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Do you guys assume coinbase is secure proper now?

I lately noticed that they have been a significant investor into ftx, i bought most my btc off the alternate however i nonetheless have some in it. Do you guys assume its secure being public and all?

40 thoughts on “Do you guys assume coinbase is secure proper now?”

  1. 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

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. >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.

  8. 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.

  9. 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.

  10. 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.

  11. 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

  12. 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.

  13. 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


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