Bitcoin - Is it like digital corn, gold or something else?
In a recent episode of the podcast Tetragrammation with Rick, Jack Mallers, founder of Strike and a prominent figure in the Bitcoin community, shared his insights on time, energy, and money’s role in society.
Jack Mallers’ style is - let’s talk in grounded, easy to understand terms when it comes to Bitcoin and its use case. This style may come from his background. He comes from a family with deep roots in Chicago’s commodities market. His father and grandfather's involvement in this sector provided him with a unique take on Bitcoin as a digital commodity. That foundation must have played a role in developing his philosophical, but practical use case for Bitcoin - digital property.
In the interview, Mallers spoke to the "hardness of money," meaning: How hard is this thing to produce? How well does it transfer through time and space? Is it a reliable store of value and someone’s time and energy? He argued that as we place a premium on the future, our understanding of value must evolve. Historically, gold served as a robust store of value, due to its history, acceptance and physical properties. Bitcoin has emerged with similar properties to gold, but in digital form for the digital age.
An interesting point in the conversation was discussing the relationship between debt and GDP. Mallers asked, “how much money is it costing to grow the economy?” There’s staggering cost currently for economic growth fueled by debt, via money printing. By viewing Bitcoin through the lens of digital property, Jack posits - Bitcoin can provide individuals with a means to protect their time and energy (their wealth), against the eroding effects of inflation and excessive government money printing, which is another way of saying government spending. This perspective aligns with his belief that "time is infinite, but my time is finite." Your time is valuable, because it is not infinite, you have a finite supply.
As stated above, Jack Mallers mixes practicality and philosophy. There’s a valuable use case for Bitcoin and a deep meaning to what money really is - technology. The technology that is easiest to use and “hardest” will win. Bitcoin has been called “the currency of the internet” by another Jack, Jack Dorsey. Mallers has this no bull shit ideal - “fix the money, fix the world” - and he thinks Bitcoin can do that. So, I don’t think Bitcoin is like digital corn.
*not financial advice
Below is the podcast and Jack Mallers Money Matters podcast.
Tetragrammation with Rick: Jack Mallers - https://www.youtube.com/watch?v=hW36zox-xR8
Money Matters - https://www.youtube.com/@MoneyMattersPod
Presentation - Pension Strategies 101
On October 3, 2024, I will have an in-person presentation at 4:45 PM at the Bull Moose Club in downtown Albany, NY. If you are interested, please sign-up at thesidecut.com to guarantee your spot.
If you are unable to attend the presentation that same day I will have a meet and greet from 4:00 to 4:45 PM if you have pension questions and want to stop by the Bull Moose Club. Hope to see you there!
Address - The Bull Moose Club - 150 State St FL 4 Albany, NY 12207
Reverse Mortgages - “I think I’ve been around long enough to know what’s what”
Best known for his mustache (or maybe Magnum PI), Tom Selleck for a period of time was the face of reverse mortgages, in-between Matlock courtroom scenes.
The commercial would start on a serene walkway, lined by spanish moss, calming music playing in the background, the kind you hear at an assisted living center, and there’s Tom Selleck. He’s now a wise, older man who cares about you and wants to have a gentle conversation about the benefits of reverse mortgages. Now, the term reverse mortgage levitates the hairs on most folks arms, but when I watched an episode of “Fun with Annuities” on YouTube, the hairs on mine slightly fell.
The “Fun with Annuities” podcast, hosted by Stan the Annuity Man, featured Wade Pfau, a renowned expert in retirement income planning. Pfau, a professor at The American College of Financial Services, has built a reputation for his research on sustainable retirement strategies. Together with Stan, they discuss essential retirement concepts like annuities, long term care, reverse mortgages, and managing risk, making this episode valuable for anyone nearing retirement.
At minute twenty-nine, the conversation shifted to reverse mortgages, which Pfau views as a misunderstood but potentially powerful retirement tool. Homeowners can open a reverse mortgage line of credit at age 62, which grows over time. The line of credit can offer a safety net for retirees, allowing them to draw from home equity in down markets, protecting their investment portfolios from unnecessary losses.
Below are some of the benefits:
Access to home equity
No required monthly payment
Line of credit growth
Non-recourse loan
There are requirements for a reverse mortgage and it may not be for everyone, but if you plan on staying in your home for several years after 62, this may be a tool to think about adding to your tool box. *This is not financial advice, but it’s an interesting new perspective on reverse mortgages.
Pfau and Stan emphasize a holistic approach to retirement based on your risk profile.
Below is the “Fun with Annuities” episode. Enjoy!
Wade Pfau: Retirement Income Style Awareness (Holiday regift) - https://www.youtube.com/watch?v=2Itr6HHeWRI
2024 COLAs for NYSLRS and NYSTRS (more like Diet Colas)
In a new video posted on AM I LOSING MONEY?, I go over the September 2024 COLA increases for both NYSLRS and NYSTRS. Below are links to the retirement system websites with further details. Enjoy!
https://www.osc.ny.gov/retirement/retirees/cost-living-adjustment
https://www.nystrs.org/retirees/cost-of-living-adjustment/
Been thinking about Rome?
I rewatched a video, “Buying Roman Gold - Huge Mistake or Bucket List?” on the YouTube channel 2 is 1. The creator dives, flippers and all, into the numismatic gold universe, highlighting the purchase of a Roman aureus.
2 is 1 is known for covering everything and more related to gold, focusing primarily on gold bullion, such as American Gold Eagles, American Gold Buffalos, and sometimes other foreign gold bullion.
The visuals on 2 is 1 are clean and appealing. Props like crispy decks of Theory 11 cards and assortments of modern pocket knives are on display for more than their window shop appeal. The props serve to scale the fresh and old gold coins they sit next to. His (hopefully I’m not misgendering) hovering hand may reference the “Thing” from The Addams Family or maybe he’s acting as a hand model for the modern-day “prepper.”
“Buying Roman Gold” takes a detour from normally scheduled programming. The coin on display is from the era of Marcus Aurelius, eight years before he became emperor. The creator remarks, "you didn’t mess with Rome at the time." When that coin was minted, an aureus was worth 25 denarii, representing a month’s wage for many Romans. The small wafer of history is not just a collectible, but a glimpse into the lives of individual Romans.
What makes this video special is its departure from 2 is 1’s modern bullion topics. Although the channel typically covers investment-grade gold, the shift to a Roman aureus offers viewers a unique perspective on the timeless value of gold and the creator’s interests. His commentary on the coin’s historical and monetary value brings ancient history into focus.
Below are links to the 2 is 1 channel and the video - “Buying Roman Gold.”
2 is 1 - https://www.youtube.com/@2is1gold
Buying Roman Gold - Huge Mistake or Bucket List? - https://www.youtube.com/watch?v=nqM-iz-Po3E
Where’d that egg come from?
I recently rewatched a 2023 video, "These Popular Retirement Practices Are Actually Terrible,” on the BetterWealth YouTube channel. In the video, Caleb Guilliams and Garrett Gunderson (seeming to channel Siskel and Ebert) reviewed a couple off the shelf retirement magazines.
Caleb and Garrett are known for their deep knowledge of life insurance and strategies, but most importantly truly caring about what they do and who they help. With Garrett’s candor, they explore common retirement themes like "spend less, risk more" and the traditional accumulation-based mindset.
Throughout the video, Caleb and Garrett discuss accumulation versus cash flow and opine on controlling money compared to deferring and “locking it up” in retirement accounts. One question Garrett posed - "Why do you have to diversify, if the long term is so effective?" He’s not giving financial advice. This led to a deeper discussion about controlling savings and what risk actually means.
As they flipped through the magazines, Caleb and Garrett spoke about current mainstream strategies in the magazine on deferring taxes and spending less until an unspecified "future date." The video is a mix of dry humor and practical wisdom, offering viewers a different perspective on saving and spending.
Below is their video and both of their Youtube channels. It’s worth a watch with your morning coffee.
*This article and their video are not financial advice.
These Popular Retirement Practices Are Actually Terrible - https://youtu.be/5DGbIkBh1-I?si=BPCpQJSOTrShSJES
Betterwealth - https://www.youtube.com/@BetterWealth
Garrett Gunderson - https://www.youtube.com/@GarrettGundersonTV
It’ll all work out
In Mary Pat Campbell’s latest podcast - “Social Security and Election 2024,” she talks about the Social Security Trust Fund and its impact, or lack there of, on the major party platforms in 2024. The Social Security Trust Fund is projected to run out by 2035. In her podcast, Campbell examines how the Democratic and Republican platforms are addressing—or parrying— reforms. Neither party articulates cutting benefits or increasing the retirement age, which could be effective measures to ensure the program's solvency.
Campbell also spoke to the historical context of Social Security reform, pointing to the significant changes made in 1983. The 1983 bipartisan effort extended the life of the Social Security Trust Fund by raising the retirement age and increasing payroll taxes - an interesting concept.
Although 2035 may seem far away, thinking back ten years, I’m reminded of a Game of Thrones episode. In the episode, Oberyn fought the Mountain. Oberyn, the smaller, but more agile man, was winning the fight against the Goliath-like character. Oberyn had the Mountain on his back, beaten, all but assuredly dead, but Oberyn got arrogant. While the Mountain lay beaten and supine, Oberyn walked around the Mountain, yelling and demanding admittance of what he did to Oberyn’s sister. Fatefully, when Oberyn got close, the Mountain chopped Oberyn’s legs and swept him to the ground. Fully mounted over Oberyn, the Mountain admitted what he did, then graphically ended Oberyn’s life. There’s probably a lesson to be learned there about getting what you asked for.
I’m a fan of Mary’s work. Below is a link to her Substack — STUMP — and her episode on Social Security.
Pension Substacking
I do more than stream of Youtube-consciousness, I read occasionally.
One of my regular cyber-reading nooks is Substack. I’ve found some hidden gems in niche genres and direct-to-consumer content. I subscribe to a few contributors, from an actuary/sumo wrestling connoisseur; to a former SEC attorney, now a forensic pension expert; to Doomberg - an impressive green chicken, I “totally agree” with.
Edward Siedle is a former SEC attorney, well known for his expertise in pension forensics and whistleblowing on financial misconduct. He founded a company that specializes in investigating fraud and unethical practices in pension funds. He’s been instrumental in uncovering billions in pension-related fraud and has become a leading advocate for pensioner rights.
In an article he stacked in July - Toledo Blade Exposes National Effort to Undermine Investigations Into Public Pension Wrongdoing - Mr. Siedle wrote about a “national effort to undermine public pension forensic investigations.”
If you don’t have Substack, sign-up and follow Edward Siedle to support his work protecting public pensions. While you’re there, you might as well follow Doomberg, he doesn’t cluck around.
Hold, please
If you are one of the unfortunate few who has issues logging into your NYSLRS account or waiting on hold with NYSLRS, below is an instructional video on filing paper forms to retire from NYSLRS. I go over which forms you need, sections that need to be completed, time tables, and other documentation required to retire from NYSLRS.
For those who need it, I hope the video helps!
*This is my own content and not authorized by NYSLRS. I no longer work for NYSLRS. NYSLRS is the best resource for your account and retirement information.
Am I Losing Money? Sounds Fun.
First post, let’s see how this goes.
Do you wonder if you’re maximizing your New York State and Local Retirement System (NYSLRS) pension? Well, I have some tackle I want to show you.
I have a Youtube channel that walks through the complexities of NYSLRS and public pensions with the goal of maximizing your benefits. As a public employee, you spend decades working for a pension, you should maximize the benefits you worked for.
On the channel, we explore pension calculations, plans, tiers, death and disability benefits and tools that can help fill-in pension gaps. Whether it’s utilizing secure, contractually guaranteed tools or understanding the small details of your pension and employer benefits. The channel’s goal is to empower you to make informed decisions.
Now, I’ll admit, some of these videos may have unpolished moments. The one thing I promise though - videos on the channel will always be authentic.
If you’re ready to learn, laugh (even at my own expense), and take action, view the channel and hit that subscribe button. The quality will get better, I swear.
Click the link below to see more.