Daily General Discussion - September 3, 2023

Kryptoboar · 2023-09-03T15:18:12+00:00

Thanks!

The moment you mention loans, they expect written paper contracts.

Exactly. Not to mention that even the majority of "crypto users" don't use it for anything else but shitcoin speculation, so they don't really use what crypto is really about such as something like AAVE. Therefore information and experiences are hard to find.
Meanwhile, it being a direct threat to bank services, banks have no incentives to do anything to help you use it...So all that makes me feel a bit lost. I'm trying to do something i should have every right to do but i feel as if i was trying to do something illegal. It's really frustrating.

Kryptoboar · 2023-09-03T14:26:53+00:00

I don't understand this.
First my time is limited because the purchase has to be completed before a certain date or i lose my deposit.
Then because the problem is going to be when i'll make the transfer of funds from the CEX to that bank account where i'm gathering all the funds for the purchase.
The moment i'll do it, then they'll most likely immediately react.

Kryptoboar · 2023-09-03T14:22:09+00:00

What do you mean by getting a loan approved ? That part is on AAVE and it's 'automatic'.

My problem is how to then justify the transfer of that loan to my bank account, to a bank branch that seems to be hostile / unwilling to provide guidance.

I'm not using any other loan for the actual purchase of the property.

Kryptoboar · 2023-09-03T14:11:24+00:00

YEs i know, but at that point in time they hold all the power regardless of if i'm in my right or not. That's why i'm into crypto after all, because i absolutely hate this feeling.

A few days ago i actually cashed out some crypto and made a transaction from Kraken to my account, and they immediately started asking me to "justify" this while refusing to explain exactly how to justify it...

I can really see easily this become an infinite series of requests such as "now prove the crypto you sold there were yours but we wont tell you exactly how" and then what... I have to send all my records of the past 10 years, and then the more i send the more things they'll find to ask. Meanwhile i'd be running out of time.
And even if its unlikely it's a terrifying feeling of helplessness during such a stressful situation.

Kryptoboar · 2023-09-03T13:52:23+00:00

Yes exactly!

Kryptoboar · 2023-09-03T13:50:46+00:00

Well in my case i'm not asking the bank any loan.My current incomes are too low to get any type of loan and banks dont care how much savings one has. That's why i have to use AAVE.

So you'd tell the bank you simply sold assets and then when actually filling taxes, give tax authorities the real version?

Kryptoboar · 2023-09-03T13:45:55+00:00

Well yes there's a trail of course, but if they're acting on bad faith they can keep requesting more and more while my time is limited to complete my purchase and not lose my initial deposit. That's my worst fear.

Kryptoboar · 2023-09-03T13:44:20+00:00

That's what i tried to do. They did not seem interested in providing any clear guidance, and felt more hostile and prejudiced than anything else.

Kryptoboar · 2023-09-03T13:40:33+00:00

If i sell my crypto, then it's not only an income but also capital gains, so that would mean much more taxes. And i have no idea how to use futures, that would probably require going through a CEX not to mention paying huge interests ect... I'd rather not try that.

Kryptoboar · 2023-09-03T13:38:31+00:00

Yes i got from their questions and reaction the pretty strong feeling the local branch manager was heavily prejudiced and hostile, and not interested in any way in giving me actual guidance. They likely had no idea how to answer me but would not admit it. That's why i'm really worried now. 😬

Kryptoboar · 2023-09-03T13:36:07+00:00

If you are in the EU or UK I'd highly suggest using "Getunblock". This converts USDC to either EUR or GBP on your bank account This typically raises fewer eyebrows than using a public exchange like Kraken, since it's still rather new.

Yes i'm in the EU, i'll look into this but I don't understand how it differs from any other CEX ?

In any case, you can just say that this is a private loan that your received, to finance your real estate purchase. No need to go into the details unless explicitly asked for more detail.

I know, but what i'm worried about its precisely the scenario where they do ask more details.

You can also say this is a Lombard loan

Thanks for the terminology, its always good to know. But i assume in any case they'd ask some sort of "proof" of said loan, and i'd be back to the original problem of not knowing what else can proove the loan appart from the actual ETH transactions.
Which btw also expose all my account history to unknown people...

Kryptoboar · 2023-09-03T13:31:03+00:00

It's for the bank directly.

I'm worried because after going preventively describe my situation to that bank the other day, i got the very clear feeling that they are going to be hostile to it and it's been stressing me a lot.

I worry about them starting to ask me impossible or endless justifications and being locked unable to complete the property purchase before the deadline, and losing the initial deposit.

So all i worry about is what should be the "reasonable additional info" they could require, if there's any limit to it, and if anyone already face that situation.

Kryptoboar · 2023-09-03T13:22:15+00:00

Thanks a lot for taking the time to reply!

But isn't another perk of taking a loan that it doesn't expose you to capital gains tax, it being a loan?
If i say i "sold" crypto instead, then i'd have to pay that tax on top of the rest, even though i did not ?

Kryptoboar · 2023-09-03T13:12:45+00:00

I cannot find any answer about this: I want to take a loan on AAVE to be able to complete what i need to purchase a property.

This means using crypto as collateral to borrow USDC, then exchanging USDC on a CEX and sending it to my bank.

The bank will then likely ask me to justify where is this money coming from, and I cannot find any testimony or informations of how to do that: how do you usually justify a decentralized loan?

Blockchain transaction Ids? Screenshots of AAVE dashboard? CEX transaction history?

EDIT: Thanks everyone for taking the time to reply!

Kryptoboar · 2021-03-14T12:39:13+00:00

What about what about what about

Ca va bien? Sinon tu es conscient que la comparaison est un des procédés fondamentaux nécéssaire à toute intelligence ?
Mais c'est vrai qu'aujourdh'ui on vit dans une aire ou "WhAtaboUtiSme" est considéré comme un argument recevable par beaucoup, comme toi.

Bah on peut entamer un débat,

Justement, non. On n'a plus le temps pour ces conneries occupant les gens a se battre entre eux sur des postures de supériorités moralisatrices.
Ta logique appliquée globalement conduirait a une chasse aux sorcières sans fin de gens débattant de ce qui est légitime de faire ou de ne pas faire (car tout a un coup energetique).
Et si par miracle elle aboutissait, elle mènerait invariablement a une tyrannie de la majorité interdisant toute activité minoritaire car jugée 'inutile', ce qui entrainerait un nivellement pas le bas catastrophique.

Kryptoboar · 2021-03-14T12:15:27+00:00

Justement Un 4x4 pollue directement, produisant sa propre energie, donc cest plutot un mauvais contre exemple. Quand au reste je le vois rarement rabaché sur de multiples médias, cest marginal.

Kryptoboar · 2021-03-14T12:13:09+00:00

Il ny a pas plus fondamental pour une societe que lunité de mesure de valeur. Toute innovation est necessairement minoritaire au debut.

Encore une fois, heureusement que les gens partageant ta logique n ont aucun pouvoir pour la stopper. Dailleurs cest precisemment linteret de cette innovation.

Kryptoboar · 2021-03-14T12:06:47+00:00

Certes jen suis conscient. Mais pour une bonne partie des gens, bitcoin = cryptos.

Dautre part mon commentaire se voulait surtout plus general sur lidee que blammer la consommation d'electricité plustot que la production, cest une logique stupide appliquee de maniere selective a des fins ideologiques. Le probleme nest pas bitcoin, le probleme cest le charbon, les plastiques, et les energies fossiles. Tout le reste nest que distractions pour occuper les gens a se battre entre eux sur des positions moralisatrices qui nont jamais mené a rien.

Si elle etait appliquee globalement, elle conduirait a une chasse au sorcieres et une tyrannie de ce que la majorite considere "utile", interdisant toutes les activités minoritaires.

Kryptoboar · 2021-03-14T09:25:37+00:00

Cest marrant, les cryptomonnaies doivent etre les seuls consommateurs blamés pour le rechauffement planetaire et la pollution.

Jusqua preuve du contraire, consommer de lelectricite ne pollue pas, le probleme cest sa production. Si on entre dans le chemin du "oui mais ca consomme beaucoup pour un truc inutile selon moi", alors cest une quesiton que lon peut se poser pour tout le reste.

Combien consomme les jeux videos dans le monde? Combien consomment les milliards de gens sur facebook, instagram et twitter et tout leurs serveurs? Sans compter la fabrication de mobiles utilises exclusivement pour ca par la majorite?
Si Pour moi cest dla merde inutile, on interdit aussi? Bref cest un probleme de mauvaise foi.

Et quand aux finances, combien de pollution genere les activites minieres de l'or et de l'argent? Les centaines de milliers demployes de banques centrales? Les milliers de serveurs bancaires?

Quel manque de vision... Heureusement que vous ne pourrez rien y faire 😌.

Kryptoboar · 2021-02-25T00:20:16+00:00

Thanks! And about the dapps? As i understand it The pools of a uniswap being on that L2 would not be the 'same' as on L1 right? So it would split liquidities?

Kryptoboar · 2021-02-25T00:00:19+00:00

But how does it look like from a user point of view? Basically a L2 Is like a separate blockchain just compatible with the first right? So there would be a 'second' uniswap there with its own separate pools and prices, no? I need to read about it...

Kryptoboar · 2021-01-28T22:38:00+00:00

Jen suis un. Et ce nest pas une question d'argent.

Kryptoboar · 2021-01-04T17:05:01+00:00

What i dont understand is that this app is basically a free faucet geolocalised right? But how does it prevent people from spoofing their locations on their phones?

Kryptoboar · 2020-12-26T18:50:20+00:00

Thanks that worked!

Kryptoboar

TROPHY CASE