Official Cryptocurrency Thread: Skepticism to Speculation

Discussion in 'The Mainboard' started by Nantucket, Jan 29, 2017.

  1. user15000

    user15000 Well-Known Member

    You absolutely won't get fucked over. Fees are a little high.
     
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  2. AubCabs

    AubCabs eatin' fried okra with Oprah
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    i wouldnt go this far. if you look at the coinbase subreddit its nothing but people having problems withdrawing, getting no response from customer service, etc

    https://old.reddit.com/r/CoinBase/
     
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  3. Penguin The Duck

    Penguin The Duck #blessed
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    Coinbase support is terrible and the IRS is all in their business. So be prepared to report whatever you send through those exchanges in the future and definitely answer “yes” when the irs asks if you’ve invested in crypto when filing.
     
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  4. Wee Bey

    Wee Bey Well-Known Member
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    Use Coinbase. It's perfectly fine.
     
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  5. dblplay1212

    dblplay1212 Well-Known Member
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    That's any company on the planet. People bitch when they have issues and don't say a word when things work correctly.
     
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  6. momux

    momux AFAM Scholar
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    For what it's worth, my hunch on the Coinbase stuff is that it's a lot of people who got coins prior to some of the more stringent Know Your Customer/Anti Money Laundering rules out there.

    Now that BTC is in a huge run up, they're logging in and looking to cash out, but Coinbase has a specific process that requires verification prior to conversion to fiat and withdrawal. Given the high volume, they are probably running a bit behind.

    Feel like a corporate shill here, but I've never had any issues depositing/buying/withdrawing.
     
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  7. southside

    southside Well-Known Member
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    I mean coinbase crashes every time there's an ATH. There's no denying that. The first big dip back on thanksgiving weekend they were down for 10 hours.
     
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  8. Baseballman86

    Baseballman86 Well-Known Member
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    Re: Coinbase

    last week I got an email from them saying they had accidentally duplicated a recent purchase I made and sure enough the amount came out of my bank account twice. 2 days later they had refunded the amount and all was well. Customer service was fine for me
     
  9. JacobPalmer

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    Coinbase has had it’s rare bugs for me (today when Bitcoin hit 40k for example) but otherwise I’ve found it’s incredibly easy to use and user friendly. Fees are a tad high.
     
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  10. user15000

    user15000 Well-Known Member

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  11. user15000

    user15000 Well-Known Member



    Hint: it will be worth more than all of these
     
  12. user15000

    user15000 Well-Known Member

  13. AubCabs

    AubCabs eatin' fried okra with Oprah
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    :laugh:
     
  14. user15000

    user15000 Well-Known Member

  15. user15000

    user15000 Well-Known Member

  16. Ty Webb

    Ty Webb Living rent free in Jigga's head
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    As a banker, no doubt this is causing them a ton of headaches. Not sure people outside of the finance world fully understand the amount of BS involved.
     
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  17. Penguin The Duck

    Penguin The Duck #blessed
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    Which if you use Bisq, you’re bypassing all that headache and get your cash immediately deposited from Zelle, among many other options.

    Coinbase claims their wallets are 99% safe at all times, but someone can still hack your login credentials and steal your funds and get your account info. Not your keys, not your wallet. If any of you are using Coinbase as your wallet then that’s a different story.


    Don’t tinfoil hat me. For those saying Coinbase is fine, you’re correct. There’s just better, safer, and quicker alternatives.
     
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  18. War Grundle

    War Grundle Nole Mercy
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    If I wanted to start investing in Crypto where is the best place to start?
     
  19. kentucky_dawg

    kentucky_dawg Fan of: Georgia :\
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    Such as?
     
  20. Wee Bey

    Wee Bey Well-Known Member
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    Other than dbl selling 25k ago, who else is selling now? You think you can time the market?
     
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  21. Penguin The Duck

    Penguin The Duck #blessed
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    BISQ

    Safer in the sense that you don't link your personal info, and the funds are sent to your secured wallet. Your keys, your wallet. You hack my coinbase account, you have my info. You hack my laptop or computer with Bisq installed, you don't have my private keys and I lose nothing.

    Quicker in the sense that buying/selling is instant once both parties fulfill their end of the exchange. And if you're selling, it comes over as a Zelle transfer, which is again, quicker than Gemini or Coinbase doing ACH transfers.
     
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  22. Guns

    Guns extreme lib, antifa commando
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    I’m holding out for another 10 years. Need that $1 million BTC
     
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  23. Penguin The Duck

    Penguin The Duck #blessed
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    It's really not that hard to use. You'll have a limit at first. GUI looks like Napster or an early 2000s software program. It is peer-to-peer after all.
     
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  24. Wee Bey

    Wee Bey Well-Known Member
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    BISQ is an exchange that has a built-in, offline wallet?
     
  25. kentucky_dawg

    kentucky_dawg Fan of: Georgia :\
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    But this assumes you have a secure wallet already, correct? Can't you just transfer to your secure wallet via coinbase as well?
     
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  26. Wee Bey

    Wee Bey Well-Known Member
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    Those new to crypto, I think it's best to think of yourself as a broker, a bank, a bank teller, and the depositor.

    1) Broker = buys crypto via exchange
    2) Depositor = deposits crypto into an account
    3) Bank = offline wallet (account)
    4) Teller = sends crypto to offline wallet
     
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  27. Penguin The Duck

    Penguin The Duck #blessed
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    But read the first part of the sentence. The part you didn't bold. You're buying/selling on a website that ultimately controls your wallet and access to that wallet and all your personal info.



    Bisq does not hold your bitcoin or cash.

    And yes, everything should be moved over to a hardware wallet.

    https://bisq.network/faq/#how-bisq-different
     
  28. Penguin The Duck

    Penguin The Duck #blessed
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    Also, I don't plan to sell in 2021. Watching Square closely. They are in acquisition mode and also big investors in the BTC market right now. Worldwide POS platform and payment processor investing in Bitcoin, and integrating with Quickbooks and other sales platforms.
     
  29. Heavy Mental

    Heavy Mental non serviam
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    any of you gentlemen know if there is way to increase the transfer limits into Coinbase Wallet?

    right now it is saying i am capped at $5,000. transfer would be coming from Coinbase (not Coinbase Wallet), if that makes a difference.
     
  30. user15000

    user15000 Well-Known Member

  31. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    Guys, they’re still on parade
     
  32. kentucky_dawg

    kentucky_dawg Fan of: Georgia :\
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    So, essentially you're saying for auditing purposes they wouldn't be able to pin point transactions to you personally through Bisq (where they could through the other exchanges), correct? Not dismissing anything, either, just trying to get a better understanding of what's out there.
     
  33. Penguin The Duck

    Penguin The Duck #blessed
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    Correct. But I wouldn't be using Bisq solely for this reason.

    Bisq can't record or send your transaction history to the IRS. Coinbase can and has done so in the past.
     
  34. Whammy

    Whammy Look kids, Parliament!
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    So many people are going to lose money as a result......frothy doesn't being to describe equities or Crypto at the moment. Caveat that I'm invested in crypto but doing so very cautiously
     
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  35. user15000

    user15000 Well-Known Member

    On a long enough time horizon, I don’t think anyone is losing money in btc, nor do I think it’s particularly overvalued or frothy right now.

    The CIO of Guggenheim says they think the fair price is $400k. I’m perfectly fine buying at $40k.
     
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  36. user15000

    user15000 Well-Known Member

  37. Brocktoon

    Brocktoon Well-Known Member
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    eli5 why I should move crypto to my wallet versus just leaving in coinbase?
     
  38. Guns

    Guns extreme lib, antifa commando
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    someone hacks your account and sends Bitcoin to their wallet. Bitcoin gone.
     
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  39. Guns

    Guns extreme lib, antifa commando
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    you should absolutely have 2FA enabled on your Coinbase account at the minimum
     
  40. momux

    momux AFAM Scholar
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    I mean someone could hack your Wells Fargo account too, but you still leave money in your checking account. I'm not saying I'd leave coins on any random exchange, but I think the fact that Coinbase and Gemini are the front runners who are complying with government regulations (i.e. IRS notifications) is a stronger reason to just leave the money there.

    Taking your coins offline has risks too. Losing your passkeys, misplacing the wallet, etc. It's the digital version of burying gold bricks in your backyard.

    I do agree with you for sure on the 2FA though.
     
    #11091 momux, Jan 8, 2021
    Last edited: Jan 8, 2021
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  41. wes tegg

    wes tegg I'm a Guy's guy, guys.
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    You're talking about tax fraud here, FWIW.
     
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  42. Penguin The Duck

    Penguin The Duck #blessed
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    No, I'm not.

    I said this is not a good reason to use Bisq. And have said to mark YES on your tax return at least once, regardless of how you acquired your crypto.
     
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  43. zachary

    zachary <3
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    now that i got my stimulus im hesitant to invest it into bitcoin. someone talk me back into it
     
  44. Guns

    Guns extreme lib, antifa commando
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    can you doing anything to secure CoinBase’s default wallet?
     
  45. momux

    momux AFAM Scholar
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    You can transfer to your own wallet or pay Coinbase to put it in cold storage.
     
  46. burnttatertot

    burnttatertot (๏̯๏)
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    Those spams that threaten to release the videos of you masturbating lay it out pretty well.
     
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  47. user15000

    user15000 Well-Known Member

  48. mal630

    mal630 Well-Known Member
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    I got off the bus today at 41. May jump back in later. -dear diary
     
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  49. —

    Well-Known Member
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    Cash app and PayPal are super easy for Bitcoin buying and selling for those less tech savvy. PayPal isn’t really a wallet so you can’t deposit or withdraw the coins there(yet) but still gives you access to Bitcoin investing in a simple interface.

    cash app in general is a great app with lots of nifty features that are kind of fun, specifically boosts. Right now I get 1 percent return on all my purchases w cash app as btc. It’s capped at like $10, but it’s fun nonetheless. I use my cash app digital debit card for different subscriptions so that I don’t get boned after cancelling and what not. If you don’t have cash app lets party
    https://cash.app/app/BQGTKQH

    FYI I don’t exclusively use cash app for btc trading, only specific times and places. It’s fast and simple so it does the trick in a pinch. But I’m also on Gemini, Binance, and have an old Coinbase account collecting dust.

    Also my apologies to the thread, in November I said I expected ~25% increase in btc price by end of year. That was beat and idk if it’s actually going to slow down much until a few more key numbers are broken through. And I’m still of the mind that this settles at at least 100k and likely closer to 5x that than anything less.

    also funny that there is much less condescension from random drive -bys in this thread when we are at all time highs. Makes me think the fomo bump will also be buttressing this institutional investor run.