BitCoin
I own Bitcoin and another crypto and I have an account with Coinbase
I chose them because I thought they were the largest exchange and would be the best
they are trying to get an IPO approved
I don't even have an account number
all they have is my email address and my name to identify me - I think you need to provide more than that if you want a wallet
they don't even have my ss#
you cannot contact them by phone
I tried to contact them by email - they only sent me an acknowledgement - they never actually answered it
they don't provide documents for tax purposes
all of this is borderline unbelievable, incredible for a financial organization
incredibly unprofessional
I realize this is due to the origins of crypto and what it was trying to accomplish, but still
this stuff is too big right now to operate that way
I hope their attempt at getting an IPO forces them to change for the better
to summarize: right now they suck
also, the IRS is making a big push to collect Capital Gains taxes on crypto profits
a great many have failed to show their profits on their submissions to the IRS
this year, at the very top of the new form just underneath the name and address they ask this question:
"At any time in 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency"
they now have powerful computer systems to better track these transactions
they are forcing anybody who tries to evade taxes on crypto gains to commit perjury
https://gordonlawltd.com/1040-crypto-question/
Quote: lilredrooster.....................
I own Bitcoin and another crypto and I have an account with Coinbase
I chose them because I thought they were the largest exchange and would be the best
...
to summarize: right now they suck
I used Coinbase for my first transactions of a few hundred dollars and I too would say that they suck Big Time.
No customer service. Zilch. Sod All. They want control of your funds and doing anything with those funds can turn into a battle on a whim.
Every time I try to transact fiat with them, they seem to want another dozen levels of Know your Customer verification. Want a photo of me holding up my passport, with a note in the other hand: Fine. and when their system rejects that, because it was the opposite of what they really wanted, I'm stuck. Want to buy and send $1,000 of BTC... Sure, but at current authentication level, it might take 3 days!. Plus, they apply whatever miners fee rate they feel like, meaning I waste BTC or end up with transaction delayed for ages.
As others have noted, when Coinbase hold your Crypto, THEY control them. They might as well own them! Put your crypto in a hardware wallet, or software wallet and you control them, with all the risk that entails.
The one thing that Coinbase needs to be good at is exchanging Fiat currency for Crypto and back again. But all they WANT to be good at is moving your Crypto between Coinbase users, a bit like PayPal's raison d'etre.
Oh. And Coinbase TELL your IRS all about their clients' transactions, unlike your trezor or electrum wallet, which tells no-one anything.
I'm sure MD bought a few hundred of those as well when they first came on the market.
Yes, we all know you are over paranoid. I'm probably not paranoid enough. Even though you are the WMOAT you always have good information, good sense of math, sound logic, fairly rational and over all a good guy. So ill have to give the paranoia a pass.Quote: OnceDearI used Coinbase for my first transactions of a few hundred dollars and I too would say that they suck Big Time.
No customer service. Zilch. Sod All. They want control of your funds and doing anything with those funds can turn into a battle on a whim.
Every time I try to transact fiat with them, they seem to want another dozen levels of Know your Customer verification. Want a photo of me holding up my passport, with a note in the other hand: Fine. and when their system rejects that, because it was the opposite of what they really wanted, I'm stuck. Want to buy and send $1,000 of BTC... Sure, but at current authentication level, it might take 3 days!. Plus, they apply whatever miners fee rate they feel like, meaning I waste BTC or end up with transaction delayed for ages.
As others have noted, when Coinbase hold your Crypto, THEY control them. They might as well own them! Put your crypto in a hardware wallet, or software wallet and you control them, with all the risk that entails.
The one thing that Coinbase needs to be good at is exchanging Fiat currency for Crypto and back again. But all they WANT to be good at is moving your Crypto between Coinbase users, a bit like PayPal's raison d'etre.
Oh. And Coinbase TELL your IRS all about their clients' transactions, unlike your trezor or electrum wallet, which tells no-one anything.
Quote: AxelWolfYes, we all know you are over paranoid. I'm probably not paranoid enough.
it's not about, or not all about being paranoid
it's about an expectation people have that those who they do business with will operate in a professional manner
if you run a team I'm sure you act professionally and expect your team members to do the same
with Coinbase you're talking about a financial organization handling billions of dollars
their methods of operating are inexcusable
Quote: AxelWolfYes, we all know you are over paranoid. I'm probably not paranoid enough.
it's not about, or not all about being paranoid
it's about an expectation people have that those who they do business with will operate in a professional manner
if you run a team I'm sure you act professionally and expect your team members to do the same
with Coinbase you're talking about a financial organization handling billions of dollars
their methods of operating are inexcusable
*
Quote: lilredrooster
they are forcing anybody who tries to evade taxes on crypto gains to commit perjury
Good, I hope they follow through and penalize or prosecute.
Prior to identity verifying even though I had a ton in there, I was just treated like any schmuck, and could engage support only via their website and they would respond many days later, if at all.
Why would one use a hosted wallet with a ton of BTC? Especially one who is a holder? I assume your best bet would to have multiple hard wallets and some small amounts spread around on hosted wallets.Quote: MDawgI have never had a ton in coinbase, but with my main hosted wallet, once you both verify identity and have a ton in there, you are assigned to a special level of support that includes a phone number to call, and an account rep. I have engaged via direct email with the rep and received answers relatively quickly.
Prior to identity verifying even though I had a ton in there, I was just treated like any schmuck, and could engage support only via their website and they would respond many days later, if at all.
I am sorry that many people stuck with hard wallets and lost all their bitcoin due to various reasons, but let's face it - if all of that lost bitcoin came on the market at once it might crash the market. You don't read much about people losing access to their hosted wallets though, do you?
Starting last year I started collecting interest on all my crypto which I can't BELIEVE I didn't do that before, but I didn't want to identity verify. Is it possible to collect interest via a hard wallet?
I am not a holder I am a hodler.
All such exchanges seem to be knee deep in Know Your Customer and Anti money Laundering regs, which for honest rogues, are a PITA. The required CGT calcs for just using crypto are a nuisance, because tax authorities refuse to treat it as a currency.Quote: SOOPOOTy for info. I figured coin base would be like using an online bank. Guess not!
The problem with CoinBases's KYC systems is that half the time (for me at least) they just don't work properly and then you can find yourself stymied and human support is just not there.
When Coinbase does work, it's actually not a bad interface, but one problem to me, where I cannot transact, is one big problem too many.
YMMV
If I ever leave CB, I'll likely look at Gemini.
Quote: MDawgI am not a holder I am a hodler.
Quote: Internet Humor"So I called the Bitcoin customer service (had the number from a friend). They told me to please hold."
Your cheeck is in the mail blockchain.Quote: AxelWolfYes, we all know you are over paranoid. I'm probably not paranoid enough. Even though you are the WMOAT you always have good information, good sense of math, sound logic, fairly rational and over all a good guy. So ill have to give the paranoia a pass.
$:o)
The rumour that I'm paranoid* is a lie spread by those who are out to get me.
I toyed with the idea of editing it like that.Quote: MDawgThat joke would be funnier if it read, They told me to please hodl. Or is that what you meant to type?
Quote: OnceDear
The rumour that I'm paranoid* is a lie spread by those who are out to get me.
just because a person's not paranoid that doesn't mean that there's not somebody out to get him
*
Alex "The machine" Mashinsky is CEO of Celsius (the place I have my BTC loan). They have the 2nd largest BTC AUM (Assets under management) behind Greyscale. He nailed the BTC price prediction in 2020. He called for the dip from ATH in January 2021. He works with companies that want in, he sees what's really going on behind the scenes.
He reveals his 2021 BTC price prediction in this video.
Quote: AxelWolfAave is +102,375.45% for the year(unless I'm missing something)
I'm sure MD bought a few hundred of those as well when they first came on the market.
I own some AAVE 😁
Not a ton but enough that it matters lol
Quote: MDawgI have never used anything but a hosted wallet. I trust this one, although I will admit, every time I login there is a brief heart skip while I wait for the balance to appear. I was actually talking about this yesterday with a friend that the danger isn't so much that someone could access my account, but that someone might someday hack into the backbone of the host itself, but I believe those Mt. Gox days are over.
I am sorry that many people stuck with hard wallets and lost all their bitcoin due to various reasons, but let's face it - if all of that lost bitcoin came on the market at once it might crash the market. You don't read much about people losing access to their hosted wallets though, do you?
Starting last year I started collecting interest on all my crypto which I can't BELIEVE I didn't do that before, but I didn't want to identity verify. Is it possible to collect interest via a hard wallet?
I am not a holder I am a hodler.
I collect interest without verifying my identity. It’s possible but obviously much harder to do then the way you described.
Quote: PokerGrinderI collect interest without verifying my identity. It’s possible but obviously much harder to do then the way you described.
Do you know enough about the process to be able to comment on whether that's made easier by your status as a Canuck? Lots of the places I've looked basically say "here's a cool feature for our non-USA customers. If you're a yank, click here to get choked with some red-tape." We get lower interest, lower caps, harder conversions back to fiat currencies (especially out-of-wallet physical fiat currencies), more identity requirements, more identity requirements, more identi...
Quote: PokerGrinderI collect interest without verifying my identity. It’s possible but obviously much harder to do then the way you described.
With my overseas hosted wallet I am identity verified including with the selfie and all, but no SSN required, at least not yet - maybe someday they will request it of us U.S. residents. The address I gave was simply accepted not verified (I gave a passport not driver license) - versus with coinbase I recall that they full on ran some sort of soft pull of my identity from the bureaus to confirm my address. I gave the overseas wallet the correct address, but just saying, it was not verified.
Without the SSN it's on the honor system, for now, as far as reporting interest earned. No 1099.
One advantage I suppose of full identity verification is that if you somehow got locked out of your account or died and your heirs didn't have your passwords there should be some way to gain access.
https://cointelegraph.com/news/avoid-hosted-crypto-wallets-at-all-costs-warns-elon-musk
Quote: rdw4potusDo you know enough about the process to be able to comment on whether that's made easier by your status as a Canuck? Lots of the places I've looked basically say "here's a cool feature for our non-USA customers. If you're a yank, click here to get choked with some red-tape." We get lower interest, lower caps, harder conversions back to fiat currencies (especially out-of-wallet physical fiat currencies), more identity requirements, more identity requirements, more identi...
Nothing to do with being a Canuck, it’s a deal made because of personal connections.
With various kinds of criminal trafficking rings, no doubt. You are so getting your bitcoin taken. 😉Quote: PokerGrinderNothing to do with being a Canuck, it’s a deal made because of personal connections.
Quote: AxelWolfWith various kinds of criminal trafficking rings, no doubt. You are so getting your bitcoin taken. 😉
Lol you know me, I hang out with shady characters.
ALL BUT ONE!Quote: PokerGrinderLol you know me, I hang out with shady characters.
Quote: AxelWolfALL BUT ONE!
You’re the shadiest character I know bud
You must know a bunch of nuns.Quote: PokerGrinderYou’re the shadiest character I know bud
SCOATQuote: PokerGrinderYou’re the shadiest character I know bud
$;o)
Quote: PokerGrinderI own some AAVE 😁
Not a 𝐓𝐎𝐍
you also don't have a 𝐓𝐎𝐍 of TSLA
and you don't have a 𝐓𝐎𝐍 of massive mounds of chips piling up on your spot at the casino
you also don't have a 𝐓𝐎𝐍 of expensive watches
and I doubt (because you never posted pictures) that you ever had a 𝐓𝐎𝐍 of cash piling up on your bed
and I doubt you get a 𝐓𝐎𝐍 of comps
don't feel bad - I don't have a 𝐓𝐎𝐍 of this stuff either
I just wanted to post a reminder of who we all need to take a back seat to
it's good that we all keep this in mind - so we know our place
*
He DOES have a ton of VD.Quote: lilredroosteryou also don't have a 𝐓𝐎𝐍 of TSLA
and you don't have a 𝐓𝐎𝐍 of massive mounds of chips piling up on your spot at the casino
you also don't have a 𝐓𝐎𝐍 of expensive watches
and I doubt (because you never posted pictures) that you ever had a 𝐓𝐎𝐍 of cash piling up on your bed
and I doubt you get a 𝐓𝐎𝐍 of comps
don't feel bad - I don't have a 𝐓𝐎𝐍 of this stuff either
I just wanted to post a reminder of who we all need to take a back seat to
it's good that we all keep this in mind - so we know our place
*
Quote: AxelWolfHe DOES have a ton of VD.
Jesus lol
I post real accounts of what I own and only am worried about my investments. I honestly don’t even know what AAVE is but a friend who studies this stuff told me to buy some and I trust him. I also own some Solana and Chainlink to go with my Eth and Btc. Chain isn’t up much from purchase, maybe 20% but my aave and solana have more than doubled in value which is great especially for 3 weeks or so of owning it.
Quote: MDawg
As far as BTC dropping back to the 30K level or so, a friend of mine (who has been consistently wrong about both BTC and TSLA) says the same as PokerGrinder, which actually would make me think that it will not do that. When it comes to prognostications, I look at the person first, then his track record, and in some cases both provide reasons to ignore.
I had this one friend who was so bad at prognostications that you could practically always go against whatever he predicted. Such friends are as useful as those who are always right.
That's why you listen to MDawg, and not PokerGrinder. BTC just hit another ATH, to 48.4K
MDawg booked 3500 yesterday trading extra shares of TSLA buying LONG on dips on a day when it fell -44 pts....
And other five hunny today just fooling around on extra shares of AMZN. Took me longer to make this post than make that. The only 2-11 in progress today is MDawg robbing the other traders with his superior trades.
No matter where you throw MDawg he's going to wind up on top.
https://getyarn.io/yarn-clip/be680639-3963-4fa1-a476-65338d0acdc3
Quote: MDawgWe could all be dead by then.
If that’s true btc price today really doesn’t matter lol
Quote: MDawg
That's why you listen to MDawg, and not PokerGrinder. BTC just hit another ATH, to 48.4K
MDawg booked 3500 yesterday trading extra shares of TSLA buying LONG on dips on a day when it fell -44 pts....
And other five hunny today just fooling around on extra shares of AMZN. Took me longer to make this post than make that. The only 2-11 in progress today is MDawg robbing the other traders with his superior trades.
No matter where you throw MDawg he's going to wind up on top.
https://getyarn.io/yarn-clip/be680639-3963-4fa1-a476-65338d0acdc3
You seem not shy about posting details about your casino trips, money made etc... same for stock trading. I’m NOT referring to stock ‘holding’, like if you bought TSLA 5 years ago and still have it... How much do you make in an average year ‘trading’? And no, I don’t need proof! My B in law who basically does it as a job makes between $100k and $200k. And that’s working with a bankroll a fraction of yours.... I’ve just started trading.. so I have no track record to point to....
You must have only recently bought Chainlink because it's up like 17,000 percent. I'm up like 15x on my Chainlink, unfortunately, I'm not up that much on it... I only bought about $ 100 worth.Quote: PokerGrinderJesus lol
I post real accounts of what I own and only am worried about my investments. I honestly don’t even know what AAVE is but a friend who studies this stuff told me to buy some and I trust him. I also own some Solana and Chainlink to go with my Eth and Btc. Chain isn’t up much from purchase, maybe 20% but my aave and solana have more than doubled in value which is great especially for 3 weeks or so of owning it.
I have no clue what I'm doing when it comes to investing in Crypto. Other than BTC the most I'll buy of a coin is like 2k worth. Other than about 8k worth, I keep most of my BTC on Hard wallets, I have no other coins on the hard wallets. I do have a Coin base account that I tinker around with making small trades. I own about 12 different coins. I have been buying and selling Stellar since it was about 6 cents. I told the guys if they wanted to make some quick money buy and sell it. The guy's were busting my balls about that one, it's at 47 cents now I took some profits, but I did keep some. On the 5th I put a few hundred on Cosmos, I think I tripled up. My biggest non BTC trade over the last few months was XRP based on someone else's suggestion, it dropped like 50% within a week of that suggestion LOL, I think I'm dead even on it now.
I had a Friend invest 10k in crypto for me back round 2017, I don't think that's doing so well. I'm Hoping one day I'll wake up and it will be worth a truck load(doubtful).
I think this crypto craze will be much like the .com bubble, mostly a bunch of losers and a few will shine. Whatever the case, I can't lose since I have already made and sold enough BTC to cover all my investments and I made a nice profit. Everything else is just gravy, hopefully I get really lucky and I'll be able to ride that gravy train into the sunset.
I got a couple Bridges to sell you.Quote: SOOPOOQuote: MDawg
That's why you listen to MDawg, and not PokerGrinder. BTC just hit another ATH, to 48.4K
MDawg booked 3500 yesterday trading extra shares of TSLA buying LONG on dips on a day when it fell -44 pts....
And other five hunny today just fooling around on extra shares of AMZN. Took me longer to make this post than make that. The only 2-11 in progress today is MDawg robbing the other traders with his superior trades.
No matter where you throw MDawg he's going to wind up on top.
https://getyarn.io/yarn-clip/be680639-3963-4fa1-a476-65338d0acdc3
You seem not shy about posting details about your casino trips, money made etc... same for stock trading. I’m NOT referring to stock ‘holding’, like if you bought TSLA 5 years ago and still have it... How much do you make in an average year ‘trading’? And no, I don’t need proof! My B in law who basically does it as a job makes between $100k and $200k. And that’s working with a bankroll a fraction of yours.... I’ve just started trading.. so I have no track record to point to....
Quote: PokerGrinderIf that’s true btc price today really doesn’t matter lol
somebody in a post-apocalyptic world is going to find a hard wallet & be like "ok, shoot. I thought I understood this arcane language. but 'kite kitten floppy tennis learn monkey gate garden ritual fast pasta goat?!?' darn it!"
I believe crypto is here to stay
it doesn't even pretend to be investing
it's a gambling game and people love it
gamblers betting whether other gamblers will buy or sell
gamblers delighted and willing to throw themselves into the middle of a gigantic Ponzi scheme
right now, there's more money bet on crypto than on any gambling game in the world by far
unless you count the stock market - but that can still pretend to be investing - so it's not the same thing
the Feds are going to have to recognize this and deal with it
*
Quote: lilredroosterI believe crypto is here to stay it doesn't even pretend to be investing it's a gambling game and people love it
...
gamblers delighted and willing to throw themselves into the middle of a gigantic Ponzi scheme right now, there's more money bet on crypto than on any gambling game in the world by far unless you count the stock market - but that can still pretend to be investing - so it's not the same thing. The Feds are going to have to recognize this and deal with it
Out of interest, I checked the $ value of crypto in circulation...
1 Bitcoin $873,232,439,344
2 Ethereum $202,592,981,428
3 Tether $30,741,281,909
4 Cardano $28,578,958,993
...
many, many more types of coin
(Who's even heard of Cardano?)
Anyway, while these look like BIG numbers, put that in the perspective of proper currencies like USD
USD (M2) $19,186,000,000,000
Even before we consider what circulates as currency in the rest of the world.
I.E. On average, every human on Earth (7Bn) has about $3000 to hand and maybe $200 of assorted crypto.
I.E. Crypto is a really small fraction of the currency in circulation, but far from negligible. It might be a ponzi scheme, but it's surely not just a niche hobby for a few gamblers. I reckon crypto, in some form, is the future.
How the heck we end up using crypto as currency eludes me. It would need whole nations to release control of the money systems of the world. But crypto is more than a fad. We need to transition from unstable beanie bears to something we can spend in a mall.
investors trying to day trade or speculate on crypto are the ones that ruin it as a currency, IMHO.
But if you can't beat 'em, join 'em.... then beat 'em.
Conclusion... There is no conclusion, except we should not ignore this opportunity.
I assume the governments will eventually phase out to cash and have their own cryptocurrency.Quote: OnceDearOut of interest, I checked the $ value of crypto in circulation...
1 Bitcoin $873,232,439,344
2 Ethereum $202,592,981,428
3 Tether $30,741,281,909
4 Cardano $28,578,958,993
...
many, many more types of coin
(Who's even heard of Cardano?)
Anyway, while these look like BIG numbers, put that in the perspective of proper currencies like USD
USD (M2) $19,186,000,000,000
Even before we consider what circulates as currency in the rest of the world.
I.E. On average, every human on Earth (7Bn) has about $3000 to hand and maybe $200 of assorted crypto.
I.E. Crypto is a really small fraction of the currency in circulation, but far from negligible. It might be a ponzi scheme, but it's surely not just a niche hobby for a few gamblers. I reckon crypto, in some form, is the future.
How the heck we end up using crypto as currency eludes me. It would need whole nations to release control of the money systems of the world. But crypto is more than a fad. We need to transition from unstable beanie bears to something we can spend in a mall.
investors trying to day trade or speculate on crypto are the ones that ruin it as a currency, IMHO.
But if you can't beat 'em, join 'em.... then beat 'em.
Conclusion... There is no conclusion, except we should not ignore this opportunity.
Quote: PokerGrinderI bought 325 Link at $19.69 each so I’m up $2560 currently. I bought 2000 SOL at $3.20 each and I’m up just under 12k and I bought 37 AAVE at $172.97 each and I’m up 12.9k on that. I think I bought these roughly 2-3 weeks ago, don’t remember exactly and I’m too lazy to look it up lol.
I may have to reevaluate since appears you're 3/4 right. That's not a bad record. My friend who, like you, thinks BTC will drop to 30K or so, is more like 0/10. You don't want to be in the company of his stats.
Quote: MDawgI may have to reevaluate since appears you're 3/4 right. That's not a bad record. My friend who, like you, thinks BTC will drop to 30K or so, is more like 0/10. You don't want to be in the company of his stats.
Lol well thank you, who knew you and I could be civil?
OD we should get credit for being cordial with each other lol
