Coinbase review - 2020 Fees, feature, safety ... - Finder

spec shitshow #5

one of the few who still reads these?  
I don't have to be PC so let me just say it how it is:
Young naive writer https://twitter.com/AlyssaHertig gets handed narrative by the paper. Writes some stupid shit, gets paid by VC indirectly for protecting the portfolio (because IOTA is a threat to the entire portfolio). Slap a graphic on top of it. Done.
I agree that there is no "grand conspiracy" to damage the IF. It's regular business for coindesk at this point.
https://www.coindesk.com/iota-2-7-billion-cryptocurrency-developers-love-hate/
 
Attacking IOTA on a scientific level ended with self inflicted academic fraud (allegedly), exposing bad actors and destroyed reputations, while educating the IOTA community about the protocol itself. If the media didn't spin the DCI/IOTA incident, it would have been an absolute PR bloodbath for DCI. The new angle is: hurt the IF by making it look like a toxic environment for developers.
That's why month old screenshots are being digged out. This is FUD with surgical precision because developers engaging with the IOTA protocol is one of the more underrated but really fucking important factors.
Thanks to the first steps in making the IF more transparent however, we now know over that 1300+ developers/creators are part of the Ecosystem. https://ecosystem.iota.org
 
Yes, you should boycott Coindesk. No, it's not childish. You should generally avoid all bad press as it's a waste of time.
 
If the first newspaper you’ve read was on an iPad you might not know this: Serious newspapers label articles, in which the writer states his/her opinion on the topic he/she is reporting on, AS SUCH. Those are often referred to as “Opinion Pieces” or a “Comment”. However...
 
Most crypto news sites are simply a vehicle to push undisclosed native advertisement
https://en.wikipedia.org/wiki/Native_advertising
[Native advertising is a type of advertising, mostly online, that matches the form and function of the platform upon which it appears.] ...
[a clear disclosure is deemed necessary when employing native marketing strategy in order to protect the consumer from being deceived] ... [According to Federal Trade Commission, means of disclosure include visual cues, labels, and other techniques.[8]]
 
here is a good example of a native advertisement: https://www.coindesk.com/circle-adds-zcash-crypto-investment-app/
 
If a news outlet is NOT even labeling opinion pieces as such - it’s not worth your time. It will add more confusion than clarity. Because that’s what it’s designed to do.
Let's see if we can spot the difference between professional and fraud:
  1. https://www.finder.com.au/fujitsu-showcases-iota-cryptocurrency-as-new-automation-standard    
  2. https://thenextweb.com/hardfork/2018/04/28/iota-university-college-london-ucl/
see how finder.com.au is very clear about everything? Opinion and disclosure? TNW not so much...
ok, let's never talk about this again! Let's finally move on.
 
We should stay healthy skeptics towards corporate adoption. Friendly reminder the IF exists mainly to push back on corporate agendas.
For all we know, some just do it for the extra likes on twitter because of a #IOTA hashtag. Rarely do corporate SM accounts enjoy this kind of attention.
If you think i'm being anti-corporate libtardish, consider this: Industry 4.0 needs IOTA more than IOTA needs them. https://twitter.com/Schuldensuehnestatus/989738856298659841 Not only to stay competitive but also to not get hacked and shut down by “insert country”. Bosch, Fujitsu and DXC are maybe the first to realize this. SO PLEASE stop begging on social media and tweeting at Elon Musk about IOTA. It’s not a good look.
 
that being said:  
Institutional money and regulation is the hot topic right now. And most likely will be during 2018. BTC Futures showed a recent spike in Volume hinting at smart money flowing in: https://twitter.com/CryptoKinky/status/989569263383011328 (dont judge me for my resources i cant afford nice looking charts)
There are several news articles about WS traders moving to crypto and so on. Looks like things are starting to get rolling in the institutional world, as infrastructure is being set up.
Contrary to popular tinfoilery belief (aka. "The Cartel" Medium Article, that all of Bitcoin is 100% manipulated already based on future contracts), futures had relatively small volume compared to the global btc volume - most likely not important enough to justify manipulation of the entire market.
https://bitcoinaverage.com/en/bitcoin-price/btc-to-usd (global volume)
 
Even the SEC Chairman Jay Clayton stated that futures market is "quite small" in his public statement before the february hearing:
https://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo37
It is important to put the new Bitcoin futures market in perspective. It is quite small with open interest at the CME of 6,695 bitcoin14 and at Cboe Futures Exchange (Cboe) of 5,569 bitcoin (as of Feb. 2, 2018). At a price of approximately $7,700 per Bitcoin,15 this represents a notional amount of about $94 million.
 
If you believe in a paradigm shift, this means we are still early.
 
Recent regulatory voices and twitter drama led to this piece by https://coincenter.org/entry/no-ether-is-not-a-security
Why is this important? Companies in the US most likely are patient about making an investment into any crypto token as there is regulatory uncertainty.
DXC TECHNOLOGY COMPANY, showcased a PoC with IOTA. At Q4 in december, DXC has stated:
213 Million in Net cash provided by (used in) investing activities. https://www.sec.gov/Archives/edgadata/1688568/000168856818000007/dxc1231201710-q.htm
Just some food for thought:
If you are already spending opportunity cost on IOTA, why wouldn't you leverage that with the token. Bosch invested into the token as well, most likely because there is more regulatory certainty in germany. Fujitsu wants to roll out IOTA as an industry standard (as it seems). This is not your regular Shitcoin. There is a reason dumb money is called dumb. Last time i check Verge had 10x the volume on binance compared to IOTA.
 
There are no fundamentals yet in evaluation, it’s purely speculative - but with more institutions moving into the space this might change. As such, CCs with industrial use could likely see a reevaluation. But, looking in from the outside, there seem to be some hurdles.
this twitter account is one of the more resourceful ones, he lets out some numbers to boost his SM traction (god bless him) https://twitter.com/joel_john95
as outsiders, this will be an extremely helpful resource. He tweeted out a quarterly report https://medium.com/outlier-ventures-io/state-of-blockchains-q1-2018-1efe284572c1
he writes: Over $1.8 billion has been invested into firms working with the blockchain ecosystem through corporate venture capital to date.
That’s not that much. Is it. For the entire ecosystem? Friendly reminder snapchat, after a 20% fall, is a 15 billion company. Just to get some perspective.
 
Especially if you consider the crypto market is still in the hands of leveraged daytraders on bitmex and whales, who got big stacks in a coin early on.
Imagine you want to invest 3M into IOTA as a CVC, you would’t spin up Binance and hit marketorder. You contact the IF and see if you can buy some, or outlier ventures might want to part with some, or even the founders i imagine hold quite a substantial amount.
I often see people asking for more exchanges - that's kinda missing the point. What you want at this point is more institutional interest. That's the kind of demand we want. Thats what you would call "organic growth" i guess.
Ripple holders, thinking a coinbase listening would make XRP go to $10, fail understand that Ripple itself holds a substantial amount of tokens where VCs can go and buy in bulk. And that’s why XRP is such a Shitcoin in the first place.
 
Cool thing about open ledgers is that you can look at them. Go figure. https://arewedecentralizedyet.com/
 
Ripple and XLM look extremely bad with over 90% of coins held in the top 100 addresses (shitcoins confirmed). TRX and EOS don’t even have a mainnet yet to really track it - so you can imagine the numbers are likely shit too. ADA is looking way better than IOTA in terms of wealth distribution. But 60% for whales, IF and Founders is probably better than what most projects can show for.
Thing is, the small guys got in on crypto first. Not the banks, not a selected silicon valley investor boisclub either. While this is good for us, it's a nightmare for investment banks and such.
JPMorgan admitted that in their “BTC Bible” saying:
Ownership is highly concentrated. The opportunity set around direct CC trading appears relatively limited for banks
(Think about that for a second.)
CVC investing into the token could be, in my speculative opinion, the most likely catalyst for the price of IOTA, as its industrial adoption can build a synergy for entire sectors. As the main argument for Bitcoin is price uncorrelation to legacy assets, IOTA might be an interesting pick for the smart money, as it could be one of the few CCs with actual fundamental impact on different industry sectors. Something Blockchain, after 10 years, has failed to do.
Let me summarize because i was a bit all over the place. Things i will look for going forward:
  1. Institutional infrastructure is being built as we speak as regulations get more clear
  2. 2018 might see the highest investments into the blockchain ecosphere
  3. Financial talent from legacy market is switching to crypto
  4. Retail investors are the early adopters, not exclusive silicon valley boiclubs
  5. Liquidity is really bad, its hard to buy a lot of crypto for institutions
  6. The real FOMO and bubble might come with the “smart” money
  7. IF addressing wealth distribution and being more transparent
(i do not have a finance background as you can see and i write these to offer some interesting links and resources you might find useful in your own research.)
submitted by thatleechi to IOTAmarkets [link] [comments]

The tragi-comedy of Coinbase support

Well, I really screwed the pooch this time. I bought a significant amount of Bitcoin, transferred it to an external wallet, and from there was going to transfer it to my cold-storage wallet. I copy and pasted the address, but made a huge mistake. Instead of copyright the address of my cold-storage wallet, I copied the address of the hot-wallet that Coinbase used to send me the funds.
Realizing my mistake I immediately contacted Coinbase support. The funny thing about Coinbase support is that they don't actually read what you type to them. They just skim it over and put it in one of several categories, then give you a copy-paste that's supposed to apply to your situation.
In my situation, the copy-paste said something like "We would do anything we can to help you, but the fact is that we do not have control of the address that you sent funds to. Your only hope in recovering the funds is to contact the person or people in charge of that wallet and have them return the funds." Obviously that's their way of saying "Sorry, we can't do anything, it's not our problem."
But of course in my case, that's not true. So I quickly pointed out that they are in fact the "person or people" that their friendly help-page refers to, so let's take their own advice, and let them return the funds. There is no doubting the fact that they control the wallet, nor that I foolishly sent them a purchase of bitcoin. The only thing left to do is "the right thing" — give the customer back their money.
During round #2 of the customer support experience I received another copy-paste. This one says "The 'from' address that you receive your money from is not your address, and sending funds to it will not result in a change your account balance."
Well gee, thanks for that great intel. I think we all knew that from the start.
Basically they are saying, "You made a mistake, you gave us money by accident, that's our good fortune, fuck you." I think I could successfully sue them for the money but it's right at the threshold where it's debatable if it's worth paying for a lawyer to help me recover the funds. I think I will though, even if I end up losing money, just because I've come to hate these sons of bitches so much.
I know some of you are thinking "How can you be so stupid, always triple check your addresses" and so forth. Yeah, I know where you're coming from.
But seriously, it's as if I went into a posh diamond store and accidentally dropped a valuable piece of jewelry behind their counter. And when I ask that they give it back, they say "Sorry, that's our jewelry now, as it is store policy that customers are not allowed behind the counter."
/rant
*UPDATE 7/21* I received a reply from my latest appeal. It was copy-paste which read, in part, as follows:
Due to the irreversible nature of most digital currencies, transactions cannot be cancelled or reversed once sent.
You will need to contact the party you sent to and seek their cooperation in this matter.
Well, I've contacted the part I sent to (i.e. Coinbase), sought their cooperation in the matter (i.e. numerous support tickets), and the above is the result: copy-pasted non sequiturs. "Finders keepers" is the official Coinbase policy on such matters. I am now writing back to support in order to smoothly delete my Coinbase account. Fuck them.
submitted by gimme_my_bitcoin to CoinBase [link] [comments]

Kickstarting with bitcoin

Bear with me because there is a point related to bitcoin in what I'm about to write:
A couple of weeks ago I published a project for an art nude photography book on kickstarter. Some people contributed but I wasn't able to reach the goal. To be fair, the goal was pretty high and the deadline to reach it was too short. So at the end of the deadline the goal was not reached.
It was my first time using kickstarter, so I had no idea what I was doing. I was just sort of experimenting with it to see what would happen.
From that experience there were two things that really caugth my eye. One: Kickstarter keeps a 5% processing fee and Amazon takes another 5% if the project gets funded sucessfuly.
At first I thought that was fine. After all, kickstarter was finding me investors for my project. But then something happened that seemed unfair to me and it's the second thing that bothered me about the experience: Kickstarter actually told me to promote my project among my friends on social media so I could get more funding.
What?
So let me get this straight: Kickstarter wants to charge me 5% -and Amazon another 5%- for the money I can get just by asking my friends and followers on social media?
What do I need kickstarter for then?
Again to be fair, kickstarter did provide a few contributors without me having to ask my friends. Had the project been successfuly funded, it would've been 100% fair that kickstarter recieved a 5% "finders fee."
So I thought: why doesn't Coinbase or Circle compete against kickstarter using bitcoin?
Coinbase could set up a system for people to fund projects with bitcoin and only charge the 1% comission for converting bitcoin to dollars or to any other local currency.
The 1% fee alone would be enough to attrack people.
In the meantime, if you want to contribute to my project you can check it out here: https://www.kickstarter.com/projects/801958703/the-virgin-of-the-path-reloaded
Honestly, I'd much rather get it funded through Coinbase (no fees), so if you feel like contributing with bitcoin the best way to do it is to open a Coinbase account and send the coins from the account to [email protected] so I can be aware of who sent the coins and I can contact them to send them a reward for their contributions. The rewards would be the same as the ones in the kickstarter project.
Now, in order to make this fair, I propose the following: If I do not reach the funding goal at kickstarter, then I will give back all of the bitcoin donations from coinbase. If I do reach the goal, then I will send the rewards in the same amount of time as stated in the kickstarter description.
Also, to make it fair, if I receive a contribution of less than 25 dollars, which is the minimum contribution on kickstarter, I will return the contribution to the sender unless the sender specifically states he does not want any reward in exchange and whishes to contribute a smaller amount anyway.
Finally, and only because this is a nude photography book (nothing explicit, although there is full frontal nudity), I need to find a way to verify the age of the contributor. In theory, all Coinbase users who want to buy or sell bitcoin are supposed to be at least 18 years old unless their parents provided written consent to Coinbase for their kids over 13 years of age to use the service. But wallet users who just want to send and receive bitcoin don't need to verify ID. That creates a problem, as the only way for me to verify age is through an ID. So the only way I can deliver the rewards to contributors is by requesting a photo of the contributor with an ID without sensitive information (deleting home address and ID number), just showing name and date of birth. I know this is cumbersome but I really can't think of any other way to figure out somebody's age without looking at an ID or without receiving payment through a credit card. I'm open to suggestions, though. The only way I wouldn't need to look at an ID is if the contributor stated he does not want a reward at all, but I don't think that would be fair.
(See? This is why Coinbase should be doing a kickstarter system and take care of the age verification.)
Crap, this is just too complicated....
Anway, I hope this makes sense. My point is, if I'm going to be the one finding people to fund my project, I shouldn't give kickstarter 5% and another 5% to amazon. And the only way I can see that working is through bitcoin.
PS: For those who want to contribute through a desktop or mobile wallet I can send you an address to send the contribution to if you send an email to [email protected] so I can know who to contact if I have to send a reward.
PS2: Yes, I know this is probably the corniest post I've ever published, but hey; they call us crazy for believing in bitcoin.
submitted by toliro to Bitcoin [link] [comments]

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