71–80 of 86 posts
I wonder what they're policy is on adult. I do some work on an adult site and ccbill has got to be the worst credit card provider out there. Adult payments need to be disrupted.
Part of the appeal of bitcoin is that you don't need to care what a payment processor thinks of your business. You're welcome to accept bitcoin payments without using coinbase or any other payment processor.
1. This is very, very, very bad for security, but is only possible because US interbank transfers are way behind the rest of the world (including 3rd world countries). Everywhere else, all you need to transfer money is the name of the bank, account holder and account number.
2. see "Products" on https://plaid.com. Plaid provides Coinbase's bank integration.
Earlier quoted context omitted.
> The traditional financial system carries out trillions of transactions which are not money laundering, yet is required to jump through enormous amounts of red tape to prove its customers are not money launderers, and companies still get into trouble with regulators if they're not satisfied with their AML policies. I'd agree the traditional system would probably have less money laundering. It also has less freedom,…
Criminal economic ecosystems have existed since long before cryptocurrency, as has AML law even in mere regional financial hubs like South Africa. The real question is to what extent is it beneficial for non-criminal businesses to invest in the capability to handle niche currencies like Monero used by hardly anybody and attractive primarily to money launders. Because if it's predominantly criminal businesses using th…
Even if South Africa shut them down, I'm sure others will find a way to run such payment processors. Where there's money, there's motive.
> The real question is to what extent is it beneficial for non-criminal businesses to invest in the capability to handle niche currencies like Monero used by hardly anybody and attractive primarily to money launders.
People who launder large sums of money would likely do it through the traditional financial system. How does one launder, say, a billion dollars through a Monero today? I don't think they could. That type of money is being laundered through the banking system[0].
> The real question is to what extent is it beneficial for non-criminal businesses to invest in the capability to handle niche currencies like Monero
If it's easy to implement & their niche likes to use them, then I would say it's probable.
Crypto can win bit by bit. Country by country. There are some jurisdictions that seem to be embracing the tech (like Japan & Switzerland).
That's some people using it. If it continues to grow & you know it's going to grow faster than any other asset it makes sense to do some speculation. Then with that speculation, you start to learn about crypto. It starts to spread as people become aware of returns, & it continues to grow, & so on.
It's resilient. I like resilient assets. I think a little bit of crypto can be a good investment. If anything it's fun. That's one of the reasons I think young people like it.
Do it for fun, spend it when people accept it. People even give discounts for buying in crypto.
[0] https://www.reuters.com/article/us-hsbc-probe/hsbc-to-pay-1-...
If you ever added your US bank account to Coinbase by giving it your online banking credentials(!)[1], you might want to know that your financial/banking information was crawled (income, costs, average balance), and is available for resale[2] to 3rd parties. 1. This is very, very, very bad for security, but is only possible because US interbank transfers are way behind the rest of the world (including 3rd world count…
Not only is Coinbase an extremely slimy, untrustworthy company seemingly entirely driven by bad AI, the amount of different currencies they accept is also very limited.
What? GDAX is one of the best companies out there in the field. Note to others: a portion of the internet seems to relentlessly attack Coinbase because they listed Bitcoin Cash (BCH) months ago
Worse, coinbase is dragging their feet improving their Bitcoin technology stack. At this point it appears intentional.
If you ever added your US bank account to Coinbase by giving it your online banking credentials(!)[1], you might want to know that your financial/banking information was crawled (income, costs, average balance), and is available for resale[2] to 3rd parties. 1. This is very, very, very bad for security, but is only possible because US interbank transfers are way behind the rest of the world (including 3rd world count…
Actually here only the IBAN account number is required (and it's used everywhere). Bank is inferred from that and it's not stricly necessary to give account holder's name.
If you ever added your US bank account to Coinbase by giving it your online banking credentials(!)[1], you might want to know that your financial/banking information was crawled (income, costs, average balance), and is available for resale[2] to 3rd parties. 1. This is very, very, very bad for security, but is only possible because US interbank transfers are way behind the rest of the world (including 3rd world count…
I'm curious where you got this bit of information? All I need to transfer money in the US is a routing number and account number.
I also fully expect to get downvoted to oblivion for this opinion based on what I have seen in the past.
If you ever added your US bank account to Coinbase by giving it your online banking credentials(!)[1], you might want to know that your financial/banking information was crawled (income, costs, average balance), and is available for resale[2] to 3rd parties. 1. This is very, very, very bad for security, but is only possible because US interbank transfers are way behind the rest of the world (including 3rd world count…
Plaid co-founder here. We don't resell data. In the case of Coinbase, they're setting up ACH transfers (see Auth on our products page), to avoid the 3-5 day delay in connecting a bank account for ACH.
There must be some confusion on my part, because I consider this product (https://plaid.com/products/income/) as selling the income data, I'm guessing it's unrelated to Coinbase.
In any case, are you able to unequivocally state that you do not collect this data for coinbase users, even if it's not for reselling? I know you might have good intentions, but there's no telling where that data will end up once it's collected (past the point of your 'exit' event).