BITCOIN

tranquility1

Section62 said:

Scottex99 said:

Hahaha!

"Hello, yes I've thought about it, I still wish to buy BTC and ETH from Coinbase and I'd also like to close my bank account too please, you absolute mugs".

Hopefully tranquility1 is already aware their Tesco current account will be closing in the near future.

And because of that Tesco will probably be extremely grateful to any customers taking the initiative and closing their current account (rather than getting benefits from switching away).

I've got loads of bank accounts. Tesco is just a spare one.

My main gripe is that I'm of the mind that I can spend money on whatever I like (as long as it's legal).

If they want to make crypto illegal, then do it. But whilst it isn't, it's my choice what to do with my own money. 

tranquility1

tebbins said:

tranquility1 said:

tebbins said:

tranquility1 said:

tebbins said:

tranquility1 said:

adindas said:

tranquility1 said:

I've got £1k of BTC.  £1K of DOGE.  And £100 of XLM.

I will be putting a grand or two more into crypto this week.  Which coins do people recommend?


I am interested in XLM and XRP because some say they could be used heavily in the economy in future.  But XRP isn't on Coinbase, and I can't be bothered with other exchanges...

To me I am not buying any cryptos at the current price. I have ADA, DOGE, ETH, BTC for long-term holding and do not have any intention to sell it. I do not buy cryptos when there are a lot of people buying it and the price has already gone up significantly. It might be the wrong decision not to buy now, as they might keep going up, let see. But I will not regret applying this strategy that I have adopted since the beginning. Each to their own apply your own strategy which you believe will work for you.

I am glad I added my position about month ago. I will add my position when people start doing panic sell again such as what you saw about a month ago when they people start panic selling after the news about Chinese Government banning crypto and crypto mining. How come this one was a bad thing? CCP is all about control which is not in line with the spirit of cryptos anyway. Now the miners have moved their operation to other more liberal countries.

I think if you consistently buy when people are panicking, and sell/hold when people are greedy, you'll not do too badly.

Great advice, how do you suggest doing it?

Don't buy a house right now.  Do buy gold and silver.

😆 reading threads like this is entertaining, just don't come crying when you fall victim to a scam or make a big loss 😉

Likewise don't come crying to me when the money printing stops, the stock market crashes, your house price plummets, and your savings are eroded to dust by currency debasement and rampant inflation.

I didn't know the world was ending, do you have a date? Is your doomsday vault fully stocked?
Also serious question, when world ends who will still take bitcoin and run bitcoin exchanges?

No.
Yes.
No idea. 

Scottex99

tranquility1 said:

Section62 said:

Scottex99 said:

Hahaha!

"Hello, yes I've thought about it, I still wish to buy BTC and ETH from Coinbase and I'd also like to close my bank account too please, you absolute mugs".

Hopefully tranquility1 is already aware their Tesco current account will be closing in the near future.

And because of that Tesco will probably be extremely grateful to any customers taking the initiative and closing their current account (rather than getting benefits from switching away).

I've got loads of bank accounts. Tesco is just a spare one.

My main gripe is that I'm of the mind that I can spend money on whatever I like (as long as it's legal).

If they want to make crypto illegal, then do it. But whilst it isn't, it's my choice what to do with my own money. 

This, 100%. Are they blocking money to gambling sites where you can rinse 2k on £50 spins on the slots in 5 minutes? No.
Or blocking money to eToro where you can open 10x longs on Oil prices? No.

By all means protect people from stupidly investing in scams for their own good, but telling you to "think and research" is a joke. 

Coinbase will be making 5x the revenue that Tesco Bank does in time anyway

tranquility1

Scottex99 said:

tranquility1 said:

Section62 said:

Scottex99 said:

Hahaha!

"Hello, yes I've thought about it, I still wish to buy BTC and ETH from Coinbase and I'd also like to close my bank account too please, you absolute mugs".

Hopefully tranquility1 is already aware their Tesco current account will be closing in the near future.

And because of that Tesco will probably be extremely grateful to any customers taking the initiative and closing their current account (rather than getting benefits from switching away).

I've got loads of bank accounts. Tesco is just a spare one.

My main gripe is that I'm of the mind that I can spend money on whatever I like (as long as it's legal).

If they want to make crypto illegal, then do it. But whilst it isn't, it's my choice what to do with my own money. 

This, 100%. Are they blocking money to gambling sites where you can rinse 2k on £50 spins on the slots in 5 minutes? No.
Or blocking money to eToro where you can open 10x longs on Oil prices? No.

By all means protect people from stupidly investing in scams for their own good, but telling you to "think and research" is a joke. 

Coinbase will be making 5x the revenue that Tesco Bank does in time anyway

"We're not going to release your money today.  We are going to give you a day to think and research".  Properly patronising.

And when I said I won't send the money to Coinbase, they released my money today.  However, although I can now see it in my account the account is locked and I can't move it.

All because I wanted to buy some crypto.

Malthusian

tranquility1 said:

Tesco are not liable for any losses regarding crypto. And neither are you. I've no idea why you think you are?

Banks can be liable when someone transfers money to a scammer and then says they didn't mean to (push payment fraud refunds) or when they use a debit or credit card to pay someone for goods / services (including crypto) which they never receive (chargeback / section 75 refunds).

People who transfer money to unregulated get-rich-quick schemes are therefore a business risk for the bank. A big one like Coinbase is clearly less of a risk than, say, some website in the Marshall Islands, which is why Tesco Bank has given you a day to reconsider rather than blocking the transfer entirely, but still a risk which they want to limit. Blocking the transfer for a day doesn't stop people moving money to Coinbase but reduces the numbers who will do it (as those acting on impulse because they saw an advert on Facebook may give up and forget about it).

My main gripe is that I'm of the mind that I can spend money on whatever I like (as long as it's legal).

Yes you can. And banks can refuse to transfer people's deposits to whomever they like. If the customer objects they can withdraw their money as cash or transfer it elsewhere and do what they like with it. No-one is obliged to do business with anybody.

Scottex said:
This, 100%. Are they blocking money to gambling sites where you can rinse 2k on £50 spins on the slots in 5 minutes? No.
Or blocking money to eToro where you can open 10x longs on Oil prices? No.

Banks aren't potentially liable if they make transfers to gambling sites as there is no prospect of them being found liable for gambling losses. Same applies to regulated trading platforms.

From a UK perspective Coinbase is an unregulated investment platform.

The bank is not trying to stop you losing your money. They are trying to stop you losing their money by doing things that may make them liable.

tranquility1

Malthusian said:

tranquility1 said:

Tesco are not liable for any losses regarding crypto. And neither are you. I've no idea why you think you are?

Banks can be liable when someone transfers money to a scammer and then says they didn't mean to (push payment fraud refunds) or when they use a debit or credit card to pay someone for goods / services (including crypto) which they never receive (chargeback / section 75 refunds).

People who transfer money to unregulated get-rich-quick schemes are therefore a business risk for the bank. A big one like Coinbase is clearly less of a risk than, say, some website in the Marshall Islands, which is why Tesco Bank has given you a day to reconsider rather than blocking the transfer entirely, but still a risk which they want to limit. Blocking the transfer for a day doesn't stop people moving money to Coinbase but reduces the numbers who will do it (as those acting on impulse because they saw an advert on Facebook may give up and forget about it).

My main gripe is that I'm of the mind that I can spend money on whatever I like (as long as it's legal).

Yes you can. And banks can refuse to transfer people's deposits to whomever they like. If the customer objects they can withdraw their money as cash or transfer it elsewhere and do what they like with it. No-one is obliged to do business with anybody.

Scottex said:
This, 100%. Are they blocking money to gambling sites where you can rinse 2k on £50 spins on the slots in 5 minutes? No.
Or blocking money to eToro where you can open 10x longs on Oil prices? No.

Banks aren't potentially liable if they make transfers to gambling sites as there is no prospect of them being found liable for gambling losses. Same applies to regulated trading platforms.

From a UK perspective Coinbase is an unregulated investment platform.

The bank is not trying to stop you losing your money. They are trying to stop you losing their money by doing things that may make them liable.

Tesco are NOT liable for any losses that I may have by dealing with Coinbase. They specifically told me that on the phone. 

Tesco aren't liable. Taxpayers aren't liable. You aren't liable. Only I am liable.

Section62

tranquility1 said:

Tesco are NOT liable for any losses that I may have by dealing with Coinbase. They specifically told me that on the phone. 

Tesco aren't liable. Taxpayers aren't liable. You aren't liable. Only I am liable.

They won't be liable for 'losses' if you buy crypto in a genuine transaction and that crypto is worth less money when you want to sell it.

But Malthusian is correct that banks can be liable if you unwisely transfer money to a company which isn't what it appears to be, or to buy something which isn't what you think it is. Those are different types of 'losses'.

So banks have a responsibility (rightly or wrongly) to 'police' what people try to spend their money on.  If they fail to do so then other customers or shareholders will pick up the tab for someone else's unwise spending decisions.  So no, it isn't only you who would be liable.

tebbins

Also given how much you've gone on about this already I suspect you'll force liability down our throats when you make some losses.

tranquility1

Section62 said:

tranquility1 said:

Tesco are NOT liable for any losses that I may have by dealing with Coinbase. They specifically told me that on the phone. 

Tesco aren't liable. Taxpayers aren't liable. You aren't liable. Only I am liable.

They won't be liable for 'losses' if you buy crypto in a genuine transaction and that crypto is worth less money when you want to sell it.

But Malthusian is correct that banks can be liable if you unwisely transfer money to a company which isn't what it appears to be, or to buy something which isn't what you think it is. Those are different types of 'losses'.

So banks have a responsibility (rightly or wrongly) to 'police' what people try to spend their money on.  If they fail to do so then other customers or shareholders will pick up the tab for someone else's unwise spending decisions.  So no, it isn't only you who would be liable.

Tesco told me directly, over the phone, that they are NOT liable for my dealing with Coinbase.  They told me that they were following other banks and making harder to deal crypto as a matter of policy.

But I won't listen to Tesco Bank.  I'll instead take the word of Section62 who posts on chat forums.

tebbins

tranquility1 said:

Section62 said:

tranquility1 said:

Tesco are NOT liable for any losses that I may have by dealing with Coinbase. They specifically told me that on the phone. 

Tesco aren't liable. Taxpayers aren't liable. You aren't liable. Only I am liable.

They won't be liable for 'losses' if you buy crypto in a genuine transaction and that crypto is worth less money when you want to sell it.

But Malthusian is correct that banks can be liable if you unwisely transfer money to a company which isn't what it appears to be, or to buy something which isn't what you think it is. Those are different types of 'losses'.

So banks have a responsibility (rightly or wrongly) to 'police' what people try to spend their money on.  If they fail to do so then other customers or shareholders will pick up the tab for someone else's unwise spending decisions.  So no, it isn't only you who would be liable.

Tesco told me directly, over the phone, that they are NOT liable for my dealing with Coinbase.  They told me that they were following other banks and making harder to deal crypto as a matter of policy.

But I won't listen to Tesco Bank.  I'll instead take the word of Section62 who posts on chat forums.

As are we all, and you're literally the one asking the question and telling us about it like we've all invested in your drama. What's your point and why the attitude?