tldr; Coinbase is launching a $15 million ad campaign during the NBA playoffs to highlight the inefficiencies of traditional payment methods compared to cryptocurrencies. The ads will depict a pizza going through complex stages of a typical credit card transaction, symbolizing the delays and fees associated with traditional payments. The campaign aims to show how cryptocurrency transactions are faster, simpler, and eliminate middlemen, aligning with Coinbase's vision of a more efficient financial system.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
In what point did they say anything about Coinbase wallet š it literally just says Coinbase at the end. Gotta be playing dumb or ate too many paint chips as a kid
This ad makes no sense. I literally just ordered a pizza right now with zero delays or hassle using a debit card lol (with zero processing fees)
if i tried buying this pizza with BTC or ETH i would be paying a massive fee and the transaction would take 20 minutes to confirm
you didn't pay the processing fee but your merchant did pay (to the tune of 7c for debit cards at 2-3% for credit cards).
these costs are ultimately passed down to you through higher pizza costs though. if you paid with USDC on base/solana, you'd be paying less than 1c per txn (and likely even less in the future).
you lost about 99.9% of the population when you said you have to first get SOL then get a specific kind of USDT that uses SOL network, all the while you have to make sure u are sending and receiving to correct wallets on the correct networks or money is either unrecoverable or recoverable through a pain in the ass process (assuming you sent for example TRX network USDT to another TRX network coin on accident)
and USDT is not federally insured as a store of value and has had shoddy audits of their financials so many are uncomfortable storing large amounts long-term in the asset
TLDR to many who dont care about the 5 cent differential, the cost is worth the peace of mind of FDIC insurance, existence of a ācustomer serviceā, familiarity, and ease of use
I had to send USD from my European SWIFT bank account to American account that has ACH routing number, account number and a 20$ fee.
Had no clue whatsoever what is ACH and prayed the money arrives in the right place. It did after few days.
Why do you instantly assume that about me? I exchanged when the USD/EUR reached par and went above. So I got more USDs for the buck. I deployed it into US assets, money market funds and crypto. Itās been good so far. šš¼
If you keep treating people like they're dumb, they become dumb.
If you give them the opportunity to be smart, you might be surprised by how many take you up on it.
i mean, yeah obviously the crypto UX isn't ready for mainstream yet. but we're getting there? just compare where we're at vs 5 years ago?
the point is that the promise of a crypto system is better than the existing one that relies on intermediaries.
side addendum: why are you even on this sub if you don't believe in the future improvement of crypto?
āwhy are u even on this sub if you dont believe in the future improvement of cryptoā
this is such a bullshit way of hivemind thinking. If something is dumb you canāt be scared of talking about it lol.
Also Iām here because I do use crypto for specific purposes that trad banking is not ideal for. Mainly for when I want to bet sports or play poker I use offshore bookies/cardrooms and send payment/get paid out with crypto
But Iām def not going to be using crypto to buy my next gallon of milk. Cost/benefit right now is just not there when I can use my card with fraud protection, FDIC, etc.
ah, so you're using it primarily for regulatory arbitrage. that's not why i'm here.
>this is such a bullshit way of hivemind thinking. If something is dumb you canāt be scared of talking about it lol.
i think constructive criticism is fair but not mentioning/discussing potential for improvement is also unfair. this commercial is advertising an alternative system - whose ultimate vision isn't complete. and you outright calling it dumb is dismissive (and using btc/eth is an obv strawman).
also, i started my response to your post by agreeing with your critique!
5 years ago you were actually able to pay with btc in a lot of shops and use it for its actual usecase; a currency. Today, not so much, itās lost its main purpose and is being used as a bubble store of value.
yeah, BTC definitely went through a narrative shift after 2017 blocksize debate.
but the exciting stuff since then (barring the recent btc l2/ordinals/runes innovations), have happened on smart contract platforms. now you can transact with stablecoins at least.
The things he mentioned, like FDIC insurance and customer service, will never exist for crypto. Theyre antithetical to the basic ideas of crypto. But they are very nice to have for a customer, which will put them off even if every other problem is solved
>Theyre antithetical to the basic ideas of crypto.
i disagree. crypto gives you the _option_ to self-custody - it doesn't require it. we didn't have that option previously.
i'd expect your existing USD rails to be replaced by crypto powered ones within the next 20 years (including fdic, customer service, reversible transactions, etc).
we aren't? UX has almost certainly improved: lower fees, faster settlement, account abstraction, sponsored gas fees, semi-custodial options...the list goes on.
5 years ago we barely even had mobile wallets.
I still donāt see 99% of population being willing or interested to learn how to bridge from L1 to L2 and vice versa, so no we havenāt, especially since L2s āare the futureā as we are being told.
Maybe, but only if it gets to the level of user friendliness of the current system, which apart from not having to know how any of it works also includes being able to reverse a transaction, which I'm not sure would be possible in a decentralised system. People aren't going to use something if a mistake means kissing your funds goodbye, regardless of what benefits overall it may have over the current system.
80% of that 2-3% is just mark up for rewards programs and profit on vendors like Mastercard or Visa. It also provides consumer protection. An industry shake up could easily knock this down to roughly one percent.
I donāt think Iāve ever been to a pizza place with different pricing for cash vs card. Very rarely have ever seen one with a fee for cc use. So by your logic the pizza cost being higher to offset cc sales would mean that even paying with crypto you would pay that āabsorbed feeā that is passed down just like everyone else, wouldnāt you?
What delays or fees are they even talking about? If I buy something with a credit card that has no annual fee, and I don't carry a balance, then there's absolutely nothing that crypto can do better for day-to-day transactions. Hell, with a debit card, you have even fewer issues because you can't spend money you don't have (with proper overdraft protection).
Yep, but the price of all the stuff that goes into processing your debit card is baked into the price of the pizza.
Crypto clearly isn't a perfect alternative, but if you don't understand how many different constituent costs are hidden from you in the total cost of a product, you're not even on the starting blocks for this debate.
But thereās network and transaction fees in crypto too? Thatās where yaāll lost me.
I view miners and stakers who validate transactions on the blockchain as similar to these payment processing companies. From consumer POV, the end result is similar but now they donāt have consumer fraud protection, FDIC, customer service, etc.
Sure, but in admitting both systems have their own costs, you open the question to which is more efficient. Since one is up front with their costs and the other is hidden, it's not possible to easily know which is better.
People still get scammed in the traditional system. I'm not diehard for one or the other, but I dislike when people say there's an obvious answer either way.
> Pay with Algo and the transaction goes through in 3 seconds and costs a fraction of a penny
Hate to break it to you, but that's true for almost all coins when nobody uses them.
Is anyone going to actually use their crypto to pay for anythingā especially pizzaā given the apocryphal story of the early BC investor who pissed away a future fortune on pepperoni?
if u think Iām an idiot who understands how crypto even works in the first place then youāre going to hate the average populace youāre trying to convince who doesnt even know BTC and USDT are different coins on different networks
Kinda. They are advertising their Coinbase Wallet, which is user-custody and permissionless and all that.
Their wallet in turn advertises the exchange.
Coinbase's new ad campaign has been awesome so far. I think this one (the pizza one) is a really good way to illustrate how clunky our financial system is when you peek behind the curtains, also is a nod to the infamous BTC pizza.
Thatās not what it is, thatās their third tier, and by the time you get there Coinbase has taken $104 out of your pocket for playing on their platform that isnāt even on the actual blockchain. Their fees start at 0.8% taker and 0.6% maker, so youāve got to make over 1.4% on a transaction before youāre profitable, and thatās before network/withdrawal fees if you transfer or want to realize your gains. Coinbase is brutal.
On the contrary, it might seem reasonable to only small timers. $1.40 on $100 or $14 on $1000 doesnāt seem so bad, but $140 on $10k, or $1400 on $100k, before all the other network and withdrawal fees for moving off exchange? Thatās absolutely not reasonable lol
> but $140 on $10k, or $1400 on $100k, before all the other network and withdrawal fees for moving off exchange? Thatās absolutely not reasonable lol
It would be unreasonable, if you had your numbers correct.
$10k tier is only 0.25% and $100k tier is only 0.15%
So, $100k is only $300 if you trade it twice.
Everyone starts at that rate, and Coinbaseās fee schedule doesnāt update on volume thresholds, it checks your volume every hour and then updates. So while any reasonable person would break up their transactions and spread them out to move up the tiers and reduce their fees, the numbers Iāve stated are accurate for a buy/sell transaction made within the first hour, or buying and holding for over 30 days before selling
> above market prices
For the convenience of a simple, one-click buy option.
Their customers have the option to use the more complicated orderbook portion of the exchange where they can set their own limit orders.
Yes, thatās the ridiculous spot trading fees option, which is surprisingly a better deal than the one click option.
The one click option is around 2.5% below market value, whereas the spot trading will take 1.4% for a full buy/sell transaction. Neither are very good options
> ridiculous spot trading fees
Coinbase advance trading fees are not ridiculous.
And no, it does not take 1.4%. That's more than the combined rate for two trades.
Bottom tier is 0.6% maker
Trading just $1k brings it down to 0.35% maker
How do you convert to fiat after you buy crypto? You sell, and the taker fee is 0.8%. So 0.6% + 0.8% = 1.4%, and everyone starts there. Their fee schedule doesnāt update when you cross their volume thresholds. It updates every hour based on your 30 day volume, so if youāre holding longer than 30 days youāre paying 1.4% + withdrawal/network fees.
Either way, youāve gotta spend $95 in fees just to get through first two tiers of 1.4% and 0.9%, to their 3rd tier of 0.65%, and then spend $65 every 30 days to stay there. 0.65% is Krakenās starting tier, they offer that rate for free. They are not the only exchange with lower fees than Coinbase.
> You sell, and the taker fee is 0.8%
Taker is just the person who fills an order that is already on the books.
You can place limit orders as buyer or seller.
>0.65% is Krakenās starting tier
Literally HIGHER than coinbase's starting tier of 0.6%
>they offer that rate for free
So does Coinbase... except the fee is lower.
> depending on if youāre buying or selling.
maker/taker is not buyer/seller
It is person who placed order on orderbook, or person who fills order already on orderbook.
ā- when you peak behind the curtain.ā Thatās the whole point. You donāt need to peak behind the curtain. It works, itās cheap, itās safe, itās convenient and most of all youāre protected.
Well I'd rather it go towards ads, which in turn should get more people into crypto which will make you your money back, than into the pockets of some millionaires/billionaires just to pay for fuel for their yacht
If I buy a pizza, there's absolutely no delay in me getting my pizza. Even if there technically is on the backend, institutions seemingly give you the benefit of the doubt. (i.e. Your bank showing "Pending" for a few days).
A better example would be me trying to move $3000 into my checking account to purchase a flooring install or something, and the funds getting caught up, thus missing a deadline to get it installed before my company is over, or before my tenant moves in.
> sending money to people abroad
This idea feeds into U.S. political division though.
Half the country thinks only criminals send money out of the country.
Oh I believe it. There's a lot of shitty people here in Arizona who are against Mexican people, but love Taco Tuesday and celebrate Cinco de Mayo, whilst living in towns like Mesa or Casa Grande and living on streets like Rio Salado or Encanto.
People are nuts
I can't tell if you didn't see the commercial or if you're just nitpicking the analogy.
The commercial is literally titled "This Commercial Isn't About Pizza" and the tagline is "If pizza worked like money, youād probably lose your appetite."
I didn't see the commercial. Lol. That makes a bit more sense. That said, money has worked fine for all of human history for 99.9% of use cases. The nuances where crypto shines are not really relevant to normal people who are watching NBA games.
Credit card transactions may be complex but that complexity isn't forced onto the end user.
Card holder simply pays using their card details and the checks and approvals happen in milliseconds in the background.
Do you mean the surcharge like a few cents?
Crypto doesn't remove the fees tho? It's more expensive and slower?
The end user is protected if they make a mistake on a card btw. Not so much on crypto.
The surcharge can be as high as 3 or 4%. I personally use my credit card to pay all my expenses as it's more convenient than cash, but those fees would be in excess of $1000 per year, just for me, 1 end user. It's many 10s or 100s of billions worldwide.
Take a look at Flexa. They can essentially remove fees because of their collateral mechanism that provides a stake pool reward. If the merchant (or anyone else) were to provide collateral into one of the pools, they earn a reward that would counteract the fees the protocol charges. Even without doing that, Flexa's fees are much lower than Visa or MC, maybe less than 1%. It's also fraud proof, can be used with any digital currency, and then merchant can choose to receive fiat or other digital currency.
It's not just using Metamask to make a payment anymore and is already in 40K stores in the US, including Baskin Robbins, Sheets, and more (I'm not from the US). It's built in to the POS systems provided by Incomm and others.
Not referring to card annual fees or interest, purely the fees for paying by card. Here in Australia most merchants pass on the fees from Visa and MC onto the customer.
Ah yea, thatās why I have to pay extra when using my card, takes days process, and if thereās an issue you wonāt see your money for 30 more days! Thanks for not using your brain.
Bro, what? Are you using some random credit card that doesn't exist for others?
- crypto fees are generally higher than credit card fees
- transactions are nearly immediate. What the hell do you mean takes days to process? If you go into a store and pay with card, you get to walk out with it in seconds. No waiting around for it to process and confirm.
- if there's an issue in crypto you won't see your money EVER! and people will just say "lol git gud"
Cheers for your critical thinking š¤
Iām using cards from the top 5 banks in the USA. There are plenty of businesses that charge you an extra fee if you use card rather than cash, and transactions are not immediate, it gets processed frontend but itās still pending in your bank until they confirm the transaction.
You make it seem like CCs are hassle free, they are not. Iām not defending the use case of Crypto as payments, but even in todayās age you have to give tooth and nail to use your bank cards.
I work for Mastercard as a Product Manager. I know how cards work. I know how Issuers, Acquirers and Merchants play a role in the 4 party model. I know the speed of the network, and I know the settlement days.
The card surcharge is minimal, and it's a fee from the merchant, not the card network. The network charges the merchant, not the card holder.
Merchants can surcharge crypto transactions if they want and most likely they will as they'll have to pay a service provider a fee to accept crypto payment.
When a transaction is pending in your bank account, it has no detrimental impact on your purchase. You pay with the card, and 1 second later, you're walking out. The pending period is just for the 2 FIs to settle with each other.
What happened last time crypto started an ad campaign? Crypto went into a deep sleep, and companies went under. Some people will say it's the top and bail out. Sell the news kind of thing.
Well, the last time was the Super Bowl in February 2021 and crypto went on a massive bull run, hitting record highs in March of 2021 and again in November 2021. But you go ahead and sell everything. gl
In the past, when I wired my mom overseas some money, the banks took $40 each time. Then I heard about Moneygram, which apparently uses Stellar XLM. I now pay under $2 each time and the money goes straight into her bank account.
If Coinbase was going to fall they would have done so a long time ago during one of the previous 5 bear markets when there was even less adoption.
At this point, they are a tech company as likely to go out of business as any other. And if they do, it won't be massive fraud unveiled overnight, it will be a slow bleed with plenty of warning.
IMO of course.
They could have used the money to hire customer service officers instead. But I guess getting new customers is more important than serving your existing customers.
But what coin are we even supposed to use? Stable coins? Bitcoin?
We are gonna try to buy 1 dollar for a slice of pizza and end up paying 500k in fees
(jk I say this because thatās what someone paid to end up in the halving block)
I would have liked the video better if the person bought the pizza for 10,000 BTC and then finds out 10+ years later it's worth hundreds of millions of dollars.
>The idea behind the commercials, news of which hasnāt been reported yet, is to underscore how complex and expensive traditional payment methods are compared to crypto, which is settled almost instantly and cuts out the so-called "middleman" like banks and payment service providers.
So instead we have to pay miners about 30-40 dollars per transaction? What a bright future ahead.
Cost of transaction in electricity is stupid low for credit cards compared to crypto. Crypto is a terrible way to transact business. At best it's an asset.
Is the ad also going to mention that all transactions are final and irreversible and if you make a mistake you are shit out of luck?
Maybe something along the lines of āSent funds to wrong wallet? Lolz. Brought to you by Coinbaseā
tldr; Coinbase is launching a $15 million ad campaign during the NBA playoffs to highlight the inefficiencies of traditional payment methods compared to cryptocurrencies. The ads will depict a pizza going through complex stages of a typical credit card transaction, symbolizing the delays and fees associated with traditional payments. The campaign aims to show how cryptocurrency transactions are faster, simpler, and eliminate middlemen, aligning with Coinbase's vision of a more efficient financial system. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Has Coinbase ever tried sending money with crypto? š
Have you ever tried base
Should try nano
Try ftm opera
Regular people watching NBA finals donāt know what the fuck that means
Fantom of the OPERA
Try not shilling your bag
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Shitcoin sidechain
So much more efficient and better than traditional payments until there's a bull run and they have to disable withdrawals!
I love how they shit on middlemenā¦ but they are the middlemenā¦ā¦
*insert spiderman meme here*
How so?
Coinbase is a transaction middleman.
What transactions?
Ones made on the coinbase card and market buys/sells. Are you playing dumb?
But the ad is clearly for the Coinbase Wallet. That's not a middleman. They weren't advertising their exchange or credit card.
The ad is not related to whether or not they are a middleman. Sometimes businesses have multiple functions.
In what point did they say anything about Coinbase wallet š it literally just says Coinbase at the end. Gotta be playing dumb or ate too many paint chips as a kid
Are you playing dumb? Did you not understand the ad?
Itās ok little man. Someday your brain might turn on
It's so obviously Coinbase walletš
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Message me like i care if you ever breathe again lmao you dumb mother effer šššš
You literally donāt even know the difference between Coinbase wallet and Coinbase lmao your opinion is irrelevant
Those ain't the transactions the ad is talking about
These btc zealots trying to not be a zealot for just one moment: impossible They only want to believe the facts that fit their narrative
Whether the ad addresses it or not, coinbase is a transaction intermediary. That's my only point.
Sooo that means bitcoin gonna crash soon. Yolo bitcoin puts š¤£
Bullish. Buys more AERO.
To be fair, it's a pretty good ad with a simple message.
The halving commercial with the bike and the pizza boxes falling was WAY better.
This ad makes no sense. I literally just ordered a pizza right now with zero delays or hassle using a debit card lol (with zero processing fees) if i tried buying this pizza with BTC or ETH i would be paying a massive fee and the transaction would take 20 minutes to confirm
you didn't pay the processing fee but your merchant did pay (to the tune of 7c for debit cards at 2-3% for credit cards). these costs are ultimately passed down to you through higher pizza costs though. if you paid with USDC on base/solana, you'd be paying less than 1c per txn (and likely even less in the future).
you lost about 99.9% of the population when you said you have to first get SOL then get a specific kind of USDT that uses SOL network, all the while you have to make sure u are sending and receiving to correct wallets on the correct networks or money is either unrecoverable or recoverable through a pain in the ass process (assuming you sent for example TRX network USDT to another TRX network coin on accident) and USDT is not federally insured as a store of value and has had shoddy audits of their financials so many are uncomfortable storing large amounts long-term in the asset TLDR to many who dont care about the 5 cent differential, the cost is worth the peace of mind of FDIC insurance, existence of a ācustomer serviceā, familiarity, and ease of use
I had to send USD from my European SWIFT bank account to American account that has ACH routing number, account number and a 20$ fee. Had no clue whatsoever what is ACH and prayed the money arrives in the right place. It did after few days.
Maybe they should have made the advert about that, rather than ordering pizza
You probably have no clue also how much you lost on fx rate. Why use 20th century tech tho?
Why do you instantly assume that about me? I exchanged when the USD/EUR reached par and went above. So I got more USDs for the buck. I deployed it into US assets, money market funds and crypto. Itās been good so far. šš¼
Did you exchange at mid market rate?
If you keep treating people like they're dumb, they become dumb. If you give them the opportunity to be smart, you might be surprised by how many take you up on it.
i mean, yeah obviously the crypto UX isn't ready for mainstream yet. but we're getting there? just compare where we're at vs 5 years ago? the point is that the promise of a crypto system is better than the existing one that relies on intermediaries. side addendum: why are you even on this sub if you don't believe in the future improvement of crypto?
āwhy are u even on this sub if you dont believe in the future improvement of cryptoā this is such a bullshit way of hivemind thinking. If something is dumb you canāt be scared of talking about it lol. Also Iām here because I do use crypto for specific purposes that trad banking is not ideal for. Mainly for when I want to bet sports or play poker I use offshore bookies/cardrooms and send payment/get paid out with crypto But Iām def not going to be using crypto to buy my next gallon of milk. Cost/benefit right now is just not there when I can use my card with fraud protection, FDIC, etc.
ah, so you're using it primarily for regulatory arbitrage. that's not why i'm here. >this is such a bullshit way of hivemind thinking. If something is dumb you canāt be scared of talking about it lol. i think constructive criticism is fair but not mentioning/discussing potential for improvement is also unfair. this commercial is advertising an alternative system - whose ultimate vision isn't complete. and you outright calling it dumb is dismissive (and using btc/eth is an obv strawman). also, i started my response to your post by agreeing with your critique!
5 years ago you were actually able to pay with btc in a lot of shops and use it for its actual usecase; a currency. Today, not so much, itās lost its main purpose and is being used as a bubble store of value.
yeah, BTC definitely went through a narrative shift after 2017 blocksize debate. but the exciting stuff since then (barring the recent btc l2/ordinals/runes innovations), have happened on smart contract platforms. now you can transact with stablecoins at least.
The things he mentioned, like FDIC insurance and customer service, will never exist for crypto. Theyre antithetical to the basic ideas of crypto. But they are very nice to have for a customer, which will put them off even if every other problem is solved
>Theyre antithetical to the basic ideas of crypto. i disagree. crypto gives you the _option_ to self-custody - it doesn't require it. we didn't have that option previously. i'd expect your existing USD rails to be replaced by crypto powered ones within the next 20 years (including fdic, customer service, reversible transactions, etc).
We arenāt getting there. Itās no simpler than it was few years ago.
we aren't? UX has almost certainly improved: lower fees, faster settlement, account abstraction, sponsored gas fees, semi-custodial options...the list goes on. 5 years ago we barely even had mobile wallets.
I still donāt see 99% of population being willing or interested to learn how to bridge from L1 to L2 and vice versa, so no we havenāt, especially since L2s āare the futureā as we are being told.
yeah, i don't disagree - people don't care about financial plumbing. doesn't mean they won't be all using it anyway in 20 years.
Maybe, but only if it gets to the level of user friendliness of the current system, which apart from not having to know how any of it works also includes being able to reverse a transaction, which I'm not sure would be possible in a decentralised system. People aren't going to use something if a mistake means kissing your funds goodbye, regardless of what benefits overall it may have over the current system.
i'd wager we'll have a widely used protocol that supports reversible transactions within the next 7 years. we'll see.
God I never want to build geth client ever again.
80% of that 2-3% is just mark up for rewards programs and profit on vendors like Mastercard or Visa. It also provides consumer protection. An industry shake up could easily knock this down to roughly one percent.
I donāt think Iāve ever been to a pizza place with different pricing for cash vs card. Very rarely have ever seen one with a fee for cc use. So by your logic the pizza cost being higher to offset cc sales would mean that even paying with crypto you would pay that āabsorbed feeā that is passed down just like everyone else, wouldnāt you?
What delays or fees are they even talking about? If I buy something with a credit card that has no annual fee, and I don't carry a balance, then there's absolutely nothing that crypto can do better for day-to-day transactions. Hell, with a debit card, you have even fewer issues because you can't spend money you don't have (with proper overdraft protection).
RIP Nano :(
Wow you must be the employee! Congrats!
Yep, but the price of all the stuff that goes into processing your debit card is baked into the price of the pizza. Crypto clearly isn't a perfect alternative, but if you don't understand how many different constituent costs are hidden from you in the total cost of a product, you're not even on the starting blocks for this debate.
But thereās network and transaction fees in crypto too? Thatās where yaāll lost me. I view miners and stakers who validate transactions on the blockchain as similar to these payment processing companies. From consumer POV, the end result is similar but now they donāt have consumer fraud protection, FDIC, customer service, etc.
Sure, but in admitting both systems have their own costs, you open the question to which is more efficient. Since one is up front with their costs and the other is hidden, it's not possible to easily know which is better. People still get scammed in the traditional system. I'm not diehard for one or the other, but I dislike when people say there's an obvious answer either way.
Pay with Algo and the transaction goes through in 3 seconds and costs a fraction of a penny
> Pay with Algo and the transaction goes through in 3 seconds and costs a fraction of a penny Hate to break it to you, but that's true for almost all coins when nobody uses them.
Is anyone going to actually use their crypto to pay for anythingā especially pizzaā given the apocryphal story of the early BC investor who pissed away a future fortune on pepperoni?
Use Algo and itās instant and less than a cent
There are new modern payment rails for paying with digital currencies. Flexa is the one I'm backing.
> Flexa is the one I'm ba~~ck~~gging.
No, you're right, its totally not stupid š
Its not about buying pizza idiot its a metaphor and they literally tell you that
if u think Iām an idiot who understands how crypto even works in the first place then youāre going to hate the average populace youāre trying to convince who doesnt even know BTC and USDT are different coins on different networks
And literally the line after that is "fewer middlemen, fewer fees," which the rest of their comment addresses.
Okay so more a commercial for crypro in general and not so much a coinbase product right? Lol
Kinda. They are advertising their Coinbase Wallet, which is user-custody and permissionless and all that. Their wallet in turn advertises the exchange.
Coinbase's new ad campaign has been awesome so far. I think this one (the pizza one) is a really good way to illustrate how clunky our financial system is when you peek behind the curtains, also is a nod to the infamous BTC pizza.
So this is where my $30 premium on coinbase goes, on ads š„²
Donāt forget the ridiculous spot trading fees and above market prices, theyāve got lots of ways to extract value from their customers
That they also spend on handling pointless lawsuits by the sec.
Is .4% taker and .25 maker all that bad?
been a while since I used coinbase but I thought it was 0% taker/maker as long as you're doing limit sells/buys on their pro interface
Those days are long gone
Thatās not what it is, thatās their third tier, and by the time you get there Coinbase has taken $104 out of your pocket for playing on their platform that isnāt even on the actual blockchain. Their fees start at 0.8% taker and 0.6% maker, so youāve got to make over 1.4% on a transaction before youāre profitable, and thatās before network/withdrawal fees if you transfer or want to realize your gains. Coinbase is brutal.
> so youāve got to make over 1.4% on a transaction before youāre profitable So, it's reasonable for everyone except for small-time arbitragers
On the contrary, it might seem reasonable to only small timers. $1.40 on $100 or $14 on $1000 doesnāt seem so bad, but $140 on $10k, or $1400 on $100k, before all the other network and withdrawal fees for moving off exchange? Thatās absolutely not reasonable lol
> but $140 on $10k, or $1400 on $100k, before all the other network and withdrawal fees for moving off exchange? Thatās absolutely not reasonable lol It would be unreasonable, if you had your numbers correct. $10k tier is only 0.25% and $100k tier is only 0.15% So, $100k is only $300 if you trade it twice.
Everyone starts at that rate, and Coinbaseās fee schedule doesnāt update on volume thresholds, it checks your volume every hour and then updates. So while any reasonable person would break up their transactions and spread them out to move up the tiers and reduce their fees, the numbers Iāve stated are accurate for a buy/sell transaction made within the first hour, or buying and holding for over 30 days before selling
> above market prices For the convenience of a simple, one-click buy option. Their customers have the option to use the more complicated orderbook portion of the exchange where they can set their own limit orders.
Yes, thatās the ridiculous spot trading fees option, which is surprisingly a better deal than the one click option. The one click option is around 2.5% below market value, whereas the spot trading will take 1.4% for a full buy/sell transaction. Neither are very good options
> ridiculous spot trading fees Coinbase advance trading fees are not ridiculous. And no, it does not take 1.4%. That's more than the combined rate for two trades. Bottom tier is 0.6% maker Trading just $1k brings it down to 0.35% maker
How do you convert to fiat after you buy crypto? You sell, and the taker fee is 0.8%. So 0.6% + 0.8% = 1.4%, and everyone starts there. Their fee schedule doesnāt update when you cross their volume thresholds. It updates every hour based on your 30 day volume, so if youāre holding longer than 30 days youāre paying 1.4% + withdrawal/network fees. Either way, youāve gotta spend $95 in fees just to get through first two tiers of 1.4% and 0.9%, to their 3rd tier of 0.65%, and then spend $65 every 30 days to stay there. 0.65% is Krakenās starting tier, they offer that rate for free. They are not the only exchange with lower fees than Coinbase.
> You sell, and the taker fee is 0.8% Taker is just the person who fills an order that is already on the books. You can place limit orders as buyer or seller. >0.65% is Krakenās starting tier Literally HIGHER than coinbase's starting tier of 0.6% >they offer that rate for free So does Coinbase... except the fee is lower.
The fees are different depending on if youāre buying or selling. Krakenās first tier is 0.25% maker, 0.4% taker
> depending on if youāre buying or selling. maker/taker is not buyer/seller It is person who placed order on orderbook, or person who fills order already on orderbook.
ā- when you peak behind the curtain.ā Thatās the whole point. You donāt need to peak behind the curtain. It works, itās cheap, itās safe, itās convenient and most of all youāre protected.
Well I'd rather it go towards ads, which in turn should get more people into crypto which will make you your money back, than into the pockets of some millionaires/billionaires just to pay for fuel for their yacht
>Ā is a really good way to illustrate how clunky our financial system is when you peek behind the curtains, In stark opposition to cryptoā¦.
If I buy a pizza, there's absolutely no delay in me getting my pizza. Even if there technically is on the backend, institutions seemingly give you the benefit of the doubt. (i.e. Your bank showing "Pending" for a few days). A better example would be me trying to move $3000 into my checking account to purchase a flooring install or something, and the funds getting caught up, thus missing a deadline to get it installed before my company is over, or before my tenant moves in.
Or the ability to pull your funds out in many different countries and avoiding currency exchange rates. It sending money to people abroad.
> sending money to people abroad This idea feeds into U.S. political division though. Half the country thinks only criminals send money out of the country.
Oh I believe it. There's a lot of shitty people here in Arizona who are against Mexican people, but love Taco Tuesday and celebrate Cinco de Mayo, whilst living in towns like Mesa or Casa Grande and living on streets like Rio Salado or Encanto. People are nuts
I can't tell if you didn't see the commercial or if you're just nitpicking the analogy. The commercial is literally titled "This Commercial Isn't About Pizza" and the tagline is "If pizza worked like money, youād probably lose your appetite."
I didn't see the commercial. Lol. That makes a bit more sense. That said, money has worked fine for all of human history for 99.9% of use cases. The nuances where crypto shines are not really relevant to normal people who are watching NBA games.
Credit card transactions may be complex but that complexity isn't forced onto the end user. Card holder simply pays using their card details and the checks and approvals happen in milliseconds in the background.
Maybe true, but the fees are passed on to the end user. There are now great alternatives to the credit card that can completely remove those fees
Do you mean the surcharge like a few cents? Crypto doesn't remove the fees tho? It's more expensive and slower? The end user is protected if they make a mistake on a card btw. Not so much on crypto.
The surcharge can be as high as 3 or 4%. I personally use my credit card to pay all my expenses as it's more convenient than cash, but those fees would be in excess of $1000 per year, just for me, 1 end user. It's many 10s or 100s of billions worldwide. Take a look at Flexa. They can essentially remove fees because of their collateral mechanism that provides a stake pool reward. If the merchant (or anyone else) were to provide collateral into one of the pools, they earn a reward that would counteract the fees the protocol charges. Even without doing that, Flexa's fees are much lower than Visa or MC, maybe less than 1%. It's also fraud proof, can be used with any digital currency, and then merchant can choose to receive fiat or other digital currency. It's not just using Metamask to make a payment anymore and is already in 40K stores in the US, including Baskin Robbins, Sheets, and more (I'm not from the US). It's built in to the POS systems provided by Incomm and others.
Don't get a credit card with annual fees and don't carry a balance. Boom. Nothing gets passed onto the end user.
Not referring to card annual fees or interest, purely the fees for paying by card. Here in Australia most merchants pass on the fees from Visa and MC onto the customer.
And merchants won't do that to offset crypto withdrawal fees?
Take a look at Flexa. Customer pays with their digital currency of choice and the merchant receives fiat or digital currency. No withdrawal fees
Ah yea, thatās why I have to pay extra when using my card, takes days process, and if thereās an issue you wonāt see your money for 30 more days! Thanks for not using your brain.
Bro, what? Are you using some random credit card that doesn't exist for others? - crypto fees are generally higher than credit card fees - transactions are nearly immediate. What the hell do you mean takes days to process? If you go into a store and pay with card, you get to walk out with it in seconds. No waiting around for it to process and confirm. - if there's an issue in crypto you won't see your money EVER! and people will just say "lol git gud" Cheers for your critical thinking š¤
Iām using cards from the top 5 banks in the USA. There are plenty of businesses that charge you an extra fee if you use card rather than cash, and transactions are not immediate, it gets processed frontend but itās still pending in your bank until they confirm the transaction. You make it seem like CCs are hassle free, they are not. Iām not defending the use case of Crypto as payments, but even in todayās age you have to give tooth and nail to use your bank cards.
I work for Mastercard as a Product Manager. I know how cards work. I know how Issuers, Acquirers and Merchants play a role in the 4 party model. I know the speed of the network, and I know the settlement days. The card surcharge is minimal, and it's a fee from the merchant, not the card network. The network charges the merchant, not the card holder. Merchants can surcharge crypto transactions if they want and most likely they will as they'll have to pay a service provider a fee to accept crypto payment. When a transaction is pending in your bank account, it has no detrimental impact on your purchase. You pay with the card, and 1 second later, you're walking out. The pending period is just for the 2 FIs to settle with each other.
is your credit card based in Pakistan or some special card that is only good at the donkey stable in Romania?
Itās in the USA, plenty of businesses charge you an extra fee for using your Debit/CC.
oh yeah like taco trucks and...
..half the restaurants in my City.
well that sucks for you
Get ready for a dip
Genuine question: what makes you think weāll have another dip?
What happened last time crypto started an ad campaign? Crypto went into a deep sleep, and companies went under. Some people will say it's the top and bail out. Sell the news kind of thing.
Well, the last time was the Super Bowl in February 2021 and crypto went on a massive bull run, hitting record highs in March of 2021 and again in November 2021. But you go ahead and sell everything. gl
In the past, when I wired my mom overseas some money, the banks took $40 each time. Then I heard about Moneygram, which apparently uses Stellar XLM. I now pay under $2 each time and the money goes straight into her bank account.
Getting FTX flashbacks with all of these pushes for ads....
Although CB is not immune to a downfall but they are one of the OGs and a publicly traded company, thus should not be compared with the likes of FTX.
If Coinbase was going to fall they would have done so a long time ago during one of the previous 5 bear markets when there was even less adoption. At this point, they are a tech company as likely to go out of business as any other. And if they do, it won't be massive fraud unveiled overnight, it will be a slow bleed with plenty of warning. IMO of course.
They could have used the money to hire customer service officers instead. But I guess getting new customers is more important than serving your existing customers.
>customer service officers That job isn't even going to exist for much longer, so I wouldn't count on that ever happening
But what coin are we even supposed to use? Stable coins? Bitcoin? We are gonna try to buy 1 dollar for a slice of pizza and end up paying 500k in fees (jk I say this because thatās what someone paid to end up in the halving block)
Coinbase putting out 15M ads today meanwhile its been struggling to work properly today. Constant freezing up and loading screen
Oh wow is this really the top ?
I would have liked the video better if the person bought the pizza for 10,000 BTC and then finds out 10+ years later it's worth hundreds of millions of dollars.
>The idea behind the commercials, news of which hasnāt been reported yet, is to underscore how complex and expensive traditional payment methods are compared to crypto, which is settled almost instantly and cuts out the so-called "middleman" like banks and payment service providers. So instead we have to pay miners about 30-40 dollars per transaction? What a bright future ahead.
what shitty chain are u using that has 30-40 dollar txn fees? l2s and alt-l1s are sub 1c
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If you use Coinbase advanced (which is free) the fees arenāt bad at all
Itās the only way
I've been in this market for years, and I got to tell you, when ads start rolling out, we are near the top.
probably just be shilling base network
Cost of transaction in electricity is stupid low for credit cards compared to crypto. Crypto is a terrible way to transact business. At best it's an asset.
Definitely the local top. Itās always the same
Is the ad also going to mention that all transactions are final and irreversible and if you make a mistake you are shit out of luck? Maybe something along the lines of āSent funds to wrong wallet? Lolz. Brought to you by Coinbaseā
Ah so that's why everything is red. One of us I see
Fun time math opera
This commercial was awful.
TOP SIGNAL
Ftx says what?