The Bank Shut Them Down (Its Over XRP Crypto)

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Summary

➡ The creators of a project involving XRP coins faced roadblocks from their bank and the payment processor Stripe, which shut down their accounts due to associations with cryptocurrency. Despite taking precautions like legal opinions and due diligence, the project was in constant contention with traditional finance institutions allergic to crypto. Resultantly, the originally intended 10,000 coins batch was limited to 5,000, and the creators paid higher prices for XRP coins due to a delay in funds release. The episode underscores the existing tension between the traditional financial system and the evolving cryptocurrency industry.
➡ The expert advises that people looking to invest in XRP should dollar cost average their way in, continuously buying at prices lower than their previous purchase and waiting for the asset’s value to increase. Additionally, he reminds potential buyers to acquire their cryptocurrency off reputable sources to avoid excessive premiums. Lastly, he informs the viewers that there are only 300 pieces left of a certain collectible and after the specified date, any leftover pieces will be sold via auction using bitcoins.

Transcript

Go, hey, everybody, economic Ninja here. I hope you’re doing well. I’ve got Patrick from Satpulse here because I want him to tell the story of the banks shutting down his XRP coin project, the Silver coin. Here, I’ll show it to you real quick. Bad camera. Sorry. And it’s interesting. Patrick, how are you doing? I’m doing great. Ninja, how are you doing? Thanks for having me on. I’m doing good.

Know what’s funny? You wanted to do 10,000 coins and we thought that was going to be awesome. And then this, out of the blue, and I’m going to have you explain what happened, but they shut you down. The good news is you had the first tranche of money and you took it and you already bought the XRP, the coins and all the stuff. Matter of fact, I think all the COAS just arrived at my mailbox today to sign.

But can you tell us what happened? Because the bitcoin coin did not get shut down. Yeah, so it’s really interesting. Right. So those of us who are big bitcoiners or crypto enthusiasts, one of the things that we love about it, very similar to the Silver people, is we don’t like the counterparty risk, that third party risk. And that’s really what we started seeing from the very beginning. We had issues.

Even just getting the third party processor, who’s making all the transactions and accounting for them just to get them to send the money to our bank was a huge problem in the first part. So we’ve just seen this huge problem with banks always wanting to shut us down, problem with the Fiat system and crypto altogether. Can I shout them out? Is it okay if I tell them what company is? Yeah.

So it was Stripe that shut them down, the payment processor. And just so you know, when they first started this and they came to me and said, hey, are you interested in this project? I said, Heck yeah. I said, you got to make sure that Stripe knows that you’re going to take a lot of money. I sold tickets, and it wasn’t even that much money. I think they were like 40 or $50 each for an event to pay for the venue.

And Stripe shut us down, and they held our money for, I want to say, 90 days. It was rough. And with you guys, you said that they shut you down and held your money for how long did it take you? And this was an established account, too? Yeah. So stockpulse had already been doing business, right. We have done a lot of conferences and whatnot already. So this is really just a similar account under the same name.

We’ve already taken orders, even with the bitcoin one when we did the SAP Pulse order. So there’s nothing new that happened. But with this one specifically, they really had issues with it because they don’t like traditional traditional finance. Just doesn’t like it. We kept getting notifications about our account being flagged for crypto stuff, even though we did heed your warning. We got a legal opinion, we got our due diligence done, and that’s why we were able to get it unlocked so quickly.

But even then, when we got the bitcoin side of it, that was fine. But now, XRP, no matter what we tell them, no matter what documentation we provide, no matter how we show them that this is not the cake that we’re baking, it’s just an ingredient in the cake we’re baking, they don’t care, and they’re just going to continue to shut us down. So let me make this really clear to everybody.

Instead of 10,000 coins with the certificates of authenticity, there are only 5000, because Patrick went out and took the money that first came in as it was released and they changed the allotment. There’s only 5000 of them ever going to be made. There’s about 300 left that haven’t been sold. They look like this. This is the first one ever. The only thing it’s missing is the hologram sitting over this QR code.

But the thing is, what I think is really interesting is that they specifically said it was the crypto part of it, that they had a problem. Yes, explicitly, they did not have a problem with bitcoin, but they have a problem with XRP. And so what’s really cool is you came to me because this is a project you always wanted to do, and you’ve done some pretty wild stuff in the past, and the last one that was ever made before your Bitcoin one was shut down by the Feds in, I think, 2014.

Right? Yeah. I mean, there’s so much history regarding these physical collectibles. There’s literally an encyclopedia written on them. But what we’ve learned from history is the SEC comes after people because they believe that you would need a money transmitting license. And it was so early on, but we’ve really done our due diligence to make sure that we are abiding by the regulations. We are doing the right thing.

We shouldn’t be shut down. We aren’t transacting crypto. If you want to buy crypto, we have people to send you to. But that’s not us. This is a collectible. We are taking stuff that you would normally find and we put it together and we create something beautiful out of it. But you guys are shutting us down because of the word cryptocurrency. And it’s not just that how many failed transactions happen too, where the individual clients who tried to purchase these said, oh, sorry, our payment wouldn’t go through, our bank is declining it.

They had failed payments over and over because they don’t want you to be able to use your money to spend on something that they think is crypto. So it wasn’t just on our side, it’s on your side too. And you had similar issues with the bitcoin. As long it took a little bit extra to get it out. I remember you said it was going to take like four weeks or something like that, and it took like five weeks to get them all shipped out because of the mailing issues.

This one, like you sent me the COAS to sign and they are just now showing up and I’m out of the state. So as soon as I get home, I’ll sign them and get them back over to you. But what I want to say, and you weren’t joking around about the encyclopedia of these things, do you agree? If people want to buy physical silver, they should be buying physical silver, not this.

This is just a collectible. Same with XRP. Absolutely. You go to your local store, you find the best deal, you talk to the Mylan Franklin friends that you have, find out what the best deal is on the cheapest silver possible, and you get that. And this is not an investment. I mean, I’ve never even looked at a Mickey Man or rookie card in his investment. I just played the cycles on it and it’s something that I wanted.

Me and Patrick have gotten to a place in our careers that we can buy these and not stress about it. But I am always telling people, if you want physical silver, you go get the best price possible. Same thing with XRP, and don’t keep it on the exchange because just like Patrick found out that all that money hit the bank as everybody ordered them, and all of a sudden the bank goes, no, you can’t have it, we’re locking it up.

And you had to go get your attorney and fight and get it back just so that you can go and physically buy this stuff. And in the meantime, tell them what XRP did in price. Yeah. In the meantime, when we were talking and our budget was right, about $48 for every coin for XRP, maybe just a little bit more to account for the fees that we have. Right? Yeah.

And then it ran up to $70 per coin. That’s an extra $20 per coin that I had to buy all these XRP at. And the problem with that is there’s nothing we could do about it because it’s just the bank, they will not release the money. Should they had released it on the day they were supposed to, we would have bought under $0. 50. Yeah. And when you keep saying per coin, that’s not including the physical coin, too, the cost of that? No, that’s just the XRP that have to load.

That’s not even including the transaction fees that we have to do for sending it, because people don’t know that you’re going to need to actually keep ten of those XRP on the wallet. That stays for funding the address. Yeah. So, I mean, a lot of people are saying, hey, it’s not worth the physical. It’s not about that. This coin with that enamel costs a lot to actually mint.

And it’s one of the lowest mintages the mint did, actually. So it was pretty cool. I want to keep it short. But one last thing, patrick, if you could do me a favor, because you’ve been in crypto, you’ve had mining companies and all that kind of you’ve been really into crypto. Right now, I still think there could be a drop in XRP. And I’m not accumulating right now at these prices.

This is totally different. This is a collectible. What would you suggest? People that are looking to buy XRP, what’s the best advice you could give them? I guess the best thing I would say is like any other asset, whatever you’re buying, if you know that you want to buy, let’s say, $10,000 of XRP, what I would suggest you do is exactly what I told you I’d do for the project.

Dollar cost average your way in. So you start buying and you find any price that’s cheaper than what you had previously purchased for. And you keep trying to lower your dollar cost average because with something speculative like XRP, you’re assuming that you’ll be able to make money on the back end, whether it’s in satoshi value or dollar denominated value, and you’re waiting for that play to execute. So a few cents here and there won’t really matter.

But I recommend that if you’re ready to do it, just be cautious and always get it off the exchange. Get it from a reputable dealer. If you don’t have someone that you guys trust, drop a comment below. We can get a link for ninja for someone that works for you guys, that can get you crypto at a good deal, but really get it just like your silver dealer.

Find a reputable source where you’re not going to get gouged in premiums. Totally. I totally agree. And last thing, there’s only 300 of these left. There’s only 5000 that will ever be minted. And yeah, me and Patrick put our own money up for buying our own. I mean, buying our own of these. And yeah, I hope everyone has a great day. Oh, and as of the filming of this video, this is the last day they’ll ever be sold.

So if those 300 don’t sell, doesn’t matter. It’s locked up and we are not selling anymore. Right, Patrick? Yeah, as of the 30th, it’s you, actually. After that, we’ll be done with sales. Should there be any remaining leftovers. The only way you’ll be able to get them is the way that we’re doing it now, which is with Bitcoin. So if you want to do crypto transactions, we may have like 20 or 30 left we could sell, but it definitely won’t be going through a normal order form.

We’ll probably auction them off. Yeah, well, with only 300 left, I’d be surprised if there’s any left or I buy them. Yeah, I was going to say I’m hoping that some of them. Don’t sell out. I’m not lying. I’ll buy the rest. Yeah, I know, but that’s going to sound too cheesy. But it’s true because I did the same thing with the bitcoin ones. I just think it’s cool.

But again, if you’re investing in silver or XRP, don’t buy this. Go buy the cheapest stuff possible. I don’t want to sound like a jerk, but if you get to the point where, hey, I like collectibles and nice things. I like cars and I like baseball cards and I like this kind of stuff and I’m like, I can have this, and it’s not breaking my bank. This is not an investment, okay? It’s a collectible.

That’s all. Oh, yeah. I drive a Kia Soul so I can buy things like this that I enjoy because it makes me happier to drive a Kia Soul and own these cool collectibles that make me happy than to keep my butt warm, like for a three minute drive at work. Well, I just sold the Kia, but I think I still have my 2011 Toyota Highlander because she’s just running like a purring cat.

So I’m saving money, too. So, anyway, thanks so much, Patrick, for coming on. I appreciate it. Thanks, Ninja. Guys, I’ll put the link down below if you guys want the coin. If they’re left. If they’re not, it will definitely say it on the click funnel. Have a great day. The economic Ninja is out. Wait, hold on. Stand by that’s. .

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avoiding excessive cryptocurrency premiums bitcoin auction for leftover collectibles buying cryptocurrency from reputable sources dollar cost averaging XRP investment limited collectible pieces Stripe cryptocurrency account shutdown tension between financial system and cryptocurrency traditional finance institutions vs cryptocurrency XRP coin project challenges XRP coin purchase delay

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