COIN - my buddy did a crypto transaction this week (liquidated
Ethereum into USDT which cost $400 in fees then from USDT to bank
another $600 in fees paid to Coinbase). $6000 transaction
netted $5000 after fees. Total of $1000 in fees to COIN
- nice gig
I don't use Coinbase, but i've read countless stories like this
... with the amount of ETFs available now ... I would think
a lot of their trading volume would start to fade with those
ridiculous transactions fees like this and many smaller traders
will just stick with ETF instead ... I used to be on
Bitfinex a lot ... . now that I can't, i'm mostly on Kraken and
using Gemini as backup ... Kraken fees are nowhere close to
that ... although higher than it should be ... but what you
described is completely nuts ... lol
Edit: I dumped about .5ish BTC at 52K
market today on Kraken ... 30348 USD and 79 USD transaction
fees ...
Posted by DigiNomad on 15th of Feb 2024 at 01:53 pm
COIN fees are brutal (see tiers below). However, the trade in
question would have had to be 1 million or higher and executed as a
market order instead of limit order in order to cost 6K...and
that's if he had very little trade volume in the last 30 days.
I've been in HODL mode. But, when it's more rangy, I will
often take some large almost can't miss day trades just to get to a
better fee tier...then I'll start trading normally.
For people that really believe in the promise of BTC, the
idea of someone else holding it for you in a dollar denominated ETF
doesn't really work. Is it the best pyramid scheme in
history? Absolutely, yes. But the other characteristics that make
BTC attractive to people who are scared of fiat economies and
central banks go out the window with the ETF's.
I'm aware of a Digital Bank company in the making with multiple
govt's around the world - will be secured by hard assets and is the
fastest platform in the world (faster than Visa/Mastercard).
Will cost a fraction of these exorbitant fees - this will not
work as a true currency for the vast population. Pocahontas
won't allow in US as she's tied into the big banks but it's coming
to several countries such as Thailand, Sri Lanka, Dubai, etc.
Posted by DigiNomad on 15th of Feb 2024 at 01:59 pm
Gary Gensler's and Janet Yellen's wet dreams would be for BTC
assets to move into ETF's en masse and put pressure on the
companies that offer investors the ability to hold their own keys.
Game set match for the bitcoin dream if it plays out that way.
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COIN - my buddy did
COIN - Reports tonight ...
Posted by steve on 15th of Feb 2024 at 01:08 pm
COIN - my buddy did a crypto transaction this week (liquidated Ethereum into USDT which cost $400 in fees then from USDT to bank another $600 in fees paid to Coinbase). $6000 transaction netted $5000 after fees. Total of $1000 in fees to COIN - nice gig
I don't use Coinbase, but
Posted by mla127 on 15th of Feb 2024 at 01:37 pm
I don't use Coinbase, but i've read countless stories like this ... with the amount of ETFs available now ... I would think a lot of their trading volume would start to fade with those ridiculous transactions fees like this and many smaller traders will just stick with ETF instead ... I used to be on Bitfinex a lot ... . now that I can't, i'm mostly on Kraken and using Gemini as backup ... Kraken fees are nowhere close to that ... although higher than it should be ... but what you described is completely nuts ... lol
Edit: I dumped about .5ish BTC at 52K market today on Kraken ... 30348 USD and 79 USD transaction fees ...
COIN fees are brutal (see
Posted by DigiNomad on 15th of Feb 2024 at 01:53 pm
COIN fees are brutal (see tiers below). However, the trade in question would have had to be 1 million or higher and executed as a market order instead of limit order in order to cost 6K...and that's if he had very little trade volume in the last 30 days.
I've been in HODL mode. But, when it's more rangy, I will often take some large almost can't miss day trades just to get to a better fee tier...then I'll start trading normally.
For people that really believe in the promise of BTC, the idea of someone else holding it for you in a dollar denominated ETF doesn't really work. Is it the best pyramid scheme in history? Absolutely, yes. But the other characteristics that make BTC attractive to people who are scared of fiat economies and central banks go out the window with the ETF's.
I'm aware of a Digital
Posted by steve on 15th of Feb 2024 at 02:02 pm
I'm aware of a Digital Bank company in the making with multiple govt's around the world - will be secured by hard assets and is the fastest platform in the world (faster than Visa/Mastercard). Will cost a fraction of these exorbitant fees - this will not work as a true currency for the vast population. Pocahontas won't allow in US as she's tied into the big banks but it's coming to several countries such as Thailand, Sri Lanka, Dubai, etc.
Gary Gensler's and Janet Yellen's
Posted by DigiNomad on 15th of Feb 2024 at 01:59 pm
Gary Gensler's and Janet Yellen's wet dreams would be for BTC assets to move into ETF's en masse and put pressure on the companies that offer investors the ability to hold their own keys. Game set match for the bitcoin dream if it plays out that way.