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Ah then Coinbase is the same in that regard. Chase has the opposite strength and weakness regarding theft: you must rely on them.
by SippinLean 9y ago
Ah then Coinbase is the same in that regard. Chase has the opposite strength and weakness regarding theft: you must rely on them.
- jonknee 9y agoNo, it's not the same. If someone spends your BTC there is no recourse and it's gone forever. Coinbase specifically does not insure against this.
- SippinLean 9y agoI meant only that the subject of the article, Coinbase's architecture's vulnerability was the same as Chase's, instead of "your money at Chase is safe regardless of the bug." You are correct, as they mention in the first paragraph of the article you are responsible for securing your own machine and wallet. Your USD is insured and covered by the FDIC at Coinbase and Chase. Theft is not covered by the FDIC at either.