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Coinbase Custody Is Officially Open for Business

blog.coinbase.com

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Re: Coinbase Custody Is Officially Open for Business

#41

Post by cbhl »

hapnin wrote: post #35
robertAngst wrote: post #12

Earlier quoted context omitted.

Please. Coinbase has kept my bitcoin safe since 2011. They also have free payments to friends with their email + shift card. Yes their customer service sucks, but they have provided tens of thousands of dollars in value to me.

I've been holding btc in paper wallets since 2011. They're easy, free and no one has access to my btc but me.

How often do you spend from your paper wallet?

There are lots of paper wallet generators but it seemed like an exercise in frustration to actually use the private key on the page to spend the money.

Re: Coinbase Custody Is Officially Open for Business

#43

Post by hapnin »

cbhl wrote: post #41
hapnin wrote: post #35

Earlier quoted context omitted.

I've been holding btc in paper wallets since 2011. They're easy, free and no one has access to my btc but me.

How often do you spend from your paper wallet? There are lots of paper wallet generators but it seemed like an exercise in frustration to actually use the private key on the page to spend the money.

Whenever I need them.

I generate keypairs using the reference client on an offline device that never touches a network.

Private keys can be imported and spent using almost any wallet: Coinomi, Mycelium, the reference client, etc.

Re: Coinbase Custody Is Officially Open for Business

#44

Post by craigc »

where_do_i_live wrote: post #37
cbase22 wrote: post #16

Coinbase stole $30,000 from me and won't return it. They listed a new coin (bitcoin cash) without prior announcement. I bought $30,000 worth at $5000 each. It went from $500 to $9000 in a matter of minutes. However, while allowing people to buy the coin at very high prices, they also froze everyone's ability to sell the coin. They only allowed people to sell it on their market again, about 24 hours later, after the c…

You are full of it. > They only allowed people to sell it on their market again, about 24 hours later, after the coin went down to $1,000. This is completely false, and a lie since you say you were trading it at the time. BCH was trading between $3200 - $4300 when it reopened later the next day. Not only do you not understand what the verb steal means, you give false information as to how the BCH market traded. You a…

Their allegations are not entirely off base. The Coinbase BCH launch was a complete disaster. The BCH price pumped for days on other exchanges leading up to the announcement. See here for some more information:

https://motherboard.vice.com/en_us/article/pam4xn/coinbase-i...

In addition, they opened up trading on GDAX, but waited to open up buys and sells on Coinbase until Roger Ver’s segment on CNBC Fast Money (right when the price was at its highest).

That said, I do not think Coinbase should pay someone back for making a poor decision with their money. People like to deflect their own mistakes instead of taking responsibility. Coinbase didn’t make this person buy BCH at $5,000.

Re: Coinbase Custody Is Officially Open for Business

#45

Post by sdf43543t345 »

hapnin wrote: post #40
robertAngst wrote: post #38

Earlier quoted context omitted.

I like my 2fa, hope your house doesnt burn down.

Fireproof boxes. I hope Coinbase gives you your btc when the run starts next year or two.

This. only suckers keep their coin on exchanges. Mtgox. Bitcoinica. Mintpal. Poloniex. Cryptsy. Bitfinex. Coincheck. All hacked, all lost their users coin.

Any coin on exchanges does not belong to you. Only coin in which you and you alone hold the keys, is yours.

Re: Coinbase Custody Is Officially Open for Business

#46

Post by snissn »

hapnin wrote: post #40
robertAngst wrote: post #38

Earlier quoted context omitted.

I like my 2fa, hope your house doesnt burn down.

Fireproof boxes. I hope Coinbase gives you your btc when the run starts next year or two.

There's room for both sides to be right. Paper / steel / hardware wallets are a great solution. Coinbase can be ok too

Re: Coinbase Custody Is Officially Open for Business

#47

Post by DennisP »

briatx wrote: post #6
yohann305 wrote: post #2

Not sure if this is related or not, but Coinbase's cryptocurrencies of choice (Bitcoin, Ethereum and Litecoin) just got a huge price bump in the past 2 hours which makes total sense because if this "Coinbase Custody" system is adopted by businesses and institutions, huge amount of money will be poured into these cryptocurrencies which will dwarf the current price. Am I missing something or it makes sense?

Institutions want investments that confer actual rights, something which these cryptocurrencies do not do. If you are expecting a large influx of institutional investment money, I expect you will be disappointed.

That's a good criticism of ICOs that fund specific teams, which are somewhat analogous to company shares. Base layer cryptocurrencies on decentralized platforms are more like commodities and foreign currencies, which don't confer rights either but still attract massive investment.

Re: Coinbase Custody Is Officially Open for Business

#48

Post by Animats »

ojr wrote: post #42
Animats wrote: post #9

Terms: Setup fee: $100,000 USD Annual fee: 1.2% of the balance. Minimum balance: $10,000,000 USD Insurance: No info available.

Insurance: https://www.coinbase.com/legal/insurance

That's Coinbase generally, not the custodial service.

Re: Coinbase Custody Is Officially Open for Business

#49

Post by wereHamster »

beefield wrote: post #18

Next step: Coinbase gives discount of custody service fees - or even pays the deposit maker a fee (a.k.a interest) if it is allowed to lend coins forward while coins are within custody (a.k.a fractional reserve banking).

"fractional reserve banking" would be the case if Coinbase lends more than it holds in their accounts. That's impossible with bitcoins.
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