How I recovered cryptocurrency from a broken laptop

Re:How I recovered cryptocurrency from a broken laptop by throwaway13337 on Wednesday December 06, 2017 @02:33AM (#15859262)

This would make bitcoin even more deflationary. Inflation is when a currency loses value. Less and less of something would mean it would gain value creating deflation.

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Re:How I recovered cryptocurrency from a broken laptop by coinqueror on Wednesday December 06, 2017 @02:36AM (#15859276)

What recourse is there for bitcoin provider services that screw up?

Ie, if one day Coinbase says something like, "sorry, we lost the password to one of our internal coin wallets due to technical error, and your 5.1 bitcoins are lost."

I bet there's some clause in their terms that tries to shield them from this, but wonder how enforceable it would be.

Ie, a regular bank presumably couldn't just say, "sorry we lost your $50k deposit due to technical error". They'd be liable.

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Re:How I recovered cryptocurrency from a broken laptop by pc86 on Wednesday December 06, 2017 @12:04PM (#15862706)

Well Coinbase isn't a bank and isn't regulated as such, while a bank is... well, a bank. That's the difference. Coinbase is much closer to some bro running a SaaS off AWS than it is any sort of financial institution.

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Re:How I recovered cryptocurrency from a broken laptop by jsutton on Thursday December 07, 2017 @10:52AM (#15871086)

Coinbase's USD wallet is FDIC insured, so it's much closer to a bank in that denomination.

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Re:How I recovered cryptocurrency from a broken laptop by plopz on Wednesday December 06, 2017 @11:59AM (#15862655)

Well banks in the US are FDIC insured.

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Re:How I recovered cryptocurrency from a broken laptop by jsutton on Thursday December 07, 2017 @10:52AM (#15871078)

So are your dollars stored on Coinbase.

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