4 ms·

> The sad truth is that all the exchanges are going to steal your funds. > like Coinbase paying out billions in stock-based compensation while losing money I

by piqi 4y ago

> The sad truth is that all the exchanges are going to steal your funds. > like Coinbase paying out billions in stock-based compensation while losing money I really wish people put more effort into arguing their side in these discussions. Your point is absurd and lazy. [public company] pays some % of employee salary in stock >> while "losing money" >> ??? >> customer's property is stolen. > Did the SEC orchestrate FTX and all the other crypto failures FTX's problems were amplified by being unregulated, outside the US. The overwhelming majority were not US residents. The SEC didn't have jurisdiction over their International firm. The US version of FTX was handled very differently, but supposedly co-mingled funds. They FAILED to protect US residents by not shutting down the US version. They could have gave warnings about the international firm, instead of working so closely with FTX's founder. As usual, lots of hand-waving from crypto detractors. You have a clear bias. Sadly, when enough people share a bias, truth and facts are irrelevant. There's a lot to criticize about in crypto. No need to make up irrelevant associations.

pavlov 4y ago
When Coinbase files for bankruptcy, crypto deposits will be at the back of the line. They are unsecured creditors. The company itself says that: https://www.bloomberg.com/news/articles/2022-05-11/coinbase-gives-256-billion-reminder-about-agonies-of-bankruptcy https://www.bloomberg.com/news/articles/2022-05-11/coinbase-... Coinbase executives will have enjoyed years of massive pay days selling stock pumped up with customer money. The customers who assumed the money in their accounts is protected like with a bank will be wiped out.
- piqi 4y ago
  > When Coinbase files for bankruptcy, crypto deposits will be at the back of the line. They are unsecured creditors. I'm aware. This has nothing to do with your point about "stealing" deposits like other exchanges (e.g. FTX), and is irrelevant to stock-based compensation. It contributes nothing to the discussion. More noise to encourage others to feel safe that their bias is well liked. > Coinbase executives will have enjoyed years of massive pay days selling stock More irrelevant and false points. The company has only been public since April 2021. Not even two years. You are attempting to frame them as fat cat wall street types purposefully driving the company into the ground at customers' expense. Somehow you extrapolate this to "all exchanges" when Coinbase is the only publicly-traded exchange. remember that Coinbase was audited by the SEC before going public, and is one of the oldest exchanges. If any exchange is safe, it's Coinbase. The problem is the SEC doesn't give clear direction. Anybody that feels the SEC will "protect" them by forcing coinbase into bankruptcy is welcome to move their assets on-chain. Many people advocate for that. Again, I'm highlighting how lazy and absurd your argument is.
  - pavlov 4y ago
    It doesn’t seem like you know what your argument is. > “If any exchange is safe, it's Coinbase” Ok, so other exchanges are worse. > “Somehow you extrapolate this to ‘all exchanges’” You just told me the other exchanges are worse. > “You are attempting to frame them as fat cat wall street types purposefully driving the company into the ground at customers' expense” It doesn’t have to be purposeful. At the rate Coinbase is piling up losses, it will eventually be bankrupt, and executives will have accumulated billions while customers will lose billions. The SEC isn’t going to force a bankruptcy; Coinbase’s own poor management seems to be doing it. > “… is welcome to move their assets on-chain. Many people advocate for that.” Oh, I see you agree with me that nobody should use crypto exchanges in the first place. Because they will lose your money.
    - piqi 4y ago
      >> “If any exchange is safe, it's Coinbase” >Ok, so other exchanges are worse. Oof... You are really reaching... >> “Somehow you extrapolate this to ‘all exchanges’” >You just told me the other exchanges are worse. pardon me....? Other non-public companies have executives selling stock? > At the rate Coinbase is piling up losses Feel free to cite your source. > Oh, so you agree with me that nobody should use crypto exchanges in the first place. Because they will lose your money. No, I don't. You buy it on an exchange, and then move it on-chain. Done. That's the point of a centralized exchange with banking connections. You are welcome to leave it there if you'd like, but you have to accept the risks. Go ahead, try to move the goal posts again. Every comment you make more irrelevant and false points.
      - pavlov 4y ago
        > “Feel free to cite your source.” You don’t think Coinbase is losing money? Go to their investor relations page: https://investor.coinbase.com/home/default.aspx https://investor.coinbase.com/home/default.aspx Open the Q4 2022 shareholder letter. It’s printed right there: a loss of $557M on revenue of $605M. The loss is nearly as large as their entire revenue! Is that a sign of a healthy business? It’s like selling $5 pancakes that each cost you $10 to make.
- dboreham 4y ago
  I must admit I was surprised to find that Coinbase doesn't create a chain address under which the coins/tokens you buy with fiat are held, then treat the key for that address as an asset held in custody for you. The fact that they don't do that, when it would be practical for them to do so is a red flag for me.
kingkawn 4y ago
Those dang crypto detractors and their pesky, “this is a meaningless asset” talk

by piqi 4y ago

pavlov 4y ago

When Coinbase files for bankruptcy, crypto deposits will be at the back of the line. They are unsecured creditors. The company itself says that: https://www.bloomberg.com/news/articles/2022-05-11/coinbase-gives-256-billion-reminder-about-agonies-of-bankruptcy https://www.bloomberg.com/news/articles/2022-05-11/coinbase-... Coinbase executives will have enjoyed years of massive pay days selling stock pumped up with customer money. The customers who assumed the money in their accounts is protected like with a bank will be wiped out.

piqi 4y ago
> When Coinbase files for bankruptcy, crypto deposits will be at the back of the line. They are unsecured creditors. I'm aware. This has nothing to do with your point about "stealing" deposits like other exchanges (e.g. FTX), and is irrelevant to stock-based compensation. It contributes nothing to the discussion. More noise to encourage others to feel safe that their bias is well liked. > Coinbase executives will have enjoyed years of massive pay days selling stock More irrelevant and false points. The company has only been public since April 2021. Not even two years. You are attempting to frame them as fat cat wall street types purposefully driving the company into the ground at customers' expense. Somehow you extrapolate this to "all exchanges" when Coinbase is the only publicly-traded exchange. remember that Coinbase was audited by the SEC before going public, and is one of the oldest exchanges. If any exchange is safe, it's Coinbase. The problem is the SEC doesn't give clear direction. Anybody that feels the SEC will "protect" them by forcing coinbase into bankruptcy is welcome to move their assets on-chain. Many people advocate for that. Again, I'm highlighting how lazy and absurd your argument is.
- pavlov 4y ago
  It doesn’t seem like you know what your argument is. > “If any exchange is safe, it's Coinbase” Ok, so other exchanges are worse. > “Somehow you extrapolate this to ‘all exchanges’” You just told me the other exchanges are worse. > “You are attempting to frame them as fat cat wall street types purposefully driving the company into the ground at customers' expense” It doesn’t have to be purposeful. At the rate Coinbase is piling up losses, it will eventually be bankrupt, and executives will have accumulated billions while customers will lose billions. The SEC isn’t going to force a bankruptcy; Coinbase’s own poor management seems to be doing it. > “… is welcome to move their assets on-chain. Many people advocate for that.” Oh, I see you agree with me that nobody should use crypto exchanges in the first place. Because they will lose your money.
  - piqi 4y ago
    >> “If any exchange is safe, it's Coinbase” >Ok, so other exchanges are worse. Oof... You are really reaching... >> “Somehow you extrapolate this to ‘all exchanges’” >You just told me the other exchanges are worse. pardon me....? Other non-public companies have executives selling stock? > At the rate Coinbase is piling up losses Feel free to cite your source. > Oh, so you agree with me that nobody should use crypto exchanges in the first place. Because they will lose your money. No, I don't. You buy it on an exchange, and then move it on-chain. Done. That's the point of a centralized exchange with banking connections. You are welcome to leave it there if you'd like, but you have to accept the risks. Go ahead, try to move the goal posts again. Every comment you make more irrelevant and false points.
    - pavlov 4y ago
      > “Feel free to cite your source.” You don’t think Coinbase is losing money? Go to their investor relations page: https://investor.coinbase.com/home/default.aspx https://investor.coinbase.com/home/default.aspx Open the Q4 2022 shareholder letter. It’s printed right there: a loss of $557M on revenue of $605M. The loss is nearly as large as their entire revenue! Is that a sign of a healthy business? It’s like selling $5 pancakes that each cost you $10 to make.
dboreham 4y ago
I must admit I was surprised to find that Coinbase doesn't create a chain address under which the coins/tokens you buy with fiat are held, then treat the key for that address as an asset held in custody for you. The fact that they don't do that, when it would be practical for them to do so is a red flag for me.

kingkawn 4y ago

Those dang crypto detractors and their pesky, “this is a meaningless asset” talk