pull down to refresh
280 sats \ 17 replies \ @CoSatoshi 8 Jun 2023 \ on: Rumors Prime Trust is collapsing, Swan withdrawals frozen? bitcoin
Thanks for this. Damnit, it seems that every time I think I've found a reputable and 'safe' exchange to use this happens. le sigh
There is no such thing as "safe" for custodying, there is just safe enough that you can temporarily have funds moved in as you pull bitcoin out. For very large amounts, I would send in a series of chunks to limit exposure.
reply
Right, I self-custody but still need on/off ramps. CryptoCom appears to be next on the SEC's chopping block, so they're out; thus why I'm in the market for a replacement. I've never used Coinbase nor Binance luckily (nor Voyager, Celsius).
Furthermore, Strike was my second choice after Swan until reading this article. Double-fuckt... might have to finally pull the trigger on Bisq. Been unsure about it and never went through with a transaction.
reply
Bisq can be intimidating at first, but it works. Always try to make an offer around spot price instead of taking an order from the book, if you can wait, someone will usually take your offer within a day (and that's in a CAD market, with low liquidity compared to USD or EUR)
Good luck!
I have stopped using bisq since we have a no-kyc offer now in Canada. You can load your account through the post office in cash and then buy bitcoin.
reply
I didn't know it was possible to get spot prices, thanks for the info.
reply
Strike pulled out of prime trust a few months ago and does custody itself now
reply
P2P is great and I think Nostr will lead to some even better options.
For KYC, I have been using SFox, but they aren't that big so who knows if they'll make it. Just got a sketchy email from them. https://twitter.com/DiracDel/status/1666593929049915392
reply
Webull removed Bitcoin purchasing too. Robinhood could be next.
Especially since this Wells Fargo limit is probably some type of financial stress test.
reply
the only good bitcoin-only exchange has always been river, they built their entire stack in a sovereign way so they can't be fucked with, everyone else uses shitcoining 3rd parties and will be rekt.
The only alternative is no-kyc using things like bisq
reply
They still have high fees, encourage dollar holding via DCA, and are ultimately still RFQ.
There aren't any bitcoin only brokerages that are competitive with the exchanges such as Coinbase, Gemini, BitFinnex, Kraken, or SFox (last one being the one I prefer -- lowest fees and great customer service).
reply
Cashapp
reply
you can try to save 0.1% of on fees or you can use an exchange that is not going to rug pull and has features you want
reply
You can pay 1-2% more on fees, sometimes 10% more, have a lousy experience, and possibly a greater probability of a rugpull since there is a shitcoin backend for the purpose of LARPing, or you can use an exchange that has basic features such as wires, mine are free, bidirectionally.
reply
worrying about "fees" when the dollar price is this low is ridiculous and part of a fiat mindset
reply
Not worrying about the cost of things when there are perfect alternatives is fiat mindset.
Low standard people like you do not appreciate bitcoin and it is your tolerance for shit, why everything is shit. Fuck off.
But since you are so generous, lmk, and I will provide an address where you are welcome to send 1% of your entire stack.
reply
Using shitcoiner exchanges because you are saving $10 in FIAT means you are supporting and enabling the shitcoin exchanges to take advantage of the no-coiners who are introduced to “crypto” when they are looking for Bitcoin.
$10 fee is worth supporting the Bitcoin-only companies who actually charge FAIR FEES because they aren’t making millions off scamming their other customers.
You are trash
reply
You are a fucking retard. Using Swan, meant using Prime Trust, a shitcoin platform makes way more money than if you use a normal exchange. Congratulations, your net worth is $1k and you fund shitcoin platforms 3x more than a non-LARPer.
Maybe start flipping burgers to make some more money, you ARROGANT, worthless piece of shit. Learn arithmetic, fuck face.
You are a LARPer who knows amazingly little about how these services are architected, but talk out of your ass regardless. The world would be a better place with you holding less bitcoin, but water finds its level in time. 🤡🤡🤡🤡🤡