Apparently thousands of people are fools, then: https://news.ycombinator.com/item?id=8948705 https://news.ycombinator.com/item?id=8948705 The fact is, consumer

Apparently thousands of people are fools, then: https://news.ycombinator.com/item?id=8948705 https://news.ycombinator.com/item?id=8948705 The fact is, consumers behave in foolish ways, and it's up to Coinbase to protect them. Yet their default protections don't. In fact, Coinbase advertises the opposite: their advertising about "insurance" gives a false sense of security. You're smart. That's good. I wasn't, and I suffered for it. There just isn't any reason to use an exchange like a bank exept laziness. The only exception here would be market makers and maybe big-time day traders who actually have a reason to keep a ton of money on the exchange at all times. Not even big-time day traders. I was a day trader, and the reason to keep money on the exchange was because it took a long time for a deposit to be recognized by the system. Longer than the market opportunities existed. As far as I know, this is true for almost all exchanges due to bitcoin requiring several minutes to confirm transfers. That's why people keep a large amount on exchanges.