River "unsettled" Bitcoin \ stacker news ~bitcoin

522 sats \ 18 comments \ @Jonathan_Adly 11 Jul 2023 bitcoin

What's up with buying bitcoin on River and not being able to withdraw for 6-20 days? I can understand 3-5 days where the fiat transfer settle, but how exactly does Bitcoin "settle" and what exactly takes 20 days?

This is a red flag, no? same BS as the shitcoin casinos where they "sell" you an IOU and hope you are a degenerate and sell it back on a red/green candle without actual Bitcoin being involved.

I moved from Strike where my paycheck DCA went to my lightening node with 0 days settlement. Is there someone from River here can explain?

What are good alternative there for AUTOMATIC DCA?

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20 sats \ 1 reply \ @siggy47 11 Jul 2023

I can't use River in NY, but I agree that is an unreasonable amount of time to wait to withdraw. I used Swan for a while to dca, and I found their delay to be unreasonable, but this is much worse. Do you know if this is a new policy, or has this always been the case?

22 sats \ 0 replies \ @Jonathan_Adly OP 11 Jul 2023

I have no idea - I was happy with strike for auto DCA and p2p for smash purchases. I only moved to River recently and everything is okay except this ridiculous “trust us” delay.

42 sats \ 4 replies \ @DiracDelta 11 Jul 2023

The good alternative for automatic DCA is called GetOnZero. It has the great feature of minimizing the staying poor you have fun with by reducing dollar holding to the minimum possible amount.

DCA was a meme to hook you onto lousy exchanges. You were literally marketed a trading strategy based on holding dollars and it worked on you. 🤡

20 sats \ 0 replies \ @JustinGoldberg 12 Jul 2023

I prefer lump sum, it works simpler for taxes and figuring out cap gains, in case you ever sell any.

0 sats \ 2 replies \ @sudonaka 11 Jul 2023

I really find it pathetic so many LARPers on SN complain about “KYC will confiscate your Bitcoin” then a day later they are complaining about DCA exchanges.

If you hold ANY extra dollars beyond your fiat bills- you are short bitcoin.

0 sats \ 1 reply \ @DiracDelta 11 Jul 2023

uwotmate

10 sats \ 0 replies \ @sudonaka 12 Jul 2023

I’m agreeing with you

10 sats \ 2 replies \ @WeAreAllSatoshi 11 Jul 2023

I think cash app supports automatic DCA now? I haven’t used it for that, but I have used it for one time purchases and have had good experiences.

31 sats \ 1 reply \ @siggy47 11 Jul 2023

I have been doing daily cashapp autobuys daily for more than two years without a hitch. Also, immediate withdrawal. The only negative is high fees.

20 sats \ 0 replies \ @WeAreAllSatoshi 11 Jul 2023

Yea, immediate and free withdrawals is nice. I agree the fees are a bit high.

30 sats \ 2 replies \ @ae52f929c 11 Jul 2023

This is not unusual for exchanges but I still strongly prefer River over any other service. The Bitcoin has settled but the fiat transaction has not settled. It may show as such on your end but on the banking side this can take about a week or more. There are a lot of things that happen that can slow down the settlement process so they are quoting 20 days because they know that for sure the transaction should absolutely settle or reject by that time. During this time if the transaction is rejected by the banks and is clawed back you end up in a situation where a bad actor can steal Bitcoin from an exchange. Once it is withdrawn there is no possible way to recover it. Exchange writes it off as a loss and often the fraud isn't worth perusing an individual bad actor over.

Strike has determined this is an acceptable risk and they most likely have active monitoring solutions in place to help keep that risk low, but this is risky for other reasons and no easy task to monitor.

0 sats \ 1 reply \ @tmoney 11 Jul 2023

My guess is that Strike also mitigates that risk by having much lower limits on buys/withdrawals. It's hard to follow the differences in exchanges, especially when some of the policies change based on the risk profile of the customer. In general, I buy normally on strike and if I ever get a large inflow of cash, use River.

30 sats \ 0 replies \ @ae52f929c 11 Jul 2023

Once more legal guidance is given a lot of these inconsistencies between exchanges will be cleared up and a better user experience across the board.

Reach out to Strikes customer service and put in a request to increase your limits. Be sure to specify an amount. They will do a review and get back to you. If you have a newer account you might wait a few months.

I like River because they provide a lot of stuff for taxes. The dashboards are built with that in mind from the start so you can see a detailed breakdown on your DCA.

10 sats \ 0 replies \ @badabing 11 Jul 2023

Tatum spotted smth as well: River seems to be closing quite some LN channels.

https://twitter.com/leishman/status/1678733598445166596

10 sats \ 0 replies \ @grayruby 11 Jul 2023

Yeah, this is definitely concerning.

10 sats \ 0 replies \ @sudonaka 11 Jul 2023

The dollars don’t settle in 3-5 days.

0 sats \ 0 replies \ @TheBTCManual 12 Jul 2023

Saw this tweet by Amboss saying River cut the largest amount of LN channels they've ever seen, River said they're just cleaning up channels they don't need, hmmm

https://twitter.com/ambosstech/status/1678658216392282118

0 sats \ 0 replies \ @CoSatoshi 11 Jul 2023

I did a withdrawal recently (manual, not auto) and it cleared in a couple blocks. Additionally, I had been DCA'ing for about a month, and it withdrew well over 90% of the balance total. So far I haven't experienced 20 days... more like typical 5 days seen on other platforms.