SCAM Crypto.com & Metropolitan Commercial Bank

[The Cub]

I am considering a short term investment in Bitcoin via the following organizations. Do any of you have any knowledge or experience with any of them:

• Crypto.com
• Metropolitan Commercial Bank (99 Park Avenue, 4th Floor
• New York, NY 10016)
• Crypto.org

Metropolitan Commercial Bank is not BBB accredited.....not sure how significant that is.

I posted this under the 'Scam' prefix.....I am not sure if that is correct, as I am NOT reporting a scam, but trying to learn about these organizations.....and avoid any possible scam.

 

[Loretta Van Riet]

Instead of a short term Bitcoin investment, consider a long term hold for XRP.

(I am not a financial advisor)

Learn what ISO20022 means. Purchase Crypto's that are 20022 compliant.

Crypto.com is one of MANY "exchanges" where you may purchase crypto's.

Uphold.com is another exchange (in England)

 

[Griz3752]

Let us know how that goes: % return over time period interests me but others may have other drivers.

 

[phloydius]

I have use Crypto.com for well over a year. No problems, other than typical short term glitches. You'll need to use the App to purchase, trade, move, etc. instead of the browser unless they have changed things in the last year or so. I find this is a great platform for purchasing crypto, and they have most everything (cryptocurrencies) most people would want.

Also, if you are new to crypto, there is a saying: "Not your keys, not your crypto." Meaning that you use exchanges to buy and sell, but then you move it off of exchanges to your own private wallets. If the exchange goes bankrupt, it is very likely you'll lose what you have on them -- much like cash in banks before the FDIC.

 

[Dozdoats]

Good luck - too tenuous for me.

 

[phloydius]

• Crypto.org

I do not think Crypto.org is a place you can purchase crypto. I think it is just a chain support for the CRO token & wallets.

 

[phloydius]

Instead of a short term Bitcoin investment, consider a long term hold for XRP.

(I am not a financial advisor)

Learn what ISO20022 means. Purchase Crypto's that are 20022 compliant.

Crypto.com is one of MANY "exchanges" where you may purchase crypto's.

Uphold.com is another exchange (in England)

XRP may be great, but it is one of the most complicated ones to currently purchase (in the USA). As I understand it, Crypto.com is not allowed to sell XRP (nor are any of the exchanges that are allowed to operate in the United States).

 

[The Cub]

I have use Crypto.com for well over a year. No problems, other than typical short term glitches. You'll need to use the App to purchase, trade, move, etc. instead of the browser unless they have changed things in the last year or so. I find this is a great platform for purchasing crypto, and they have most everything (cryptocurrencies) most people would want.

Also, if you are new to crypto, there is a saying: "Not your keys, not your crypto." Meaning that you use exchanges to buy and sell, but then you move it off of exchanges to your own private wallets. If they exchange goes bankrupt, it is very likely you'll loose what you have on them -- much like cash in banks before the FDIC.

Phloydius,

Tell me about Metropolitan Commercial Bank. Any issues? I am not sure about a lack of BBB accredidation ...or whether that is of concern.

 

[Loretta Van Riet]

XRP may be great, but it is one of the most complicated ones to currently purchase (in the USA). As I understand it, Crypto.com is not allowed to sell XRP (nor are any of the exchanges that are allowed to operate in the United States).

That is why I use Uphold.com to make current XRP puchases.

 

[phloydius]

Phloydius,

Tell me about Metropolitan Commercial Bank. Any issues? I am not sure about a lack of BBB accredidation ...or whether that is of concern.

Don't really know much about them, other than they are the bank that issues the Visa Debit Card that Crypto.com uses. I have that card, and I was using it for some of the generous rewards last year (before they removed them). I still have it, but don't use it any more since the rewards are not as generous. There are some very dubious questions about tax implications of spending crypto as a regular transaction that I don't currently want to deal with.

However, I will say that I never had a problem with the card itself (it is metal and very nice), worked well, and it worked exactly like any other visa credit/debit card I have ever had.

If you don't get the Visa debit card, I don't think you have any exposure to Metropolitan Commercial Bank as far as I can tell.

 

[phloydius]

That is why I use Uphold.com to make current XRP puchases.

Thanks for that. I will have to look into Uphold.com because it looks way easier than the other methods.

Have you had any problems pulling XRP out of Uphold onto your own wallets?

 

[Loretta Van Riet]

Thanks for that. I will have to look into Uphold.com because it looks way easier than the other methods.

Have you had any problems pulling XRP out of Uphold onto your own wallets?

Uphold is very user friendly. They used to have a 62 day hold before you could sell/move stuff. You can also get XDC there.
And other ISO 20022 crypto's.

I also use Coinbase and Binance.US. The debit card from Coinbase is very easy to use.

 

[The Cub]

Don't really know much about them, other than they are the bank that issues the Visa Debit Card that Crypto.com uses. I have that card, and I was using it for some of the generous rewards last year (before they removed them). I still have it, but don't use it any more since the rewards are not as generous. There are some very dubious questions about tax implications of spending crypto as a regular transaction that I don't currently want to deal with.

However, I will say that I never had a problem with the card itself (it is metal and very nice), worked well, and it worked exactly like any other visa credit/debit card I have ever had.

If you don't get the Visa debit card, I don't think you have any exposure to Metropolitan Commercial Bank as far as I can tell.

Phloydius,

I am a bit confused by your response. I was given wiring instructions to make deposits into Crypto.com, as follows:......via Metropolitan Commercial Bank:


The Unique Reference Code must be entered into the Reference Field or funds might be lost.

xxxxxxxxxxxxxxx

Bank Name:
Metropolitan Commercial Bank

Bank Address:
99 Park Avenue, 4th Floor
New York, NY 10016

Recipient’s First Name:
MCB

Recipient’s Last Name:
Foris

Recipient’s Address:
99 Park Avenue, 4th Floor
New York, NY 10016

Routing Number:
026013356

Account Number:
XXXXXXXXXXXXXXXXXXXX



The wiring instructions appear to be a bit unconventional in that they co not call for further credit to me, etc................BUT..........it appears as though the key is the Unique Reference Number, which ties the transaction to my account at Crypto.

Did you not go through Metropolitan Commercial Bank when making wire transfers? I am wondering why I am being directed to do so, if you were not.

Please advise. I would like to tie these things down before I begin wiring funds around the globe.

Thank you for your assistance.

 

[packyderms_wife]

Let us know how that goes: % return over time period interests me but others may have other drivers.

I purchased bitcoin when it was thirty-nine cents a coin and today it's sitting around $27K, I'll let you figure out the ROI.

 

[phloydius]

Phloydius,

I am a bit confused by your response. I was given wiring instructions to make deposits into Crypto.com, as follows:......via Metropolitan Commercial Bank:


The Unique Reference Code must be entered into the Reference Field or funds might be lost.

xxxxxxxxxxxxxxx

Bank Name:
Metropolitan Commercial Bank

Bank Address:
99 Park Avenue, 4th Floor
New York, NY 10016

Recipient’s First Name:
MCB

Recipient’s Last Name:
Foris

Recipient’s Address:
99 Park Avenue, 4th Floor
New York, NY 10016

Routing Number:
026013356

Account Number:
XXXXXXXXXXXXXXXXXXXX



The wiring instructions appear to be a bit unconventional in that they co not call for further credit to me, etc................BUT..........it appears as though the key is the Unique Reference Number, which ties the transaction to my account at Crypto.

Did you not go through Metropolitan Commercial Bank when making wire transfers? I am wondering why I am being directed to do so, if you were not.

Please advise. I would like to tie these things down before I begin wiring funds around the globe.

Thank you for your assistance.

On mobile, so I will read more closely when I am back on PC... but,

I did not wire money in. I did ACH transfers in, and those may have gone thru Metropolitan, but if so I did not notice. I have a special account I use for ACH transfers, and I plugged that info into the Crypto.com app, and they pulled it out.

Also, when I was doing it I was dollar cost averaging in, so it was never larger sums. Not sure what the ACH limits are...

 

[Griz3752]

I purchased bitcoin when it was thirty-nine cents a coin and today it's sitting around $27K, I'll let you figure out the ROI.

Then if its that easy, how do all these stories pop up about BitCoin losses/failures?

Congratulations on your score though - I hope you bought about a hundred or so.
Now, did you cash out or are you holding it?
And if that's too personal, ignore me.

 

[packyderms_wife]

Then if its that easy, how do all these stories pop up about BitCoin losses/failures?

It is easy, buy low and be willing to wait, sometimes for decades. Those people who suffered major losses bought in when bitcoin was $30K to $36K. Had they done their research they would have discovered that BC's happy spot is somewhere between $23K and $27K. Pretty much all stocks, bonds, commodities, currencies, etc., have a sweet spot.

 

[phloydius]

Routing Number:
026013356

I logged into the app, and found where the wire option was listed, and had them email me the details. All the details that you posted matched what they sent me, so it should all be legit. Obviously legit may not mean safe, but as far as I can tell all the providers of financial services (not just crypto) have to use a 3rd party bank unless they are a bank.

Personally I wouldn't want to keep money in Metropolitan, based solely on the things you mentioned (and I did not look into it any further). However, based on my experience with Crypto.com I would personally not hesitate to transfer money thru Metropolitan to Crypto.com. However this is not advice; obviously everyone should make their own decisions based on their own risk tolerance.

If you are willing to say, is this your first venture into cryptocurrencies?

Then if its that easy, how do all these stories pop up about BitCoin losses/failures?

The same way the stories of losses/failures pop up with real estate loses or stock loses.

The rule that everyone quotes is "buy low, sell high".

However, what many people do is "buy high, sell low". Really. When something is going up, some people have a fear of missing out or believe that is something is going up it will continue to go up, so they buy. Then it starts crashing down, and the fear of loosing more kicks in and they sell.

Since about 2020 I've been watching a bunch of random stock shows on youtube and such (and most of them are idiots), but the same thing occurs in the comments over and over. Something is crashing and everyone yells that it is a scam or going out of business or something and calls anyone that is buying and idiot and fool. Then when something is going to new all time highs some people will be called idiots and fools for selling because it is going to keep going up and up. Then when it crashes, those that are taking the losses are calling those that sold at the top "lucky". Rinse, Repeat.

"Buy low, sell high" is easy to say but goes against most of human nature, at least it seems to from what I have seen.

 

[bracketquant]

I am considering a short term investment in Bitcoin via the following organizations. Do any of you have any knowledge or experience with any of them:

• Crypto.com
• Metropolitan Commercial Bank (99 Park Avenue, 4th Floor
• New York, NY 10016)
• Crypto.org

Metropolitan Commercial Bank is not BBB accredited.....not sure how significant that is.

I posted this under the 'Scam' prefix.....I am not sure if that is correct, as I am NOT reporting a scam, but trying to learn about these organizations.....and avoid any possible scam.

Why do you want to get in bed with money changers?

 

[The Cub]

I logged into the app, and found where the wire option was listed, and had them email me the details. All the details that you posted matched what they sent me, so it should all be legit. Obviously legit may not mean safe, but as far as I can tell all the providers of financial services (not just crypto) have to use a 3rd party bank unless they are a bank.

Personally I wouldn't want to keep money in Metropolitan, based solely on the things you mentioned (and I did not look into it any further). However, based on my experience with Crypto.com I would personally not hesitate to transfer money thru Metropolitan to Crypto.com. However this is not advice; obviously everyone should make their own decisions based on their own risk tolerance.

If you are willing to say, is this your first venture into cryptocurrencies?




The same way the stories of losses/failures pop up with real estate loses or stock loses.

The rule that everyone quotes is "buy low, sell high".

However, what many people do is "buy high, sell low". Really. When something is going up, some people have a fear of missing out or believe that is something is going up it will continue to go up, so they buy. Then it starts crashing down, and the fear of loosing more kicks in and they sell.

Since about 2020 I've been watching a bunch of random stock shows on youtube and such (and most of them are idiots), but the same thing occurs in the comments over and over. Something is crashing and everyone yells that it is a scam or going out of business or something and calls anyone that is buying and idiot and fool. Then when something is going to new all time highs some people will be called idiots and fools for selling because it is going to keep going up and up. Then when it crashes, those that are taking the losses are calling those that sold at the top "lucky". Rinse, Repeat.

"Buy low, sell high" is easy to say but goes against most of human nature, at least it seems to from what I have seen.

Thanks Phylo....yes my first stab at BTC

 

[Kris Gandillon]

I purchased bitcoin when it was thirty-nine cents a coin and today it's sitting around $27K, I'll let you figure out the ROI.

Hopefully you bought at least 100 or 1,000 (or more) of them at that 39 cent price! Just won’t be much fun at tax time when/if you ever sell them or use them.

 

[bracketquant]

I purchased bitcoin when it was thirty-nine cents a coin and today it's sitting around $27K, I'll let you figure out the ROI.

Can't.

If you haven't sold it, there's no ROI, yet.

And, if you did sell it, you haven't stated the price(s) you sold it at.

 

[Dozdoats]

Buy low, sell high" is easy to say but goes against most of human nature

Don't be scared, don't be greedy.

 

[alchemike]

Bitcoin is the only way. ALL other crypto projects are centralized shit.
Buy thru Strike.
Self custody.
Learn before you leap.

Jameson Lopp

Jameson Lopp: cypherpunk, co-founder & CTO of Casa, Bitcoin proponent

www.lopp.net

No offense, to other responses but very few here on TB2K should be giving advice on this topic.

 

[knowzone]

Bitcoin is the only way. ALL other crypto projects are centralized shit.
Buy thru Strike.
Self custody.
Learn before you leap.

Jameson Lopp

Jameson Lopp: cypherpunk, co-founder & CTO of Casa, Bitcoin proponent

www.lopp.net

No offense, to other responses but very few here on TB2K should be giving advice on this topic.

Yep.

2:20
Why do I hold XRP? [NotFinancialAdvice.Crypto]​

Link to Uphold, (for the Adults in the room)

Signup to Uphold
​

kz

 

[knowzone]

One more thing, this video is over 6 months old. A LOT of time in an arena that moves at the speed of light.
Hint: BRICS

Not Financial Advice. Do Your own Due Diligence.

kz

 

[bracketquant]

Bitcoin is the only way. ALL other crypto projects are centralized shit.
Buy thru Strike.
Self custody.
Learn before you leap.

Jameson Lopp

Jameson Lopp: cypherpunk, co-founder & CTO of Casa, Bitcoin proponent

www.lopp.net

No offense, to other responses but very few here on TB2K should be giving advice on this topic.

I don't give advice on buying, or not.

But, I fail to see how Bitcoin could ever be used as a currency in typical transactions. First, such a currency needs to be relatively stable, and Bitcoin is not.

Second, it needs to be usable by the world's masses. From what I've read, the Bitcoin algorithm limits transactions to a maximum of 21 per second. If true, the world cannot use Bitcoin for it's huge number of transactions every second.

Third, Bitcoins proof-of-work method is both too costly, a tremendous waste of energy, and the algorithm can never be changed. At some point, I expect Bitcoin to go to zero.

I don't give advice on buying, or not.

 

[alchemike]

I don't give advice on buying, or not.

But, I fail to see how Bitcoin could ever be used as a currency in typical transactions. First, such a currency needs to be relatively stable, and Bitcoin is not.

Second, it needs to be usable by the world's masses. From what I've read, the Bitcoin algorithm limits transactions to a maximum of 21 per second. If true, the world cannot use Bitcoin for it's huge number of transactions every second.

Third, Bitcoins proof-of-work method is both too costly, a tremendous waste of energy, and the algorithm can never be changed. At some point, I expect Bitcoin to go to zero.

I don't give advice on buying, or not.

If you just used Bitcoin as money, you wouldn't have to speculate on whether it could be used that way...because you would have already proved that it can be.

Just a suggestion.

 

[phloydius]

If you just used Bitcoin as money

Hopefully you are keeping meticulous records of every transaction you make with bitcoin for your federal taxes.

 

[alchemike]

Hopefully you are keeping meticulous records of every transaction you make with bitcoin for your federal taxes.

Hah! Good one!!!

 

[packyderms_wife]

"Buy low, sell high" is easy to say but goes against most of human nature, at least it seems to from what I have seen.

Agreed, most people want an instant return on their investment, and if this is the case then they should consider day trading.

 

[Loretta Van Riet]

If you just used Bitcoin as money, you wouldn't have to speculate on whether it could be used that way...because you would have already proved that it can be.

Just a suggestion.

I can easily load my Coinbase debit card with ANY of my Crypto's to pay bills, etc.

No one has to be locked into Bitcoin.

 

[phloydius]

Hah! Good one!!!

Okay, but I was being serious.

 

[packyderms_wife]

No offense, to other responses but very few here on TB2K should be giving advice on this topic.

I'm not offended at all! And those that demand ROI on bitcoin, etc., need to go do some homework.

 

[Knoxville's Joker]

crypto and bitcoin are the modern incarnation stocks and bonds of the 1929 crisis

 

[Loretta Van Riet]

crypto and bitcoin are the modern incarnation stocks and bonds of the 1929 crisis

Being a new asset class, Crypto's are very misunderstood. Most folks will not educate themselves.

Yes, there are some bad Crypto's out there. Learn about ISO 20022. There are at least 10 Crypto's out there that will replace the "Swift" system of settling cross border payments.

To me, owning Crypto's is just another diversified money product. Not forcing anyone to purchase them.

 

[knowzone]

Digital currencies are the future.

It is absurd for present money needing to take days to transfer from one account to another, when going elsewhere around the world. More so now, with the capabilities of texting a message taking seconds to accomplish said transference. Digital currencies are "monetary texting".

ISO 20022 is the newly enacted global standard of definitions utilized in banking.
For example: A "windscreen" and a "windshield" are essentially the same thing. Can we all agree this same thing is now called "glass"?
Party A in backwater Alabama sends dollars to Party B in some flea pit in (pick your fav N Af country), in seconds received in local spendable currency. All cause the dude in Af, sold something creative, handmade on Etsy, that Big Mamas in Alabama wanted to buy and hang above the gator's head on the wall of the backwater swamp bar in Alabama.

Like it or not, short of lights out, this is where it is.

"They're puttin the rail-line right through the middle of town"!

1. Stand there defiantly saying it'll never happen
or
2. Run away and go hide
or
C. Step aside safely, setup a lemonade stand Knowing if the train stops, there gonna be sum thirsty passengers.
AYYYYYEEEEE.....! I Garoneteeee...it.


kz

 

[Knoxville's Joker]

Being a new asset class, Crypto's are very misunderstood. Most folks will not educate themselves.

Yes, there are some bad Crypto's out there. Learn about ISO 20022. There are at least 10 Crypto's out there that will replace the "Swift" system of settling cross border payments.

To me, owning Crypto's is just another diversified money product. Not forcing anyone to purchase them.

The core issue with crypto is if we have a massive Carrington event, a weakening or disappearance of the magnetopause, the survivors have no access to their wallets effectively.

If the rumors of a total internet disruption done as a means to implement various government/world plans end up being true, what good is a wallet with no internet?

If the apophis asteroid disrupts things excessively as it passes, reliable power and internet are requirements for the crypto wallets to have an effective means of asset distribution.

Asset distrubution and liability minimization are valid steps, but it should be stated in preparing for all possibilities, it is best to not place all of ones eggs in one basket.

 

[phloydius]

The core issue with crypto is if we have a massive Carrington event, a weakening or disappearance of the magnetopause, the survivors have no access to their wallets effectively.

If the rumors of a total internet disruption done as a means to implement various government/world plans end up being true, what good is a wallet with no internet?

Any Carrington level event that will effect crypto, will also effect bank accounts (USD) in the same way. Meaning, what good is a bank account with no internet? Banks and Crypto have that same core issue.

Eventually the crypto might be able to be accessible again, when/if the internet becomes re-established. It is less likely in my opinion that bankers will make the same level of effort to get your bank accounts re-established.

Everyone's thoughts around this could lead to an interesting conversation.

 

[Knoxville's Joker]

Any Carrington level event that will effect crypto, will also effect bank accounts (USD) in the same way. Meaning, what good is a bank account with no internet? Banks and Crypto have that same core issue.

Eventually the crypto might be able to be accessible again, when/if the internet becomes re-established. It is less likely in my opinion that bankers will make the same level of effort to get your bank accounts re-established.

Everyone's thoughts around this could lead to an interesting conversation.

I try to approach things from every angle. All possibilities and all approaches considered. The few financial experts I have talked to that are old school, are skeptical on CBDC and crypto currencies. That skepticism mirrors the 1920s build up to the market crash where the younger folks were investing in the latest thing and then the bottom fell out of the market. In a psych unit at a prior job when they did the 2008 bail-ins the old timers in the geriatric side said that is how the collapse started that ended in 1929.