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No one is going to deposit 600 mill in a hacked exchange via Tether crypto-Hawala using Taiwanese shell bank accounts. People with real money would instead wir
by ActsJuvenile 9y ago
No one is going to deposit 600 mill in a hacked exchange via Tether crypto-Hawala using Taiwanese shell bank accounts.
People with real money would instead wire the funds to Gemini or ItBit or even a terribly managed company like Coinbase.
KISS
- repomies691 9y agoYou sound like you are living in the US, and everything is simple there and works as described. Which is probably true for you, as I understand those are exchanges catered towards US customers. However the mistake is that you assume that the rest of the world (majority) works the same way.
- ryanlol 9y agoSure “No one”, I don’t think the same necessarily holds for many.
- mancerayder 9y agoWhat's wrong with Coinbase? (I ask as a naive fool with a bit of money stored there).
- MrRadar 9y agoMostly that if anything goes wrong their support tends to be incredibly unresponsive. Also make sure you're not using SMS-based 2-factor authentication with them since there's a long history of people getting their phone numbers stolen and then their Coinbase accounts drained within minutes.
- ambicapter 9y agoWell, thank god their two-factor has always failed to setup for me.
- daxorid 9y ago> tends to be incredibly unresponsive Correction, there is no support. I have a bit of money permanently locked in a coinbase account because their support does not reply at all. At some point I will just have to convert it all to BTC and send it elsewhere. Caveat Emptor.
- pault 9y agoI had the same experience. Got locked out of 2FA, spent two weeks waiting for a reply from support, only to be told that I should just make a new account. Unfortunately I haven't found an easier option for buying BTC.
- massaman_yams 9y agoI had the opposite experience, though this was before Coinbase created/supported recovery codes for 2fa. My phone with the 2fa app bricked and it was a painless, one-message exchange with Support to work around it, completed in < 1 business day.
- mancerayder 9y agoNoted. On the account draining -- well, there's a latency in setting up new bank accounts there. So I'm surprised it's that easy to just yank money out. Although I did notice there's no account verification. For example, on Vanguard or other platforms they do a small deposit of a few cents and ask you to verify the payment amounts, a process which has a latency of a day or two.
- mancerayder 9y agoAh, so people just yank money out by sending it to some wallet. Makes sense. Are there any ways to make coinbase safer other than a very secure password?
- massaman_yams 9y agoSoftware-based 2FA, rather than SMS-based.
- mancerayder 9y agoYou mean Google Authenticator? I have this enabled in addition to SMS.
- massaman_yams 9y agoRight. See if you can disable SMS-based 2fa and only use the app.
- ActsJuvenile 9y agoI can confirm: my 2FA has been hacked on Coinbase. My Social Security number + DOB are out on the internet, and it makes it trivially easy to hack companies with poor security protocols like Coinbase, Authy, AT&T, TMobile, Comcast, Yahoo.
- ActsJuvenile 9y agoBugs. I have discovered two bugs personally, reported them to Coinbase, and those are still unresolved. For context, I reported couple of bugs to MtGox back in the day, and even MtGox fixed them in under a month which is more than what I can say for Coinbase. I guess this is what happens when Coinbase speed-hired 100 people in one year with no proper team-building exercises.
- CyberDildonics 9y agoNever store money on an exchange. Once you are done trading, get it out of there.
- darawk 9y agoNo one person would deposit 600 mil at once, sure. But they don't have to. It's many people collectively depositing 600 mil over a long time.