It's worth noting that this is exactly, word-for-word, how I wound up losing money in the Mt. Gox collapse. I was lazy. I liked their two-factor authenticatio

It's worth noting that this is exactly, word-for-word, how I wound up losing money in the Mt. Gox collapse. I was lazy. I liked their two-factor authentication. It felt safe, and I liked that no thief could steal my coins without access to my phone. I simply didn't stop to think: what if Mt. Gox failed tomorrow? And then it did. The problem with Bitcoin right now is that it isn't convenient, even if you use these third party services. It's not convenient having to trust the services to provide you with convenience because if they fail, you fail. But, ultimately, if you don't mind losing your money, it doesn't matter whether you trust Coinbase.