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Coinbase warns that bankruptcy could wipe out user funds

fortune.com

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Re: Coinbase warns that bankruptcy could wipe out user funds

#91

Post by Auracle »

sureglymop wrote: post #50
prepend wrote: post #2

Since coinbase isn’t FDIC insured, it makes sense that if coinbase goes bankrupt, the customer currencies will go away as well. And they aren’t SPIC insured in the situations where crypto is a security. It’s funny to see people shocked (SHOCKED!) when crypto doesn’t have the protections of regular banking and investments. That’s why you don’t invest with stuff that isn’t insured. Those aren’t real rates, they are ris…

What i don't understand is why don't people create their own wallet and keep their funds there? Isn't that the entire purpose? Of course they could still use coinbase as an exchange. But if everyone let's another party "manage" their wallet in what way is it really decentralized...

Early on I had some Bitcoin hacked from a wallet. That was before wallets even had passwords, if I remember correctly.

I bought a hardware wallet years ago and then decided not to use it. If Coinbase goes down crypto as a whole will probably be brought under with it, so I’d rather have someone else manage it for me.

Re: Coinbase warns that bankruptcy could wipe out user funds

#92

Post by Redoubts »

TheCondor wrote: post #82
zeroxfe wrote: post #61

Earlier quoted context omitted.

That thread actually seemed like a reasonable response to balance out the "gloom and doom" from the media. Also, not sure why you think "8 twitter posts" are a such big deal -- tweets are limited in size, and twitter has a broad audience, and these types of tweet threads are very common.

They are common and stupid. Write a memo, have the lawyers review it, post it on Coinbase.com, tweet a link, do a press release, etc.

or you go to where the people are, and talk in the way that’s expected there.

Re: Coinbase warns that bankruptcy could wipe out user funds

#93

Post by dj_mc_merlin »

oefrha wrote: post #87
dj_mc_merlin wrote: post #75

Earlier quoted context omitted.

I would argue that's the people's problem. How important is what they have to say anyway if they won't read the source and can't detect sarcasm? edit: also, even if it's not a direct quote.. c'mon, it is what he's saying. The SEC made a rule that applies _specifically for crypto companies_, saying they have to disclose that crypto assets under their custody could potentially be taken in a bankruptcy.. and this guy go…

“It is what he’s saying” is subjective. A quote is not (or shouldn’t be, despite far too many violations in the real world). Just say “Summary: blah blah” if you want to post your subjective summary.

I do not believe a reasonable human would consider this statement:

> Please ignore our SEC disclosure and half-billion dollar quarterly loss, and instead trust my unregulated statements posted on Twitter.

As actually possibly coming from the mouth of the CEO of a company (that is not Elon).

Re: Coinbase warns that bankruptcy could wipe out user funds

#94

Post by junon »

______-_-______ wrote: post #37

https://nitter.net/brian_armstrong/status/152423348004071014... In other words: We only disclosed these risk factors because we were legally required to. Please ignore our SEC disclosure and half-billion dollar quarterly loss, and instead trust my unregulated statements posted on Twitter. There are no risk factors, your money is safe, the music will never stop.

This is not a direct quote, please don't use blockquotes. It's disingenuous.

Re: Coinbase warns that bankruptcy could wipe out user funds

#95

Post by aaaaaaaaata »

prepend wrote: post #2

Since coinbase isn’t FDIC insured, it makes sense that if coinbase goes bankrupt, the customer currencies will go away as well. And they aren’t SPIC insured in the situations where crypto is a security. It’s funny to see people shocked (SHOCKED!) when crypto doesn’t have the protections of regular banking and investments. That’s why you don’t invest with stuff that isn’t insured. Those aren’t real rates, they are ris…

> Few bank CEOs think that

aloud.

Re: Coinbase warns that bankruptcy could wipe out user funds

#96

Post by oefrha »

dj_mc_merlin wrote: post #93
oefrha wrote: post #87

Earlier quoted context omitted.

“It is what he’s saying” is subjective. A quote is not (or shouldn’t be, despite far too many violations in the real world). Just say “Summary: blah blah” if you want to post your subjective summary.

I do not believe a reasonable human would consider this statement: > Please ignore our SEC disclosure and half-billion dollar quarterly loss, and instead trust my unregulated statements posted on Twitter. As actually possibly coming from the mouth of the CEO of a company (that is not Elon).

As I said,

> People can’t detect subtle or not-so-subtle cues.

Or they just skim part of the comment and jump to reply immediately. Same effect.

Re: Coinbase warns that bankruptcy could wipe out user funds

#97

Post by theshrike79 »

imron wrote: post #48
theshrike79 wrote: post #8

I just moved all my crypto off Coinbase, just to be sure. Coinmotion seems to be a stable-ish option. At least they're not looking for hockeystick growth and aquisition.

As the saying goes, out of the frying pan, in to the fire.

I'd be worried if I paid a cent of real money for any of this stuff.

100% of my crypto is from Keybase's XLM giveaways. I'm just waiting for the next stonk to sell it all and move them to actual markets.

Re: Coinbase warns that bankruptcy could wipe out user funds

#98

Post by malfist »

dj_mc_merlin wrote: post #75
oefrha wrote: post #66

Earlier quoted context omitted.

I get the point, but please don’t use a block quote when it’s not a quote. Two problems: 1. People don’t read the source. 2. People can’t detect subtle or not-so-subtle cues. Case in point: there’s already a sibling discussing “There are no risk factors” as if it’s actually a quote from Brian Armstrong.

I would argue that's the people's problem. How important is what they have to say anyway if they won't read the source and can't detect sarcasm? edit: also, even if it's not a direct quote.. c'mon, it is what he's saying. The SEC made a rule that applies _specifically for crypto companies_, saying they have to disclose that crypto assets under their custody could potentially be taken in a bankruptcy.. and this guy go…

It's not a people problem if you're making up quotes and people don't realize it. Use quoting for quotes. Everything else is in your own words, not someone elses, even if you are paraphrasing.

Re: Coinbase warns that bankruptcy could wipe out user funds

#99

Post by gonzo41 »

maccard wrote: post #84
______-_-______ wrote: post #37

https://nitter.net/brian_armstrong/status/152423348004071014... In other words: We only disclosed these risk factors because we were legally required to. Please ignore our SEC disclosure and half-billion dollar quarterly loss, and instead trust my unregulated statements posted on Twitter. There are no risk factors, your money is safe, the music will never stop.

I don't have skin in the game (not a crypto fan, not in the US and not an investor in coinbase), but I don't think your sarcasm is warranted here (side note for any other readers, that's _not_ what his linked thread says). Regulatory capture is _real_, and dispraportionately favours incumbents. As regulations are tightened on crypto in general, firms that are not involved in the creation of said regulations are going…

The thing with crypto is its just reinventing money and all the same crap over. Right now it's like banking in the 1820's with no parachute.

Crypto isn't living up to it's PR an I don't really understand why people can't see its flaws.

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