crypto in New York

[indolent]

New York residents only: have you successfully sent crypto to pay a peptides vendor? If so, can you give me details for what worked (coin, exchange, wallet).

I hope to send USDT via Sol on Exodus Wallet. After much struggle, hours and hours, and many failures, I now have USDT and Solana in the wallet. But I'm unsure whether the Solana network is licensed in NY for sending.

Background: New York State has insanely restrictive requirements for getting a "Bitlicense", without which any New York resident and their NY-registered financial accounts are blocked. It's the typical NY legislation that pretends to be protective but is actually merely corrupt, but for me now it is what it is. The incompetent agency that oversees it doesn't publish a current roster of licensed companies for endusers, and certain types of transactions are allowed within a company but not others (unclear to me what's what).

I need to maintain NY as my address for all financial accounts, and I'm not going to try VPN (which would probably be blocked anyway). I'd also rather do it directly, rather than use the services of a proxy/agent (or whatever they're called).

 

[chmuse]

Following closely. I get a lot of flak for not bothering with crypto, but NY fucking sucks.

 

[penewbie]

I have no idea how to solve your problem, but you have my sympathies.

That law fucking sucks.

 

[divisible1830]

I was able to buy peptides with crypto. But BTC only. Basically bought BTC in Coinbase exchange or Gemini works too. Sent to my Exodus wallet and then sent to vendor wallet. I learned this is the only way if you reside in NY.

 

[exploitedworkerbee]

In NYC can’t you go buy monero in the park with cash or something and then be free of all the tracking and monitoring stuff?

 

[indolent]

In NYC can’t you go buy monero in the park with cash or something and then be free of all the tracking and monitoring stuff?

I truly can't wait until the corner boys on my block figure out the market for this stuff is huge and otherwise a pain in the ass to procure. But they're not the sharpest syringes in the drawer.

 

[exploitedworkerbee]

I truly can't wait until the corner boys on my block figure out the market for this stuff is huge and otherwise a pain in the ass to procure. But they're not the sharpest syringes in the drawer.

Sounds like a business opportunity.

 

[P.Harum]

You might want to think about a VPN. I'm test-driving it now, and I like it. Plus, having access to pay with Sol or least use of the network, because of the gas fees, is a benefit. I paid a few times with PP but if my account gets bounced that would cause me some problems. Either way, I hope it works out for you.

 

[PopTart]

@peptideusername - can you assist our NY neighbors?

 

[indolent]

Update: (I now believe) New York doesn't restrict transfers (send/receive) involving any company or cryptocurrency. Just buy/sell/swap. And more esoteric things like mining and staking and god-only-knows.

So now that I've finally managed to get Solana (for gas) and USDT into Exodus, I think I should be good.

 

[chmuse]

Update: (I now believe) New York doesn't restrict transfers (send/receive) involving any company or cryptocurrency. Just buy/sell/swap. And more esoteric things like mining and staking and god-only-knows.

So now that I've finally managed to get Solana (for gas) and USDT into Exodus, I think I should be good.

Ok, now hold my hand and walk me through it

Bookmarked the comment to use with my other breadcrumbs bookmarks for when I cave and play with crypto. Don't delete it on me.

 

[Vicki]

I used coinbase to buy with my bank then send funds to my wallet using trust wallet app. I use trust wallet app to pay the vendors. It's the same on exodus or any other wallet app with the same address.

 

[49metal]

Update: (I now believe) New York doesn't restrict transfers (send/receive) involving any company or cryptocurrency. Just buy/sell/swap. And more esoteric things like mining and staking and god-only-knows.

So now that I've finally managed to get Solana (for gas) and USDT into Exodus, I think I should be good.

I was a little bewildered by your first post, but this sounds right to me. Moreover, I'm sure folks will be glad to hear the details of what is working for you.

Q: Why not just go with BTC? Price stability?

 

[indolent]

I was a little bewildered by your first post, but this sounds right to me. Moreover, I'm sure folks will be glad to hear the details of what is working for you.

Q: Why not just go with BTC? Price stability?

Yes, price stability is definitely one factor.

But also it seemed to me that many companies (which I might use for on-ramping, for example) won't touch NY customers because they can't fully operate there.

Quite honestly it was really hard for me to understand all the moving parts of the crypto process, and the terms used, and why some transactions have really high fees while others are mere pennies. Many of the guides I've seen relate to crypto as an investment (zero interest for me), not for merchant payment.

 

[49metal]

Yes, price stability is definitely one factor.

But also it seemed to me that many companies (which I might use for on-ramping, for example) won't touch NY customers because they can't fully operate there.

Quite honestly it was really hard for me to understand all the moving parts of the crypto process, and the terms used, and why some transactions have really high fees while others are mere pennies. Many of the guides I've seen relate to crypto as an investment (zero interest for me), not for merchant payment.

If I recall, NY's efforts were mainly to regulation of exchanges. Since most people buying crypto will use an exchange, it means a NYS resident would need to look for a NYS licensed exchange. Once you buy crypto from a licensed exchange, I do not believe NYS expects anyone who receives crypto from any kind of wallet you might then use, to be a NYS licensed entity. If I send a crypto payment to some target wallet, hot or cold, anywhere in the world, I do not believe NY makes any claim on the recipient thereof by virtue of the a fact a NYS-resident-owned wallet is sending them a crypto payment. I may easily be missing something, but that's where I thought matters were at.

 

[adria37]

I am not in NY but fuck crypto. I bought a kit once from kits4less using it and have no idea how I did it or how to do it again.

 

[Vicki]

NY mainly only regulates exchanges that have large margin trading %.

It's still very easy to buy/sell crypto for personal use. You need to fill out a KYC form with your name, address, drivers license, ss#. So they can tax you later basically. However, it's close to impossible to buy crypto and keep it anonymous in NY now. So many people don't like that because people don't like having to file taxes on their crypto profits.

You can buy crypto using bank transfer from many platforms like coinbase, cash app, PayPal, even some wallet apps let you buy directly with a credit card but you pay higher fees.