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> With Bitcoin, even if Coinbase blacklists you, you can still send your Bitcoin to other accounts and exchange it for things This is not so. Coinbase and Gemi
by hudon 8y ago
> With Bitcoin, even if Coinbase blacklists you, you can still send your Bitcoin to other accounts and exchange it for things
This is not so. Coinbase and Gemini (I haven't checked others but I'm sure they're the same) will freeze your assets entirely if required by law or if you violate the user agreements in some flagrant way [0] [1].
[0] https://support.coinbase.com/customer/en/portal/articles/1905680-does-coinbase-freeze-accounts- https://support.coinbase.com/customer/en/portal/articles/190...
[1] https://gemini.com/user-agreement/#account-closure https://gemini.com/user-agreement/#account-closure
- mitchdoogle 8y agoI think they mean if you are using your own wallet to store your bitcoin, then coinbase and gemini have no control over what you do with it, except not using their own services
- hudon 8y agoThen back to my original point: If no exchanges allow you to deposit BTC, what are you doing with it? Once you've shamir-secret-split your multi-sig cold-storage private keys, laminated them, placed them in fireproof envelopes and dug them deep in the ground in 5 different continents... what exactly do you DO with your BTC?
- plankers 8y agoYour original point was that _Coinbase and Gemeni_ had prevented you from exchanging your BTC for fiat currency. There's nothing preventing you from taking your BTC to some other exchange, or just some guy that accepts BTC for goods or services. That's the beauty of this whole decentralized thing.
- hudon 8y agoNo, you misread. "et cetera" is latin for "and the rest"... I put that there because exchanges are all tied. A ban on one leads to a ban on another, depending on the severity of your crime. > There's nothing preventing you from taking your BTC to some other exchange I've already showed you that exchanges can freeze your assets, so yes they can prevent you from sending to other exchanges. > some guy that accepts BTC for goods or services. That's the beauty of this whole decentralized thing. If your marker for decentralization is currency adoption, then USD is the most decentralized. I thought we were passed this whole "Bitcoin is not created by humans" meme...
- a_t48 8y agoCan’t you just do a private transfer to a fresh wallet?
- snark42 8y agoYou might have to tumble it first.
- hk__2 8y ago> Can’t you just do a private transfer to a fresh wallet? Isn’t the point of Bitcoin not to have private transfers?
- jki275 8y agoIt doesn't work that way, every transaction is fully traceable all the way back to the block the coin was mined in.
- SuddsMcDuff 8y ago> "I've already showed you that exchanges can freeze your assets" Your point is well taken, however it needs to be made clear: exchanges can only freeze those assets which you yourself have placed in their control.
- deleted 8y ago[deleted]
- dharma1 8y agop2p trades
- deleted 8y ago[deleted]
- rocqua 8y agoWashing your coins through monero / Zcash is a simple option (With enough splits and spread over time so amount correlation is harder). If you have some time, rent mining power with BTC, and get freshly minted totally clean bitcoin in return.
- richardknop 8y agoYou can exchange your bitcoin for stuff outside of those exchanges. Lot of ways to spend bitcoin without having to use an exchange ;)
- atomical 8y agoThat's not actually true. If you attempt to send a transaction from Coinbase to an address they have blacklisted they will immediately suspend your account. You will be allowed to withdraw your funds before the account is closed.
- nybble41 8y agoHow effective do you suppose that is, when best practice for some time has been to use a new receiving address for every transaction?