Current Events > Crypto is kinda bullshit because of all the Fees

(+) Yeah! (+)

Buying it? Fees.
Moving it even from one wallet to another one you own? Fees.
Moving it back or transferring again? Fees.

Then sites have like minimum amounts you can send or buy and they have fixed fees too.
Like seriously 2-3 dollars and 9-10 dollars here and there and you are basically paying to buy digital currency and paying to use digital currency out of extra money from your pocket.

Then the markets fluctuate so like oops today its down 11% or 5% so now you have to hold it longer hoping you can cover your fees just for buying it alone.

I kinda don't care anymore


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Yup, and don't forget almost anything meaningful you can do with it is a taxable event. Want to spend it? Tax. Trade it for a different currancy? Time for taxes there too.

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Yeah, the non PoS coins are pretty ridiculous and obviously not practical for currencies. A lot of coins already exist that have no fees and are instant, but the price has nothing to do with how well a coin works. The whole "investing" or store of value bullshit is just speculation to make money. I have no problem with that since I made money off it myself, but people are delusional when they act like some coin that can't function as a currency is somehow a revolutionary technology. Bitcoin is easily one of the worst functioning cryptos in existence but has the most value because speculation isn't based on functionality, but perceived ability to sell it to someone else for more in the future.

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Yep.

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Its the future of finance

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as with all things, tanstaafl.

fees pay for exchanges to operate, incentivize miners to confirm transactions.

sites with minimum buy/send amounts (larger than the bare minimum possible for protocols) can get rekt though, they deserve to be disrupted.

so now you have to hold it longer hoping you can cover your fees just for buying it alone.

crypto and indeed investment in general are not friendly to short term decision-making.

Master_Bass posted...

Yup, and don't forget almost anything meaningful you can do with it is a taxable event. Want to spend it? Tax. Trade it for a different currancy? Time for taxes there too.

don't sell, don't spend, at least until permanently cashing out for good. capital gains tax basically serves to punish short-term trading.

will say though, zkp-based exchanges are going to create a hell of a lot of trouble for regulators when they arrive.

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This is why I use RobinHood. Despite the bad press it gets, you have 0% fees. That's fucking huge.

The downside is you can do absolutely nothing with your crypto, other than buy and sell...

but isn't that the best part of crypto right now?

Robot2600 posted...

This is why I use RobinHood. Despite the bad press it gets, you have 0% fees. That's fucking huge.

The downside is you can do absolutely nothing with your crypto, other than buy and sell...

but isn't that the best part of crypto right now?

Problem is though I hear that if you buy crypto on RH you don't actually "own" any crypto. I've not looked into it though so I don't know how it works

Noodles_the_dog posted...

Problem is though I hear that if you buy crypto on RH you don't actually "own" any crypto. I've not looked into it though so I don't know how it works

basically, if crypto is not secured in your own wallet (basically, sent to an address that is only manageable by your own private key that no one else knows), it's being managed by someone else's private key

so, there's (1) a potential central point of failure should the exchange or service be hacked or otherwise compromised by a third party, and (2) there's always the otherwise avoidable risk of fraudulent or malicious activity by the exchange or service itself.

i personally keep my holdings on an insured and regulatorily compliant exchange since i don't trust myself to manage that volume of value "manually" without some risk of a catastrophic blunder.

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Bump

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