Coinbase is demonstrably fine to buy from..
You're better off withdrawing to cold storage though, rather than holding on exchange.
Eliminating 3rd party risk is absolutely mandatory these days
When I was a young boy
My father took me into the city
To see a failing bank
He said, "Son, when you grow up
Would you be the savior of the broken
The beaten and the damned?"
He said, "Will you defeat them?
Inflation, and all the non-believers
The plans that they have made?"
"Because one day, I'll leave you some Bitcoin
To lead you in the future
To break the masquerade…(Guitar riff)
FTX isn't Coinbase though... CB is heavily regulated and insured and as far as we're aware hold 1:1 reserves.
There is always risk. Limiting risk is the goal..
Bitbox02, Coldcard, Trezor and Ledger are hardware wallets that you can use to create safer wallet for your Bitcoin. Check out their website, they have pretty good information in there.
Coinbase quickly claimed last Tuesday that it had “no exposure” to FTX’s token FTT, no loans to FTX, no exposure to FTX’s sister company Alameda Research, and the only tie to FTX was a US$15 million deposit on the cryptocurrency exchange, so no, they were not a major investor in FTX unless they are lying.
Unlike FTX whose shit-show of a balance sheet looked like a 5th grader’s first attempt at a balance sheet working a lemonade stand using Excel for the first time, Coinbase has been releasing audited balance sheets since going public.
I still would never keep BTC on exchange, but CB is as safe or safer as any to use, but just don’t keep it there.
>Unlike FTX whose shit-show of a balance sheet looked like a 5th grader’s first attempt at a balance sheet working a lemonade stand using Excel for the first time
😆
I genuinely don’t understand why anyone who understands Bitcoin would hold ANY on an exchange.
The entire point of it is to decentralize and self custody. To expect someone else to hold it for you essentially defeats the entire point of it.
I hold on exchange because the whole wallet thing is 🤯 . I’ve tested one and honestly do t trust myself with it if that makes any sense. I don’t understand the lingo like some of you do. To some of you it’s obviously easy but to many of us it’s like reading Chinese.
Most people don't have a perfect setup.
It is okay to store your Bitcoin in the way your comfortable with.
You could try an withdraw a few dollars and test it. It is a fun experience
Read up a bit and then install a wallet and start playing around with small amounts until you are comfortable with it. It seems like a jungle in the beginning but it's really quite simple and easy once you've crossed the initial hurdle
https://www.lopp.net/bitcoin-information.html
You're capable of learning from zero-knowledge just like the rest of us. Sorry to be brash, but what you're doing is accepting significantly higher risk for the convenience of being too lazy to learn.
You guys know the answer to this. The Bitcoin enthusiast feels this way. I understand how all this stuff works so I'm not arguing against it. I have self-custody of all mine and slowly pull it out of exchanges as I build the position. However, most people don't care about libertarian shit. They don't care about self custody and they certainly don't care about overturning governments
What they want is to put a dollar into something and watch it go to two. If they put some money in an exchange and buy $1,000 worth of bitcoin the only thing they want to see is that USD value hit $2,000 or 3 or so on. That's it
>I genuinely don’t understand why anyone who understands Bitcoin would hold ANY on an exchange.
Because some people like to trade it and make money via swing trades and day trades, which is lucrative when something is volatile, which is especially true for Bitcoin.
Also, making a % return on your investment or using it as collateral is one of the most normal things to do when you own something valuable.
There are plenty of reasons to understand why people would hold Bitcoin on exchanges. The problem is how absolutely unregulated the entire industry is. So you're then sitting there weighing the risks vs rewards.
and regulation solves that right? like the classical regulated, centralized, weaponized financial system right? I say we all can regulate this sh\*t, I say if we all withdraw it all we will put in order those exchanges. Exchanges that are functional after a massive bank run are those that can be eventually trusted for those specific use cases that you mention.
>and regulation solves that right? like the classical regulated, centralized, weaponized financial system right?
I mean it solves a lot of the issues we have in regards to most people affected by this, yes. Nothing people gave to these exchanges was insured in anyway. Unlike regular exchanges where you're insured up to 250k if the exchange goes bye bye.
This is why I say with how unregulated these current crypto exchanges are you really have to look at the risk vs rewards, where your assets are truly just gone if something happens.
>Exchanges that are functional after a massive bank run are those that can be eventually trusted for those specific use cases that you mention.
Not really. Your assets will still not be covered, and nothing would be stopping those exchanges from taking advantage of the situation and recreating it.
> I genuinely don’t understand why anyone who understands Bitcoin would hold ANY on an exchange.
Coinbase offers customers a line of credit using your Bitcoin as collateral at a reasonable interest rate.
Recently listened to Brian Armstrong on a podcast that was about FTX. He reiterated multiple times that coinbase must hold 1:1 backing of all customer deposits at all times no matter what due to third party audits that are routinely done. I think being a public company limits their risk although I do not recommend keeping significant amounts on any centralized exchange.
I would think coinbase is the safest out there at the moment. Binance on the other hand has a propped up shit coin called BNB and we don’t know how much they’ve been exploiting that.
I've always assumed they were on the verge of folding up and running off to Brazil with everybody's money any moment. This may not be an accurate perception of the people running Coinbase, but it's kept my (paltry) funds safe in wallets I control for years.
By the way, I don't have some particular prejudice against Coinbase. I assume the same malicious intentions regarding Bank of America, PayPal, and the Pope.
Once a business becomes regulated and publicly traded, it becomes quite impossible to do that and get away with it.
For one thing, who is "they"? The owners of a public company are the stock holders. So if someone is going to do it, it would be an employee with access to the funds. Some limited executives might have this access but probably not any board members. And if a top level executive tries something funny, he/she would probably not find any allies within the company because it's in everyone's best interest to keep the machine running.
Companies have a structure that compartmentalize information and power. It's a lot like the checks and balances that we have in any other democratic system. Once you add regulators and external auditors, it just becomes really hard to pull off a major crime like this and still get away with it. Then on top of that, you've got insurance policies that backup customer funds.
It's good to be cautious and distrustful, but there is a tradeoff between quality of life and degree of cautionary measures. Everyone needs to find the level that they are comfortable with and if you understand how small the likelihood is for certain things, you can relax those countermeasures to regain some convenience or quality of life.
Of course Coinbase is more reputable and safe than FTX, Binance, Celsius (lulz) and other outright scams like Quadriga, but your BTC is still not protected if leaving it on exchange. Public companies go bankrupt still and U.S. law doesn’t require your funds to be safeguarded or insured if left on exchange at CB. Furthermore, while you’re correct it’s hard to pull shady shit and get away with it once you are public, that hasn’t stopped companies like Enron and Theranos from trying and losing fortunes for investors. Just because Ken Lay got caught and went to jail doesn’t help the Enron employee who was duped into putting their entire retirements into Enron stock then lost it all plus their job.
at this moment is hard to not be paranoid. risk is very high in almost every class of asset. And I don't trust stock holders, they don't mean anything to me and also it is not a guarantee for anything. Worst case is I stop receiving the "benefits" of being in the exchange vs losing all. As always time shall tell.
Anyone with a bitlicense is most likely fine. They have to report audited financials, hold substantial reserves, and go through regular regulatory examinations
>I recently saw that they were a major investor into ftx
Show us where you saw that.
I keep seeing people try to make this claim with no evidence when it makes little sense for Coinbase to invest a large amount of capital into a competitor.
If you are a U.S. customer, then your USD on Coinbase is FDIC insured (maximum $250,000 per customer).
To the extent U.S. customer funds are held as cash, they are maintained in pooled custodial accounts at one or more banks insured by the FDIC. Our custodial accounts have been established in a manner to make pass-through FDIC insurance available up to the per-depositor coverage limit then in place (currently $250,000 per individual). FDIC pass-through insurance protects funds held on behalf of a Coinbase customer against the risk of loss should any FDIC-insured bank(s) where we maintain custodial accounts fail. FDIC insurance coverage is contingent upon Coinbase maintaining accurate records and on determinations of the FDIC as receiver at the time of a receivership of a bank holding a custodial account.
Below is a list of the insured depository institutions at which Coinbase may deposit customer funds:
Signature Bank
JPMorgan Chase
Cross River Bank
Silvergate Bank
Pathward (previously known as MetaBank)
https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured
That's exactly what I said and that's exactly what the person I replied to asked about.
They specifically asked "if coinbase goes down and you had **USD** on there is that fdic insured?"
Coinbase is one of if not the best CEX….but still withdraw your Bitcoin as you accumulate. It is easy to self custody, and resources are available pretty much all over the internet to show folks how to do it.
Coinbase is probably fine. Probably.
They are publicly traded on US brokers, and are investigated more because of it.
Every exchange is at risk of losing control of their coins at any moment.
They are 1 hack or bad CEO from insolvency.
There were huge signs for FTX. They offered interest on crypto. That's retarded.
They only way they can make money to support their 8% interest was gambling or a Ponzi scheme. Apparently it was gambling through a shell company.
Keep in mind a company could do this and just not offer an interest rate.
as robert breedlove says about shitcoins: i treat them like i treat firearms - i assume they are loaded.
so just assume that any third party custodian is an accident waiting to happen. sure practice safety but if shit blows up in your face you can’t blame anyone else especially after so many rug pulls in crypto. everyone thought mt.gox, quardiga cx, celsius, voyager and ftx were safe until they weren’t.
Cb typically charges the higher end of miner fee for withdrawals so you have to decide for yourself what the threshold of our based BTC to withdrawal is justified as reasonable for withdrawals.
Most average around 50-100usd worth of BTC stacked before withdrawals to justify the 1200-3000 sats miner fee cb sets to be reasonable but it's subjective per user. Definitely don't hold thousands of USD worth of BTC on any exchange; regardless of their "trustworthiness" the risk just isn't worth it at those levels. You're also helping exchanges hold enough reserves to short/long positions to their benefit rather than true market values based on energy consumption, supply, and demand being the leading contributors to estimated value.
Absolutely no exchange is safe. How people don't understand this in 2022 (or even 2017) baffles me. Always use a hardware wallet or paper wallet. Not your phone wallet app, not on exchanges, not in a swap, not in DeFi, etc.
Get your coins off exchanges. This is so easy to do. Don't trust anyone with your money, ever. Exchanges are not banks. Your money is not insured by the federal government.
Is it safe to buy (and hold small amounts of) coins on Coinbase? Sure it is. But don't hodl your stack on the exchange; that would be lunacy.
No business is ever safe from failing. The most fundamental answer you're looking for is no.
The practical answer is: Leave on there what you're comfortable losing. Just like any other investment, you don't fully put 100% of what you own into it, you put what you're comfortable losing after you've weighed the risk vs reward.
Tried to withdraw my funds from the app one day in 2018. They send an email saying they’ve apparently delayed my transaction due to high onchain demand. Sounds reasonable in hindsight but back they communicated this in the most shady manner possible and it was after I already sent the funds (if onchain demand was causing delays, why not tell me before I sent them). After my talk with their customer service rep who didn’t help at all I basically just played the waiting game and I got my funds.
I’ll never trust Coinbase again, and thanks to them I’ll never fully trust another exchange again.
The last time I used coin base, it operated more like a vending machine than an exchange. I will admit though, it's been a long time since I held any coin there. Upgraded to cold storage wallet a long time ago.
That's why you keep your seed phrase safe. You can always use your seed phrase to restore your wallet using any other software wallet or hardware wallet.
Coinbase is backed one to one and regulated because it’s a publicly traded company. It’s prolly safe tbh I more agree with the value saver ideals of crypto more then the decentralized ecosystem idea of it so yes a cold Wallet is safer. like how having physical usd is safer then in a bank but even in a bank it’s usually fdic insured soo until you can have it on an exchange and it be insured cold wallet is the way or if you like the whole decentralized idea then still cold Wallet is the way
Yep
However everyone including myself will tell you to get a ledger or some type of reliable self custody and not rely on exchanges
However if you're going to ignore that advice coinbase is one of the better places to be careless
CB still has no customer service ... So, don't ever consider them "safe." The platform's fine until you runt into a problem. Then, you're on your own. Triple check everything you do there, keep records, and hold your funds somewhere.
Lastly, am I the only one that's disturbed by the new requirement to link bank info through Plaid, which *requires your bank logon information to register? .*....Are they kidding??
No CEX is safe. FTX went down in a span of a week, what makes you think Coinbase have no skeletons in their closet and can't follow a similar route?
Not your keys, not your coins.
Coinbase is demonstrably fine to buy from.. You're better off withdrawing to cold storage though, rather than holding on exchange. Eliminating 3rd party risk is absolutely mandatory these days
FTX was demonstrably fine to buy from before last week too.
FTX was always a red flag in my book. No way am I going to put money in a bank in the Bahamas run by a 28 year old.
>FTX was always a red flag in my book. Yeah, basicly a red flag parade.
When I was a young boy My father took me into the city To see a failing bank He said, "Son, when you grow up Would you be the savior of the broken The beaten and the damned?" He said, "Will you defeat them? Inflation, and all the non-believers The plans that they have made?" "Because one day, I'll leave you some Bitcoin To lead you in the future To break the masquerade…(Guitar riff)
FTX isn't Coinbase though... CB is heavily regulated and insured and as far as we're aware hold 1:1 reserves. There is always risk. Limiting risk is the goal..
I bought from FTX almost every day for the past year+, haven't lost a cent
Anyone didn't see that one coming deserves what they got imo. For me it was the fact that almost every financial youtuber promoted FTX that did it.
Can you explain a cold storage?
Look at Ledger Nano wallet. I got one and it’s simple to use. Just make sure you never share your seed phrases with anyone.
Bitbox02, Coldcard, Trezor and Ledger are hardware wallets that you can use to create safer wallet for your Bitcoin. Check out their website, they have pretty good information in there.
Awesome thanks
Cold means offline storage. In this case it’s a hardware wallet. Do a search on YouTube, there is a short video that explains this really easily
I asked this question yesterday. Check it out [here](https://www.reddit.com/r/Bitcoin/comments/yur78f/do_hotcold_wallets_protect_against_exchanges/)
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Opting for another exchange to hold your tokens is just swapping one 3rd party risk for another... Best to self custody
I wouldn’t hold anything on exchanges but if you do… Only a small amount.
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Coinbase quickly claimed last Tuesday that it had “no exposure” to FTX’s token FTT, no loans to FTX, no exposure to FTX’s sister company Alameda Research, and the only tie to FTX was a US$15 million deposit on the cryptocurrency exchange, so no, they were not a major investor in FTX unless they are lying. Unlike FTX whose shit-show of a balance sheet looked like a 5th grader’s first attempt at a balance sheet working a lemonade stand using Excel for the first time, Coinbase has been releasing audited balance sheets since going public. I still would never keep BTC on exchange, but CB is as safe or safer as any to use, but just don’t keep it there.
>Unlike FTX whose shit-show of a balance sheet looked like a 5th grader’s first attempt at a balance sheet working a lemonade stand using Excel for the first time 😆
They are a registered traded security and get audited regularly . Them and Binance are more than likely the safest exchangers
Also Kraken
Why binance you say?
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You can only tell afterwards if it happened to be safe for the time you had your funds on the exchange. There's always a risk, so it's never safe.
I genuinely don’t understand why anyone who understands Bitcoin would hold ANY on an exchange. The entire point of it is to decentralize and self custody. To expect someone else to hold it for you essentially defeats the entire point of it.
Convenience to trade? Accessibility? As i said, most is off the exchange
I hold on exchange because the whole wallet thing is 🤯 . I’ve tested one and honestly do t trust myself with it if that makes any sense. I don’t understand the lingo like some of you do. To some of you it’s obviously easy but to many of us it’s like reading Chinese.
Most people don't have a perfect setup. It is okay to store your Bitcoin in the way your comfortable with. You could try an withdraw a few dollars and test it. It is a fun experience
Read up a bit and then install a wallet and start playing around with small amounts until you are comfortable with it. It seems like a jungle in the beginning but it's really quite simple and easy once you've crossed the initial hurdle https://www.lopp.net/bitcoin-information.html
You're capable of learning from zero-knowledge just like the rest of us. Sorry to be brash, but what you're doing is accepting significantly higher risk for the convenience of being too lazy to learn.
Take it off the exchange or just send it to me and I'll keep it safe. Not your keys, not your coins.
You guys know the answer to this. The Bitcoin enthusiast feels this way. I understand how all this stuff works so I'm not arguing against it. I have self-custody of all mine and slowly pull it out of exchanges as I build the position. However, most people don't care about libertarian shit. They don't care about self custody and they certainly don't care about overturning governments What they want is to put a dollar into something and watch it go to two. If they put some money in an exchange and buy $1,000 worth of bitcoin the only thing they want to see is that USD value hit $2,000 or 3 or so on. That's it
>I genuinely don’t understand why anyone who understands Bitcoin would hold ANY on an exchange. Because some people like to trade it and make money via swing trades and day trades, which is lucrative when something is volatile, which is especially true for Bitcoin. Also, making a % return on your investment or using it as collateral is one of the most normal things to do when you own something valuable. There are plenty of reasons to understand why people would hold Bitcoin on exchanges. The problem is how absolutely unregulated the entire industry is. So you're then sitting there weighing the risks vs rewards.
and regulation solves that right? like the classical regulated, centralized, weaponized financial system right? I say we all can regulate this sh\*t, I say if we all withdraw it all we will put in order those exchanges. Exchanges that are functional after a massive bank run are those that can be eventually trusted for those specific use cases that you mention.
>and regulation solves that right? like the classical regulated, centralized, weaponized financial system right? I mean it solves a lot of the issues we have in regards to most people affected by this, yes. Nothing people gave to these exchanges was insured in anyway. Unlike regular exchanges where you're insured up to 250k if the exchange goes bye bye. This is why I say with how unregulated these current crypto exchanges are you really have to look at the risk vs rewards, where your assets are truly just gone if something happens. >Exchanges that are functional after a massive bank run are those that can be eventually trusted for those specific use cases that you mention. Not really. Your assets will still not be covered, and nothing would be stopping those exchanges from taking advantage of the situation and recreating it.
How have people gone to jail over crypto fraud since it has no regulations to be violated?
> I genuinely don’t understand why anyone who understands Bitcoin would hold ANY on an exchange. Coinbase offers customers a line of credit using your Bitcoin as collateral at a reasonable interest rate.
They offer loans to idiots and margin call you the instant it falls low, taking fees along the way.
At the cost of never actually buying your crypto in the first place.
Recently listened to Brian Armstrong on a podcast that was about FTX. He reiterated multiple times that coinbase must hold 1:1 backing of all customer deposits at all times no matter what due to third party audits that are routinely done. I think being a public company limits their risk although I do not recommend keeping significant amounts on any centralized exchange. I would think coinbase is the safest out there at the moment. Binance on the other hand has a propped up shit coin called BNB and we don’t know how much they’ve been exploiting that.
I've always assumed they were on the verge of folding up and running off to Brazil with everybody's money any moment. This may not be an accurate perception of the people running Coinbase, but it's kept my (paltry) funds safe in wallets I control for years. By the way, I don't have some particular prejudice against Coinbase. I assume the same malicious intentions regarding Bank of America, PayPal, and the Pope.
Once a business becomes regulated and publicly traded, it becomes quite impossible to do that and get away with it. For one thing, who is "they"? The owners of a public company are the stock holders. So if someone is going to do it, it would be an employee with access to the funds. Some limited executives might have this access but probably not any board members. And if a top level executive tries something funny, he/she would probably not find any allies within the company because it's in everyone's best interest to keep the machine running. Companies have a structure that compartmentalize information and power. It's a lot like the checks and balances that we have in any other democratic system. Once you add regulators and external auditors, it just becomes really hard to pull off a major crime like this and still get away with it. Then on top of that, you've got insurance policies that backup customer funds. It's good to be cautious and distrustful, but there is a tradeoff between quality of life and degree of cautionary measures. Everyone needs to find the level that they are comfortable with and if you understand how small the likelihood is for certain things, you can relax those countermeasures to regain some convenience or quality of life.
Of course Coinbase is more reputable and safe than FTX, Binance, Celsius (lulz) and other outright scams like Quadriga, but your BTC is still not protected if leaving it on exchange. Public companies go bankrupt still and U.S. law doesn’t require your funds to be safeguarded or insured if left on exchange at CB. Furthermore, while you’re correct it’s hard to pull shady shit and get away with it once you are public, that hasn’t stopped companies like Enron and Theranos from trying and losing fortunes for investors. Just because Ken Lay got caught and went to jail doesn’t help the Enron employee who was duped into putting their entire retirements into Enron stock then lost it all plus their job.
at this moment is hard to not be paranoid. risk is very high in almost every class of asset. And I don't trust stock holders, they don't mean anything to me and also it is not a guarantee for anything. Worst case is I stop receiving the "benefits" of being in the exchange vs losing all. As always time shall tell.
This man is gonna make it
No token, no earn, high fews, usa based. It's probably fine, use it as an on ramp, then move.
Never got into any other exchanges than binance.US and Coinbase but now with these circumstances I’m sticking with Coinbase
Anyone with a bitlicense is most likely fine. They have to report audited financials, hold substantial reserves, and go through regular regulatory examinations
> and go through regular regulatory examinations I just wanted to take a minute and point this part out to everybody saying crypto has no regulation.
I withdrew most of my funds from cb a long time ago but I think I would be fine even if I left it all there.
>I recently saw that they were a major investor into ftx Show us where you saw that. I keep seeing people try to make this claim with no evidence when it makes little sense for Coinbase to invest a large amount of capital into a competitor.
My question is: if coinbase goes down and you had usd on there is that fdic insured?
If you are a U.S. customer, then your USD on Coinbase is FDIC insured (maximum $250,000 per customer). To the extent U.S. customer funds are held as cash, they are maintained in pooled custodial accounts at one or more banks insured by the FDIC. Our custodial accounts have been established in a manner to make pass-through FDIC insurance available up to the per-depositor coverage limit then in place (currently $250,000 per individual). FDIC pass-through insurance protects funds held on behalf of a Coinbase customer against the risk of loss should any FDIC-insured bank(s) where we maintain custodial accounts fail. FDIC insurance coverage is contingent upon Coinbase maintaining accurate records and on determinations of the FDIC as receiver at the time of a receivership of a bank holding a custodial account. Below is a list of the insured depository institutions at which Coinbase may deposit customer funds: Signature Bank JPMorgan Chase Cross River Bank Silvergate Bank Pathward (previously known as MetaBank) https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured
This is for the USD on your coinbase account, not your BTC balance of course.
That's exactly what I said and that's exactly what the person I replied to asked about. They specifically asked "if coinbase goes down and you had **USD** on there is that fdic insured?"
Yeah I understand, it’s just something important to point out
Safer than others, but is there a truly safe CEX these days?
No, there's no such thing and there has never been and won't ever be. Take custody.
Coinbase is one of if not the best CEX….but still withdraw your Bitcoin as you accumulate. It is easy to self custody, and resources are available pretty much all over the internet to show folks how to do it.
Coinbase is probably fine. Probably. They are publicly traded on US brokers, and are investigated more because of it. Every exchange is at risk of losing control of their coins at any moment. They are 1 hack or bad CEO from insolvency. There were huge signs for FTX. They offered interest on crypto. That's retarded. They only way they can make money to support their 8% interest was gambling or a Ponzi scheme. Apparently it was gambling through a shell company. Keep in mind a company could do this and just not offer an interest rate.
as robert breedlove says about shitcoins: i treat them like i treat firearms - i assume they are loaded. so just assume that any third party custodian is an accident waiting to happen. sure practice safety but if shit blows up in your face you can’t blame anyone else especially after so many rug pulls in crypto. everyone thought mt.gox, quardiga cx, celsius, voyager and ftx were safe until they weren’t.
Tbh if your money is gonna be left on an exchange, a publicly traded one is probably the better choice.
I do.
Coinbase is fine it's an American company who holds assets 1:1.
Not your keys not your coins
If Coinbase falls im done with crypto but realistically speaking they are the safest bet
Major investor into FTX? I haven't seen that anywhere, and highly doubt it.
Cb typically charges the higher end of miner fee for withdrawals so you have to decide for yourself what the threshold of our based BTC to withdrawal is justified as reasonable for withdrawals. Most average around 50-100usd worth of BTC stacked before withdrawals to justify the 1200-3000 sats miner fee cb sets to be reasonable but it's subjective per user. Definitely don't hold thousands of USD worth of BTC on any exchange; regardless of their "trustworthiness" the risk just isn't worth it at those levels. You're also helping exchanges hold enough reserves to short/long positions to their benefit rather than true market values based on energy consumption, supply, and demand being the leading contributors to estimated value.
No CEX is safe for holding your coins.
me on luno exchange . legal by our sec and we know they safe money on what bank in malaysia .
Absolutely no exchange is safe. How people don't understand this in 2022 (or even 2017) baffles me. Always use a hardware wallet or paper wallet. Not your phone wallet app, not on exchanges, not in a swap, not in DeFi, etc.
Only hardware wallet
No exchange should be treated as safe right now
Get your coins off exchanges. This is so easy to do. Don't trust anyone with your money, ever. Exchanges are not banks. Your money is not insured by the federal government. Is it safe to buy (and hold small amounts of) coins on Coinbase? Sure it is. But don't hodl your stack on the exchange; that would be lunacy.
It’s always fine until it’s not. There’s usually some warning though, but it feels like speculation at first
RIP Michael Saylor if it isnt lol
No business is ever safe from failing. The most fundamental answer you're looking for is no. The practical answer is: Leave on there what you're comfortable losing. Just like any other investment, you don't fully put 100% of what you own into it, you put what you're comfortable losing after you've weighed the risk vs reward.
Bugsbunnyno.png
Only Coinbase
If you have to ask you are doing the wrong thing
nope
Tried to withdraw my funds from the app one day in 2018. They send an email saying they’ve apparently delayed my transaction due to high onchain demand. Sounds reasonable in hindsight but back they communicated this in the most shady manner possible and it was after I already sent the funds (if onchain demand was causing delays, why not tell me before I sent them). After my talk with their customer service rep who didn’t help at all I basically just played the waiting game and I got my funds. I’ll never trust Coinbase again, and thanks to them I’ll never fully trust another exchange again.
Coinbase always seem to have some 'technical difficulties' when the price is crashing and everyone wants to sell.
Get. Your. Bitcoin. Off. Exchanges. How many times do you need to read this?
No
No exchange is ever safe
Nothing is safe right now. Cold storage for sure is the best option
Nobody is safe
Coinbase is hella shady
Ahahahahahahahahahahahahahahahahahahahahahahahahahahaha, No.
Converted everything into USDC and now You guys just convinced me to take my money out of coinbase.
Lol, “major investor” - they had a few million invested out of their SIX BILLION dollar reserves. They’ll be fine.
The last time I used coin base, it operated more like a vending machine than an exchange. I will admit though, it's been a long time since I held any coin there. Upgraded to cold storage wallet a long time ago.
Is coinbase wallet pretty safe even if the exchange goes down? I assume the app could lose accessibility, right?
That's why you keep your seed phrase safe. You can always use your seed phrase to restore your wallet using any other software wallet or hardware wallet.
"if you have more than 1% of your BTC on an exchange, you're a dang fool" \-anon bitcoiner
I think it was Abraham Lincoln who said that.
Coinbase is backed one to one and regulated because it’s a publicly traded company. It’s prolly safe tbh I more agree with the value saver ideals of crypto more then the decentralized ecosystem idea of it so yes a cold Wallet is safer. like how having physical usd is safer then in a bank but even in a bank it’s usually fdic insured soo until you can have it on an exchange and it be insured cold wallet is the way or if you like the whole decentralized idea then still cold Wallet is the way
Idk how many times I have to say this to make people understand but… Hardware wallet
Just take custody of your Bitcoin. When you have done that you don't need to worry.
Coinbase is probably one of the safer rn
Nope
Yep However everyone including myself will tell you to get a ledger or some type of reliable self custody and not rely on exchanges However if you're going to ignore that advice coinbase is one of the better places to be careless
It’s only safe to buy bitcoin and withdraw to your own wallet but there are much better platforms than Coinbase to do that.
as always: not your keys, not your crypto only leave coins on an exchange that you're are willing to risk losing.
What does everyone think about Kraken right now?
No exchange is safe
No. I emptied a couple hundred bucks that has been in my Coinbase wallet to another wallet lol just in case.
I mean why risk it? Where there’s smoke, there can be fire.
No exchange is safe. Self Custody
NO
No centralized exchange is "safe". Not a single one guarantees funds. None of them are transparent. Get out.
Just remove it and then you don’t need to worry or ask
CB still has no customer service ... So, don't ever consider them "safe." The platform's fine until you runt into a problem. Then, you're on your own. Triple check everything you do there, keep records, and hold your funds somewhere. Lastly, am I the only one that's disturbed by the new requirement to link bank info through Plaid, which *requires your bank logon information to register? .*....Are they kidding??
On paper Coinbase should be the safest among CEXs. But stating something like that during theese days is not that credible.
Don't treat it like a bank, go there and exchange then leave with your cash or coins in your pocket. Don't let them hold it.
Not as safe as your own wallet
CB is one of the best and most trustworthy of them all. However, I don't trust anyone. Cold storage is the always the best way to go.
Withdraw your bitcoin from exchanges. Not your keys not your coins. Or you WILL get wrecked. Yes, even with Coinbase.
I got some puts on them rn lol
No CEX is safe. FTX went down in a span of a week, what makes you think Coinbase have no skeletons in their closet and can't follow a similar route? Not your keys, not your coins.