51–60 of 204 posts
I’m getting pretty tired of playing whack a mole with these wretched exchanges. I recently left the dumpster fire at Kraken, only to sign up at, yep, Coinbase. Oh well. On to Bitstamp or Gemini I suppose.
Earlier quoted context omitted.
Thats not what bank regulations have achieved.
They have achieved trust is system. If my bank stops existing right now, I still have any money. If gets hacked, tough luck.
Update: By "everything" I mean not all kinds of financial instruments are insured by the FDIC. They do not cover mutual funds, annuities, bonds, etc. They cover pretty much just cash and cash equivalents.
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…
But why were you ever telling people to store anything on coinbase? That is downright terrible advice to be giving anyone. One of Bitcoin's selling points is that it's decentralized. By keeping coins in a cloud operated wallet that you don't fully control, you're willfully giving up control over your own wealth, and needlessly putting your coins at risk.
Earlier quoted context omitted.
They have achieved trust is system. If my bank stops existing right now, I still have any money. If gets hacked, tough luck.
It depends on the holdings, not everything you can have in a bank account is FDIC insured. Update: By "everything" I mean not all kinds of financial instruments are insured by the FDIC. They do not cover mutual funds, annuities, bonds, etc. They cover pretty much just cash and cash equivalents.
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…
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.
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…
But why were you ever telling people to store anything on coinbase? That is downright terrible advice to be giving anyone. One of Bitcoin's selling points is that it's decentralized. By keeping coins in a cloud operated wallet that you don't fully control, you're willfully giving up control over your own wealth, and needlessly putting your coins at risk.
I’m getting pretty tired of playing whack a mole with these wretched exchanges. I recently left the dumpster fire at Kraken, only to sign up at, yep, Coinbase. Oh well. On to Bitstamp or Gemini I suppose.
It seems Coinbase's go to strategy every time markets are volatile. In case people are wondering why is this a recurring problem - this simply perils of Market Making in a volatile market. As a market maker for customer orders Coinbase needs to fulfill both sides. So to make money they buy from customers at low price and sell back at a high price. So they are collecting spread between bid and ask to make money. But w…
Seems like anyone doing so would inevitably get fleeced.