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Coinbase S-1

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Re: Coinbase S-1

#101

Post by mciancia »

arnaudsm wrote: post #44

Many have forgotten why we used cryptocurrencies in the first place. The original promise of cryptocurrency was to become independent from banks. In the end CoinBase (like every exchange) is a great product, but just a bank. It's centralized, hackable, has economies of scale, etc.

While coinbase (and other exchanges) is centralised, in what way does it mean that idea of bitcoin being decentralised is lost? It's still independent from banks (and pretty much anyone, as designed). I'm not sure if anyone expected bitcoin to succeed without places like coinbase. They still don't control (and never will) emission of bitcoin and you still have an option to trade it however you like.

Re: Coinbase S-1

#102

Post by StavrosK »

waheoo wrote: post #77
rawtxapp wrote: post #53

Earlier quoted context omitted.

It's an exchange, as soon as you're done trading, you can and should withdraw your coins to your personal wallet.

This is such a trope. Do you pull your funds from interactive brokers after you're done trading? What about vanguard? 401k?

If I could withdraw thousands of dollars in cash from IB instantly and put them in a secure hardware wallet where they take no space, you bet I would do it every time I was done trading.

Re: Coinbase S-1

#103

Post by Havoc »

dgellow wrote: post #64
hn8788 wrote: post #50

Created a coinbase account recently and found that there's no way to verify your identity if you have an expired ID. Because of covid, Maryland let expired drivers licenses still be valid for the forseeable future, but Coinbase automatically declines them.

Also, no way to select a country different from your nationality. Whatever country you select they always change it back to the country of the passport or ID card you provide, even if you live in a different country than your nationality...

Yup. Shovelled a couple countries worth of docs at them. All rejected. And then something got accepted anyway retrospectively.

Like uhm ok then.

Re: Coinbase S-1

#104

Post by ceejayoz »

a2tech wrote: post #97
arnaudsm wrote: post #44

Many have forgotten why we used cryptocurrencies in the first place. The original promise of cryptocurrency was to become independent from banks. In the end CoinBase (like every exchange) is a great product, but just a bank. It's centralized, hackable, has economies of scale, etc.

We hate the central banks! We're going to take away the power from them and the government! slight inconveniences, fraud happens We need a place to store our coin and help securely move it! recreates central banks with even less regulation and security Profit!

I once saw crytpocurrency described as "speedrunning the evolution of the modern financial system".

Re: Coinbase S-1

#106

Post by josefresco »

waheoo wrote: post #77
rawtxapp wrote: post #53

Earlier quoted context omitted.

It's an exchange, as soon as you're done trading, you can and should withdraw your coins to your personal wallet.

This is such a trope. Do you pull your funds from interactive brokers after you're done trading? What about vanguard? 401k?

Obligatory: https://notyourkeys.org

Re: Coinbase S-1

#108

Post by ceejayoz »

rawtxapp wrote: post #100
waheoo wrote: post #77

Earlier quoted context omitted.

This is such a trope. Do you pull your funds from interactive brokers after you're done trading? What about vanguard? 401k?

I'm not sure how you can pull stocks from an exchange once you're done trading. Personally, I deposit coins into an exchange, do my trade and withdraw it as soon as possible. Not just because I think there's a risk they might get hacked, etc, I also don't want them to hold my funds later on for reason x,y,z.

https://en.wikipedia.org/wiki/Stock_certificate

Re: Coinbase S-1

#109

Post by lvs »

ceejayoz wrote: post #104
a2tech wrote: post #97

Earlier quoted context omitted.

We hate the central banks! We're going to take away the power from them and the government! slight inconveniences, fraud happens We need a place to store our coin and help securely move it! recreates central banks with even less regulation and security Profit!

I once saw crytpocurrency described as "speedrunning the evolution of the modern financial system".

With more carbon dioxide.

Re: Coinbase S-1

#110

Post by josefresco »

pmurt7 wrote: post #23

I have tried to use Coinbase this past month to buy some ETH. Worst customer support I have ever seen in my life. Have a look at Reddit to see what's going on with this company: https://www.reddit.com/r/CoinBase/new/ It's not ok to brag about your business when many of your customers are in deep emotional stress because you mess with their money.

You'll find the same situation over at Binance. All of these exchanges (even Robinhood who just updated a ticket I opened weeks ago) buckled under the load of the increased participation.
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