That’s not an excuse. If you really want to invest you can create a separate bank account just for crypto and link that to coinbase. So the maximum amount of money coinbase can drain is the money you put in.
That is the obvious thing to do but I need to fully understand the implication, until then no action.
@tomato and @BAJacket are youngins still in search of their pot of gold. They’re outlook is different from ours, which should really be slow and steady capital appreciation as opposed to moonshot overnight success.
I am all for moonshot overnight successes.
Sure, go grab some lotto tickets the next time you visit your local convenience store…
I’m not too concerned about this. I think this might be sensationalized. Coinbase is one of the more reputable that would reimburse in these cases. Sounds like these weren’t ACH, and from debit card transaction issues. I wouldn’t use debit card anyways for purchases, fees are high and time is slow. If you’re concerned, like @wuqijun said, just link your small play account.
I don’t see why our outlook is any different. I’m also all about the slow and steady capital appreciation. If I was only about the moonshot overnight success, why would I buy rental properties lol. Crypto is at least a lot more fun than playing the lotto and the odds are certainly better It’s not like I put so much skin in the game I’d be worried about losing.
Your outlook should be different because of age group difference. @hanera is close to retirement and you are in the earlier part of your career. If @hanera lost all of his wealth tomorrow he would have no way to recover from such disaster. If you were to lose everything tomorrow you still have time to recover.
Corollary: you should invest (or speculate) much more aggressively than @hanera or me.
I would not call your TSLA a slow and steady approach you know
What about overdraft fees? And your credit rating if you don’t pay them?
I invested in Tsla 6 years ago when I was younger. Tsla is now much more mature than it was 6 years ago as well. So it makes sense.
Also, slow and steady doesn’t mean I’m dumping stocks and go for cash or bonds. Just no moonshots like crypto.
Come on. Overdraft fee is like $20 at most. And it’s not like coinbase is trying to withdraw from your account 10 times per day…
An interesting story about that. Back in the mid 80’s I was working at the post office and living hand to mouth due to child support and a 14% mortgage. So I was trying to keep my bills current by mailing them out two days before my paycheck got direct deposited into my account. One day when I was supposed to get my deposit It did not come, and working for the government they would take no responsibility for it. By the time it did come I had hundred dollars in late fees.
Since no one would take responsibility for my check being late, I could not get them refunded. I had to start an account with a different bank before they reported me. Eventually I got a partial refunded in a class action suit against Bank of America for overcharging on bounced check fees, but I can’t collect it. I moved an they didn’t notify me of the class action suit. BofA deposited the money in my checking account and when it was dormant for a period of time it was turned over to the state controller’s office. I have two hundred dollars there that I can’t collect because I can’t prove I am the person who it belongs to. The have my social security number and my former address but that isn’t good enough for them and my credit was ruined for a few years.
Why would @hanera or you or anyone on this forum be dumb enough to invest so much that they would lose their wealth? Even the more aggressive younger crypto investors on this board probably don’t have more than 10-20% net worth in it, but I get your point about risk profile is different. I’m probably not aggressive enough given my risk appetite lol, but my point is, there’s no reason not to be able to put a little in if you want to. I’m not encouraging or discouraging people from “investing” in crypto, it’s more for fun and speculation and I don’t expect it to go away.
The ones that are going all in are the 16-25 year olds that have net worths less than 10k and dumping all of their savings in. Are you comparing me to those?
I don’t know… are you under 25?
Different people have different taste in spending their money and that’s perfectly ok. If I were to tell you to dump 25% of your net worth into Tsla would you do it?
I read that these were cases where users had paid with a debit or credit card and Coinbase had started to code ‘bitcoin purchases’ as a ‘cash advance’ (vs ‘product purchase’). I suppose the credit card issuers had insisted on it. During the transition period (I’m guessing a very very short time), the credit card processor charged user’s cards twice. This was admitted to be a mistake by the card processor, not by Coinbase.
Next time bitcoin crashes sell stocks.
Bitcoin moves far more though. It’s way down from its beak while the stock market is close to its peak.