Coinbase: The Heart of the Bitcoin Frenzy • Hacker News Board

Re: Coinbase: The Heart of the Bitcoin Frenzy

#141

Post by mnm1 » Thu, Dec 07, 2017, 5:02 AM UTC

joering2 wrote: post #115

droidist2 wrote: post #102

Earlier quoted context omitted.

So if you write someone a personal check they can empty your account?

Not unless they either have physical check from you, OR are enrolled into MSP (merchant service provider). But MSPs will monitor fraudulent activity just like providing CC in any online store gives them access to empty your CC doesnt mean they will get away with it :)

No, all one needs to do is have access to the routing / account number and one can start withdrawing funds, paying bills, etc. There is nothing in place to prevent that and nothing else is needed.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#142

Post by pascalxus » Thu, Dec 07, 2017, 5:02 AM UTC

sillysaurus3 wrote: post #92

I posted this earlier today, and earlier than that as an Ask HN. I promise after this I won't post it again, at least for awhile. This seems sufficiently important that it's worth a slight annoyance. What should we do about the destabilizing potential of Bitcoin? There are two facts about Bitcoin worth worrying about: 1. There is no upper bound on the price 2. Everyone who thought the price won't continue to exponent…

Does anyone else see some eerie parallels between the rise of bitcoin and the rise of real estate in CA? Both have a finite maximum, and both have surpassed all expectations in appreciation. followed by an intense FOMO.

Personally, I can't wait to find out what happens next. This is better than watching football!

Re: Coinbase: The Heart of the Bitcoin Frenzy

#143

Post by michaelchisari » Thu, Dec 07, 2017, 5:02 AM UTC

fourstar wrote: post #87

thisisit wrote: post #74

Earlier quoted context omitted.

Ethereum has better use case than Bitcoin with it's smart contract implementation. Though the fallout of crypto kitties is proving that improvements can still be made.

Thoughts on EOS?

A theoretical system is always going to seem better than an active implementation.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#144

Post by RexetBlell » Thu, Dec 07, 2017, 5:05 AM UTC

etr-strike wrote: post #107

nextstep wrote: post #94

Earlier quoted context omitted.

I’m not sure if you’re willfully misinterpreting what happened or just unware, but the debate over how to scale bitcoin (basically, on-chain vs off-chain) is know being played out with Bitcoin vs Bitcoin Cash. And it’s looking like big blocks is actually a solution for scalability (lower fees, faster transactions), at least in the short term. (For those not aware, Bitcoin Cash is a fork of Bitcoin that removes segwit…

Bitcoin Cash is the brute force solution to scaling. Increasing block size results in longer validation times as well as slower block propagation. Both of these things lead to centralization. The entire purpose of bitcoin is to be as decentralized as possible. Anyways, here's a video released today of a lightning transaction happening on mainnet: https://www.youtube.com/watch?v=a73Gz3Tvx3k Here's a video of Greg Maxw…

Why would anyone ever use rsk? They created a centralized clone of Ethereum and charge 20% fees, or something like that.

Here's a truly revolutionary scaling solution by the inventor of Bitcoin's Lightning network and Vitalik Buterin: https://plasma.io/

Also here is an Ethereum's equivalent of the Lightning network, which was deployed on main net recently: https://raiden.network/

Re: Coinbase: The Heart of the Bitcoin Frenzy

#145

Post by blhack » Thu, Dec 07, 2017, 5:05 AM UTC

thisisit wrote: post #68

Does anyone know the hot/cold wallet address for Coinbase, like the below one for Bitfinex? https://bitinfocharts.com/bitcoin/address/3D2oetdNuZUqQHPJmc...

It seems likely that coinbase has many cold and hot wallets which are geographically and technically distributed across many vaults and key generators.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#146

Post by tony101 » Thu, Dec 07, 2017, 5:05 AM UTC

sillysaurus3 wrote: post #122

kleer001 wrote: post #105

Earlier quoted context omitted.

Yes, Bitcoin might very well eat all money on Earth. No joke, no freaking joke. I'm thinking along the lines of a financial black hole.

And it's very hard to get anyone to take this seriously. But as far as I can tell, it's a real possibility. I had to talk some sense into a friend who was saying she was fed up with being poor and was going to put her $7k life savings into bitcoin. I told her to treat it like gold, hold it, and be very careful to keep it secure. And off Coinbase. And my advice made her hesitate, and now she missed the 100% growth ove…

Could you explain why "this" needs to "stop"? Why would the success of Bitcoin be apocalyptic?

Re: Coinbase: The Heart of the Bitcoin Frenzy

#147

Post by skybrian » Thu, Dec 07, 2017, 5:09 AM UTC

shiado wrote: post #88

It is pretty funny how the original value proposition of "being your own bank" given in the bitcoin whitepaper, which is necessitated by actually possessing the private keys, has gone out the window due to convenience and a lack of understanding of the fundamental blockchain technology by speculators. Coinbase is central in these facts.

It's not so much that they don't understand, but rather that they don't care. People can buy Bitcoin for fun or to try to make money without believing in the ideology that was originally used to justify it.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#148

Post by remotedreamer » Thu, Dec 07, 2017, 5:10 AM UTC

fourstar wrote: post #87

thisisit wrote: post #74

Earlier quoted context omitted.

Ethereum has better use case than Bitcoin with it's smart contract implementation. Though the fallout of crypto kitties is proving that improvements can still be made.

Thoughts on EOS?

As long as Block.one markets it well, makes it easy for developers to develop on, as well as normal people to use its dapps, it should come out on top. That's my opinion on it. The head engineer seems to be one of the few geniuses in the industry, as he's already built 2 very successful blockchains, and he's building EOS for him to develop on. I also think he wants to prove Vitalik(Ethereum founder) wrong on his direction for Ethereum, which might help EOS's marketing. Time will tell. I plan on soon developing/testing on EOS during its ICO to have a head start for when all the bugs are worked out and they improve the blockchains performance for the real scalability it's promising.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#149

Post by curun1r » Thu, Dec 07, 2017, 5:18 AM UTC

joering2 wrote: post #83

stephengillie wrote: post #36

Earlier quoted context omitted.

You had to provide your bank user/pass to Coinbase? I only had to provide routing and account numbers, then verify the ACH amounts (edit: and driver's license photo). But I'm only in the shallow end of the kiddie pool here.

ACH does not work in read or in write-only mode. Once you provide someone your ACH info, they can deposit you money.. or empty out your bank account! I had few rough service providers who tried to come up with some magical charges (technical fee of $500 per year) after agreement was signed and had to change bank numbers to make sure they wont take the money out since it would be more than $500 to fight them in court.…

It's pretty simple to do a hot/cold account setup at most banks. I've got a checking account which is unlinked to all other accounts and I try to keep it at a $0 balance. The online banking site makes it easy to transfer money into and out of that account from the accounts I keep money in.

It's a little more work to stay on top of transferring out money when it gets deposited and putting it in when I want to spend it, but it gives me a bit more piece of mind when giving out routing/account numbers.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#150

Post by remotedreamer » Thu, Dec 07, 2017, 5:19 AM UTC

thisisit wrote: post #138

fourstar wrote: post #87

Earlier quoted context omitted.

Thoughts on EOS?

Short answer - I am not a fan of EOS. Long answer - I had a chance to interact with one of the founders - Daniel Larmier back in 2013/14 during his Bitshares days. My impression is that while he has all these grand ideas, he doesn't know how to follow through. Then there seemed to be a lot of nepotism during the Bitshares build. And then there is this: > What features, uses or attributes do EOS Tokens have? Can the E…

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