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The coming millionaires of XRP

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31 minutes ago, Zerptime said:

A regular bank account is less secure than a crypto wallet? This is just extreme stupidity

Along with the fact if anything happens to your money, the banks are responsible and you get your money back, if your crypto goes missing, good luck trying to get it back

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22 minutes ago, coastal said:

Along with the fact if anything happens to your money, the banks are responsible and you get your money back, if your crypto goes missing, good luck trying to get it back

In the UK, its limited to 75k I think, but still 75k more than crypto :)

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41 minutes ago, coastal said:

Along with the fact if anything happens to your money, the banks are responsible and you get your money back, if your crypto goes missing, good luck trying to get it back

Right. If it’s a debit or credit card transaction, that’s generally true. However, if someone cleaned you out using your account and routing numbers, the bank or credit union (which are superior imo) will probably reimburse you but you’ll need a police report. That means meth head Uncle Johnny who stole from you is going somewhere where he better not drop the soap in the shower.

Cards are extremely easy to compromise. Your waiter could simply write down the card number, exp. date, and CVV number. You’re  right, it’s a major drawback that if your crypto is stolen, it’s bye bye. Eventually, the crypto movement and exchanges will have to address this in order for crypto to be adopted by the masses. Also, financial institutions will usually reimburse you the NSF (overdrawn) fees if there are any. Exchanges will have to address that too.

Could exchanges sell the crypto to banks, who then sell it to us and take on the costs of refunding fraud, theft, etc.? Seems like that would cost more for us but I don’t see how exchanges would have the manpower to process and refund fraudulent transactions and NSF fees. It’s time-consuming. I don’t think these hysterical, idealistic crypto fanatics realize that being truly free of banks may be a dicey situation. Just my opinion from being in banking customer service.

 

Edited by Deeznutz
Clarity.

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My mistake, its gone up to 85k now. 50k for investments.

I'd be more worried about a bank going insolvent than having your money stolen, although I had several K lifted from an account when serving in Afghanistan - the phone call to the bank was interesting trying to get it back!

Edited by Guest

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1 hour ago, Zerptime said:

This might blow your mind but you can actually hold money in an "actual" physical wallet! Mind blownnnnnn!

 

I still think a code is more safe to hide or hold, if  police catch me with 20000 euro on my pocket, I can spend all the day at the police station, if I have on my pocket a 24 words code, is just a simple written paper of a crazy person.....

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1 minute ago, BibleChronologyXRP said:

I still think a code is more safe to hide or hold, if  police catch me with 20000 euro on my pocket, I can spend all the day at the police station, if I have on my pocket a 24 words code, is just a simple written paper of a crazy person.....

Better hope that policeman does not have a nano ledger s then...

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Using a crypto debit card,  you can travel worldwide with 5 milions euro on your pocket, no need to customs declaration, and  no need to pay taxes if you withdrawn small amount, all legal ... try to do this with cash money and you will find out where you money ends up ....  all seized

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10 minutes ago, Zerptime said:

I feel like talking to a kid, you think crytpo is not well known, do you think you"re smarter than the police?

 

You need to explain the cash money to the police,  if you have a debit card or cryptocurrency, for example,  there is no need to give explanations,  because these things are directly checked up by taxes offices,  police  only search for money tied to local  criminal activities, like drug traffic or robberies and it's always cash money, they do not care a **** about a credit card or cryptocurrency.

 

11 minutes ago, Zerptime said:

Your statement are getting dumber and dumber

Cryptocurrency cards work worldwide and can be recharghed worldwide, these are  foreign credit card accounts  don't  need declaration to tax offices if average balance is less than 5000 euro, try to go through customs with the same amount of cash money is possible to carry using a cryptowallet , and  if you are discovered  , all your money is seized , credit cards and electronic wallets no need customs declaration. 

If you want to pay taxes on evry single cents you spend , no problem , just pay and declare your cash.  I just do not like this tax situation

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29 minutes ago, BibleChronologyXRP said:

 

Using a crypto debit card,  you can travel worldwide with 5 milions euro on your pocket, no need to customs declaration, and  no need to pay taxes if you withdrawn small amount, all legal ... try to do this with cash money and you will find out where you money ends up ....  all seized

Don't even need to do that right?  Don't risk carrying anything at all during travel, just memorize your code, and order a nano to be delivered to your destination the same time you get there, then fire it up.  Nothing to declare ever.  When you're ready to go back, destroy the nano.

In the US, if you're doing nothing wrong, but you're carrying a 'large' amount of cash on you, or in your car, or w/e, it is subject to seizure pending investigation of the purpose as part of drug trafficking laws.  It happens a lot on amounts from $1-$10K, and can take a couple of days to get back, and can take months to get back.  Traveling with large amounts of cash is just not a good idea for a lot of reasons.  Much better to stick with a traditional debit/credit card backed by a bank with FDIC, or use your nano trick if you want to move large money un detected I guess.

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2 minutes ago, Kalarie said:

Much better to stick with a traditional debit/credit card backed by a bank with FDIC, or use your nano trick if you want to move large money un detected I guess.

That what I'm saying, if you carry a debit card or a cryptowallet you are not moving money even if you travel worldwide, only move money  when cash out at atm..... the point is that with a 5000 euro average foreign bank account I do not need to declare it to taxes office, so , you can carry  a  lot of money worldwide and use it locally.  This is impossible to do with cash money or a bank account of the same country where I have the residence ....

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