Any CoinBase users?

Mining & Hardware
#1

So I’ve been hearing a few things about some federal laws that they’re trying to pass in the US that would effectively make it illegal to purchase stablecoins. From what I read and watched in a few YouTube videos, it doesn’t stop you from mining or withdrawing to your bank account, but for someone looking to invest with $$, it wouldn’t allow them to do so.

So far, I’ve only been mining and earning a little of the free couple dollars of different crypto’s that CoinBase offers, but I don’t want to be limited to not being able to drop some money into it. Is there another app similar to CoinBase that will not be affected if this law is put into place? I’ve looked into a few, but there’s a lot of legalese that makes me a bit confused on them. I want something that I can have mining profits get dropped into, as well as if I want to throw a few hundred into a coin from my paycheck I can.

Any thoughts?

#2

There are other exchanges that are not based in the U.S. that would likely continue to carry stable coins, even if Coinbase delists them for U.S. laws. Some of them require KYC and some don’t, as some are a bit sketchier than others. It really depends on the specific coin and if you think the site is reasonably legitimate.

#3

@Carl_Bishop I don’t know what stablecoins you are interested in but if you are looking for a legitimate Exchange for regular mining deposits and occasional purchases, then you could look at the one I’m using at Coinjar.com. It started in the UK but is mostly operating in Australia now as I think they find the regulatory environment more amenable to something most other governments are trying to actively discourage.

There are account limits in place until you provide verification (https://support.coinjar.com/hc/en-us/articles/201555175) and you can even set up an “entity” account if you want it in the name of a company, trust or partnership.

I have two accounts, one personal and one in a company name. I’m currently depositing my daily mining profits (about $45AUD) each day and putting some cash in every now and then. You can hold your balance in $, BTC, ETH, or quite a number of other top shelf coins.

There is a referral program but it only operates for referrals of AUS and UK residents - so no good if you are in the US :stuck_out_tongue:

Check it out - I’d be interested in what you think of it. Good luck.

#4

I’m still trying to get more info, but the basic was “you won’t be able to buy stablecoins with cash anymore”. I don’t know what coins they’re talking about at all, so I can’t expand on that part.

I’m using HiveOS on a mining rig for Ethereum, and BetterHash on my gaming PC. I get paid out in ETH (from the mining rig) and BTC (from BetterHash), both of which goes to my CoinBase account. From what I’ve read, there shouldn’t be any issues continuing with that aspect, just purchasing coins with my debit card or bank account will probably become an issue.