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Understanding Coinbase

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Re: Understanding Coinbase

#91

Post by tootahe45 »

sprash wrote: post #64
granzymes wrote: post #17

Earlier quoted context omitted.

Correct me if I am wrong, but those decentralized exchanges don't seem to allow converting a token to dollars/euros/other currencies or vice versa. At some point the ecosystem needs to interact with banks for on and off ramps, and that is where Coinbase excels.

Bisq does exactly that and looks quiet promising.

The only promise of bisq is to be woken up at 6am one day with police kicking down your door. That's where criminals go to offload their non-privacy coins for Monero and to drain grandma's bank account.

Re: Understanding Coinbase

#92

Post by tootahe45 »

granzymes wrote: post #85
dannyw wrote: post #81

Earlier quoted context omitted.

You can convert to USD stablecoins, which is still an off ramp, but has the benefit of no AML on decentralised exchanges.

I can't pay my mortgage with stablecoins, though. They also aren't an on ramp.

You can redeem stable-coins like True USD or PAX to a US bank account after passing KYC, with 1 token=1 USD. You can redeem up to 60k/day on PAXOS for a $20 flat fee per redemption, on tier 1 KYC.

It also works the other way, so they are an on-ramp, just with a slightly higher fee. However i wouldn't 100% rely on these regulated stable coins as an off-ramp if the crypto market implodes and everybody runs for the exit.

Re: Understanding Coinbase

#93

Post by granzymes »

tootahe45 wrote: post #92
granzymes wrote: post #85

Earlier quoted context omitted.

I can't pay my mortgage with stablecoins, though. They also aren't an on ramp.

You can redeem stable-coins like True USD or PAX to a US bank account after passing KYC, with 1 token=1 USD. You can redeem up to 60k/day on PAXOS for a $20 flat fee per redemption, on tier 1 KYC. It also works the other way, so they are an on-ramp, just with a slightly higher fee. However i wouldn't 100% rely on these regulated stable coins as an off-ramp if the crypto market implodes and everybody runs for the exit…

Right. To a bank. After passing KYC. On an exchange like Coinbase. That's my point: Coinbase is well positioned to be the on and off ramp for crypto by being legitimate enough to interface with the US financial system.

Re: Understanding Coinbase

#94

Post by anonymoushn »

mdoms wrote: post #74
noman-land wrote: post #12

Earlier quoted context omitted.

Don't forget working for it by doing stuff and receiving payment in them. That's my personal philosophical favorite.

No one wants to pay you for legal above-board work in bitcoin[0] because bitcoin is not a useful currency (for reasons that have been rehashed plenty of times in HN comments. [0] within margin of error

This doesn't really address the comment it replies to though. Paying someone for work in a dollar stablecoin still obviates their need for a crypto onramp.

Re: Understanding Coinbase

#95

Post by tootahe45 »

granzymes wrote: post #93
tootahe45 wrote: post #92

Earlier quoted context omitted.

You can redeem stable-coins like True USD or PAX to a US bank account after passing KYC, with 1 token=1 USD. You can redeem up to 60k/day on PAXOS for a $20 flat fee per redemption, on tier 1 KYC. It also works the other way, so they are an on-ramp, just with a slightly higher fee. However i wouldn't 100% rely on these regulated stable coins as an off-ramp if the crypto market implodes and everybody runs for the exit…

Right. To a bank. After passing KYC. On an exchange like Coinbase. That's my point: Coinbase is well positioned to be the on and off ramp for crypto by being legitimate enough to interface with the US financial system.

My take is that needing on/offramps proves crypto (and coinbase) is nothing but a huge casino at this point. I've been involved for 7 years and i still can't spend my crpto directly or without some serious gymnastics involved. So tired of people saying the tech is new, 'we are early adopters', etc. I'm personally steering clear of coinbase if they go public.

Re: Understanding Coinbase

#96

Post by granzymes »

tootahe45 wrote: post #95
granzymes wrote: post #93

Earlier quoted context omitted.

Right. To a bank. After passing KYC. On an exchange like Coinbase. That's my point: Coinbase is well positioned to be the on and off ramp for crypto by being legitimate enough to interface with the US financial system.

My take is that needing on/offramps proves crypto (and coinbase) is nothing but a huge casino at this point. I've been involved for 7 years and i still can't spend my crpto directly or without some serious gymnastics involved. So tired of people saying the tech is new, 'we are early adopters', etc. I'm personally steering clear of coinbase if they go public.

> My take is that needing on/offramps proves crypto (and coinbase) is nothing but a huge casino at this point.

Couldn't agree more.

Re: Understanding Coinbase

#97

Post by dheera »

geniium wrote: post #18
gbasin wrote: post #3

Earlier quoted context omitted.

I would argue the biggest threat to coinbase is another crypto winter where volumes fall by 90%! And eventually the asset class becoming mature, so fees also fall by another 90%

That’s what we call a strong correction. Or even a « capitulation ». It’s pretty healthy if u ask me. Market cycles. It will happen again. The question is when? After what BTCUSD price? We’ll probably run the bull a few more months and then crash. And then start all again.

Or a "crash". People in suits in NYC high rises worried about their precious money call it "correction" to comfort themselves.

Re: Understanding Coinbase

#98

Post by yellow_lead »

helsinki wrote: post #67

Too tired to read the article, but please, everyone, buy your crypto via Coinbase Pro. The fees are only a fraction of what Coinbase charges.

Buy on local bitcoins for even cheaper transaction fees. You also don't have anyone keeping track of what you bought it at.

Re: Understanding Coinbase

#99

Post by freeone3000 »

alexeldeib wrote: post #87
fastball wrote: post #73

Earlier quoted context omitted.

I'm not talking about children...

Who are you talking about?

Presumably people who make less than $22,000 USD and have no capital gains, which definitionally cannot apply to anyone dealing with cryptocurrencies (as they're securities).

Re: Understanding Coinbase

#100

Post by agumonkey »

dannyw wrote: post #83
agumonkey wrote: post #14

Earlier quoted context omitted.

One thing with the eth/uni world.. it seems like fluffy unicorn land. It's full of new lingo and bits to assemble (metamask etc) to maybe get something working. The crowd for this might be very small.

Metamask is an app and browser extension. It's basically a crypto browser. The same way the internet needs a browser. Your argument can easily be used to dismiss the early internet.

Metamask is the only name I could remember, when you listen to people discuss how to use uniswap, the amount of step to do is quite random and it's full of lingo and basically, it feels like setting up the latest js toolchain, a big shiney blur. Then they'll go on and talk about other systems, like polka dot and its parachains and its another universe, then you have multichains, and oracles and whatever.

It's more like early TCP where you have to install and set up the whole network stack of the month than early WWW to me.

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