Is a ban on Retirees Cypto Account a fair deal?

[uneng]

These are very concerning and serious news. This law denies elders access to bitcoin adoption. It's the state controlling and saying what you can do and what you can't do with your own money. I understand some authorities may be worried after the several thefts ran this year by crypto CEOs against millions of customers, but it can't be used as an excuse to not allow retirement money to be used for bitcoin investment. There shouldn't be any issue if a retirement fund decided to acquire a cold wallet and store some btcs there by themselves.

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[Lubang Bawah]

Surely this is a sad thing, when people retire certainly hope to get additional income, and the best thing now is a cryptocurrencies investment, if it is the full right or money from retirees, the government should not limit or be banned if you want to enter Cryptocurrencies. If indeed the prosecutor's consideration is for the good of everyone, it is time not to limit anyone to invest in cryptocurrencies.

[yhiaali3]

Due to the extremely volatile crypto market, the option to invest in bitcoin or altcoin does not seem like a good option for retirees. These investments are really risky and they need a long time, so retirees may not have time to get the profits that make their retirement comfortable. On the contrary, the market may continue. The downward trend for a long time, which will cause major crises for the retirees, both psychologically and financially, because they need more medicines and other medical expenses.
Whoever wants to invest in bitcoin should do so at the beginning of his life when he has plenty of time, so I see that this ban may really be in favor of retirees.

[Punakawan]

If you hear the reasons above, it seems that the prosecutor hopes that when it is old, he must be selective in using money, moreover the Cryptocurrencies case is very diverse and a lot, if a retired put money in Cryptocurrencies and then becomes a scam then he will become poor and will ask for help from the government, with pension money of course it is enough to meet the needs.

[davis196]

This is the perfect example of people being conformists and following trends.
When the Bitcoin/crypto prices are going up-Bitcoin/crypto is good. When the crypto prices are falling down-Bitcoin/crypto becomes bad.
We all know that cryptocurrencies are highly volatile risky assets, but investment plans like IRA could simply invest a small percentage of their portfolios  in crypto to lower the risk. Diversification exists for decades and this woman doesn't know anything about it.
It's like the big tech stocks dropping down by 90% and people wanting to ban investment funds from buying stocks of the big tech companies.
Why nobody wants to ban the investors from buying Meta stocks or Tesla stocks? When there's a bear market, crypto gets all the FUD and all the hate. The big tech corporations don't get nearly as much hate and FUD as crypto.

[jrrsparkles]

New York Attorney General Letitia James in the bid to protect retirees from the dangers of investing in Crypto currencies, digital assets, digital tokens and digital coins has egged on  Congress to pass a law prohibiting crypto investments in retirement accounts.

Her point of concern is on the Individual retirement accounts(IRAs) and defined contribution plans, like 410(K0 plans and 457 plans for government workers, which has been the investment option for millions of Hardworking Americans after retirement. She sighted the recent development in financial institution where Bitcoin became an investment option in 410(k) plans, and other financial institutions expected to follow suit. With the recent downtimes in the crypto market and the market turbulence, Attorney General James  emphasised on the protection of workers' retirement funds and save them from the risk associated with cryptocurrencies.

Most of this retirees know absolutely nothing about how this digital assets work. The just trust this investment plans to make the right decision for them. Attorney General James is only been protective of her citizens to save them from the downtimes because the only depend on pensions for survival as such risking them on assets the can't control themselves can result to sudden death and heart failures. Because they will have to wait till the market becomes favourable to start making profit on their investments.

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But how this can be helpful to save the people? As a basic investor's perspective the right time to invest is when the market is down so attorney concerned about increasing investors on cryptocurrencies due to the bearish looks like the fellow Americans understood the investment strategy and acting accordingly but now the power is trying to stop them from further progression and they want to keep majority in the same financial class forever.

[lovesmayfamilis]

So I believe the move is fair as to not drag many pensioners to their early grave should anything happens to their money through the financial  institutions.

I also agree that this is fair. At least the ban will protect against some problems, for sure. Many retirees will easily succumb to the persuasion of scammers to buy bitcoins, but what's next? Loss of seed phrases, simply due to illness, as an option for future stress. Further, a lot of options are lined up on how to manipulate an elderly person. Yes, this probably sounds like a restriction of rights, but having elderly parents, any person can observe that not all of them remain in a good mind and memory until old age. In the end, if there are relatives nearby, the young can help with the purchase of bitcoins, and in the future insure the elderly.

[Ucy]

What else should they entrust their retirement funds to, inflation ridden fiat currencies, or assets they absolutely have no idea what direction they will move to in the future?
 Bitcoin remains a better alternative for long-term investment. If you want an investment that is fairly inflation-proof for your retirement fund then buy and hold Bitcoin for a minimum of 3 year. It's better than most fiat currencies people rely on for retirements.

In regards to heartattacks in relation to investments risk, I would advice investors to only invest what they can afford to risk so they wouldn't be too attached to their Bitcoin investment, or the price of Bitcoin. Price fluctuations are normal in fiats too but people aren't too bothered, probably because they have no idea what it's all about or aren't paying attention...but  they feel the effects in the price of goods and services.    So, it's not just Bitcoin... The short-term investors probably should stop bothering the long-term ones. They should consider their hearts

[Bitstar_coin]

They may claim it is to protect the retirees from losing their funds but the approach seem hash and look like an attack on their right. Perhaps they should have use another method to address these retirees and enlighten them on the possible danger of losing money if they have no idea what they are involved in. Anyone who still insist on investing will have to bear the consequences should there be any. These people are not children, there is no need to threat them as children.
 
 

[traderethereum]

I don't know whether it's fair or not for retirees but if they understand the risks behind investing in crypto and can accept it well, it will be the responsibility of each individual.
Those who receive their money through the salary system or their pension have the right to use their money for anything because it is their money.
But here, the government wants to protect the money they have and I think this needs to be discussed first between the government and pensioners so that there are no misunderstandings between them.
Or maybe the government could give freedom to retirees who want to invest in crypto using only 10%-30% of the pension they receive so that if there is a decline, it won't have too much of an impact on those pensioners.

[Sterbens]

They may claim it is to protect the retirees from losing their funds but the approach seem hash and look like an attack on their right. Perhaps they should have use another method to address these retirees and enlighten them on the possible danger of losing money if they have no idea what they are involved in. Anyone who still insist on investing will have to bear the consequences should there be any. These people are not children, there is no need to threat them as children.
 
 

Yes, that's right, I agree with that, it's better to take another approach than frankly prohibiting them from investing in cryptocurrency, even though the reason is to protect them because they don't know what cryptocurrency is. They can explain what cryptocurrency is, explain everything related to cryptocurrency including the risks they might face when the market is down. When they have done that, the decision is in their own hands, because I believe that what is meant by retirees are people who at least have the ability to understand what they are doing.

[Gyfts]

The NY state government has no business telling folks how to manage their IRA's as if they're children and need the government to come in and save them. Just another example of Bitcoin/crypto regulation under the guise of consumer protection.

Letitia James is also the Attorney General who promised to go after former President Trump and assured her constituency that she would go around fishing for a crime to charge him with. I believe Trump is facing civil liability in NY: https://ag.ny.gov/press-release/2022/attorney-general-james-takes-action-immediately-stop-donald-trump-and-trump

Nothing more than a radical politician that's throwing the book of law out the door for her own political interests.

[Obari]

I'm not really familiar with the stories of this Attorney General and her administration but I think she gave absolutely definite and positive reasons to her actions as this was for the good and betterment of this retirees.
You should know that at 60 years, one is supposed to relax and enjoy the fruits of their labour in form of pensions and gratuity and not battling with making investments that with distort their mental and emotional state of health.

Most of this crypto investment options are scams and people just looking for older people to prey on and at the end of the day, most of this retirees, when presented with options to double their investments rend to do so with other considerations and they find out at the end, get so depressed and thoughts of suicide comes in.

[gantez]

Most of this retirees know absolutely nothing about how this digital assets work. The just trust this investment plans to make the right decision for them. Attorney General James is only been protective of her citizens to save them from the downtimes because the only depend on pensions for survival as such risking them on assets the can't control themselves can result to sudden death and heart failures. Because they will have to wait till the market becomes favourable to start making profit on their investments.

I ask a question to this. What about if the retirees decide to withdraw off the money in the retiree account to another account and take off everybody eye away from their money and do with it to their satisfaction including investing in bitcoin? I can understand the protection on the old people but they are not sick to decide to themselves on what they want and to do with the money from the labour of young age.

[Flexystar]

Most of this retirees know absolutely nothing about how this digital assets work. The just trust this investment plans to make the right decision for them. Attorney General James is only been protective of her citizens to save them from the downtimes because the only depend on pensions for survival as such risking them on assets the can't control themselves can result to sudden death and heart failures. Because they will have to wait till the market becomes favourable to start making profit on their investments.

This is definitely valid point. In fact it's even not advisable to the new comers who do not even understand or take the efforts to understand how crypto space works and what are these tokens, their tokenomics, how they are associated with different roadmaps and pretty much all the stuff that we experienced after years of time spent into the crypto and specifically on this forum itself.

There is no point for elders who are retired and not willing to go through such messy studies. Even with the brokers it's big risk for them. I think the decision made by this juri is quality one and everyone must welcome it.

[wiss19]

So I believe the move is fair as to not drag many pensioners to their early grave should anything happens to their money through the financial  institutions.

I also agree that this is fair. At least the ban will protect against some problems, for sure. Many retirees will easily succumb to the persuasion of scammers to buy bitcoins, but what's next? Loss of seed phrases, simply due to illness, as an option for future stress. Further, a lot of options are lined up on how to manipulate an elderly person. Yes, this probably sounds like a restriction of rights, but having elderly parents, any person can observe that not all of them remain in a good mind and memory until old age. In the end, if there are relatives nearby, the young can help with the purchase of bitcoins, and in the future insure the elderly.

This is not about retirees making any deals, it's about their funds not being able to. This means that they give money to Mr.Smith or whoever, and that person buys stocks and gold and whatever with their money and they grow old and they retire and they use that money, the ban is about Mr.Smith not being able to buy bitcoin with that money for their future, this is not even just old people right now, it is also for people who are 20 years old right now and have 401k, because it means their funds can't be used to buy crypto.

Why do we think that crypto would be risky and bad whereas stocks are allowed? Stock market crashes all the time, it's not any less riskier.

[BIT-BENDER]

There is no way this makes sense to me, this is like taking away someone’s fundamental Human right. I believe anyone that is a Retiree is definitely an adult and can make decisions on their own.

I understand the government also has the interest of its citizens at heart but they should make it optional, they is no safety in the financial ecosystem and that’s the truth even Fiat has its own risk on their citizens, so if a Retiree want a crypto-currency action they shouldn’t be deprived off that.

[Oilacris]

There is no way this makes sense to me, this is like taking away someone’s fundamental Human right. I believe anyone that is a Retiree is definitely an adult and can make decisions on their own.

I understand the government also has the interest of its citizens at heart but they should make it optional, they is no safety in the financial ecosystem and that’s the truth even Fiat has its own risk on their citizens, so if a Retiree want a crypto-currency action they shouldn’t be deprived off that.

Not really that totally surprising that government does really love to make out involvement on lots of things specially into something which they do really like to get involved into.

Its true that this is really totally taking that full rights of those Retirees on what they should gonna do with their money on this case.Yes, we do understand on how government do really like to protect them but its not really that something that they should really make out some ultimatum or fixed decision.

Just like you do said that there should really be at least some choices for it to be optional.

[fadhilz123]

I ask a question to this. What about if the retirees decide to withdraw off the money in the retiree account to another account and take off everybody eye away from their money and do with it to their satisfaction including investing in bitcoin? I can understand the protection on the old people but they are not sick to decide to themselves on what they want and to do with the money from the labour of young age.

If the bank only serves the customer accounts of retirees and customers withdraw all their money to other accounts. So what happens to the bank is that it goes bankrupt or has to close if there are no more customers saving money there because the bank has nothing else to serve.

I think my answer above is very suitable for the question you asked. But if it's a matter of someone's or everyone's decision in terms of investing in anything, I think it really depends on the decision of each of them in carrying it out, because it relates to the desire that is in their heart or whatever they have thought before.

[Johnyz]

There is no way this makes sense to me, this is like taking away someone’s fundamental Human right. I believe anyone that is a Retiree is definitely an adult and can make decisions on their own.

I understand the government also has the interest of its citizens at heart but they should make it optional, they is no safety in the financial ecosystem and that’s the truth even Fiat has its own risk on their citizens, so if a Retiree want a crypto-currency action they shouldn’t be deprived off that.

Probably they just need a proper understanding on where they can put their retirement funds and I agree with the concern of security of the funds since cryptomarket is not perfect and can’t guarantee any return so there’s a risk of losing that retirement fund. So if you are a retiree, you should assess your financial capability and if you think you can afford to take such risk, then why not but if you are just going to depend with your retirement fund, i won’t suggest to put it in cryptocurrency.