Despairo
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July 19, 2022, 03:02:03 PM |
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Today, these are the two largest exchanges with huge liquidity, DEX will not replace them, which means you will pass KYC anyway. A DEX will replace them for you if you want it to. I've never so much as registered on any centralized exchange and I've certainly never completed KYC at one, yet I would bet that I buy, sell, trade, and spend bitcoin more than ~99% of the user on this forum. I certainly wouldn't be giving up all privacy for the sake of $20 worth of some shitcoins (never mind the fees I would pay to the centralized exchange just to be allowed to swap that shitcoin in to bitcoin and withdraw the bitcoin), and I'm certainly not letting Coinbase sell my data to a data broker and risk identity theft for $20 of some shitcoins. I believe he didn't even use that DEX or instead using a fake DEX e.g. pancakeswap, uniswap, shitswap etc lol. Actually I wonder why people really need Bitcoin ASAP, like they didn't have many times to wait even for few hours or a day, if you're trading with BTC/USD or Euro pair your orders on Bisq would be completed for few hours or a day. I think when you're want to start invest on Bitcoin, you're only use your extra money, not all of your money including your emergency money. Personally I prefer to wait more longer to complete my transactions rather than waiting my coins will be unfrozen after I submit my KYC, the another thing is waiting to be completed KYC is long too.
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o_e_l_e_o
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July 20, 2022, 09:05:57 AM |
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I believe he didn't even use that DEX or instead using a fake DEX e.g. pancakeswap, uniswap, shitswap etc lol. This is something I see often. People who have never actually used a DEX talking about how there is too low volume or it is too risky to trade with other people. Meanwhile I've been using DEXs exclusively for years and have never once been scammed and never once struggled to find a trading partner (although maybe that's because I only trade in fiat/Bitcoin/Monero and not a bunch of useless shitcoins). Actually I wonder why people really need Bitcoin ASAP, like they didn't have many times to wait even for few hours or a day, if you're trading with BTC/USD or Euro pair your orders on Bisq would be completed for few hours or a day. If you are day trading to try to make profits, then sure, a centralized exchange is probably going to be your only option. But for everyone else, there is no good reason to use a centralized exchange. As you say, you don't need bitcoin now, and a DEX will work just fine. You will spend just as long (if not longer) waiting for your fiat deposit to be credited by a centralized exchange than you will waiting for the same fiat deposit to be confirmed by a peer-to-peer trading partner.
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datguy
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July 21, 2022, 10:06:45 AM |
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We are talking about cryptocurrency as a world currency, and in many regions of our planet (unfortunately) even $20 is good money. And almost everyone can do it.
Not almost everyone can do it, their FAQ state only people from 39 countries are eligible for Coinbase Earn. Additionally, at least for half of those countries, $20 is small amount of money. 3. Live in one of the following eligible countries:Austria, Australia, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Hong Kong, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, New Zealand, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Taiwan, Turkey, the United Kingdom, or the United States.
We are working hard to add more eligible countries soon.
--snip--
Of course I understand that. But don't you pass KYC in order to trade on Coinbase or Binance? It's the same thing, after all. Today, these are the two largest exchanges with huge liquidity, DEX will not replace them, which means you will pass KYC anyway. At very least, i won't perform KYC verification only to use Coinbase Earn. DEX these days also easy to use for trading between altcoin/token. That's for sure, but what I mean is that if you're going to trade on Coinbase, you'll pass KYC anyway. I'm not saying that you should do it just to pass quizzes. Of course, if you want to buy a small amount of coins, you can go to DEX, this is not a problem. But I'm not sure that many beginners will immediately go to DEX, except perhaps those to whom colleagues or friends will explain this. A person who is new to cryptocurrency will be much more comfortable making their first purchases on a reliable exchange. Fake addresses, slippage, and additional purchase of coins for gas, depending on the blockchain. All this to an inexperienced user may seem dubious and a bit complicated at the beginning.
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datguy
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July 21, 2022, 10:41:05 AM |
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Today, these are the two largest exchanges with huge liquidity, DEX will not replace them, which means you will pass KYC anyway. A DEX will replace them for you if you want it to. I've never so much as registered on any centralized exchange and I've certainly never completed KYC at one, yet I would bet that I buy, sell, trade, and spend bitcoin more than ~99% of the user on this forum. I certainly wouldn't be giving up all privacy for the sake of $20 worth of some shitcoins (never mind the fees I would pay to the centralized exchange just to be allowed to swap that shitcoin in to bitcoin and withdraw the bitcoin), and I'm certainly not letting Coinbase sell my data to a data broker and risk identity theft for $20 of some shitcoins. I believe he didn't even use that DEX or instead using a fake DEX e.g. pancakeswap, uniswap, shitswap etc lol. Actually I wonder why people really need Bitcoin ASAP, like they didn't have many times to wait even for few hours or a day, if you're trading with BTC/USD or Euro pair your orders on Bisq would be completed for few hours or a day. I think when you're want to start invest on Bitcoin, you're only use your extra money, not all of your money including your emergency money. Personally I prefer to wait more longer to complete my transactions rather than waiting my coins will be unfrozen after I submit my KYC, the another thing is waiting to be completed KYC is long too. So you wanna say, that PCS and Uniswap are fake DEXes? So what is the normal DEX in your opinion? I believe he didn't even use that DEX or instead using a fake DEX e.g. pancakeswap, uniswap, shitswap etc lol. This is something I see often. People who have never actually used a DEX talking about how there is too low volume or it is too risky to trade with other people. Meanwhile I've been using DEXs exclusively for years and have never once been scammed and never once struggled to find a trading partner (although maybe that's because I only trade in fiat/Bitcoin/Monero and not a bunch of useless shitcoins). I have been using DEX quite successfully, not for the first year. If I am new to the forum, it does not mean that I am new to crypto. I really enjoy using DEX, but just because you haven't been scammed doesn't mean everyone is. I'm lucky, I'm pretty neat about it too. But trust me, I'm on some of the biggest launchpads, and even there people post in chat almost every day that they've been scammed in one form or another. And they lose their money. Actually I wonder why people really need Bitcoin ASAP, like they didn't have many times to wait even for few hours or a day, if you're trading with BTC/USD or Euro pair your orders on Bisq would be completed for few hours or a day. If you are day trading to try to make profits, then sure, a centralized exchange is probably going to be your only option. But for everyone else, there is no good reason to use a centralized exchange. As you say, you don't need bitcoin now, and a DEX will work just fine. You will spend just as long (if not longer) waiting for your fiat deposit to be credited by a centralized exchange than you will waiting for the same fiat deposit to be confirmed by a peer-to-peer trading partner. It depends on whether you are trading or just buying, or your style in general. I wrote above that DEX will not replace CEX at this stage, not because it is somehow worse. Just in my vision, each of them is better suited for certain tasks. On CEX, it is much more convenient for me to conduct several transactions, set stop losses and takes. Especially if you trade through the terminal. In conclusion, it seems to me that our conversation went in an inappropriate direction. I just want to briefly summarize my thoughts, if someone has a different vision on this matter - this is his right, just like mine. 1. I'm not saying that you need to pass KYC just for the sake of earning a couple of bucks on quizzes. But if you are planning or already trading on Coinbase - I think this is a pretty cool option, which ideally will give you a little knowledge about this or that project. Yes, I was corrected earlier about Coinbase is only available in 39 countries. Still, it's an interesting addition. ( NOT THE MAIN REASON FOR KYC ) 2. DEX will not replace CEX. Yes, at this stage I think so. Of course, you can also swap everything on DEX. But if you are a beginner, you need to understand the principle of operation, create different wallets (or add networks in the case of Metamask), learn how to use a bridge, have gas for transactions on different blockchains. Conciliator, if you started to figure it out yesterday, it would be harder for you than just creating an account on the stock exchange. Also you are right, for day trading CEX is the only option. But if you are a trader, not just a holder, then from time to time you have to trade intraday when it is the only option the market gives right now. 3.I think both options are good and I use both CEX and DEX. There are pros and cons everywhere. If depending on your activity, you see only DEX for yourself - cool, then this functionality is enough for you.
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crwth
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Try Gunbot for a month go to -> https://gunbot.ph
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July 21, 2022, 02:01:44 PM |
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I haven't tried it, but I'm thinking of a similar thing that we have here in the country. So the one you are earning is the one you are studying, right? Like the details of the project or something? Maybe how many coins will be in existence? What blockchain does it have or will be operating in? What kind of reward system will they have?
Anyway, I think it would be better if the Learn part would be that the users can understand basic knowledge, preferably the basic things we see here in the Beginners & Help section.
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o_e_l_e_o
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I'm not saying that you need to pass KYC just for the sake of earning a couple of bucks on quizzes. But if you are planning or already trading on Coinbase - I think this is a pretty cool option, which ideally will give you a little knowledge about this or that project. I appreciate your point, but there are a few caveats worth pointing out. Firstly, if you are planning on using Coinbase and don't already have an account there, then you should absolutely change your mind and find a different exchange. They are easily the most immoral and anti-bitcoin exchange in existence, caring only about their profits at the complete expense of all their users. Secondly, recognize these "learn and earn" activities for what they really are - ways for Coinbase to make profit. You complete the activity and earn a few bucks of a shitcoin. Great. You decide to buy a bit more of that shitcoin - Coinbase profits, and you lose out because the shitcoin loses value against bitcoin long term. You decide to withdraw that shitcoin - Coinbase now links your shitcoin wallet to your real identity and sells that to third parties. You simply hold the shitcoin in your Coinbase wallet - well, you haven't actually earned anything at all. So, if and only if you already have a fully KYCed Coinbase account and you plan to immediately sell the shitcoin you earn for bitcoin (and of course pay the trading and withdrawal fees), then completing these activities might not be a complete waste of time. For everyone else, they should steer clear.
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PrimeNumber7
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July 24, 2022, 09:13:06 PM |
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Very targeted ads with all the kyc information behind them. And this "Learn and Earn" nonsense provides them with even more data, as I pointed out to OP previously: https://bitcointalk.org/index.php?topic=5400526.msg60247776#msg60247776. You start withdrawing these "free" coins and now you are linking more and more of your addresses and wallets to all the KYC data Coinbase holds about you, which will be monetized, sold, and shared endlessly with dozens of third parties. I've never considered withdrawing, nor buying more of the coins from Coinbase learn. I always immediately transferred the coin to Coinbase Pro and sold them for bitcoin. The videos are ads, but they are not good ads. My take on the Coinbase Learn and Earn is that it is a total scam... They pay the "earn" part out as taxable income last I checked, and they give you $3 in a (usually worthless) currency. So right off the bat you're on the hook for nearly $1 in taxes. Then, they charge you something like $2 in fees if you want to sell it.
If you don't have access to Coinbase Pro, there is really no reason to use CB earn. The fees on Pro are negligible, while the fees on CB proper are quite high on smaller transactions (they are high in general, but are very high on small txs).
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datguy
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July 25, 2022, 10:22:57 AM |
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But if DEX don't hold money, where the liquidity come from?
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o_e_l_e_o
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July 25, 2022, 11:31:35 AM |
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But if DEX don't hold money, where the liquidity come from?
The users. Users post buy or sell offers for bitcoin against whatever pair they are interested in. Other users come along and accept those offers. Whoever is selling the bitcoin then sends it to a (preferably) non-custodial escrow, while whoever is buying the bitcoin makes the payment in fiat, altcoin, gift card, whatever. Once the payment is received, the bitcoin is released from escrow. In a real DEX then at no point does the DEX have control over your coins.
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