• "Spreading the ideas of freedom loving people on matters regarding metals, finance, politics, government and many other topics"

Coinbase to allow paycheck direct deposit

<SLV>

Platinum Bling
Sr Site Supporter
Platinum Bling
Joined
Apr 1, 2010
Messages
6,499
Reaction score
10,883

spinalcracker

On a mail train.
Platinum Bling
Midas Supporter ++
Joined
Apr 1, 2010
Messages
6,327
Reaction score
18,270
Location
On a mail train.
I’ve been using my Coinbase debit card for a couple months now and am looking forward to the rewards
 

ZZZZZ

Midas Member
Midas Member
Sr Site Supporter
Joined
Dec 23, 2017
Messages
8,471
Reaction score
19,382
Location
Northern Arizona
The volatility of cryptos and direct deposit of a paycheck into crypto makes me nervous.

I just signed up for a visa credit card from BlockFI that earns 1.5% bitcoin back (rather than cash back).
 

ds_mustang

Libertarian, Capitalist, Software guy
Silver Miner
Joined
Apr 1, 2010
Messages
1,473
Reaction score
1,322
The CEO of Twitter tweeted the other day: "Hyperinflation is going to change everything. It’s happening."

As mass social awareness of inflation happens, hyperinflation becomes a self fulfilling prophecy. And as people look for protection from the inflation, they will find the best practical hard money protection that is already in widespread use is crypto. And as more people adopt crypto the less everyone will need banks and fiat, and that system will rapidly be abandoned (which is what hyperinflation is).

We are setting up for the hyper adoption of a new money. You can see it happening already. I'm not sure if gold has a role, though I suspect it eventually will, but crypto definitely has a role.
 

the_shootist

Mother Lode Found
Sr Midas Sup +++
Mother Lode
Joined
May 31, 2015
Messages
71,164
Reaction score
149,944
The easier it gets to dump your value into cryptos the more I'm suspicious of the entire fake digital currency push. The same Fed (((people))) are pushing the buttons in the background me thinks

I may be missing a huge opportunity but I'll stick to what got me here during this crazy time of uncertainty and deception(stacking physical wealth and holding it)
 
Last edited:

Buck

Where'd My Country Go?
Sr Site Supporter
Mother Lode
Joined
Apr 13, 2011
Messages
23,140
Reaction score
29,984
...strange, how is the FDIC covering this deposit?


so, no guarantees at all...

i'd rather take my chances with something else, like maybe direct deposit with Goldman Sachs...
 

Buck

Where'd My Country Go?
Sr Site Supporter
Mother Lode
Joined
Apr 13, 2011
Messages
23,140
Reaction score
29,984
...and i read this

"First, financial experts generally recommend that people have reached a few other financial milestones before putting money into volatile assets such as cryptocurrencies.

That includes things such as having solid retirement savings in either a 401(k) plan or individual retirement account. You should also have emergency savings on hand — experts recommend three to six months of expenses."


just thinking:
according to many reports from just a few years ago, most Americans don't qualify.....yet the propaganda doesn't really reflect this sentiment with FOMO being the incentive today




...that seems careless, bordering on unethical
 

Buck

Where'd My Country Go?
Sr Site Supporter
Mother Lode
Joined
Apr 13, 2011
Messages
23,140
Reaction score
29,984
...and this, very hypocritical of themselves:

"Invest what you’re willing to lose — it’s almost like going to Vegas,” said Daniel Rodriguez, chief operating officer of Hill Wealth Strategies in Richmond, Virginia, adding that he’d recommend a small portion of one’s paycheck.

But people who believe in cryptocurrency and have a higher risk tolerance may want to put in larger portions.

For some, that might be 5% to 10% of their investible assets, according to Boneparth. Others may want to invest even more, depending on their convictions and overall financial situation."


see the progression? if you don't play, you can't win...sounds like a marketing group designed to get you to part with your cash
 

Buck

Where'd My Country Go?
Sr Site Supporter
Mother Lode
Joined
Apr 13, 2011
Messages
23,140
Reaction score
29,984
anyone know where i can buy a bottle of snake oil?
 

Lancers32

Site Supporter
Site Supporter
Platinum Bling
Joined
May 10, 2020
Messages
3,789
Reaction score
5,054
Location
NC
FDIC won't help if you have cash in a bank if things go bad but if you want to participate in crypto currencies there are other ways to do it.
 

the_shootist

Mother Lode Found
Sr Midas Sup +++
Mother Lode
Joined
May 31, 2015
Messages
71,164
Reaction score
149,944
FDIC won't help if you have cash in a bank if things go bad but if you want to participate in crypto currencies there are other ways to do it.
FDIC 'insurance' is a scam. If the banks go into free fall the FDIC ain't going to refund shit
 

Buck

Where'd My Country Go?
Sr Site Supporter
Mother Lode
Joined
Apr 13, 2011
Messages
23,140
Reaction score
29,984

ZZZZZ

Midas Member
Midas Member
Sr Site Supporter
Joined
Dec 23, 2017
Messages
8,471
Reaction score
19,382
Location
Northern Arizona
Rand is right. It's just a question of when, and how the world gets there.

 

Buck

Where'd My Country Go?
Sr Site Supporter
Mother Lode
Joined
Apr 13, 2011
Messages
23,140
Reaction score
29,984
Coinbase accounts are insured for 250k.
here we go:

"Coinbase carries crime insurance that protects a portion of digital assets held across our storage systems against losses from theft, including cybersecurity breaches. However, our policy does not cover any losses resulting from unauthorized access to your personal Coinbase or Coinbase Pro account(s) due to a breach or loss of your credentials. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and Coinbase Pro. "


"In case of a covered security event, we will endeavor to make you whole. However, total losses may exceed insurance recoveries so your funds may still be lost."

...and this makes me think a bit...

"To the extent U.S. customer funds are held as cash, they are maintained in pooled custodial accounts at one or more banks insured by the FDIC."


...so, my uninvested portion of cash is 'pooled' and deposited into an account that's covered by FDIC


i wonder how many accounts have 'portions of cash' that are 'pooled' into accounts worth less than $250,000.00?

anything above that amount is technically Not Insured...




i'll just suppose they're leaving out some huge pieces of information
 

Buck

Where'd My Country Go?
Sr Site Supporter
Mother Lode
Joined
Apr 13, 2011
Messages
23,140
Reaction score
29,984
...like, the crypto that's used to make people whole? will that occur before / after / in spite of the fact they've not recovered the entire loss?


where is that replacement crypto being inflated from? maybe i should ask: what is that replacement crypto being inflated from?
 

Fiat Metaler

Gold Member
Gold Chaser
Joined
Apr 2, 2010
Messages
2,212
Reaction score
1,538
The idea is not to blow your whole paycheck on crypto, but to save in crypto rather than dollars.

I think that makes a lot of sense.

As for volatility, sure there is that, but this facilitates dollar-cost averaging. Investing a little each week averages out the price over time and reduces volatility.

There is little point and a lot of risk (talk about your volatility) in saving in dollars.

Anecdotally, some believe this is slowing the growth of banking deposits. This is the trickle that is going to become a flood. Eventually deposits held in banks are going to decline, especially in this high-inflation no-interest environment. Declining deposits means declining loan books which means declining banks. Down South, that's called a damn shame.
 

the_shootist

Mother Lode Found
Sr Midas Sup +++
Mother Lode
Joined
May 31, 2015
Messages
71,164
Reaction score
149,944
I'm highly diversified and have enough wealth tied up in high risk areas. They're called IRAs and 401Ks. I have no appetite for taking on more risk in unknown areas.
 
Last edited:

Buck

Where'd My Country Go?
Sr Site Supporter
Mother Lode
Joined
Apr 13, 2011
Messages
23,140
Reaction score
29,984
The idea is not to blow your whole paycheck on crypto, but to save in crypto rather than dollars.

I think that makes a lot of sense.

As for volatility, sure there is that, but this facilitates dollar-cost averaging. Investing a little each week averages out the price over time and reduces volatility.

There is little point and a lot of risk (talk about your volatility) in saving in dollars.

Anecdotally, some believe this is slowing the growth of banking deposits. This is the trickle that is going to become a flood. Eventually deposits held in banks are going to decline, especially in this high-inflation no-interest environment. Declining deposits means declining loan books which means declining banks. Down South, that's called a damn shame.
idk, my quick skim led me to believe i was to direct deposit my entire check to them...

is it possible to have my paycheck direct deposited into multiple accounts? i've never heard of that before
 

<SLV>

Platinum Bling
Sr Site Supporter
Platinum Bling
Joined
Apr 1, 2010
Messages
6,499
Reaction score
10,883
As a thought experiment, it is interesting to think of going strictly to Bitcoin. Getting paid in Bitcoin, saving in Bitcoin, spending in Bitcoin.

We can't be too far from this becoming a real possibility (with dollar conversions at more than one step). Eventually no conversion to USD in the process?
 

Buck

Where'd My Country Go?
Sr Site Supporter
Mother Lode
Joined
Apr 13, 2011
Messages
23,140
Reaction score
29,984
As a thought experiment, it is interesting to think of going strictly to Bitcoin. Getting paid in Bitcoin, saving in Bitcoin, spending in Bitcoin.

We can't be too far from this becoming a real possibility (with dollar conversions at more than one step). Eventually no conversion to USD in the process?
...just think of the 'new laws' that have to be created, supposedly for us to be safer from one another...


any implementation won't just be a single, one-off event
 

Silvergun

Silver Member
Silver Miner
Joined
Jul 26, 2011
Messages
1,097
Reaction score
1,824
Location
Commie-fornia
The idea is not to blow your whole paycheck on crypto, but to save in crypto rather than dollars.

I think that makes a lot of sense.

As for volatility, sure there is that, but this facilitates dollar-cost averaging. Investing a little each week averages out the price over time and reduces volatility.

There is little point and a lot of risk (talk about your volatility) in saving in dollars.

Anecdotally, some believe this is slowing the growth of banking deposits. This is the trickle that is going to become a flood. Eventually deposits held in banks are going to decline, especially in this high-inflation no-interest environment. Declining deposits means declining loan books which means declining banks. Down South, that's called a damn shame.
Interesting. Im a bit freaked out by Crypto to be honest with you. I more relate to the "if you don't hold it you don't own it" mindset, but that goes against my 401k, IRA, etc.that I also do. I feel that the diversification basket should likely expand soon.

I'm highly diversified and have enough wealth tied up in high risk areas. They're called IRAs and 401Ks. I have no appetite for taking on more risk in unknown areas.
I agree, but what's going to happen to these in hyperinflation?



Will the stock market and/or 401k revalue these companies value in the new currency?

I think this is an important conversation to have. The dollars day is limited and its my job to assure my family is adequately supplied for to the best of my abilities. I have been a strict follower of Dave Ramsey, but money in the bank is losing purchasing power. Savers wealth is being destroyed. I feel that we need to adjust our investing to protect us for the future.
 

ZZZZZ

Midas Member
Midas Member
Sr Site Supporter
Joined
Dec 23, 2017
Messages
8,471
Reaction score
19,382
Location
Northern Arizona
As a thought experiment, it is interesting to think of going strictly to Bitcoin. Getting paid in Bitcoin, saving in Bitcoin, spending in Bitcoin.

We can't be too far from this becoming a real possibility (with dollar conversions at more than one step). Eventually no conversion to USD in the process?

It worked well...

... for gold and silver.

The paper "dollar" was just an easily transferable and portable warehouse receipt for the physical metal.
.
.
 

TAEZZAR

LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH
Midas Member
Sr Midas Sup +++
GIM Hall Of Fame
Survivor
Joined
Apr 2, 2010
Messages
23,608
Reaction score
49,606
Location
ORYGUN
The easier it gets to dump your value into cryptos the more I'm suspicious of the entire fake digital currency push. The same Fed (((people))) are pushing the buttons in the background me thinks

I may be missing a huge opportunity but I'll stick to what got me here during this crazy time of uncertainty and deception(stacking physical wealth and holding it)
Me three !!
 

Silvergun

Silver Member
Silver Miner
Joined
Jul 26, 2011
Messages
1,097
Reaction score
1,824
Location
Commie-fornia
Lots of poeple on youtube that are making videos on inflation proof investing by buy realestate at a 20/80 ratio of equity/loan value to avoid PMI then renting it out for tenants to cover your mortgage and then rinse repeat every 8-12 years with a new 20/80 refi, taking out cash and buying up more property 20/80 ratio over and over. Its the refi til you die strategy.

Very risky, but it keeps up with inflation...

Whats cryptos role in investing during inflationary times?
 

TAEZZAR

LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH
Midas Member
Sr Midas Sup +++
GIM Hall Of Fame
Survivor
Joined
Apr 2, 2010
Messages
23,608
Reaction score
49,606
Location
ORYGUN
First rule of "Crypto Club": Do NOT keep your crypto on exchanges.
Second rule of "Crypto Club": Do Not keep your crypto on exchanges.

THIRD rule of "crypto" - "If you don't hold it, you don't own it" ! :gracious: :2 thumbs up::finished::gold:

AND, as shootie said "
The easier it gets to dump your value into cryptos the more I'm suspicious of the entire fake digital currency push. The same Fed (((people))) are pushing the buttons in the background me thinks

I may be missing a huge opportunity but I'll stick to what got me here during this crazy time of uncertainty and deception(stacking physical wealth and holding it)
 

gnome

Site Supporter
Midas Member
Site Supporter
Joined
Apr 10, 2010
Messages
6,274
Reaction score
5,388
Can't end well.
Bullish for coinbase, but for the speculators it sounds about as smart as having direct deposit to Las Vegas.
 

<SLV>

Platinum Bling
Sr Site Supporter
Platinum Bling
Joined
Apr 1, 2010
Messages
6,499
Reaction score
10,883
Bullish for coinbase, but for the speculators it sounds about as smart as having direct deposit to Las Vegas.
Bitcoin will stabilize in price. It will become valued for its utility rather than its capital "gains".
 

Lancers32

Site Supporter
Site Supporter
Platinum Bling
Joined
May 10, 2020
Messages
3,789
Reaction score
5,054
Location
NC
Bitcoin will stabilize in price. It will become valued for its utility rather than its capital "gains".

I think that might be down the road a piece.
 

<SLV>

Platinum Bling
Sr Site Supporter
Platinum Bling
Joined
Apr 1, 2010
Messages
6,499
Reaction score
10,883
I think that might be down the road a piece.
Agree. And after it becomes sovereign reserves it will likely stabilize around $5M.
 

Casey Jones

Train left the station...
Gold Chaser
Joined
Apr 4, 2020
Messages
7,458
Reaction score
12,043
Location
Down the road from the Kaczynski ranch
...strange, how is the FDIC covering this deposit?


so, no guarantees at all...

i'd rather take my chances with something else, like maybe direct deposit with Goldman Sachs...
Paper for check.

Bullion for paper.

Safe for bullion.

Done.

After all the hacks, potential hacks, including fraud by these exchanges (see "Mt. Gox") I'd be DAMNED if I'd put my pay in such a program/pool/ap.
 

Casey Jones

Train left the station...
Gold Chaser
Joined
Apr 4, 2020
Messages
7,458
Reaction score
12,043
Location
Down the road from the Kaczynski ranch
...How long is the government going to PERMIT this crypto game to go on?

Make no mistake. Government is ALLOWING this - which it could easily shut down and probably do use as a data-mining source. It's the OPPOSITE of anonymity - connecting pseudonyms is not hard, and once that is done, your entire history is right there in the file ledger.

I've made my opinion known - that this is permitted to take pressure off what should be a flight to precious metals - but be that as it may, UNLIKE physical possession of physical money, this could easily be abolished, and will be at some future date.