I was reading a thread where a poster stated;
That's why LBC is the best option
Is it really?
And this is the smallest spread I have seen in weeks. LBC is expensive because it is dirty money. It should only be used when you got some of that dirty money.
This is NOT an LBC bash! They serve the purpose and help our markets run. Also, it is supply and demand. When vendors need to cash out a bunch of Btc to fiat, in theory, the premium should go down. When there are shit loads of buyers the premium will go up. So it's really mostly desperate buyers who can't or won't deal with the major exchanges' kyc rules that drive the premium to sometimes as high as 20%+. It is at those times that a handful of sellers get greedy and don't relax the price when the demand starts to soften. Ridiculous premiums force people to look at circle, libertyx, mail cash etc. Eventually the LBC contracts slow to a trickle and sellers lower their prices because they need some fiat.
That's where we are now. You can watch the entire process lather, rinse and repeat 2-3 times each month.
The only way to break this greed cycle, which will have a flattening effect of prices is to only use LBC when you have dirty dough or there are absolutely NO OTHER ways for you to get Btc. We need to use companies like libertyx at every opportunity! But we should not really discuss it on this sub.
I don't have numbers to bear the following out -> I speculate that every 1 percentage of buyer flight would result in 1% or more discount to the premium. e.g. If we used LBC 20% less then the premium drops by 20% - of course this would have to be sustained more than a day or two for the sellers to understand that the slow business is not just a blip.
I have a vendor buddy that is righteous as shit. Old time weed and shroom dealer. When he needs a bunch of fiat when premiums are high he feels AWFUL that he is sticking it to buyers. I have known for him to be late on an obligation with close friend because he knows the friend will wait and he feels like he is "part of the problem" making 21% on his money laundering needs. He is from the old school where he PAID 20% to wash it.
btw, LBC the site, while its owners may also be Btc sellers, have nothing to do with pricing. They simply take a cut. The prices are purely market driven. That's why you don't need to give any ID there. They are not buying and selling any Btc and thus are not a money service subject to kyc obligations. So again, I'm not shitting on LBC. They are friends of the markets.
Honestly 7-15% fee to get clean money aint bad.