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> Also there’s significant cost converting to and from fiat to take it out No there's not. Trades on exchanges are under 0.1% [1]. ERC20 tokens have some fees

> Also there’s significant cost converting to and from fiat to take it out No there's not. Trades on exchanges are under 0.1% [1]. ERC20 tokens have some fees because of gas but it's a flat amount [2], which is negligible for any operation over a thousand dollars. Fiat withdrawals are generally free [3]. The most expensive part usually is the gas to interact with the DeFi smart contract, but it's also a flat fee. [1] https://help.ftx.com/hc/en-us/articles/360024479432-Fees https://help.ftx.com/hc/en-us/articles/360024479432-Fees [2] https://etherscan.io/gastracker https://etherscan.io/gastracker 0.75USD as of now, but it can reach like 10USD when the network is congested. [3] https://help.ftx.com/hc/en-us/articles/360043023772-Depositing-Withdrawing-Fiat- https://help.ftx.com/hc/en-us/articles/360043023772-Depositi...

petesergeant 4y ago
> Trades on exchanges are under 0.1% Let's say I am the type of person who needs a cheap loan, and I decide to use Coinbase. My understanding is that money into Coinbase and money out of Coinbase is going to cost me 1.49% (at least) in each direction, and that's before the additional $1-$10 gas fees in each direction. So 3% + currency risks + whatever other fees + the risk of fat-fingering my crypto and losing it to the ether forever, and also trying to figure out if I have some kind of tax liability, BEFORE the actual interest rate itself. Or I choose a well-regulated provider to do a money-transfer[0] to and pay a one-off fee of 3-4% for several thousand pounds for a year or longer loan, even if my credit isn't perfect, and I do that with the full protection of the legal system, including bankruptcy protection, easy resolution if I type the wrong account number in, etc. Those are the rates for if I need cash too, if the thing I need to pay for can be paid for by credit-card, the rate falls to closer to 2%... [0] https://www.moneysavingexpert.com/credit-cards/money-transfers/ https://www.moneysavingexpert.com/credit-cards/money-transfe...
- redox99 4y ago
  Coinbase is basically a noob trap. By adding the pro word alone (using pro.coinbase.com) you get like an order of magnitude cheaper fees already. I already provided sources for the fees with another exchange.
ohgodplsno 4y ago
> negligible for any operation over a thousand dollars. So, useless on a day to day use for any normal person that's not a Silicon Valley tech bro, understood.
- tigertigertiger 4y ago
  The topic was about loans. How often do you need a loan for under 1k dollars?
  - ohgodplsno 4y ago
    Extremely often if you're not wealthy? Borrowing money from family to pay for car repairs, from friends for various purchases, from your bank whenever there's even a little thing you hadn't expected and you do not have money aside. Which is, you know, 90+% of the world

petesergeant 4y ago

> Trades on exchanges are under 0.1% Let's say I am the type of person who needs a cheap loan, and I decide to use Coinbase. My understanding is that money into Coinbase and money out of Coinbase is going to cost me 1.49% (at least) in each direction, and that's before the additional $1-$10 gas fees in each direction. So 3% + currency risks + whatever other fees + the risk of fat-fingering my crypto and losing it to the ether forever, and also trying to figure out if I have some kind of tax liability, BEFORE the actual interest rate itself. Or I choose a well-regulated provider to do a money-transfer[0] to and pay a one-off fee of 3-4% for several thousand pounds for a year or longer loan, even if my credit isn't perfect, and I do that with the full protection of the legal system, including bankruptcy protection, easy resolution if I type the wrong account number in, etc. Those are the rates for if I need cash too, if the thing I need to pay for can be paid for by credit-card, the rate falls to closer to 2%... [0] https://www.moneysavingexpert.com/credit-cards/money-transfers/ https://www.moneysavingexpert.com/credit-cards/money-transfe...

redox99 4y ago
Coinbase is basically a noob trap. By adding the pro word alone (using pro.coinbase.com) you get like an order of magnitude cheaper fees already. I already provided sources for the fees with another exchange.

ohgodplsno 4y ago

> negligible for any operation over a thousand dollars. So, useless on a day to day use for any normal person that's not a Silicon Valley tech bro, understood.

tigertigertiger 4y ago
The topic was about loans. How often do you need a loan for under 1k dollars?
- ohgodplsno 4y ago
  Extremely often if you're not wealthy? Borrowing money from family to pay for car repairs, from friends for various purchases, from your bank whenever there's even a little thing you hadn't expected and you do not have money aside. Which is, you know, 90+% of the world