Earlier quoted context omitted.
Maybe i'm dense but where else has this classic narrative unfolded? Social media? What you are describing seems to me more common with bureaucratic solutions than technological ones.
web app tools...
[deleted]
Coinbase says buying and selling temporarily disabled amid price rout
191–200 of 204 posts
Re: Coinbase says buying and selling temporarily disabled amid price rout
#192Earlier quoted context omitted.
> The question is "which place to store your coins is riskier?" Where did you get that idea from? Not from my OP, that's for sure: > 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. Please, do not misrepresent my views. I do not have m…
> needlessly putting your coins at risk You keep claiming I'm misreading you, but this is the precise bit I'm focused on. For most people, and non-technical folks in particular, storing their own Bitcoin is "needlessly putting your coins at risk". They'd be better off having it on Coinbase and letting their security folks handle the risk. I couldn't care less about the decentralization aspect of the argument, as none…
When you put US Dollars in your wallet and then put the wallet in your back pocket, you are putting those dollars at risk. This is the same basic risk you take when you put Bitcoin in a decentralized wallet that you fully own.
However, the point you keep missing is the needless part.
This is not needless risk - this is a calculated risk, which you take based upon the fact that it will make access and use of those bills easier than if you didn't take your cash with you when you went out. If you use common sense, you can still be reasonably sure that your wallet will remain with you and will not have any money stolen out of it.
I've lived in New York City since the crack epidemic, and not once has this strategy failed me, but I do knowingly walk around the street with the knowledge that a crafty pickpocket could probably get away with my wallet if they really wanted to. But with my success rate, it looks like my strategy is paying off, and this is an important thing to judge because money is an important component to one's survival.
Let's look at the benefits of not placing your Bitcoin in a centralized wallet which you do not control. The benefit is that you have access to your coins, can move them however you'd like, and pay whatever fee structure you want. Coinbase only offers you the former. By not storing your wallet on a centralized service, your money is not at the whim of that centralized service. That's a HUGE gain. That's the crux of bitcoin's value.
Leaving your bitcoin in the hands of Coinbase is needless risk because your coins are just as accessible and just as easy to steal from Coinbase as they are to steal from any other wallet accessible via the internet. The added risk Coinbase presents is that they control your funds, they own the private keys, and they dictate all the rules for storing and moving your money. Not to mention, they don't give you freedom from the world financial institutions, they make you an ever-larger cog in the wheel of the current financial system. Why the hell would you want that? If you would actually want that, buy some Swiss Francs or some other fiat currency and stop speculating in Bitcoin.
This flies in the face of the entire purpose of having Bitcoin. If you remove decentralization from Bitcoin, then you remove Bitcoin's power and value. So the people who would prefer to not store their Bitcoin in cold storage should not be getting heavily invested in it. If they have real money on the line that could be ruinous to lose, then they should learn how to be a responsible patron of Bitcoin. Any less would be downright irresponsible.
If this is actually a problem for anyone investing serious money into Bitcoin, then they should stop investing in Bitcoin and figure out something else to do with their time. This is not a plaything, this is cash and people who want to invest in it need to do so responsibly. All this reckless behavior being espoused in threads like these all across the internet are just asking for huge, overbearing regulation of the cryptocurrency industry. Watch it flounder and suffer as a result.
I could personally care less. I sold off the 224 Bitcoins I acquired back in 2008 a few days ago and fed the mania. I refuse to participate in this financial moshpit and I will not contribute to this nonsense any further.
Re: Coinbase says buying and selling temporarily disabled amid price rout
#193Earlier quoted context omitted.
I can't help find it funny as the libertarian cryptocurrency fans slowly realize why we have all these dang laws. There are plenty of financial regulations that could use updates or tweaks, but an overwhelming majority are put in place to protect people and try to ensure transactions are as fair as possible. Cryptocurrencies too often throw the baby out with the bathwater.
Meanwhile, the libertarians in the crowd are nodding, having expected this... and protected themselves from the fallout ahead of time.
Exactly. And not just libertarians, but any bitcoiner who understood that a prime motivation behind bitcoin was not having to rely on centralized financial entities!
Re: Coinbase says buying and selling temporarily disabled amid price rout
#194Earlier quoted context omitted.
It was also about mortgage fraud ... bond rating fraud ... multinational banks selling fraudulent mortgage backed securities based on the previous two frauds. Almost no one went to jail for any of it, the few who did were little fish. The SEC, Fed, Treasury and DOJ were asleep at the wheel before and during the crash and did almost nothing after other than reward the perpetrators: A. threw $700 billion in tax payer f…
It is easy to claim that these things were fraud, but courts have not agreed that they were fraud. The dispersion of responsibility in the system made it difficult for any one person to be solely responsible for the actions of the firm. the "fraud" you perceive was an emergent phenomenon resulting from poor oversight. Few people actually committed fraud. The difference in personal responsibility is very important, es…
No... large numbers of people committed fraud. Countrywide, and one of its execs, were convicted of fraud in one of the egregious examples of "the hustle". The problem was an appeals court overturned the conviction in an inexplicable decision:
https://www.propublica.org/article/us-attorney-asks-court-to...
Re: Coinbase says buying and selling temporarily disabled amid price rout
#195Earlier quoted context omitted.
Matt Levine has some amusing commentary about how crypto currency is going to rapidly reenact the entire history of the evolution of the modern financial system.
I can't find the quote now, but in that same line of thought he suggests that at some point in the near future, crypto currency enthusiasts will un-invent fire.
Well, fire is considered harmful.
Re: Coinbase says buying and selling temporarily disabled amid price rout
#196> "Investigating - All buys and sells have been temporarily disabled. We are working on a fix and apologize for any inconvenience," Coinbase said on its status website at 11:11 a.m., ET. What exactly is broken that needs to be fixed? Is there just a ton of trading volume and their system cant keep up ? Edit: I ask because the headline just says that prices are falling quickly and so Coinbase halted trading. This soun…
I have heard that since coinbase keeps all but 2% of their crypto assets in "cold storage" (offline storage that requires a physical trip to somewhere to spend), there are semi-frequent times where their "hot wallet" runs out of money, and they need to go and retrieve it from cold storage in order to continue. Naturally this would happen when there are large spikes in usage (which happen during swings in price) and p…
So the latency are people's feet rapidly shuffling to another physical location?
That doesn't make a good story for the convenience and transfer speeds of some of this technology.
It feels like they're protecting prices or their capital reserves?
Re: Coinbase says buying and selling temporarily disabled amid price rout
#197Earlier quoted context omitted.
I can't help find it funny as the libertarian cryptocurrency fans slowly realize why we have all these dang laws. There are plenty of financial regulations that could use updates or tweaks, but an overwhelming majority are put in place to protect people and try to ensure transactions are as fair as possible. Cryptocurrencies too often throw the baby out with the bathwater.
Matt Levine has some amusing commentary about how crypto currency is going to rapidly reenact the entire history of the evolution of the modern financial system.
Only backwards
Re: Coinbase says buying and selling temporarily disabled amid price rout
#198Earlier quoted context omitted.
> needlessly putting your coins at risk You keep claiming I'm misreading you, but this is the precise bit I'm focused on. For most people, and non-technical folks in particular, storing their own Bitcoin is "needlessly putting your coins at risk". They'd be better off having it on Coinbase and letting their security folks handle the risk. I couldn't care less about the decentralization aspect of the argument, as none…
When you put US Dollars in your wallet and then put the wallet in your back pocket, you are putting those dollars at risk. This is the same basic risk you take when you put Bitcoin in a decentralized wallet that you fully own. However, the point you keep missing is the needless part. This is not needless risk - this is a calculated risk, which you take based upon the fact that it will make access and use of those bil…
> Leaving your bitcoin in the hands of Coinbase is needless risk because your coins are just as accessible and just as easy to steal from Coinbase as they are to steal from any other wallet accessible via the internet.
This is so transparently false.
Coinbase has a security team that I lack. They have experts in the field that I lack. They have insurance for their holdings that I lack. They have the infrastructure and knowledge to keep cold wallets secure that I lack. None of these lacks can be easily remedied by an individual like me.
They have no ability to use my coins at their "whim". They're a US corporation in a heavily regulated space, money transmission, subject to a whole bunch of laws, both state and Federal. I have far more recourse against them than someone who puts a keylogger on my phone and siphons off my holdings.
Re: Coinbase says buying and selling temporarily disabled amid price rout
#199Hay day Internet game 6 but how to hack possible 6 game please help
Re: Coinbase says buying and selling temporarily disabled amid price rout
#200Earlier quoted context omitted.
Are you sure of that? In many ways bank regulation has achieved exactly that. We have an SEC, we have mandatory filings, we have disclosure requirements, conflict of interest requirements, bank capital requirements, stress tests, and many rules about types of financial products which cannot be sold. Those create much more uniformity and trust in the system. (of course this comes with some cost, but, arguably the thin…
We also have immense global money laundering from banks. And in return, each bank account cost of regulatory compliance is pretty large. Im not saying all bank regulations are bad, but its not like bank regulation is an example of policy success.
And you think it would be better without regulations?