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1  Economy / Exchanges / Re: Is Ledger Live's new feature to buy crypto a scam? (evidence provided) on: June 23, 2020, 04:26:38 PM
Received this reply from Coinify:

Quote
   

thank you for your message!

Please note that card transaction's rates are locked and bitcoins are delivered within minutes. We always send what we quoted during the placing of the trade. That means the equivalent in Bitcoins to the fiat amount (EUR/USD/GBP/DKK) you decide to buy.

Let's say you buy 50 GBP, we send you its equivalent in bitcoins at the current rate at the time of processing. That amount of Bitcoins is on your trade flow confirmation, Trade History menu, Trade receipt sent by email, and Blockchain transaction log.

Because the rate changes constantly, if you look at that BTC amount in GBP, the number will fluctuate constantly too. What was £50 at the moment processing can be £55.50 or £37.80 at any given time, even if you don't use those bitcoins ever the balance in GBP will change in your wallet according to the fluctuation in the exchange rate. The amount displayed in fiat will also differ from the amount bought given that your wallet might use a different exchange rate than Coinify does.
For your order, we quoted 0.11393227 BTC and that is what we delivered

You must consider the fact that the wallet providers use a different exchange rate than ours for calculating the value of your wallet balance. Therefore, the value of your balance can differ, but the amount you will have will be the one promised on the receipt.

When you place a trade form a Ledger, the amount of BTC to be delivered to you is shown before you enter your card details and etc., if you decide to proceed, we deliver the amount we promised - same in your case, we delivered the amount which was promised 0.11393227 BTC

In addition, please note that we are not an exchange ourselves, we offer payment processing and brokerage services for individuals wanting to buy/sell bitcoins.

Let me know if you have any additional questions.
Best Regards,

^^ not sure it says much beyond 'you received what we promised to deliver for x price'. Price was also stable at the time on exchanges so not sure why they bring that up at all.
2  Economy / Exchanges / Re: Is Ledger Live's new feature to buy crypto a scam? (evidence provided) on: June 23, 2020, 03:38:14 PM
So the 'hidden fee' is simply that they set their own price for what a bitcoin is worth, far above the price on big exchanges?

I will definitely be avoiding them. A shame that Ledger includes such a rip-off built into their software.

Also, the btc I purchased at these rip-off prices has shown up in ledger live, but with zero confirmations... but seems to have confirmations shown on explorer.

It's been over 24 hours... So, it's a rip-off and extremely slow. puke.

3  Economy / Exchanges / Is Ledger Live's new feature to buy crypto a scam? (evidence provided) on: June 21, 2020, 10:31:34 PM
So today I discovered that one can now buy bitcoin directly inside the Ledger Live software, powered by Coinify.

But something appears quite wrong... let me show you:

Current price of bitcoin as of typing this, 7552 British pounds.

And the details of the purchase I was about to make in ledger live, at same moment that btc was 7552 pounds (as shown on kraken and bitstamp):

Quote
Your purchase
To be received:
0.11496514 BTC

Amount:
905.00 GBP

Handling fee (4.5%)
40.73 GBP

Total cost:
945.73 GBP

Transaction time
~1 hour

So what's wrong with that? Well, according to Coinify, their fees are:

Quote
Handling fee
A fee applied on top of your purchase amount.
This is a fee Coinify charges in regards to processing and administrating transactions. It depends on the type of trade and payment method.

Show details
Conversion fee
A fee deducted from the purchased cryptocurrency amount.
For all purchases done in currencies other than USD, a foreign exchange fee of 0.50% applies.

Network fee
A fee deducted from the purchased cryptocurrency amount.
It is required to transfer the funds to you. It depends on the network's current transaction volumes. You can find more information about it here.

The handling fee is 4.5% (this is shown as 4.5% in the 'checkout summary' right before clicking buy), so 4.5% of 905 pounds is 40.725 pounds. Now on to the conversion fee, 0.5%, and 0.5% of 905 pounds is 4.52 pounds. That all makes sense, and is reflected in having to pay 945.73 pounds for 905 worth of bitcoin.

But the price of bitcoin in pounds at the time of attempting to make that purchase, was 7552 pounds. Now if you multiply the bitcoin you will receive in this case, 0.11496514 BTC, by the current bitcoin price of 7552, you get 868 pounds. So you are paying 945 pounds for 868 pounds worth of bitcoin, even after already covering the handling and conversion fee yourself on top of the original figure (905 pounds in this case) that you wanted to purchase worth of bitcoin.

Number's just don't add up... there's around a 4% discrepancy that is unexplained.

From Coinify's website:

Quote
Honesty
We promise honest rates and no hidden fees. You can find details of our fees on our pricing page and we guarantee the exchange rate of the currency for 15 minutes.
4  Economy / Speculation / Re: It's over $9000! on: January 28, 2020, 02:09:53 AM
It's good to witness that bitcoin value is now surpassing $9k level and same thing with many people, I also hoping that it will going to continue and
target another new barrier. Let's not look backwards to avoid another corrections, let the upwards movement continue and bring more positive growth
to our investment.

I bought my first bit of bitcoin today just before the rise in value. I kinda want it to go down a bit (sorry guys) so I can accumulate more.
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