Cryptocurrency Chat

Staff have said time and again, for personal use it shouldn’t be an issue.

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I’d emphasise this word because it’s so important. Shouldn’t ≠ wouldn’t. Banks are very finicky here, even if you abide as best you can by their often vague rule sets for when you can and can’t use your account when it comes to crypto.

A lot of the crowdsourced testing online suggests that Monzo are generally not okay with you using crypto for personal use in some situations, so using monzo for crypto is actively discouraged in the crypto communities I’ve lurked in from time to time. Likely because they’re measuring what is personal according to some internal undisclosed threshold that is perfectly possible trigger even with typical personal use, because everyone’s typical is different. They also seem to quietly blacklist some exchanges which can leave you in a bind with limited options, and you won’t find out until they block the payments. Monzo are one of the least transparent banks in the U.K. regarding crypto, so I’d tread with extreme caution regardless of what an employee happens to tell you on a forum.

All banks treat all customers differently too. Those who are generally considered safe can still shut you down, if they think there’s something fishy going on. Whereas another user may be allowed to carry on without sanction.

None of this to say you can’t or shouldn’t use Monzo to buy crypto, but rather, just be cautious, whichever bank you use. If you’re just using Coinbase with Monzo, using your own money that has a clear flow of accountability you’ll probably be fine.

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Shouldn’t need an emphasis, if people can’t understand what a word means, that’s on them :upside_down_face::sweat_smile:

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Use an account you don’t care about losing.

Most of what you read online is bollocks. “My account was closed because I did a trade” should be taken with a punch of salt. Monzo doesn’t tell people why their account is closed. It’s people guessing.

I’d listen to staff rather someone ranting on Reddit.

Monzo are a lot more crypto friendly than most, but that doesn’t mean they’ll let you do what you want.

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Here’s a Primer on DeFi: DeFi: The Ultimate Beginner's Guide to Decentralized Finance - Decrypt

Here’s a critical review of Cake Defi that highlights some of the risks: https://captainaltcoin.com/cake-defi-review/

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Thanks, I will have a read through :slight_smile:

Guardian manages to squeeze an ad for a Cryptocurrency in an article discussing a call for a ban on ads for Cryptocurrency.

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Non issue really, it’s showing the reader the type of Ads which TfL have been running on the network.

Never thought I’d see Cake DeFi mentioned here… how’d you encounter them? I’ve been staking some for several months now.

Currently have ~870 staking, APY has roughly halved since I joined, app screenshots below.

One thing I do not like about Cake DeFi is you can easily deposit crypto and convert it to DFI on their platform, but cannot as easily convert DFI back to desired crypto to withdraw. Plus, DFI is not yet listed on a Binance nor Coinbase; atm not an issue as this money is set and forget yolo but in next year or so I’d like DFI to be at least listed on Binance.

Summary

If you do get round to it, referral code is 733975

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how’d you encounter them?

I spend every single waking moment where I’m not working, exercising or eating studying crypto and stocks & shares :sweat_smile:

I don’t use anything like cake defi, Gro, balancer or defi saver etc. I just buy coins. I do use dex’s and dapps just to check them out. I am planning maybe on trying out one of those later this month when I get paid :slight_smile:

The problem I have is that I program stuff on Eth / Solana and I need money to actually deploy and use stuff to help me so my “crypto investments” are more like “gas fee expenses” :joy:

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:expressionless::face_with_raised_eyebrow:

Not that I wish to carry on beating a dad horse, but I note that the article linked includes the line “For instance, the FCA banned crypto exchange Binance from operating in the UK over weak anti-money laundering laws.”

Also appears that HMRC are pretty intractable over their view that “cryptocurrencies like Bitcoin don’t represent money or financial contracts”.

What about a mum horse?

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Oops. I see what I did there. :see_no_evil:

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Don’t keep all eggs in the single basket
:thinking::egg::egg::egg::basket: :egg::egg::basket: :egg::basket:

Figures I noticed yesterday on my Trust Wallet account :open_mouth::open_mouth::open_mouth:

Sadly it was Coinmarketcap.com website database error

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If interested in this, listen to The Missing Cryptoqueen podcast. It covers the OneCoin scam and the woman from The Sun article is featured.

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It was possible at the beginning of 2021.
Coinbase also did suspend GBP withdrawals around that time :grimacing:

I am not using Coinbase much so can not say a lot :neutral_face:

You can buy MATIC on Polygon via Moonpay (or crypto.com) so I’v decided to invest in some crypto index funds to save me from trading for 50+ tokens every time I get paid :sweat_smile:

It’s on Polygon network so I don’t pay Eth gas fees :pray:

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I’ve got a couple of these funds too (DPI and MVI) also via Polygon. Very liberating not having to worry about network fees!