31–40 of 204 posts
Earlier quoted context omitted.
You think it's fishy and you have no way to know if something is going on behind the curtain at coinbase but you don't want regulation? Regulation is what lets you peek behind the curtain and know that Coinbase is or isn't doing something fishy.
Thats not what bank regulations have achieved.
If gets hacked, tough luck.
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If it's anything else such as allowing insiders to exit before a crash really takes hold, then people are going to jail.
Why? Are there regulations in place that forbid coinbase to halt their service? This is not meant to be sarcastic, just wondering if there are laws in place even for unregulated markets like Bitcoin.
Meanwhile they added 13 bogus charges against Aaron Swartz with a maximum sentence of 35 years for making some documents that were already internally public at the MIT, available to everyone.
If the gov wants to make an example out of Coinbase, especially after they put up a fight in the SEC case, then they will.
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What advantages are there to storing BTC on Coinbase vs. your own wallet
A few days ago it felt so much easier to answer this question, haha. Coinbase puts a lot of work and effort into their security models. Storing coins yourself means that you now have to: 1) Physically secure your private key 2) Secure the machine that you use to interact with that private key 3) Ensure that that private key was generated in a secure way 4) Ensure that the ways that you interact with that private key…
There is something that feels extremely fishy to me about what has happened at coinbase over the last few days. For years I've told people to just store their coins on coinbase. I've been a big fan of their "vaults", and I've been saying that they are the shining beacon of legitimacy in this whole thing. I honestly don't know that I still agree with that. This whole rollout of BCH has made me honestly start questioni…
What advantages are there to storing BTC on Coinbase vs. your own wallet
Except this isn't even remotely true! This is the sloppiest and most scammy financial institution that I've ever interacted with. They claim to abide by KYC guidelines then happily ignore your identity when you come to recover the account they gleefully have locked you out of. Every user, on a long enough timeline, will experience some kind of lockout. Then you will have to work ceaselessly to try to recover access. Actually that crumpled paper wallet that's been through the wash and was forgotten in a random drawer in your old house will be much safer to use than this company's support.
And this screed doesn't even touch on their incredibly shady exchange practices. They have how many VCs backing them and couldn't manage to make an exchange that scaled to meet demand at a crucial juncture? Either their funders haven't done due diligence or the technical faults were all part of their plan.
I tried to move my coins out of the exchange about 48 hours ago (shortly before the crash) but I made the mistake of purchasing a new phone about a week ago and not switching over my 2FA keys in Google Authenticator.
They have an account recovery process in place but it takes "48-72 hours" to complete. I had to re-submit my ID, which was confirmed as verified, but now I just have to sit around and pray that they come through and the process is completed over a holiday weekend.
Obviously partially my fault for not transferring my 2FA keys, but with all the stories of customer service being unresponsive for weeks, I'm not holding my breath.
There is something that feels extremely fishy to me about what has happened at coinbase over the last few days. For years I've told people to just store their coins on coinbase. I've been a big fan of their "vaults", and I've been saying that they are the shining beacon of legitimacy in this whole thing. I honestly don't know that I still agree with that. This whole rollout of BCH has made me honestly start questioni…
Earlier quoted context omitted.
You think it's fishy and you have no way to know if something is going on behind the curtain at coinbase but you don't want regulation? Regulation is what lets you peek behind the curtain and know that Coinbase is or isn't doing something fishy.
Thats not what bank regulations have achieved.