YouSaid · the spoken record

Jeff Vandrew

lines on the record: 41
first: 2022-12-14
most recent: 2022-12-14
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Thanks for having us on. I will let Phil do the shilling part of the evening to season the best. Phil is the best guy at shilling Bitcoin, I think I know.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Phil's point, seed phrases have a fault tolerance because there's a limited dictionary of words. So if you miswrite the word a little bit on one of the words, you're going to be okay. Like you'll eventually figure out which one that was supposed to be. That's not the case with a passphrase. That is not from a limited One of Phil's guys, if I'm telling this story wrong, Phil, let me know on the concierge team earlier this year dealt with a client that I think with a passphrase couldn't raise handwriting. Was that it? And look, he really lucked out because I think the guys on the concierge team just happened to be able to read it or figure out what he meant. But, you know, that was very, very lucky. This guy would have lost a lot of Bitcoin had he not lucked out that way.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The most classic, and this is this mistake you could talk to a guy who's been practicing in this area for 80 years and doesn't know what Bitcoin is. And he would actually tell you, give you the same answer I'm about to give you right now, is people just assume they're not going to die tomorrow. And as a result, like estate planning, getting your will, your trust, everything else, all those important documents squared away with your lawyer, it's the easiest thing in the world to procrastinate, right? Because it's just not human nature to believe that we could die tomorrow. Even if we all think that we're going to die, yeah, I'm going to die eventually, but not tomorrow. So I can put this off for an extra week. And unfortunately, you don't know when that day is going to come. So it's not at all a good idea to procrastinate on this stuff.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, in some countries, I believe Japan is one of the Japan, so I'm just going by things I've read here. I believe Japan is one of them, but there are others. You can just get like what we would consider basic retail. Services like You can just get that at the post office for free. So you could get a post office checking account and a post office debit card. So banks basically lose that business unless they're providing some sort of enhanced or premium service above that very basic level of service. So that's, you know, that's the first thing I thought of when Phil was talking about how it hurts a portion of their business model and they'd have to start trying to offer other things to compete with the CB. That's what I think it's just like basically postal banking for the 21st century.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is going to kill Bitcoin. And what I told them was CBDC is like, it's not even competitive with Bitcoin. That's like saying PayPal would kill Bitcoin. You know what I mean? The CBDCs aren't even really interesting, frankly, because we have digital dollars now. People for the most part aren't walking around. Some people still do, but aren't walking around with huge amounts of cash. Your average person is spending digital dollars on their credit card and then paying that credit card bill over the internet with digital dollars from their bank account that they never physically see in their entire life. And the CBDC, if anything, just like cuts out visa. So who cares? Like, you know, that has nothing to do with Bitcoin. I view that as an interbanker fight or squabble. That I have no stake or interest in.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To Phil's point there, too. I recently spoke on a panel at the Florida Bankers Association. And because of the way those guys think, one of the questions that one of the first questions they ask me is like, well, what about CBDCs aren't CBD?”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Gets dragged down by this. We've obviously already seen that this hasn't been limited to FTX, right? They've brought unfortunately other companies down with them. And I say unfortunately because I don't want to ever see anybody lose their job. But, you know, we may not be done. There may still be more to come here. Companies that are sort of still hanging on by a thread, but won't be able to do that much longer. That'll probably be the thing to keep an eye out for. And for God's sake, if you have your Bitcoin still on an exchange, get it off.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“From a legal perspective, in terms of what your listeners would really be caring about, probably not too much. I mean, it's the bigger thing, I think, is just that what we talked about at the top of the show. And that's just realizing the importance of not your keys, not your Bitcoin. And that Bitcoin is just not a rehypothecatable asset the way other assets are, not that they should really be rehypothecated either. On the legal side, I mean, if you're a nerd like me, you're following the bankruptcy proceedings in Delaware is probably going to be fairly interesting because we've never had anything quite like this before. I had all kinds of like goofy salacious details are going to come out in the bankruptcy if you're interested in that stuff. I don't know. I think we found out a couple weeks ago that FTX owed some obscene amount of money to Margaritaville casino, you know, just like goof, goofy stuff like that. But I think that's most of what you're going to see. And then the big fallout's going to see going to be like who.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Adopt hopefully rapidly has an I wish it had an entire new section on Bitcoin, but unfortunately they have to be neutral, so to speak. So it has a section on virtual currency, which is a slightly less odious term than cryptocurrency. That's the one I really hate using.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Not really, it just means you'd be able to pay your taxes and your DMV registration, I guess, in Bitcoin if you wanted to, but it wouldn't change the tax effects of it. The fact that it's say it's legal tender in Florida, it doesn't change the current IRS interpretation of the law that Bitcoin's property and not currency. So that wouldn't make too much of a difference there. The fact that it is legal tender in El Salvador, Not everyone agrees with me on this, but I think it actually does make a difference under the uniform commercial code. It moves Bitcoin from being what's called a general intangible to being money doesn't matter to you at all if you're listening to this podcast unless you're in the world of finance and you care about things like lending and perfecting security interests. But I don't think that's going to matter very much soon anyway because the newest version of the uniform commercial code that states are starting to”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I have heard about them in the United States actually at the state level. So states, individual states have the ability to do that. I don't know if it'll pass. In Florida here, our next legislative session is in March, and there's a proposal to make Bitcoin legal tender here. It's nice. I mean, what difference does it make on a day-to-day basis? I'm not exactly sure.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The whole point of an IRA is you're getting tax benefits in exchange for following a set of rules that you have to be able to prove, you know, to the government.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Exactly. And that was a big part of the court's rationale. So what Mrs. McNulty did is she put the gold in her safe with, I believe it was a post-it note on it that said like this belongs to XYZ LLC. And one of the factors the court brought up among many was the fact that, well, I mean, anything, that goal could have gone anywhere and the custodium would have had no idea. They were just relying on the fact that, you know, she was saying it was still there. Whereas with Bitcoin, it's a very different situation, right? There's a publicly auditable blockchain. Part of your IRA account agreement with your unshained IRA is you agree that, you know, you're going to keep your IRA Bitcoin in this vault, right? And if it leaves that vault, that's a distribution. So everything is very above board, which in the context of an IRA is exactly what you want, right? You don't want no KYC Bitcoin in an IRA.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You want because Due to the fact that her custodian had no way, no vision on those assets, didn't know what the investments were. That was the whole turning point in that case. So by giving us that, we know, hey, you moved coins out of your IRA vault. You have entitlement to do that because they're your keys. It's just going to get reported as a taxable IRA distribution, just like it's supposed to be. So really the goal here is to sort of thread that needle, do everything in a tax compliant way while still giving you control over your keys.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Delegation agreement with the IRA custodian. Were the IRA custodian agrees like, hey, I'm the custodian over these coins, but I delegate the keys to you and unchained. And our IRA custodian at Unchained is Solera National Bank because IRA custodians by law have to be effectively either a bank or a trust company. They act as custodian, but they're legally delegating key control both to, you know, just like any other unchained vault. two keys to the account holder to obviously secure appropriately and then one key to unchain to sort of act as a backup key the second thing that's really important to the structure besides just the titling and the fact there's no lc involved is based on the way that it's structured unchained in the ira custodian have eyes on that vault and if you're a hardcore bitcoiner that might sound scary but in the context of an ira that's exactly what”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Jeff Vandrew IRA. That's the way IRAs are titled. And what that means is that TDM AirTrade has legal title. It's the actual coins. And the IRA account holder has what's called equitable title. And what that in layman's terms means is TD Ameritrade has to have vision in some level of understanding of what's going on with the asset. But the ultimate owner, the person who for whom everything's benefit has to be is that account holder. The guy whose name comes after the for the benefit of. So if you open an IRA with us at Unchained, we are going to title it exactly the same way as a legacy financial institution to try and stay as conservative as possible. But the secret sauce where we're able to give you key control so that you know no one can take your Bitcoin away from you is we, every one of our clients enters into it, what's called a tripartite.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Between the IRA custodian and the underlying investment, that LLC prevents the IRA custodian from actually seeing what's going on, which is what I think distressed the court a lot in McNulty understandably because the IRA custodian has no way in that case of reporting tax abuse to the IRS if I were the IRS. I suppose that I would not like that either. So what our structure does instead is we title an IRA vault in exactly the same way that an IRA at the most plain, boring, vanilla legacy financial institution brokerage would be titled. For those of you who have IRAs at Ameritrade or Fidelity or Schwab, go pull up your statement. It'll say it doesn't have your name on it. It'll actually say if it's TD Ameritrade, for instance, it'll say TD Ameritrade clearing for the benefit of”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But I don't want to be the guy that the IRS decides to flow to trial balloon on, right? To see if we can extend this holding over and make it work for Bitcoin as well. So what we did here at Unchain is we tried to design our IRA product in such a way that our customers could get the key control that they want and that also provides them that security that their Bitcoin is actually there, right? Because that's what you need to know more than anything else. Your Bitcoin's really there. While at the same time, you know, meeting this sort of enhanced definition of custody that the McNulty Court sort of whipped up, you know, for the first time is the first time most of us had ever heard about it and was sort of a departure from earlier checkbook IRA cases in the late 90s and early 2000s that had been in the tax force. So the way we did that is our IRAs are not checkbook IRAs. There is no LLC in the middle.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Said it wasn't honestly all that well reasoned. There are certain providers that have just chosen to ignore the case and keep offering their continuing checkbook IRA structures to Bitcoiners. That's definitely a thing that's still out there. I don't advise it only because I'm a conservative guy. I don't want to be the test case for the next guy that the IRS comes after. You know, the McNolti case was not specifically about Bitcoin. It was actually about gold.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But anyway, yeah, is that through a lot of cold water on this structure? Now, admittedly, the McNulty case is really poorly reasoned. The judge in the case clearly didn't really have a strong understanding in IRAs because they are a very highly specialized area of the law. I'm an attorney in a CPA, so I am what you would probably call a tax lawyer, right? But my sort of like what's the Bane quote like I was born in IRAs, you merely adopted them, right? A lot of, you know, tax lawyers, if you don't have a lot of experience in IRAs, it can be very opaque to you. Just like if you were to ask me, you know, very arcane questions about international taxation, that's not my wheelhouse. That's not really what I do, international stuff. So I wouldn't have a good answer. So it's not a reflection on how smart somebody is. It's just like what their particular wheelhouse is. So as a result, because it was only a trial court opinion and like.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's the only one with McNulty in the title. It's something like what Bitcoiners should know about the McNulty case. We have no other McNulty related blog posts, thankfully.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To make good radio here, but I wrote an art. If you really want to read the nerd explanation about it, we have an article that I wrote on the Unchained blog that you can go check out.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I have probably set up over a thousand of those over the years as an attorney. Eventually, though, what happened was just a little bit over a year ago, November of 2021. A tax court decision came down called McNulty. It was McNulty versus Commissioner of Internal Revenue. And the ruling in that case, without getting too far into the weeds, threw a lot of cold water on the checkbook IRA structure. IRAs are required to have a custodian under the statute that enables IRAs. Section 408 of the Internal Revenue Code. And the court basically came up with this idea that if the custodian didn't have involvement in the underlying investment that was underneath that LLC, that it wasn't real custody, the whole thing was effectively a sham and it wasn't an effective IRA structure. I'm paraphrasing.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“On your Of I Yeah, sure. So, I mean, that was a big part of what I did before I actually came to Unchained, you know, I was an attorney specializing in a lot of ways in alternative IRAs. Unchained actually purchased my IRA product back then, and that's how I ended up here at Unchained. So this is an issue sort of near and dear to my heart. You know, in those days, You mentioned the term checkbook IRA. If someone wanted to hold Bitcoin in an IRA and for all the reasons we talked about at the opening of the show, they didn't want those keys to be held on an exchange or some sort of other Bitcoin custodian or whatever.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and what's really wild too to the doxing point Phil brought up in most states, so not only will your Bitcoin balance be in the, or at least a rough approximation in the public record, but your beneficiary's names and their home addresses are in there. So that is not the best OPSEC, obviously.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But it is in a government office that if someone wanted to, they could walk in and ask for a copy of it and pay a $15 photocopy fee or something and get a copy and find out what assets you had, right? So because of that, a lot of people choose to, as part of their estate plan, use something like a revocable living trust or other similar mechanism that removes the assets out of the probate system and then causes them to be passed down to the next generation through a private process. It's still a legal process. It's just typically what I would call a non-court supervised process. It only ends up in court in the event someone files a lawsuit. Whereas, you know, with probate, even if you're in a state with a streamlined probate process where you don't have to go to a court in a traditional sense, there are still public filings involved.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so the typical probate is the traditionally court supervised process of transferring title from a deceased person to their ultimate beneficiaries. That's sort of the best way to put it. Is that actually set up primarily to protect creditors? Because they get paid before all your beneficiaries, of course, and everything else. But that's traditionally how it works. set up primarily to protect creditors, it is very public in the majority of states. And for Bitcoiners with substantial Bitcoin holdings, they may not want the fact that they have substantial Bitcoin holdings to end up in the public record because probate records, they're not a public record as in the type that gets published in the legal notice as part of the newspaper or everything is in the tiny print. Typically, it's not going to end up in there.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Call that is both secure while you're still alive with respect to your keys while still making it seamless for the people that need to get them after your demise to get those keys. And that's when I unchained. We have this great concierge team led by Phil that even before they got into the inheritance game, their whole deal is helping people deal with their keys. I mean, that's one of the most important things Concierge does. So it just struck me immediately. It's like, this seems to me to be predominantly a concierge issue. And I talked to Phil about it. And like he just did an amazing job picking up the ball, really ramming home this protocol, the drafting, all the hard work of really getting this together as a product and as something that we could get out in a valuable way to our clients was very much on his side of the ledger. And with that, you know, I'd love to just pass it over to Phil for a second to talk more about the keys aspect to it, the actual possession and how that works.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Have that paper trail of valid title passing down. So, I mean, even, and I don't say this in any sort of a negative way, I say this with all respect, but even if you fancy yourself like a cipherpunk that doesn't believe in these systems, you don't have to believe in them. You don't have to be interested in them because they're interested in you, right? That's like the old-fashioned way of phrasing it. So if you want to take care of the people that you really care about and love, you really got to handle both sides of this. So what we did as part of the inheritance protocol, you know, the inside baseball of how this all started is actually at least mildly interesting. When I first started thinking about this, I was like, you know, my side of this, the legal side as a lawyer, is not, I mean, it's very, very important that you get it done and we can provide some basic advice on this for people how to seek out an attorney and how to get these documents drawn up. But it's actually in certain ways the easy part. The hard part is coming up with a protocol.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Have set up, that's going to make sure that the person that you want to get title to your Bitcoin gets title, which is critically important. But if there's not a protocol in place where they're able to get a hold of the keys, it's not going to do them a ton of good. The flip side is the one that Bitcoiners really struggle with. You'll sometimes hear a lot the idea like, well, I don't need any of this fancy stuff. My wife and my kids know where my keys are. So when I'm gone, they'll get my Bitcoin. Yeah, I mean, that sounds great, but except for the fact that they, you know, you haven't gone through the appropriate legal process for them to have clear title. And if you don't do that, first of all, they could end up suing each other to try to record, you know, your loved ones could end up suing each other to try to recover Bitcoin from each other, saying that they were really the ones that had the entitlement to it, even if it doesn't happen at the first generation, it could happen multiple generations down the line because you don't.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Security camera, and you saw me walking to your house and grabbed that bar of gold. In addition, just even forget about all the criminal stuff for a second, you could sue me, right? To get that bar of gold back, it's yours. It belongs to you. The fact that I possess it doesn't mean a whole lot, right? In that instance, per se. You know, the flip side works too. If you had that bar of gold and you just lost it, like, you know, you accidentally threw it in the trash and it ended up at the bottom of a dump, you still have title to it, but it's in the bottom of a landfill somewhere. That doesn't do you too much good either. So, you know, the deficiency in a lot of the existing solutions for Bitcoin passing it on to someone in the event of your demise is they don't consider both parts of the picture because people are either going to a lawyer and that's where they're ending it and they're not thinking about how that loved one is going to get their keys right so in other words your will or your trust or whatever your estate plan is that you”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“After tonight, after we finish recording, if you were to go to bed and I snuck into your house and I grabbed that bar of gold and I ran out the door, I mean, I have possession of that bar of gold, right? But I don't have title to it. I don't have any sort of valid title to it. And as a result,”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“When they pass away. And at the time, I was kind of like, well, I mean, there's really not, there's not a lot to this, right? It's an asset. It passes like anything else. Etc. But what I realized when I really took a step back and thought about that question harder. Is Bitcoiners tend to have this idea where they only think about the possession side of the equation? Not the title side of the equation. And to illustrate what those words mean, I'm going to give you like a really, really simple example that doesn't even involve Bitcoin because this applies to pretty much any kind of property. Preston. If you had, let's say, a big bar of gold. Sitting on your desk there, right”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, sure, I'll start and then I'll pass it over to Phil because I would say the bigger part of this protocol really has been Phil's brainchild. He's been amazing in getting this thing rolled out. So, you know, what I found, what's a little bit unusual about my background for a guy that's head of. For a company, is when I was in practice in my own firm, I actually specialized in estate planning. So this was actually my real wheelhouse and area of the law when I was in practice. So when I came to Unchained, I would get a lot of questions from our client solutions people and client services people who are talking to our customers every day. And they would say, hey, we get these people that are just very, very concerned about how their loved ones are going to get a hold of their Bitcoin.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yet, I want to just tell a real life story related to Phil's point. I know a decent amount about Bitcoin. I knew Multisig was important before Unchained really hit the scene. I used to have my own multi-signature set up for my Bitcoin that I structured myself with Electrum. But when Bitcoin really came up, I mean, excuse me, went Unchain came on my radar, which was before I was working for the company, I still moved my coins to Unchained. It's a multi-sig for unchained. The reason why I did that is because just because I could do all those things in a very complicated and to most people intimidating way, I knew that my family members couldn't if I wasn't around. They were going to have a lot of trouble. So, I mean, at that time, Phil was with the company at that time. So it was basically a matter of me being able to tell my family members, like, hey, something goes wrong, you can call Phil and his team, you know what I mean? And they'll walk you through what you need to do to make sure these coins don't get lost.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Have got the right guy for this because that is Phil's. I don't want to say his entire role because Phil does a lot of really important stuff at Unchain, but that's Phil's primary role. So I'm going to let him take this one.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Tom Brady Tom Brady and Larry David, and they're talking to congressmen and stuff like that. You know what I mean? So I think this really got across that it doesn't matter whether you're a trading card website overseas or you've got a big fancy office building in Miami or whatever, it's really the same thing at the end of the day.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And a lot of people probably rationalized it by saying, well, Mal Gox was like a trading hard website in some other country. Had to do weird stuff with PayPal, you know, these new institutions now, like FTX, they're part of the legitimate system and they're highly regulated and they have bank accounts.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Unfortunately, in this case, it did take a real life illustration for people to get the message. Now, the good news is, if you believe like Phil and I do, that Bitcoin's really at the beginning of its arc here and it's not too late for you, which I definitely don't think it is. If you were one of those people that did get burned by one of these collapses, actually it's kind of a good thing for you, right? Because the silver lining is you learned your lesson early and now you can get your hands on real Bitcoin before things go parabolic maybe.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To our guys who are out there talking to people, I can tell that it's really getting through to people now. The message that we've been trying to send all these years at Unchained as to why this sort of thing is important, this became like a real life illustration of that. Now, what's unfortunate is there were a lot of people that had to get burned before they realized that. As Phil said, you know, rehypothecating in the traditional financial system is one thing. And that really only works because nobody has any idea what number of things there are, right? So dollars is easy, right? Because you just print more of them. But even stuff like shares of stock, you know, the market capitalization you read for a company is like an estimate. Nobody actually knows like how many real shares of Microsoft there are. There's like ballpark figures out there, but it's not entirely clear, right? So that sort of stuff doesn't fly. And I think.”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's been an amazing ride. At the same time, when all these other companies are collapsing, and I don't like to speak ill of the dead or dance on people's graves, but it has been just a huge influx of business for us. As Phil said, it's been a huge validation of our business model. Phil's out there on the front lines because he leads the client-facing team. You know, my role here is more head of legal, so I'm in the back doing all the unsexy stuff, so to speak. But, you know, just talking”
2022-12-14 · We Study Billionaires · BTC108: Bitcoin Retirement and Inheritance Planning w/ Jeff Vandrew and Phil Geiger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT