[2016-06-10] A Conversation with Ed Moy, Chief Strategist at BitCoinIRA

[trinaldao]

Last month, BitCoinIRA was revealed as a new retirement tool that presents bitcoin as an alternative to the traditional IRA and other retirement savings options. What separates BitCoinIRA from others is that bitcoin is an actual currency that investors can hold, compared to other companies that rely on bitcoin-related stocks and ETFs. Appointed to the position of chief strategist was Ed Moy, a former director of the U.S. Mint.

I had the pleasure to reach out to Ed Moy regarding his move to BitCoinIRA. Below are his responses sent via email where he discusses his thoughts on including bitcoin as part of a self-directed IRA and the general trend toward digital currencies.


https://coinreport.net/conversation-ed-moy-chief-strategist-bitcoinira/

[BurtW]

I just tried to open an account at BitcoinIRA.com and it did not go well.

Everything was going fine, I filled out all the paperwork, transferred my Roth IRA funds to BitcoinIRA and was waiting for the call from their trading partner, Genesis Trading, in order to by the Bitcoins for the IRA.

Instead I got a call from BitcoinIRA saying that Genesis Trading would not do the trade due to an article they found about me.

The article they found is this one:

https://coinjournal.net/burt-wagner-localbitcoins-case-shows-danger-of-overbearing-government/

It was explained to me that because they found this article they would not do the trade to purchase the Bitcoins.

I tried to explain to them that the charge was dismissed with prejudice to no avail.

So, my wife called the attorney at Genesis Trading.  The attorney at Genesis Trading told her that they have an internal policy of not doing any business with anyone who has ever done any trading at localbitcions.com!

So, just wanted to let you all know that if you have ever traded at localbitcoins you cannot get an IRA through BitcoinIRA.com

I am in the process of trying out some of their competitors.  I will update when I know more.

[Vatimins]

I just tried to open an account at BitcoinIRA.com and it did not go well.

Everything was going fine, I filled out all the paperwork, transferred my Roth IRA funds to BitcoinIRA and was waiting for the call from their trading partner, Genesis Trading, in order to by the Bitcoins for the IRA.

Instead I got a call from BitcoinIRA saying that Genesis Trading would not do the trade due to an article they found about me.

The article they found is this one:

https://coinjournal.net/burt-wagner-localbitcoins-case-shows-danger-of-overbearing-government/

It was explained to me that because they found this article they would not do the trade to purchase the Bitcoins.

I tried to explain to them that the charge was dismissed with prejudice to no avail.

So, my wife called the attorney at Genesis Trading.  The attorney at Genesis Trading told her that they have an internal policy of not doing any business with anyone who has ever done any trading at localbitcions.com!

So, just wanted to let you all know that if you have ever traded at localbitcoins you cannot get an IRA through BitcoinIRA.com

I am in the process of trying out some of their competitors.  I will update when I know more.

Wow, i cannot believe that they would actually do such a pointless thing. I mean, it's really kind of childish what they did. Their decisions are really not fair and greatly biased. I wonder if there are some more requirements that they need for anyone to be able to use their services. Im gonna watch this thread.

[BurtW]

As I said above I tried to use BitcoinIRA.com.  I went through all the paperwork, moved all the money from my T.Rowe ROTH IRA to them and got ready to buy Bitcoins.  All of the sudden they said they would not do business with me because I had traded on LocalBitcoins.com and they have a policy of not doing business with anyone they can show has done business with LocalBitcoins.com.

So I got all my money back.

I then went to Broad Financial and they are great.  I am so glad that BitcoinIRA.com turned me down!!!  Broad Financial is a much better deal:

1) The flat fee at Broad Financial is less than the percent fee I would have paid BitcoinIRA
2) At Bitcoin IRA they hold the private keys to the Bitcoins, with Broad Financial I hold the private keys to my Bitcoins and they have nothing to
do with them!
3) At BitcoinIRA you can only buy Bitcoins and a few other cryptos.  With Broad Financial I can hold ANY crypto, gold, silver, stocks, bonds, pretty much anything allowed by the IRS.
4) With BitcoinIRA you must use their one broker to buy the cryptos.  This is the broker that will not do business with anyone who has ever traded on localbitcoins.com.  With Broad Financial you buy the cryptos (or gold or whatever) using checks in the checking account of your IRA which you have access and control over.

There is no question, Broad Financial is the better plan.