111–120 of 233 posts
Until the situation with bitfinex pumping billions of unbacked tether into the ecosystem is resolved, doing anything involving bitcoin right now is insane. They’ve released almost $200 million worth of tether in the last day .
Their audit was a couple months ago, but showed 1-1 backing at that time. Do you believe that was falsified?
They have yet to release an actual legal audit, by an official auditing company.
Coinbase should solve it's coinbase trust issue. I bought a small amount of litecoin almost 2 weeks ago, i'm well past my "delivery by" date, my funds left my bank account over 10 days ago, yet I still don't have my coins in my account.
This happened to me as well a few weeks back. Smells a lot like a Ponzi scheme. Looking for a new exchange, but they're all having problems with staying online or verifying new accounts.
I want coinbase to resolve its segwit issues.
It's pretty amusing that Brian was willing to back an altcoin (B2X) that hadn't even performed basic testing before its spectacular failure, and yet coinbase can't manage to enable segwit. Did they implement their own Bitcoin and decide not to port segwit?
Coinbase should solve it's coinbase trust issue. I bought a small amount of litecoin almost 2 weeks ago, i'm well past my "delivery by" date, my funds left my bank account over 10 days ago, yet I still don't have my coins in my account.
I had a Coinbase account for a year or so. Switched to Bitstamp and couldn't be happier.
EDIT Yuck, this blew up and I think alot of people took it the wrong way. I think Coinbase is great, and I'm sure everyone who works there is awesome and terrific at their job. Anyone who has worked on any half way successful project knows just how hard both uptime and security are and I'm in no way upset at Coinbase for having growth issues. I've done this for years and might not even get an interview with them. The…
>1) No counterparty risk. Everyone can get hacked, but coinbase being hacked shouldn't every, under any circumstances result in me loosing any bitcoin they hold on my behalf. Coinbase is insured by AON Insurance for their hot wallet balance. However, we won't know how Coinbase/AON will handle that until it happens. I believe any fiat balance is also insured by the FDIC, but I'm less sure about that. >2) The exchange…
Insurance policies for bitcoins are very new and very tricky. This is not an FDIC or SPIC insurance unless AON is insuring cash balances you should treat this insurance as you would treat mob protection - hopefuly you won't need it because if you do you are kind of screwed and probably won't be able to collect.
Earlier quoted context omitted.
>1) No counterparty risk. Everyone can get hacked, but coinbase being hacked shouldn't every, under any circumstances result in me loosing any bitcoin they hold on my behalf. Coinbase is insured by AON Insurance for their hot wallet balance. However, we won't know how Coinbase/AON will handle that until it happens. I believe any fiat balance is also insured by the FDIC, but I'm less sure about that. >2) The exchange…
There's a deeper problem. Bitcoin is very deflationary and strictly limited in supply. What happens if Coinbase cannot obtain replacement bitcoins at a price near what the insurance pays out? They can refund in fiat of course, but that's the point. If fiat didn't exist then this would be a potentially insurmountable problem if the theft were large enough. Now what happens if the thief panics or screws up and deletes…
Mature markets have thin margins, which is why you see financial institutions salivating over crypto right now. All these risks have been known for years now.
Coinbase should solve it's coinbase trust issue. I bought a small amount of litecoin almost 2 weeks ago, i'm well past my "delivery by" date, my funds left my bank account over 10 days ago, yet I still don't have my coins in my account.
Coinbase should solve it's coinbase trust issue. I bought a small amount of litecoin almost 2 weeks ago, i'm well past my "delivery by" date, my funds left my bank account over 10 days ago, yet I still don't have my coins in my account.
This happened to me as well a few weeks back. Smells a lot like a Ponzi scheme. Looking for a new exchange, but they're all having problems with staying online or verifying new accounts.
Readers, please enshrine this comment as the canonical example of the Cryptocurrency Corollary of Godwin's Law: "As an online discussion about cryptocurrency grows longer, the probability of a comparison involving Ponzi approaches 1."
Coinbase's entire business is to irreversibly and permanently send you Bitcoin in exchange for you sending them funds that you have months to dispute and reverse. And this is with reasonable fees that put a check-cashing outfit to shame. Of course they're going to err on the side of caution. Based on zero information whatsoever, I'm going to assume you're telling the truth. But for every honest person like you, there are probably at least two who truly are trying to steal Bitcoin from Coinbase.
I don't like it any more than you do when businesses make mistakes. But jumping straight to "Ponzi scheme" is just silly.
EDIT Yuck, this blew up and I think alot of people took it the wrong way. I think Coinbase is great, and I'm sure everyone who works there is awesome and terrific at their job. Anyone who has worked on any half way successful project knows just how hard both uptime and security are and I'm in no way upset at Coinbase for having growth issues. I've done this for years and might not even get an interview with them. The…
I don't know what reality you operate in, but hedge funds don't provide anywhere close to those types of guarantees. Exchanges do indeed go down, and when they do they shrug their shoulders and say "woops". Source: I work for a hedge fund.
Yeah, no. Tape is reversed all the time in event of oops. Probably the most famous one was when Knight [NITE] had "oops" and started making markets in itself, tanked the stock, had millions of dollars executed against it and got NASDAQ to REVERSE completed transactions, including the ones painted via SOES.
Earlier quoted context omitted.
1) No counterparty risk. Everyone can get hacked, but coinbase being hacked shouldn't every, under any circumstances result in me loosing any bitcoin they hold on my behalf. This point may prove to be very sticky. It might be solvable with smart contracts... consider ethereum's https://www.etherdelta.com , which operates as an auditable smart contract. Your money literally can't be stolen without your private key; ev…
This is what insurance is for. If they can’t insure deposits, then that shows a fundamental weakness in the security model.