51–60 of 233 posts
Coinbase should solve it's coinbase trust issue. I bought a small amount of litecoin almost 2 weeks ago, i'm well past my "delivery by" date, my funds left my bank account over 10 days ago, yet I still don't have my coins in my account.
> “But first, Coinbase...needs to legitimize itself -- and bring in revenue...”
Like it doesn’t have revenue? It’s daily volumes of BTC are around 30k. Sometimes a lot more. Plus ETH. Plus LTC. They must be making at least a million per day in trading fees. They’re a money printing machine at this point.
EDIT Yuck, this blew up and I think alot of people took it the wrong way. I think Coinbase is great, and I'm sure everyone who works there is awesome and terrific at their job. Anyone who has worked on any half way successful project knows just how hard both uptime and security are and I'm in no way upset at Coinbase for having growth issues. I've done this for years and might not even get an interview with them. The…
>1) No counterparty risk. Everyone can get hacked, but coinbase being hacked shouldn't every, under any circumstances result in me loosing any bitcoin they hold on my behalf. Coinbase is insured by AON Insurance for their hot wallet balance. However, we won't know how Coinbase/AON will handle that until it happens. I believe any fiat balance is also insured by the FDIC, but I'm less sure about that. >2) The exchange…
They can refund in fiat of course, but that's the point. If fiat didn't exist then this would be a potentially insurmountable problem if the theft were large enough.
Now what happens if the thief panics or screws up and deletes their keys. Those Bitcoins are now lost forever. The money supply just went down permanently.
... or ... a really smart thief with enough money behind them might not even need to steal any Bitcoins. They could just destroy cold wallet keys in a very stealthy way and profit from the appreciation of coins they hold elsewhere.
This whole system is just not ready for prime time.
Earlier quoted context omitted.
>1) No counterparty risk. Everyone can get hacked, but coinbase being hacked shouldn't every, under any circumstances result in me loosing any bitcoin they hold on my behalf. Coinbase is insured by AON Insurance for their hot wallet balance. However, we won't know how Coinbase/AON will handle that until it happens. I believe any fiat balance is also insured by the FDIC, but I'm less sure about that. >2) The exchange…
What if a Coinbase insider steals from the cold wallet? The NYSE is not vulnerable to this kind of attack. Anyone dealing with BTC is.
That's the inherent risk with crypto. You have to resort to "leg-breaking" to get the thief to give up the coin. Otherwise you'd need undue influence on the development and forking of the blockchain to get them back (if I understand it right -- I may not).
That's why many will say to not keep your coins on an exchange, because they are weaker businesses compared to existing financial institutions.
That's not to say you can't secure your investments properly, but to many, it takes a lot of time and effort to get it right.
It really is a "let the buyer beware" landscape.
It's interesting the negativity I read about Coinbase in this thread. Makes me wonder if those who do complain tried other exchanges? I've tried Kraken (down much more often), Bittrex (worst trading UI ever), CAvirtex (they are shutdown) ... Coinbase/ GDAX I have had a much better experience. If you want a fast money wire, pay the price for same day processing (30$), I always do and it usually takes a 2 hours.
1) Wallstreet is pretty corrupt, so getting them to help you with trust issues is odd to me. I get that Wallstreet has "legitimacy credentials", so that you will get more old money and institutions investing in you if they saw it's safe. I completely disagree with that. Wallstreet and big banks have lost trillions of dollars investing in "Safe" stuff before. 2) Coinbase needs to make sure they deliver what they say t…
> I am seriously worried about the large exchanges ability to handle the amount and size of the transactions.
One approach to solving hard problems is to enlist the help of people who have a great deal of experience in solving the same hard problems.
You don't have to, of course. It's possible that having a table tennis table is sufficient to help one muddle on through.
But it sounds like Coinbase are taking a more pragmatic path. In the circumstances, that's probably prudent. Unfortunate but prudent.
Earlier quoted context omitted.
Most of the comments here aren't about Bitcoin being in a bubble and falling, they're about Coinbase and varying aspects of their growing pains (security, scalability, lack of insurance and so forth). Maybe becoming very, very comfortably retired as a bazillionaire has a deleterious effect on reading and attention.
Very clever response. I still made money ignoring people like you.
I think most of you don't realise at what scale Coinbase work. You just have to watch the trade history on GDAX for a few seconds to understand the sheer volume of what is actually happening. The GDAX web socket is very very robust. It's very rarely down for me, and have not been down at all since they did whatever upgrade/maintenance they had to a few days ago.
I think the point most people here are making is–this is the big leagues and if you want to be taken seriously, suspending trading mid-day is unacceptable (happened this week).
Nothing to do with web sockets IMO.