Apple Pay Support for Coinbase Card Appears to Be Getting Closer

[31 Flavas]

Also. the most important one of all: if you lose/forget your password and you have a few million sitting in crypto, you now have $0 I saw some dude in San Francisco was getting ready to lose like +$20 million because he was down to like 3 password attempts. I do have a little crypto and I do mean a little, but I have my password in 1password backed up to iCloud as an encrypted .dmg file and it is also wrote down in our safe. Me if I lost all access I could care less. If I was losing access to $20 million then yes, I'd be quite perturbed to say the least.

Which ironically is the problem with "Not your keys, not your crypto" viewpoint because realize it or not - key management is a major issue. "Lost your keys, lost your money"

That is, if crypto experts can't always keep track of their crypto keys or mnemonic phrases... Then what hope do the general consumers that we're desperately trying to inform and on-board have? (obviously, this is IMO) For newbies, leaving the crypto on the exchange or helping them move it to, say, Celsius Network is far better then beating them over the head that they have to get a Ledger or Terzor or some softwallet that they'll inevitably lose access too.

Not that I'm saying you don't educate them - but IMO "not your keys, not your coins" comes later when they're more familiar, less green, and cognizant that there is no "forgot password" function if the forget or misplace their password / mnemonic phrase.

As much as it pained me to recommend so ... Back in the day - AOL was the far better "ISP" for newbies when compared to denigrating them if they didn't go to a "real" ISP.

 

[sirozha]

Look up "stablecoins". And there are crypto debit cards that lets you spend stablecoins.

But what’s the point of stablecoins if they are pegged to the dollar? They don’t appreciate in price, and as the USD loses its value, so will the stablecoins.

 

[31 Flavas]

But what’s the point of stablecoins if they are pegged to the dollar? They don’t appreciate in price, and as the USD loses its value, so will the stablecoins.

You gain passive interest on them. You'll likely get more interest in 1 week on them then you've gotten over the whole last year from a retail bank in your savings account. The interest rate will vary depending on who you deposit stablecoins with.

Over simplified, but they're valuable to exchanges, pro/day traders, etc. Easier, faster, less costly, more flexible to send then USD. They can move money from one exchange to another with -*settlement*- in seconds to minutes compared to days or a week for USD by wire or ACH.

Ever wished you didn't have to wait 3-5 days for a check to clear?

 

[JonGarrett]

If this becomes a reality bitcoin is going to jump again!!

I wasn't aware that the card was already available. I signed up for it a year ago but never heard anything back from them

 

[JonGarrett]

But what’s the point of stablecoins if they are pegged to the dollar? They don’t appreciate in price, and as the USD loses its value, so will the stablecoins.

The point of stablecoin is..... Stability. If I want to buy something I'd rather use a coin that's going to always be $1 vs one that will be $1 when I spent and $10 a week later.

Spend your stablecoin, save the others for growth and investment.

 

[1258186]

Bitcoin is only good for criminals and speculators. Governments around the world should ban Bitcoin altogether and render them worthless.

 

[JonGarrett]

Bitcoin is only good for criminals and speculators. Governments around the world should ban Bitcoin altogether and render them worthless.

Which ironically is the problem with "Not your keys, not your crypto" viewpoint because realize it or not - key management is a major issue. "Lost your keys, lost your money"

That is, if crypto experts can't always keep track of their crypto keys or mnemonic phrases... Then what hope do the general consumers that we're desperately trying to inform and on-board have? (obviously, this is IMO) For newbies, leaving the crypto on the exchange or helping them move it to, say, Celsius Network is far better then beating them over the head that they have to get a Ledger or Terzor or some softwallet that they'll inevitably lose access too.

Not that I'm saying you don't educate them - but IMO "not your keys, not your coins" comes later when they're more familiar, less green, and cognizant that there is no "forgot password" function if the forget or misplace their password / mnemonic phrase.

As much as it pained me to recommend so ... Back in the day - AOL was the far better "ISP" for newbies when compared to denigrating them if they didn't go to a "real" ISP.

Then don't lose your seed words, it's that simple.

Keep them on a Combo Tablet or similar device. Buy a second one and make a backup and keep it at a different location.

 

[JonGarrett]

Bitcoin is only good for criminals and speculators. Governments around the world should ban Bitcoin altogether and render them worthless.

You clearly don't know what you're talking about. There's infinitely more criminals using cash than there are Bitcoin.

Any smart criminal would use Monero not Bitcoin.

 

[31 Flavas]

Bitcoin is only good for criminals and speculators. Governments around the world should ban Bitcoin altogether and render them worthless.

You do know that far *more* illegal and criminal activity is conducted using the US dollar, right? And that the US dollar is far less trackable. So, why shouldn't governments around the world ban the US dollar to render it worthless.

 

[ninethirty]

But what’s the point of stablecoins if they are pegged to the dollar? They don’t appreciate in price, and as the USD loses its value, so will the stablecoins.

The point is that they have the benefit/security of digital currencies and blockchains, while NOT being a speculative asset like Bitcoin or Ethereum. They're usable in the same way the USD is, but in a digital form which gives you absolute control and ownership.

 

[31 Flavas]

Then don't lose your seed words, it's that simple.

Keep them on a Combo Tablet or similar device. Buy a second one and make a backup and keep it at a different location.

Duh ... Sure, but much easier said then actually done. Point is that you, I, anyone else - we're just trying to get people familiar with crypto right now - to understand the purpose and value of it. As I said, not that American Online as an ISP was the best technical solution for internet access in the late 90's / early 00's - But the easier to work with, at first, then grow up and out of for the majority. IMO, "Not your keys, not your crypto" is a topic for them to grow into, not that you start them out with.

 

[sirozha]

The point of stablecoin is..... Stability. If I want to buy something I'd rather use a coin that's going to always be $1 vs one that will be $1 when I spent and $10 a week later.

Spend your stablecoin, save the others for growth and investment.

Spend your stablecoins on what? Is there a place that doesn’t take USD? Are we talking some black market stuff here?

 

[31 Flavas]

Spend your stablecoins on what? Is there a place that doesn’t take USD? Are we talking some black market stuff here?

I'm not sure why we're talking about spending stable coins - when you can get 7-10% interest on just hodling them.

 

[ninethirty]

I'm not sure why we're talking about spending stable coins - when you can get 7-10% interest on just hodling them.

This. Once people realize what you can do with crypto, that you can't do with money, and discover the world of DeFi, that's when things start to explode.

 

[Trenches]

But what’s the point of stablecoins if they are pegged to the dollar? They don’t appreciate in price, and as the USD loses its value, so will the stablecoins.

Until converted to cash, it may not incur a capital gains tax since it is technically an unrealized gain.

 

[JonGarrett]

Spend your stablecoins on what? Is there a place that doesn’t take USD? Are we talking some black market stuff here?

You spend them the same way you spend cash when you use your debit card.

Why do you think PayPal got in the game? Some exchanges offer Visa or MasterCard so when you buy with it you're spending your crypto.

The merchant can accept your tokens or your they are converted to fiat at the point of sale.

Google pay users have been able to pay with their crypto since early 2020.

Samsung Pay & Apple pay are coming soon.

 

[sirozha]

The point is that they have the benefit/security of digital currencies and blockchains, while NOT being a speculative asset like Bitcoin or Ethereum. They're usable in the same way the USD is, but in a digital form which gives you absolute control and ownership.

And

Because the internet has thousands of web sites that give out fake advice, incorrect explanations on health matters, conflicting info etc. A lot of it, is as a reliable as a TripAdvisor review. How come legit sites such as Government Treasury sites don't? I think crypto just a fad, fools gold, a Ponzi scheme. What little I know or can figure out, anyone can set up a crypto coin or crypto software. So we can have thousands of these, why do we need more than one? Never going to have a global currency despite the benefits, so not sure if crypto will ever be the norm.

I think you should set up your own crypto currency. After all, everyone can do it.

 

[31 Flavas]

Until converted to cash, it may not incur a capital gains tax since it is technically an unrealized gain.

If you’re talking about US tax law - all crypto to crypto transactions are tax events. So, weather it's Bitcoin to Etherium or Bitcoin to Tether / USDC, both are tax events both you need to declare to the IRS.

There are actually four catagories:
Crypto to Crypto
Crypto to Stablecoin
Crypto to US Dollar (or Euro, or any other)
Crypto for Goods or Services

If you are in the US, all four events you will need to declare capital gains or losses. Any crypto used for network fees or for the exchange transaction fee itself, though, is not taxed.

 

[Trenches]

Which ironically is the problem with "Not your keys, not your crypto" viewpoint because realize it or not - key management is a major issue. "Lost your keys, lost your money"

That is, if crypto experts can't always keep track of their crypto keys or mnemonic phrases... Then what hope do the general consumers that we're desperately trying to inform and on-board have? (obviously, this is IMO) For newbies, leaving the crypto on the exchange or helping them move it to, say, Celsius Network is far better then beating them over the head that they have to get a Ledger or Terzor or some softwallet that they'll inevitably lose access too.

Not that I'm saying you don't educate them - but IMO "not your keys, not your coins" comes later when they're more familiar, less green, and cognizant that there is no "forgot password" function if the forget or misplace their password / mnemonic phrase.

As much as it pained me to recommend so ... Back in the day - AOL was the far better "ISP" for newbies when compared to denigrating them if they didn't go to a "real" ISP.

I enjoy your posts.

If you’re talking about US tax law - all crypto to crypto transactions are tax events. So, weather it's Bitcoin to Etherium or Bitcoin to Tether / USDC, both are tax events both you need to declare to the IRS.

There are actually four catagories:
Crypto to Crypto
Crypto to Stablecoin
Crypto to US Dollar (or Euro, or any other)
Crypto for Goods or Services

If you are in the US, all four events you will need to declare capital gains or losses. Any crypto used for network fees or for the exchange transaction fee itself, though, is not taxed.

OK I hadn’t realized this. Seems pointless at first, but on further thought, I guess they don’t just want people converting for life and never paying taxes on it. What an accounting mess. I tried using one of those aggregators with the Coinbase Pro API, and it did not generate a proper report. Do you have an accounting recommendation for frequent traders?

 

[Trenches]

How is this not apply to Bitcoin? How do you know there are limited in supply? It’s limited by whoever that created it, bare in mind we still don’t know who this person is.. he/she can create more out of thin air. At least US dollars has value whether printing money causes inflation is another topic you need to discuss with economist. You sound more pissed off by Biden’s administration. I guess you don’t work to earn money then what do you earn for your paychecks? Bitcoin?

Wow, the level of total oblivion here. You’re literally trolling someone all while demonstrating factually that you have absolutely no idea what you’re talking about.

Why should you trust US dollar, since it’s disconnected from the gold standard and not backed by anything tangible? The US government has printed over $5 trillion dollars in a year, and Biden is about to print another $1.8 trillion shortly. You would be better off being paid in toilet paper at this point. The US dollar is done with because of the irresponsible fiscal policies by both parties. No one can dilute the Bitcoin supply. It’s limited in quantity of Bitcoin that can be issued. It’s all about how you prwserve the value you exchange for your work. You can try to preserve it in US dollars, stocks, real estate, precious metals, and now also in crypto currency. There is no intrinsic difference between exchanging your work for paper money, precious metals, or crypto currency - as long as you can later convert those instruments into goods and services you require to subsist on this planet. In a little over a decade of the existence of Bitcoin, exchanging your work for Bitcoin turned out to be thousands of times more beneficial than exchanging your work for US dollar or gold.

A truly informed perspective that doesn’t bias cryptocurrency at all. Unbacked fiat has been the scam of the century. The people need to take back their power in spending and fund the government based on our own priorities instead of theirs. This system disrupts that completely. The only thing I seriously worry about now is the agenda of the Bitcoin billionaires. Because you have psychopaths like Musk pursuing biological interface on an accelerated timeline, and it’s cyclops humans overnight. Not what I’m signing up for.