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> What coinbase needs are IRL offices where you can go and do things like account recovery, and where people trying to steal money can be caught and prosecuted
by piva00 1y ago
> What coinbase needs are IRL offices where you can go and do things like account recovery, and where people trying to steal money can be caught and prosecuted (and makes a huge barrier for the overseas thieves who are usually doing this)
That's just a bank.
- thepasswordis 1y agoCorrect. Coinbase is a bank that holds cryptocurrency.
- DonHopkins 1y agoAnd OpenSea is a zoo that holds apes.
- dowager_dan99 1y agoBeyond the regulatory-dodge and crypto marketing explain to me how Coinbase is NOT a bank
- Analemma_ 1y agoCryptocurrency firms exist in a quantum superposition of bank and not-a-bank until you interact with them, at which point they collapse into whichever state costs them less money.
- rmk 1y agolol. I couldn't help but chuckle when I read this comment :)
- chaosbolt 1y agolol they even do fractional reserve things like banks, except they're more shady and don't acknowledge it, now I'm either connecting dots that shouldn't be connected or some withdrawal locks that happened through some big arbitrage opportunities were very suspicious.
- singleshot_ 1y agoWell, right now they’re applying for a charter which suggests they don’t think they’re a bank, but I can think of some other reasons, too.
- anton-c 1y agoI mean this isn't the criteria you're looking for but I can trade assets within coinbase's website. It looks like a stock trading platform. I don't for the record. I don't think commodity, forex or stock trading is built into any bank interface but I don't have enough money to know for sure. So it's different in that way I guess.
- lovich 1y agoWatching crypto enthusiasts run into every problem that society already tackled with in the past when developing currency and its controls, and then coming up with solutions that look exactly the same as what dirty fiat currency uses, has been a source of much entertainment the past few years
- voidspark 1y agoThis is an exchange problem, not a crypto problem. You don’t need an exchange to hold crypto.
- lovich 1y agoYes, I think I’m familiar with the crypto enthusiasts defenses that all boil down to looking at a single aspect of their system in a vacuum and not realizing that if anyone wants to functionally use crypto as a currency and not as a speculative asset or tool in crime, then all these aspects actually have to work and work together
- voidspark 1y agoI don't really care about crypto personally (volatile shitcoins) but I think that's a straw man argument. They all know it gets troublesome when it comes to dealing with fiat transactions. The hardcore crypto enthusiasts want to avoid fiat entirely.
- sumeno 1y agoIf only hardcore crypto enthusiasts who didn't want any fiat had cryptocurrency bitcoin would be worth a couple dollars a piece and 99% of other cryptocurrencies wouldn't exist. The vast vast majority of people who have crypto are doing it because they think they can get rich from it and that's why anytime it's talked about it's talked about in terms of fiat values
- deleted 1y ago[deleted]