Right now I’m pouring through the law on Elligible contract participant looking for a loophole. I desperately need to set up foreign structures and bank accounts in those foreing structures that will allow me to operate retirement accounts and regular corporate brokerage accounts, particularly on kraken to access the 50x leverage futures. It’s getting dour. I can’t let them rob the future of crypto from me. I’m not sure how long the anonymous exchanges like bitmex or others will be allowed. Today CZ said the decentralized exchange binance just released is geoblocking america and 30 other countries. It’s complete madness its out of control.
These laws related to the CFTC ECP are diabolically complex, and almost solely seemingly crafted against the non affluent and non institutional. They even go so far as to exempt floor trader for foreign registered entity if its brick building. They clearly hate what we are, self employed digital nomads.
I am afraid I’m going to way up one day with nothing left to trade but American commodity exchanges. Frankly I don’t want to be run out of my own damn homeland. I don’t want to live in Europe all year long.
I would strongly consider anyone here start learning how to set up a foreign entity that can trade any foreign broker.
Play the devils advocate. What if bitcoin really does go to 100,000 or 300,000, what if some of these ICO’s go mental again. Do you appreciate being barred out of that?
I’m even considering doing this in a retirement account, taking the distribution penalty, not liquidating the bitcoin, but only to pay the distribution, and borrowing against the remaining at least on some of it.
Crude oil is very profitble on some of these offshores. I have methods to do it, but I hate the hours. It is not as profitble as bitcoin on a good day. And forex well…I’ve become spoiled on bitcoin, lets just leave it at that…