crypto, specifically BTC
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CLOSEOPTION REVIEW VIDEO
Note: I would never accept a Bonus. This is a fair review of
CloseOption, which I regard as possibly the best Binary over
Forex platform available, and it is U.S. friendly. As Iāve said
this is a great Risk Management option for volatile News Event
trading in Forex, and their pricing is perfect, down to the tick level.
Option expiration durations extend out to 1 month. Max payouts
approach 80% depending upon time of day.
YouTube Iām just providing this video because
I found it was fair, and helpful.
hyperscalper
So, Iām trying to balance my amounts between brokers, havenāt moved money from my bank account to coinbase in awhile, looks like they hit a debit card purchase 4%?? I remember someone posting coinbase pro was way less expensive, but I do not see debit card as an available option, only ACH?? Anyone have insight on this? It just pisses me off more and more what we have to go through to enjoy the same freedom as the rest of the freaking world
Better yet, can I just send BTC from broker to broker, like TW to FXChoice, that would eliminate the entire issue actually
It may depend on the broker and their policies. Generally speaking, however, you can send BTC to your personal wallet or an exchange wallet and then on to your other broker.
I asked coinexx if I could do that a while back; they said yes you can. Contact TW and ask them.
Not sure if previously posted, but I got an email from FXChoice stating they now accept tether deposits.
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Yes i got the same email they now accept Tether for deposits and withdrawals
Traderās Way website now says they accept Ripple (XRP) for money transfers.
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OFF-TOPIC BUT NANNY STATE REGULATION OF CRYPTO
Even non-custodial private crypto wallets may be forced to
comply with the 5AML Directive of the European Union.
This is NANNY STATE INSANITY which breaks the goals
of Crypto currencies under the guise of AML, anti-Terrorism
and other such concerns; to reach right into your little wallet
and break your privacy.
See, in particular the non-custodial personal and private
Samourai Walletās remarks that the
EU can basically go Phkk themselves, to paraphrase their
attitude toward privacy in future versions of their wallet,
with regard to the 5AML Directive.
hyperscalper
The thing about most cryptocurrencies, is that wallets are generally free and very easy to create. Such requirements would be akin to requiring KYC for all email accounts. It is nonsensical, at best. People need to wake up and fight for their privacy.
5AMLD also introduces regulation for providers of cryptocurrency exchanges and wallets ā which must now be registered with the competent authorities in their domestic locations, for example, Germanyās BaFin, or the UKās Financial Conduct Authority.
The above statement is rather ambiguous. I am inclined to believe that such requirements would be for exchange and wallet providers, and not necessarily at the individual wallet level. That being said, however, this is how privacy and other rights slowly disappearā¦by making small concessions and calling it a compromise for the sake of whatever (usually security), only for that little to become a little more, and then a little more, until nothing is left and we are scratching our heads wondering how things got so bad. Times like this are critical and people need to be aware.
The 5AMLD policy is similar to how CoinBase operates within US jurisdiction. Although we are not required to provide KYC for our crypto wallets, we ARE required to provide KYC to use CoinBase in order to purchase/sell crypto, and that data is accessible to IRS audits and government investigations which could personally tie you to any external wallet address that is associated with that CoinBase account, that can be tracked on the blockchainā¦even if one of those wallet addresses has nothing to do with you and is used for the ātā word. Good luck proving your innocence.
THANKS FOR THAT. I personally am wrapping my head around the
Samourai Wallet, and transitioning to private custodial wallets. There is,
however, a steep learning curve. What does Coinbase provide me,
that I canāt replicate with a non-custodial or self-custodial personal wallet?
Transfers to/from a Bank account is one thing that comes to mind.
Not sure what else; so Iād need to look at how to accomplish such
functions outside the custodial regime of a Coinbase cloud.
hyperscalper
That is pretty much it. The biggest issue for anyone that is looking to make use of crypto, has always been the fiat-to-crypto conversion and back. There are other, anonymous ways to procure cryptocurrency, but they will likely come with a hefty fee and sources for such may likely dwindle over time as law enforcement and other agencies look to take them down. It may become one of those things where peer-to-peer transactions may be the only solution, only then, it will be like a drug deal where if you are caught, you will face criminal charges.
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Thatās pretty harsh. But letās assume anonymity ādrug dealā buying and
selling of Crypto <ā> Cash is not so much my objective; I just want to hold
my own Crypto. Then, surely, services exist now where I can spend Crypto
and cause deposits to my Bank account, right ? Or the reverse? After
all, if Coinbase does it, then there ought to be plenty such services?
Doesnāt LocalBitcoins dot com provide such a bridge service already?
hyperscalper
Localbitcoins is a peer-to-peer transaction site, similar to craiglist, but for bitcoin. Some arrests have already been made where sellers were conducting deals that they were not ālicensedā to do so:
The idea may be harsh, but the reality is not that far off.
There are crypto cards, that act like prepaid credit cards, that will allow you to use crypto to make purchases anywhere such cards (e.g. visa) are accepted. Similarly, they also allow cash advances via ATMās and the like. These cards are subject to KYC, just as with any, legitimate banking organization (assuming that they are legitimate). You may find a card or service that operates within a jurisdiction that allows them to skirt various oversight and regulatory groups, but you run a real risk of having your funds stolen.
No matter how you look at it (buying/selling of crypto, or spending of your own money), you are ultimately looking at how to convert fiat-crypto and crypto-fiat, which is the buying/selling of crypto. Even the prepaid crypto cards are set up this way, in that, the cryptocurrency is automatically converted to fiat (sold) prior to the purchase or withdrawal, so that you are actually paying with fiat. Until individuals and businesses start accepting cryptocurrency as payment on a large scale, the conversion of fiat-to-crypto and back will be necessary.
In all cases that I know of, with the exception of peer-to-peer transactions, any service that offers the conversion of fiat-to-crypto and back is and/or will be regulated and usually must hold some form of license to operate, fall under various legal jurisdictions and be forced to comply with local laws et al.
Yes, this is what always scared me about crypocurrency. Out of control enforcement that āsort ofā knows how to track transactions could have really bad results for innocent people. I plan on setting up easily trackable transactions and getting rid of all other wallets. Every week I move money from these brokers and convert to fiat. Being prepared to prove innocence should not be needed, but is not a bad idea in the current situation.
Thereās a new question on the 2019 tax return form, āAt any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?ā. Thatās scary. I donāt like being singled out. Presumably all those anarchistic sky miles users will also be included!
That all being said, KYC is not unusual or even unreasonable. Every advanced civilization on planet Earth has a need to know about large money movements in their country. There are reasonable (and unreasonable) ways to go about it.
If I am being honest, I would prefer to have the choice. Not because I plan on doing anything questionable, but because I like my privacy and I do not like governments and regulatory groups to have their hands in everything, see everything, control everything and profit off of everything etcā¦
That being said, regarding KYC, it needs to be all or nothing. You cannot force KYC on some but not on others because that could potentially put a target on the backs of innocent, law-abiding citizens, as previously mentioned. Unfortunately, should it be decided that KYC is the only way to go, then getting all countries to agree on such a thing may not be possible, which is what would need to happen in order for anything to work well.
I suspect that things will continue as they have been, though, in which law-abiding, hard-working citizens will continue getting the short-end of the stick while criminals, governments and corporations continue doing whatever they want.
Yes, ideally we wouldnāt have to worry about it!
Although, my point is that the governments of the world, even the most citizen friendly ones, will never let everyone transfer money completely anonymously, because there is a legitimate public safety need to track money flows.
The only places you can live where the government is completely out of your business are pretty dangerous, unless you are Han Solo.
I would like to see the government stick to protecting the people, providing a fair playing field for business, and providing a solid and fair framework for rule of law.
KYC can be used for legitimate purposes. We are in full agreement about the ease of abuse and need to stop said abuse.
Its dangerous ground and things could go south (even more than it already has) pretty quickly.
At the end of the day, we have to be honest with ourselves and ask the question of whether or not such requirements are really going to solve the kinds of problems that are being used as justification for such policies.
Take, for example, any criminal or corporation, small or large, using fiat currency to conduct business. They can do so, launder that money, evade taxes etc., regardless of the overwhelming amount of control and oversight that we currently have with traditional financial systems. Sure, the level of difficulty may rise a bit for the smaller operators, but the possibilities to skirt around such measures are real and can be regularly seen.
At the end of the day, the law-abiding, hard-working citizens are going to carry the brunt of the burden while criminals continue to enjoy the freedom of operating in the shadows.
What we are seeing now will be little different if those same criminals are conducting business via virtual currency while the average user is having to comply with invasive policies that should have never existed in the first place.
Just my opinion.
EDIT:
To put things into perspective, anyone, anywhere, can send bitcoin anonymously, in exchange for goods or services, without any record other than an anonymous transaction on the blockchain. If criminals decide to conduct business this way, there is no way that anyone can stop them, and there is no need for them to convert that cryptocurrency back to fiat so long as it holds value. Having KYC for exchanges or wallet providers becomes a moot point when those criminals can create their own wallet to transfer and hold funds. If we are really being honest with ourselves, we have to askā¦what REALLY is the point of such KYC requirements. I think we know.
CRYPTO FUNGIBILITY AND REGULATORY THREATS
So Iāve been looking into Cryptos, and "custodial clouds"
like Coinbase. Apparently, if we consider BitCoin, if regulators
or the Poh-Lice want to, they can require Coinbase to freeze
any accounts wherein the BitCoin have been within a few
transactions of banned services such as Online Poker, or
possibly Porn, or even much worse illicit operations.
You, who happen to have the coin; are unaware of its
"shady history"ā¦ Thus, these coin would be āfrozenā for you.
Hence the motivation for non-custodial or private wallets,
where you are the owner and custodian or your own Crypto,
along with the awesome responsibility to protect your stash. 
TECHNICALLY, this means that BitCoin is not fungible because
"newly minted coin" without a history could become more
valuable than coin which have been in circulation and have
some (unintended) relationship to something which is BANNED.
Thus, the motivation to create XMR or Monero, which guarantees
the perfect fungibility of coins forever, regardless of their
prior circulation. Thatās how cash is supposed to be; fully
fungible, and a dirty physical coin is worth the same as a
newly minted coin in commerce, in principle.
[EDIT] *DEFINITELY WATCH THIS AND YOUāLL BEGIN TO
UNDERSTAND SOME ISSUES:
ONE MORE VIDEO ON MONERO:
[EDIT] So I decided to make one of my servers a private
Monero Node but that takes maybe 24 hours to sync
the Monero blockchain . Once thatās done, then local
wallets can connect to that node for transactions. Now
thatās dedication !! LOL
hyperscalper
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