Chris Slaughter
@ybchri_
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Coinbase wants you to direct deposit your paycheck to crypto.
- $3000 deposit
- 2% trading fee into Bitcoin
- 3% conversion fee for debit card
- $150 total fees (5%)
Coinbase wants you to buy them a PS5 every three months to use your own money.
WTF
@coinbase
????????
I BUY $100 BTC YESTERDAY. I CHANGE MY MIND AND SELL IT BACK NOW YOU ARE ONLY GIVING $78 BACK??????
SHADY BUSINESS WITH LOAN SHARK TACTICS!!! DO NOT RECOMMEND!!!!!
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This is a great explanation by
@woonomic
about how Coinbase/BlockFi can afford to pay high interest rates on crypto deposits. In this thread, I'll both-sides:
- Coinbase's argument
- the SEC's argument
1/ 👇
@Jason
Emerging markets like crypto have large inefficiencies opened up by the volatility. The top market neutral funds can extract 50%+ APY but you need capital to do that.
LVL Bank for example offer autopilot accounts allowing customers to market make for much higher than 7% APY.
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Bitcoin is the best performing asset of the last decade by 1,000% as an investment. Is it also worth converting your CHECKING ACCOUNT to
#Bitcoin
?
In this thread, I'll break down what would have happened to me if I banked on Bitcoin for the last three years.
🧵
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Here's what I've been designing. ✍️
Ramp is a bitcoin exchange that provides a fully-automated onramp and offramp for your self-custody $BTC wallet with:
- low, transparent fees
- no hidden spread
- high trading limits
- no shitcoins
Ramp is community-funded and open source.
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You screamed. We listened.
Read why LVL has decided to become a
#Bitcoin
focused company. 📔👇
LVL is becoming a
#Bitcoin
focused company.
While the US dollar has provided many benefits, the negative qualities are becoming much more prominent. Read why LVL believes Bitcoin is the best replacement for fiat money.
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As financial institutions, Coinbase, BlockFi, and
@BankWithLVL
all have a regulated duty to put our financial customers first. And regulators have a duty to enforce that behavior.
I hope this ends with everybody getting crypto interest accounts. /end
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We’ve decided to delist Litecoin due to the lack of clear use case or popularity with our users. We’re a business focused on listening to users and providing what they want.
What should LVL list?
BTC
1987
ETH
116
Both
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I'm just sitting down to redesign
@BankWithLVL
to focus on
#Bitcoin
banking. This is what I have so far.
You comment. I design. 👇
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Two unrelated questions:
- Why did
@synapsefi
, partner of TN-based Evolve, loan its CEO Sankaet $320,000 while spiraling into bankruptcy?
- Why did TN-based Congressman
@AndyOgles
revise his FEC disclosures in May to say he never gave his campaign $320,000 even though he did?
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I can see BlockFi going down a really similar path as LVL: work with regulators, clarify the law, serve customers.
I see Coinbase going down a different path: defy regulators, blur the law, set customers aside.
This makes sense since their true customers are shareholders. /18
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Coinbase is mad that they weren't allowed to:
- borrow money from customers
- lend 100% of it to hedge funds
- not guarantee it against losses
- keep almost all the profits
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I have first hand experience that a16z directly endorses fraud. Until you have been a victim of a16z you don’t fully understand how hard they shitcoin.
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My experience has been that you can work with regulators and innovate. And I believe that it is important to remember that end users have some common cause with regulators.
Regulators want BlockFi to reveal their counterparties. BlockFi users probably want that too. /17
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5,000 users signed up for
@LevelInvest
in the last week. We look forward to servicing these members and bringing the best investing experience and support to our crypto customers.
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@TheStalwart
Incompetence and fraud you can plainly see is not FUD. We shouldn't let companies gaslight us into thinking it is.
NY AG provided hard proof Bitfinex lost $850M and covered it up through a money laundering scheme with Crypto Capital.
Bitfinex answer? We didn't lose it, you did.
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Coinbase has taken a different, considerably more "Silicon Valley" approach.
Brian Armstrong and Sam Altman are going back and forth on Twitter about how the abstract concept of regulation is crippling the abstract concept of innovation.
Their goal is not to be regulated. /9
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“Inflation is transitory” is a good argument for old politicians thinking about their reelection in months.
For young people thinking about their future in years not months, it’s time to
#GetOnZero
.
Secure your future fam.
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BlockFi had a genius idea. They said:
"Look, there is a ton of money being made in market neutral strategies in crypto, and the regular consumer is completely shut out of that. Let's build a great product that makes it easy to earn money from that."
That's a genius idea. /3
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Crypto is an emerging market. Emerging markets are volatile. Due to large price swings, users are willing to pay large fees to liquidity providers to buy and sell crypto.
Liquidity providers are "market neutral." They make a lot of money helping retail investors trade crypto. /2
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@jdcmedlock
Larry Swedroe, writing for CBS Money Watch asks, "Why do people listen to Harry Dent in light of his obvious inability to accurately predict the future?"
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Everyone is talking about the increase in Coinbase trading fees. But I noticed over the past week that very few people understand how Coinbase fees even work. Here's a basic overview based on my understanding. /1
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Here's how.
I modeled what would have happened if I exchanged my paycheck for Bitcoin each month, every month, for the last 3 years.
I get my paycheck, convert it to Bitcoin, and spend Bitcoin.
I would have made $450,000 AFTER TAXES.
/14
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@APompliano
@brian_armstrong
The Supreme Court decision in Reves vs. Ernst & Young provides a clear exemption to securities law for promissory notes that are secured by a lien on the corporate borrower's assets.
Why didn't Coinbase want to guarantee Coinbase Lend?
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Securities laws are anti-fraud laws. They are vague because fraud is vague. They're vague even when crypto isn't even involved.
Securities regulators have to feel out a situation to understand where there might be opportunities for fraud or concealment. /5
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But that wasn't the case. We found that the SEC team was pretty easy to talk to. They seemed to digest and understand our points of views. I called them once and asked for a deadline extension so I could have a weekend off. They were cool with that. /13
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For example, here is an excerpt from New Jersey's cease and desist order against BlockFi. BlockFi invests customer deposits into market neutral hedge funds. New Jersey wants to know how much BlockFi tells its users about who they invest in and what the risks are. /6
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Updates for withdrawals on
@LevelInvest
:
- Flat $2 fee for withdrawals (< $1000)
- Max withdrawal button
- Address validation
- Confirm with 2FA only
- No confirm screen
LVL is going to be the easiest-to-use exchange on the market.
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Here are some thoughts I've had on market making and exchange liquidity. Here's what I've learned after 18 months working on exchange engineering.
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Cash App is much easier to learn and use than self-custody $BTC wallets due to superior:
- user experience (UX)
- user interface (UI)
Would a self-custody $BTC wallet that's as easy-to-use as Cash App attract more users to hold their own keys?
Let's design one and find out. 👨🎨
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I'll never know what the SEC was after in 2019, but I don't think their goal was to stop us from innovating. Market Making is live on
@BankWithLVL
now making money for users. If there's a case to be made that it's a security, the SEC didn't think they could make it. /16
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@gulovsen
Coinbase made 66% of its revenue last quarter from altcoin trading. They have a monopoly on the "cash to shitcoin" market because they have operated for years without appropriate regulatory action.
They want to enlist the people they've been fleecing to save them from the SEC.
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Where I think there's a lot of room for criticism is that the process isn't very transparent. We could only infer what they were after based on their questions. As the process dragged on, we grew impatient with its lack of clear direction. /14
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At
@BankWithLVL
, we provide regulated banking and crypto exchange services as well as a market neutral strategy called Market Making.
Market neutral strategies work. Market Making users earned a 76% APY in the second quarter. /10
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#Bitcoin
is the most important paradigm shift in money in hundreds of years. Community feedback is vital to delivering a great Bitcoin banking experience. Like Bitcoin, this process should be open.
So LVL is open sourcing our roadmap to build the world's first Bitcoin bank. 👇
Get paid, save, and spend
#Bitcoin
on the LVL Card.
Announcing a new, improved user experience for LVL designed to make it easy to
#BankOnBitcoin
.
Coming in February. Read more and share feedback 👇
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In announcing our mission at
@BankWithLVL
, to build the first BITCOIN BANK, we say the end-goal is to "Kill the Dollar," but we aren't anti-government or anti-capitalist. We're just pro consumer.
/19
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BlockFi immediately put up a banner on their website to notify their clients that they were under investigation.
In Kentucky, where BlockFi is already shut down, they state their position but accept Kentucky's authority to shut them down.
BlockFi respects the law. /8
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I know it can seem like regulators want to keep regular people from making money, but that isn't always their intention.
In the New Jersey cease and desist order, they specifically allowed all current BlockFi customers in New Jersey to keep their accounts. /7
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Customers thought it was a great idea too. BlockFi blew up. Regulators started to take notice. They asked themselves:
"Isn't investing in a market neutral strategy similar to investing in a hedge fund? How would we look at it if these were dollars not crypto?" /4
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And then one day it ended.
We got a letter in the mail that said the SEC was done with us for now. No further action would be taken. But they reserved the right to take action in the future. For something. /15
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Damn,
@a16z
@astrange
@synapsefi
knocked it out of the park with this one.
So far we have:
- fraud
- violations of the FDI Act
- securities fraud
- retaliation
- wire fraud
- bank fraud
- illegal campaign finance contributions
- interstate threats
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TMW you realize the pain of
#GetOnZero
is discipline towards a better future AND you can handle it.
When the fear is gone, only
#Bitcoin
will remain.
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Regulators also work.
In 2019, the SEC sued LVL claiming that an early version of Market Making violated securities law.
Did I like it? No. A team of government lawyers moved into LVL for 6 months like some kind of bureaucratic hermit crab. /11
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Today
@BankWithLVL
announced our mission to help the next generation transition from the dollar to
#Bitcoin
.
Revolutions are led by people not corporations. Please join me at 5 PT as I speak to two pioneers of
#GetOnZero
-
@LaserHodl
and
@JWWeatherman_
.
👇
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@stephendpalley
Never mind the fact that
@BlockFi
is potentially operating with an undisclosed hole in their NAV, Coinbase makes money on the side investing in securities they list, and Tether is potentially a massive scam.
FUD-bust responsibly.
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We did our job too. We spent hundreds of hours preparing materials for the government, meeting with attorneys, and drafting position letters.
This was two years ago. If Coinbase is right that regulations are too confusing, then they only could have been more confusing then. /12
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@BankWithLVL
passed 2.25% of Coinbase’s BTC/USD liquidity today. Liquidity farming with Autopilot works.
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One time
@Mastercard
invited us to join their accelerator. I told them that we had a
#Bitcoin
payments product coming that might be potentially competitive. Their response was shocking.
"That sounds dope."
Mastercard is cool. Work with Mastercard.
We're delighted to further our partnership with the visionary people at
@Mastercard
by joining the award-winning
@MAstartpath
program. Our partnership is focused on one goal:
Build the world's first Bitcoin bank. 🏦🧡
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@Bitfinexed
This has been tried. Shitcoin casinos have really strong instincts about packing their boards with former government agents. They view the world through the lens of one massive grift.
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In fact, Bitcoin has outperformed ANYTHING else you could have invested in over the last decade by 1,000%.
Bitcoin has finite supply and increasing demand. It's not a Ponzi scheme. It's not a fraud. It's economics.
/3
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@FarrowStrike
@JihanWho
Did you know hundreds of thousands of kids worldwide get displaced by their own parents due to homophobia? Way to carry the ball forward.
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@NC5PhilWilliams
Perfect target for Russia to exploit.
Two unrelated questions:
- Why did
@synapsefi
, partner of TN-based Evolve, loan its CEO Sankaet $320,000 while spiraling into bankruptcy?
- Why did TN-based Congressman
@AndyOgles
revise his FEC disclosures in May to say he never gave his campaign $320,000 even though he did?
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Find out how much money you would have made banking on
#Bitcoin
over the last 3 years with this handy calculator:
Then start putting together your plan to
#GetOnZero
.
Here's how.
I modeled what would have happened if I exchanged my paycheck for Bitcoin each month, every month, for the last 3 years.
I get my paycheck, convert it to Bitcoin, and spend Bitcoin.
I would have made $450,000 AFTER TAXES.
/14
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Our mission at
@BankWithLVL
is to help the next generation
#BankOnBitcoin
.
What should we call boomer bucks in the app? 🤔
Dollars
14
Fiat
116
USD
70
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In the coming months,
@BankWithLVL
will offer automated paycheck conversion to Bitcoin on top of the only free Bitcoin exchange in the world.
I'm going full YOLO and plan to convert the entirety of my checking account, and payroll, to Bitcoin.
/22
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@LaserHodl
@BankWithLVL
1, 2, and 4 are planned this year (4 for debit card).
4 for credit card 2022.
3 ongoing process.
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Whether you bank on Bitcoin on
@BankWithLVL
or make it possible through other services, consider casting this vote. It's our world after all. Let's make it the one we want to live in.
Ohhh yeahhhh.
/end
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@AndrewTCosgrove
@mikulaja
This is a disgrace.
The Fed is treating this like end users opened accounts at Synapse as custodian.
They did not. Even though Synapse secretly had control of an FBO for years, Evolve entered deposit agreements with users. Synapse’s role as custodian was hidden.
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Yes, you might take a hit some months. You might need to reconsider that TV you were about to purchase. But pain for a good cause is discipline.
The cause we're marching towards is consumer sovereignty - a more fair and inclusive world.
/18
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Let me check if
@AndyOgles
been dinged by the FEC for any prohibited contributions. Looks like there's just one, and it's from a company called Synapse Financial Technology.
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A customer just reached out to tell us they were closing their Wells Fargo account to switch to
@BankWithLVL
and bank off
#Bitcoin
for good. One day every bank account will hold cash and Bitcoin.
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Market Orders are dangerous.
So we spent a long time trying to get Market Orders right on LVL. /1
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@RussellMetzger2
@stayressed
@ScottAdamsSays
@GeorgeTakei
Imagine running in to defend a sex trafficker over semantics.
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@rolfvb
@BankWithLVL
Hi Rolf. Like Chime, we get paid by merchants when you swipe your debit card. We also make some money lending provisional credit like BlockFi, and we have a subscription called LVL Premium.
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First, a little context on Bitcoin as an investment.
If you've ever been hiking, you know that sometimes the trail dips. That doesn't mean it goes down forever or that you won't get to the top.
Bitcoin is like this. While volatile, it's overall performing very well.
/2
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We built
@BankWithLVL
with the thesis that over several years cash would ultimately weaken due to a mix of lousy fiscal and monetary policy and a globalizing international monetary environment.
With 6.2% inflation last month, it seems like the party is already here.
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We announced CHECKING and SAVINGS accounts for this week. Independence from your bank. Q1 2020.
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Today's "crypto exchanges" have too many features, too many fees, and too many shitcoins.
That's why Ramp is a community-funded project with no equity investors.
And that's why Ramp will be 100% open source.
Because with or without Ramp, we deserve a better bitcoin exchange.
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AMM is a
@LevelInvest
wallet that creates liquidity on LVL in return for passive income. I'm getting a lot of questions about what "GIVE" is in the AMM settings. /1
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If Bitcoin's price goes down, your paycheck is converted into Bitcoin at the reduced price. Your savings goes down but not your income!
Bitcoin's price increase is driven by adoption not speculation. So it goes up more months than it doesn't.
/16
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.
@BankWithLVL
is opening a swag shop to meet the fashion needs of
#Bitcoin
users. Our first design is a T-shirt with the theme "Bitcoin good."
What should we draw on the T-shirt? 🤔
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We've forgotten that money derives its strength not from the fiat issuing authority but from the strength of the community that uses it. It's a means of exchange, not a safety net and certainly not stable.
/9
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@AndrewTCosgrove
@mikulaja
Therefore Synapse was also not permitted to transfer funds to brokerage accounts in October 2023.
Evolve and Synapse defrauded the market by claiming Synapse was a bank agent when they were in fact a custodian to make FDIC insurance claims.
Fed says “you should have known.”
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@jchervinsky
Agreed.
There are some loopholes that are motivating this viewpoint. For example, Elon Musk is getting liquidity on his capital gains without incurring a taxable event by using his stock to secure loans from Tesla.
This strategy is open-ended, indefinite, and pays no taxes.
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@mikulaja
Because they were operating a sweep network and had their own ledger Sankaet was operating over the top of.
With Evolve and Lineage under the FBO-in-DDA model, Sankaet maintained the only account records. Evolve and Lineage only maintained payment records and never reconciled.
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