Maybe today is the day this charade comes to an end.
edit: Premarket Coinbase value drops -26.70% now
Coinbase warns that bankruptcy could wipe out user funds
81–90 of 473 posts
Re: Coinbase warns that bankruptcy could wipe out user funds
#82When a CEO requires 8 twitter posts[1] to essentially convey the message "Don't worry about this legal clause", it sort of has the opposite effect on me. [1]: https://twitter.com/brian_armstrong/status/15242334800407101...
That thread actually seemed like a reasonable response to balance out the "gloom and doom" from the media. Also, not sure why you think "8 twitter posts" are a such big deal -- tweets are limited in size, and twitter has a broad audience, and these types of tweet threads are very common.
They are common and stupid.
Write a memo, have the lawyers review it, post it on Coinbase.com, tweet a link, do a press release, etc.
Re: Coinbase warns that bankruptcy could wipe out user funds
#83When a CEO requires 8 twitter posts[1] to essentially convey the message "Don't worry about this legal clause", it sort of has the opposite effect on me. [1]: https://twitter.com/brian_armstrong/status/15242334800407101...
That thread actually seemed like a reasonable response to balance out the "gloom and doom" from the media. Also, not sure why you think "8 twitter posts" are a such big deal -- tweets are limited in size, and twitter has a broad audience, and these types of tweet threads are very common.
Only took me 5 words and a contraction to say the same thing, and I'm not even a native English speaker.
Edit: All those maybe's and probably's are the most troublesome part though.
Re: Coinbase warns that bankruptcy could wipe out user funds
#84https://nitter.net/brian_armstrong/status/152423348004071014... In other words: We only disclosed these risk factors because we were legally required to. Please ignore our SEC disclosure and half-billion dollar quarterly loss, and instead trust my unregulated statements posted on Twitter. There are no risk factors, your money is safe, the music will never stop.
I don't have skin in the game (not a crypto fan, not in the US and not an investor in coinbase), but I don't think your sarcasm is warranted here (side note for any other readers, that's _not_ what his linked thread says).
Regulatory capture is _real_, and dispraportionately favours incumbents. As regulations are tightened on crypto in general, firms that are not involved in the creation of said regulations are going to find themselves on the wrong side of the law. Furthermore, if _any_ organization has a reputation of taking sides, it's the SEC.
Re: Coinbase warns that bankruptcy could wipe out user funds
#85Remind me what is the point of holding cryptocurrency again?
Re: Coinbase warns that bankruptcy could wipe out user funds
#86It's very unfortunate that the legal system doesn't have a way of saying: this asset is mine and I'm handing it over to you for safekeeping, but it is still 100% mine which means it cannot be used to payoff creditors in any circumstance whatsoever and can only be returned to its rightful owner, meaning me. It may be fungible, so that it can be shuffled around with assets of other customers, but that doesn't change the fact that the quantity of units I deposited still belong 100% to me.
Re: Coinbase warns that bankruptcy could wipe out user funds
#87Earlier quoted context omitted.
I get the point, but please don’t use a block quote when it’s not a quote. Two problems: 1. People don’t read the source. 2. People can’t detect subtle or not-so-subtle cues. Case in point: there’s already a sibling discussing “There are no risk factors” as if it’s actually a quote from Brian Armstrong.
I would argue that's the people's problem. How important is what they have to say anyway if they won't read the source and can't detect sarcasm? edit: also, even if it's not a direct quote.. c'mon, it is what he's saying. The SEC made a rule that applies _specifically for crypto companies_, saying they have to disclose that crypto assets under their custody could potentially be taken in a bankruptcy.. and this guy go…
“It is what he’s saying” is subjective. A quote is not (or shouldn’t be, despite far too many violations in the real world). Just say “Summary: blah blah” if you want to post your subjective summary.
Re: Coinbase warns that bankruptcy could wipe out user funds
#88When a CEO requires 8 twitter posts[1] to essentially convey the message "Don't worry about this legal clause", it sort of has the opposite effect on me. [1]: https://twitter.com/brian_armstrong/status/15242334800407101...
That thread actually seemed like a reasonable response to balance out the "gloom and doom" from the media. Also, not sure why you think "8 twitter posts" are a such big deal -- tweets are limited in size, and twitter has a broad audience, and these types of tweet threads are very common.
Because if all he had to say was "there is no actual risk", then that's all he would have written, and it fits in less than a single tweet.
Re: Coinbase warns that bankruptcy could wipe out user funds
#89When you buy BTC using coinbase do you really have a wallet somewhere, do you really buy BTC? Or does coinbase allocate BTC to you from its own BTC holdings?
The latter. The Coinbase fees would have to be a lot higher (and variable) if there was one wallet per customer.
Re: Coinbase warns that bankruptcy could wipe out user funds
#90Since coinbase isn’t FDIC insured, it makes sense that if coinbase goes bankrupt, the customer currencies will go away as well. And they aren’t SPIC insured in the situations where crypto is a security. It’s funny to see people shocked (SHOCKED!) when crypto doesn’t have the protections of regular banking and investments. That’s why you don’t invest with stuff that isn’t insured. Those aren’t real rates, they are ris…
What i don't understand is why don't people create their own wallet and keep their funds there? Isn't that the entire purpose? Of course they could still use coinbase as an exchange. But if everyone let's another party "manage" their wallet in what way is it really decentralized...
It takes discipline to keep a wallet safe. I used to discount the risk of that, but over time I feel less and less confident in the average person's ability to not lose a wallet or have it hacked.
To me Coinbase feels more like bank. Once I deposit money I no longer worry about the physical security of that money. Clearly that isn't the case given it's not FDIC insured, but the fact that it's a multi-billion dollar publicly-traded corporation instills some confidence.