Bill Cosby buys 750 BTC

[cellard]

Reportedly Hollywood actor Bill Cosby has recently bought 750 BTC (around 5 $million at the time of the purchase) when he was advised to do so by his financial advisor, in an attempt to save some of his wealth from what's coming to him after all the rape accusations.

Im not sure if he is a rapist or not because I haven't looked at the evidence, but like or not, this is a clear use case of Bitcoin. His net worth is like half a billion USD, so I guess this is like a plan Z to keep 5 million which would be enough to live without working in case things go very bad for him.

I found this interesting nonetheless and worth mentioning here. Full news:

https://bitcoinexchangeguide.com/bill-cosby-buys-750-bitcoin-btc-worth-5-million-to-save-500m-fortune-from-wife/

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[BitcoinNewbie15]

This is smart to do, he has a good financial advisor. He will have money there that no one but himself can access, and that money is guaranteed to never be debased (killer app for Bitcoin if you ask me). This is definitely another use case for Bitcoin, the super rich buying BTC to retain their wealth. I don't quite understand this, but couldn't the court order him to pay those BTC to his wife if necessary?

[Frallen]

As always, it is better to remove your money from the state

[First77]

Hollywood is a scam industry. They show nonsense in 2 hours movie and earn $20 million. Same as Bitcoin $400 to $6000.

Some $40,000,000,000,000 has been invested in Gold over past 100 years and Gold gives 15% profit in one year. Just like businesses and jobs where people are the producers and hard workers.

Actually Bitcoin is hub for scammers and criminals. Central banks has rejected Bitcoin as high risk asset

[electronicash]

i wonder how he is keeping those btc. latptop maybe?
 if its declared to the government then he is entitled to pay tax. it must be really enormous amount to pay. but it doesn't matter
half a billion is more than what he could spend for another lifetime. his financial advisor definitely has knowledge about what is coming in the future.

[tomahawk9]

Not a bad move, to spread some of that wealth around in Bitcoin, he'll probably a lot of more money (in terms of fiat value) since the price could shoot up in the long-term, and those 5m could turn into a lot more.

"the expert told Cosby of Bitcoin’s privacy and legitimacy, as it “couldn’t be taken in a divorce..." the guy probably made up his mind after listening to those words LOL I wonder why they didn't buy more, I probably would have if I had a $500 million fortune.

[FlamingFingers]

Yeah, this might be good to showcase bitcoin usage, however, I doubt news outlets will take it kind-heartedly. SJWs will take this as a way to bash bitcoin for being used by 'drug lords, criminals, and rapists' who hide their money to escape financial punishments (i.e., penalties/fines).

"the expert told Cosby of Bitcoin’s privacy and legitimacy, as it “couldn’t be taken in a divorce..." the guy probably made up his mind after listening to those words LOL I wonder why they didn't buy more, I probably would have if I had a $500 million fortune.

That's nonsense. The court can order a bitcoin forfeiture, and he will still lose his money.

~Snip.

Don't you get tired of this shilling?

[RodeoX]

If only it worked that way. You receive no legal protection whatsoever by turning your dollars into BTC. He will still owe the money, it does not matter that he bought a house with it or bitcoin. His estate will be seized, bitcoin and all. If he thinks he can just refuse to give up his private key then he will spend his life in a cell on contempt charges. Not smart.

[LeGaulois]

The courts can force him to liquidate his Bitcoin and pay any damages he incurres. I don't understand how this would protect him.

The court can't force him to liquidate his bitcoins. He could be possible with his fund in a bank account like it often happens. But how the court is able to do it with crypto. He could claim he lost or got hacked his bitcoins, how it could be proven otherwise. I could say too how a court can know he owns bitcoins but the mainstream media is spreading the word.

It's the main advantage of Bitcoin, you have a full control over your money and nobody can. It's a good use case of Bitcoin but not sure it's the best. I bet in 2 weeks we will see a new with a title like "Fraud to avoid a court decision" After the Panama papers scandal it could turn in a Bitcoin scandal....

[buternasek]

whether he plans to not pay a fine for the crime he committed, if he is proven to do that he still has to pay a fine, and of course he will be forced to hand over the wallet's private key.

[vy99]

This is smart to do, he has a good financial advisor. He will have money there that no one but himself can access, and that money is guaranteed to never be debased (killer app for Bitcoin if you ask me). This is definitely another use case for Bitcoin, the super rich buying BTC to retain their wealth. I don't quite understand this, but couldn't the court order him to pay those BTC to his wife if necessary?

His wife isn't the problem, it's the women accusing him of rape. Those are the ones that will be seeking payment. But I agree that this is a smart move, it'll be hard to track his true Bitcoin worth and he'll be able to save some of his money this way.

Also for all the people who will say that Bitcoin is being used by the rich to hide money, what do you think Swiss bank accounts are? What about the Panama papers? Face it, rich people have found ways of hiding money for decades before Bitcoin came along.

[Samarkand]

If only it worked that way. You receive no legal protection whatsoever by turning your dollars into BTC. He will still owe the money, it does not matter that he bought a house with it or bitcoin. His estate will be seized, bitcoin and all. If he thinks he can just refuse to give up his private key then he will spend his life in a cell on contempt charges. Not smart.

Maybe you underestimate Mr. Cosby.
He could show some remorse and give up the private keys to the corresponding
wallets that contain the BTC equivalent of 5M $.

This amount matches the BTC amount reported by the media and all
creditors and the court are happy.

Afterwards Mr. Cosby secretly sells off his remaining BTC whenever he needs some fiat,
because he obviously bought way more than 5M$ of BTC and just spread this
rumor in order to downplay the true extent of his BTC holdings.

Personally, I don´t really like this news, because Mr. Cosby will be filthy rich
when BTC hits higher price levels. I can think of persons that would be more deserving
of that kind of unprecedented wealth than him.

[ZoomhashLLC]

I think this is a great use-case of using cryptocurrency to secure and multiply your money. Very interesting when celebrities dabble in large amounts of crypto.

This is a clear indicator that many people out there of course still believe that there is a big future for cryptocurrency, or in this case more specifically Bitcoin.

[snipie]

I think this is a great use-case of using cryptocurrency to secure and multiply your money. Very interesting when celebrities dabble in large amounts of crypto.

This is not the case here. Bill is trying to hide his money from the justice, his wife and probably the other girls eyes. Bill can even switch his fortune to Bitcoin and move to Russia if he wants then convert it to Rubble. Smart Bill, be like Bill..

[ZoomhashLLC]

I think this is a great use-case of using cryptocurrency to secure and multiply your money. Very interesting when celebrities dabble in large amounts of crypto.

This is not the case here. Bill is trying to hide his money from the justice, his wife and probably the other girls eyes. Bill can even switch his fortune to Bitcoin and move to Russia if he wants then convert it to Rubble. Smart Bill, be like Bill..

Ah I see. Well in that case, I see this sparking further regulation.

[CoinEraser]

Reportedly Hollywood actor Bill Cosby has recently bought 750 BTC (around 5 $million at the time of the purchase) when he was advised to do so by his financial advisor, in an attempt to save some of his wealth from what's coming to him after all the rape accusations.

Im not sure if he is a rapist or not because I haven't looked at the evidence, but like or not, this is a clear use case of Bitcoin. His net worth is like half a billion USD, so I guess this is like a plan Z to keep 5 million which would be enough to live without working in case things go very bad for him.

I found this interesting nonetheless and worth mentioning here. Full news:

https://bitcoinexchangeguide.com/bill-cosby-buys-750-bitcoin-btc-worth-5-million-to-save-500m-fortune-from-wife/

I don't really like this news. The good reputation of Bill Cosby is more than broken and i don't like it when his name is associated with Bitcoin. He is still a celebrity, but still with a bad reputation. That's why this news has a sordid aftertaste for me and I'm not really happy about it. I certainly would have found this news better with another celebrity. But anyway, it's definitely good for Bill Cosby and he sure didn't make a mistake with that decision. 

[RawDog]

This is smart to do, he has a good financial advisor. He will have money there that no one but himself can access,

When will he access this?  Can you access the blockchain from heaven?  He is fucking 85 years old!  He'll be dead very soon.  He isn't going to be accessing this from anywhere.

[RawDog]

I don't really like this news. The good reputation of Bill Cosby is more than broken and i don't like it when his name is associated with Bitcoin. He is still a celebrity, but still with a bad reputation.

Bitcoin doesn't permit censorship of anyone.  Even rapists.  Rapists are allowed to hide their money just like all you tax cheaters.  The blockchain doesn't care if you drug and rape women, if the signature is correct, the money is yours.

[iv4n]

I don't really like this news. The good reputation of Bill Cosby is more than broken and i don't like it when his name is associated with Bitcoin. He is still a celebrity, but still with a bad reputation.

Bitcoin doesn't permit censorship of anyone.  Even rapists.  Rapists are allowed to hide their money just like all you tax cheaters.  The blockchain doesn't care if you drug and rape women, if the signature is correct, the money is yours.

Blockchain isn't only one that doesn't care,fiat isn't different from this, money has no owner, it's and old saying. Celebrity or not, guilty or not, he is a man and he will use any means necessary to protect him and his wealth. Now he have an opportunity to get into bitcoins, hide his wealth, and maybe recover his entire half a billion dollars with this single investment.
Well I'm glad that someone from Hollywood is into crypto now, let them be more in the future. Like with "50Cent" he also got into bitcoins to hide his wealth, it's becoming a trend, and I always say, I don't care what they did, good or bad news, as long as they spell bitcoin correctly.

[jaydenbox]

Its a shame what he did, he was a good comedian, however buying bitcoin seems like a good act even tho his past isn't good, I have to say good job on seeing forward and understanding technology.