Friday Finance 10/21/2022: The Growth Continues
It is time again for another Finance Friday/Friday Finance. This is a series I started where I talk about random bits of financial stuff that I have seen, gathered, or experienced during the week. I hope as a reader you find it informational, entertaining, or both. I also hope it can generate some good discussion and edify the Leo community.
It's been a pretty crazy week for me. Between being on the road and doctors appointments, I don't feel like I have had too much time to actually dig into crypto/finance stuff. In fact, I think this is the only finance post I have written on Leo all week.
I better get to it then right?
Ally Bank
A long time ago (okay four + years) when I first started getting into crypto, I wanted to be careful about connecting my traditional bank account to some of the apps that are out there. Coinbase was still relatively new and I wasn't sure I could trust them. Honestly, I am still not sure I can trust them, but they are a pretty major player now and they seem to be doing what they can to stay in compliance.
Anyway, like I said, I wanted to be very careful, so instead of tying my main bank account to Coinbase I created an account through this online bank called Ally. Although they have been around for years, the idea of being a fully online bank was still kind of new. From what I understand, they have no physical branches, so that allows them to cut down on costs.
In turn, they pass those costs on to the end users in the form of some pretty decent interest rates. For example, when I signed up my savings account was getting close to 3% interest. I know that isn't great in the world of crypto, but in the world of traditional investments, that is pretty decent.
I eventually stopped doing much with that account and as such, my interest rate slowly started to drop down to the 1% range. I've been getting emails lately that they have been increasing it again and I think I am now sitting at 2.5% interst.
Long story short, if you have access to Ally bank and you are looking for a decent return (relatively speaking) on your savings, you might want to check it out.
Coinbase
Speaking of Coinbase, I saw earlier this week that they are considering sueing 1000 or so users in the Republic of Georgia who took advantage of a pricing glitch.
Back in late August some users did some mad arbitrage when the local currency was priced 100x in error at $290 instead of $2.90.
It lasted about six hours but Coinbase claims it was due to a third party who was in error. Of course the FUDsters are using this as a prime example of why crypto is dangerous. They are already at work. Coinbase is going to need to be more careful about who they partner with in the future.
If they do file suit, this could also set a precedent for future arbitrage trades in the future. Clearly they might not be as skewed as this one, but lawyers are pretty good at using the law and past cases to their advantage.
Auto Votes (Again)
It appears for a short time yesterday autovotes were down again. I didn't notice it at the time, but I had just put together a nice post that I spent a good hour composing. Lots of great pictures, lots of really good information, it was a really good read if I do say so myself.
Unfortunately, because auto votes were down, it wasn't getting the love I thought it should. It appears some manual curation has happened now, but for a while there it wasn't looking good.
I think it is a good reminder that nothing is guaranteed here on Hive. The votes we do get are a gift and we shouldn't take them for granted.
It also has me wondering if my content just sucks a lot more than I think it does. I was pretty proud of that post. In my mind it should have geen trending or at the very least "hot".
It's possible I'm just not as good at this writing thing as I thought...
I don't plan on stopping, so you are just going to have to keep putting up with me.
Sorry not sorry.
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Ally Bank souds like out First Direct bank which has been around for over 20 years and is online only.
hehe I for one, would love to get to a position where one actually notices on my posts if that happens.
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Yeah, I think the whimsical nature of voters and the voting system makes it nearly impossible to actually be able to count on making a living from Hive. At least right now.
I think so too, of course depending where you live will also determine if you can count on making a living from Hive at the moment😄
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I noticed that yesterday too, I put out quite a big article too that didn't get so much love! lol It's always the way.
Yeah, just my luck. It's so mercurial!
Heads up the GLX airdrop starts Tuesday (for SPS stakeholders). You need to create your account and connect your wallet to see the rewards.
Thanks, I took care of it his morning I think. I look forward to seeing what kind of airdrop I get.
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Yes, lots happening. I hope it will be a huge success.
Virtual banks, as I call them, like Ally bank do offer better interest rates than conventional banks. As you said, it seems small but better in its caliber.
Concerning the arbitrage thingy, is it possible that coin base wins the lawsuit against the users because basically, they were doing a legit job - they literally worked with what they saw on the exchange? But really exchange platforms should work more on their things because the users would not wait a bit to do things like this, in fact, I recently met someone who does arbitrage as a side hustle.
I think the autovote issue came as a result of the hard fork, I felt it too in a little way. You know, nothing much though, as I am still a newbie relatively.😁
By the way, I am happy I came right on time for this edition of Friday Finance. Yayyy!💃
Yeah, I kind of feel like Coinbase needs to eat the cost on this one. Whether it was their mistake or not, they allowed the connection to the third party. You would think they might have some kind of insurance for this sort of thing. I still stick with my local credit union for most of my finances, I trust them more than a big bank. I like keeping my money in different places though.
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Yes, Coinbase has to deal with it. Next time, they'd be more careful.
https://twitter.com/1480840258828779521/status/1583456550001446912
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Coinbase sueing 1000 in the Republic of Georgia will be a first of its kind. How are they really going to pull that off?? I think they should focus on it not happening again by taking all measures possible to prevent system glitches.
I totally agree with that. It is going to be a logistical nightmare for them as well as a potential public relations nightmare.
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I remember all the talk about Ally Bank and it's nice that they can offer higher interest rates compared to the normal banks because they got less overhead. However, the interest rate there just isn't very large and I don't really think it will help you get rich though. It's only a minor advantage over the traditional physical banks.
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