CBA - Commonwealth Bank of Australia

[Value Collector]

LOL

not when i did it ... took out the majority of the account and put it every where ( ankle wallets ) money belt in an army vest under the shirt/coat and a sad old laptop carry-bag ... ( looked like i didn't have a pot in which to p*** )

and THEN got onto the council bus to go to a bank THAT CARED ( about customers )

worth the bus fare .. absolutely ( just for the look on the face of the new bank manager )

I mean when you request the $20,000 withdrawal, the bank would need a special delivery of cash, using an armed guard. Which obviously costs a lot more than $3

 

[Value Collector]

You are comparing apples to oranges. Visa and MasterCard are not a final settlement layer. They are a layer 2 solution. They just tally up all the transactions then later settle it with the banks. The equivalent in the Bitcoin world would be the lightning network which is very fast and can handle 1 million transactions per second.

Well, you asked what parts of the traditional banking are superior to crypto, and I showed told you.

As you mention the parts of crypto the mimic the traditional banking sector might be ok, but the parts of crypto transactions that are actually crypto transactions are slow and clunky.

Also didn’t mention my point of being able to identify yourself and gain access, vs potentially losing access to your funds forever.

 

[Value Hunter]

I mean when you request the $20,000 withdrawal, the bank would need a special delivery of cash, using an armed guard. Which obviously costs a lot more than $3

That is the banks fault for no longer keeping meaningful cash on site. Back in the 1990s and early 2000s it was common for an average bank branch to have $100,000 to $200,000 in cash kept on site.

 

[Value Hunter]

Well, you asked what parts of the traditional banking are superior to crypto, and I showed told you.

As you mention the parts of crypto the mimic the traditional banking sector might be ok, but the parts of crypto transactions that are actually crypto transactions are slow and clunky.

Also didn’t mention my point of being able to identify yourself and gain access, vs potentially losing access to your funds forever.

Again I reiterate that no you didn't show what was superior about traditional banking instead you compared apples to oranges. A Bitcoin transaction takes anywhere from 10 minutes to a maximum of a few hours to settle. A bank transfer can take up to 3 business days.

Immutability is a feature not a bug, because it means no bank or government can decide to arbitrarily shut down your Bitcoin hardwallet or block your transactions as they can do with traditional bank accounts (just ask the Canadian truckers who protested against the Trudeu COVID dictatorship.

 

[qldfrog]

Because you could summarise the lot with a picture

 

[TimeISmoney]

Speak of the devil.

Commonwealth Bank customers expose cash access issue for all Australians: 'Shut account with $33,000'​

The difficulties all Australians can face when trying to access their own money have been highlighted by disgruntled Commonwealth Bank customers. Australia's largest bank has been under fire for a controversial $3 fee to withdraw cash, but there's another reason accountholders were unhappy.

A 61-year-old man, who did not want to be identified, told Yahoo Finance he shut down his account and walked away with the $33,000 balance after being asked about what he planned to do with a $5,000 withdrawal. However, there is a reason most banks will query what a large withdrawal will be used for.

 

[farmerge]

@TimeISmoney Commonsense answer to that is "none of your business"

 

[qldfrog]

@TimeISmoney Commonsense answer to that is "none of your business"

And common answer is no: you will not get your money.

 

[Bellcose]

Speak of the devil.

Commonwealth Bank customers expose cash access issue for all Australians: 'Shut account with $33,000'​

The difficulties all Australians can face when trying to access their own money have been highlighted by disgruntled Commonwealth Bank customers. Australia's largest bank has been under fire for a controversial $3 fee to withdraw cash, but there's another reason accountholders were unhappy.

A 61-year-old man, who did not want to be identified, told Yahoo Finance he shut down his account and walked away with the $33,000 balance after being asked about what he planned to do with a $5,000 withdrawal. However, there is a reason most banks will query what a large withdrawal will be used for.

The headline is somewhat misleading. Yes the fella got p***ed off and closed his account but further down in the article referenced there is this.

A dilemma in a way, annoyed at being asked questions about what you want to do with your money or lose $2k to $6m? Depends on a person's p***ed off meter I guess.

 

[Value Collector]

That is the banks fault for no longer keeping meaningful cash on site. Back in the 1990s and early 2000s it was common for an average bank branch to have $100,000 to $200,000 in cash kept on site.

That’s when people wanted to use it, but very few people use cash these days , so keeping the large amounts of cash laying around for a smaller and smaller user base increases the cost of the cash system exponentially.

They just don’t get the huge cash deposits and withdrawals anymore on a daily basis.

And you can move that $20,000 using an app on your phone of computer.

You just have to admit to your self when you go to with draw $20,000 that you are doing a rather odd thing that not the norm anymore, so have to jump through some hoops.

 

[divs4ever]

I can still recall doing the banking for the business I worked at in the 90s, the local banks had multiple armed hold-ups in the area at the time.

It was a quick scope of the car park for any suspect looking people and then a quick walk to the bank with the white bag full of cash and checks from a week's takings.

Nervous times when you had over 20K in a white cloth bag that most knew what was in there.

Let someone rob you, you knew you weren't getting paid for a few weeks, so you guarded that bag with your life.

my mum used to have a small shop , located very close to a BIG 4 bank ( and 2 others a very short jog away ) and noticed 'the white bag habit ' way back in the late '70s

she did suggest to her customers that carrying ( the white bag ) was an obvious target ( especially when many businesses sent a young female on that errand )

however i always using some beat-up carry bag/brief-case ( and money belts etc. when needed )

luckily most staff knew me and understood that i wasn't begging for some change to buy a coffee or smokes ( or booze )

 

[divs4ever]

I mean when you request the $20,000 withdrawal, the bank would need a special delivery of cash, using an armed guard. Which obviously costs a lot more than $3

back in the day , at least one bank per suburb , would have a LARGE walk-in safe , and have agreements with other local banks to hold the cash and other documents ,
but times change , one bank/vault got bought by a gunshop and the safe became a secure gun rack , practice shooting range
in a different suburb , cash converters bought the bank-site/vault

the banks made choices to get where they are now .. i have no sympathy for them

 

[Value Collector]

back in the day , at least one bank per suburb , would have a LARGE walk-in safe , and have agreements with other local banks to hold the cash and other documents ,
but times change , one bank/vault got bought by a gunshop and the safe became a secure gun rack , practice shooting range
in a different suburb , cash converters bought the bank-site/vault

the banks made choices to get where they are now .. i have no sympathy for them

If the majority of cash was held at one central point in each area, wouldn’t that still require you to give notice for a large withdrawal? And require an armed guard to transfer the cash, and bring in replacement cash to replenish the stock?

As long as I can remember, you have always had to give notice, in 2006 I had to withdraw $13,000 and was told to come back the next day.

 

[Value Collector]

Again I reiterate that no you didn't show what was superior about traditional banking instead you compared apples to oranges.

ok, can I swap my current system of making my daily purchases with a credit card based in Australian dollars with this bitcoin/crypto system you think is better?

 

[Value Collector]

Because you could summarise the lot with a pictureView attachment 188990

That guy is going to be upset one day when he gets a valet to park his car, and the charge him a fee.

He will be like “but I am just picking up ‘MY OWN CAR’ “….

 

[divs4ever]

If the majority of cash was held at one central point in each area, wouldn’t that still require you to give notice for a large withdrawal? And require an armed guard to transfer the cash, and bring in replacement cash to replenish the stock?

As long as I can remember, you have always had to give notice, in 2006 I had to withdraw $13,000 and was told to come back the next day.

that would depend on the location

i remember one LARGE shopping centre ( well it was at the time ) had a way to transfer valuable assets ( not just cash ) using the ( non-public ) corridors in the mall so unless you were watching a key area loading dock , or maybe the bank rear ( service ) exit , you would not see people leaving the bank/shop/office , or arriving at the desired location

besides in the possible take is big enough , armed guards are only a hurdle ( some robbers come very well armed as well , capable of hijacking the armored vans )

oh by the way , most big managers have access to the 'bank's firearm , but they don't make that well known

 

[Value Hunter]

ok, can I swap my current system of making my daily purchases with a credit card based in Australian dollars with this bitcoin/crypto system you think is better?

There are already people using apps which have attached digital cards which effectively allow you to spend your crypto as you do when paying with a normal digital credit card.

 

[Value Collector]

There are already people using apps which have attached digital cards which effectively allow you to spend your crypto as you do when paying with a normal digital credit card.

But isn’t that just still relying on the traditional system, which kind of shows that the traditional system is better?

 

[Sharkman]

Anyone using CBA options here?

Just interrupting the crypto related tangent to get back on topic for a bit...

A strategy I quite like in this type of scenario is the 1 by 2 ratio put. Ran some numbers this mng after the MMs started showing spreads. With the stock price around $157, some possible trades I looked into were;

- Buy Mar $150 puts, sell 2x Mar $142 puts, receive ~14c premium at the mid (in practice likely to be a few cents less due to spread crossing)
- Buy Mar $154 puts, sell 2x Mar $146 puts, receive ~24c premium
- Buy Jun $154 puts, sell 2x Jun $144 puts, receive ~70c premium

It exhibits characteristics of both the regular naked/cash covered put and the bear put spread (because that's literally what it is). So it's suitable if both wanting to play for a mild-moderate fall in a 3-6 month timeframe and comfortable with taking delivery at a decent discount to the current price. For eg. the first trade results in buying the stock at an effective entry of $133.86 (~15% below spot) at any expiration price below $142, starts making profit on anything below $150 (up to $8.14 if it lands right on $142 at expiry), and still makes a few cents if the stock remains above $150.

Widening the distance between the strikes will drop the breakeven/effective entry price and increase the potential max profit, which can be done by pushing the tenor out (as can be seen above with the Jun spread) and/or taking in less premium (possibly even crossing over to a debit).

I always do these at zero cost/small credit myself though, mainly for psychological reasons. I tried doing some as debit spreads years ago, and found that whenever the stock failed to break below the upper strike, I'd subconsciously register it as a loss (even though the premium paid was small) and that would often put me on tilt if I went thru a few of those in a row. Whereas for eg. the above trade only "loses" if below $133.86 on expiry, making it easier to deal with psychologically. But everyone's different as far as the emotional aspects of trading are concerned, so YMMV.

Thinking about slapping one of these on. I currently hold a smallish CBA position, wouldn't mind having more, but it does look overpriced to me at current levels. I'm very reluctant to sell covered calls over it for the same reason Value Collector alluded to above, it just seems to defy all logic and keep rallying and rallying, and I don't want what I do have to get called away. So a (small credit) 1 by 2 ratio put feels like the right play at this point, it kills 2 birds with one stone by letting me profit on a mild-moderate correction, potentially taking delivery at a significant discount, and it doesn't cost me anything if CBA continues to keep defying gravity.

I haven't traded any options (or stocks for that matter) for over a year though, went full on chill mode after going FIRE last year, so I might've messed something up somewhere due to rustiness. So I figured I might as well throw some ideas out there before placing any trades, and someone can correct me if I've screwed up!

As you were fellas... back to the crypto discussion I guess.

 

[Dona Ferentes]

others just seem to be buying

on a flat day, CBA went up, closing at high