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When people tell me they don't "get" Bitcoin, this is exactly the sort of thing I have been looking for to try to explain it. Yes, it has problems and is still

When people tell me they don't "get" Bitcoin, this is exactly the sort of thing I have been looking for to try to explain it. Yes, it has problems and is still maturing, but no one can inexplicably just off your bank account like this.

krisdol 9y ago
Bitcoin can still be akin to keeping your life savings in the sock drawer. You still have to take steps to keep your holdings safe from a single point of failure and if you do get breached there's no legal recourse. You have nearly full control of your funds via bitcoin, but with that much control comes great responsibility to minimize risk that you normally expect a financial institution to do.
kelvin0 9y ago
https://news.bitcoin.com/top-10-biggest-bitcoin-villains-date/ https://news.bitcoin.com/top-10-biggest-bitcoin-villains-dat... https://en.wikipedia.org/wiki/Mt._Gox https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox announced that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time"
- czechdeveloper 9y ago
  Your keys, your bitcoin. Not your keys, not your bitcoin. It's simple. https://youtu.be/dnC5mFaIW3Q https://youtu.be/dnC5mFaIW3Q
  - kelvin0 9y ago
    OK, so the link to that video is a 1 hour loop of a guy saying: "Your keys, your bitcoin. Not your keys, not your bitcoin". So my guess is you are making fun of the 'security' of that mantra being repeated in the video? Just making sure I got the 'joke' (please correct me if I err).
    - AgentME 9y ago
      I don't think it's meant to be ironic. Understanding that line would have protected many people from MtGox.
dmoy 9y ago
I've got coworkers and a friend who have been contacting coinbase for ~months because their funds have just disappeared into the ether. Deposited money, nothing showed up in their account. Apparently it's common, and they're just supposed to wait longer. I would guess that this is because just like you said, it has problems and is still maturing. But - doesn't that mean that coinbase could just off their accounts?
- joering2 9y ago
  1) They should be buying with their credit card. Visa and MasterCard + Amex will not make any issues giving your money back through a chargeback dispute. Virtual Coins are NOT tangible assets; hence Coinbase can do shit to proof they delivered you the "goods" (main reason why a dispute will be favorable to them, not you the customers) 2) Talk with the few layers in Bay Area. I believe there is a class-action lawsuit brewing and they just need more voices to add. I seen ad/clicked and read through but somehow unable to find it now :( I am sure calling few lawyers that deal with class actions (Law firm from PayPal lawsuit?) will help you guide through the right direction. Good luck.
- megous 9y ago
  Coinbase != bitcoin so the same benefits don't apply.
- sowbug 9y ago
  Coinbase is a bridge between dollars and bitcoin. That's why it has all the AML/KYC hassles of an ordinary bank. Once you cross the bridge, though, your bitcoin is all under your control.

krisdol 9y ago

Bitcoin can still be akin to keeping your life savings in the sock drawer. You still have to take steps to keep your holdings safe from a single point of failure and if you do get breached there's no legal recourse. You have nearly full control of your funds via bitcoin, but with that much control comes great responsibility to minimize risk that you normally expect a financial institution to do.

kelvin0 9y ago

https://news.bitcoin.com/top-10-biggest-bitcoin-villains-date/ https://news.bitcoin.com/top-10-biggest-bitcoin-villains-dat... https://en.wikipedia.org/wiki/Mt._Gox https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox announced that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time"

czechdeveloper 9y ago
Your keys, your bitcoin. Not your keys, not your bitcoin. It's simple. https://youtu.be/dnC5mFaIW3Q https://youtu.be/dnC5mFaIW3Q
- kelvin0 9y ago
  OK, so the link to that video is a 1 hour loop of a guy saying: "Your keys, your bitcoin. Not your keys, not your bitcoin". So my guess is you are making fun of the 'security' of that mantra being repeated in the video? Just making sure I got the 'joke' (please correct me if I err).
  - AgentME 9y ago
    I don't think it's meant to be ironic. Understanding that line would have protected many people from MtGox.

dmoy 9y ago

I've got coworkers and a friend who have been contacting coinbase for ~months because their funds have just disappeared into the ether. Deposited money, nothing showed up in their account. Apparently it's common, and they're just supposed to wait longer. I would guess that this is because just like you said, it has problems and is still maturing. But - doesn't that mean that coinbase could just off their accounts?

joering2 9y ago
1) They should be buying with their credit card. Visa and MasterCard + Amex will not make any issues giving your money back through a chargeback dispute. Virtual Coins are NOT tangible assets; hence Coinbase can do shit to proof they delivered you the "goods" (main reason why a dispute will be favorable to them, not you the customers) 2) Talk with the few layers in Bay Area. I believe there is a class-action lawsuit brewing and they just need more voices to add. I seen ad/clicked and read through but somehow unable to find it now :( I am sure calling few lawyers that deal with class actions (Law firm from PayPal lawsuit?) will help you guide through the right direction. Good luck.
megous 9y ago
Coinbase != bitcoin so the same benefits don't apply.
sowbug 9y ago
Coinbase is a bridge between dollars and bitcoin. That's why it has all the AML/KYC hassles of an ordinary bank. Once you cross the bridge, though, your bitcoin is all under your control.