Episode 107:
3346f2bbf6c34bd2dbe28bd1bb657d0e9c37392a1d5ec9929e6a5df4763ddc2d

Chris Nickerson

Talking about Managing
Through a Stocks Crisis

Transcript:

Chatting with Chris….

 

Sasha:

Okay. Hello everyone! Welcome to the HODLCast. Today is March 11th, and we have a special guest, Chris Nickerson. Some of you may have heard Chris on the show just a couple months ago, I think it was in November. Chris is my former boss and long-time mentor from Canada. We work together at a few different mutual fund companies. Chris, can you give an introduction of your career history and then we’ll get into talking about how to manage expectations during times of crisis for the financial markets.

Chris:

Yeah! Absolutely, Sasha, and thanks for doing this. So I’ve been in the financial markets for roughly a little more than 30 years, just a little more than 30 years. But at the same time, I don’t look that old. And most recently I found that a company called Decipher, Inc. It’s a sales consultancy business that really helps organizations maximize their sales culture and sales potential. So I’m still in the markets, I’m still in the business. Most of my clients are in the financial services sector. And it’s been a very interesting time of late.

Sasha:

It sure has. It just feels scary lately to me. I don’t know if I’ve been maybe watching too much news, or I’m in some of these Bitcoin telegram chats with people who seem like they want the world to end, so that their preparation skills cannot be bragged about. I’m, I’m kidding. But it’s a lot of preppers in there and a bit of a do mind set, and I’m starting to think maybe I need to spend less time in the chat because when I’m outside walking around, it’s just feeling like, Oh God, is this Corona virus gonna kill us all? And then, we get the asset, the stock market tanking and all kinds of speculation of whether Monday’s drop in the market is going to lead to another financial crisis similar to 2008 and nine, which you were great through that. I remember listening to you, and just having the message of stay calm and keep in touch with your clients. And so, I would just want you to give a little overview to the broader audience of what can we do when we’re in this kind of financial uncertainty.

Chris:

Absolutely! And you know what, in my 30 plus years of experience, I remember 1987 like it was yesterday. And the way people react hasn’t changed. What I find interesting is that, most people’s memories of these types of events are short. In other words, they forget them very quickly, and they focus on something else. However, when you’re going through something like this, it can be very unnerving. It can be very unnerving for everybody, not just those young professionals working today and trying to save for a brighter tomorrow. But also, people in their forties and fifties who are near to retirement days. And then those in retirement, then everybody’s got an opinion about what’s happening and about what should be done. But really what I like to focus on is leadership, and leadership through any form of crisis is key, and I cannot stress that enough. It’s key as a leader, whether you’re a CEO, or you’re a department head, or you’re just a manager of a team. And I don’t mean to say just a manager of a team, whether you’re a CEO, and department head, you manage a team within an organization. There are three things that you need to do to lead from the front. And, if you do not lead from the front, somebody else will. Either another company will or another person within the organization will, but leaders need to lead. And this is the time that really, we need people to step up. So give me an example of that. If you’re a CEO, and you want to lead from the front door, there are three things that you need to do, you need to first and foremost, communicate on a regular basis. You need to put a communication plan in place, a communication schedule that will provide a flow of information on a timely and regular basis. Maybe it’s daily or weekly, but something of that nature. A schedule that people can count on. In other words, people’s questions pile up faster than you can answer them. So how quickly can you answer them? Can you answer them every day? Can you answer them every week? Can you at least give them some answers on a daily or weekly basis? But you need a communication schedule in place to allow people to be able to breathe deeply and say, okay, you know what? I’m going to get the answers to my questions that I need. Secondly, within your plan, your message must provide the big picture of what’s going on. The impact to your company or your business and the impact of people in the business, your people, the people that work with you. Your message must reflect your audience and be easily understood. So you need to know your audience. And the reason for that is because everybody’s asking the same questions, right? They’re asking, what does this event mean for the company? What does this event mean for me? And everyone is thinking this. And those two questions are interchangeable between one and two. Usually people ask, what does this mean for me? But they ask the company question first because they don’t want to be perceived as selfish. And then finally, what do we do next? I heard a great response from a CEO within the oil patch and in Calgary Alberta, who got his entire staff together and said, okay, here’s what’s going on, explaining the drop in oil prices. Explaining why it’s happening. I’m also letting people know we don’t know where the bottom is in oil. But then he quickly switched gears to, okay, here’s what’s going to happen within the organization. No one is going to lose their job. Collective sigh of relief from the team. It’s fantastic. And then he said, now here’s what we need to do. He started talking about the future. And really, that is the three things that any leader who’s leading from the front needs to do. You need a regular communication plan. You need to develop a message that answers the questions. What does it mean for the company? What does it mean for the employees? And finally, shifting into what do we do now, or what do we do next? And that really is talking about the future. But the future has to be fact based. And frankly, when you’re talking about what’s going on, it has to be fact-based.

Sasha:

If it’s uncertain times and you don’t know how to create that.

Chris:

So it’s very easy to talk about what happened with in the oil patch in the last couple of days because that is fact-based. It’s Saudi Arabia and Russia trying to drive each other out of business and maybe take care of smaller players around the world as they battle each other, as they play this sort of game of chicken, if you will. But when it comes to the Corona virus, the facts are what we know in terms of the number of people that are unfortunately ill, and the number of people that have passed away. But there is still so much unknown with something like the coronavirus. So you can only speak to speculation, it doesn’t do anybody any good. And if you ask people, and I asked a bunch of people yesterday at the restaurant that I was at, which by the way was happening, I ask people how they feel about it, and I know how I feel about it personally, but everybody has sort of differing opinions. Number one is of course, no one feels that they’re going to get sick, but at the same time, on the other hand, everybody feels there is a concern that things could get worse. So how do you live your life through that? Right? And in this market collapse that we’ve seen over the last couple of days and the incredible volatility in the bouncing of the markets, we need leaders to lead from the front and we need leaders to develop communication plans that are scheduled and regular. Develop messages that speak to people and answer the questions that they need answered, and really start talking with the future. And I think whether it’s financial markets, whether it’s oil and gas sector, whether it’s a crypto currency, we need leaders to lead from the front. And the more of those leaders that we have, the better off we’re going to be.

Sasha:

Yeah, that’s so true. Though the funny thing about Bitcoin compared to the traditional stock market is that there really aren’t any leaders in the sense of there’s no CEO. There’s no one to say, okay, here’s how we’re handling. This Bitcoin, it does what it wants to do and there’s no one in control of it. So that makes, I think the messaging even more difficult. What I’m looking forward to is, if we ever do get an ETF or something of that nature, we do have the gray scale Bitcoin trust, but it’s only accessible to accredited investors, but we might get more portfolio manager style analysis on it, whereas right now it’s whoever on Twitter wants should take a stab at what’s going on with the market. So it’s different than the stock market.

Chris:

Yeah, it sounds like it’s a little more unstructured, and so unfortunately, you’re going to get all kinds of differing opinions. And there’s nothing wrong with differing opinions. In fact, differing opinions can be very healthy. You just, for lack of a better term, avoid spreading fear. No one benefits from spreading fear.

Sasha:

That’s so true, and so refreshing. And Chris, a lot of people are talking about the stock market or maybe the Corona virus right now as being a black Swan event. I know that was a messaging term that we used a lot at one of our previous companies, but can you give an explanation of what is a black Swan event and what it means?

Chris:

Black Swan events in their simplest form are events that you don’t expect to happen, but do. And so could you call what we’ve seen in the market over the last few days a black Swan event? Sure. Because it’s a convergence of a fast approaching a global health crisis combined with two very large regions in the world and battling it out over oil supremacy, or for oil supremacy I should say. And then couple that with investors being nervous and having more sellers than buyers in the market. And you’ve got yourself almost like a perfect storm for negative markets. It’s something that even though you think you can plan for, or you try and plan for, because they’re unknown. They can come out of nowhere and form what we’ve seen over the last few days was a perfect storm for negative market sentiment.

Sasha:

And in your experience, how have investors typically reacted to black Swan events? And what have been the kind of investment opportunities through black Swan events?

Chris:

So somebody asked me last night, I had actually a meeting, I had at this restaurant, the prospective client asked me what I did when I saw the market falling. I usually don’t stay up late at night to watch what’s going on in the Asian markets. But I did the other night because of what I thought could be coming. And I spent a lot of time, several hours watching the Asian markets, and then watching the, down futures in the United States, and realizing, okay, we’re gonna open up significantly down on Monday. And sure enough, we did. My philosophy or process through these things is to stay calm, do some reading, take a look at what I already own, what do I really like. I really like everything that I already own from an investment perspective. So I just want to buy more. In fact, my wife and I made three purchases that day, and then we hopped on our bikes and rode 50 kilometres. Once our purchasing was done, what else are we going to do? Sit around and watch the market and the gyrations of the market, and watch the individual purchases that we made, move either up or continue to move down. It didn’t matter to me at that point in time. I’m already fully invested. So let’s keep going. Move on to the next thing.

Sasha:

And do you typically look at price regularly if it’s in your retirement account or do you just try and not look at it until you’re actually ready to retire? Which is quite a ways down the future before you’re going to have to draw on any of the investment funds?

Chris:

Well, there are a few companies that I really like that I find personally overvalued. So I’ll keep an eye on those because if they come down to a point where I feel they’re fair value, then I want to get in and buy them. At the same time, my financial advisor also does that for me. It keeps an eye on far more stocks than I do personally, far more investments than I do personally. And when they see something that is fair value in their eyes, they’ll reach out to me, as I’m sure most would. But as an investor, really, you don’t want to try and time the market. I’m not doing any selling end by, I just happen to have some cash in my account and my kids are ESB and we did some buying. It was really simple. I had some cash in my retirement account. My wife had some cash in her cash account and we had some cash in our kids, our ESB, that I completely forgot about. And our financial advisor brought it up to us and we said, okay, well let’s just continue to buy some more investment that we already hold. And like I said, once we made those three purchases, then we just hopped on our bikes and went for a great bike ride. Because if you spend too much time on it as an investor, I’m talking purely as an investor. Now, if you spend too much time on it, it really can eat you from the inside out. You can second guess every single decision you’ve made up to that point. You can second guess future decisions you haven’t made yet. But you’re thinking about what to do. And everybody’s situation is different. So I certainly don’t want to give advice on investing. But at the end of the day, for my wife and I and our family, we felt the best thing to do was to just be a buyer. If we like these companies and they’re down by six, seven, eight, nine, ten percent, why don’t we still like them? We liked them even more. So we just bought. And I think that if you try and time something like this, if you try and time yourselves and your time your buys, then you’re going to miss movements in the market, and that’s going to really detract from your return. The single best thing I think people can do is, if they’ve got cash, buy. If they don’t have cash, depending on their economic situation, their age, their risk tolerance, how many years they have ahead of them before they need their money, stay invested.

Sasha:

Yeah, we saw so many people in the O-8-O-9, situation come out of the market only to miss a fifty percent run up in the later part of 2009. So yeah, the market will turn eventually and it’s good to be in. But I don’t think we’ve seen that big dip yet of everyone getting scared and shaken out of the market. We just had a bit of halted trading on Monday, and it seems like it might be overblown, so far to be calling it even. If it’s such a big black Swan event or anything like that yet.

Chris:

Well, how many times have we had a 15% drop in the market since 2008? Is it three? Is it five? Is it seven? I don’t know the answer to that. I don’t have that information in front of me, but at the same time, I always remained invested. If I had capital, I put it to work.

Sasha:

Yeah. The Bitcoin market drops that much in a heartbeat. So it’s no big deal anymore when we see this kind of volatility.

Chris:

We are almost becoming immune to the volatility.

Sasha:

Yeah. Now, you mentioned that you’re working with a financial advisor and I know that you know every major financial advisor in the country. What criteria did you use to end up selecting whoever you chose?

Chris:

No, actually it’s a combination of us choosing each other. And so, I work with individuals. I work with companies, and it really depends on their need, and it really depends on what they want to achieve. Most organizations want to improve their sales, particularly through markets like this. And I’m talking about financial organizations. They want to optimize their results. And like I said, particularly through markets like this, because this kind of turbulence, you can have sales teams and sales representatives who either, A, want to be proactive and communicate, or B, don’t want to be proactive and don’t want to communicate. And so that lack of communication is really not good for anybody. Right? I talked about leading from the front earlier in this podcast, simply because it must be done. It needs to be done. It has to be done. It’s what’s right for everyone involved. Even if you bring it down to a sales people managing their clients, they themselves need to lead from the front. They need to have a communication plan, a communication plan in place for their clients. They need to understand and develop a message for their clients, and they need to talk about the future for their client’s sake. And so, I’m helping organizations do that and helping individuals do that. Now back in O-8-O-9, we saw an initial shock from what had happened. Most global equity markets were down in the 50 plus percent and the 50 percent range. And that was a real shock to people. But at the same time, we saw companies and we saw individuals, individual financial advisors, really step up and be proactive with our communication. And that, I believe made all the difference in the world for people, particularly investors who were nervous.

Sasha:

And how can you calm nervous investors? What are some things you could say to them?

Chris:

Well if you ask my mother who’s 81 years old, she’ll tell you that she doesn’t have any time to make up this loss. And my response is, are you using all of your money tomorrow? If you’re going to spend it all tomorrow, but no, you don’t have time to make up the loss. But I understand where she’s coming from because she’s 81 years old. But it’s as if people think that they’re going to spend every penny they have the very next day. Well, no, that’s not how we spend, right? We budget, we plan, we put money aside for rainy days. So hopefully, people have some capital set aside for unforeseen expenses. But will that involve them or require them to sell their investments in this market? I’m not sure. Hopefully not. Hopefully no one wants to take their money out of the market and spend it all tomorrow, because you really don’t have a chance to get them back. Usually that’s not the case. Right? And so when I asked her these questions, when I ask her, are you going to take all your money out and spend it tomorrow? She looks at me like I have two heads. And she says, no, of course I’m not going to do that. I said, okay, so if you’re not going to do that, yes, I understand and respect that you’re 81 years old, but if you’re not going to do that, well then how much do you need? Well, I just need to cover my monthly expenses. Okay, so that hasn’t changed, and your monthly expenses aren’t changing. So let’s focus on what you do need. Let’s focus on what you are willing to, from an investment perspective, willing to continue to invest in and keeping the market. When I say keeping the market, I’m referring to equities, not fixed income instruments. And so it’s a very different conversation. But really, you can’t just accept face value. You have to actually have a conversation. You actually have to ask questions. You need answers to these questions, and you have to help people understand, regardless of risk tolerance, regardless of age, regardless of objectives. You have to understand number one, where they’re coming from? And how it makes them feel? And number two, what they’re willing to handle? Be OK with? And or do from an investing perspective. And everybody’s different. And you know what amazes me? It’s that you’ve got some people who appreciate gain more than they fear loss, and you’ve got others who fear loss more than they appreciate gain. So, I would say that most of the people I know fear loss more than they appreciate gain. I myself appreciate gain more than I feel loss. And it’s a very different approach, but you’ve got to understand who you’re talking to and you’ve got to understand where they’re coming from. And if you’re a financial advisor in this marketplace, again, lead from the front, right? Communicate, develop that message, talking about the future, but communication is key. We cannot stress enough. You’ve got to communicate. You’ve got to talk to people, you’ve got to ask them questions, you’ve got to understand. If they’re your clients, you’ve got to understand what they’re going through emotionally, and where they’re coming from. And also, helping them understand what they’re going through emotionally, and help them understand that they still do have goals, wants, objectives that they want to achieve.

Sasha:

And so far anyway, no one has seems to have lost their jobs. We’ve actually come out, at least in America, with some really strong jobs numbers. So what you said really makes sense about looking at your monthly expenses. If you’re still able to work and earn an income. And even through this Corona crisis, I think that the work life balance for people has really changed and shifted to working at home. And hopefully, people won’t be impacted if offices are closing and things that commerce can still happen from home. So hopefully, the monthly expenses are not changing too much in terms of income. And there’s an opportunity if something like that does happen, people can refinance their homes right now and save just for our own mortgage, we noticed we can get at 900 dollars less a month of a payment just by refinancing right now, to take advantage of the lower rates.

Chris:

Yeah. Rates have come down both in the United States and in Canada. And that will be reflected in mortgage rates if it isn’t already. I think, and we saw a lot of re-financings in O-8-O-9, a lot of corporate re-financings O-8-O-9. After O-8-O-9, I should say, rates started to come down. And so I think we’re going to see more and more of that. And that’s a good thing. That’s a good thing for people because as you just alluded to, you end up refinancing your mortgage at a lower rate and putting more money in your pocket, and you can either choose to spend that money, save that money, or put it back down on your mortgage, and reduce your mortgage even further.

Sasha:

And what’s for retirement plannings? What’s your tried, tested and true investment strategy that people should follow? To get to retirement and have some kind of nest egg narrow.

Chris:

Okay. That is a loaded question. I am not a financial advisor and, I normally don’t like to give financial advice because everybody’s dreams, wants goals, desires, objectives are different. Everybody’s risk tolerance is different, and everybody looks at money differently, right? Some people look at money with their heart, some people look at money with their head. As I mentioned earlier, if some people fear loss more than they appreciate gain and vice versa. So because everybody is different. The single best advice I can give to people, is talk to a professional financial adviser and create a financial plan for yourself, because those that don’t have a financial plan, are literally, for lack of a better term, wandering around in the dark without a flashlight. They’re going to bump into things, and they’re not going to achieve what they want to achieve. But if they’ve got a plan, if they’ve got a structured plan, and they know exactly how much they make on a monthly basis, how much they’re spending, where that spending is going, what they’re putting towards investments and what they’re ultimately saving for. You could say that everybody saves for retirement, but I’m not sure everybody does. You could say that everybody saves or invests for an objective or a goal, whether it be a car or a house, trips in the future, education, but I’m not sure everybody does. I think the single best thing people can do is sit down with a professional financial advisor, and have that person or that that person’s team build a financial plan for them. That structures out and helps them not only visualize their goals, but also achieve their goals. And if you’ve got a structured financial plan, if you’ve got a financial plan and you are going through a market like we’re seeing right now, all you need to do is pull as a financial plan and say, okay, you know, what, here’s the date, here’s where we are on the plan. Let’s just keep going. It’s one of the single best things people can do for themselves, is to work with a financial advisor and have a plan.

Sasha:

And those advisors need to keep things simple, as you mentioned at the beginning, and not stray too far from the plan based on these market movements. Financial advisors aren’t day traders or anything. So, if there’s a balanced portfolio, it’s probably not even all exposed to the volatility.

Chris:

Yeah, most financial plans, in fact, I would say all financial plans are built around risk tolerance. I shouldn’t say the underlying investments in the portfolio will have to adhere to the risk tolerance measures. And so if there’s too much risk in a portfolio, the advisor will let the investor know, they’ve got too much risk, based on their last risk tolerance assessment. And so they’ll trim the risk and bring it back in line with the investor’s risk tolerance assessment, and everybody’s risk tolerance by the way, changes through events like this. So if you ask somebody two weeks ago, what’s your risk tolerance like? And you ask them to answer a risk tolerance questionnaire and they go through a series of 10 or 20 questions, and one of the questions is, could you handle a 5% drop in the market? Yes, no problem. Can you handle a 10% drop in the market? So if one of the questions is, could you handle a 5% drop in the market, and the answers are, that scares me, no way, And yes, no problem. People usually check when the market’s going up. People will say, well, that’s not going to happen. It’s only 5% so that doesn’t bother me. That’s no problem. I can handle that. No problem. And then the same for a 10 and 15% and then all of a sudden, all the answers seem to be the same. Yeah, 15% drop in the market, no problem. I can handle that because they haven’t seen it in a while, or they haven’t been paying attention to it. And as I mentioned before, I don’t know if it’s three or five times or 12 times the market’s dropped 15%, in the last 10 years. But, if you haven’t experienced it, and you haven’t really felt it financially, then that’s a very tough question to answer in a risk tolerance questionnaire. So I would challenge people that if their risk tolerance questionnaire looks, or they answered it a number of years ago when markets were booming upward, if they’re asked to answer that same questionnaire today, after what we’ve seen over the last couple of days, they will answer it very differently. Now, does that mean that the risk tolerance has actually changed? I don’t know, but it certainly means their perspective has changed a little bit simply because of what they’re going through today. Because the questions are now actually real or the answers I should say are real.

Sasha:

Yeah. A lot of those risk tolerance questionnaires present the downside and double or triple on the upside. Would you like to go down? Are you able to handle a minus 15%? or plus 30% over the next 10 years? It doesn’t just say minus 15. If I remember correctly, I think it was 2006 was the last time I was asking individuals those questions at the bank. But I do remember it being an easy answer because the plus side was written right there. So then they could get into an equity style mutual funds.

Chris:

There still are upside and downside capture questions. It’s just a matter of trying to gauge what the investor’s risk tolerance is at that point in time. And it is a snapshot in time. Right. So, like I said, if all you know is a bull market, then that’s all you’ve ever experienced, right? Everything going up, up, up, up. But now all of a sudden things have gone down.

Sasha:

And the question to this time is different. Every event that happens that causes the market to take a 15% correction, there’s always some kind of crisis happening. And I remember that chart showing from 1900 or something saying this time is the real different. And then it just shows that the market always charges back past whatever the crisis of the year is taking place.

Chris:

Yeah. Are they really different? Or is it more of the same just repeated over and over and over again? Well then, it’s going to continue to happen in the future. We’re going to see ups, we’re gonna see downs. We’re going to see days, weeks and months where we’ve got more buyers than sellers, and we’re going to see days, weeks, and months when we’ve got more sellers than buyers.

Sasha:

Yeah. It’s really simple as that, isn’t it? More sellers than buyers are more buyers than sellers.

Chris:

It almost is. Yes.

Sasha:

Chris, is there anything else you want to go over?

Chris:

Yeah, the only thing I’d like to reiterate is just, as I said earlier, whether you’re a CEO, or whether you’re a department head, or whether you’re an individual sales as a sales rep who has clients, during times of crisis, you’ve got to lead from the front. So I’m just going to reiterate that. Create a regular communication plan, whether it’s daily, weekly, something that your clients, your team members, your employees can schedule, and look forward to, and bring questions to, and will alleviate a regular communication plan right away, will alleviate a lot of concern. And don’t forget within that, the message, you’ve got to answer. Your message has to answer the questions. What does this mean for the company? What does this mean for the individual? And then, what do the individual in the company do next? And then finally, you’ve got to also focus on the future. But please make sure the messages are fact-based. So that’s what I would end with.

Sasha:

Very good! Thank you, Chris. And where can people find you?

Chris:

They can find me at dscipher.com. Again, it’s D-S-C-I-P-H-E-R dot com.

Sasha:

Okay, perfect! Well, thank you so much Chris. I always really have enjoyed talking with you throughout my life. You just really do bring a calming voice of reason to these financial markets. So I really appreciate your time today, and hopefully the listeners that I’m sure they got some great information here as well, so thank you.

Chris:

No, thank you. I appreciate your time as well, Sasha. Have a great day. Take care.

Sasha:

You too, bye.

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Sasha Hodler · #HODLCast Bitbonics - #Bitfinex Welcome to the HODLCast BITBONICS! Today is April 28, 2020 and today's twitter search was about Bitfinex. Here are the top 5 tweets! Number 5, from @NewsBlockToday Bitfinex aim to give their customers an advantage in...

#ICYMI #NovaScotia #Oil #WorldBookDay

Sasha Hodler · #HODLCast Bitbonics - #ICYMI #NovaScotia #Oil #WorldBookDay Welcome to the HODLCast BITBONICS! In case you missed it, here are last week’s trending hashtags. #NovaScotia Over the span of 12 hours, a gunman posing as a police officer went on a rampage...

Top 5 #WorldBookDay Tweets

Sasha Hodler · #HODLCast Bitbonics - #WorldBookDay Welcome to the HODLCast BITBONICS! Today is April 23, 2020 and today's twitter search was #WorldBookDay. Here are the top 5 tweets! Number 5, from @HPotterUniverse Today is #WorldBookDay! Number 4, from @NorbertElekes...

Bitbonics – Top 5 #Oil Tweets

Sasha Hodler · #HODLCast Bitbonics - #Oil Welcome to the HODLCast BITBONICS! Today is April 20, 2020 and today's twitter search was #Oil Here are the top 5 tweets! Number 5, from @alistairmilne Remember when Bitcoin was a risky investment? Good times. #Oil Number 4,...

Top 5 tweets about Nova Scotia, Canada

Sasha Hodler · #HODLCast Bitbonics - Nova Scotia Welcome to the HODLCast BITBONICS! Today is April 19, 2020 and today's twitter search was about Nova Scotia, Canada. Here are the top 5 tweets! Number 5, from @Franklin_Graham Pray for the families and loved ones of the...

Top 5 #StableCoin Tweets

Sasha Hodler · #HODLCast Bitbonics - stablecoin Welcome to the HODLCast BITBONICS! For April 16, 2020, the twitter search was about #StableCoin. Here are the top 5 tweets! Number 5, from @Viaab_com G20 Sets Ground Rules Ahead of Facebook's Libra Stablecoin Number 4,...

Top 5 “Toni Lane Casserly” Tweets

Sasha Hodler · #HODLCast Bitbonics - Toni Lane Casserly Welcome to the HODLCast BITBONICS! Today is April 15, 2020 and today's twitter search was about Toni Lane Casserly. Here are the top 5 tweets. Number 5, from @mikebutcher “The flame that burns twice as bright...

Top 5 “Federal Reserve” Tweets

Sasha Hodler · #HODLCast Bitbonics - Federal Reserve Welcome to the HODLCast BITBONICS! Today is April 14, 2020 and today's twitter search was about Federal Reserve. Here are the top 5 tweets! Number 5, from @Bitcoin The Federal Reserve bails out Wall Street. The...

Top 5 “Satoshi Nakamoto” Tweets

Sasha Hodler · #HODLCast Bitbonics - Satoshi Nakamoto Welcome to the HODLCast BITBONICS! Today is April 13, 2020 and today's twitter search was about Satoshi Nakamoto. Here are the top 5 tweets! Number 5, from @KALEELSERAJE After reading these references, I can 100%...

Top 5 #FaceMask Tweets

Sasha Hodler · #HODLCast Bitbonics - Face Mask Welcome to the HODLCast BITBONICS! Today is April 9, 2020 and today's twitter search was about #FaceMask. Here are the top 5 tweets! Number 5, from @nytimes Wearing a face mask takes some getting used to. So if you're...

Top 5 “Cryptopia” Tweets

Sasha Hodler · #HODLCast Bitbonics - #Cryptopia Welcome to the HODLCast BITBONICS! Today is April 8, 2020 and today's twitter search was about Cryptopia. Here are the top 5 tweets! Number 5, from @duganist Cryptopia sounds like something you wouldn't care about but...

Top 5 #Fungible Tweets

Sasha Hodler · #HODLCast Bitbonics - #Fungible Welcome to the HODLCast BITBONICS! Today is April 7, 2020 and today's twitter search was #Fungible. Here are the top 5 tweets! Number 5, from @marvisirmed Fungible is the keyword if you want to analyse this week's grand...

Top 5 “Wisconsin Supreme Court” Tweets

Sasha Hodler · #HODLCast Bitbonics - Wisconsin Supreme Court Welcome to the HODLCast BITBONICS! Today is April 6, 2020 and today's twitter search was about Wisconsin Supreme Court. Here are the top 5 tweets! Number 5, from @realDonaldTrump Highly respected Justice...

Top 5 “VOTER ID” Tweets

Sasha Hodler · #HODLCast Bitbonics - #VoterID Welcome to the HODLCast BITBONICS! Today is April 3, 2020 and today's twitter search was about Voter ID. Here are the top 5 tweets! Number 5, from @ethanjsomers President trump just said mail in ballots were less secure...

Top 5 #unemployment Tweets

Sasha Hodler · #HODLCast Bitbonics - #unemployment Welcome to the HODLCast BITBONICS! Today is April 2, 2020 and today's twitter search was #unemployment. Here are the top 5 tweets! Number 5, from @kerrydougherty These unemployment numbers are harrowing. This cannot...

Top 5 “money printer go brr!” Tweets

Sasha Hodler · #HODLCast Bitbonics - Money Printer Go Brr Welcome to the HODLCast BITBONICS! Today is April 1, 2020 and today's twitter search was about “money printer go brr!” Here are the top 5 tweets! Number 5, from @tp_eater Imagining the flood of "money printer...

Top 5 #FilmYourHospital Tweets

Sasha Hodler · #HODLCast Bitbonics - #FilmYourHospital Welcome to the HODLCast BITBONICS! Today is March 30, 2020 and today's twitter search was about #FilmYourHospital. Here are the top 5 tweets! Number 5, from @medicalaxioms We don’t put on a show for your...

Top 5 “We belong together” Tweets

Sasha Hodler · #HODLCast Bitbonics - We belong together Welcome to the HODLCast BITBONICS! Today is March 29, 2020 and today's twitter search was about "we belong together". Here are the top 5 tweets. Number 5, from @abbracadabra_ my fave story about we belong...

Top 5 #LocationData Tweets

Sasha Hodler · #HODLCast Bitbonics - Location Data Welcome to the HODLCast BITBONICS! Today is March 26, 2020 and today's twitter search was about "Location Data". Here are the top 5 tweets! Number 5, from @JuliaAngwin I’m hearing more and more cries for us to use...

Top 5 SEC Tweets

Sasha Hodler · #HODLCast Bitbonics - SEC Welcome to the HODLCast BITBONICS! Today is March 25, 2020 and today's twitter search was about SEC. Here are the top 5 tweets! Number 5, from @AndoniOlta Here is a must read analysis of the latest ruling on SEC v. Telegram by...

Top 5 #ReopenAmerica Tweets

Sasha Hodler · #HODLCast Bitbonics - #ReopenAmerica Welcome to the HODLCast BITBONICS! Today is March 24, 2020 and today's twitter search was about #ReopenAmerica. Here are the top 5 tweets! Number 5, from @roe_moore: If y’all #ReopenAmerica, you are gonna have to...

Top 5 #WhiteHousePressConference Tweets

Sasha Hodler · #HODLCast Bitbonics - #whitehousepressconference Welcome to the HODLCast BITBONICS! Today is March 23, 2020 and today's twitter search was #WhiteHousePressConference. Here are the top 5 tweets!         Number 5, from @TexDem16:...

Top 5 #Platinum Tweets

Sasha Hodler · #HODLCast Bitbonics - #Platinum Welcome to the HODLCast BITBONICS! Today is March 21, 2020 and today's twitter search was #platinum. Here are the top five tweets!   Number 5, from @atraderdiary: #Platinum follows a similar trend as #Silver....

Top 5 #tether Tweets

Sasha Hodler · #HODLCast Bitbonics - #tether These are the top five tweets about #tether on March 20, 2020. Number 5 @___CryptoNews said, Tether Stablecoin Launches on Its Seventh Blockchain: The world's largest stablecoin by market value is now live on the Bitcoin...

#Bitbonics #Top5 Richard Burr

Sasha Hodler · #HODLCast Bitbonics - Richard BurrToday's #bitbonics twitter search was about Richard Burr. Here are the #Top5 Number 5 @AshaRangappa_ said, “So, I know people can be savvy investors but Richard Burr sold lawn equipment before he became a senator in...

Top 5 #VirtualMeeting Tweets

Sasha Hodler · #HODLCast Bitbonics - #VirtualMeeting These are the top five tweets about #VirtualMeeting on March 18, 2020. Number 5 @MedStuCo said, We may not have had our usual Eboard meeting this week, but that didn’t stop us #virtualmeeting #medfieldps. Number 4...

Top 5 #ExponentialGrowth Tweets

Sasha Hodler Welcome to the HODLCast BITBONICS. Today is March 17, 2020 and today's hash tag twitter search was #ExponentialGrowth. Here are the top five tweets. Number 5, from @kennekai    “Around Feb12 there was a change in diagnosis classification which may have...

Top 5 #Ventilator tweets

Sasha Hodler · #HODLCast Bitbonics - #Ventilator Welcome to the HODLCast BITBONICS. Today is March 16, 2020 and today's twitter search was #Ventilator. Here are the top five tweets. Number 5 from @EndCoronavirus “We are expecting a shortage of mechanical breathing...

Top 5 #Inflation tweets

Sasha Hodler · #HODLCast Bitbonics - #inflation Welcome to the HODLCast BITBONICS. Today is March 14, 2020 and today's twitter search was #Inflation. Here are the top five tweets. Number 5 @XRPDrop said, “Less supplies and more money paying way for #inflation” Number...

Bitbonics #Top5 #Oil

Sasha Hodler · Bitbonics - 2 - March 11 #oilWelcome to the #HODLCast #Bitbonics - Today is March 11, 2020 and the #top5 tweets about #OIL were: Number 5 @incugneto said, My dad had a saying when oil would have a significant crisis or price shock of some kind that sums...

Transcript of Ep. 65 – Moon Math Win

Transcript of Ep. 65 – Moon Math Win

Episode 65:   Jared of MoonMath.WinThe Cathedral and the BazaarSasha Hodler · The HodlCast Episode 65 with Moonmath.winTranscript:  Sasha: All right. Hello everyone. Good morning. Today is February 6th, 2019. This is the HODL cast and we have a special...

HODLCast Weekly Newsletter

  HODLCast Weekly Newsletter  March 9, 2020 I hope everyone is doing well and staying healthy, this virus feels pretty scary. Some rumors suggest that China has actually cemented some of their quarantined population into their dwellings. Business seems to be...

The HODLCast Transcript – Leah Wald

The HODLCast Transcript – Leah Wald

Episode 104:   Leah WaldDiscussing Bitcoin's EcosystemSasha Hodler · Gator's Bitcoin Babes with Leah WaldTranscript:    This is the first transcript I’m putting out. While editing, I sometimes shortened or changed sentences. To hear what we said in real...

Documenting Bitcoin History: David Foox on HodlCast 102

Documenting Bitcoin History: David Foox on HodlCast 102

Episode 102:   David FooxDocumenting Bitcoin HistorySasha Hodler · Ep. 102 with David Foox, creator of the amazing Bit x Bit: In Bitcoin We Trust documentaryOn this installment of the podcast, Sasha Hodder catches up with David Foox, who is something of a...

Crypto Mom to the Rescue!

SEC Commissioner Hester Peirce Proposes 3-Year Safe Harbor Period for Crypto Tokens Coindesk reported today that SEC Commissioner Hester Peirce (“Crypto Mom”) has formally proposed a safe harbor to give token projects the ability to sell tokens, and a three-year...

John McAfee Goes Wild!

John McAfee Goes Wild!

Sasha Hodler · HodlCast Ep. 98 - John McAfee Discussing Congress Coin & the McAfee DexThere’s a lot of things you can call John McAfee, probably with good cause. One thing you can’t call him, though, is boring. Listen in on episode 98 of the HodlCast to get an...

Wallet Education & Innovation – Ballet

Wallet Education & Innovation – Ballet

Sasha Hodler · Hodlcast Ep. 101 with Tatiana Moroz and Bobby LeeHodlcast 101 with Tatiana Moroz & Bobby Lee In this new installment of the Hodlcast, Sasha gets in touch with Bobby Lee (no, not the one of Mad TV fame) to discuss his entry onto the wallet market...

The PredictionCast

Sasha Hodler · The PredictionCast - 2020!Written by Emoji Nakamoto & Artwork by Indelible Trade Ups, Downs, Forecasts And Laughs in this Year’s PredictionCast 2019 was an incredible year for Crypto. As the fog of bull market mania lifted, clear eyes and productive...

LLC, PBC, or NonProfit?

Many startups struggle deciding what type of business entity will be right for them. Here, we will identify the differences of each structure, the Limited Liability Company, Public Benefit Corporation, or 501(c)(3) Nonprofit Organization. All three structures offer...

Ready for your Title 31 Exam?

The Internal Revenue Service (IRS) is auditing companies who registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Service Business (MSB) involved in the Bitcoin space – it’s called a Title 31 Exam. These exams were typically reserved for Indian...

International Breach of Contract

How to deal with a breach of contract when the breaching party lives in another country? I’ve seen this a number of times when an American company contracts with a foreign company for services in the cryptocurrency industry -- and then the foreign company fails to...

THE LONG ARM OF NEW YORK

THE LONG ARM OF NEW YORK

WILL BITFINEX AND TETHER PROVE THEY DID NOT DO BUSINESS IN NEW YORK? Today Bitfinex and Tether, replied to the OAG with two documents, an affidavit by their attorney, Stuart Hoegner, and a Reply Memo supporting their Motion to Dismiss. Bitfinex and Tether are...

SUMMARY of the May 9 FinCEN Guidance

SUMMARY of the May 9 FinCEN Guidance

“This guidance does not establish any new regulatory expectations or requirements.” https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20Guidance%20CVC%20FINAL%20508.pdf TL;DR An MSB needs to register with FinCEN, (it’s free, you file Form 107), get an...

The Saga Continues… USAG v. Bitfinex/Tether

The Saga Continues… USAG v. Bitfinex/Tether

Sasha Hodler · HodlCast Ep. 81 A deep dive into Bitfinex with Amy Castor The saga continues — NYAG v. Bitfinex/Tether Quick Summary of the recent NYAG Decision and Order: IN THE MATTER OF THE INQUIRY BY LETITIA JAMES, ATTORNEY GENERAL OF THE STATE OF NEW YORK, v....

SUMMARY of the May 9 FinCEN Guidance:

FinCEN's recent guidance begins with the caveat, “This guidance does not establish any new regulatory expectations or requirements.” https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20Guidance%20CVC%20FINAL%20508.pdf TL;DR An MSB needs to register with...

The FinCEN Travel Rule

The FinCEN Travel Rule

I came across a new (to me) aspect of the Bank Secrecy Act recently — rule [31 CFR 103.33(g)] (the “Travel Rule”) which requires all financial institutions to pass on certain information to the next financial institution, in certain funds transmittals involving more...

Now You Can Blog from Everywhere!

We’ve made it quick and convenient for you to manage your blog from anywhere. In this blog post we’ll share the ways you can post to your Wix Blog. Blogging from Your Wix Blog Dashboard On the dashboard, you have everything you need to manage your blog in one place....

Design a Stunning Blog

When it comes to design, the Wix blog has everything you need to create beautiful posts that will grab your reader's attention. Check out our essential design features. Choose from 8 stunning layouts Your Wix Blog comes with 8 beautiful layouts. From your blog's...

Grow Your Blog Community

With Wix Blog, you’re not only sharing your voice with the world, you can also grow an active online community. That’s why the Wix blog comes with a built-in members area - so that readers can easily sign easily up to become members of your blog. What can members do?...

Bitcoin Hedge Fund Rules

Bitcoin Hedge Fund Rules

In today’s article, we will explore whether a Bitcoin hedge fund requires Securities and Exchange Commission (SEC) or Commodities and Futures Trading Commission (CFTC) registration. What is a Bitcoin Hedge Fund? A Hedge Fund (or Private Fund) is when you put two LLCs...

Florida Money Transmission after the Espinoza Opinion

Florida Money Transmission after the Espinoza Opinion

On January 30, 2019, the State of Florida appealed forcing Mr. Espinoza to relive the trial for his 2013 and 2014 localbitcoins.com sales to undercover cops. See http://www.3dca.flcourts.org/Opinions/3D16-1860.pdf. The counts against Mr. Espinoza include: Count...

Bitcoin & the FBAR

Bitcoin & the FBAR

I had the opportunity to participate on a Legal Panel with David Silver at the Unconfiscatable, Bitcoin not Blockchain Conference put on by Tone Vays in Las Vegas. It was quite an honor to be part of it; the conference was hands down the best Bitcoin event I’ve...

The Bitmain Lawsuit

The Bitmain Lawsuit

Gor Gevorkyan v. Bitmain, Inc., Bitmain Technologies, Ltd. And DOES 1 to 10 A lawsuit was filed in the Northern District of California against Bitmain on 11/19/2018. See https://www.scribd.com/document/393971649/Bitmain-Class-Action In a brief summary, the Plaintiff...

SEC’s November 16 Comments

Ready or Not, Here They Come, You Can’t Hide, Gonna Find You and Make You Register & Refund First and foremost, today’s expansive press release was made with the following disclaimer: “This statement . . . is not a rule, regulation, or statement of the Securities...

Operation Choke Point

I was skimming the facebook page of a soon-to-be-podcast guest, Kingsley Edwards, and came across a disturbing article describing Operation Choke Point.[1] The name of the Operation struck me as odd and after a few lines of reading, I knew it was the problem facing...

Know Yo Customer

Know Yo Customer

This is not legal advice, just my opinion. I’ve met many brilliant entrepreneurs bravely navigating the alphabet soup of the American crypto regulatory environment. Today’s post is focused on the importance of knowing your customers (“KYC”) if you are a Money Service...

OCC Banking Charter for FinTECH

OCC Banking Charter for FinTECH

Is this The End of State-by-State Money Transmission Licensing? The Office of the Comptroller of the Currency, U.S. Department of Treasury (“OCC”) came out with some big news on Tuesday, July 31, 2018. Now crypto (fintech) companies can apply for special-purposes...

Mr. Terpin v. AT&T

Mr. Terpin v. AT&T

Terpin v. AT&T Inc., AT&T Mobility, LLC, and DOES 1–25 One of the biggest news stories of the week was Michael Terpin (“Mr. Terpin”) suing AT&T after getting his sim-card hijacked. These types of hacks through the phone company are not a new phenomenon,...

Removing a member from an LLC

Removing a member from an LLC

Unfortunately, business relationships don’t always work out as expected, and you may need to remove your partners from their equity ownership / member position in your LLC. Hopefully this process is clearly defined in your Operating Agreement. If not, it can quickly...

Giving Tokens the Hammer

Giving Tokens the Hammer

The 2009 invention of Bitcoin has forever changed financial technology. Through the rise of economic innovation, Cryptocurrency makes it possible for any person or company to create a coin or token linked to their brand—and to give it a plethora of functionality. Some...

CFTC Employees are now allowed to Trade Crypto

CFTC Employees are now allowed to Trade Crypto

Upon first seeing this headline, my thoughts were, “uh oh, things are going to get a lot less productive over at the CFTC!” I remember my first few months of trading, it can be highly addictive!  The important thing here is that we got another layer of clarity to...

Bitcoin & Estate Planning

Bitcoin & Estate Planning

Bitcoin & Estate Planning Agenda: 1. Get a will 2. Make a tax plan 3. Dig some holes in your backyard (or find an executor you trust) Disclaimer – This is not legal or investment advice. T'is the season to be... morbid. Have you thought about what would happen to...

Bitcoin & Taxes

Bitcoin & Taxes

After the recent ruling in the case with Coinbase, Bitcoin Tax has been a hot topic, and I wanted to try my hand at navigating it. This is not legal or tax advice.Only 800-900 Americans reported any bitcoin tax related events between 2013-2015, even-though there were...

What is Bitcoin

What is Bitcoin

What is Bitcoin? Over the past few weeks, as the Bitcoin price has soared, lots of people have been reaching out to ask me, "What is Bitcoin?" It prompted me to start this blog- and while I am a licensed attorney in Florida - I want to preface that this is not legal...

Celebrity Backed ICOs

Celebrity Backed ICOs

Anyone who endorses ICOs or any kind of Cryptocurrency should be careful not to overstep the Securities Laws and potentially be prosecuted for a Pump and Dump scheme. After the recent Senate Hearing on Feb 9, 2018, Securities and Exchange Commission (“SEC”) Chairman...

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