Greed warning with Bitcoin

[Chris]

Greed warning with Bitcoin

There is a lot of greed in the cryptocurrency markets with many first-time investors who do not understand the technology behind it.

This is according to Luno Africa’s general manager Marius Reitz, who was speaking to BizNews Power Hour about the recent Bitcoin price swings.

The Bitcoin price had a particularly volatile period in April. It hit a record high of more than $64,000 on 14 April but plummeted to below $50,000 a week later.

 

[backstreetboy]

There are many speculators which Reitz said can be classified as “the greed side”.

“We see people buying a set amount of Bitcoin on a monthly basis on payday… and then more sophisticated buyers as well,” he said.

Lol where on God's green earth is the greed in this? If you buy a small amount on a monthly basis the swings won't matter much to you.

 

[Heisenborg]

Luno and their fees = greed

 

[Bismuth]

Luno and their fees = greed

This I agree with 100%

I have a small amount of BTC in a wallet, NOT Luno, and am topping it up a bit each month. I did use Luno in the beginning, but got tired of being ass-raped by their fees.

 

[Tman*]

Luno and their fees = greed

at least there is an option to buy/sell on the exchange to void fees

 

[NarrowBandFtw]

Luno and their fees = greed

- cheapest withdrawals in ZA
- send fees go to the network (not Luno)
- lowest taker fees in ZA
- deposit fees go to the bank / provider (not Luno)

so which fees are you upset about? solely the quick buy option with the 2% service charge which you can avoid by using the exchange?

 

[Kloofvreter]

Lol where on God's green earth is the greed in this? If you buy a small amount on a monthly basis the swings won't matter much to you.

Perhaps it's no small amount, there's no telling if they can actually afford it, and that they can actually not afford a slump in BTC price.

A lot of people's financial situation has changed, and see crypto as their way out.

 

[skusku]

who is cheaper than Luno if I want to buy?

 

[saor]

Luno and their fees = greed

This I agree with 100%

Which fees?

 

[backstreetboy]

who is cheaper than Luno if I want to buy?

Binance till 1 May...

 

[JohnStarr]

Greed warning with Bitcoin

There is a lot of greed in the cryptocurrency markets with many first-time investors who do not understand the technology behind it.

This is according to Luno Africa’s general manager Marius Reitz, who was speaking to BizNews Power Hour about the recent Bitcoin price swings.

The Bitcoin price had a particularly volatile period in April. It hit a record high of more than $64,000 on 14 April but plummeted to below $50,000 a week later.

It's like all those people 3 years ago who cashed out retirement annuities, took money out of bonds or maxed out credit cards thinking they'd make a killing. Then BTC crashed and they had nothing.
Hell, I will always be a noob with buying crypto but I stick with a few R100 each month, sell some, buy some but never go over a limit I set. There is no quick way to get rich (unless it's the Lotto).

 

[NarrowBandFtw]

Binance till 1 May...

View attachment 1060761

depends ... as a test I bought about R1k worth on Binance yesterday around 17:00

ultimately I would want to sell it for ZAR someday so I went through those steps, sold the BTC for XRP, sent the XRP to Luno and sold again for BTC

that R1k was worth R978 after all was said and done, if I just bought via Luno to begin with it would be R980 at least, more if I did the buy order on the exchange

lesson learnt: arbitrage is not quite that easy and if you want to sell for ZAR someday anyway you might as well buy local, BTC price fluctuations will dwarf that few ZAR in fees very quickly

 

[Gudnews]

Luno being local suffers from a lack sex appeal. I've come to realise that they are pretty freaking solid but Binance and the like with their sexy looking apps appear to offer more. I'd wager that the more offered is superfluous for the majority of investors.

 

[NarrowBandFtw]

I'd wager that the more offered is superfluous for the majority of investors.

and you would certainly win that wager, but you are quite right that there's some appealing factor to just having #AllTheCoins and all the options and dapps, more than anyone would ever be able to read through even

that's 100% the Binance approach, offer everything so you have at least something for anyone, that's not the mass market though, the mass market is more about trust and ease of use and what-not

 

[Swa]

LOL, a few months back everyone and their dog was singing how it's in a bull market.

 

[saor]

LOL, a few months back everyone and their dog was singing how it's in a bull market.

What?

 

[Swa]

- cheapest withdrawals in ZA

Will have to check this one but not sure.

- send fees go to the network (not Luno)

They could have an option for a lower and slower withdrawal.

- lowest taker fees in ZA

Afaik they just matched Valr so can't actually take that crown. Also Valr pays a maker fee so technically they're the cheapest with fees.

- deposit fees go to the bank / provider (not Luno)

There's technically not a deposit fee except for the one your own bank charges, but Luno is one of the few exchanges if not the only one that charges for crypto deposits, these fees go to them.

 

[NarrowBandFtw]

Will have to check this one but not sure.

it is zero, you can't beat zero: https://www.luno.com/en/countries

Afaik they just matched Valr so can't actually take that crown. Also Valr pays a maker fee so technically they're the cheapest with fees.

taker fee: for under R5mil monthly volume they match Valr, if you do more volume than that they become cheaper than Valr
maker: yes Valr's is still negative

There's technically not a deposit fee except for the one your own bank charges, but Luno is one of the few exchanges if not the only one that charges for crypto deposits, these fees go to them.

only for BTC and only if the amount is small, from that same link above:
For receive amounts to the value of BTC 0.0001 and lower, Luno charges an equivalent transaction fee

many mentions of Luno's fees when they're actually best in market with most fees, hence why I tried to clarify, the "quick buy" is the only expensive thing at 2% ... Valr charges 1.4% 0.75% for the same thing

EDIT: corrected Valr's simple buy fee, seems it was dropped in a promotion that has now become permanent

 

[Wary GOM]

Perhaps it's no small amount, there's no telling if they can actually afford it, and that they can actually not afford a slump in BTC price.

A lot of people's financial situation has changed, and see crypto as their way out.

The big thing is not that financial situations have changed - times have been tough time and again, albeit at different severity. It is the proportion of people who now look to quick-fix, easy, lazy ways of making money has increased. BTC is just the currently most popular, accessible way of doing it.

It isn't people who put some amount away every month who greedily grasp at just ONE investment or buying opportunity. They usually aren't destroyed by even severe slumps.

 

[Herr der Verboten]

Greed warning with Bitcoin

There is a lot of greed in the cryptocurrency markets with many first-time investors who do not understand the technology behind it.

This is according to Luno Africa’s general manager Marius Reitz, who was speaking to BizNews Power Hour about the recent Bitcoin price swings.

The Bitcoin price had a particularly volatile period in April. It hit a record high of more than $64,000 on 14 April but plummeted to below $50,000 a week later.

/tweets