Yeah, while Bitcoin gets gobbled the fuck up under 30k USD, it gets its biggest bites from huWhales. But what about you. The average pp sized goldfish? Well heres advice. Fuck Coinbase.
Heres an example. You use coinbase basic. Not pro. Not their bullshit subscriber service coinbase plus.
You feel saucy, and decide to drop a $1000 bill on some Bitcoin or Cryptocurrency of your choosing.
Great. Let’s buy.
1000 turns into a 964$ purchase as 36.50 in fees to buy..
Great, so I will need this investment to make at least 36.50 in returns to just get my money back…
Hypothetically, your token makes 40 dollars profit and you are looking at $1000 in your portfolio again… You need the money.. So you sell.
Coinbase gives you a spread price that is alarmingly lower than the price being fed into their price aggregator on the front page. (Why do this? Just fucking make the price the price.)
You are already looking at the 1000$ turn into 975.. “Fuuuuuck..” you say, as you see the sell fee add on to the negation dropping the value to 960$ So you sell. End up with 959.67 ish.. Time to transfer to your external bank acct.. Oh wait, another fee. 959.67 gets a 9.59$ fee (depending on method) Makin it a total withdrawal of around 950.00. This was with a profit, so depending on territory, don’t forget a cap gains tax.
You are welcome to try this yourself. But I wouldn’t recommend it, as you are only feeding the beast, and now that Coinbase is publicly traded, you can bet yours sweet ass that the fees will intensify as cornbase stock investors expect profits..
This is why I’m attacking coinbase. Fuck their public offering, and their predatory fee structure.
Stay safe out there.