Continual improvement is something I work towards every day - I fail because I'm human like you are but succeed a lot and learn from the failures, so that's ok.
One of the areas for improvement is my financial position, *creating a solid and sustainable financial future which I call "financial freedom." I'm close, but there's always more work to do. It means going without sometimes, diverting funds to investments that will grow and offer returns and that means tough decisions now for the greater good later...the potential of a greater good.
Recently an investment opportunity surfaced and after a lot of thought (and discussions with my financial planner and accounting firm) I decided to move on it. It's private, but essentially brings potential for very strong growth, sustainable growth, and it meant the complete avoidance of capital gains tax although the funds, a significant amount, would be locked away for a little while; I was ok with it to save the alternative of a huge tax liability.
So, I exited some funds from a crypto exchange...and that was a fuggin' nightmare.
I did test transfers to my Trezor wallet device and another wallet which went through - all good - and then...account suspended after I tried to do a bulk amount.
I could transfer nothing for 24 hours because apparently I was transferring to "scammers or under duress" which I was not because they were my own wallets, whitelisted on the exchange previously. I know the exchange was looking out for me but fuggin' hell it was difficult to work around.
I spent time on an exchange chat-thing telling an AI cunt they were a cunt until they decided to transfer me to a live person.
From there it was easier although I had to do a verification thing on the exchanges' app that involved facial recognition, blinking, nodding, head from side to side...goddamn it! That worked though and my account was immediately unsuspended. The non-AI person on the chat was still there when I got back, I was sent a form to fill out that basically said I accept all liability for transferring to those addresses, even though I'd whitelisted them anyway, and that was that...transfers made.
Cybersecurity is a massive deal.
Whether it's personal information security at a home level or banking, crypto and information held with companies and governments, the ramifications of it not being effective can be huge. This was the case with me recently when the sums I was transferring were considerable. Losing it would have been catastrophic. Fortunately it worked out and unfortunately it was fuggin' ridiculously complex and stressful...there was a moment when I thought it was locked up forever though. I think there's room for some improvement and I don't think the excuse, "it's early days of crypto," passes muster anymore.
Have you had similar with your crypto transfers and trading, even with your fiat currency? Have things gone wrong, funds been lost, processes complicated and frustrating? Feel free to talk about it in a comment below if you're keen; you don't have to be specific, it's best you keep it generic and non-personal.
Design and create your ideal life, tomorrow isn't promised - galenkp
[Original and AI free]
Image(s) in this post are my own
Cryptocurrency exchange is not approved under the regulations of our Central Bank financial system and the current government is preparing some drafts to register it. However, there are people in our country who convert crypto currency into fiat currency through bank accounts under the P2P system. About five years ago, I converted 2050 USDT into Sri Lankan rupees for the first time under the P2P system and completed the transaction, but my bank account was blocked (Binance exchange). When I discussed it with the bank branch over the phone, they stated that my bank account was blocked because an illegal transaction had been made. I was completely uneasy at that time, and finally, I paid a tax amount (500 USDT) subject to the Central Bank regulations and received my fiat currency. This is the most bitter experience I have ever faced in an online transaction.
$500USD is a big chunk of your initial $2050 for sure and I can understand you feeling somewhat bitter about the situation. I'd imagine that the initial amount would have gained you a lot of rupees, 620,000+ at todays rate; to lose a quarter of it would have bitten hard.
I think a lot of people float along unconcerned about the complexities around crypto and I think there's going to be a lot of shattered dreams and broken hearts on there down the track.
💯%
My Heart -->
I was very pro crypto... "Was"
Yeah, you had a monumental issue if I recall.
That was just one of several.
Summary...
Of the initial $1500 I decided I could invest (lose)
And the $1500 added to that early on to a $3k level.
I grew that to nearly $21k. That quickly sank back down to $5k. I moved that around and put $3k of that into PPY. All but $60 usd is now gone. Bad choices? Maybe so...
Tapped out... Done.
Understandable, and a scenario like this is what I've decided to avoid in the case of the alternative investment I mention in this post. The sums I have been dealing with in the last several days are vast and should I have lost them...well, let's just say the world would have felt my wrath.
Yes, losing 1/4 of the total assets (155,000 rupees) is quite a sad thing from the first experience. The reason for this is the lack of experience with government regulations on cryptocurrencies. The government will definitely take steps to impose new taxes on cryptocurrency exchanges in the future.
Yep, many governments will ramp up their tax measures and scoop up more and more revenue. It's inevitable.
So far, I haven't had any major problems. Some transfers, especially in fiat currency, have taken longer than usual, but they have eventually arrived. Only once did one of the banks make a deposit into my account that wasn't mine, and then they withdrew it themselves. I investigated the situation, but everything was normal. The problems I can mention... could be the delays and that the bank's app sometimes does not work, but that's all.
Seems like everything is on track for you then, hurrah!
What's the tax situation there as far as crpyto income and capital gains?
If a certain amount of profit is exceeded, the government takes half of it.
Frikkin Half.!?!
I know!!! But if you withdraw less than the limit... strategies!🤣
My strategy failed...
Always remember there are millions of losers and only a small number profit from those.
Many who think they are winning... Well are they? I thought so for years. Juss sayin'
Crypto is not safe, it is a long term grift. IMO (in my opinion)
It's like a game of roulette: sometimes it goes well, sometimes it goes badly, but the ones who win are the big players... the ones who pull the strings.
Never had to transfer from a crypto exchange to another wallet. But it's something that I'm planning to do in couple of weeks. I bought a BiBOx02 and I have to start moving some of my found to the coldwallet. Never don it before. I hope that I don't have to pass trough that stress in the process. But in times of Ai development and scammers becoming more and more efficient, someday even the facial recognition and human to human interaction could be "forged"? Something that concerns me a lot. The great possibility of personification from some mf scammer is possible...
Good luck with your process; I've been doing this since 2017 and would say I'm reasonably experienced and yet it was a shit process. I guess my only advice is to make sure you're doing it in a quiet and uninterrupted environment otherwise you might be in strife. Take your time and get it right.
Thank your for your advise. I already bought it more then 6 months ago... And I must confess that since the process is kind of delicate and "unknown" for me it kind of scares me. I'm thinking to ask for a very good and trusty friend to "guide me" thought the process next to me.
Yep, it can be a somewhat nervous time. Hopefully your friend knows what he's doing and you're comfortable enough with the friendship that it will endure if he doesn't know what he's doing, things go wrong, and you lose.
He's experienced in that type of transferring and he already made it by himself some times. This guy is one of my best friends, and the one that "presented" me to the crypto world, and to the Hive community. One of most trusty persons that I know :)
Even so, I can picture the financial damage that a "wrong" procedure cause.
Thank you for your advise, galenkp! 😉
I reckon you're in good hands then, go forth with confidence, but caution. ✅
The best way to reach financial freedom would be something that gives passive income without having to work on it, you will tell me but that's lazyness! True, but if I reach a financial freedom I don't want to spend hours trading, working and such... I mean I don't abandon and stop work to start an other kind of work...
Not totally unexpected the block, as soon as you move big amounts, they get alerted and run around like headless chickens, they don't like a lot of money to get out, like banks in the end... I never had cryptos in exchanges, law sucks here for crypto, I only have my hive wallet, so no experience to share... I had do to some bank movements and they immediately called to try and sell investments lol
I don't think one can be "lazy" and achieve good results from investments. Passive income isn't easy to come by, it doesn't just happen, and $5 in passive income is never going to work out well, so effort needs to be made to make sure that financial freedom is possible.
Another thing, many don't even understand the numbers involved to allow a person to say, I have financial freedom, they're not small in a costly place to live like Australia is. I think you'd understand more if I was to talk about my own scenario and figures, but I'm not going to do that on the internet.
So yeah, passive income is awesome, but it doesn't come for free and with no effort or risk.
Oh yes, I always consider it the final goal of a path, you need to work for it like building a house stone by stone, but when you are done you can rest
Of course it's not easy and not everyone who tries can make it, otherwise everyone would be settled and fine... Yeah I get you, here you would need at least 1000€ month of income, that if you own your house and live alone and just to eat and bills, no extras (and 1000$ month of passive income is already a lot)
Yep, and here that wouldn't even touch the sides.
What is Crypto?
A virtual gamble/casino IMO
I have totally stepped away from the magic money since being grifted for nearly $5k (usd) in a little over three years from several crypto Ponzi Schemes. IMO it is riddled with scammers who go unchecked. And what you @galenkp went thru sadly with little to no regulations will only grow worse. So many just like me have not been successful with situations similar to what you went thru. I still await word from my joining a group trying to get a lawsuit going over the 100's of thousands of dollars lost in the Steve Bannon PPY (Patriot Pay) ripoff. So I guess I should feel lucky about only losing $5k ??
Phuq dat...
Physical Gold/Silver, ammo, storable food, are real investments. IMO An algorithmic math equation scammed up by a nerd crypto developer in his/her mommies basement on an intrawebs who no one controls, or do they? An internet ripe with sub humans. Crypto now holds no value to me. What is crypto if all the humans/bots invested pull out? Or what if your funds are locked by a disgruntled sub human like in my case..?
What is crypto?
Bernie Madoff on a virtual level I Say...
IMO
prove me wrong
I get it man, I mean it's about like the wild west and not a lot in place to clean things up and make things easier. I can understand you feeling somewhat jaded for sure.
Somewhat Jaded..?
I am at the level you speak of had yours failed.
My fucking tongue bleeds from biting it.
No one to blame but me right?
Wrong...
You will find no one more brain washed than a BTC maxi. Well ok, maybe a libtard government spoon fed leftist could be at that level also.
I get it, can tell you're riled up. Your situation, the potential for it, is one reason I've made the decision I have on the last week's, the strength of the other investment is another. It feels good to be more in control, the lack of that control cost you a lot of money.
This is just one more reason to avoid DEXes.
Even when following all the compliance requirements, if they detect any suspicious behavior which happens usually if you use a VPN, you may have to spend a huge amount of time getting your money out.
The main issue, as you experienced, is the loop you enter into when dealing with AI agents while trying to solve the issue, you where lucky as sometimes, depending on the day/time, you may not have a chance to talk to a real person offering support.
There are so many scams and so many people and exchanges have suffered them that they try to protect the funds no matter what, even if that is against the interests of the customer.
I understand keeping pace of your crypto assets by your own, trying to use defi opportunities to increase the yield on a secure way is not easy as the speed of change in this industry is exponential. I wonder how long it will take for independent trusted financial advisoring services appear offering to manage your funds adding an insurance as an extra layer of security.
I was ready to cut some AI throats.
I'm not sure what the way forward is but for sure I feel I got off quite lightly in this case I mention above. I'm not inexperienced at all, but there was some feelings of fear around the situation and I spoke with my brother @tarazkp during the process and even between us found it difficult to navigate. It worked out in the end, but I wonder how many people lose funds...or their sanity.
I learned through Binance that the algorithm as to build up trust with you before transferring larger sums. And by larger I mean everything beyond 100$. I was really confused when Binance (which is already confusing) started to have a billion consecutive pop-ups, all for my own security, warning of scammers - and each confirmation auto-opened a new tab, with the next pop up waiting. I finally resigned and only send batches of 100 HIVE. That was my first experience buying HIVE using money earned in Ecuador. Despite all the hoops and difficulties, it felt pretty awesome.
I've used Binance for many years now and never found it as hard as I did the other day. I had to transfer a large sum and wanted it all on one transaction; doing it in $100 transactions would have taken me years. They should improve their process, it's not like they don't make enough money.
Good to know that I'm not the only one struggling with them. The only time I had a big transfer was when my brother transferred to a bank account here in Ecuador. The bank had failed to notify us that he would have to put "Service Payment" as a memo, so the transfer bounced back - well, it didn't, it got stuck somewhere and took 2 weeks to be back in his account in Germany. Of course, nobody took responsibility, neither for the 100€ fees nor for the communication failure.
It's all far too complicated and then the tax liability for capital gains/income tax...it's a whole other issue again. I have a good accounting/tax firm though, so I'm all good.
Oh right, I always forget about that. Here it's kind of easy, as long as you can say where you got the money from. It's not so much about tax evasion here, as taxes are super low, but about laundering drug money.
A similar thing happened to me on Binance US with a small amount of money ($500) when I was first trying to get funds into Hive. They gladly and immediately accepted a deposit of USD from my bank. Then, when I tried to transfer out the tokens I bought, they locked up my account for several months waiting to "verify my identity."
Luckily, it was a small amount and they eventually confirmed my ID and released the funds after a few months, but it was extremely frustrating and I have never used Binance since.
Yep, fuggin' Binance. Buch of wankers. It's good to hear you got it sorted, but months?!
I feel happy to have exited the funds into my bank and subsequently the alternative investment. Binance can go eat dick...until next time of course.
I hope your alternative investment works out. A friend from Italy invested in a privately held power plant a few years ago with a small group of investors. It was a similar situation where the funds will not be liquid for years. So far it's worked out well for him, providing some "passive" returns.
Good luck on your road to "financial freedom!"
It's nothing funky, I'm not that much of an idiot and considering what I pay my financial planner and accounting firm I'd assume they're not idiots either; not steered me wrong yet. It's a safe thing and with the massive gain I made on the crypto and the savings of many, many thousands of AUD in capital gains tax...well, I'll be far in front and not have to worry about exchange nutbaggery on at least this portion of my crypto.
I've probably lost a couple hundred dollars here and there by sending funds to the wrong address. Nothing too big though. I remember the first time I moved some big funds from one wallet to another. It was like five figures which is a lot for me, so I checked that address like five times even after I sent a small test amount! I'm glad you got it all sorted out. Best of luck with the new investment!
User error is something else again, it happens because humans make mistakes from time to time. Building something overly complex with no viable support that a company then charges people to use? That's cuntery on a whole other level. I just moved six figures, high six figures, and I was pretty bloody nervous, a lot of money to lose.
I can't say I can relate to that, but I can definitely understand! I had to fight with Binance for some funds back before they locked everything down, but it was pretty small beans.
Small beans are still beans and because no one gives away beans for free the beans we have, large or small, are valuable.
Very true!