BITCOIN

Futuristic

aaj123 said:

Futuristic said:

For those withdrawing their profits (lets say "in size"), which bank(s) have you had no issues with?

Santander.

Sure it works (in the sense they haven't banned me completely) but not sure I'd recommend them.

Been given compensation for account freezes one was up to a week. I have been with them for nearly 10 years and every ~6 mo I get request to upload my whole financial information (proof of salary, mortgages, exchange balances etc etc). It's fine but annoying. Usually 3-4mo after a large withdrawal.

Scottex99

Futuristic said:

aaj123 said:

Futuristic said:

For those withdrawing their profits (lets say "in size"), which bank(s) have you had no issues with?

Santander.

Sure it works (in the sense they haven't banned me completely) but not sure I'd recommend them.

Been given compensation for account freezes one was up to a week. I have been with them for nearly 10 years and every ~6 mo I get request to upload my whole financial information (proof of salary, mortgages, exchange balances etc etc). It's fine but annoying. Usually 3-4mo after a large withdrawal.

Everytime you withdraw from a CEX etc into your Santander account you mean?

Yeah, retail UK accounts not ideal. We've interacted with most now with very little issue but then again most of our payments to individuals are for HNWIs so I assume the banks dont want to cause them issues if they have existing big mortgages/investment portfolios with them

aaj123

Futuristic said:

aaj123 said:

Futuristic said:

For those withdrawing their profits (lets say "in size"), which bank(s) have you had no issues with?

Santander.

Sure it works (in the sense they haven't banned me completely) but not sure I'd recommend them.

Been given compensation for account freezes one was up to a week. I have been with them for nearly 10 years and every ~6 mo I get request to upload my whole financial information (proof of salary, mortgages, exchange balances etc etc). It's fine but annoying. Usually 3-4mo after a large withdrawal.

All I can say is that I haven't ever faced a single question from them despite a few high five figure withdrawals from CEXs.

They really expect you to provide them your CEX balances? Sounds atrociously invasive. 

aaj123

Who's like me this year where their savings and investment choices are the extreme ends of the spectrum? I am finding the latest interest rates on savings attractive after many years and yet crypto (and here I really mean the non-shitcoins BTC and ETH) seems ever more attractive to me in terms of the upside relative to the savings rates.

I ask because many seem to think crypto should become less attractive in a high risk free rate environment but I look at it from the point of view that BTC and ETH are the ones that infact are even more attractive given that among risk assets, they have the most compelling upside well beyond even the now higher savings rates. I'd be loath to go into traditional equities simply because the upside on those doesn't make it worthwhile considering what we could get risk free on savings now.

In all of the above, it is needless to say that I do not subscribe to the ponzi / 'can go to zero' view about BTC / ETH and I'd only say each should do their research.

silvercue

aaj123 said:

Who's like me this year where their savings and investment choices are the extreme ends of the spectrum? I am finding the latest interest rates on savings attractive after many years and yet crypto (and here I really mean the non-shitcoins BTC and ETH) seems ever more attractive to me in terms of the upside relative to the savings rates.

I ask because many seem to think crypto should become less attractive in a high risk free rate environment but I look at it from the point of view that BTC and ETH are the ones that infact are even more attractive given that among risk assets, they have the most compelling upside well beyond even the now higher savings rates. I'd be loath to go into traditional equities simply because the upside on those doesn't make it worthwhile considering what we could get risk free on savings now.

In all of the above, it is needless to say that I do not subscribe to the ponzi / 'can go to zero' view about BTC / ETH and I'd only say each should do their research.

The majority of my investments are crypto.  I have ISA, shares, savings etc as well, but the majority is crypto.  I had an incredible year in 2021 and a bad year in 2022 (I don't want to talk about it ) .  I hope we start to get back to the good times this year.  

aaj123

silvercue said:

aaj123 said:

Who's like me this year where their savings and investment choices are the extreme ends of the spectrum? I am finding the latest interest rates on savings attractive after many years and yet crypto (and here I really mean the non-shitcoins BTC and ETH) seems ever more attractive to me in terms of the upside relative to the savings rates.

I ask because many seem to think crypto should become less attractive in a high risk free rate environment but I look at it from the point of view that BTC and ETH are the ones that infact are even more attractive given that among risk assets, they have the most compelling upside well beyond even the now higher savings rates. I'd be loath to go into traditional equities simply because the upside on those doesn't make it worthwhile considering what we could get risk free on savings now.

In all of the above, it is needless to say that I do not subscribe to the ponzi / 'can go to zero' view about BTC / ETH and I'd only say each should do their research.

The majority of my investments are crypto.  I have ISA, shares, savings etc as well, but the majority is crypto.  I had an incredible year in 2021 and a bad year in 2022 (I don't want to talk about it ) .  I hope we start to get back to the good times this year.  

I'll take this year as a bonus if it gets good. More hopeful for next year with the BTC halving. Meanwhile plenty of good things happening with ETH but I somehow doubt the market will notice all that until BTC gets its act together.

aaj123

Since this is a savings forum and we talk interest rates, I hope folks are aware that with ETH, you can actually get a staking yield of roughly 4.5% (importantly denominated in ETH). There are a few different ways of doing this each with pros and cons but that's a whole separate discussion.

The appeal then being that you have an asset with a high potential upside alongwith a regular yield too. Not something typically seen in the traditional investment universe.

As always applicable, do your own research. There is a huge amount one can learn about ETH and which will influence your comfort level.

Johnjdc

aaj123 said:

Since this is a savings forum and we talk interest rates, I hope folks are aware that with ETH, you can actually get a staking yield of roughly 4.5% (importantly denominated in ETH). There are a few different ways of doing this each with pros and cons but that's a whole separate discussion.

The appeal then being that you have an asset with a high potential upside alongwith a regular yield too. Not something typically seen in the traditional investment universe.

As always applicable, do your own research. There is a huge amount one can learn about ETH and which will influence your comfort level.

Who is the borrower and how do you establish their creditworthiness?

aaj123

Johnjdc said:

aaj123 said:

Since this is a savings forum and we talk interest rates, I hope folks are aware that with ETH, you can actually get a staking yield of roughly 4.5% (importantly denominated in ETH). There are a few different ways of doing this each with pros and cons but that's a whole separate discussion.

The appeal then being that you have an asset with a high potential upside alongwith a regular yield too. Not something typically seen in the traditional investment universe.

As always applicable, do your own research. There is a huge amount one can learn about ETH and which will influence your comfort level.

Who is the borrower and how do you establish their creditworthiness?

There is no borrower. Its the protocol itself paying you through new issuance for the service of you staking your eth. In that sense, it is zero risk. Well, as long as you trust the open source ETH protocol itself. Depending on the way you stake, there are some other risks to consider but really that is too complex a topic to cover on an MSE savings forum.

https://ethereum.org/en/staking/

And if you were gonna point out that new issuance implies dilution of the supply, then you'd be interested in knowing that infact ETH is net deflationary in supply due to transaction fees getting burnt.

https://ultrasound.money/

Yes, it is a rabbit hole that needs discovered.

Johnjdc

aaj123 said:

Johnjdc said:

aaj123 said:

Since this is a savings forum and we talk interest rates, I hope folks are aware that with ETH, you can actually get a staking yield of roughly 4.5% (importantly denominated in ETH). There are a few different ways of doing this each with pros and cons but that's a whole separate discussion.

The appeal then being that you have an asset with a high potential upside alongwith a regular yield too. Not something typically seen in the traditional investment universe.

As always applicable, do your own research. There is a huge amount one can learn about ETH and which will influence your comfort level.

Who is the borrower and how do you establish their creditworthiness?

There is no borrower. Its the protocol itself paying you through new issuance for the service of you staking your eth. In that sense, it is zero risk. Well, as long as you trust the open source ETH protocol itself. Depending on the way you stake, there are some other risks to consider but really that is too complex a topic to cover on an MSE savings forum.

https://ethereum.org/en/staking/

And if you were gonna point out that new issuance implies dilution of the supply, then you'd be interested in knowing that infact ETH is net deflationary in supply due to transaction fees getting burnt.

https://ultrasound.money/

Yes, it is a rabbit hole that needs discovered.

So they could offer any rate of interest they want since they are paying you in their own monopoly money. Charles Ponzi did the same thing. More recently, OlympusDAO had a similar "nobody sell and we'll all get rich" message.

Ethereum supply appears to increase by about 10% year on year although this has levelled off and only 2% this year. Still expanding not contracting, though.