Them Damn Banks

indigoocean (67) in cryptocurrency • 5 years ago (edited)

View this post on Hive: Them Damn Banks

5 years ago by indigoocean (67)

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gniksivart (67) · 5 years ago

I think this will be a huge plus for Steem as you don't have to go the traditional route for purchasing Crypto as you can sell Steem for Bitcoin or whatever coin you want to get into.

This was an issue during the last bull run as I set up a crypto Facebook group for some friends just to talk about what they're doing in the space and to ask questions.

One person asked me how to buy Bitcoin, since I've never done it before I sent him some advice like Coinbase and a few others and he said none of them would work.

You mention LocalBitcoins as an option, but that is even becoming a place that is harder and harder to buy as most reputable sellers only want to sell from reputable buyers.

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1 vote

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indigoocean (67) · 5 years ago

Wow, hadn't realized LocalBTC had gone that way. Shouldn't be surprised though.

Yeah, earning like with STEEM, Lolli, airdrops, etc. is the way to go, but starting with zero cash invested it's a very slow build. Can't compete with what people can do if they can simply trade a depreciating "asset" (aka fiat) for a good store of value. I hope to see solutions come. For now, Cash App is a good one.

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coastline17 (54) · 5 years ago

I agree with the banks fighting back. In my profession, forensic investigators are diving deep into blockchain tech to find hidden assets when a spouse tries to hide their assets in crypto to avoid having to divide funds in a divorce. The courts are catching on and slamming people who are caught.

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2 votes

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indigoocean (67) · 5 years ago

See this is the thing, when people abuse the relative anonymity of crypto in such illegal ways it hurts the entire space. Most people who want to use crypto just want a good investment that allows them 24/7 access to their funds without needing the govt's approval. I for one pay my taxes on capital gains just like with stocks, real estate, etc. and am not looking to cheat any ex. I imagine most people are like me in this regard. But we get screwed by govts justifying draconian levels of control by using these examples of people using crypto to try to skirt the law. This is how it gets harder and harder for everyday people to invest their income in the best performing asset of the last decade, and likely also the next decade.

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1 vote

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coastline17 (54) · 5 years ago

Oh my goodness, yes! Absolutely! Someone who gets it! I keep seeing these articlez come up at mertings written by actual Judges ok why crypto and its users needs to be crucified and they literally cite people losing their priv keys as being a worthy reason not to get into crypto. These reports essentially say people are too stupid to manage crypto and if they had a bank they could contact customer support and get a replacement card if they lost theirs as opposed to losing priv keys with no recourse.

"Forensic Investigators" are a whole other level of uniformed opinion being posed as facts. I was on one case where a forensic investigator charged a client $7,500 literally to follow the public ledger through like 12 addresses.

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1 vote

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tarazkp (80) · 5 years ago

I am guessing they will have their own gateways.

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1 vote

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acidyo (80) · 5 years ago

Does Binance.US except debit/credit cards?

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2 votes

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indigoocean (67) · 5 years ago

I never completed the setup of that one, so not sure if the banks know to block them. To be clear, it's happening from the bank end, so depends more on who the banks recognizing as crypto on the backend.

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1 vote

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acidyo (80) · 5 years ago

Oh, looks like it does: https://support.binance.us/hc/en-us/articles/360036376792-How-to-deposit-via-Debit-Card

but yeah, they're not making the exchange from fiat into crypto easy. ;)

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1 vote

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steemitboard (66) · 5 years ago

Congratulations @indigoocean! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You distributed more than 35000 upvotes. Your next target is to reach 36000 upvotes.

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steem-ua (64) · 5 years ago

Hi @indigoocean!

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Your UA account score is currently 4.955 which ranks you at #1234 across all Steem accounts.
Your rank has improved 3 places in the last three days (old rank 1237).

In our last Algorithmic Curation Round, consisting of 89 contributions, your post is ranked at #28.

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steemitboard (66) · 5 years ago

Congratulations @indigoocean! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 2 years!

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Vote for @Steemitboard as a witness to get one more award and increased upvotes!

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