Crypto Stablecoins (USDC, BUSD, USDT) (2 Viewers)

[waddadonk]

Then here:

View attachment 1056902

Ah understood. I think the bank I used has its own auth service. Clicked around and found a few that go directly to a Plaid form. Also found this reddit post supporting your statements:

https://www.reddit.com/r/CryptoCurrency/comments/omrwxd

- Sorry I questioned it

Did see this video though, might be a manual workaround where they send you a few cents to verify like many other places. Might be worth a shot, or might be outdated based on some comments on the video.

 

[Carnth]

FYI: Coinbase is killing off the manual bank account transfer method. And the manual method takes 3 business days (or it did).

I got an email from Coinbase saying "you know the old bank account the you manually added a couple years ago, yeah we're going to disable it unless you go plaid."

Coinbase likes using plaid.
Because it allows Coinbase to offer instant transfers. You used to have to wait for ACH transactions to clear before you could send USDC out.
Coinbase can offer you irreversible crypto to be sent out because plaid tells Coinbase if the transfer is covered, or not.
Sort of like this:
User wants to buy 5000 USDC.
Coinbase says "hey plaid, does this guy have at least 5k in their account?"
Plaid looks at the customer bank account. "Yeah Coinbase, it all good"
Coinbase completes the purchase and allows the user to send it out of their account.

One thing you can do if giving your password is the only issue you have, you can change your bank account password to something temporary. Sign up your bank account with plaid. Link it to Coinbase. After that, go back to your bank account and change the password back, or change it to a new password all together.

Your bank account will still work in Coinbase even though you changed your password.

 

[Tommy]

I'm thinking about offering USDC as payment option for member upgrades. Can someone test this for me?

removed test link

 

[navels]

I'm thinking about offering USDC as payment option for member upgrades. Can someone test this for me?

removed test link

Yep

 

[navels]

@Tommy well never mind, evidently I can't spend my USDC yet . . .

 

[Tommy]

@Tommy well never mind, evidently I can't spend my USDC yet . . .

OK. NP. Maybe someone else can test a transaction for me.

 

[waddadonk]

OK. NP. Maybe someone else can test a transaction for me.

Sent using chrome on mobile. Quick easy, cost 1.09 to send. Was it using Polygon? I closed the page, maybe there's a TX history I can pull up.

 

[Tommy]

Sent using chrome on mobile. Quick easy, cost 1.09 to send. Was it using Polygon? I closed the page, maybe there's a TX history I can pull up.

Let me check on my side. There should be an option to send using Polygon or Eth

 

[Carnth]

Let me check on my side. There should be an option to send using Polygon or Eth

Worked for me as well.
I vote to enable this payment method.

Looks like there's no regular Coinbase account to "Coinbase Commerce" way to send it for free.

So it sends by whatever is the cheapest network to send on. So the TX fee was 9¢ (as shown in @waddadonk s post above.)

The hardest part for me was the two factor verification.

 

[Tommy]

OK, looks like it is working. I already had a regular Coinbase account but had to create a Coinbase Commerce account for this to work. I think since the account is brand new, the two payments are on hold for processing.

Thanks for helping me test this!

 

[Tommy]

For certain currencies, Commerce waits up to 24 hours for lower network fees to move confirmed payments to your wallet. You can request they be moved sooner once per day below.

I'll wait and see if the 2 x USDC gets moved to my available funds balance.

 

[waddadonk]

So it sends by whatever is the cheapest network to send on. So the TX fee was 9¢ (as shown in @waddadonk s post above.)

I haven't transacted specifically through that before, but is it safe to assume this tx fee is flat for any amount?

 

[Tommy]

I'll wait and see if the 2 x USDC gets moved to my available funds balance.

It completed.

@waddadonk @Carnth Thanks again for the help!

 

[Carnth]

I haven't transacted specifically through that before, but is it safe to assume this tx fee is flat for any amount?

Yes, the fee is the same for any amount.

Caveat: the fee can change based on network conditions. Under heavy use, the fee can increase. But again, the fee will be the same when sending 1 USDC or 1M USDC.

 

[Carnth]

It completed.

View attachment 1057113

Looks like Coinbase Commerce takes 1% for their free. Which is a hell of a lot cheaper than credit cards, and no worries about chargebacks!

@waddadonk @Carnth Thanks again for the help!

 

[HaRDHouSeiNC]

how does that help/work if someone is trying to send $7000 or $37000?

Well yah at that level you are going to want to do a buy one time with a wire I suppose

I was just thinking on the levels I cash in there and keep a few hundred bucks on it for places that don’t take CC but take some other local app based payment which is massive there
No one has a bank account but everyone has a phone and uses an app started by the cell phone company locally to do payments
It’s a dream for shops there as they collect a fee on it for anything when people want to cash out for fiat or cash in sometimes.

I’d say if one doesn’t work check out crypto.com
I can buy crypto no fees with a CC, again though to what levels will that work and now banks are blocking exchanges cause crypto bad
So I guess at a 20k level you’d have to go through the wire process

I’ve had good luck as well with Bitstamp and wires when I bought around 10k of ETH.
Don’t just rely on Coinbase.
They may be the biggest in the US but I don’t like them personally.

 

[navels]

anyone available to help me test a coinbase-to-coinbase transfer?

update: got a couple of replies, thanks!

so it seems I still can't send even though I've transferred plenty of USDC to my new account using instant bank transfers. i've made five transfers over the last four days, each transfer has shown up in my Coinbase balance immediately and four of the five have been debited from my bank account after a delay.

the web ui for sending tells me I have to wait for my "bank transfers to complete". i'm going to contact Coinbase support, if that's a thing . . .

 

[navels]

Aha, the virtual support chat helpfully tells me that each of my USDC purchases has a hold and what the release date is. The release dates for the five transfers are 1/20, 1/20, 1/20, 1/21, and 1/24. Which is really f*cking annoying. Chat bot goes on to say

Due to the nature of ACH transfers (bank transfers), funds may not be immediately available for withdrawal and sends while your deposit to Coinbase is still processing. There’s nothing support can do to remove or expedite this hold as it's external to Coinbase. Thank you for your patience!

So I've gotten myself into a situation where the monies I intended to spend on the sale this weekend are inaccessible until well after the sale.

I've done ID verification already and the bank integration is through Plaid, so nothing off-script. Argh.

 

[Highli99]

Aha, the virtual support chat helpfully tells me that each of my USDC purchases has a hold and what the release date is. The release dates for the five transfers are 1/20, 1/20, 1/20, 1/21, and 1/24. Which is really f*cking annoying. Chat bot goes on to say
So I've gotten myself into a situation where the monies I intended to spend on the sale this weekend are inaccessible until well after the sale.

I've done ID verification already and the bank integration is through Plaid, so nothing off-script. Argh.

That sucks. It might be because your account is new. I've been able to buy crypto a d transfer it immediately to my cold wallet with plaid, b uh ht I've also had a coinbase account for awhile. I totally get your frustration.

 

[Carnth]

I do know one way to speed things up. But it's kind of stupid.

If you have crypto anywhere else, you can send that into Coinbase and after the transfer is confirmed, that crypto would have no hold on it. So you could trade it for USDC and that portiof USDC would be ready to send immediately.
(But it would be cheaper to trade it to USDC elsewhere first).

But it's bass-ackward because you would already have to have crypto from somewhere.

 

[liftapint]

yeah, this all seems REALLLLLLL attractive.

 

[Carnth]

yeah, this all seems REALLLLLLL attractive.

It does, doesn't it!

It actually is once you have everything in place ahead of time.

 

[navels]

According to support:

Coinbase automatically added up security features to each and everyone's account especially if they are using a bank account to transact. We have received lots of complaints about monetary loss so we made an action to put hold on funds for security and to prevent fraud.

 

[navels]

In other news, this caused me to resurrect an old wallet I thought was empty and had $180 worth of BTC, so there's that.

 

[fishsaybloop]

In other news, this caused me to resurrect an old wallet I thought was empty and had $180 worth of BTC, so there's that.

I read that as 180 BTC

 

[LotsOfChips]

I read above how Coinbase is so much different and better than FTX, but don’t they both take your money and invest it for their own purposes? Much like a bank account, but in Canada at least all bank deposits are insured by the government up to $100k per client per bank (individual losses from any bank capped).

Crypto deposits are not insured in any way. If coin base collapses because everyone tries to withdraw at the same time (and they won’t be able to cover it because they have invested it somewhere), then you are presumably SOL (shit outta luck). Even though the “value” of the stable coin is pegged to the Dollar, if there isn’t sufficient liquidity, the value will decrease.

Is this likely to happen with coin base? Well they have laid off a TON of staff over the past few months (more announced this week) in an effort to reduce costs.

Just sayin…

 

[softchewy]

this is coinbase at the moment:

 

[BSteck]

this is coinbase at the moment:

View attachment 1057594

Evidently Ken offering a Tiger sampler drawing for crypto transactions has now crashed Coinbase.

 

[Carnth]

I read above how Coinbase is so much different and better than FTX, but don’t they both take your money and invest it for their own purposes? Much like a bank account, but in Canada at least all bank deposits are insured by the government up to $100k per client per bank (individual losses from any bank capped).

Crypto deposits are not insured in any way. If coin base collapses because everyone tries to withdraw at the same time (and they won’t be able to cover it because they have invested it somewhere), then you are presumably SOL (shit outta luck). Even though the “value” of the stable coin is pegged to the Dollar, if there isn’t sufficient liquidity, the value will decrease.

Is this likely to happen with coin base? Well they have laid off a TON of staff over the past few months (more announced this week) in an effort to reduce costs.

Just sayin…

Everything you said about "could this happen to Coinbase" is ture.
Crypto deposits are not backed by the government is also true.

Coinbase could go belly up. Coinbase could be illegally using the crypto held on behalf of its customers for investing.

Coinbase promises that they hold 100% of the crypto on reserve and could "cash out" everyone at a moment's notice. Wether you believe this or not is up to you.

Side note: Coinbase does offer lending and borrowing, which could eran you interest. So they can use your deposited virtual currency for investing. But they do this only with your permission.

The entire "can I trust Coinbase" is why I encourage anyone and everyone using crypto to only keep your virtual currencies on an exchange for as long as you need to. Then you don't have to trust them long term. Withdraw your virtual currencies to your own protected/secure wallet. If every FTX customer did this, then they would not have lost anything.

How to do this is beyond the scope of this thread. Google 'Ledger wallet' and 'Trezor wallet.' Those are two of the most popular ways to securely store crypto yourself, so you have complete control of your virtual currency.

 

[kk405]

Aha, the virtual support chat helpfully tells me that each of my USDC purchases has a hold and what the release date is. The release dates for the five transfers are 1/20, 1/20, 1/20, 1/21, and 1/24. Which is really f*cking annoying. Chat bot goes on to say
So I've gotten myself into a situation where the monies I intended to spend on the sale this weekend are inaccessible until well after the sale.

I've done ID verification already and the bank integration is through Plaid, so nothing off-script. Argh.

yeah, this all seems REALLLLLLL attractive.

I know @navels is having issues, and others are probably as well, and I can’t be certain, but many of them are likely related to how new the accounts are and the number of transfers and transaction people are trying to do, whether it’s for testing or something else. My accounts are several years old and I had no issues the last few days.

This is also very similar to trying to open a new account at other reputable platforms… there is usually a 2-3 day delay for confirming deposits and then significant limitations on transfer for days, weeks or months. I’ve had no problem with very significant transactions for the last two or three years for our online game, but this past weekend, several people’s Zelle transfers to me were held for more than 24 hours … and Zelle is supposed to be, and nearly always is instantaneous…

For anyone annoyed or turned off by USDC … I would say try again and move the ball forward … I have no stake in this … but from what I see so far, it looks promising … especially for the type of transfers we, PCFers, need.