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Wanted to point to the startup the author seems to be running, which is to sell insurance somehow tied to Bitcoin: https://meanwhile.bm/ https://meanwhile.bm/

Wanted to point to the startup the author seems to be running, which is to sell insurance somehow tied to Bitcoin: https://meanwhile.bm/ https://meanwhile.bm/ For the record, that strikes me as seriously improper. Life insurance is a heavily regulated offering intended to provide security to families. It is the opposite of bitcoin, which is a highly speculative investment asset. Those two things should not be mixed. Also, the fact that the disclosure seems to limit sales to being only occurring in Bermuda seems intentional. I suspect that this product would be highly illegal in most if not all US states, so they must offer this only for sale in Bermuda to avoid that issue.

n_ary 1y ago
Did I read that right? Sam Altman is funding this? If true, I am having some new perspective him.
- pinkmuffinere 1y ago
  I assume from your comment that you haven’t heard of WorldCoin, also funded by Altman. https://world.org/ https://world.org/
verall 1y ago
I think it's actually tax avoidance disguised as life insurance: > You can borrow Bitcoin against your policy, and the borrowed BTC adopts a cost basis at the time of the loan. So if BTC were to 10x after you fund your policy, you could borrow a Bitcoin from Meanwhile at the 10x higher cost basis—meaning you could sell that BTC immediately and not owe any capital gains tax on that 10x of appreciation
- deleted 1y ago
  [deleted]
- tecleandor 1y ago
  Oooooouch, I missed that when checking their site, and that's extra shady. Especially when at the footing of the page you can see: Neither Meanwhile Insurance Bitcoin (Bermuda) Limited nor its affiliates Meanwhile Services (Bermuda) Limited and Meanwhile Incorporated, are lawyers or accountants. They do not provide legal or tax advice. You are wholly responsible for obtaining your own legal and tax advice. And everything incorporated in Bermuda, and regulated only by Bermuda laws, makes it very impractical as an insurance (go and claim whatever you want against them from your country, I don't think it will be easy) and very obviously a tax evasion thing.

n_ary 1y ago

Did I read that right? Sam Altman is funding this? If true, I am having some new perspective him.

pinkmuffinere 1y ago
I assume from your comment that you haven’t heard of WorldCoin, also funded by Altman. https://world.org/ https://world.org/

verall 1y ago

I think it's actually tax avoidance disguised as life insurance: > You can borrow Bitcoin against your policy, and the borrowed BTC adopts a cost basis at the time of the loan. So if BTC were to 10x after you fund your policy, you could borrow a Bitcoin from Meanwhile at the 10x higher cost basis—meaning you could sell that BTC immediately and not owe any capital gains tax on that 10x of appreciation

deleted 1y ago
[deleted]
tecleandor 1y ago
Oooooouch, I missed that when checking their site, and that's extra shady. Especially when at the footing of the page you can see: Neither Meanwhile Insurance Bitcoin (Bermuda) Limited nor its affiliates Meanwhile Services (Bermuda) Limited and Meanwhile Incorporated, are lawyers or accountants. They do not provide legal or tax advice. You are wholly responsible for obtaining your own legal and tax advice. And everything incorporated in Bermuda, and regulated only by Bermuda laws, makes it very impractical as an insurance (go and claim whatever you want against them from your country, I don't think it will be easy) and very obviously a tax evasion thing.