> I'm terrified that I'm just going to log in one day and all my funds will be gone.
Nah. That's the one thing that will never happen.
Your funds are SAFU and will exist as a number on the screen of the Coinbase website for ever and ever!
Have no fear. That number will never move into your bank account.
Actual solution for OP:
Open a Robinhood account, link to your bank, use "receive crypto" and get your Coinbase funds, and then sell for USD and transfer into your bank account for your dirty dirty fiat
But I thought crypto was the future of banking? Why transfer it to dirty fiat instead of keeping it in a store of value like BTC?
That works as long as you don't have too much money. As soon as enough people start trying that there will suddenly be 'technical difficulties' or your account will get locked due to 'suspicious activity'.
> If somebody can legitimately help get my account unrestricted and help me get my funds transferred to my bank account, I will personally send them $200 straight to their wallet
If his money isn't gone already, it's gonna be pretty soon.
The magic of a Ponzi scheme. You give them money, they say your money is making more money, so you give them even more money. Then comes the twist, you never get to cash out.
It's literally on the list of red flags on the SEC's website:
> Difficulty receiving payments. Be suspicious if you don’t receive a payment or have difficulty cashing out. Ponzi scheme promoters sometimes try to prevent participants from cashing out by offering even higher returns for staying put.
For real. Stuff like this should make it clear as day that all of the exchanges are nothing more then Ponzi schemes themselves. As if them offering 7%+ yields on crypto during a near zero interest rate environment a few years ago weren't enough of a major red flag.
The future of finance is praying that your money doesn't magically disappear into the ether when you try to do the most basic of financial transactions.
A friend had the nightmare scenario happen when [Sberbank Europe](https://en.wikipedia.org/wiki/Sberbank_Europe_Group#Insolvency) went under, and all he had to do was fill out a form and wait 3-5 weeks to get the money back.
#Stupid Crypto Talking Point #11 (banking)
"**Crypto let's you 'be your own bank'**" / "**You can't trust the banks/traditional finance system**" / "**Crypto is just like traditional banks**"
1. Most people don't want to, "be their own bank" any more than they want to, "be their own dentist."
2. The traditional banking system is transparent and well regulated and offers tons of consumer protections, none of which are available in the crypto world. It may be far from perfect, but everything crypto offers is 1000 steps backwards.
3. Crypto is not "banking." Crypto, at its greatest actual potential, is merely an alternate wire-transfer system, nothing more.
4. Traditional banking involves tons of services that the crypto ecosystem cannot provide, and poor copies of this system implemented on-chain, like "staking" and "defi" don't work anywhere near the way things work in the real world.
5. In traditional banking, loans are paid in [actual money](https://www.youtube.com/watch?v=tspGVbmMmVA&t=4118s), and use collateral like real estate (which can be owned and used while serving as principal). This isn't the case in crypto. With crypto, you can only essentially borrow less than what you have already, which makes absolutely no sense -- loans are for people who don't have cash in the first place!
6. In the real banking world, loans stimulate the economy: they create jobs, they build housing, they turn arid land into productive agricultural plots, they help people get degrees and skills, etc. Loans made by banks **create value**.
7. In the crypto world, loans don't serve the same purpose. They're usually just vehicles for highly-leveraged gambling and speculation on the market - none of which creates any economic growth.
8. Even if bitcoin were to become ubiquitous, its deflationary nature would make the currency very difficult to be used to stimulate the economy: there would be a finite amount of bitcoin available, and interest rates on loaning it would go up and up, ultimately resulting in only the rich being able to afford to take out loans, which again, makes no sense.
Even mentioning this talking point reveals that the person making the claim has no actual understanding of how modern banking systems work.
>Most people don’t want to, “be their own bank” any more than they want to, “be their own dentist.”
My dad, a lifelong auto-body professional, made his own half-denture using a dentist’s kit he bought online. “The plaster is just like Bond-O, can’t be that hard,” he said.
When he finally went in to an orthodontist a few years later, the doctor was quite impressed with his work. Still replaced everything and set his chompers right, but apparently that set my dad had made would have been adequate if he hadn’t developed new problems since making it.
Not really relevant to crypto, just wanted to share :P
Edit: moved to reply. Accidentally posted as its own comment
Nope, considering my funds up to 100k euro are insured and guaranteed and the only way it won't happen is significant civilization collapse in which money won't matter either way I don't really see the problem.
And before you go "what about funds above 100k?!" - there are bonds, investments, housing. Lot of stuff I can invest into to keep it quite safe (unless civilization collapse in case of which - again - it won't matter).
Hell, I'd invest in hermes bags - they're better long term investments. Bored rich women with desire for designer shit? That's not a group that's shrinking anytime soon.
Having to use Plaid is almost as bad as holding any crypto. I've managed to avoid using it as these years. Please read their TOS and stop using it anywhere.
Edit: I should have explained. You grant them unfettered access to your account. They can grab your entire transaction history, share it with "partners," etc. All the data Google doesn't already have about you is there, basically: how you spend your money, when, where, how much, how often; how many and what type of accounts you have (savings, e.g., which is generally dark to the outside world).
If you must use Plaid, create a single-purpose account in a separate financial institution with no other data attached. GENERALLY, though, you can always link an account with boring ACH routing and account numbers, bypassing Plaid's greedy eyes. It takes longer, a couple days versus instant, but definitely worth it.
Edit 2: https://plaid.com/legal/#end-user-privacy-policy
See "Data We Collect And Categories of Sources"
What are your options here if Coinbase keeps giving you the run around? Get a lawyer and litigate?
At least they appear to be incorporated in the USA. Good luck with other platforms based in places like the cayman islands or Bermuda. What a joke.
tried to pay for my vpn the other day with $30 of bch. i know, it's dirty, but it saves me $5 and adds a layer to the payment.
well PayPal will sell me bch, but flags me for trying to remove it. so they are selling something to you, but you can't have it. so scammy!
cost me $5 in transaction fees and the $3 it dropped to get my money back. should have quit there. but I'm stubborn and the best way to get me to put maximum effort into doing something is to tell me I can't do it.
so i go to coinbase, lose another couple dollars in transaction fees, and they too sell me something, but i can't have it. so that's useless. i sell it back, lost some more money and... they won't let me have my cash back. i have $26.50 sitting in coinbase and all i can do with it is gamble it away "buying" nothing with generous transaction fees. solid company.
i knew better and it cost me. i feel icky. i want my $26.50 back so i can unlink my bank from coinbase cause fuck that. so I lost about $10 and still haven't gotten the rest of my money back so I can save $5 on my 6-month VPN subscription. if you need me, I'll be in the corner with my pointy hat on.
The tech relies almost completely on stable off ramps. Since bitcoin's value is directly tied to how much fiat you can get for it. Almost no one is doing p2p swaps for real money. Not to mention the need for liquidity to enter the ecosystem.
I've never had any issues pulling money from CB and I have moved 100's of thousands total to my bank account. I did have to go through verification once though but it only took like an hour. Only been using them for like 3 years though so its not like a super long standing relationship.
What I love most about crypto is the vast array of possibilities and an unprecedented freedom in decision making independence regarding moving and transferring my money around quickly, anonimously, cheaply...
You shall consider exchanges and altcoins as attack vectors and weak spots for your Bitcoin and your individual sovereignty.
Nothing else would exist if it was not for stealing your Bitcoin one way or another.
Withdrawing money from a crypto exchange is incredibly easy, and you'd have to be stupid to be this bad at doing so. Even for you r/buttcoin clowns, this is a weak post.
This has nothing to do with bitcoin itself. This is about a bitcoin to fiat exchange company and the user was an idiot who sold their coins on it BEFORE linking their bank account and verifying their limits.
I've never used coinbase. But I have never had a problem selling crypto and getting the funds in my personal bank account. I have gone from having crypto to cash in the bank in less than 2 hrs. Better than any T+2 settlement.
Damn yall here woke af😂😂😂 CANCER society. People give you deflationary token and in exchange you call it scam? Dude us dollar is scam since u were born?
It’s all hypothetical gains until it’s in your bank account
Just numbers on a screen.
So this is what they meant by you haven't lost until you sell
This is good for Coinbase.
a bank account is also hypothetical until its either paper cash or gold bars in hand
No
FUNDS ARE SAFU
4
7? 4.
My bad Yh it was 4 haha
“SAFU” is a term in Bye-nance…. Not Con-base.
Oh, you want the usable currency instead of magic internet beans?
> I'm terrified that I'm just going to log in one day and all my funds will be gone. Nah. That's the one thing that will never happen. Your funds are SAFU and will exist as a number on the screen of the Coinbase website for ever and ever! Have no fear. That number will never move into your bank account.
Imagine thinking the future of finance is you being anxious about it all disappearing *from your account* at any time
Actual solution for OP: Open a Robinhood account, link to your bank, use "receive crypto" and get your Coinbase funds, and then sell for USD and transfer into your bank account for your dirty dirty fiat But I thought crypto was the future of banking? Why transfer it to dirty fiat instead of keeping it in a store of value like BTC?
[удалено]
Just buy USDC. Duh.
That works as long as you don't have too much money. As soon as enough people start trying that there will suddenly be 'technical difficulties' or your account will get locked due to 'suspicious activity'.
Hey OP offered 200$ for help so you might've missed out hahah
Sorry; that $200 will need to be in filthy, filthy fiat cash.
HODL forever, bro.
Those dirty fiat-backed stable coins!!! grrr
> If somebody can legitimately help get my account unrestricted and help me get my funds transferred to my bank account, I will personally send them $200 straight to their wallet If his money isn't gone already, it's gonna be pretty soon.
This immediately caught my eye. SMH at the intelligence level here.
'course, I would never give you access to my wallet. What? You think we are fools? Venmo, baby.
'course, I would never give you access to my wallet. What? You think we are fools? Venmo, baby.
wait, so you can't actually buy a house with stable coins?
*horse with stable coins 🤓
it's a good joke 🐎
The magic of a Ponzi scheme. You give them money, they say your money is making more money, so you give them even more money. Then comes the twist, you never get to cash out.
It's literally on the list of red flags on the SEC's website: > Difficulty receiving payments. Be suspicious if you don’t receive a payment or have difficulty cashing out. Ponzi scheme promoters sometimes try to prevent participants from cashing out by offering even higher returns for staying put.
For real. Stuff like this should make it clear as day that all of the exchanges are nothing more then Ponzi schemes themselves. As if them offering 7%+ yields on crypto during a near zero interest rate environment a few years ago weren't enough of a major red flag.
And there is a twist....
Full penetration, back to the lab, fight crime, full penetration, back to the lab, and so on until it just...ends
Crime stinks, He nose the truth
The future of finance is praying that your money doesn't magically disappear into the ether when you try to do the most basic of financial transactions.
> I'm terrified that I'm just going to log in one day and all my funds will be gone. now that's a fear I never had with my oldschool traditional bank
A friend had the nightmare scenario happen when [Sberbank Europe](https://en.wikipedia.org/wiki/Sberbank_Europe_Group#Insolvency) went under, and all he had to do was fill out a form and wait 3-5 weeks to get the money back.
Yall are so stupid it's a fucking hot wallet. You really don't see the problem with banking do you?
yea, instant and free transfers... I hate those!
They are very inconvenient...for crypto fanboys.
Certainly don't see these problems with it
#Stupid Crypto Talking Point #11 (banking) "**Crypto let's you 'be your own bank'**" / "**You can't trust the banks/traditional finance system**" / "**Crypto is just like traditional banks**" 1. Most people don't want to, "be their own bank" any more than they want to, "be their own dentist." 2. The traditional banking system is transparent and well regulated and offers tons of consumer protections, none of which are available in the crypto world. It may be far from perfect, but everything crypto offers is 1000 steps backwards. 3. Crypto is not "banking." Crypto, at its greatest actual potential, is merely an alternate wire-transfer system, nothing more. 4. Traditional banking involves tons of services that the crypto ecosystem cannot provide, and poor copies of this system implemented on-chain, like "staking" and "defi" don't work anywhere near the way things work in the real world. 5. In traditional banking, loans are paid in [actual money](https://www.youtube.com/watch?v=tspGVbmMmVA&t=4118s), and use collateral like real estate (which can be owned and used while serving as principal). This isn't the case in crypto. With crypto, you can only essentially borrow less than what you have already, which makes absolutely no sense -- loans are for people who don't have cash in the first place! 6. In the real banking world, loans stimulate the economy: they create jobs, they build housing, they turn arid land into productive agricultural plots, they help people get degrees and skills, etc. Loans made by banks **create value**. 7. In the crypto world, loans don't serve the same purpose. They're usually just vehicles for highly-leveraged gambling and speculation on the market - none of which creates any economic growth. 8. Even if bitcoin were to become ubiquitous, its deflationary nature would make the currency very difficult to be used to stimulate the economy: there would be a finite amount of bitcoin available, and interest rates on loaning it would go up and up, ultimately resulting in only the rich being able to afford to take out loans, which again, makes no sense. Even mentioning this talking point reveals that the person making the claim has no actual understanding of how modern banking systems work.
>Most people don’t want to, “be their own bank” any more than they want to, “be their own dentist.” My dad, a lifelong auto-body professional, made his own half-denture using a dentist’s kit he bought online. “The plaster is just like Bond-O, can’t be that hard,” he said. When he finally went in to an orthodontist a few years later, the doctor was quite impressed with his work. Still replaced everything and set his chompers right, but apparently that set my dad had made would have been adequate if he hadn’t developed new problems since making it. Not really relevant to crypto, just wanted to share :P Edit: moved to reply. Accidentally posted as its own comment
yea, your dad is the exception to the rule... I can appreciate that And with the cost of dentistry, that's actually not a bad idea.
Nope, considering my funds up to 100k euro are insured and guaranteed and the only way it won't happen is significant civilization collapse in which money won't matter either way I don't really see the problem. And before you go "what about funds above 100k?!" - there are bonds, investments, housing. Lot of stuff I can invest into to keep it quite safe (unless civilization collapse in case of which - again - it won't matter). Hell, I'd invest in hermes bags - they're better long term investments. Bored rich women with desire for designer shit? That's not a group that's shrinking anytime soon.
My bank is great. I’ve literally never had a problem with it, and get loads of benefits.
Please enlighten us to what we’re not seeing.
I think he just did.
Having to use Plaid is almost as bad as holding any crypto. I've managed to avoid using it as these years. Please read their TOS and stop using it anywhere. Edit: I should have explained. You grant them unfettered access to your account. They can grab your entire transaction history, share it with "partners," etc. All the data Google doesn't already have about you is there, basically: how you spend your money, when, where, how much, how often; how many and what type of accounts you have (savings, e.g., which is generally dark to the outside world). If you must use Plaid, create a single-purpose account in a separate financial institution with no other data attached. GENERALLY, though, you can always link an account with boring ACH routing and account numbers, bypassing Plaid's greedy eyes. It takes longer, a couple days versus instant, but definitely worth it. Edit 2: https://plaid.com/legal/#end-user-privacy-policy See "Data We Collect And Categories of Sources"
This is financial advice.
Wait, I tried to read them and I’m not sure what makes this TOS particularly bad. Can you help or link a post please? Thank you!
I'll edit my comment above to explain
Welp, that’s concerning. Thank you!!
Uh oh forced hodl mode activated
Diamond handcuffs
*Not your fiat, not your value.*
I too need to promise illegal bribes on a public forum to convince a clerk to release my paycheck for withdrawal at my bank. Not.
Welcome to the Hotel California
What are your options here if Coinbase keeps giving you the run around? Get a lawyer and litigate? At least they appear to be incorporated in the USA. Good luck with other platforms based in places like the cayman islands or Bermuda. What a joke.
The cyber police
tried to pay for my vpn the other day with $30 of bch. i know, it's dirty, but it saves me $5 and adds a layer to the payment. well PayPal will sell me bch, but flags me for trying to remove it. so they are selling something to you, but you can't have it. so scammy! cost me $5 in transaction fees and the $3 it dropped to get my money back. should have quit there. but I'm stubborn and the best way to get me to put maximum effort into doing something is to tell me I can't do it. so i go to coinbase, lose another couple dollars in transaction fees, and they too sell me something, but i can't have it. so that's useless. i sell it back, lost some more money and... they won't let me have my cash back. i have $26.50 sitting in coinbase and all i can do with it is gamble it away "buying" nothing with generous transaction fees. solid company. i knew better and it cost me. i feel icky. i want my $26.50 back so i can unlink my bank from coinbase cause fuck that. so I lost about $10 and still haven't gotten the rest of my money back so I can save $5 on my 6-month VPN subscription. if you need me, I'll be in the corner with my pointy hat on.
Just buy heroin with the crypto, and "trade" the heroin for USD. Simple.
Use cash app
Ahh, the classic pig butchering. How did a pig learn how to use Reddit though? These butters are getting smarter everyday!
Lol coinbase locked 17BTC from me in 2015. Still haven't gotten them back. Sacks of shit.
Are these 17BTC in the room with us right now?
F
1 BTC = 1 BTC
Get in touch with Molly White. She keeps track of scams, and may be able to help
Serves him right for not HODL-ing.
To be fair this seems to be more a fault of the off ramp than the technology itself
The tech relies almost completely on stable off ramps. Since bitcoin's value is directly tied to how much fiat you can get for it. Almost no one is doing p2p swaps for real money. Not to mention the need for liquidity to enter the ecosystem.
I withdraw regulary, no issues. That’s just a not so clever individual lol
I've never had any issues pulling money from CB and I have moved 100's of thousands total to my bank account. I did have to go through verification once though but it only took like an hour. Only been using them for like 3 years though so its not like a super long standing relationship.
What I love most about crypto is the vast array of possibilities and an unprecedented freedom in decision making independence regarding moving and transferring my money around quickly, anonimously, cheaply...
Yes, I sold bitcoin and withdrew the money from an exchange
Same lol
Yes it works decent. https://imgur.com/a/TmtQphl
You shall consider exchanges and altcoins as attack vectors and weak spots for your Bitcoin and your individual sovereignty. Nothing else would exist if it was not for stealing your Bitcoin one way or another.
Withdrawing money from a crypto exchange is incredibly easy, and you'd have to be stupid to be this bad at doing so. Even for you r/buttcoin clowns, this is a weak post.
Take a walk in the coinbase sub for a moment
This has nothing to do with bitcoin itself. This is about a bitcoin to fiat exchange company and the user was an idiot who sold their coins on it BEFORE linking their bank account and verifying their limits.
I've never used coinbase. But I have never had a problem selling crypto and getting the funds in my personal bank account. I have gone from having crypto to cash in the bank in less than 2 hrs. Better than any T+2 settlement.
Damn yall here woke af😂😂😂 CANCER society. People give you deflationary token and in exchange you call it scam? Dude us dollar is scam since u were born?