6 ms·
"As as safe as possible" - are you out of your mind?!
by nikolay 9y ago
"As as safe as possible" - are you out of your mind?!
- bob_theslob646 9y agoSerious, this. There is no recourse for recover in the event of securities fraud.
- Phlarp 9y agoFor many crypto enthusiasts this is a feature not a bug.
- acjohnson55 9y agoYeah -- the fraudsters.
- Phlarp 9y agoAnd merchants.
- paulcole 9y agoThe original quote is about trading/buyin/selling crypto not real securities. Does any service offer fraud protection and/or make it safer than coinbase?
- bob_theslob646 9y agoYeah, it's called the Chicago Board Options Exchange and the Chicago Mercantile Exchange.
- drawkbox 9y agoSafer than it was but your take also shows that it is just starting, people are still deterred by the risk. As it becomes safer the risk goes down and more enter. It is still the early days of crypto currencies for this reason. The fear you have is real, but it is slowly getting better and with that more will enter. Just like investing in early companies, it is riskier now, but as it becomes safer, those risk takers are rewarded. Funds were lost in mtgox, btc-e, many others and there is fraud abound (pre-SEC times or early), but coinbase and the coins they offer are currently safer than it was. As more players enter it will be safer still.
- stale2002 9y agoIt's safe if you keep your money in coinbase.
- Frogolocalypse 9y agoCompletely false. The number one rule of bitcoin is never store your bitcoin on an exchange. https://en.wikipedia.org/wiki/Civil_forfeiture_in_the_United_States https://en.wikipedia.org/wiki/Civil_forfeiture_in_the_United... https://en.wikipedia.org/wiki/Executive_Order_6102 https://en.wikipedia.org/wiki/Executive_Order_6102 You wait and see what happens when coinbase has 500 billion or a trillion dollars worth of hard currency on their platform, and the us dollar is three years into its slide. The temptation to raid that will be far too great.
- stale2002 9y agoWell I meant "safe" in the way that a Normie would think is safe. IE, similar security guarantees that a bank would provide. Obviously, this makes no sense to a cryto enthusiast, because they care more about the stuff you talked about. But the "average" zero knowledge person who freaks out about how Bitcoin is "unsafe" is usually talking about private key theft, or getting scammed by someone. These "unsafe" things aren't a problem on coinbase.
- Frogolocalypse 9y agoSo not safe but just say it is.
- toomim 9y agoIt's safe if you trust coinbase. I trust coinbase, so I think it's safe.
- Frogolocalypse 9y ago"It's safe as long as i think it's safe." Gotcha.
- aresant 9y agoGoing out on a limb but I think OP probably meant that: 1) They take account verification seriously and leverage best practices around 2-factor auth etc even going so far as suggesting you NOT use simplified solutions like authy. 2) Your "hot wallet" balance is insured from internal breach / external hacking / etc. Good to note it's not insured from somebody stealing your account credentials from you directly. 3) They store 98% of their total crypto balance offline with a physical system designed to minimize losses or attack vectors. EG their insurance - https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured- https://support.coinbase.com/customer/portal/articles/166237...