Rise of Crypto.com: from university blog to home of the LA Lakers | Hacker News Reader

Rise of Crypto.com: from university blog to home of the LA Lakers

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13 pointsbelter12 comments

I have a crypto.com account and, if other exchanges are like them, I swear the goal is to make it difficult to take money out of the system. I have a less popular coin that I mined (<$2k worth) and the ability to transfer my coins to crypto.com so I can cash out for real money has been "coming soon" for over 6 months.

Of course it's super easy to buy and there are no barriers in terms of cost if you want to bring money into the system, but even transferring out of the exchange to another crypto wallet is ridiculous. I bought some ETH hoping to try out ENS. At the time it was .008 ETH to transfer my money to a different ETH wallet. Now that's $35.

How is crypto revolutionary again? Would you stay with a bank that charged you $25 to transfer your money to another bank? And the icing on the cake? I just went to the crypto.com fee list [1] and I can't even figure out how much it costs to transfer ETH to ETH now. They changed the way it works so it's not obvious.

I think it needs to happen on a different chain or something. Who knows. Can anyone explain how it works? Can anyone explain how crypto currency is supposed to change the world if they can't even transfer my money around, for a reasonable price, with an easy to understand system?

1. https://crypto.com/exchange/document/fees-limits

Don't condemn "the system" saying they don't accept your less popular coin without saying which coin.

There's a host of reasons exchanges won't touch a specific coin, like Kraken & SHIBA INU.

I don't have a problem with them not wanting to support a coin. The thing I have a problem with is them having a huge buy button where I can buy a coin, but I can't transfer the same coin in to the system to sell. That's the same (opposite, but still manipulative IMO) thing that Robinhood did with GameStop and the online sentiment seemed to be that it was bad.

It's kind of a moot point for me anyway because I don't think I'd sell. By the time I'd pay an accountant to do my taxes, plus the taxes, I wouldn't end up with much. I just wanted to point out how the whole "you can buy, but you can't sell" thing exists in crypto and no one even blinks.

Robinhood did something that was actually wrong — offering a sell feature, and then taking it away later when they overspent things they didn't actually have.

Only offering Buy isn't too far off from normal for shitty centralized exchanges, e.g. PayPal lets you buy BTC but not sell.

I think it should be illegal. It's more of a stock store than a stock market if you can only buy and not actually trade.

...cryptocurrencies aren't shares of a company.

It's money.

I tried finding a comprehensive list of failed companies who named stadiums. Found this article:

https://www.cnbc.com/2010/01/20/The-Stadium-Curse:-Naming-De...

https://archive.md/8mgo1

I’m trying to decide on whether “the crypt” is a marketing flash of brilliance, or a giant mistake

Narcissism never works.

paywalled but these guys came out of nowhere. I saw the ad by matt damon for crypto.com where he likens buying cryptocurrency to exploring space, i guess you do have to be a brave individual to buy dogecoin or shiba, i'll give em that

There is a marketing bonanza going on that's led by them. I lost count of how many PR or advertising deals that they have launched in the last 3 months on the Internet or in the real world. Add to that the listing of their own token! WOW

Well, a lot of money being pumped in by income from new users on their platforms and flowing out by making themselves know more publicly. Rinse and repeat at a fast rate. I wish I could see the growth numbers about daily active users on the exchange after the end-of-year holiday season!?

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