Coinbase warns that bankruptcy could wipe out user funds

Post by tekknik » Thu, May 12, 2022, 2:13 PM UTC

walderf wrote: post #340

krono wrote: post #45

When 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...

i don't use twitter that much so i don't know if this type of multi-tweet message is common place on the platform or not. especially for conveying important information in any sort of manner that should be taken seriously. i recently experienced a ~20 tweet "story" that was explaining a pretty serious and important shift in the posting parties operations. it was the first time i recall ever having encountered this so…

Post by tekknik » Thu, May 12, 2022, 2:18 PM UTC

azinman2 wrote: post #418

sschueller wrote: post #408

Earlier quoted context omitted.

Most hardware wallets use the same standard to generate your keys (BIP39, BIP32 and BIP44 I think) from a long recovery phrase of words. So you could for example restore your wallet in a wallet software if your hw wallets dies. As long as you have all the words and the correct order you should be able to restore your funds somewhere else.

But at that point I effectively don’t need the hardware as I’ve stored these words elsewhere.

Post by phatfish » Thu, May 12, 2022, 3:35 PM UTC

paulcole wrote: post #426

phatfish wrote: post #424

Earlier quoted context omitted.

How do you "use" a stock? You give a company money in the hope they are able to turn it into more money over a certain period of time than you would holding it in a bank account. If the company pays a dividend it gets sent to you (or to whoever holds the stock on your behalf), but that doesn't seem like "using" the stock. I suppose you could "use" it by voting at the AGM. Crypto you can make use of (such as it is), b…

First of all, I don’t even have any idea what this means: > I suppose you could "use" it by voting at the AGM Is my stock anything other than the number of shares I see on TDAmeritrade.com? If I wanted to take this thing that I supposedly own and sell it or store it in a way that doesn’t involve TDAmeritrade.com, is that even possible? No fucking clue.

Post by svnt » Thu, May 12, 2022, 5:02 PM UTC

ceejayoz wrote: post #395

svnt wrote: post #344

Earlier quoted context omitted.

If they were conservatively minded or playing it safe, the highest probability is that they left or lost a long time ago, or they haven’t entered yet. Coinbase won, effectively, which means they are well beyond taking a cut of transactions and calling it good. The statement from the CEO is to prevent a run. Why do they need to prevent a run if they aren’t farming the float? The only other option is “we make our money…

> The statement from the CEO is to prevent a run. Why do they need to prevent a run if they aren’t farming the float? Users/holdings going down aren't good for the company and stock, even if a run doesn't hurt them financially. Coinbase claims not to do anything with deposits: https://help.coinbase.com/en/coinbase/privacy-and-security/o...

Post by junon » Thu, May 12, 2022, 9:47 PM UTC

tekknik wrote: post #450

junon wrote: post #406

Earlier quoted context omitted.

Er, no. It's not. And the GP was edited already not to use blockquotes, so my comment is now moot.

Are you this quick to jump on media / news orgs that misquote others? Just curious.