Starting to lose my patience with Swan \ stacker news ~bitcoin

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3097 sats \ 39 comments \ @BlokchainB 22h bitcoin

I been a customer of swan for a few years. Every time they have custody issues it impacts the overall user experience which brings me to this post today.

Recently Swan has been updating its custody provider from fortress to bakkt. During this transition Swan displays two accounts one new and one legacy. Swan sent out emails saying the monthly purchases may be put on hold but everything should be operational by Dec. 1st

A few days after getting that email I get another email from Swan saying my ACH purchase was rejected because my checking account hand insufficient funds. I think to myself this is impossible I always make sure I have just enough fiat to cover my dollar obligations so I double check and sure enough my checking has enough funds to cover the purchase. I go back and check my Swan account and my account has a random balance of $1.27?!?

Since Swan paused my DCA buy I wanted to make sure I still get my DCA in for the month of November. So I do an instant buy via ACH so my attached checking account yesterday to my new bakkt account.

I check my bank account today and I noticed my savings account has a negative balance. I check to see what it is and of course it’s from bakkt swan.com. And I am thinking to myself how in the world is this even possible?!! Swan doesn’t have the account number to my savings account and my checking account has the funds to cover the purchase! I’m beside myself!

So next thing I do is try to get some customer service from Swan so I open the chat and message them and they say it can take up to 4 business days to get a reply!!

Now I gotta deal with my bank and hopefully not be charged overdraft fees over because of swan’s poor execution.

I try and support every bitcoin business that I possibly can but I think I might shut down this account with swan if they don’t get this right.

But stackers out there let this be a lesson. Try to work with bitcoin exchanges that have strong custody tech stack like River, strike, and cash app. Dealing with swan over these last years has been a headache from time to time.

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562 sats \ 5 replies \ @Undisciplined 22h

I try and support every bitcoin business that I possibly can

I share the instinct to do this, but you're right to consider dropping your support. We want to support bitcoin businesses through their early hiccups. We also don't want new bitcoiners having these kinds of experiences.

I'd say we should tolerate mistakes to the extent the business owns up to them and makes them right. Mistakes plus lack of accountability is a really bad combination.

73 sats \ 4 replies \ @grayruby 20h

The story of Swan will go down in Bitcoin history. Had a great first mover advantage, awesome marketing, celebrity and sports endorsements. Founder who had a big presence on social media. Everything going right but then they dreamed of going public and started focusing on that mission instead of what got them to the dance. Sad. Hopefully they get back on track. But let it be a lesson to all.

It makes me think of SN and while I would like SN to fly a little closer to the sun, I respect the path k00b is taking.

35 sats \ 0 replies \ @bren 19h

The CEO made a lot of noise calling out scams a couple years ago, which I don't see a problem with, but then they started having a lot of problems themselves and kind of looked bad also.

21 sats \ 1 reply \ @denlillaapan 18h

wait, closer to the sun? Wouldn't it be further away from the sun (i.e., safer, not getting consumed by hubris)?

73 sats \ 0 replies \ @Undisciplined 18h

He's only made it through the first two-thirds of the story of Icarus. Don't spoil the ending.

130 sats \ 0 replies \ @Undisciplined 19h

Yeah, organic growth that improves your current users' experience isn't flashy, but it is sustainable.

477 sats \ 0 replies \ @siggy47 22h

I had similar, frustrating experiences with Swan before I closed my account.

58 sats \ 0 replies \ @TheWildHustle 22h

Never had a problem with strike or cash app.

15 sats \ 0 replies \ @aS7017ur5 22h

I have always use cash app.

132 sats \ 0 replies \ @Jon_Hodl 14h

I have had some frustrations like this as well.

My biggest issue is the 10 day waiting period for deposits to clear their system. It always resulted in me having to do all sorts of calculations to see which money was used to buy which sats.

It also lumped my referral commissions as a regular buy which made it difficult to calculate my income since all of those payments were lumped together.

On paper, referral payments and my DCA look the same.

162 sats \ 3 replies \ @grayruby 20h

Isn't Trump's media company buying Bakkt?

102 sats \ 2 replies \ @tenshi 14h

If this happens, I'm out at swan. The last thing I want is a trump company holding my sats for 10 days. I was going to try strike, but when I went to link my account plaid wanted me to log in to my bank with username and password. I know strike is legit, but that was too much. I denied by river, but I'll have to try again.

106 sats \ 1 reply \ @ek 13h

I was going to try strike, but when I went to link my account plaid wanted me to log in to my bank with username and password

Do you have to use Plaid? I received a unique Strike deposit address so I could simply deposit money into Strike using SEPA instant.

40 sats \ 0 replies \ @tenshi 11h

It could be different for you, but that's the service I was forwarded to.

183 sats \ 6 replies \ @DarthCoin 20h

I still wonder why people are so masochists with this shitty DCA? WHY IN THE HELL NOT ALL IN AT ONCE AND FORGET ABOUT FIAT? DCA is for pussies.

10 sats \ 1 reply \ @tenshi 11h

so we don't get reckt dummy

0 sats \ 0 replies \ @DarthCoin 3h

so... pussies

0 sats \ 3 replies \ @BlokchainB OP 20h

I get paid every month in fiat. I work a fiat job. This doesn’t make any sense 😆

100 sats \ 2 replies \ @DarthCoin 19h

Use Bitwage. Case closed. Live happy. https://darth-coin.github.io/beginner/be-paid-in-bitcoin-using-bitwage-en.html

20 sats \ 0 replies \ @BlokchainB OP 18h

Trust me every single dollar I get goes to BTC! I follow your model cold storage and spending wallets. When I need dollars I send it from my lightning wallet

0 sats \ 0 replies \ @0399c7c83b 19h

This is fascinating. Any kyc?

114 sats \ 6 replies \ @Roll 22h

And why not Bisq, Robosats, Peachbitcoin ....to avoid all those issues ??

163 sats \ 3 replies \ @BlokchainB OP 21h

Too much work to DCA. I was DCA with bisq using money orders and it was a pain in the ass

55 sats \ 1 reply \ @john_doe 20h

I was a international customer at Swan until they stopped providing services for non US people. I must say coming from Swan Robosats was flawless. Particularly so if you use USD as a currency.

0 sats \ 0 replies \ @028559d218 17h

This is cool

45 sats \ 0 replies \ @Roll 21h

sometimes we have to change our way of doing things....

0 sats \ 1 reply \ @ndBlindDog 19h freebie

I would like to use Robosats, but if I am paying with a kyc fiat account whats the point?

68 sats \ 2 replies \ @SimpleStacker 21h

What transactions do you see on each side? Has Swan been making unauthorized withdrawals? Or simply they they've been withdrawing from your savings account when it should have been checking?

0 sats \ 1 reply \ @BlokchainB OP 20h

On swan side it’s saying ACH complete from my checking act. Coins will be unlocked in about 10 days. On my bank side it’s shows pending negative balance on my savings account. Why I’m dumbfounded by this

0 sats \ 0 replies \ @bren 19h

Did they pull from checking and it overdrafted and pulled the funds from savings as overdraft protection?

54 sats \ 1 reply \ @TNStacker 20h

I gave up after the last custody partner fiasco and mining whatever TF that was.

21 sats \ 0 replies \ @028559d218 17h

The mining stuff was cool. I support more mining always.

However the drama at Swan (apparently?) has been unnecessary

0 sats \ 0 replies \ @Signal312 7h

Robosats. Little bit more hassle, maybe. But it works, and it's not KYC.

0 sats \ 0 replies \ @BitcoinIsTheFuture 7h

Yeah I was on crappy exchanges, then swan, now a river. I love River plus the cash you have pays a BTC dividend as is FDIC insured. PF course I send to cold storage as well

0 sats \ 0 replies \ @028559d218 17h

Try River

0 sats \ 0 replies \ @hyperfree 19h

Thankfully there are also providers like River, CashApp, Coinbits or bold.

0 sats \ 0 replies \ @BlokchainB OP 21h

I really should proofread my posts😅 lots of typos in this one. Drawbacks of using mobile for long from writing

0 sats \ 0 replies \ @ndBlindDog 19h freebie

River is great... I also moved my fiat savings account over to grab the 3.8% paid in Bitcoin.