51–60 of 83 posts
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My point was that during the next financial crisis, everyone might just sell all their Bitcoin, not that everyone would run to it.
And everyone might stop using Facebook. Or WhatsApp. Then Mark Zuckerberg would look silly. Like AOL did after buying MySpace. Is there a deeper point here which I'm not gleaning?
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I don't see how the regulation level of Coinbase affects anything. Some people will store their keys on Coinbase. Paranoid users will use hardware wallets like Trezor. And there's a lot of options in between. The point is that its that choice (for starters) which differentiates bitcoin from Paypal. What if Paypal were to adopt bitcoin as a deposit/withdrawal method, right next to credit card and bank transfer? That w…
> I don't see how the regulation level of Coinbase affects anything. There's no point to a crypto-currency with insecure crypto. If you have insecure crypto, you need centralized regulation. If you have centralized regulation, you don't need crypto-currency. > The point is that its that choice (for starters) which differentiates bitcoin from Paypal. Paypal moves money in a lot of currencies, and there are lots of cho…
When the social/service distribution gets lopsided, it does present a huge risk. But its "only" the risk that service blows up, not a risk of the protocol getting co-opted. Even with 80% of users on MtGox, that never compromised the essential decentralized feature of bitcoin: having absolute control over your coins on the blockchain. The analogy to google mail is that Gmail users can still e-mail hotmail users (and send/receive e-mail from users on their own custom SMTP servers).
An example of a protocol getting co-opted might be Google Talk, which they announced last year was discontinuing support of XMPP. So now Gchat users can only message other Gchat users, not other XMPP users (though I'm not sure if Google has actually disabled it yet). This would be like if someday Coinbase announced that users couldn't send to any bitcoin addresses anymore, only other Coinbase usernames.
I recommend to use Blockchain.info or BitGo or GreenAddress over Coinbase if you already have Bitcoin. With those services you hold the keys to your Bitcoin, not Coinbase. With Coinbase they are in control over your Bitcoin, not you. GreenAddress is the only wallet for Bitcoin with a 2-2 model Multisig offering a Bip0032 wallet with nLocktime on the Bitcoin blockchain. * https://greenaddress.it/en/
Hi, GreenAddress founder here ;) If you are interested we have an open source unminified client with independent blockchain data verification via the electrum network as well as a a quick video infographics. The client can also verify that the P2SH belong to your HD seed and GreenAddress' all while not being identifiable as from GreenAddress externally unless explicitly requested in a coming feature within the paymen…
I'm a fan of BTC and use coinbase as my central wallet of choice. Super excited about this news. I recently switched from regular banner advertisements on my site ( http://www.spaceindustrynews.com ) - cheap plug - to taking BTC donations. The BTC community has been amazingly supportive throughout the whole thing.
I'm a fan of BTC and use coinbase as my central wallet of choice. Please transfer your BTC to a wallet under your control immediately. Run, don't walk. Take it from me: it's a terrible feeling to lose your money because someone else lost it on your behalf.
I don't run my own mail servers. Nor do I run my own DNS, generate my own power of, gasp, keep my money stashed in a jar in my back yard.
And neither should you.
Pay somebody else to do the awesome things that coinbase is doing to keep your coins safe.
--
(This advice is void for people holding HUGE sums of coins. For people holding <10 coins or so, I don't see a problem using coinbase. At all.)
Earlier quoted context omitted.
I'm a fan of BTC and use coinbase as my central wallet of choice. Please transfer your BTC to a wallet under your control immediately. Run, don't walk. Take it from me: it's a terrible feeling to lose your money because someone else lost it on your behalf.
This is such stupid advice. I don't run my own mail servers. Nor do I run my own DNS, generate my own power of, gasp, keep my money stashed in a jar in my back yard. And neither should you. Pay somebody else to do the awesome things that coinbase is doing to keep your coins safe. -- (This advice is void for people holding HUGE sums of coins. For people holding <10 coins or so, I don't see a problem using coinbase. At…
Earlier quoted context omitted.
I'm a fan of BTC and use coinbase as my central wallet of choice. Please transfer your BTC to a wallet under your control immediately. Run, don't walk. Take it from me: it's a terrible feeling to lose your money because someone else lost it on your behalf.
This is such stupid advice. I don't run my own mail servers. Nor do I run my own DNS, generate my own power of, gasp, keep my money stashed in a jar in my back yard. And neither should you. Pay somebody else to do the awesome things that coinbase is doing to keep your coins safe. -- (This advice is void for people holding HUGE sums of coins. For people holding <10 coins or so, I don't see a problem using coinbase. At…
Is it, even after MtGox?
As far as I know (IANAL) there is no law or precedent which takes the value of stolen bitcoins into consideration while sentencing. There is also no history (AFAIK) of prosecution, of serious prosecution which takes the effort to follow up on stolen coins may have been "mixed" etc., in cases of BTC theft.
Given this, does not an online service (like Coinbase) which holds a large amount of bitcoin in "stealable" form present, to potential criminals, a lot of incentive to break in and take it all away? I, for one, wouldn't keep up to 5000 USD in such a place, at least till the time there has been some serious prosecution and proportionate sentencing of BTC thieves. But of course to each their own.
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And everyone might stop using Facebook. Or WhatsApp. Then Mark Zuckerberg would look silly. Like AOL did after buying MySpace. Is there a deeper point here which I'm not gleaning?
I hope you can understand the difference between a currency and a social network.
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I'm a fan of BTC and use coinbase as my central wallet of choice. Please transfer your BTC to a wallet under your control immediately. Run, don't walk. Take it from me: it's a terrible feeling to lose your money because someone else lost it on your behalf.
This is such stupid advice. I don't run my own mail servers. Nor do I run my own DNS, generate my own power of, gasp, keep my money stashed in a jar in my back yard. And neither should you. Pay somebody else to do the awesome things that coinbase is doing to keep your coins safe. -- (This advice is void for people holding HUGE sums of coins. For people holding <10 coins or so, I don't see a problem using coinbase. At…
Awesome things like what MtGox did?
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Mongo shouldn't be used for financial applications, it doesn't have ACID support.
I've worked on a few large scale financial databases and none of the ones I've worked on use transactions (using Oracle). Most of them are insert only with bi-temporal data: http://en.wikipedia.org/wiki/Bitemporal_Modeling
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Our FAQ https://greenaddress.it/faq we have a chrome app non minified and open source on github. That client is local and no JS can be injected as it connects via ws. Furthermore it verifies data against the electrum network and provides nLocktime transaction unlocking your funds.
1) Chrome apps can be silently updated; it's a huge security hole in Chrome's distribution model, as it removes all human oversight from the process of software distribution. 2) You control the distribution keys for the silently updating Chrome app, and your signing key, which means all you need is the end-user's signing key to empty people's wallets -- which you (or any adversary that compromises you!) can get by pu…
We are also trying to sponsor an Electrum plugin and our android app will soon work similar to the Chrome app (at the moment it uses appcache and it doesn't do the independent blockchain data verification via the electrum network.)
We are also working with hardware wallet manufacturers.
2) see (1)
3) We will update our website information to make the user aware but please keep in mind that 2FA (soon with transaction details) means malware has limited capacity. Also keep in mind that an attacker would have to attack both our service and our signing key at the store which are not in the same place and are kept encrypted when not used.