If it's not insured, what's the point?
If this is their jumping-off point for multi-sig I'd be interested.
Coinbase introduces Vault
41–50 of 63 posts
Re: Coinbase introduces Vault
#42How about fixing the web app before adding more features? Their Ajax page loading hangs most of the time. Going straight to the URL works immediately, but it's not always possible.
This. And the API.
Re: Coinbase introduces Vault
#43Earlier quoted context omitted.
Yes, there shouldn't be degrees in security - a system is either secure or not.
Of course that's not true. Convenience / security trade-offs are common, and lie on a spectrum.
Hardly a valid point if it's money related, but that's just me then, as the downvotes imply.
Re: Coinbase introduces Vault
#44I disagree with the direction Coinbase is going. Of all the things they could have built next, this is what they chose? Why not develop a button that says "Pay with Bitcoin by Coinbase" that allows one-click payments on third party websites/mobile apps? Or why not compete with Bitstamp and btc-e on the exchange front? There's definitely tons of room for competition there. Consider a traditional USD/EUR bank account.…
Bank's don't have that model. Any sane person would have a separate savings account that doesn't really get used. The checking account is meant for variable balances, because your account number is more than likely floating around via checks/online ACH transfers which results in the potential for a security breach.
Re: Coinbase introduces Vault
#45Earlier quoted context omitted.
I said all of their bitcoin. Coinbase certainly doesn't have all of my bitcoin. I didn't intend to make a conspiracy theory out of my question.
The question means all of our Bitcoin at Coinbase . He's not making a conspiracy theory out of it - he's asking a legitimate question about whether or not Coinbase has all deposits accounted for or not.
Perhaps legitimate, but not in response to my comment.
Re: Coinbase introduces Vault
#46How about fixing the web app before adding more features? Their Ajax page loading hangs most of the time. Going straight to the URL works immediately, but it's not always possible.
I thought I was the only one experiencing this. My feeling is that the sometimes extreme slowness of their website is not unintentional, kind of like their arbitrary canceling or delaying of transactions and blaming it on false positives in their "high risk detection algorithm".
I honestly doubt that. For example, I tried to create a new wallet yesterday. The line indicator bar took its time (over 5 minutes) and never completed. Refreshed the page, it was there. Renamed another wallet - same thing. I'm not sure how this UI that never confirms that some operation completed can be intentional! This always happens to me - at least on Firefox as haven't used Chrome recently. Switching from Buy to Sell, for example, is the same. Any navigation, which is using history.pushState(), obviously, takes minutes, and almost never completes. I just know the routes by heart and key them in (no kidding), or click to get the route updated and then refresh. Honestly, I can't wait for Circle to grant me access... or Buttercoin or whatever alternative as we need redundancy. expresscoin seems nice, but its fees are much higher.
Re: Coinbase introduces Vault
#47Earlier quoted context omitted.
So, 72-hour delay is even more secure?
Yep, and if you dump all your coins into an account with no private key, nobody can get your bitcoins ever, so that's really what everybody should do.
All sarcasm aside, Bitcoin is becoming more and more centralized everyday.
Re: Coinbase introduces Vault
#48Earlier quoted context omitted.
Of course that's not true. Convenience / security trade-offs are common, and lie on a spectrum.
Hardly a valid point if it's money related, but that's just me then, as the downvotes imply.
Even if it's money related. Carrying physical cash around with you is convenient, but not as secure as storing it in a bank.
Re: Coinbase introduces Vault
#49I'm assuming the vault doesn't improve security at all in the event that coinbase gets hacked and loses all of their btc?
Multisig might. "To complete the Coinbase Vault offering, we will be adding multi-signature (“multi-Sig”) technology in the coming weeks to enable customers to manage their own vault security." It's not clear exactly how that will work, but if it's, say, 2-of-3 and Coinbase only holds one of the keys then it would.
Multisig would be good, especially if it's actually a address keypair, as it would allow you to verify the balance held exists.
Re: Coinbase introduces Vault
#50I'm assuming the vault doesn't improve security at all in the event that coinbase gets hacked and loses all of their btc?
What makes you so sure that Coinbase even has all of our bitcoin in the first place?
You can make sure that Coinbase has none of your bitcoins if you transfer them to your own wallet as soon as possible.