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/biz/ - Business & Finance

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55268069 No.55268069 [Reply] [Original]

I have been in cryptocurrency for 11 years and this has been my fear, and it comes to fruition suddenly. They've come for the on/off ramps, and they're successfully stopping people from buying Cryptocurrency. This is kicking out a ton of normies out of the market who see their banks no longer allowing them to withdraw/deposit to the big exchanges such as Binance, they're seeing limitations on deposits, so even if we dump to 10K, many people wont even be able to take advantage of it as they're either locked out or limited by how much they can transfer.

Its all fucked up, the writing is on the wall for sure now. I feel very stupid for currently not working on an exit plan from Crypto, I am still married to the idea of Crypto taking over the financial world and I cant bring myself to leave, but I feel this will be my down fall.

I used to be able to withdraw and deposits hundreds of thousands of dollars per day from crypto to tradi and back and forth, and my bank was very pro-crypto for the last decade, until recently, where they have stopped allowing transfers to and from exchanges, out of nowhere. I cannot simply move to a new bank because 1) most banks are like this now, and 2) all the main big banks are like this and I refuse to downgrade to a small bank, who most likely is also not allowing off/on ramping anymore.

Now tell me, why the fuck is this an issue? The on/off ramps are the only way this market goes anywhere.

>> No.55268087

Every jeet in town had to shit and piss in the water and we all went along with it and you wonder why we are where we are.

>> No.55268094

So how are people going to get their crypto out and into fiat money? Which banks/countries still allow withdraw/depositing to crypto exchanges?

>> No.55268099

>>55268094
In my country, only a specific exchange, which is autistically giga-regulated by the government. The exchange also has disgusting fees and disgusting spreads and fuck all volume.

>> No.55268109

>>55268069
They're out of rope and are trying, and failing, to stabilize yet another fiat currency. This, fundamentally, cannot work, but they refuse to admit the obvious themselves (as always). While we have grown up with fiat currency and it does seem natural to us, it is an inherently unstable system due to factors they structurally cannot see.
Everyone who gets into Bitcoin has this thesis, yet worries about fiat ramps. This is an implicit contradiction; the fiat on-ramps are there to allow one to get into the stable currency, not to get out of it. It doesn't matter whether the Bitcoin-price is $2K or $2000K, for the distribution. Some people will have Bitcoin, some won't, and the exact distribution will change in the course of trading, but the point is to acquire Bitcoin, not to acquire it for a specific price. The ramps are the ramps to Noah's Ark, if you want a picturesque description.

>> No.55268114

>>55268094
>>55268099
But... even to that exchange, my bank who used to let me send $100k/day to it, now wont let me on-ramp anymore, even to that specific local exchange im talking about.

They will only let me off-ramp.


So what I have in crypto is essentially locked into crypto right now, and I have to wait for the future that one day maybe all these regulations will be relaxed and all the wheels start spinning again.

>> No.55268122

>>55268109
You're not supposed to hold bitcoin for life, what are you going to do with it? Hold it until you die? for what purpose has that achieved?


I paid off my mortgage in 2017 selling Bitcoin that I had purchased in 2015.

>> No.55268134

>>55268114
>So what I have in crypto is essentially locked into crypto right now
Can you launder it somehow by buying property or cars etc? I see people say they are doing these huge purchases with crypto all the time, not sure how easy it is

>> No.55268135

>>55268122
You're supposed to use it as money. Buying Bitcoin is just getting an alternative form of money, you can do with it what you do with money.

>> No.55268150

>>55268135
I can't buy a snickers bar with bitcoin.

>> No.55268159

>>55268069
Dude, banks are broke.
With this it'll prolong the inevitable, but it won't be avoided.

>> No.55268160

>>55268134
Not have I heard of this happening in any 1st world country, and if it did, it is some autistically extraordinary rare meme type of marketing situation.

>>55268135
Yes, I used bitcoin as a way to get myself mortgage free a 20 years earlier than expected. I'd say it did its job there fine. But I started buying in 2015.

>> No.55268161

>>55268135
In most countries you cannot buy everyday purchases with bitcoin. So if all your money is in btc, and you cannot access it, what is the point?

>> No.55268167

>>55268109
See?

>> No.55268170

>>55268150
Currently not in many places, but that is a product of the money not being widely accepted. But I also don't think that the snickers-bar is the key good that you want to purchase. You can't purchase one with a gold coin either, but you can find a buyer for a gold coin anywhere in the world. In countries like Argentina, you have the same type of situation with the USD and ARS: people make larger purchases like houses in USD, and use ARS for day-to-day liquidity.

>> No.55268195
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55268195

I should mention, I have started trading with leverage now, purely based on the fact I am not able to actually DCA anything into crypto anymore. So the only way I can obtain more crypto now is to leverage trade.

See what killing the on ramp has done to me? Literally caused me to use high risk shit, stuff Id never touch before.

>> No.55268198

>>55268094
Revolut does this instantly but not your coins and you pay a hefty fee for buying and selling

>> No.55268442

>>55268069
This has to be some kind of fud. If you really have hundreds of thousands (maybe even millions) then you can just go to a different country and cash out you fucking retard. Also you can always sell the crypto to someone you know using something like localbitcoins or something similar. Either way, youre a fucking fudder and all fudders deserve to burn in hell. Have fun being a bitch for the rest of your life, bitch.

>> No.55268825
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55268825

>>55268069
>I am still married to the idea of Crypto taking over the financial world
Even more delusional than goldbugs.
Goldbuggery is actually more likely to be the base of money in the future, as central banks actually own gold just in case shit goes tits up, but are hostile to crypto.

>> No.55268843

>>55268135
Monero is the only crypto used as a currency

>> No.55268895

>>55268442
>Akktully you can just fly thousands of miles to leave your country in order to access your money.
Do you realize how much of a spit brained nigger you sound like

>> No.55269171

just be your own bank

>> No.55269446

Nah you are just a coward you can sustain yourself if you just look for the right informstion and not be a fucking cnn normie

>> No.55270925

>>55268109
Bitcoin is not a transactional currency. You are deeply misinformed. Stop spreading bad information to people