CFTC Orders Coinbase Inc. To Pay $6.5M Penalty

Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by matheusmoreira on Friday March 19, 2021 @11:45PM (#26520661)

What is the point of an exchange that doesn't let users deposit and withdraw coins? Their only purpose is trading. All assets should be stored in hardware wallets when not being traded.

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by sn_master on Friday March 19, 2021 @11:48PM (#26520674)

Yes. If all exchanges were only for trading, crypto will go bust since you won't be able to use them to buy anything from the real world.

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by freeone3000 on Saturday March 20, 2021 @01:20AM (#26520961)

Do people buy real world things with cryptocurrency now? Is this even a requirement? People aren't buying anything with GameStop stock, but it seems to be doing fine.

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by zakember on Saturday March 20, 2021 @07:19AM (#26522297)

Those are definitely different things. Owning a GameStop stock gives you a small ownership and right to their profits (in form of dividends) in real money.

Owning a cryptocurrency means nothing if you can't actually use it as a currency in real world.

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by freeone3000 on Saturday March 20, 2021 @01:08PM (#26524456)

Owning a cryptocurrency gives you the right to exchange it for real money later -- and usually way more money! Speculation is fun, and profitable!

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by sn_master on Saturday March 20, 2021 @01:28AM (#26520988)

Yes, dark web markets are booming. dark.fail is a good starting point if you want to explore them.

GameStop won't keep increasing for ten years, like crypto did, without some real world fundamentals.

Even in GME case, you have the short sellers as a backbone for its rise, not just buying and selling for the sake of it. Without the short sellers, GME wouldn't have risen up that much.

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by meowface on Saturday March 20, 2021 @02:56AM (#26521329)

>Yes, dark web markets are booming. dark.fail is a good starting point if you want to explore them.

Any decent one is using Monero, which isn't necessarily the target of a ton of speculation, I think.

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by rocqua on Saturday March 20, 2021 @04:02AM (#26521543)

The on-ramp to monero is usually through bitcoin.

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by sn_master on Saturday March 20, 2021 @11:36AM (#26523854)

and the price of Monero is correlated to BTC because of that. it'll be a long time before xmr becomes independent, if ever.

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by meowface on Saturday March 20, 2021 @11:08AM (#26523685)

True.

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by knocte on Saturday March 20, 2021 @02:18AM (#26521175)

Definitely. Personally I only buy flights&hotels (&Amazon via Purse.io) with crypto.

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by jcpham2 on Saturday March 20, 2021 @09:11AM (#26522964)

Mostly homes and mortgages for me, not so much tangible objects as ramming a few hundred k back down JP Morgan’s throat.

Disclosure: my sell orders are always higher than the current market rate

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by matheusmoreira on Saturday March 20, 2021 @11:23AM (#26523769)

I want to withdraw cryptocurrency to keep the funds safe, not to spend it. Exchanges are single points of failure and we can expect to lose it all if their security is breached.

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Re:CFTC Orders Coinbase Inc. To Pay $6.5M Penalty by nikanj on Saturday March 20, 2021 @12:14PM (#26524102)

People seem quite happy to plow money into NFTs, though you can't use them for anything besides selling to a greater fool.

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