Sold chips for Crypto! First time, pretty wild. (2 Viewers)

Have you made chip transactions for Crypto Currency!??

  • 1. Nope Never and Don't Plan Too!

    Votes: 23 39.7%
  • 2. I have thought about it, but don't know how to get started.

    Votes: 8 13.8%
  • 3. Hell yeah Crypto is the Future and I'm the CryptoKing! Where have you been, lol

    Votes: 12 20.7%
  • 4. Cash is King!

    Votes: 3 5.2%
  • 5. PayPal, Venmo for me

    Votes: 12 20.7%

  • Total voters
    58
  • Poll closed .

SuckoutKing

Flush
Joined
Nov 8, 2014
Messages
1,585
Reaction score
2,432
Location
Grand Rapids, Michigan and North Canton, Ohio
Just wanted to put this out there and get your thoughts. I made my first transaction today with someone that lives on the other side of the world for Crypto and money arrived in just a few minutes!

The terms and chips in question need not be revealed. I just wanted to find out how you guys feel about transacting in Crypto! Tell me what type of deals your have done, what wallets of crypto sites do you like most. Favorite coins to trade chips for?


cryptocurrencies.jpeg
 
Happy to transact with crypto/stablecoins but we need to factor in the network fees as well.
Also, the risk of an unrecoverable mistake with a wallet address/type, especially for the less experienced can be problematic.
 
Happy to transact with crypto/stablecoins but we need to factor in the network fees as well.
Also, the risk of an unrecoverable mistake with a wallet address/type, especially for the less experienced can be problematic.
I totally agree, couldn't imagine if money got lost in the shuffle. And fees can be hard to calculate for sure! Really not sure if its ready for primetime in its current form. Coinbase (which I used) is not very user intuitive.
 
I listed some chips for sale, recently. Some guy made an offer for less money, and he would only pay in crypto.
It's laughable.
I'm sure crypto is perfectly normal for some of you, but please realize for some of us, you might as well be offering to send me some martian currency through a black hole - never gonna happen.
 
Now you will need to file two extra lines on your taxes, one for the chips and the other for the crypto. Oh, and should you not file your taxes properly, the fact you did the deal with crypto is "proof" of criminal intent to defraud the United States government.

We have enough troubles when paying using F&F on paypal when someone defaults. e.g. https://www.pokerchipforum.com/threads/caution-adviced-when-dealing-with-this-member.66843/ Now with crypto it is even harder to make a claim to get your funds back.

There would be a hefty fee for having to deal with crypto, if I were a seller. I guess a couple of grand plus a percentage of the price to make it worth the trouble and the risk.

Well, actually, there wouldn't be any extra risk because I wouldn't be shipping chips to the buyer until I had converted the crypto into cash and the transaction had aged for a couple of weeks. Maybe most buyers wouldn't want to wait a month to get their chips, but that wait would be just part of the transaction.

Can't see any benefit to this sort of rube goldberg form of payment. Sure you could do things this way, but why?

Or, we could just use paypal / venmo / etc. -=- DrStrange
 
I have some crypto, but I don't use it for transactions mostly because it it cumbersome. I know that lots of young people think it is vthe greatest thing ever, but I can't imagine any sort of crypto becoming all that popular without making it a whole lot easier...
 
Lot of interesting comments and views. I like it!

Let me add this little bit of fuel to the thought fire.

So my chip transaction today was for $175 USDC with shipping. So with some transfering, converting, ect, ect. I managed to turn that amount of USDC into Etherium. Now, I realize it could be dumb luck. And who know what it will look like in a few years. But, that money is now worth $182 and climbing...
 
Been involved with crypto since 2012 but much more seriously over the past 4 years. Helped a friend mining ether with a GPU rig in 2017. I've got another local friend who does some btc ASIC mining himself, but primarily just hosts other people's equipment/rigs as a datacenter.

Blockchain technology is incredible and there are a lot of other super interesting projects that have tons of potential. Thousands of brilliant minds constantly working on improving functionality daily. Defi is the future :)

E/ not sure if anyone else here works in any sort of crypto realm, but I've got a side-gig developing code/reports for a crypto analytics company. I write queries using blockchain data to produce whatever analytics requests are being asked. Super fun and exciting to be a part of that environment, being exposed to various projects and ideas all the time.
 
Lot of interesting comments and views. I like it!

Let me add this little bit of fuel to the thought fire.

So my chip transaction today was for $175 USDC with shipping. So with some transfering, converting, ect, ect. I managed to turn that amount of USDC into Etherium. Now, I realize it could be dumb luck. And who know what it will look like in a few years. But, that money is now worth $182 and climbing...
Hence, I'd gladly accept crypto but would not pay for products and services with it.
Couple years ago I used BTC to pay for a VPN service worth $99, big mistake there, lesson learned.
 
I may be irrational, but crypto scares the shit out of me. Need to educate myself about it.

However, I'm encouraging my better half, who is an artist that just signed on with a gallery, that they look into dealing with NFT's, at least as a means of collecting future commissions as the value of the art increases with each transfer of ownership.
 
I don't have a problem with crypto, but I don't really see what benefit it offers me if I'm dealing with a relatively straightforward deal for chips. I don't think it streamlines the process, I'm not trying to keep my transaction hidden from the government, and the prices of crypto tend to be volatile enough that they're better suited for investment type activities as opposed to being used as an actual currency for day-to-day transactions.
 
I am actually said member that did the trade with @SuckoutKing ! And also been offering other members to take crypto where it is possible.

Just to share more in detail:
Many see crypto as a volatile asset but it can also be transacted in USDC which is known as a "stable"coin. The value of USDC is pegged 1 USDC : 1 USD and is treated as such within the cypto space. If traders want to exit out of a position such as Bitcoin or Ethereum, they take profit or loss by converting them to USDC.
And if they feel price is cheap and they want to enter into a position, the same USDC can be used to buy the crypto at market prices.

Once USDC is received, one can cash that out through a wire from Coinbase to USD into your bank account (I believe there is a 1% withdrawal fee on Coinbase, which i usually cover for on behalf plus some). Of course if anyone is uncomfortable taking crypto, I would then offer paypal or venmo.

Happy to do a AMA and answer any questions if anyone is curious!
 
Last edited:
I am actually said member that did the trade with @SuckoutKing ! And also been offering other members to take crypto where it is possible.

Just to share more in detail:
Many see crypto as a volatile asset but it can also be transacted in USDC which is known as a "stable"coin. The value of USDC is pegged 1 USDC : 1 USD and is treated as such within the cypto space. If traders want to exit out of a position such as Bitcoin or Ethereum, they take profit or loss by converting them to USDC.
And if they feel price is cheap and they want to enter into a position, the same USDC can be used to buy the crypto at market prices.

Once USDC is received, one can cash that out through a wire from Coinbase to USD into your bank account (I believe there is a 1% withdrawal fee on Coinbase, which i usually cover for on behalf plus some). Of course if anyone is uncomfortable taking crypto, I would then offer paypal or venmo.

Happy to do a AMA and answer any questions if anyone is curious!

Curious how any crypto can be “pegged” to a certain exchange rate. Who is backing that?
 
It is actually verified and audited by governing bodies within the US so that every 1 USDC issued on the blockchain is back by 1 USD in the bank.
https://www.circle.com/en/usdc

View attachment 719039

That is a scam waiting to happen. There is no way this “USDC” is legitimately backed by any major financial institution or government to be pegged at 1 USDC = 1 USD. The institution involved in this case, something called “Circle”, “attests” that they hold enough USD (21 billion) to cover all outstanding USDC. They attest to this. Grant Thornton does not actually check it.

Smells fishy and I would stay miles away from this. There is actually nothing preventing the value of this USDC from fluctuating.
 
That is a scam waiting to happen. There is no way this “USDC” is legitimately backed by any major financial institution or government to be pegged at 1 USDC = 1 USD. The institution involved in this case, something called “Circle”, “attests” that they hold enough USD (21 billion) to cover all outstanding USDC. They attest to this. Grant Thornton does not actually check it.

Smells fishy and I would stay miles away from this. There is actually nothing preventing the value of this USDC from fluctuating.
That's exactly what I thought when I read it. I didn't click the link or research it in anyway, but I'm sure you're right.
 
I may be irrational, but crypto scares the shit out of me. Need to educate myself about it.

However, I'm encouraging my better half, who is an artist that just signed on with a gallery, that they look into dealing with NFT's, at least as a means of collecting future commissions as the value of the art increases with each transfer of ownership.
Your wife definitely needs to look into NFTs. I’ll share with you some sites on how to get started.
 
You’re right, and Elon Musk drives the entire crypto market anyway with his tweets. :LOL: :laugh:
He’s the 2017 McAfee in 2021
It feels very manipulated right now for big buyers to get as much on the cheap possible
Only the 4763792976th time China said it will ban crypto
Yah good luck with that
The rich Chinese billionaires will always find a way to get it
 
He’s the 2017 McAfee in 2021
It feels very manipulated right now for big buyers to get as much on the cheap possible
Only the 4763792976th time China said it will ban crypto
Yah good luck with that
The rich Chinese billionaires will always find a way to get it
Comparing McAfee to Musk?? :unsure: :oops:

Both funny anyways hahaha
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account and join our community. It's easy!

Log in

Already have an account? Log in here.

Back
Top Bottom