A few weeks ago Fidelity started offering a waitlist for retail bitcoin trading accounts, now some of those on the waitlist are being offered the ability to open accounts. Here’s what we know so far:
- Account is called ‘Fidelity Crypto’
- You can trade Bitcoin and Ethereum
- No trade fees
- Available in the following states:
- Alabama
- Arkansas
- California
- Colorado
- Delaware
- Florida
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Massachusetts
- Michigan
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New York
- North Dakota
- Oklahoma
- Oregon
- Pennsylvania
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Wisconsin
- Wyoming
With other exchanges filing for bankruptcy and reports of stolen funds, I can see this being an attractive option for some.
Not your keys, not your coins. I learned it the hard way. Don’t be like me.
How many of you who buy gold coins or other physical coins decide to keep the coins with the dealer “for safe keeping” or easy trading? Absolutely no one. Wish I could get in on this scam…..Hey I’ll take your money and sell you some coins. Oh but wait, why take your coins bro, I can also hold your coins. You know, for safety and in case you want to trade for other coins. Oh but wait, your coins are just sitting here, don’t you want to earn some interest (I means “rewards” because the lawyers won’t let me say interest). Well is there any risk? Totally no bro! There are these other dudes who want to borrow your coins and take the risk, with your coins, and they’re willing to pay you rewards!
kind of like stocks huh
Stocks are regulated.
I am disappointed that Fidelity hasn’t realized, as we all have, that cryptocurrency is a pyramid scheme, and crypto exchanges are ponzi schemes.
Before you crypto cultists chime in, I own crypto. It was all lost in the Celsius ponzi scheme. Fortunately, I got the rest of it out before Gemini/Genesis and BlockFi went bankrupt. Fortunately, I didn’t have anything in Voyager and FTX when they went bankrupt.
I did have funds in Crypto_com. I sold most of it last year as the price plummeted. I made a nice profit though. With CDC “accidentally” sending funds to another exchange for their “proof of reserve” report and CDC’s reserves being mostly shit-coins, I sold the rest for a heavy loss. Better to get some back instead of nothing.
Having been burned by crypto, I have realized that crypto has no value other than what a greater fool will pay for it. At least gold has use in jewelry and industry. Equities are regulated and have SIPC insurance and banks have FDIC insurance.
I’m pretty sure they know – paraphasing Jamie Dimon ‘customers who use crypto are dumb and we’ll listen to them and build them products’ – but still, kinda surprised legal will let them.
Before one gets into or stays in crypto set aside 3 hours on youtube and watch Dan Olson’s “Line goes up” (which goes over more than NFTs) and Nicolas Weaver’s “Computer Security 161 Cryptocurrency Lecture” — They are a pretty good one-two punch – and I find Dan Olson very entertaining.
I still have hope for cross-border payments and privacy coins – but those will just make the world a better place, not create a horde of generational wealth.
Georgia is not included…. Why, why, whyyyy.
It says you can still get on the waitlist even if your state isn’t on the list. They can currently only operate in states their digital assets division already serves and are working to add states. Check out the FAQ at the link.
As expected, most of the crypto naysayers here are know-nothing investors who don’t even own or use crypto, let alone understand anything about it or crypto exchanges except for what they’ve gleaned from social media soundbites and news headlines written by people who don’t really understand it either. They continue to naysay because the confirmation bias is comforting and reaffirms their own investment decisions to reject anything that isn’t the status quo. They’re the same people who can’t shut up about what happened to Wells Fargo every time an article about Wells Fargo comes out.
The discussion will eventually veer off on a wild tangent, then by tomorrow, William will lock comments as nothing constructive or insightful is being discussed.
Who hurt you?
Crypto did
Don’t hurt me.. No More
Conservatism bias is a belief perseverance bias in which people fail to incorporate new information and end up maintaining their old views or beliefs.
For example, an investor purchases coins based on the fact that the crypto is the future. Weeks later, the exchanges announce that they have failed and that the future would be delayed by years, if not decades. If the investor clings onto his or her initial valuation of the coins and fails to change their evaluation according to the new information disclosed, he or she would be guilty of conservatism bias.
What is there to understand about crypto exchanges? Thousands have lost money they’ll never see again. There’s not much you have to “understand.” Lol
That’s correct, I may have lost $10k from the FTX collapse. I transferred the money out 2 days before the bankruptcy and the money never arrived. I was just trying to earn 8% APY on fiat, I actually don’t even buy crypto. I think that I have a great case to sue. There were many celebrity and sports endorsements for this company. A Stadium with naming rights. The MLB umpires had FTX logos on their uniforms. It turned out to be a ponzi scheme, which will take years in court cases to sort out. Everyone that endorsed FTX failed all of their customers. I’ll never trust another crypto company again. I’m thinking about suing the Biden administration for accepting $10 million to his 2020 campaign from FTX, which was stolen by FTX from customer funds.
Millions. Just Voyager or just FTX alone each had well over a million verified users and only a fraction pulled all of their money/coins out in time.
I’ve mined eth before and worked on a Blockchain project. It’s all pretty much a money grab with no actual utility. Blockchain is just code for slow, inefficient, and expensive to use.
Buying a pet rock. A fool is parted with his money
It’s easy to be a crypto naysayer when the stock ETF position I opened *before the 2020 crash* is currently +80% unrealized gains (not including the dividends I received over the years). Oh and I’ll pay ~no taxes (just few % state taxes) on it as it is all long term gains. With literally 10 seconds of work “managing” it over the 3 years (read: press buy button, set “reinvest dividends” to true).
How’s your coins doing?
If you did the same with bitcoin you’d be up at least 300%, even with the declines. Same cap gains rules apply. Bitcoin does carry more risk.
Please take a minute to know the facts before sounding so smug… smugnorant isn’t a good look for anyone.
This would be funny if it weren’t sad.
“You can trade Bitcoin and Ethereum”
These are the top two cryptos that I wouldn’t want to own.
DOGE and SHIB instead? Yikes
If you actually knew anything about crypto, you’d know that Ethereum is not the name of the currency.
Lol wut. Out of all the currencies, BTC and Ether are the two with the best track record.
So you can’t actually use the crypto, you can only pretend to buy it and then sell it back to yourself when you want. ???
But how do we churn it??
I still think some form of cryptocurrency is the future of finance, but it’s anyone’s guess which current currencies (if any) survive and remain relevant. Writing off crypto entirely seems like shortsighted.
yes, the pros are so many!
* burn as much energy for 1% of transactions of what Visa/MC
* be willing to loose all your money in an exchange overnight
* Wait for minutes for a transaction to complete
* pay ‘gas’ charges that might be as high as 50% of the amount being sent sometimes as well
.
.
.
aquac It sounds like your scope of crypto knowledge/experience is extremely limited. You are actually describing more the limitations of centralized exchanges and some of the older blockchains. Also several of your points are not accurate even if you take them at face value. There are pros and cons of crypto but if you want to have a real discussion then you should consider presenting your points in a way that people can take seriously. People gave similar mocking comments about things like computers and the internet during their earlier stages.
Funny to see the ignorance here.
*visa MC PayPal and the banks can turn off your ability to transact if they don’t approve of your actions, statements, or beliefs
*most crypto uses proof of stake which consumes minimal amounts of energy; bitcoin uses proof of work that consumes mostly renewable or flaired energy
*transaction speeds are nearly instaneous for many top projects, and this is final settlement. Credit cards don’t final settle for weeks.
*gas charges can fluctuate esp for ETH, layer 2 built on top of top chains costs much less and run fast
These are risky projects, and it is still early in the crypto development. Manage your risk properly and do deep research before investing.
The internet didn’t have a ton of advantages in 1995 when it came out either, but look what it turned into. This isn’t to say crypto will follow a similar path, but I would argue crypto has a major real-world use-case we haven’t invented yet. It will only be a matter of time before bitcoin is in the news again for making all-time highs.
Right here. Right here guys. Found him. Found the guy who doesn’t know s#!& about Crypto!