1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:

[I Really Mean It]

Feels like anyone who transfers large amounts of crypto back into CB when they want to cashout might run into this issue.

Think about it. Let's say you buy $500 to $1000 of crypto on CB that you intend to use in DeFi. You make your swaps, do some staking, provide liquidity etc... Then you need FIAT, you bring your profits back to CB, but now it's 5 or even 6 figures worth.

And all CB knows is that you started with 500 to 1K...



The banks that you have linked with CB are like...wtf cause they don't even have to technically have any of your deposits physically in their vaults.

You see where this is going? Then from there, we gonna start seeing stories pop-up left and right about people who came up big with coins/tokens that aren't on CB that get their CB accounts closed if they made too much money.

I don’t know if this makes sense. Cause, all that person in your example has done is transfer usdt (or whatever supported currency) back to Coinbase. When you sell the usdt for $400,000, Coinbase is not losing any money at all.

I think this new ruling is targeted towards criminals. Regular crypto users on Coinbase won’t be impacted. Just my take.

 

[I Really Mean It]

Which ones cause I had binance but they kicked me off all i have left is coinbase...

I’ve cashed out with Crypto.com.

 

[FaTaL]

I’ve cashed out with Crypto.com.

have you been buying cro?

 

[I Really Mean It]

have you been buying cro?

I had some, but traded it for USDT that I used to purchase some other coins. I should probably get back into CRO. Seems like a good long term investment.

 

[FaTaL]

I had some, but traded it for USDT that I used to purchase some other coins. I should probably get back into CRO. Seems like a good long term investment.

Looks like they spend a load on a super bowl commercial. when signing up for crypto.com do u have to do all that selfie pics and sh!t?

 

[I Really Mean It]

Looks like they spend a load on a super bowl commercial. when signing up for crypto.com do u have to do all that selfie pics and sh!t?

Yeah, you had to upload your id to verify your identity. I don’t think they required a selfie.

 

[GoldenGlove]

I don’t know if this makes sense. Cause, all that person in your example has done is transfer usdt (or whatever supported currency) back to Coinbase. When you sell the usdt for $400,000, Coinbase is not losing any money at all.

I think this new ruling is targeted towards criminals. Regular crypto users on Coinbase won’t be impacted. Just my take.

The issue is about the amount of volume and liquidity that Coinbase has in their reserves when you cash out. Those terms gives them an out and it potentially loops people who make a fortune using DEXs and DeFi legitimately with the scammers and thieves who stole from folks.

If you make a 400K profit from something that they have listed on CB and you never moved it off of there, they can easily confirm that you legit made the 400K without stealing it... because it was always on their exchange from the point you purchased to the point you go to sell it.

They cannot do that if you bring shyt back on CB but it's dramatically more than what they have on their books that you started with. Now they have a reason to question more transactions regardless if they are legit or not. It ties back to the FEDS/IRS and Banks because when people sell crypto back for FIAT, now that's an influx of more cash in circulation in a country that is dealing with inflation steadily increasing.

 

[mannyrs13]

The issue is about the amount of volume and liquidity that Coinbase has in their reserves when you cash out. Those terms gives them an out and it potentially loops people who make a fortune using DEXs and DeFi legitimately with the scammers and thieves who stole from folks.

If you make a 400K profit from something that they have listed on CB and you never moved it off of there, they can easily confirm that you legit made the 400K without stealing it... because it was always on their exchange from the point you purchased to the point you go to sell it.

They cannot do that if you bring shyt back on CB but it's dramatically more than what they have on their books that you started with. Now they have a reason to question more transactions regardless if they are legit or not. It ties back to the FEDS/IRS and Banks because when people sell crypto back for FIAT, now that's an influx of more cash in circulation in a country that is dealing with inflation steadily increasing.

now that's an influx of more cash in circulation in a country that is dealing with inflation steadily increasing.


Thats true but the money has to come from somewhere originally right? It had to have started in fiat, and then converted into crypto and then cashed out into fiat in sort of like a circular graph. Coins that you buy are ones that someone else sold, whether the development team or other investors. Wouldn't the cash originally have come from USD or another currency, well most likely USD? If I purchase BTC with USD lets say 1000 and then sell and you buy it and sell it for 1000, wouldn't that be the same amount of USD going back into circulation? I know its deeper and more complex than that. Just trying to figure out the whole thing of how it raises cash. Tho not everyone cashes out at the same time so some times there's less USD instead of more. So then what happens if most of the USD is in crypto? Would inflation go down with less USD circulating?

 

[Standing on business]

Sen. Ted Cruz discloses a bitcoin purchase worth up to $50,000
Published Sat, Feb 5 2022 10:14 AM EST
Sen. Ted Cruz bought bitcoin during its dip last month, according to a new financial disclosure with the U.S. Senate.

The Texas Republican bought between $15,001 to $50,000 of the world's most valuable cryptocurrency on Jan. 25, according to the disclosure. He used the brokerage River to make the transaction.

At the time of the acquisition, bitcoin was trading around $36,000 and $37,000 during a sell-off that sparked fears of a "crypto winter." The last time that happened was in late 2017 and early 2018, when bitcoin tanked as much as 80% from its then-record high. The digital coin is now trading around $41,500 as it starts to rebound. The currency hit a record high of $69,000 in November.

Cruz has been aligning himself with bitcoin in recent months, coming as Texas emerges as a bitcoin mining hub.

He spoke out in August against provisions in the bipartisan Senate bill that would have included new tax rules for crypto-trading firms and brokers. In November, Cruz proposed a resolution that would allow food vendors and other merchants serving Congress to accept cryptocurrency as payment.

Cointelegraph first reported the Jan. 25 transaction.

Subscribe to CNBC on YouTube.

 

[Standing on business]

Cruz bought $50k of BTC near the bottom, a week later it goes back over $40k. These politicians plugged in?

 

[mannyrs13]

Cruz bought $50k of BTC near the bottom, a week later it goes back over $40k. These politicians plugged in?

Nancy Pelosi involved with stock trading so anyone else investing like that wouldn't surprise me. They use taxpayer money to buy the dip then tax us on our gains.

 

[Standing on business]

Florida home to be sold in novel crypto transaction

Florida home to be sold in novel crypto transaction

GULFPORT, Fla. (AP) — A home along Florida's Gulf Coast will be auctioned off in the upcoming week as a “non-fungible token" in what is believed to be among the first such transactions in the U.S.

Non-fungible tokens — or NFTs — use a version of the encryption technology employed to secure cryptocurrencies to create one-of-a-kind digital objects. The technology provides digital creations a kind of certificate of authenticity, allowing ownership of something that could otherwise be replicated endlessly.

In the case of the four-bedroom home in Gulfport, Florida, a California-based real estate technology company, Propy, will mint the property rights into a digital token and host an online auction, with bids starting at $650,000.

Minting property rights into an NFT would allow owners to sell a home as quickly as a Venmo transaction, Leslie Alessandra, the home's current owner, told the Tampa Bay Times.

Christopher Vasilakis, a local real estate and virtual-reality expert, described such a transaction as “essentially just selling a company and a company owns that house."

There could also be challenges given the volatility of cryptocurrency, and it’s not yet clear if the value of a house tied to an NFT would be affected by the crypto market, Vasilakis said.

 

[BlaccSunrise]

-------

CB is just making it easier for Crypto.com to take over the game

 

[(ALi)]

-------

WTF.

 

[mannyrs13]

$20 link coming soon?


ETH bout to run again?