Re:Coinbase says buying and selling temporarily disabled ami...
by ceejayoz on Friday December 22, 2017 @09:24PM
(#15992560)
> Leaving your bitcoin in the hands of Coinbase is needless risk because your coins are just as accessible and just as easy to steal from Coinbase as they are to steal from any other wallet accessible via the internet.
This is so transparently false.
Coinbase has a security team that I lack. They have experts in the field that I lack. They have insurance for their holdings that I lack. They have the infrastructure and knowledge to keep cold wallets secure that I lack. None of these lacks can be easily remedied by an individual like me.
They have no ability to use my coins at their "whim". They're a US corporation in a heavily regulated space, money transmission, subject to a whole bunch of laws, both state and Federal. I have far more recourse against them than someone who puts a keylogger on my phone and siphons off my holdings.
This is so transparently false.
Coinbase has a security team that I lack. They have experts in the field that I lack. They have insurance for their holdings that I lack. They have the infrastructure and knowledge to keep cold wallets secure that I lack. None of these lacks can be easily remedied by an individual like me.
They have no ability to use my coins at their "whim". They're a US corporation in a heavily regulated space, money transmission, subject to a whole bunch of laws, both state and Federal. I have far more recourse against them than someone who puts a keylogger on my phone and siphons off my holdings.