Real Estate for Bitcoin, Leave Your Estate in Bitcoin | Hodler’s Digest


Ahoy there hodlers, and shiver me timbers,
this week Johnny Depp gets into crypto. He has partnered with an entertainment platform
that hopes to stop illegal piracy using blockchain. Success from this partnership could be a much
needed reversal of fortunes for the man behind Captain Jack. Depp is perhaps the only pirate to lose, then
go in search of his own treasure. Also this week, Ran NeuNer announced a bombshell Historic N.Y real estate could be sold for
Bitcoin, Elon Musk locked out of Twitter, a Bakkt launch date announced and find out
what happens to Bitcoin in the afterlife. Ladies and gentlemen, this is your weekly
Hodler’s Digest! Coinbase can now roll out crypto custody services
in New York following approval from state regulators, NY’s Department of Financial
Services. The Coinbase Custody Trust Company LLC will
offer a small number of custody services for cryptos such as Bitcoin Cash, Ethereum, Ethereum
Classic, Ripple, and Litecoin. Coinbase’s president Asiff Hirji welcomed
the news: Launched earlier this year, Coinbase Custody’s
main focus is institutional customers, and it is designed specifically to hold substantial
amounts of crypto. Securing the holdings involves several complexly-named
measures including on-chain segregation of crypto assets, offline, multi-sig and geographically
distributed transaction protection, and robust cold storage auditing and reporting. But hold your horses hodlers, just because
they have received approval doesn’t guarantee they will start actually offering all 6 cryptos
when the rollout begins. Despite their speed and beauty, Lambos are
notoriously difficult to live in; you really need somewhere a bit more roomy. Well, if you’re interested, some historic
New York real estate is up for sale, located on the very exclusive Riverside Drive. The seller is actually a hodler himself. Hedge fund manager Roy Niederhoffer is bullish
on Bitcoin, so much so that despite bearish trends in the market of late, he will accept
the equivalent of $15,995,000 in Bitcoin for the apartment. CNBC published an article that told no coiners
how much Bitcoin they would have now if they had invested $1000 5 years ago; a modest profit
of $5K, not too bad. Well, if we take Tim Draper’s $250k Bitcoin
price prediction seriously, in a little over three years — and assuming Niederhoffer hodls
— the hedge fund manager would make the not so modest sum of: $608,615,000. We spoke to Niederhoffer about his love of
the property and Bitcoin. My general feeling is that Bitcoin is a transformative,
revolutionary new asset, that has first made me so interested and bullish on the cryptocurrency,
but also willing to transact this big property for Bitcoin because I really wish I had more
and I see this as an opportunity to very easily purchase more. I did advise a group that was transacting
a Stradivarius violin in exchange for bitcoin and it was a long time ago. It was in 2014, I believe. So there was a time when Bitcoin was very
low, but a guy had a bunch of bitcoin. He decided he wanted to buy a violin and the
violin appreciated tremendously that he bought, but not as much as Bitcoin did. So I’m aware that that was a pretty large
transaction: probably two to three million dollars at that point. And interestingly we already have two people,
serious bitcoin holders, who have already scheduled showings in the first week. So we’re really excited by the response and
the interest that people had. I think there are a lot of people with a lot
of bitcoin and this is a huge opportunity to transfer some of that wealth into something
very very tangible that has been around for 100 years. It’s got the best location of all New York,
right on a hill overlooking the water, and that’s a lot different from holding in a Trezor
wallet or something like that. I would like to be the first to do a ten million
dollar transaction plus with Bitcoin. I don’t know if anyone’s ever done that before,
but I would certainly like to be the first. I’m not bullish on it. I believe in it. And I think there’ll be ten billion dollar
transactions in Bitcoin in our lifetime. I think they are excited to open their properties
up to a new type of buyer. There is hundreds of billions of wealth in
crypto right now, and that can be unlocked by this type of transaction being available. The Intercontinental Exchange’s digital
asset platform is gearing up to launch their Bitcoin futures offering to the public. According to Bakkt’s official report, the
launch of the physical Bitcoin futures is set for December 12, 2018, and will trade
in US dollar terms with one daily contact listed for trading on each exchange business
day. However, an anonymous source told another
tech outlet this week that Bakkt could get approval for its Bitcoin futures as soon as
next week, and that they would be traded on Chicago trading shop DV trading. Regardless of when the futures are launched,
the crypto world is holding their breath to see how the market reacts to this new addition
to the marketplace, given that the launch of the –albeit non-physical Bitcoin futures
— from CBOE and CME group last December have led to poor returns, also leading analysts
to debate their role in the market volatility that seems to arise close to their settlement
dates. Elon Musk’s 23 million Twitter followers
might have experienced mild panic when they got radio silence from their hero — the SpaceX
and Tesla CEO was briefly locked out of his account this week. The reason — a strange tweet about anime
and a jovial Bitcoin reference that may or may not have more to it. It was all very musky… 8,000 likes and 3,000 retweets later, Twitter
got a bit trigger happy and locked Musk out of his account, assuming perhaps, his account
had been hacked. Twitter, it seems, can’t take a joke. It has been speculated in fact that the tweet
about Bitcoin was in reference to false reports that his ‘Boring Company’ was planning
to accept Bitcoin as payment for their flamethrowers, but who knows really, it’s Elon. He’s going to call innocent men sex offenders,
fly to Mars and tunnel underneath L.A; no matter what you say, so better to just let
him get on with it, really. The estate of one of my favorite rappers,
the Wu-Tang Clan’s Ol’ Dirty Bastard, confirmed its ODB Coin will launch Dec. 1. It’s part of a series of I.A.Os, or Initial
Artist Offerings, basically cryptos that help artists engage with their fans. But what it made me think of is death, death
and crypto, crypto tales from the crypt if you will. What happens to your Bitcoin when you die,
who do you trust with your private keys? You can’t simply put your private keys in
your will, as that eventually becomes a public document. It’s a legal minefield, I tell you. A subreddit titled: ‘How would you practically
let your family inherit your Bitcoins in case you die?’ had some pretty cool suggestions:
Smart contract with a dead-man’s switch. If you don’t ping it every two months it sends
two relatives you trust the key. But then, of course, there’s always that
one guy: Works great. And then you wake up from your 10-week coma
to find your son bought a Lambo and your wife is in Tahiti with the pool guy LOL. We got the lowdown on what hodlers should
do in their final days from Gordon Fisher, whose job it is to help people plan their
legacies. We’ve simply treated it like any other asset
and they’ve made their wishes known as to who they are and who they want to inherit
their cryptocurrency, whether it be their spouse or somebody completely different. The worry is there are clients who are not
calling me about their cryptocurrency holdings. My advice to libertarians would be to plan
ahead. You can basically cut the government out of
your state plan by doing a revocable living trust. That would be then private, it would not go
through the court process. It would be between lawyers only. Your state estate plan would not be public. It wouldn’t be in a government record or an
open record. Can you think of any inventive ways of passing
your Bitcoin on after you’ve passed on? Let us know in the comments! And as always: like, subscribe and hodl!

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