[Boston-Sean]

Not saying this applies to anyone in this thread ...

[DaddyD]

Originally Posted by Debfrommaine

When setting up a coinbase account they want bank username and password.....can't do it.

I have a coinbase (& coinbase pro) account and make ACH transfers from my bank to coinbase. I had to give coinbase my banks routing # and of course my checking account #, but I definitely did NOT have to give them the username and password I use to log in to my bank account.

[DaddyD]

Originally Posted by RI401

FDIC does insure the coinbase platform. Just make sure its US based, some are outside the country. Starting to see Bitcoin atk/kiosks in the Villages. Fidelity has started a crypto division as well as Paypal and others.
Bud

Insurance at coinbase does NOT cover any coins you have stored at coinbase. The only insurance that you have is for U.S. dollars in your account at coinbase.

[RI401]

Originally Posted by DaddyD

Insurance at coinbase does NOT cover any coins you have stored at coinbase. The only insurance that you have is for U.S. dollars in your account at coinbase.

You protect the crypto using a hardware (cold storage wallet). Because they are not actually coins.
Bud

[CoachKandSportsguy]

Originally Posted by DAVES

The tax man sees all and demands his cut.

LOL! man turns down winning lottery tickets because he can't keep it all. Afraid to make extra money because he has to share. . .

Per this belief, one should only make the minimum amount of money which he doesn't share with anyone else. . .

where do these misguided beliefs about making money come from?

[lkagele]

Originally Posted by DAVES

The dollar is backed by the full faith and credit of the United States.
Good luck if you decide to play this game. Aside, reality the S&P average as of 3/30/21, for the year is up 56.35%.

That's a hoot. The full faith and credit of the US ain't what it used to be. Federal Reserve founded in 1913 and its subsequent manipulation of our currency has resulted in a 99% decline in the dollars purchasing power. Roosevelt making gold ownership illegal and Nixon taking the US off the gold standard subsequently contributed.

The fact there's a limited supply of BitCoin, it can't be manipulated by a greedy government and every transaction is transparent for all to see are reasons why many find it so attractive. Those same reasons are why it scares the hell out of politicians, the Treasury Department and the Federal Reserve. No more manipulation? My God, how do you expect a government to survive?......

BTW, the S&P is up around 8% +/- YTD.

[Debfrommaine]

Originally Posted by Debfrommaine

My comfort level just isn't there yet. The gal at the bank said it would be secure but......ugh.....can't wrap my head around that info being in cyber space.....just yet.

It is Coinbase who wants my bank online user name and password when setting up an account......anyone else having a feeling about this? Thanks

[Malsua]

Originally Posted by Debfrommaine

It is Coinbase who wants my bank online user name and password when setting up an account......anyone else having a feeling about this? Thanks

Coinbase is the world's largest crypto currency exchange. If they were stealing bank accounts, they'd be sued out of business by now.

That said, I am not worried about Coinbase stealing my banking info. I am worried about providing it and someone else stealing my info from Coinbase.

This is why I created an account at ALLY bank. It's online, free and takes very little time. It's a real FDIC insured bank based in UTAH. I put money in there from my main bank account. I gave that information to Coinbase. If it gets compromised, I'm out a few hundred max until the FDIC insurance kicks in. It doesn't interrupt all the regular deposits and bill payments and such. I.e. it's a buffer. ALLY is also crypto friendly, so sending money to Coinbase won't get blocked, like my regular bank did to me some years ago.

[DaddyD]

Originally Posted by Malsua

Coinbase is the world's largest crypto currency exchange. If they were stealing bank accounts, they'd be sued out of business by now.

That said, I am not worried about Coinbase stealing my banking info. I am worried about providing it and someone else stealing my info from Coinbase.

This is why I created an account at ALLY bank. It's online, free and takes very little time. It's a real FDIC insured bank based in UTAH. I put money in there from my main bank account. I gave that information to Coinbase. If it gets compromised, I'm out a few hundred max until the FDIC insurance kicks in. It doesn't interrupt all the regular deposits and bill payments and such. I.e. it's a buffer. ALLY is also crypto friendly, so sending money to Coinbase won't get blocked, like my regular bank did to me some years ago.

@Malsua I think your solution is a good one, and everything that I've heard & read about Ally Bank has been positive. It just sucks that we've got to jump thru these extra hoops.

Emotionally I'm not comfortable giving 3rd parties my primary bank log-in information, for exactly the reasons you stated, though it truth it's probably very safe.

Oddly, when I created my Coinbase account, I'm 99% positive I was not required to share my bank account # and log-in with them. However, I opened an account at Gemini recently, and there are only two options for linking my bank account with Gemini in order to send money to Gemini--either give Gemini (actually a 4th party--"Plaid") my bank log-in info (user name & password) or have my bank send money to Gemini via old fashion wire transfer (which will probably cost me $25).

Presumably after the first wire transfer I'll be able to send future transfers from my bank to Gemini via free ACH transfers, but man, what a costly PITA!

[stan the man]

Generation gap. Don't worry the US has all that gold in Fort Knox Right ??? And a limited of currency printed

[Malsua]

Originally Posted by DaddyD

@Malsua I think your solution is a good one, and everything that I've heard & read about Ally Bank has been positive. It just sucks that we've got to jump thru these extra hoops.

Emotionally I'm not comfortable giving 3rd parties my primary bank log-in information, for exactly the reasons you stated, though it truth it's probably very safe.

Oddly, when I created my Coinbase account, I'm 99% positive I was not required to share my bank account # and log-in with them. However, I opened an account at Gemini recently, and there are only two options for linking my bank account with Gemini in order to send money to Gemini--either give Gemini (actually a 4th party--"Plaid") my bank log-in info (user name & password) or have my bank send money to Gemini via old fashion wire transfer (which will probably cost me $25).

Presumably after the first wire transfer I'll be able to send future transfers from my bank to Gemini via free ACH transfers, but man, what a costly PITA!

When I created my coinbase account back in 2015, I was not required to give them the log in credentials to my bank account.

When I went to actually buy some BTC in 2020, it required the banking credentials which prompted me to get the ALLY account. Even though I already could trade and hold crypto. Clearly the Feds updated identification requirements.

[JoelJohnson]

In college I had a professor tell us "Don't invest beyond the sleeping point", if you so much invested you can't sleep, you have too much invested. This is true of crypto currency.

[DaddyD]

Originally Posted by JoelJohnson

In college I had a professor tell us "Don't invest beyond the sleeping point", if you so much invested you can't sleep, you have too much invested. This is true of crypto currency.

Sounds very reasonable.

imo crypto isn't pure gambling as some seem to think, but it definitely falls on the speculative side of things. At least for now.

For most (especially older) investors, I think anywhere under 5% of networth is the sweet spot. Only invest what you can afford to lose.

[DylanTodd]

If any likes ridiculously speculative alt coins check out ElonGate, a meme coin similar to doge coin, up 127% today
It is really tricky to purchase though, I think you have to go through Binance. There are several youtube video that apparently show how to do it.

[J1ceasar]

And maybe intangible, but so is options wrap around, and many other things on the investment market. The main thing is never put too much of your Capital into any one thing and enjoy life and don't worry