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What does 2018 bring the crypto world?


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OK maybe not BTC right now, but crypto currency. I’m just irritated because I had someone send me a check from Canada last week. I went to the bank drive-through – regular bank...not Wells Fargo, my normal bank. And the guy starts asking me all sorts of questions about where I got the check and what it was for and if I sold something and so forth. I am about as above board as they come. Anyway, I had to go into the bank and sit there for 20 minutes while they did some checking and so on and so forth. I finally left and came to find out that it would cost $175 to cash the check even though it was a cashiers check and it would take eight weeks before I could get credit.

If the check had not been for sale a bitcoin, the guy could’ve just sent me a bitcoin. I would’ve had it at least in hours not eight weeks...and far cheaper.

wth n this day and age should it take eight weeks to process a cashiers check between the United States and Canada?

 

That day was the first day I really saw the beauty of bitcoin beyond an investment. I liked the concept before, but that inquisition made me so angry that I get it now.

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OK maybe not BTC right now, but crypto currency. I’m just irritated because I had someone send me a check from Canada last week. I went to the bank drive-through – regular bank...not Wells Fargo, my normal bank. And the guy starts asking me all sorts of questions about where I got the check and what it was for and if I sold something and so forth. I am about as above board as they come. Anyway, I had to go into the bank and sit there for 20 minutes while they did some checking and so on and so forth. I finally left and came to find out that it would cost $175 to cash the check even though it was a cashiers check and it would take eight weeks before I could get credit.

 

Everyone has had a bad bank experience. What is the worst one? Maybe extreme identity theft and having to get access to your money etc.

 

Now consider the bitcoin scenarios:

- you lose access to your wallet or your encryption key. Game over. Bank? No problem, walk in with your ID. 

- you get hacked. Game over. Bank? Someone hacks your online account, no problem, they'll cover it. 

- you send $100 worth of BTC to buy a pair of socks, $15 fee, the price changes 20% over a few hours, they ask you to send $20 more, no confirmations before the store closes, have to wait an extra day. Credit card? USD? No problem. 

 

What a shit currency for anything above board. Why would anyone use BTC for anything they can use a credit card for (and receive cash back instead of paying mining fees)?

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It just amazes me how people take the first thing they are told by a bank or any business for that matter....sometimes you have to push...

 

lol.  They don't give a shit.  Ever dealth with BOA?         I've had multiple bank accounts closed for too many gambling transactions.  It's not new.   It's part of doing business in this police state.

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Everyone has had a bad bank experience. What is the worst one? Maybe extreme identity theft and having to get access to your money etc.

 

Now consider the bitcoin scenarios:

- you lose access to your wallet or your encryption key. Game over. Bank? No problem, walk in with your ID. 

- you get hacked. Game over. Bank? Someone hacks your online account, no problem, they'll cover it. 

- you send $100 worth of BTC to buy a pair of socks, $15 fee, the price changes 20% over a few hours, they ask you to send $20 more, no confirmations before the store closes, have to wait an extra day. Credit card? USD? No problem. 

 

What a shit currency for anything above board. Why would anyone use BTC for anything they can use a credit card for (and receive cash back instead of paying mining fees)?

 

Large International payments

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No not BOA....but if it's 850K in your account in question and say 50K in transactions they are looking at then I would expect a cashiers check for 800K and leave the other till they figure it out....and I understand they may not go for that at the branch...but the ding dong at the branch would be making calls all day til I got the check...

 

But really first and foremost the type of business one does takes planning....that should be considered before even opening the account..and of course in this day and age you better be able to explain 10K plus transactions before they happen...know what they can do for your needs...I know it's not as easy as in years past but building relationships in business is so important....course as you say the way you chose to do this may not work well with living here....GL...hope it works out...hate to see them hold your $ for 30 days as RM suggests....they would hear from my attorney long before that....

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No not BOA....but if it's 850K in your account in question and say 50K in transactions they are looking at then I would expect a cashiers check for 800K and leave the other till they figure it out....and I understand they may not go for that at the branch...but the ding dong at the branch would be making calls all day til I got the check...

 

But really first and foremost the type of business one does takes planning....that should be considered before even opening the account..and of course in this day and age you better be able to explain 10K plus transactions before they happen...know what they can do for your needs...I know it's not as easy as in years past but building relationships in business is so important....course as you say the way you chose to do this may not work well with living here....GL...hope it works out...hate to see them hold your $ for 30 days as RM suggests....they would hear from my attorney long before that....

 

I don’t think it’s $850,000 or he probably would be making a face-to-face visit.

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Reno, you may be making somewhat valid points for Bitcoin, but for lightning fast transactions with no fees your argument is basically non-existent.

 

Lightning fast transactions with no fees. You mean credit cards?

 

Plus, there have to be fees because otherwise what miner is going to process the transaction? And your funds are way less secure in crypto. 

 

Why would anyone use crypto for a simple above board transaction?

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Lightning fast transactions with no fees. You mean credit cards?

 

Plus, there have to be fees because otherwise what miner is going to process the transaction? And your funds are way less secure in crypto.

 

Why would anyone use crypto for a simple above board transaction?

They wouldn’t. But try to send someone in another country a large amount of money without a large hassle, waiting, and far more fees then it would take to send bitcoin......

 

And then there is this.

 

https://cointelegraph.com/news/adoption-of-bitcoin-picking-up-speed-in-venezuela-called-lifesaving-currency

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How do you re-open? I thought they severed all current and future business with you. 

 

different banks.   lost chase, citibank, and wells fargo accounts.    

 

I don’t think it’s $850,000 or he probably would be making a face-to-face visit.

 

 

lol yea, there's 13k in the account.   8k of it was deposited today via transfers for coins.      27k in crypto i got paid yesterday gonna end up being 0

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I don’t think it’s $850,000 or he probably would be making a face-to-face visit.

I skim more than I read word for word here...lol....just saw some 800K number in the post and since it's rito just assumed numbers....but the points I made would apply to 85K or whatever as well...

 

And as for your CA check....I would have left your bank and shopped another that would have dealt with the check in a timely and reasonable fee manor and opened a new account....even it I had to add some cash to open the account as well...just a thought...

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different banks.   lost chase, citibank, and wells fargo accounts.    

 

 

 

lol yea, there's 13k in the account.   8k of it was deposited today via transfers for coins.      27k in crypto i got paid yesterday gonna end up being 0

That shit over 8K? Glad I don't do BOA...they are not here anyway.....I mainly use US Bank and anything under 10K even if it's cash never even raises an eyebrow....

 

Course lots of options....best money I ever spend is a killer CPA/Tax attorney

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I skim more than I read word for word here...lol....just saw some 800K number in the post and since it's rito just assumed numbers....but the points I made would apply to 85K or whatever as well...

 

And as for your CA check....I would have left your bank and shopped another that would have dealt with the check in a timely and reasonable fee manor and opened a new account....even it I had to add some cash to open the account as well...just a thought...

Lol. Don’t worry. When I first read it I thought somebody had taken 888k or whatever it was out of his checking account. My first thought was. Oh shit. My second thought was why does Rito have that kind of money in his checking account..that’s more than guaranteed by FDIC!

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That shit over 8K? Glad I don't do BOA...they are not here anyway.....I mainly use US Bank and anything under 10K even if it's cash never even raises an eyebrow....

 

Course lots of options....best money I ever spend is a killer CPA/Tax attorney

 

there was probably 50k in cash deposits last year into this same account.   not too many recently though.

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