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Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds

 
Lady Jane SmithModerator
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05/11/2022 03:39 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
4 hour, daily and weekly charts are all fugly.
Fate whispers to the warrior

"You cannot withstand the storm"

the warrior whispers back

"I am the storm"

INTJ-A

Killer Bunny
Anonymous Coward
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05/11/2022 03:42 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
we are literally watching EVERYTHING MELT in real time. There is no doubt people contemplating suicide as we read this.

This is bridge jumping territory. And, NONE of these coins will make it back.

There is something more going on behind the scenes that we arnt seeing.
Anonymous Coward
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05/11/2022 03:43 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
HODL
T-Man
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05/11/2022 03:55 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
we are literally watching EVERYTHING MELT in real time. There is no doubt people contemplating suicide as we read this.

This is bridge jumping territory. And, NONE of these coins will make it back.

There is something more going on behind the scenes that we arnt seeing.
 Quoting: Anonymous Coward 80217191


and here i am thinking.. if XRP goes to 20 cents. and i 10X it... i will get 100% profit for every 2 cents it goes back up.

jay

why didnt i just do this all the way down?
meh im a newb
Avenger1

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05/11/2022 03:56 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
More critical support levels breached today.

Capitulation on the horizon. ?
"Who looks outside, dreams; who looks inside, awakes"

"When the student is ready, the teacher will appear"
Venittempus777
User ID: 80618083
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05/11/2022 03:57 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Okay, y'all, if you have any measurable amount of crypto, keep it on your nano ledger when you are not trading.

If CB goes tits up, you can still onroad through Bittrex. They are a British company, and you will have to use a non US proxy. Oh, and if you do that, keep your mouth shut about the entire matter.

Anyone sophisticated enough to trade crypto should be able the handle a nano ledger and a proxy.

Bitty is about to enter her bear cycle. How low will she go? Who knows, but right now, I would not invest. Swing trade, day trade, scalp? Sure. Invest? No. <------ JMO, not trading advice.

Another approach, once you think Bitty has hit bottom, is to buy into Greyscale Bitcoin Trust. Just watch out for Greyscale, as they will trade often at a premium to the actual BTC price. That is not the case at the moment, but mostly happens during the FOMO frenzies. Think of it as how the premium over spot is very high on PMs when demand is high.
 Quoting: Lady Jane Smith


With this in mind, would it be best for those of us with small fry in the game to.just sit tight? And then buy the dips?

I've not got much skin in the game, around 1k total, and it would be mostly eaten up by fees if I try to move it out to my cold wallet right now....so I'm screwed atm with this prospect...well i only have like 100 in coin base so better than some there.

Anyway my main question is, and not asking for financial advice per se but merely useful suggestions, is this a time to sit back and hodl and buy the dip or should I be stacking my coins in my wallet and then wait to see which exchange comes out swinging?

And I do apologize for all the n00b tard questions I'm not yet a well versed crypto f a g...still just a baby crypto tard.
 Quoting: Venittempus777


If you have only $1K in the game, and do not need that for grocery money, then you could HODL. $1K is a lot for some people, not much for others.
 Quoting: Lady Jane Smith


I'll just hodl tight then. I might move my pittance from coinbase to my wallet, but I'll let the rest ride this out and take advantage of what I can with the dips! Thank you for the advice LadyJane
Anonymous Coward
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05/11/2022 03:59 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
we are literally watching EVERYTHING MELT in real time. There is no doubt people contemplating suicide as we read this.

This is bridge jumping territory. And, NONE of these coins will make it back.

There is something more going on behind the scenes that we arnt seeing.
 Quoting: Anonymous Coward 80217191


and here i am thinking.. if XRP goes to 20 cents. and i 10X it... i will get 100% profit for every 2 cents it goes back up.

:jay:

why didnt i just do this all the way down?
meh im a newb
 Quoting: T-Man


I for one will be buying the dip on xrp...I might even buy some xlm, algo and cscxrpl etc....just fill my bags up since I'm broke anyway....at least heavy bags will make me feel.rich.... hahahha as I look at my 30 trillion dogefather tokens still sitting uselessly by :/ I think it almost has a 1 cent value still meh. Someday my ship.will come....
T-Man
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05/11/2022 04:03 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
we are literally watching EVERYTHING MELT in real time. There is no doubt people contemplating suicide as we read this.

This is bridge jumping territory. And, NONE of these coins will make it back.

There is something more going on behind the scenes that we arnt seeing.
 Quoting: Anonymous Coward 80217191


and here i am thinking.. if XRP goes to 20 cents. and i 10X it... i will get 100% profit for every 2 cents it goes back up.

jay

why didnt i just do this all the way down?
meh im a newb
 Quoting: T-Man


I for one will be buying the dip on xrp...I might even buy some xlm, algo and cscxrpl etc....just fill my bags up since I'm broke anyway....at least heavy bags will make me feel.rich.... hahahha as I look at my 30 trillion dogefather tokens still sitting uselessly by :/ I think it almost has a 1 cent value still meh. Someday my ship.will come....
 Quoting: Anonymous Coward 80618083


heck yea it will. get some XDC while youre at it. thats ultra cheap compared to xrp or xlm so might as well get some.
Anonymous Coward
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05/11/2022 04:18 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Hidden away in Coinbase Global's disappointing first-quarter earnings report—where the U.S.'s largest cryptocurrency exchange reported a quarterly loss of $430 million and a 19% drop in monthly users—is an update on the risks of using Coinbase's service that may come as a surprise to its millions of users.

In the event the crypto exchange goes bankrupt, Coinbase says, its users might lose all the cryptocurrency stored in their accounts, too.

Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.

That shouldn't happen.

An individual's ownership of cryptocurrency is supposed to be immutable and absolute; that's one of the key selling points touted by blockchain evangelists everywhere. But when a user creates a Coinbase account, they often end up storing their cryptocurrency in a wallet controlled by Coinbase, which means the individual is giving away at least part of their control over their own funds.

Access to a crypto wallet is governed by a private key, which is a long string of characters that effectively acts as a password. Without the key, the cryptocurrency in the wallet can't be accessed. On Coinbase, the exchange holds the private key and lets users access the funds within the wallet using a more conventional password. The setup makes it easier for users to enter their accounts, by remembering an easier password.

Yet it means that, when push comes to shove, Coinbase ultimately governs whether a user gets access to those assets.

In comments shared on Twitter, Coinbase CEO and founder Brian Armstrong said the exchange had "no risk of bankruptcy," and that the disclosure was made due to new rules set by the U.S. Securities and Exchange Commission regarding public companies that hold crypto assets on behalf of others.

"This disclosure makes sense in that these legal protections have not been tested in court for crypto assets specifically, and it is possible, however unlikely, that a court would decide to consider customer assets as part of the company in bankruptcy proceedings even if it harmed consumers", Armstrong tweeted, while reassuring users that "your funds are safe at Coinbase."

Bank accounts in the U.S. are protected by deposit insurance offered by the Federal Deposit Insurance Corporation. In the event a bank fails, the FDIC steps in to protect deposits up to $250,000, preventing depositors from going broke along with the bank. Crypto exchanges don't offer that same protection

less then 50% fair use act
[link to fortune.com (secure)]
 Quoting: Waffles ™




Paid for by blackrock/citadel to scare everyone into selling. Look what they did to UST. That was organized.
nimmerfall

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05/11/2022 04:18 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
In the event the crypto exchange goes bankrupt, Coinbase says, its users might lose all the cryptocurrency stored in their accounts, too.
 Quoting: Waffles ™


is the fact that your money becomes their money written into the ToS?
Piercing my heart there is a golden dagger; that is God

Piercing God's heart there is a golden needle; that is me
Anonymous Coward
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05/11/2022 04:19 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
loading up on bitcoin
 Quoting: Anonymous Coward 81770302




Not yet buddy. It's got a ways to go
Anonymous Coward
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05/11/2022 04:22 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
loading up on bitcoin
 Quoting: Anonymous Coward 81770302


Let us know how that works out.
 Quoting: Lady Jane Smith


Lol.

We will. If anyone thinks...


A. Coinbase will go bankrupt.
B. BTC and all top 50 market cap cryptocurrencies wont recover & skyrocket eventually....


....they truly arent paying attention.
MK_Oprah

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05/11/2022 04:22 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
I can't even login, oh hold with their Indian Dipshit tech support....Using Dual Athentication , DUO to no avail. They are probably draining everyones account
HomeGoy
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05/11/2022 04:26 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
This is coordinated fud. lol

When are you dummies going to learn this.

Imagine seeing 30k bitcoin and claiming it has crashed. LMFAO
Anonymous Coward
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05/11/2022 04:27 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Will we see 26 today?
Lady Jane SmithModerator
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05/11/2022 04:34 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
loading up on bitcoin
 Quoting: Anonymous Coward 81770302


Let us know how that works out.
 Quoting: Lady Jane Smith


Lol.

We will. If anyone thinks...


A. Coinbase will go bankrupt.
B. BTC and all top 50 market cap cryptocurrencies wont recover & skyrocket eventually....


....they truly arent paying attention.
 Quoting: Anonymous Coward 77994864


Key word.

We are entering the bear portion of the cycle. Question is: How low does she go, and how long does it last?
Fate whispers to the warrior

"You cannot withstand the storm"

the warrior whispers back

"I am the storm"

INTJ-A

Killer Bunny
Lady Jane SmithModerator
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05/11/2022 04:37 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Will we see 26 today?
 Quoting: Anonymous Coward 30857644


Maybe this weekend?

Weekends can be dicey.

If you are trading, keep stops in place -- especially during weekends.
Fate whispers to the warrior

"You cannot withstand the storm"

the warrior whispers back

"I am the storm"

INTJ-A

Killer Bunny
gebahie

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05/11/2022 04:40 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Crypto market right now!!!


Avenger1

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05/11/2022 04:40 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
FWIW - CEO, "We have no risk of bankruptcy."

[link to www.marketwatch.com (secure)]


"Who looks outside, dreams; who looks inside, awakes"

"When the student is ready, the teacher will appear"
T-Man
Entitled title

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Netherlands
05/11/2022 04:46 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Crypto market right now!!!



 Quoting: gebahie


at least we crypto tards knew this would/could happen at any moment.
wait for the housing market.

we will own nothing. and be happy (to be saved by the powers that took everything from us)
Anonymous Coward
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05/11/2022 04:50 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Everything deflating against physical gold.

Y'all going to be broker than broke buying 0s and 1s.
Lady Jane SmithModerator
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05/11/2022 04:55 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Solidly below $29K now.
Fate whispers to the warrior

"You cannot withstand the storm"

the warrior whispers back

"I am the storm"

INTJ-A

Killer Bunny
Project_Deimos

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05/11/2022 04:55 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Coinbase is not secure. They did nothing when I was hacked and lost $75,000. Take your money out of Coinbase. Store in a cold wallet. They will do nothing to help you.
 Quoting: BlazingBear


burnit

scream
"There are known knowns. There are things we know we know. We also know there are known unknowns. That is to say, we know there are some things we do not know. But there are also unknown unknowns, the ones we don't know we don't know."
T-Man
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05/11/2022 04:58 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds


dance
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05/11/2022 05:04 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
weirdocruisecruisewuflu
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05/11/2022 05:09 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
How could Coinbase go bankrupt with all the damn "Coinbase fees?"
BoneTrout

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05/11/2022 05:18 PM

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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
with all their fees how can they go bankrupt lol
All my post are theatrical artistic writing .
Anonymous Coward
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05/11/2022 05:18 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Zoom out on the charts.

Wow, some crash. lol

Buy the blood and the fud. Pretty simple concept.
Anonymous Coward
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Latvia
05/11/2022 05:19 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Hidden away in Coinbase Global's disappointing first-quarter earnings report—where the U.S.'s largest cryptocurrency exchange reported a quarterly loss of $430 million and a 19% drop in monthly users—is an update on the risks of using Coinbase's service that may come as a surprise to its millions of users.

In the event the crypto exchange goes bankrupt, Coinbase says, its users might lose all the cryptocurrency stored in their accounts, too.

Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.

That shouldn't happen.

An individual's ownership of cryptocurrency is supposed to be immutable and absolute; that's one of the key selling points touted by blockchain evangelists everywhere. But when a user creates a Coinbase account, they often end up storing their cryptocurrency in a wallet controlled by Coinbase, which means the individual is giving away at least part of their control over their own funds.

Access to a crypto wallet is governed by a private key, which is a long string of characters that effectively acts as a password. Without the key, the cryptocurrency in the wallet can't be accessed. On Coinbase, the exchange holds the private key and lets users access the funds within the wallet using a more conventional password. The setup makes it easier for users to enter their accounts, by remembering an easier password.

Yet it means that, when push comes to shove, Coinbase ultimately governs whether a user gets access to those assets.

In comments shared on Twitter, Coinbase CEO and founder Brian Armstrong said the exchange had "no risk of bankruptcy," and that the disclosure was made due to new rules set by the U.S. Securities and Exchange Commission regarding public companies that hold crypto assets on behalf of others.

"This disclosure makes sense in that these legal protections have not been tested in court for crypto assets specifically, and it is possible, however unlikely, that a court would decide to consider customer assets as part of the company in bankruptcy proceedings even if it harmed consumers", Armstrong tweeted, while reassuring users that "your funds are safe at Coinbase."

Bank accounts in the U.S. are protected by deposit insurance offered by the Federal Deposit Insurance Corporation. In the event a bank fails, the FDIC steps in to protect deposits up to $250,000, preventing depositors from going broke along with the bank. Crypto exchanges don't offer that same protection

less then 50% fair use act
[link to fortune.com (secure)]
 Quoting: Waffles ™

lmao
Anonymous Coward
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South Korea
05/11/2022 05:21 PM
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Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds
Hidden away in Coinbase Global's disappointing first-quarter earnings report—where the U.S.'s largest cryptocurrency exchange reported a quarterly loss of $430 million and a 19% drop in monthly users—is an update on the risks of using Coinbase's service that may come as a surprise to its millions of users.

In the event the crypto exchange goes bankrupt, Coinbase says, its users might lose all the cryptocurrency stored in their accounts, too.

Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.

That shouldn't happen.

An individual's ownership of cryptocurrency is supposed to be immutable and absolute; that's one of the key selling points touted by blockchain evangelists everywhere. But when a user creates a Coinbase account, they often end up storing their cryptocurrency in a wallet controlled by Coinbase, which means the individual is giving away at least part of their control over their own funds.

Access to a crypto wallet is governed by a private key, which is a long string of characters that effectively acts as a password. Without the key, the cryptocurrency in the wallet can't be accessed. On Coinbase, the exchange holds the private key and lets users access the funds within the wallet using a more conventional password. The setup makes it easier for users to enter their accounts, by remembering an easier password.

Yet it means that, when push comes to shove, Coinbase ultimately governs whether a user gets access to those assets.

In comments shared on Twitter, Coinbase CEO and founder Brian Armstrong said the exchange had "no risk of bankruptcy," and that the disclosure was made due to new rules set by the U.S. Securities and Exchange Commission regarding public companies that hold crypto assets on behalf of others.

"This disclosure makes sense in that these legal protections have not been tested in court for crypto assets specifically, and it is possible, however unlikely, that a court would decide to consider customer assets as part of the company in bankruptcy proceedings even if it harmed consumers", Armstrong tweeted, while reassuring users that "your funds are safe at Coinbase."

Bank accounts in the U.S. are protected by deposit insurance offered by the Federal Deposit Insurance Corporation. In the event a bank fails, the FDIC steps in to protect deposits up to $250,000, preventing depositors from going broke along with the bank. Crypto exchanges don't offer that same protection

less then 50% fair use act
[link to fortune.com (secure)]
 Quoting: Waffles ™

lmao
 Quoting: Anonymous Coward 80880041


cool2





GLP