6 ms·

This is one of the worst crypto-debit cards I've seen. Coinbase's card has a "Crypto Liquidation Fee": 2.49% of transaction. (Even Gemini, the most expensive cr

by kbody 7y ago

This is one of the worst crypto-debit cards I've seen. Coinbase's card has a "Crypto Liquidation Fee": 2.49% of transaction. (Even Gemini, the most expensive cryptoexchange has 1% exchange fees, while the median is probably around 0.2%) You are better off selling manually on an exchange (0.1-0.25% fees) and transferring to a sane bank with debit cards and minimal fees like N26(EU) or Charles Schwab(US). Have a fiat buffer, but control your holdings and don't get milk by fee-vampires like Coinbase.

briatx 7y ago
Or you could skip a step and just use a regular credit card with cash rewards and receive 1-2% of transaction amounts cash back. I'm not sure why people want to make it harder (and more expensive) than necessary.
- ozzyman700 7y ago
  I personally have not been able to use a credit card on coinbase for a while now seemingly this is a US thing [1] [1]https://support.coinbase.com/customer/en/portal/topics/796531-payment-methods/articles https://support.coinbase.com/customer/en/portal/topics/79653...
- bufferoverflow 7y ago
  But then you're missing the whole point - storing your money in a deflationary currency. I moved 95% of my savings into cryptocurrencies years ago, and it's been orders of magnitude better than the silly 1-2%.
  - BoorishBears 7y ago
    And some people moved their savings into cryptocurrencies half a year ago and it's been orders of magnitude worse than the silly 1-2%. Kind of like advising putting your savings in naked options plays because it worked for you that one time.
    - bufferoverflow 7y ago
      The difference is, inflationary currency is guaranteed to lose value over long term. One-year fluctuations are not very important to me, this is short-term thinking. That's why even now I buy as much cryptocurrency as I can.
      - dragonwriter 7y ago
        > The difference is, inflationary currency is guaranteed to lose value over long term. One-year fluctuations are not very important to me, this is short-term thinking. The whole point of currency is short-term; it's the virtual particle of the economy intended to lubricate the flow of useful goods without incentivizing hoarding of itself over investment in productive assets.
        bufferoverflow 7y ago
        > The whole point of currency is short-term Not if you're saving for retirement or your kid's college fund. We never had any deflationary currencies till recently. Now we have a choice. If you want to quickly spend your money, go right ahead, nobody is stopping you. I prefer to spend for what I need, and save the rest, and it's been working great so far. That's what most financial advisers advise anyway - live within your means, and create a financial cushion.
        dragonwriter 7y ago
        > > The whole point of currency is short-term > Not if you're saving for retirement or your kid's college fund. No, even there: it's to be the short-term stable thing you trade other stuff (for most people, labor) for and then use to buy the productive asset you invest for those purpose. It's an important part of the process, just not the final vehicle. It is very much not for direct use as the final vehicle for those purposes itself, because the attributes which make something good as a long-term investment are very different than those that make it good as currency. (Savings accounts, which still are only good for fairly short-term reserves and not the purposes you lay out, aren't the same as raw currency.)
  - briatx 7y ago
    * Bitcoin is not yet deflationary as new coins are still minted for reward blocks. * Bitcoin is not guaranteed to go up and has so much volatility that you are essentially gambling. * Bitcoin is inferior as a payment system, even when they use debit cards to interface with mainstream PoS. * Bitcoin has probably topped out and we are nearing the end of it's hype cycle.
    - bufferoverflow 7y ago
      I didn't even mention Bitcoin. You're fighting a straw man.
  - originldirgibl 7y ago
    As opposed to the silly 75% decrease in Bitcoin from December 2017. So deflationary.
    - bufferoverflow 7y ago
      You're confusing value fluctuations with monetary deflation.
- kbody 7y ago
  Sure if they are available in your country, in my case they are not, so I don't have any experience with those.

by kbody 7y ago

briatx 7y ago

Or you could skip a step and just use a regular credit card with cash rewards and receive 1-2% of transaction amounts cash back. I'm not sure why people want to make it harder (and more expensive) than necessary.

ozzyman700 7y ago
I personally have not been able to use a credit card on coinbase for a while now seemingly this is a US thing [1] [1]https://support.coinbase.com/customer/en/portal/topics/796531-payment-methods/articles https://support.coinbase.com/customer/en/portal/topics/79653...
bufferoverflow 7y ago
But then you're missing the whole point - storing your money in a deflationary currency. I moved 95% of my savings into cryptocurrencies years ago, and it's been orders of magnitude better than the silly 1-2%.
- BoorishBears 7y ago
  And some people moved their savings into cryptocurrencies half a year ago and it's been orders of magnitude worse than the silly 1-2%. Kind of like advising putting your savings in naked options plays because it worked for you that one time.
  - bufferoverflow 7y ago
    The difference is, inflationary currency is guaranteed to lose value over long term. One-year fluctuations are not very important to me, this is short-term thinking. That's why even now I buy as much cryptocurrency as I can.
    - dragonwriter 7y ago
      > The difference is, inflationary currency is guaranteed to lose value over long term. One-year fluctuations are not very important to me, this is short-term thinking. The whole point of currency is short-term; it's the virtual particle of the economy intended to lubricate the flow of useful goods without incentivizing hoarding of itself over investment in productive assets.
      - bufferoverflow 7y ago
        > The whole point of currency is short-term Not if you're saving for retirement or your kid's college fund. We never had any deflationary currencies till recently. Now we have a choice. If you want to quickly spend your money, go right ahead, nobody is stopping you. I prefer to spend for what I need, and save the rest, and it's been working great so far. That's what most financial advisers advise anyway - live within your means, and create a financial cushion.
        dragonwriter 7y ago
        > > The whole point of currency is short-term > Not if you're saving for retirement or your kid's college fund. No, even there: it's to be the short-term stable thing you trade other stuff (for most people, labor) for and then use to buy the productive asset you invest for those purpose. It's an important part of the process, just not the final vehicle. It is very much not for direct use as the final vehicle for those purposes itself, because the attributes which make something good as a long-term investment are very different than those that make it good as currency. (Savings accounts, which still are only good for fairly short-term reserves and not the purposes you lay out, aren't the same as raw currency.)
- briatx 7y ago
  * Bitcoin is not yet deflationary as new coins are still minted for reward blocks. * Bitcoin is not guaranteed to go up and has so much volatility that you are essentially gambling. * Bitcoin is inferior as a payment system, even when they use debit cards to interface with mainstream PoS. * Bitcoin has probably topped out and we are nearing the end of it's hype cycle.
  - bufferoverflow 7y ago
    I didn't even mention Bitcoin. You're fighting a straw man.
- originldirgibl 7y ago
  As opposed to the silly 75% decrease in Bitcoin from December 2017. So deflationary.
  - bufferoverflow 7y ago
    You're confusing value fluctuations with monetary deflation.
kbody 7y ago
Sure if they are available in your country, in my case they are not, so I don't have any experience with those.