What do you do when you see a tasty dip? You buy it right? Especially if its a token you've been eyeballing for a while. Well there've been plenty of opportunities in the last week or so. You try to wait for the bottom so you can get it just right.... doesn't always happen but we try. I've been looking at CRO for a while now, the visa card services look interesting, their staking rewards look awesome. I cant find anywhere near the 16% returns on CRO for any other tokens except maybe CEL and with Celsius I don't have the option to spend my crypto if I need to like I will with Crypto.com and CRO. I've done the research, checked into some of the negative reports about how they moved from MCO to CRO etc. To me looks like a pretty typical early adopter upset about necessary changes to make the platform more viable situation. I've looked at the chain and considered a node. In short, I've done my research and feel comfortable with what I'm getting into. Now I'm waiting for the right price opportunity. I got it last week. So I download the app- I didn't do this sooner because they have a 30 day no fee deal for new accounts- and get all set up real quick and go to buy with a debit card because I don't want to move anything else in there with the markets down. I'll get more with a debit transaction because of it. So I go ahead and put in my card details for a few thousand CRO to get started. Send it, get a text to verify with a code and put that in etc...
Transaction declined. Thanks Bank. I guess I'll call them when I get a chance to
They send me a text- "was this you trying to spend your money?" "why yes Bank it was! surprising I know!" ":( ok try again in 5 minutes"
10 minutes pass. I try again... Transaction declined. WTF- IM DEFINITELY ME! So I call them and while I'm waiting on hold about 10 minutes later I get another text.
"ARE YOU SURE THIS IS YOU?"
"YES BANK IT'S ME IM CALLING YOU RIGHT NOW"
"WELL FINE! try the transaction again in 5 minutes" Oh no you don't Bank, I'm not falling for that again, I'll stay on the phone and confirm thanks.
So I remain on hold and talk to a customer service agent who assures me that it will go through if I try again because they've whitelisted the merchant.
I wait a while longer to be certain... CRO has just about hit its low from what I can tell, opportunity is knocking. In my head I secretly thank those fraud detection flags for stopping me buying with another 6-7% drop ahead. Except.... when I try for a third time another 20 minutes later.
Transaction declined by issuer.
Now I'm mad. I've done my part. I've waited, I've called, I've texted. Secretly thanking them no longer, I am now missing an opportunity. The 6-7% has evaporated and its climbing. I call them back and once again get a lovely text while I'm on hold.
"Did you try to spend your own money?" "YES" "try again in 5 minutes"
I'm livid. I appreciate that fraud detection is there to help protect me. But this isn't protecting me. This is gatekeeping. I finally get through to customer service and tell them to turn off fraud detection of any kind for the next 4 hours. I tell them that I intend to spend money at this particular merchant for the forseeable future and they should whitelist it indefinitely. She says its all good to go.
I wait about half an hour just to be sure and finally manage to buy some CRO at $0.02 more than I should have. Whatever... I've got my CRO and go about the afternoon checking the app out, I like what I see, check out their Defi wallet and stake a chunk of the CRO I bought there for 16% APR returns. I go back to the app and start looking into the VISA cards a little more. Unfortunately I put a little too much CRO into staking so in order for me to get the card tier I want I need to acquire more CRO. Thankfully the market hasn't fully rebounded and CRO is actually a little cheaper than it was when I ended up buying after the above debacle and now I've sorted my bank out so it should be easy right? My card details are in and I just have to choose an amount and click buy...
Transaction declined by issuer.
Then 5 minutes later.... the saga continued.....
In the end I got my card staked after more shenanigans, I totally missed the bottom of the dip I had been watching for so diligently and lost profit because of it, and in my opinion the only place to put the blame for that loss is my bank.
This is a major problem for me. In a global economy people buy things all over the world. In a digital economy people buy digital goods and services that originate from all over the world. It shouldn't be this much of a problem to buy cryptocurrencies or anything else, especially with me repeatedly confirming attempts to purchase. The fact that it continued to be a problem even after speaking with customer service and supposedly whitelisting the merchant leads me to believe that my bank knows that transaction is for cryptocurrency and is deliberately making it difficult when the service I am attempting to buy from is not a U.S. based company.... guess where I never ever have any problems buying from? Coinbase. They don't even send a single text or question it at all and I've bought larger chunks of crypto there.... larger even than my normal daily transaction limit so on paper they SHOULD have stopped that transaction simply because of its size. They didn't though and that speaks volumes. My experience with all of this just deepens my conviction that I will be better off in the long run continuing on a path to banklessness. Honestly I would rather not even use a service like Crypto.com and be able to fully divest myself from these kinds of institutions having any control of my money.... We aren't there yet though and in the short term I would rather earn returns on my money by staking and trading and taking on some of the risk than earn a pathetic interest rate from a conventional bank and having to deal with this kind of craziness every time I want to buy something from somewhere else in the world.