Why Bitcoin * Cryptos are in a Catch 22

Why Biticoin & Cryptos are in a 'Catch 22' !

ijavee (58) in bitcoin •  3 hours ago

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image credit Nick Anderson,
Why Biticoin & Cryptos are in a 'Catch 22' !

'Catch 22' - Where something is such a success that success overwhelms it.

'A victim of their own success' - Similar

And -

'Hoist by their own Petard' - 'Hoist by their own petard' (modified) is a 'Shakespearean idiom from Hamlet meaning "to cause the bomb maker to be blown up with his own bomb"

The Crypto exchanges are also in a 'Chicken or Egg' dilemma. To maintain and improve their market position they need to accept the daily exponentially increasing hordes of new customer applications whilst recruiting and training staff to handle the work.

If they accept new customer applications but subject them to long approval delay,they risk losing them,and if they stop accepting new applications while they recruit and train new staff...... you get the picture ?

I have been driven to distraction this past couple of days trying to get verification for my Cryptocurrency accounts with Bittrex and Coinbase.I was driven to shouting a rude word at one point- Bum!

I have some bitcoin in Bittrex and have basic verification,but I can't withdraw without enhanced verification.I've been wrestling to do that with several attempts.

Part of it may be my fault because of unsteady hands holding my driving licence up to the webcam,and also hitting wrong keys and tabs through old age and increasing rage.

Then a message saying because of high demand apologies are offered if service is not as expected,but extra staff are being recruited and trained.

I want to buy a computer programme but payment from UK residents can only be in Ethereum from Coinbase.I have a Basic coinbase account but guess what ? To buy and withdraw I need to be enhanced - I've never been so insulted - I know the retort to that is -'Oh you must have been'. I'm not pretty - but!

It's a paradox - I wan't first grade security on my accounts, but Crypotocurrencies were supposed to be ultra secure because of the blockchain,but the exchanges seem paranoid in wanting you to jump through so many hoops to get access.

Hey it's not all bad -

I've been a fence sitter on global warming,but have been sent a brief report which is the noncontroversial,end of argument, proof!

Have I beaten Bill Gates to it with the above global warming news. I
received his newsletter for December today, and here's an extract -

"I just returned from Paris where I was attending the big meeting on climate change hosted by President Macron. Leaders from around the world gathered together to take stock of the progress the world is making on this urgent challenge.The good news is that there’s a lot of progress to report."

Christmas - Seasolly Greetage (Unwinese)

Comments on Steemit 
franco-the-cat (25)  ·  2 hours agoI have the same experience lately but with ISA`s and normal trading accounts. It took me 3 month to remove my money from Barclays recently. It like the song says you can check in anytime you want but you may never leave! Try localbitcoins.com much easier to deal with a real person then some faceless institution who will misuse your identity.

Reply
[-]ijavee (58)  ·  59 minutes ago

Thank you. Oh dear.At my age have I got 3 months ? The only difference perhaps ,with respect,is that maybe there wasn't the same urgency with withdrawing from Barclays,although it is unacceptably long,as the present frenzied hysteria around cryptos. I mean to lose the amount that bitcoin has risen in the past 3 months through not being able to verify an account and place a buy order would be very substantial. Best regards Ivor.
$0.00Reply Edit Delete [-]trevor.george (66)  ·  44 minutes ago I haven't gone so far as to withdraw money to my bank account yet. But I have managed to get SBD from Steemit to Poloniex and into my Jaxx wallet. I don't think i did any special validation, just signed up for an account. But it seems that they are not accepting SBD at the moment, and Bittrex are not accepting new accounts at the moment, so I'm looking elsewhere to exchange money. I signed up to hitBTC to see if I can get that working. i haven't changed any money yet, but it looks like it might work. If I get the chance to do an exchange today, I'll let you know how I get on.