Coinbase warns that bankruptcy could wipe out user funds

Re:Coinbase warns that bankruptcy could wipe out user funds by mbesto on Wednesday May 11, 2022 @10:31AM (#31340497)

Would you like to explain to my 70 year old mother that she should install a Chrome extension, transfer her coins to it and expect her not to lose that? Oh and then explain to her that she is going to print out a piece of paper with 12 words on it. That's her backup in case she loses everything...so "Mom, do not lose this piece of paper you're screwed!"

Yes she'll figure that out easily!

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Re:Coinbase warns that bankruptcy could wipe out user funds by ahmetrcagil on Wednesday May 11, 2022 @10:54AM (#31340853)

Maaaybe 70 y.o. moms should not invest in crypto then?

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Re:Coinbase warns that bankruptcy could wipe out user funds by nytesky on Wednesday May 11, 2022 @12:20PM (#31342088)

Then crypto will never be the future of money. That's their point.

But honestly, most HN uses password managers -- if crypto became primary currency, that would make hacking someplace like Bitwarden or Coinbase enormous world shattering honeypots -- like Nation state targets.

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Re:Coinbase warns that bankruptcy could wipe out user funds by svnt on Wednesday May 11, 2022 @12:49PM (#31342534)

There’s no future limit, it is just that the present UI is garbage. Grandma should wait.

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Re:Coinbase warns that bankruptcy could wipe out user funds by cnelsenmilt on Wednesday May 11, 2022 @11:19AM (#31341259)

This and also arguably 70 year old moms are probably just fine at "don't lose this crucial piece of paper" given stuff like social security cards, birth certificates, savings bonds, and all the other bits that have been important pieces of paper for most of their lives.

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Re:Coinbase warns that bankruptcy could wipe out user funds by mbesto on Thursday May 12, 2022 @12:21PM (#31356297)

> social security cards, birth certificates

These can be reissued: https://www.usa.gov/replace-vital-documents

Crypto on the other hand is just like "you're screwed, go scour the landfill for your hard drive".

Also, isn't the promise of crypto/defi that it's supposed to NOT be like those archaic systems (SSN, birth certs, etc.)?!

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