for loss or Fortunately depends on the situation in the market.
New York Attorney General Letitia James in the bid to protect retirees from the dangers of investing in Crypto currencies, digital assets, digital tokens and digital coins has egged on Congress to pass a law prohibiting crypto investments in retirement accounts.
Her point of concern is on the Individual retirement accounts(IRAs) and defined contribution plans, like 410(K0 plans and 457 plans for government workers, which has been the investment option for millions of Hardworking Americans after retirement. She sighted the recent development in financial institution where Bitcoin became an investment option in 410(k) plans, and other financial institutions expected to follow suit. With the recent downtimes in the crypto market and the market turbulence, Attorney General James emphasised on the protection of workers' retirement funds and save them from the risk associated with cryptocurrencies.
Most of this retirees know absolutely nothing about how this digital assets work. The just trust this investment plans to make the right decision for them. Attorney General James is only been protective of her citizens to save them from the downtimes because the only depend on pensions for survival as such risking them on assets the can't control themselves can result to sudden death and heart failures. Because they will have to wait till the market becomes favourable to start making profit on their investments.
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Her point of concern is on the Individual retirement accounts(IRAs) and defined contribution plans, like 410(K0 plans and 457 plans for government workers, which has been the investment option for millions of Hardworking Americans after retirement. She sighted the recent development in financial institution where Bitcoin became an investment option in 410(k) plans, and other financial institutions expected to follow suit. With the recent downtimes in the crypto market and the market turbulence, Attorney General James emphasised on the protection of workers' retirement funds and save them from the risk associated with cryptocurrencies.
Most of this retirees know absolutely nothing about how this digital assets work. The just trust this investment plans to make the right decision for them. Attorney General James is only been protective of her citizens to save them from the downtimes because the only depend on pensions for survival as such risking them on assets the can't control themselves can result to sudden death and heart failures. Because they will have to wait till the market becomes favourable to start making profit on their investments.
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As far as I can see, Attorney Letitia James has good intentions for retired people, she just doesn't want the pension amount to go to nothing in other cryptocurrencies that can destroy their money, this is my understanding.
But for retirees who have the knowledge, it may not be right to prevent them from investing in cryptocurrency or bitcoin if they have a deep idea of Bitcoin or cryptocurrency. But I do not oppose these concerns of Letitia James.
There is no way this makes sense to me, this is like taking away someone’s fundamental Human right. I believe anyone that is a Retiree is definitely an adult and can make decisions on their own.
I understand the government also has the interest of its citizens at heart but they should make it optional, they is no safety in the financial ecosystem and that’s the truth even Fiat has its own risk on their citizens, so if a Retiree want a crypto-currency action they shouldn’t be deprived off that.
Probably they just need a proper understanding on where they can put their retirement funds and I agree with the concern of security of the funds since cryptomarket is not perfect and can’t guarantee any return so there’s a risk of losing that retirement fund. So if you are a retiree, you should assess your financial capability and if you think you can afford to take such risk, then why not but if you are just going to depend with your retirement fund, i won’t suggest to put it in cryptocurrency. I understand the government also has the interest of its citizens at heart but they should make it optional, they is no safety in the financial ecosystem and that’s the truth even Fiat has its own risk on their citizens, so if a Retiree want a crypto-currency action they shouldn’t be deprived off that.
I ask a question to this. What about if the retirees decide to withdraw off the money in the retiree account to another account and take off everybody eye away from their money and do with it to their satisfaction including investing in bitcoin? I can understand the protection on the old people but they are not sick to decide to themselves on what they want and to do with the money from the labour of young age.
If the bank only serves the customer accounts of retirees and customers withdraw all their money to other accounts. So what happens to the bank is that it goes bankrupt or has to close if there are no more customers saving money there because the bank has nothing else to serve.I think my answer above is very suitable for the question you asked. But if it's a matter of someone's or everyone's decision in terms of investing in anything, I think it really depends on the decision of each of them in carrying it out, because it relates to the desire that is in their heart or whatever they have thought before.
There is no way this makes sense to me, this is like taking away someone’s fundamental Human right. I believe anyone that is a Retiree is definitely an adult and can make decisions on their own.
I understand the government also has the interest of its citizens at heart but they should make it optional, they is no safety in the financial ecosystem and that’s the truth even Fiat has its own risk on their citizens, so if a Retiree want a crypto-currency action they shouldn’t be deprived off that.
Not really that totally surprising that government does really love to make out involvement on lots of things specially into something which they do really like to get involved into.I understand the government also has the interest of its citizens at heart but they should make it optional, they is no safety in the financial ecosystem and that’s the truth even Fiat has its own risk on their citizens, so if a Retiree want a crypto-currency action they shouldn’t be deprived off that.
Its true that this is really totally taking that full rights of those Retirees on what they should gonna do with their money on this case.Yes, we do understand on how government do really like to protect them but its not really that something that they should really make out some ultimatum or fixed decision.
Just like you do said that there should really be at least some choices for it to be optional.
There is no way this makes sense to me, this is like taking away someone’s fundamental Human right. I believe anyone that is a Retiree is definitely an adult and can make decisions on their own.
I understand the government also has the interest of its citizens at heart but they should make it optional, they is no safety in the financial ecosystem and that’s the truth even Fiat has its own risk on their citizens, so if a Retiree want a crypto-currency action they shouldn’t be deprived off that.
I understand the government also has the interest of its citizens at heart but they should make it optional, they is no safety in the financial ecosystem and that’s the truth even Fiat has its own risk on their citizens, so if a Retiree want a crypto-currency action they shouldn’t be deprived off that.
So I believe the move is fair as to not drag many pensioners to their early grave should anything happens to their money through the financial institutions.
I also agree that this is fair. At least the ban will protect against some problems, for sure. Many retirees will easily succumb to the persuasion of scammers to buy bitcoins, but what's next? Loss of seed phrases, simply due to illness, as an option for future stress. Further, a lot of options are lined up on how to manipulate an elderly person. Yes, this probably sounds like a restriction of rights, but having elderly parents, any person can observe that not all of them remain in a good mind and memory until old age. In the end, if there are relatives nearby, the young can help with the purchase of bitcoins, and in the future insure the elderly.Why do we think that crypto would be risky and bad whereas stocks are allowed? Stock market crashes all the time, it's not any less riskier.
Most of this retirees know absolutely nothing about how this digital assets work. The just trust this investment plans to make the right decision for them. Attorney General James is only been protective of her citizens to save them from the downtimes because the only depend on pensions for survival as such risking them on assets the can't control themselves can result to sudden death and heart failures. Because they will have to wait till the market becomes favourable to start making profit on their investments.
This is definitely valid point. In fact it's even not advisable to the new comers who do not even understand or take the efforts to understand how crypto space works and what are these tokens, their tokenomics, how they are associated with different roadmaps and pretty much all the stuff that we experienced after years of time spent into the crypto and specifically on this forum itself.
There is no point for elders who are retired and not willing to go through such messy studies. Even with the brokers it's big risk for them. I think the decision made by this juri is quality one and everyone must welcome it.
Most of this retirees know absolutely nothing about how this digital assets work. The just trust this investment plans to make the right decision for them. Attorney General James is only been protective of her citizens to save them from the downtimes because the only depend on pensions for survival as such risking them on assets the can't control themselves can result to sudden death and heart failures. Because they will have to wait till the market becomes favourable to start making profit on their investments.
I ask a question to this. What about if the retirees decide to withdraw off the money in the retiree account to another account and take off everybody eye away from their money and do with it to their satisfaction including investing in bitcoin? I can understand the protection on the old people but they are not sick to decide to themselves on what they want and to do with the money from the labour of young age.
I'm not really familiar with the stories of this Attorney General and her administration but I think she gave absolutely definite and positive reasons to her actions as this was for the good and betterment of this retirees.
You should know that at 60 years, one is supposed to relax and enjoy the fruits of their labour in form of pensions and gratuity and not battling with making investments that with distort their mental and emotional state of health.
Most of this crypto investment options are scams and people just looking for older people to prey on and at the end of the day, most of this retirees, when presented with options to double their investments rend to do so with other considerations and they find out at the end, get so depressed and thoughts of suicide comes in.
You should know that at 60 years, one is supposed to relax and enjoy the fruits of their labour in form of pensions and gratuity and not battling with making investments that with distort their mental and emotional state of health.
Most of this crypto investment options are scams and people just looking for older people to prey on and at the end of the day, most of this retirees, when presented with options to double their investments rend to do so with other considerations and they find out at the end, get so depressed and thoughts of suicide comes in.
The NY state government has no business telling folks how to manage their IRA's as if they're children and need the government to come in and save them. Just another example of Bitcoin/crypto regulation under the guise of consumer protection.
Letitia James is also the Attorney General who promised to go after former President Trump and assured her constituency that she would go around fishing for a crime to charge him with. I believe Trump is facing civil liability in NY: https://ag.ny.gov/press-release/2022/attorney-general-james-takes-action-immediately-stop-donald-trump-and-trump
Nothing more than a radical politician that's throwing the book of law out the door for her own political interests.
Letitia James is also the Attorney General who promised to go after former President Trump and assured her constituency that she would go around fishing for a crime to charge him with. I believe Trump is facing civil liability in NY: https://ag.ny.gov/press-release/2022/attorney-general-james-takes-action-immediately-stop-donald-trump-and-trump
Nothing more than a radical politician that's throwing the book of law out the door for her own political interests.
They may claim it is to protect the retirees from losing their funds but the approach seem hash and look like an attack on their right. Perhaps they should have use another method to address these retirees and enlighten them on the possible danger of losing money if they have no idea what they are involved in. Anyone who still insist on investing will have to bear the consequences should there be any. These people are not children, there is no need to threat them as children.
Yes, that's right, I agree with that, it's better to take another approach than frankly prohibiting them from investing in cryptocurrency, even though the reason is to protect them because they don't know what cryptocurrency is. They can explain what cryptocurrency is, explain everything related to cryptocurrency including the risks they might face when the market is down. When they have done that, the decision is in their own hands, because I believe that what is meant by retirees are people who at least have the ability to understand what they are doing. 
I don't know whether it's fair or not for retirees but if they understand the risks behind investing in crypto and can accept it well, it will be the responsibility of each individual.
Those who receive their money through the salary system or their pension have the right to use their money for anything because it is their money.
But here, the government wants to protect the money they have and I think this needs to be discussed first between the government and pensioners so that there are no misunderstandings between them.
Or maybe the government could give freedom to retirees who want to invest in crypto using only 10%-30% of the pension they receive so that if there is a decline, it won't have too much of an impact on those pensioners.
Those who receive their money through the salary system or their pension have the right to use their money for anything because it is their money.
But here, the government wants to protect the money they have and I think this needs to be discussed first between the government and pensioners so that there are no misunderstandings between them.
Or maybe the government could give freedom to retirees who want to invest in crypto using only 10%-30% of the pension they receive so that if there is a decline, it won't have too much of an impact on those pensioners.
They may claim it is to protect the retirees from losing their funds but the approach seem hash and look like an attack on their right. Perhaps they should have use another method to address these retirees and enlighten them on the possible danger of losing money if they have no idea what they are involved in. Anyone who still insist on investing will have to bear the consequences should there be any. These people are not children, there is no need to threat them as children.
What else should they entrust their retirement funds to, inflation ridden fiat currencies, or assets they absolutely have no idea what direction they will move to in the future?
Bitcoin remains a better alternative for long-term investment. If you want an investment that is fairly inflation-proof for your retirement fund then buy and hold Bitcoin for a minimum of 3 year. It's better than most fiat currencies people rely on for retirements.
In regards to heartattacks in relation to investments risk, I would advice investors to only invest what they can afford to risk so they wouldn't be too attached to their Bitcoin investment, or the price of Bitcoin. Price fluctuations are normal in fiats too but people aren't too bothered, probably because they have no idea what it's all about or aren't paying attention...but they feel the effects in the price of goods and services. So, it's not just Bitcoin... The short-term investors probably should stop bothering the long-term ones. They should consider their hearts
Bitcoin remains a better alternative for long-term investment. If you want an investment that is fairly inflation-proof for your retirement fund then buy and hold Bitcoin for a minimum of 3 year. It's better than most fiat currencies people rely on for retirements.
In regards to heartattacks in relation to investments risk, I would advice investors to only invest what they can afford to risk so they wouldn't be too attached to their Bitcoin investment, or the price of Bitcoin. Price fluctuations are normal in fiats too but people aren't too bothered, probably because they have no idea what it's all about or aren't paying attention...but they feel the effects in the price of goods and services. So, it's not just Bitcoin... The short-term investors probably should stop bothering the long-term ones. They should consider their hearts
So I believe the move is fair as to not drag many pensioners to their early grave should anything happens to their money through the financial institutions.
I also agree that this is fair. At least the ban will protect against some problems, for sure. Many retirees will easily succumb to the persuasion of scammers to buy bitcoins, but what's next? Loss of seed phrases, simply due to illness, as an option for future stress. Further, a lot of options are lined up on how to manipulate an elderly person. Yes, this probably sounds like a restriction of rights, but having elderly parents, any person can observe that not all of them remain in a good mind and memory until old age. In the end, if there are relatives nearby, the young can help with the purchase of bitcoins, and in the future insure the elderly.
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