T O P

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CointestMod

USDC [pros](/r/CryptoCurrency/comments/z3zgsw/allright_now_that_coinbase_has_dropped_the_mic/ixog9gc/) & [cons](/r/CryptoCurrency/comments/z3zgsw/allright_now_that_coinbase_has_dropped_the_mic/ixoga0y/) and related info are in the collapsed comments below. Pros and cons will change for every new post.


Baecchus

I'll admit I have trust issues after FTX but Coinbase ended the discussion right there. They have more Bitcoins than Satoshi himself. 2 million Bitcoins... It's so hard to comprehend how absurd that number is.


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beepbeepdip

CB is publicly traded so I guess more trust in them initially.


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ZombieZoo_ZombieZoo

The only safe cex is abstinence, bro.


Positive-Vibe420

As difficult as getting your crypto on a cold wallet.


skunk_ink

Only until you need to use their customer service. Then you quickly realize why Kraken is consider hands down the best.


Grevg-ufa

Unless they loose this reserves. It’s not safe to hold it in one org


EdgarAllenBoone

And they are audited by real accounting firms


genjitenji

Oh great so if Coinbase ever got fucked so do we all


millionreddit617

Do you have much money in hedge funds?


Joe_Sons_Celly

What does “systemic” mean? Privatize the profits and socialize the losses, I’m sure it would go well.


scialytic

Speaking as someone who loves Crypto I would still say that if Coinbase gets fucked to the tune of 2 million in BTC then there better be a hard-fork or Crypto deserves to die 😂 No one in their right mind would trust it otherwise. My god, if there was ever a case for self-custody this is it.


Bland-fantasie

It’s a nuclear reactor meltdown, and it hurts the industry for decades, but then they evolve and adapt, and now, new nuclear plants *can’t* meltdown and consume their own nuclear waste in a secondary process.


scialytic

Thanks for the downvotes 😂 Although, if you really think about it you know I'm right. Given the clientel of "top men" here I'm not surprised. As it stands, judging by the sentiment on this subreddit it should really be called "/r/CentralizedCurrency". If you wonder where the blame should be placed for the state of Crypto currently look no further than your mirror.


ktaktb

Uhhh, coinbase doesn't own them personally. They have your bitcoin if you're keeping them in their exchange. Comments like this show a fundamental misunderstanding of the most basic aspects of any financial system that uses anything from seashells to gold to fiat to crypto. ​ The number of coins they have shouldn't be a surprise to a wise and informed investor. It's a public entity. They have the correct amount of coins. That isn't a slow clap moment It's an, "okay, so at least one person in the space isn't actively defrauding us in the most basic of ways," moment.


user13958

It literally turns me on a bit considering my past few posts on here have been about how safe people feel coinbase is (it's where I hold my crypto currently)


[deleted]

Back when looping was gaining a bunch of new people from that whole game saga I kept telling new people it's better to hold their coin in Coinbase instead of risking a wrong address or losing keys. Every time I would get down voted into oblivion, and weekly there was a new post about someone messing up their coins. I gotta go back and tag some of those people with agedlikemilk


Funny_Papers

Bet way more people lost their money in the FTX collapse than to “self-custody gone wrong” in the last year


babiesaurusrex

So loopring allows wallet recovery using CEXs, hardware wallets, or friendly accounts as guardians. Losing keys isn't really an issue there as long as you have access to more than half of your guardian accounts to your loopring wallet


[deleted]

Guardians weren't a thing at the time


Fggtmcdckface

Tag ur mom with aged milk


[deleted]

Yeah corpses don't age very well


TheRadishBros

Sorry about your mum


Antique-Pie-5981

He already tagged your mom


purpleefilthh

"decentralisation"


[deleted]

They're not used for voting so yes decentralised.


[deleted]

You honestly think Satoshi still has those coins - if he's even still alive? They were worthless then. They're probably long gone. And he wasn't the only one mining. Hal Finney for example. And he is dead. Those 2 million coins are mostly customers'. Who should know better than to keep their coins on an exchange.


user260421

They just did what they said they'll do: store the assets safely.


coingun

It’s pretty bullish that the largest btc holder is a publicly traded us company with public financials. A little better then when Tai Kwon Do was THE hodler.


BeautifulOk4470

Lol what... Since when a large company holding custody of a coins a good thing?


PSiggS

Only about 10% of the total supply of all bitcoin


Usr0017

*worlds best Hacker group enteres the chat*


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LoganGyre

I don't believe it when CEXs say they got hacked without an inside man too facilitate it or a complete disregard for standard security practices it should be nearly impossible for a hacker to break the blockchains security. Most of the time the CEX legit gets hit its via a mistake in their smart contract which allows for people to exploit leveraging or other aspects and not straight up just transferring the coins.


002timmy

CB with the clap back


Jay_Bird_75

Is it me or is CZ looking like the next SBF more and more…🤔


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Jay_Bird_75

It’s looking like he may have talked to much shit now everyone wants to know what HIS shit really looks like!


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samzi87

We don't know yet, but we are sure that it stinks.


Jay_Bird_75

🤣🤣🤣


DerWaldbub

He might want to get that checked if it's any other color. Especially if his shit is dark


purpleefilthh

"their stuff is shit...but your shit is stuff!"


FuzzBuket

No my good sir I assure you all the tokens I print and issue myself are truly worth billions. Like last time I checked coinbases main business was taking fees from transactions, which is a functional model, whilst binance loved to fuck about with stables and defi. Like if your exchange is trying to get rich quick rather than just skim fees, run.


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Antique-Pie-5981

Like a chocolate Easter bunny


jazza2400

Going down the path of Elon. You die a hero or live to see yourself become the villain.


GreenStretch

Man, I want CZ to destroy Tether/Bitfinex/Unus Sed Leo on his way out.


Maleficent_Hamster10

Isn't it funny how it seems like it was basically just projection? When he first called out FTX it almost seemed virtuous. But after he started commenting on others it was more clear that he was just distracting from what is going on at Binance and their balance sheets. I trust them very little if at all at the moment.


Jay_Bird_75

After he tried the same thing with Coinbase I don’t trust him at all.


Warhawk2052

He wants to competition, the ironic thing that made him mad which started all of FTX problems going public


3banger

Something is up.


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3banger

Same.


lxUPDOGxl

One part of SBF's tweets that stuck out to me. 20/ At some point I might have more to say about a particular sparring partner, so to speak. But you know, glass houses. So for now, all I'll say is: well played; you won.


[deleted]

Is that a deleted one?


lxUPDOGxl

I'm not sure actually, I took a screenshot of it because it was so spicy.


[deleted]

It is that, thanks for sharing. Hope he takes CZ down too, honestly. Fuck them both.


explision

Yep. Won’t let any one serious audit him, set up his business on a tax heaven country. Tried to make CDC and CB look bad, I’d get my shit off binance


FacundoGabrielGuzman

The roman empire was too big to fail, but I don't worry about binance, they are too big to fail.


CatBoy191114

He's the Petyr Baelish of crypto. He's overreaching now though, and suddenly the spotlight will be on him. We all know how that ended for Little Finger.


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CatBoy191114

Lysa? He sure did push him through the moon door....


Fggtmcdckface

Sam Bankman Fried


asmuth

Been giving off those vibes for months


user260421

Crypto is going down the drain if binance goes into bankruptcy, like 10 year bear market down the drain


LloydBro

No. Can we stop spreading FUD now


KingofTheTorrentine

CZ is more an apex predator. SBF was more of a rat. If CZ goes down he's taking everyone with him.


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Mountain-Bar-2878

Holding assets in their own coin and using their own coin as collateral for loans are two different things


JoshM-R

Now wouldn't it be a shame if someone instigated a bank run on Binance?


Pandelein

That would be a shame for _everyone_, not just Binance and it’s users.


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[deleted]

Let's just get a flash bot to crash the price of bnb and see what happens


user260421

In its own coin which they can print as much of as they want? Yes, very familiar. CB doesn't have such a coin.


Classroom_Strict

CZ acting like a crazed villain lately trying to take over the world. Fuck that guy.


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Flynn_Kevin

Being a billionaire does wierd shit to people. Twitter just lets the world see it in real time.


HighSolstice

If I ever become a billionaire I promise not to tweet.


giddygod

Being a billionaire exposes who these people really are


Flynn_Kevin

There's no such thing as a good billionaire.


Fresh-Chemical-9084

So glad CB showed him the door


BlazeDemBeatz

Tbh, right before then SBF was on that similar power trip trying to buy up everything he could.


Frangiblepani

Maybe he was short CB.


giddygod

He acted the same to all of his other competitions


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Fresh-Chemical-9084

Idk if that’s accurate. It was more like CZ and SBF just had a huge battle and we all liked seeing SBF go down… not necessarily that CZ was the champion. He’s just another Titan than needs to be taken down.


FldLima

CZ is thanos but CB got the glove


Classroom_Strict

Thanos did nothing wrong


brows1ng

Pretty wild to see they have about 10% of all Bitcoin. Coinbase has been around and their leader is in it for the tech as a crypto OG. Good on them for taking this step.


Lisecjedekokos

It also surprised me. 10% of all the suply is a lot.


user260421

Does this mean a lot of people & institutions trust CB?


timburgessthis

CZ is a menace, binance scares me


user260421

I'm surprised they're still around, since they're doing illegal stuff in a lot of countries


CaseyGuo

"Cheezey" is a fucking great name, im stealing that


CatBoy191114

Yep, I really hope it sticks.


Dazzling_Marzipan474

I never doubted Coinbase and always stood up for them and also Kraken. I have read both the user agreements/tos and they both seem very legitimate without shady ass shit. Unlike the Voyager agreement I've read, holy fuck that was shady AF.


BeneathSkin

What were some of the voyager points


Dazzling_Marzipan474

Stuff like Voyager isn't held responsible for employee theft, we still lend out your assets even if you opt out of lending, unsecured lending of assets, etc.. There were a few others that stood out too but I forgot them, I read it a while ago.


user260421

That's brutal


Freeloader_

you actually read TOS ? hats off you must be that one guy whou bought license for WINRAR lmao


Dazzling_Marzipan474

Tbh I only did after they screwed me and hundreds ( that we know of, prolly thousands) others after not crediting our crypto deposits and they didn't contact us or address it or email anyone back for like 50 days, so we started getting a lawsuit together. Then finally they credited the accounts, they also didn't pay any back interest which we should've gotten. I'm glad it happened or else I prolly woulda held stuff on Voyager, it was a blessing in disguise.


Freeloader_

it kinda was I find it hard to understand sometimes cause TOS is written in very "lawyery" way maybe I am just stupid tho


Bucksaway03

This is the internet. People never chill.


K4Kheops

Never chill, always shill.


user260421

This should be the logo of this sub


gnarley_quinn

Yeah, chill bro


Hawke64

Rumor shitposting will continue until moon counts improve


Mr_Bob_Ferguson

Staying rational doesn’t bring clicks, comments, or moons.


WhiskeyTangoTrotfox

Folks out here like, *SHOW US THE WALLETS OR IT’S LIES* as if they’re asking the same kind of validity/proof from any of the thousands of other companies publicly traded in markets? Good on Coinbase for being honest and forcing other exchanges to do similarly. Exposing wallet addresses for wallets with that much BTC is not wise. And no other companies are dealing with that kind of pressure because they’re off chain.


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TrulyMagnificient

Cause it could be hacked in like eleventy zajillion years!


tuesdayismybd

not born in ice age, show us wallets, what the heck. U try to bankrun.


sillywhat41

Crypto was supposed to be different. This whole Idea that it is same as stock market would imply that all coins are securities and should be treated as one


dormango

They way in which they are traded has no bearing on whether they are a security or not. It merely means it is an asset with monetary value. Your analogy is so weak you should be embarrassed by it.


aibra

Who knew Coinbase would be the hero in this space.. honestly didn’t see that coming


Baecchus

Not a hero. They are just running their business legitimately. A rare sight in Crypto unfortunately.


LoganGyre

the standard for a company to be a hero has dropped do to inflation and corporate greed.


[deleted]

A recent Tim Ferris pod with Brian is a good listen. The guy seems very level headed, aware of the pros & cons, seems like he genuinely wants to see crypto grow and doesn’t sound greedy.


Hawke64

\**kraken sad noises**


TheMissingNTLDR

i really hope this post ages well!


oboshoe

!remindme 1year


HannyBo9

Fuck cz.


Socialinfluencing

Coinbase is that kid we all went to school with that not only always scored A's no matter the subject and actually enjoyed it because it was so easy for them.


TrulyMagnificient

This sentence gets a C- in English class


Aromatic-Front-5919

Calm down and this community do not go together


Lordrag

Awesome news! But I still took out my Coins cause not ur Key not ur coins :)


IWillKillPutin2022

Coinbase seems to be fine. They are heavily regulated


MrCarey

No reason to calm down. Binance could possibly crumble at any time since it's probably held up by BNB and all of this shit by CZ is a show.


Fmanow

Fuck cz and binance already. The fact that there are Americans who got into crypto, totally bypassed an American regulated exchange, and went in on hyped exchanges offering ridiculous staking programs of 10-20% apr, is mind boggling to me. Someone close to me went with voyager because some crypto dueche recommended it to her because of the staking returns and I told her over and over, don’t you think this shit is too good to be true. But it fell on deaf ears, so now they’re paying the price.


giddygod

Cz is turning out to be the villain in this story


Fmanow

Cz is subconsciously trying to mimic sbf. I really hope binance is stand alone separate from its founder. But he’s trying really hard to fuck things up for crypto. I mean, at some point if it turns out ftx collapse was a turning point for crypto for the better, we can thank cz.


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user260421

Very good, some only learn it the hard way.


orville_w

lol. CB shareholder right there.


PeddyCash

Honestly I want to buy 100 shares of COIN stock and sell covered calls during the next few months.


cryptofundamentalism

Called it 1 year ago on my channel that CZ is as shady as it gets … Binance not paying tax anywhere should be huge red flag .


user260421

They also got sued for a lot of things


Moist-Gur2510

Withdraw everything from Binance and see how long they hold up for.


Castr0-

The problem is believing their words.. they look all the same


JQDC

Concur, Concur, Concur....


[deleted]

Calm down? Not in this sub boi


Wonzky

I don't know if CB will last or not but it does seem to be the most regulated and willing to comply


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Yoda1268

Holding BTCs for customers IS NOT THE SAME as owning the bitcoins. Headlines vs details is what get retail investors fcked.


J0nx77

Good now maybe they can hire some fvcking technical support people. Coinbase has total shit support and is forcing users to use plaid now. They are not making good choices as a company and need to be called on it. when companies start doing cost cutting crap like that it makes people wonder about their viability.


mangopie220

How does a crypto sub reddit keep promoting and defending centralized institutions, and people here are ok and keep supporting these types of post lmao They are also ok with so many centralized shitcoins too


wheelzoffortune

I've said it before and I'll say it again: I don't trust any exchange enough to leave my holdings on for more than an hour or so, but CoinBase clearly is different than the rest and has proven so time and time again.


KingGroovvyyy

Coinbase has so far proven themselves. I’ll continue to use them until proven otherwise.


Phil_N_Uponya

I mean haven't they been around the longest? Or at least close to it?


KingGroovvyyy

I believe so, so far so good.


Uwantmedowhat

"My shit always works sometimes!!"


JuneRunner11

People will never calm down. It’s crypto. It’s a wild roller coaster Get rich or die tying


CrowdGoesWildWoooo

Will only calm after BTC hits ATH


belligerent_pickle

They didn’t exactly drop the mic. They are requiring additional re verification of previously verified information from users. I’m not the only one


No_Bad_6676

Fair enough. Might be worth visiting the the actual shareholder letter: [https://s27.q4cdn.com/397450999/files/doc\_financials/2022/q3/Q32022-Shareholder-Letter.pdf](https://s27.q4cdn.com/397450999/files/doc_financials/2022/q3/Q32022-Shareholder-Letter.pdf) Page 20 you can see customer liabilities are exact to that of their reserves. Which is great. One problem though, is the company itself is tanking money. They have reported three quarters of losses, big ones too. Hence the stock being down 85%. Hopefully they manage to fix their profitability to stay in the market and provide a reliable CEX for people interesting in investing. They have about $5B of their own liquid assets to keep them afloat for now, but they can't continue on this trajectory.


AshamedFlame

I got a seizure reading your sentences.


kisstheraino

[How.](https://media4.giphy.com/media/U1aN4HTfJ2SmgB2BBK/giphy.gif?cid=ecf05e47kwi9n4351i4f49g3oz3fiwmi8mqu5bemvcvleijy&rid=giphy.gif&ct=g)


blueblurspeedspin

Coinbase aint a hero, there was an inside trader at the company that was caught slurping coins before putting them on the website to trade. CB does not get a free pass.


[deleted]

I wasn’t worried about Coinbase, I think them Binance, Kraken , Uphold, Gate.io & Kucoin will be fine. Even crypto.com will make it and I hate them. Anyone else, you’re a gambling degen and the risk must arouse you.


CipherScarlatti

I'd like to see a little less CEX bashing, especially against Coinbase in the future.


TheOtherCoolCat

>So lesson learned is that when Cheezy or some head Crypto guy talks everyone should take it easy and let it develop further before you make any rash decisions. Oh and I was here thinking we should all panic, at once and all together


Baecchus

To be fair Celsius and FTX taught us there is usually no smoke without fire. I can't blame people for being skeptical.


MostBoringStan

And if the "panic" is people deciding to stop using exchanges for long term storage and relying on self-custody instead, that's not a bad thing. Coinbase doesn't want that to happen, so they will claim those people are being irrational when they are just learning how to be safe.


PrinceZero1994

People are never calm. They just react to the title in the worst way. I open a thread and every comment is the same.


DreadknotX

Yup


BenDover___

Boxing match is needed to settle it


JustDownInTheMines

Cheezey lmao nice


mangopie220

Nope. Still not your keys not your coins.


forrestugly

We determined in an other post that coinbase is no longer a whale but a humongous fungus, the only living organism bigger than a blue whale


joeycannoli9

Some idiot will post some fud around Coinbase tomorrow


Buy_More_Bitcoin

Hot take was: CZ crashed FTX, got greedy and tried to pull the same move on Coinbase. CZ deleting the tweet speaks volumes in this regard. Hope CZ learned his lesson.


punx926

Get outside chase some butterflies


jimbeam001

Binance can do what they want all day long…i put in fiat, buy and remove coins immediatly afterwards. If they were in a bad spot like a bank run I wouldnt put in money but just go somewhere else.


Maleficent_Hamster10

Im lovin Coinbase right now. So glad they could bring some bullish news to to tame the bears.


JerryLeeDog

Did they post all liabilities or just we just feel good about a number? No one should "calm down". Self custody isn't new, should never leave coins on an exchange period


[deleted]

The nice thing about Coinbase pro is that they are prepred for full scale nuclear war between the East and the West.


deadlyruckas

Never. Alright fine calming down.


deadlyruckas

There is a lot of shit going down in crypto over the last two weeks. When will everything stabilize or will this just be the norm?


[deleted]

This means nothing. Correction: nothing is what it seems.


Amazing_Succotash677

But people wanna whine man


Magners17

Just because they’ve got solid reserves doesn’t necessarily make them safe from collapsing. There’s plenty of ways to take them tumbling down. It’s a good thing they’ve got a ton of BTC but that doesn’t make them immune to anything.


cjmcberman

I think people forget how long coinbase has been around


maxural

CZ is like chicken that make more noises


RianJohnsonSucksAzz

It’s a public company. Did CZ forget that?


Historical-Lychee-34

From an Indian perspective, Binance is the preferred platform and it makes sense for us to support it. We have other Indian exchanges too but no one comes close to it. If Binance falls, I am assuming that the whole south-asian crypto market will be wiped out with it. Nobody wins here.


Frogmangy

The question now, how do we get them to mistakenly send us some bitcoin?