Coinbase S-1 - Hackdot

Re:Coinbase S-1 by ravenstine on Thursday February 25, 2021 @10:09AM (#26263510)

Coinbase does allow people to store their funds with them, but it's common for people to buy bitcoins on Coinbase and then immediately transfer them to their own wallet, or to a service with far better security like Kraken(which will happen less once Kraken supports ACH and immediate funds).

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Re:Coinbase S-1 by PragmaticPulp on Thursday February 25, 2021 @10:12AM (#26263535)

Some people transfer coins out, but that’s definitely not what the average person is doing with ever-increasing Bitcoin transaction fees.

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Re:Coinbase S-1 by beaner on Thursday February 25, 2021 @11:24AM (#26264561)

Doesn't have to be what the average person is doing, it just has to be an option for those who want it.

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Re:Coinbase S-1 by beaner on Thursday February 25, 2021 @04:58PM (#26268865)

Kraken doesn't have better security.

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Re:Coinbase S-1 by ravenstine on Thursday February 25, 2021 @06:10PM (#26269548)

Explain?

Kraken doesn't keep sessions alive very long, whereas I can keep coming back to my Coinbase tab the following day and it will still have a session. 2-factor authentication is optional with Coinbase, but Kraken requires 2-factor and only allows an authenticator app or Yubikey(i.e. not mobile which can be intercepted). The Kraken app uses API keys that you set up rather than username/password; this allows the user to set login permissions in case they want their mobile app to only read their balances but not buy/sell. I'm sure I'm missing something.

The added value of that security can certainly be questioned, but I don't think it's unreasonable to say that Kraken is more secure by default and provides more options for keeping one's account secure.

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