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Coinbase introduces Vault

blog.coinbase.com

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Re: Coinbase introduces Vault

#51

Post by superuser2 »

mangoman wrote: post #39
arasmussen wrote: post #31

I 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.…

They have the pay with bitcoin button https://coinbase.com/docs/merchant_tools/payment_buttons I've used it on overstock.com and it's pretty incredible. I think it's the least amount of information I've ever had to enter to buy something online. All I entered was the shipping address and my email address.

That's essentially the same as having a Paypal account, though.

Re: Coinbase introduces Vault

#52

Post by arasmussen »

mangoman wrote: post #39
arasmussen wrote: post #31

I 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.…

They have the pay with bitcoin button https://coinbase.com/docs/merchant_tools/payment_buttons I've used it on overstock.com and it's pretty incredible. I think it's the least amount of information I've ever had to enter to buy something online. All I entered was the shipping address and my email address.

Oh really, didn't realize that. I guess I should have done more research before posting! That's awesome!

Re: Coinbase introduces Vault

#53

Post by arasmussen »

evbots wrote: post #44
arasmussen wrote: post #31

I 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.

So then why don't they just call it a savings account and a checking account? Wallet is an implementation detail at this point that the average user shouldn't have to learn when there's already a word in their vocabulary.

Re: Coinbase introduces Vault

#54

Post by arasmussen »

veemjeem wrote: post #33
arasmussen wrote: post #31

I 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.…

I don't really agree here. A bank is safe because your money is FDIC backed even if a robber raided their coffers, BTC doesn't have that level of security yet and given the number of thefts in the last few years, I think security is something that is on everyone's minds when they choose a bank to hold their coins.

This is a good point. I guess what I should say is that I'm looking forward to the day when Bitcoin banks are FDIC backed and we can move on from being paranoid about security.

Re: Coinbase introduces Vault

#55

Post by arasmussen »

flexo0r wrote: post #37
arasmussen wrote: post #31

I 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.…

I don't see how this is complicated or confusing and I completely disagree with you. I think this is absolutely the right direction to be going if coinbase (and bitcoin) want to become mainstream. An exchange is mainly for traders and most people like myself don't want to look at candlestick charts to know when to purchase or make a bid without any certainty of obtaining coins or worse compete with bots. On the other…

Yeah I think we just disagree.

- An exchange is definitely a huge opportunity and a valid direction regardless of whether it'd be useful to you. and one that would make wall street more interested in Bitcoin which would push it mainstream.

- I feel this "vault" stuff won't do much to convince people it's secure. who knows whether the security is even different? just more terminology to learn = greater friction. keep it simple.

- does their button even support mobile?

Re: Coinbase introduces Vault

#56

Post by coinbase-craig »

mhluongo wrote: post #42
kolev wrote: post #19

How 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.

Hi, Craig here from Coinbase. What changes would you like to see to the API?

Re: Coinbase introduces Vault

#57

Post by JetSpiegel »

arasmussen wrote: post #53
evbots wrote: post #44

Earlier quoted context omitted.

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.

So then why don't they just call it a savings account and a checking account? Wallet is an implementation detail at this point that the average user shouldn't have to learn when there's already a word in their vocabulary.

Because having Bitcoin deposited doesn't net you interest?

Re: Coinbase introduces Vault

#58

Post by evbots »

arasmussen wrote: post #53
evbots wrote: post #44

Earlier quoted context omitted.

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.

So then why don't they just call it a savings account and a checking account? Wallet is an implementation detail at this point that the average user shouldn't have to learn when there's already a word in their vocabulary.

the average user might have to learn a few extra words to understand bitcoin, "bitcoin" being one of them.

Re: Coinbase introduces Vault

#59

Post by evbots »

arasmussen wrote: post #53
evbots wrote: post #44

Earlier quoted context omitted.

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.

So then why don't they just call it a savings account and a checking account? Wallet is an implementation detail at this point that the average user shouldn't have to learn when there's already a word in their vocabulary.

also differentiating between the products/services traditional finance uses and the bitcoin ecosystem offers is a good idea.

Re: Coinbase introduces Vault

#60

Post by kordless »

sejje wrote: post #45
kordless wrote: post #15

Earlier quoted context omitted.

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.

That's a rationalization around the original blaming statement you made. You asked how we should know if they are secure. He said how do you know they haven't been hacked already? Both legitimate, up to the point you said he was making conspiracy theories.
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