Is anyone else starting to become a bit excited?

q85dw7osi4lebg · 10-07-2019 10:13AM

Tipped 13k on Coinbase there.

Bob24 · 10-07-2019 10:23AM

Addison Fancy Macrame wrote: »

I have been using cards to buy crypto with coinbase. Yesterday at about 7pm I made a transfer for the first time from my bank account, just got confirmation that the funds are in account now. That's incredible. Takes me longer to transfer between two Irish banks.

Some Irish banks are better than others (AIB and KBC seem to be the better ones) but overall they are not great indeed. Basically a bank needs to process at least one batch of SEPA transfers per day but can have many more if it wishes to (don't quote me on this, but I think up to one batch per hour). Some Irish banks tend to stick to the absolute minimum required by the regulation and only do one outbound batch every day at 5PM (and that batch will then hit the recipient's account on the morning of the next working day). AIB and KBC are doing it 2 or 3 times a day - and some foreign banks even more often.

q85dw7osi4lebg · 10-07-2019 10:26AM

Bob24 wrote: »

Some Irish banks are better than others (AIB and KBC seem to be the better ones) but overall they are not great indeed. Basically a bank needs to process at least one batch of SEPA transfers per day but can have many more if it wishes to (don't quote me on this, but I think up to one batch per hour). Some Irish banks tend to stick to the absolute minimum required by the regulation and only do one outbound batch every day at 5PM (and that batch will then hit the recipient's account on the morning of the next working day). AIB and KBC are doing it 2 or 3 times a day - and some foreign banks even more often.

Interesting and good to know, thanks.

Have just done a test withdrawal, will see how that fairs time wise.

Arrival · 10-07-2019 10:50AM

Addison Fancy Macrame wrote: »

I have been using cards to buy crypto with coinbase. Yesterday at about 7pm I made a transfer for the first time from my bank account, just got confirmation that the funds are in account now. That's incredible. Takes me longer to transfer between two Irish banks.

Really? But using your card you pay much higher fees? I've always used transfers because yeah, the money is usually on CB after 3-4 hours

Whelo79 · 10-07-2019 10:51AM

Addison Fancy Macrame wrote: »

Interesting and good to know, thanks.

Have just done a test withdrawal, will see how that fairs time wise.

I've received withdrawals in less than 12 hours when done outside if normal banking hours and within 60 minutes when done during normal banking hours despite coinbase saying they can take up to 3 days.

q85dw7osi4lebg · 10-07-2019 11:01AM

Arrival wrote: »

Really? But using your card you pay much higher fees? I've always used transfers because yeah, the money is usually on CB after 3-4 hours

Don't mind paying 1-2% when the gains will be 10000 %

Bob24 · 10-07-2019 11:43AM

Addison Fancy Macrame wrote: »

Don't mind paying 1-2% when the gains will be 10000 %

You’re the type of customer which keeps exchanges happy ;-) (not judging you it’s your business and you are fine with it, but if you look at it from the exchange’s perspective these fees are basically free money they are getting for doing nothing - not many other businesses can get away with charging an extra 1 or 2% fee for card payments)

q85dw7osi4lebg · 10-07-2019 11:49AM

Bob24 wrote: »

You’re the type of customer which keeps exchanges happy ;-) (not judging you it’s your business and you are fine with it, but if you look at it from the exchange’s perspective these fees are basically free money they are getting for doing nothing - not many other businesses can get away with charging an extra 1 or 2% fee for card payments)

If I keep the exchange happy maybe they'll keep me happy

q85dw7osi4lebg · 10-07-2019 12:50PM

Anyone think we will break $14,000 this week

vargoo · 10-07-2019 12:55PM

Addison Fancy Macrame wrote: »

Anyone think we will break $14,000 this week

Tomorrow
Sunday
Then another whale sells the mother load
Aint no point asking that for 3 pages of guessing

Bob24 · 10-07-2019 01:11PM

Addison Fancy Macrame wrote: »

Anyone think we will break $14,000 this week

I give it a 30% chance ... purely based on my personal sentiment and looking into my crystal ball to be clear about my sources! (or lack of)
I think it will be attempted again and it will depend on how much profit booking comes in as a reaction.

Also of note: BTC dominance is now over 65%.

q85dw7osi4lebg · 10-07-2019 02:46PM

Addison Fancy Macrame wrote: »

Interesting and good to know, thanks.

Have just done a test withdrawal, will see how that fairs time wise.

I actually can't believe it, 3 hours later it's in my account.

How does this make any sense!

Amazing, fair play Coinbase.

makeorbrake · 10-07-2019 03:02PM

This is pure dope! (excuse the pun). And they say crypto is the realm of criminals and drug dealers!

This is why I'm so much against KYC/AML. None of that **** matters at the right level. It just causes a world of pain and friction for regular people.

vargoo · 10-07-2019 04:11PM

Down €700 in an hour or something

Arrival · 10-07-2019 04:17PM

Addison Fancy Macrame wrote: »

Arrival wrote: »

Really? But using your card you pay much higher fees? I've always used transfers because yeah, the money is usually on CB after 3-4 hours

Don't mind paying 1-2% when the gains will be 10000 %

But that few quid going on card fees would get you a lil bit extra crypto if you'd just use the fund transfer instead, which means even higher ROI down the line. And you can save on fees even more if you use CB Pro apparently

JJJJNR · 10-07-2019 04:42PM

Parachute needed!

q85dw7osi4lebg · 10-07-2019 05:34PM

Arrival wrote: »

But that few quid going on card fees would get you a lil bit extra crypto if you'd just use the fund transfer instead, which means even higher ROI down the line. And you can save on fees even more if you use CB Pro apparently

I know I know sure that's why I started the transfer thing today. Very impressed with the speed.

q85dw7osi4lebg · 10-07-2019 05:35PM

Back to where we were 24 hours ago, time to buy more.

Dohnjoe · 10-07-2019 05:47PM

makeorbrake wrote: »

This is pure dope! (excuse the pun). And they say crypto is the realm of criminals and drug dealers!

This is why I'm so much against KYC/AML. None of that **** matters at the right level. It just causes a world of pain and friction for regular people.

Crypto is an excellent vehicle for criminality, tax evaders, bribery and fraud for electronic payments, especially
private, untraceable cryptos

KYC and AML is critical, otherwise you get people and business losing billions (more) to scams, fraud, laundering, etc

As for the news story, it's a ship used (abused) for drug shipments, this happens every other week

Bob24 · 10-07-2019 05:55PM

Dohnjoe wrote: »

As for the news story, it's a ship used (abused) for drug shipments, this happens every other week

I’m no drug trafficking specialist so I don’t have any valuable personal comment on how usual this specific story is, but the comment of the US attorney quoted in the article is pretty clear in that "a seizure of a vessel this massive is complicated and unprecedented — but it is appropriate because the circumstances here are also unprecedented".

Agreed that KYC and AML checks are definitely required though.

makeorbrake · 10-07-2019 05:56PM

Dohnjoe wrote: »

Crypto is an excellent vehicle for criminality, tax evaders, bribery and fraud for electronic payments, especially
private, untraceable cryptos

KYC and AML is critical, otherwise you get people and business losing billions (more) to scams, fraud, laundering, etc

As for the news story, it's a ship used (abused) for drug shipments, this happens every other week

Dohnjoe - I know that we are not going to agree on this but that's fine. :-)

I detest KYC/AML. It's caused me no end of problems and is doing so right now. And the process is a joke. If criminal pursuits is your game, then you'll be right up to speed in how to play the paper shuffle. The rest of us just get caught up in it.

Will the world implode if we don't have it? They sell it to you on that basis but it's bs. Other than that, the system is as much about financial surveillance as it is about anything else.

As regards it 'just being a ship', I don't agree. And we won't be agreeing on this subject as its one I feel very strongly about.

As regards crypto being the perfect vehicle for criminal this n that - I don't care! Criminals use cars - should we ban cars? The same nonsense was dragged out when the web emerged....all we heard was that it was the home of pedo's (and other criminals of course).

Sometimes things can be inherently good for society generally and also be used by criminals. The kneejerk shouldn't be to throw the baby out with the bathwater.

Bob24 · 10-07-2019 06:02PM

makeorbrake wrote: »

I detest KYC/AML. It's caused me no end of problems and is doing so right now. And the process is a joke. If criminal pursuits is your game, then you'll be right up to speed in how to play the paper shuffle. The rest of us just get caught up in it.

Will the world implode if we don't have it? They sell it to you on that basis but it's bs. Other than that, the system is as much about financial surveillance as it is about anything else.

As regards it 'just being a ship', I don't agree. And we won't be agreeing on this subject as its one I feel very strongly about.

Agree that KYC and AML policies are annoying and not always the most effective, but I don’t think it is a reason to conclude they should be discarded.

Personal annoyance is something we sometimes need to accept if it serves the general interest, those policies as they stand still have some level of efficiency, and in any case if they are not satisfactory they could be improved rather than discarded.

On the ship thing, yeah I think anyone reading the article in full will see it is not just the usual catch the police would have every week and that the scale is massive and unusual.

vargoo · 10-07-2019 06:02PM

Addison Fancy Macrame wrote: »

Back to where we were 24 hours ago, time to buy more.

It was to high then!

makeorbrake · 10-07-2019 06:13PM

Bob24 wrote: »

Agree that KYC and AML policies are annoying and not always the most effective, but I don’t think it is a reason to conclude they should be discarded.

Personal annoyance is something we sometimes need to accept if it serves the general interest, those policies as they stand still have some level of efficiency, and in any case if they are not satisfactory they could be improved rather than discarded.

Disagree entirely but that's alright. I'm not talking about 'annoyance' - far beyond annoyance. ...not that annoyance should be acceptable either. It makes for friction in processes. Furthermore, it's a case for personal privacy and civil liberty.

Dohnjoe · 10-07-2019 06:16PM

makeorbrake wrote: »

I detest KYC/AML. It's caused me no end of problems and is doing so right now. And the process is a joke. If criminal pursuits is your game, then you'll be right up to speed in how to play the paper shuffle. The rest of us just get caught up in it.

They are critical. We've seen what happens when financial institutions don't have sufficient controls, likewise crypto exchanges. I'm not fond of it either, but that's irrelevant

Will the world implode if we don't have it? They sell it to you on that basis but it's bs. Other than that, the system is as much about financial surveillance as it is about anything else.

It's not "sold" to anyone, it's an essential security and safekeeping measure, it actually protects the other customers, aka yourself

As regards it 'just being a ship', I don't agree. And we won't be agreeing on this subject as its one I feel very strongly about.

Let's be honest here, it's because the ship is ultimately owned by JP Morgan

As regards crypto being the perfect vehicle for criminal this n that - I don't care! Criminals use cars - should we ban cars? The same nonsense was dragged out when the web emerged....all we heard was that it was the home of pedo's (and other criminals of course).

A dark, private, untraceable currency is a better vehicle for criminals than a traceable currency.

makeorbrake · 10-07-2019 06:21PM

Dohnjoe wrote: »

It's not "sold" to anyone, it's an essential security and safekeeping measure

I told you we won't be agreeing on this. It IS sold to the public and it is NOT essential for security. You disagree and that's fine but that's where it ends.

Dohnjoe wrote: »

A dark, private, untraceable currency is a better vehicle for criminals than a traceable currency.

I don't give a fiddlers - that shouldn't stand in the way of ordinary people going about their business. Crime can be fought in the traditional sense without the financial surveillance, process friction, etc.

Financial Surveilance & KYC is Dangerous

Dohnjoe · 10-07-2019 06:27PM

makeorbrake wrote: »

I told you we won't be agreeing on this. It IS sold to the public and it is NOT essential for security. You disagree and that's fine but that's where it ends.

It is essential for financial institutions otherwise they don't get their license to operate. For crypto exchanges, not sure if it's essential yet from a legal perspective, but there aren't many (any?) left without KYC for obvious reasons

I don't give a fiddlers - that shouldn't stand in the way of ordinary people going about their business. Crime can be fought in the traditional sense without the financial surveillance, process friction, etc.

For private cryptos, those minting their own private untraceable currencies will inevitably attract the attention of criminals and fraudsters - and as such will also attract the attention to regulators whose mandate it is to protect the public from said criminals and fraudsters

makeorbrake · 10-07-2019 06:30PM

Dohnjoe wrote: »

It is essential for financial institutions otherwise they don't get their license to operate. For crypto exchanges, not sure if it's essential yet from a legal perspective, but there aren't many (any?) left without KYC for obvious reasons

For private cryptos, those minting their own private untraceable currencies will inevitably attract the attention of criminals and fraudsters - and as such will also attract the attention to regulators whose mandate it is to protect the public from said criminals and fraudsters

All of that pre-supposes that we should have KYC and AML and I contend that we should not (and i don't mean in relation to crypto exchanges - i mean right across the board).

https://youtu.be/nkPw6A7lIY8

Bob24 · 10-07-2019 06:43PM

makeorbrake wrote: »

Disagree entirely but that's alright. I'm not talking about 'annoyance' - far beyond annoyance. ...not that annoyance should be acceptable either. It makes for friction in processes. Furthermore, it's a case for personal privacy and civil liberty.

But again, whether you call it annoyance or friction, it is sometimes acceptable as long as it brings some benefit.

For exemple security checks at the entrance of a stadium before a football match can cause annoyance and friction for people getting i , but if only once they do prevent a bomb from being brought into the stadium then they that friction becomes acceptable.

makeorbrake · 10-07-2019 06:47PM

Bob24 wrote: »

But again, whether you call it annoyance or friction, it is sometimes acceptable as long as it brings some benefit.

For exemple security checks at the entrance of a stadium before a football match can cause annoyance and friction for people getting i , but if only once they do prevent a bomb from being brought into the stadium then they that friction becomes acceptable.

We didn't have AML/KYC until recent history. The world got along just fine without it. That's what you've been sold. I don't expect to be in the majority view camp on this one - but it's highly unlikely I'll be seeing this any other way.

Other than that, it goes far beyond annoyance. I could write a book on it but I'm not going to make disclosures here or take the discussion down that rabbit hole any further.

Is anyone else starting to become a bit excited?

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