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If I used Coinbase to purchase ETH (and it's still held there) should I be moving those assets right about now?
by personjerry 3y ago
If I used Coinbase to purchase ETH (and it's still held there) should I be moving those assets right about now?
- latchkey 3y agoSelf custody is always the best route, if you know what you're doing. If you have zero clue on how to set up and secure a wallet and don't care to do it, Coinbase is probably an ok option, for now. Not financial advice, but smart move to be buying ETH.
- noitpmeder 3y agoYes -- if you are concerned about coinbase losing this deal you should be moving all assets (coins, dollars, ...) out.
- jacquesm 3y agoYesterday would be fine too. In general you should not hold a balance anywhere but in a bank that is backed by the Federal Deposit Insurance Corporation (FDIC) or your local equivalent. If it's pocket change then it doesn't really matter.
- Dylan16807 3y agoFDIC is great, sure. But there's a significant difference in risk in having $500 in Amazon gift cards versus that store in the dying mall that's probably going to be gone in six months. And it's reasonable to try to figure out which one Coinbase is. There are many value that are neither trivial nor worth the effort of upgrading from pretty safe storage to completely safe storage.
- jacquesm 3y agoThese have nothing to do with each other.
- Dylan16807 3y agoIt's a very direct analogy about safety of money-like assets. Sometimes things are not pocket change but also not worth insuring. I don't think the advice to never have an uninsured balance is helpful to the question that was asked.