Beginners Tip/ Tip for everyone
IMPORTANT CRYPTO INFORMATION!
The important things you need to know about crypto on Public!
At the moment i'm just thinking its two things that isnt really crossing many peoples minds, when it really should be the main things.
Alright so check it, yes it's awesome CRYPTO IS ON PUBLIC now! Do a little dance but then stop. i love Public and i mean no shade to them about this i'm just putting it out there to inform everyone so you guys are aware of it and then canāt start saying "hey Public cheated me and they scammed me" because ive read so many messages and posts from so many people claiming Public did something so they are all mad huffing and puffing talking about how they deserve more from Public and how they lost money because of what happened and so much other BS and within 1 minute of me researching through the FAQs i find the person is actually at fault because Public actually states everything very clearly. But even worse they get so mad and demand Public to fix the mistake they made by not reading or looking up what they were doing even after Pulic credits them a free slice. So as much as it may look that im showing something that isnt great about Public, i'm doing it so there's far less people claiming that Public is doing something wrong. As hard as it maybe to believe i don't state this to be condescending, i state this because i don't like people blaming other people for their own mistakes it irks me sooooooo much.
FIRST:
YOU DON'T OWN ANY OF THE ACTUAL CRYPTO THAT YOU BUY ON HERE š± (sort of) what does that mean? Well lets just bring up my actual tweet and response i got
Twitter:
(Responding to Publics tweet about crypto):
"Surprised no one has asked yet, which is perhaps the most important question
Will we have a wallet for our crypto or will we just be able to buy and sell crypto but not actually own it to use on other apps or make purchases ?"
(Public responding):
" @SpidersMethod Hey There! Currently, Public does not offer individual cryptocurrency wallets. We provide cryptocurrency trading through Apex Crypto. Your cryptocurrency is held in your Apex Crypto account, which you can access via Public."
Why is this important?
Well first off you don't get a wallet to store your actual crypto meaning you cant use your crypto as an actual currency! You can only use it to trade on here and thats it. You cant transfer in or out from different accounts, if you do it gets sold and you get the cash value at the price it was sold
(this is in the FAQs)
"As such, it is not possible to transfer your cryptocurrency assets into or out of Public, but we will let you know if that changes!"
So yes you own it on here but you don't own it like you can have it in your wallet and use it anywhere else as a currency.
SECOND!
There's a 1-2% fee every single time you buy crypto on here. IF YOU DID NOT KNOW THIS YOU SHOULD PROBABLY NOT BE TRYING TO BUY CRYPTO INTO YOU LEARN WAY MORE ABOUT IT. This can be found in the FAQs as well
"Apex Crypto charges a 1% to 2% markup to pay for their service, which is reflected in the price at which Apex Crypto executes your order to buy or sell cryptocurrency. The markup covers all of the costs associated with facilitating crypto transactions and storing crypto, and Public receives some of the revenue generated in exchange for licensing our software to Apex Crypto.
Hereās how it works:
Say the current market price for cryptocurrency XYZ is $100.
You purchase $100 worth of XYZ.
Applying a 1% markup, Apex Crypto executes your order for XYZ at a price of $101.
You will own slightly less than 1 full XYZ given the markup."
Yea yea i know $1 for every $100 doesnt sound like a lot but it does add up fast, you also have to consider that again you don't even get a wallet to be able to move and use your crypto elsewhere which is usually why other apps charge a fee.
I got nothing but love for Public, i'm just trying to help out people who arent aware of this even because his information isn't considered by many.
Like i said none of this is secret and Public has made it very clear in their FAQs so they aren't hiding anything, so when things go wrong and you want to blame Public take a moment to think whether they are being sneaky snakes or if perhaps the fault falls entirely on you
A grasshopper can only jump safely if it looks at what it's jumping too, if the grasshopper jumps without looking and lands in the mouth of a frog, does it blame the frog? Or does it blame itself for not being careful and seeing where it was going to land before deciding to jump?
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IMPORTANT DISCLAIMER
https://drive.google.com/file/d/1L3M9kkcYWj9Tx9NAfdVabuiaEaP4XWuW/view?usp=sharing
#crypto #information #publiccommunity
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Lorenzo Junior@junior0509
šŖ Perfectly said. Well understood. šŖ Great information to know.
DA
š„ . Coinbase says it charges 1.5%?, but itās really about 5-10% for small transactions. I was just wondering that today and im glad you are pointing that out.
So if we buy crypto here we canāt use it to pay someone with crypto š. But I get it.
C
Thanks for this. I've been wary of getting into crypto for these reasons and others. I'm not wealthy enough to just "try it out" at this point. Or rather, not willing to risk it on something that does have big potential gains, but also big potential loss.
I'm glad people are excited about Crypto, and I wish big gains for all, but I also think it's hugely important to know what you're getting intā¦See more
GG
Thank you for this!!!š
DG
Damon Gwinn@damondamnit
Great post. Well explained. Thank you!
B
Buck@fothaluvofmuny
Great explanation. Appreciate all you do @UnderCoverHedgefund . I also saw a bunch of comments about some people getting to buy before others. Personally idc and have no idea how they decided who got to purchase when. I just wrote in the comments that many other platforms offer crypto if they are that impatient about it. I suggested RH if they want to trust them with their money or even coin base iā¦See more
R
To be honest I don't even think I own any of the stocks I actually purchased on here.
A
Public not letting people invest in certain stocks that are jumping today seems like big brother stop the little guy again
S
@CyclingGainz ive only used Coinbase for the free cryptos you can get lol
But is it really that freaken high?
And nope you canāt spend it, or send it to yourself or to anyone, and I didnāt add it because Iām not 100% positive if itās true but I swear I could remember reading a while while back that how RH was set up with crypto (just like Public is now) if RH went bust whatever crypto you had wouā¦See more
S
@washie even when I was at $13k+ I stayed away from crypto and finally decided to jump in after I completely my first year of investing , not that 13k is a gigantic amount of money or anything but because I didnāt want to risk it without having at least have a full year of experience trading the market and to try to learn as much as I could before jumping into something a bit different
Sounds likeā¦See more
S
@damondamnit happy to do it š
M
MrWiggles@wiegelman
š
I land in the SAME EXACT CAMP as you! I just made a post yesterday about how much I absolutely love Public and I do! I was one of the first to be able to invest in crypto hereā¦
But after seeing how all of this is setup, I think Iāll be doing my crypto business somewhere else. Now, if they DID have a wallet and I actually OWN my crypto, Iād do my crypto business here without hesitation.
I appreciaā¦See more
S
@fothaluvofmuny yea thatās true I think it goes by who tapped to sign up to the waitlist first got access to crypto first , but youāre right people are upset about it that they donāt have access yet which is annoying because crypto wasnāt even offered to anyone a week ago so thereās no reason to be upset about it just wait more and if they canāt thereās other platforms like you mentioned
S
@adavis1087 I donāt think Public actually is at fault for that I think itās Apex who decides when that happens, but honestly it happens with almost all platforms for investing thereās a few that havenāt had any restrictions (supposably) but idk if itās true or not
A
@UnderCoverHedgefund Iām with you man! I wish people would just take a little bit of time, to go through and read the FAQs and other support material. Everything is written clearly for anyone and everyone.
S
@willis79 I was thinking of doing crypto on here but doing that math the 1-2% is pretty steep for a $1000 buy and then you donāt even own it makes it very hard for me not to want to do crypto on here because $15 for every buy (Iām not sure if itās another $15 to sell but I wouldnāt be surprised if it is lol) and then you donāt even actually own the crypto makes it very unappealing to want to buy onā¦See more
S
@AxA even the FAQs has a bar where you can type in the question or keyword and whatever material has it will come up so itās so infuriating (and pathetic) when people make posts trying to bash Public and demand to make it right when Public has done nothing wrong whatsoever
And instead of people like you and me , who come in and say all of this is completely detailed and written if you spend a fewā¦See more
@UnderCoverHedgefund The fees, I get. Most places are going to charge a fee. Itās the ownership thing that is unappealing to me! Like I said, Iām not mad at Public. Iād still give them a 5 star review! Itās all good with them, but like I said, I think I just need to keep my crypto somewhere else. Maybe they change? Maybe they do the wallet and ownership eventuallyā¦. If they change that, Iāll probabā¦See more
A
@UnderCoverHedgefund Ye-ahhh! Very true, indeedā¦.š¤·š»āāļø
Well said and explained šš¾šš¾
R
I asked to do a DRS transfer and was told I could get rejected. Thus paying a rejection fee of 110 dollars.
R
Direct Registration System.
Iāve always been here for the stocks and community advice so thanks for the explanation. My crypto has always been in BlockFi earning interest.
