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Wealthsimple Crypto

  • Last Updated:
  • Aug 30th, 2020 4:10 pm
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Sr. Member
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Apr 22, 2014
541 posts
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Edmonton, AB
The spread is probably going to be awful.
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Dec 14, 2010
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mathbes wrote: Wealthsimple Crypto is coming in Canada.

Let's discuss it !

https://www.wealthsimple.com/en-ca/product/crypto/
Good for exposure, but that’s only that, exposure to crypto market. They don’t allow deposit or withdraw of coins. https://robinhood.com/us/en/support/art ... -deposits/

They don’t get to buy and hold or use its purpose of alternative currency. Or trade or use DeFi products. But it’s a start and drives (Robinhood) to buy more crypto. Hopefully it triggers users curiosity enough to truly dive in this field.


Rod
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Dec 3, 2014
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Ontario
I signed up for the waitlist just because. Whether I will actually buy any or not is another story. Maybe a couple percent.
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Sep 7, 2018
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You won't own your actual tokens/coins

Literally defeats the purpose of crypto.

Do not use
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Bull Dog wrote: @titaniumtux You sign up for this? I heard some people live with this now.
Mine still says coming soon.
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Sep 10, 2007
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Toronto
rodbarc wrote: Good for exposure, but that’s only that, exposure to crypto market. They don’t allow deposit or withdraw of coins. https://robinhood.com/us/en/support/art ... -deposits/

They don’t get to buy and hold or use its purpose of alternative currency. Or trade or use DeFi products. But it’s a start and drives (Robinhood) to buy more crypto. Hopefully it triggers users curiosity enough to truly dive in this field.
I’m also concerned that those who are very new to the cryptospace could end up blaming Crypto itself (as opposed to any institutions with dubious arrangements, uninsured, etc.) and may opt out, losing out on any real benefits of crypto.
pmb

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Sep 1, 2013
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pmbpro wrote: I’m also concerned that those who are very new to the cryptospace could end up blaming Crypto itself (as opposed to any institutions with dubious arrangements, uninsured, etc.) and may opt out, losing out on any real benefits of crypto.
It's not a question of "blaming Crypto", but rather all of the fraud, scandals, shenanigans, etc. associated with it; it seems entirely rational to me that most people don't want anything to do with Crypto.
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CheapScotch wrote: It's not a question of "blaming Crypto", but rather all of the fraud, scandals, shenanigans, etc. associated with it; it seems entirely rational to me that most people don't want anything to do with Crypto.
Not everything related to crypto is fraud. Lots of ground breaking projects, with tons of innovation, which will drive how technology and finance will operate in the next years. The more one gets educated and exposed in this space, the better opportunities one can profit from. There’s a reason why there’s US$11Billion exposed to DeFi alone right now.


Rod
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Also, the same can apply to fiat regarding the mass fraud, scandals, shenanigans and massive raids (and press conferences showing off mounds of seized cash) — just like every other tool, vehicle or invention used the same way. It wasn’t crypto that was manipulated in the past century.

Where there is opportunity, there are/will be scumbags, with anything from money, to internet, to porn and millions of people still use those things and capitalize off them as well as rip people off using them. Common denominator: the people/scumbags, not the invention/creation. It can apply to every bloody thing man has ever invented or created. I don’t know of anyone who would expect Crypto to be any different in that regard. It doesn’t mean Crypto doesn’t have positive use cases when used wisely as Rod has patiently pointed out in every crypto thread on this forum.

Anyway, that’s all I will be saying about this. I’ve seen enough of the same ‘back and forth‘ in other Crypto threads here.
pmb

"When your work speaks for itself, don't interrupt."
~ Henry J. Kaiser
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pmbpro wrote: Also, the same can apply to fiat regarding the mass fraud, scandals, shenanigans and massive raids (and press conferences showing off mounds of seized cash) — just like every other tool, vehicle or invention used the same way. It wasn’t crypto that was manipulated in the past century.

Where there is opportunity, there are/will be scumbags, with anything from money, to internet, to porn and millions of people still use those things and capitalize off them as well as rip people off using them. Common denominator: the people/scumbags, not the invention/creation. It can apply to every bloody thing man has ever invented or created. I don’t know of anyone who would expect Crypto to be any different in that regard. It doesn’t mean Crypto doesn’t have positive use cases when used wisely as Rod has patiently pointed out in every crypto thread on this forum.
Among the many reasons to avoid Crypto right now is that there are too many scumbags out there looking to use it to rip people off. You can try to "use it wisely", but a truly wise person will avoid sketchy investment opportunities altogether.
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Dec 14, 2010
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CheapScotch wrote: Among the many reasons to avoid Crypto right now is that there are too many scumbags out there looking to use it to rip people off. You can try to "use it wisely", but a truly wise person will avoid sketchy investment opportunities altogether.
The same can be said to any venture opportunity, in any niche. I rather get educated, discuss, get informed, validate the information to identify what is an opportunity vs what is a scam, rather than avoiding the space all together. Thats what a discussion forum is for.

Crypto is a $360 Billion market cap right now, don’t paint every project / company / asset with the same uneducated brush.

To stay on topic, Wealthsimple offers exposure to market price, but that’s all. It will suit some people, but I rather understand the capabilities of the space to take advantage of enhanced offers while gaining market price exposure (such as earning interest rate on the asset, or lending fees on the asset if providing liquidity, or leveraged exposure via leveraged tokens, options or future markets), with the choice of getting that exposure by providing our assets to a company versus controlling it ourselves (different risk levels, pros and cons ).


Rod
Build a comprehensive portfolio based on Investing and Trading strategies. Check out these threads and join the discussion:
Investing strategy based on dividend growth

Trading strategy based on Graham principles.
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May 8, 2009
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Just enabled WS Crypto in the app. Super lame. Can't transfer crypto in or out...only CAD (to and from bank). Using WS Trade for dividend stocks. Not gonna bother with WS Crypto.

SMH
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Newbie
Oct 1, 2019
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They are acting just like a bank and if they are going to secure your money then it isn't a bad thing overall:

- if they lose your crypto or get hacked, assuming your deposits are protected they should be on the hook unless this is written into the TOS
- makes it difficult for the average or retail investor to get hacked

There are a lot of downsides to this but overall there are a lot of people out there that have FOMO and want to buy. Rates for buying are decent and it will allow people to jump in.

If you have $100k in Bitcoin and your computer gets hacked and BTC stolen, it is gone for good.

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