RE: Hey Whales! You Have A New STEEM Whale Joining The POD!
Yeah I saw Trevon saying that as well that it is because him and Craig are black. Not saying it is a legit argument but if I was Trevon and Craig it might be an effective defense depending on who the jury is in the case but when it boils down to it I don't see that whole thing getting to trail at all.
The main thing that is good is that people weren't really having it when all the promoters kept putting out videos.....etc.
I get 100% what you are saying about people thinking that all this money is "fake" and that we can't cash out.....etc. I know people who have known about this stuff for years and they still think that.
I had one guy say, "You have all this money in these digital currencies but do you ever turn it into 'real money'. " I just laughed at him and told him this is the real money but then explained that I can use digital currencies to buy anything on Amazon through Purse.io and how it would take a couple hours but I could cash it all out and have it all in my bank account in a couple of days once the transfer went through.
See I go back and forth on what percentage of people knew or not. Even with a Computer Information Systems degree and a lot of experience in the Stock and Option market I remember getting into crypto in 2013 and hearing someone say 'altcoin' and I was searching on YouTube and Google for altcoin because I thought that was the name of an actual coin. I also remember tripping out on every little FUD article about 51% attacks....etc.
I can imagine there were some pretty unsophiticated people who have never invested in anything before in their life and couldn't really tell the difference between these centralized exchanges, web wallets where you have your keys like mymonero.com or blockchain.info, sites like Steemit, and something like Bitconnect. It would all be very confusing. I think that is one of the things that has hurt Steemit. Especially the fact that you can "power up" and lock up the coins. In their heads they think that it could disappear overnight like one of the lending platforms or something. They can't really tell the difference.
You made me think of something funny when you talked about powering up. I had my dad finally wrapping his head around Bitcoin and cryptocurrency and then I started to talk about Steemit and explain the platform. Now obviously he's older and not really hip to social media period so not surprising he was confused but when I started explaining Steem vs Steem Dollars vs Steem Power his head started spinning and he was like this sounds like some crazy video game lol.
One other kind of funny anecdote or thought in regards to cashing out. I've been in the space for a while, I've cashed out to my bank account numerous times, yes it is real money. That said in regards to why people talk about house money or don't necessarily take the risk as seriously as they should IMHO is they don't really view crypto money as their money.
I've never cashed out large large amounts of money ie tens or hundreds of thousands, I've only cashed out a few hundred or a few thousand at a time. You see all these stories on Reddit or wherever else of people saying my wire went missing Coinbase hasn't responded in 38 days or tried to wire from Coinbase but my bank blocked the wire from comming through.
Even though logically I know in the end everything will work out you have those variables in the air like oh shit what if my bank refuses a 50k wire from Coinbase where will I send it, will I really be able to go back to cash with large sums of money? I think that whole iffyness of the current market and banking conditions make it easier to just keep the money in the markets.
In a sense it almost reminds me of sportsbetting when its so hard to actually get your money out of a sportsbook, they make you send your ID 10 times, ask for a utility bill, basically just a bunch of hoops to jump through so you keep playing with it and eventually lose it.
Not sure if that analogy makes sense at all or if its just me that has those fears but I wouldn't be shocked if I ran into some hiccups trying to cash out like 100k out of coinbase.
Yeah I hear ya. I have only cashed out a few thousand at a time and never did a wire for those. It wouldn't be a good feeling.
I'll have to see what Coinbases limits are on ACH vs wire in terms of payout. Let's assume you wanted to cashout like 100K, do you anticipate it being a smooth transaction or would you be expecting any issues?
I think to date my largest cashout was maybe 5k. I worry will by bank block the wire or will I have to jump through a bunch of KYC hoops showing them deposits to Coinbase as proof of funds or source of funds. I could show that and prove that but just wondering how smooth it would be
I'm not sure if there would be issues with 100K but personally in my mind it might come more down to the bank or credit union at that point of if they wanted to report a person or something. Because any check that is deposited over $10,000 gets reported. So I'm assuming that the same thing would happen with wire transfers of large amounts.
But when I think about it if a person was bullish on crypto over the long term I almost feel like it wouldn't makes sense to cash out 100K worth of crypto at once. I guess if a person was going to buy a supercar or a property or something they might. But what I'm trying to do is keep the majority in crypto and keep building it up bigger and bigger overtime and just be a super whale like some of these guys on the STEEM blockchain where they are almost like ghost figures who are whales in several different coins. I bet there are guys who have 10+ SmartNodes for SmartCash and the same thing probably goes for DASH Masternodes. I feel like if a person can get to a couple million in crypto then they will be rich for life.