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Have the solved the issue of people never seeing their money they've sent via wire transfer?
by swang 9y ago
Have the solved the issue of people never seeing their money they've sent via wire transfer?
- ivoflipse 9y agoReport the issue with CFPB (https://www.consumerfinance.gov https://www.consumerfinance.gov). I waited for ~3 months with barely any info from Coinbase's side. After reporting it, the issue got resolved in a timely fashion.
- stefano 9y agoI find it hilarious that people "investing" in decentralization have to turn to a central authority to be protected.
- ddorian43 9y agoGotta decentralize CFPB too.
- kylell 9y agothe central authority is the gatekeeper in this cause, things happening at the border have nothing to do with either concepts.
- kss238 9y agoIt's only because they are having an issue with centralized money. Where else but the regulatory agencies to go when you have an issue with fiat? There wouldn't be a problem like this when dealing in Bitcoin.
- matt4077 9y agoYes. Problems with wire transfers are clearly a conspiracy by the Federal Reserve (a private company!!!1), meant to enslave us all in debt and beaurocracy.
- kss238 9y agoHow did you get that at all from what I wrote? All I'm saying is when you have a problem with bank transfers you have to go through a centralized authority.
- DennisP 9y agoOnly when they're stuck dealing with centralized entities.
- stefano 9y agoIsn't it a failure of a decentralized system the fact that most, if not all, persons using it end up depending on a centralized system?
- zeroxfe 9y ago> Isn't it a failure of a decentralized system the fact that most, if not all, persons using it end up depending on a centralized system? The centralized system you refer to here is the status quo (banks, fiat currencies, etc.) For all practical purposes, you can't bootstrap a new decentralized monetary system without depending on an existing one -- value needs to be transferrable between the two entities until most of the world has migrated. This isn't a failure of decentralized systems -- it's just the cost of any large-scale transformation with huge powerful incumbents.
- Domenic_S 9y ago> This isn't a failure of decentralized systems -- it's just the cost of any large-scale transformation with huge powerful incumbents. This is equivocation bordering on intentional dishonesty. GP is saying that without engaging the incumbents, the decentralized system would have absorbed his money and given him nothing in return. That is in no possible way a win for decentralization. Crypto proponents assert that the world is better without centralized currency/money systems. Yet when push comes to shove, people have been forced to engage with the centralized systems in order to force the people behind the decentralized systems to do the right thing.
- DennisP 9y ago> without engaging the incumbents, the decentralized system would have absorbed his money and given him nothing I don't see how that follows, given that the failure was at VISA, a centralized system, in its interaction with Coinbase, another centralized system. The decentralized cryptocurrencies continue to work as designed.
- jotm 9y agoThere's always going to be a central authority. Have people forgot the past few thousand years of human history?
- notyourday 9y agoThis is a brave new world of sea shell currencies with crypto sprinkled on a top. In this world no one learns from the past - instead they keep re-inventing wheels and making them more or less square.
- yorby 9y agoonce you money is converted from fiat, you don't have to deal with that kind of trouble anymore....
- pkage 9y agoUnfortunately that probably won't work for much longer, as the current administration is planning to slash the CFPB budget.
- 8note 9y agosupposing that within the next few years, Trump disbands the CFPB, what's the next option?
- gambiting 9y agoAnd if you don't live in US, then what?
- bhouston 9y agoWhy does it seem that all exchanges have issues getting money out to hard currency? Is that a real issue everywhere or do we just see the complains, and most normal cryptocurrency investors people do not have issues?
- stefano 9y agoMy guess is that there is very little real liquidity in the market, and most of the value is just paper gains that can't be fully realised, i.e. a single person can fully liquidate to dollars, but if everyone does it, many people will end up holding the bag. When someone tries to cash out, exchanges might need for someone to put some money back in to avoid a liquidity crisis. I believe this is especially true for tether-based exchanges, which Coinbase is not. Then again, this is just my guess and I can't provide anything to back it up. Maybe it's just due to a buggy cowboy-driven codebase and awful customer service. Time will tell. If it's a liquidity issue, exchanges will eventually go belly up, if it's a codebase/customer service problem, they might get to a point where it's actually fixed and things just work.
- freejulian 9y agoI know several people, including myself, who have cashed out 6 figure sums. Never any problem. Just need to use a reputable exchange like Gemini.
- bagacrap 9y agoObviously, if everyone decides to sell anything at the same time the price of it will drop substantially.
- JumpCrisscross 9y ago> if everyone decides to sell anything at the same time the price of it will drop substantially Except whole companies sell at a premium to the sum of their parts [1]. [1] https://www.investopedia.com/terms/a/acquisitionpremium.asp https://www.investopedia.com/terms/a/acquisitionpremium.asp
- 9y ago