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Keep your money in a bank and basicly they owe you a debt. If the bank goes belly-up, you stuck hoping FDIC insurance covers you. Not your keys, not your coins
by jkepler 4y ago
Keep your money in a bank and basicly they owe you a debt. If the bank goes belly-up, you stuck hoping FDIC insurance covers you.
Not your keys, not your coins. If one has significant savings in bitcoin, one needs to hold the private keys oneself, not trusting any third-party like Coinbase or a bank. Ideally in a geographically distributed multisignature setup to mitigate against loss, user-error, or theft.
Do we know if the OP's 96k was coins sitting on Coinbase, or if he had a linked bank account and the attacker used the SIM card swap attack via Coinbase to drain his bank account?
- wmf 4y agoif he had a linked bank account and the attacker used the SIM card swap attack via Coinbase to drain his bank account In a case like that you can reverse the ACH. It's more likely that assets on Coinbase were stolen.
- snotrockets 4y ago> Keep your money in a bank and basicly they owe you a debt. If the bank goes belly-up, you stuck hoping FDIC insurance covers you. If you don't trust the full faith and credit of the US government, than who do you trust?
- adrr 4y agoHas FDIC ever failed to cover anyone? As for storing youre own keys, thats the equivalent of keeping your money in your mattress. House burns down with your wallet. Bye bye money. As you mentioned storing you key in parts at multi locations if you have money and knowledge. Would these locations be at a vault at a bank?