Coinbase CEO Gets Patent for Bitcoin Transactions Through Email

LeGaulois

copper member

Activity: 2940

Merit: 4101

Top Crypto Casino

One of the first trading platforms I used already had a feature like this. And to tell you, that was several years ago.

There's nothing new in it, I can't even understand why it deserves a patent, or we missed something not explained in the article. But it's a bunch of crap. Also, it is said that the email will only be valid for 48 hours. If you pay someone with an email, the person has to be reactive, or else the bitcoins will be returned to you (?)(that kill the purpose of irreversible payment with BTC), so you have to start the payment again, (or else the recipient will need to contact coinbase to collect the funds?), it's not a very efficient method.

By the way, what is this blog? There's a woman in seductive positions in every article. I can pay her in BTC or? Grin

o_e_l_e_o

legendary

Activity: 2268

Merit: 18775

Quote from: alyssa85 on December 21, 2019, 08:16:06 AM

Agree. This is not revolutionary at all.

We can already send bitcoin using email and email alone.

If I know your email, but nothing else, then I can simply use SIGHASH_NONE to sign an input and send it to you, allowing you to choose the output and then broadcast the transaction. I could also create a brand new wallet, fund it with however much bitcoin I want to send you, and then email you the seed phrase or private key with the instructions "Please sweep this to your own address".

This however is none of that. It sounds very much like you are only able to send bitcoin to an email address which is linked to a Coinbase account. It's essentially exact the same as Binance's "internal transfer" system that they launched a few weeks ago.

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

Quote from: o_e_l_e_o on December 21, 2019, 06:50:04 AM

This looks terrible.

More centralization, more loss of privacy, more risk, and more letting Coinbase hold your coins for you - this is everything that bitcoin is against. Emails are poorly secure and people use terrible passwords.

This is also no different to how an exchange works or how "free transfers" between different users of the same web wallet platform work. All they are doing is updating an internal ledger as they move bitcoin around between email accounts. You still need to pay a withdrawal fee and wait for the usual confirmations if you want to actual take your bitcoin out of their system and use it for anything. No doubt it will be subject to the same ridiculous KYC, and also exposed to all the risks of letting someone else own your coins.

Agree. This is not revolutionary at all. Sending money with email addresses is what Paypal does. And email is such a 20th century thing. This is going backwards in my opinion.

drlukacs

sr. member

Activity: 854

Merit: 253

l0tt0.com

Quote from: hugeblack on December 20, 2019, 11:32:26 PM

The CEO of Coinbase "Brian Amstrong" has received a revolutionary patent that permits the transaction of Bitcoin through emails.
The idea seems similar to the banks in converting Bitcoin to assets held by the bank and then hear you conduct transactions through the central platform systems.
So that users can make payments in bitcoin using their email addresses, these email addresses are associated with Coinbase addresses that contain the wallets.

Quote

the patent now allows for the coupling of the Bitcoin management module and wallet creation technology with a correlating email module on a provided host computer system.

“Hot wallet functionality is provided that transfers values of some Bitcoin addresses to a vault for purposes of security. A private key of a Bitcoin address of the vault is split and distributed to keep the vault secure […] A vault has multiple email addresses to authorize a transfer of bitcoin out of the vault.”

Does this "revolutionary patent" be the beginning of the global adaptation of cryptocurrencies in the world economy?

Read more and source ----> https://cryptothenews.com/coinbase-ceo-gets-patent-for-bitcoin-transactions-through-email/

actually this is also something very normal because it talks about things that are too big and makes the reader it does not understand. I personally still don't know what the value of that license is, is it just a compliment? If it's a compliment then I congratulate Brian Amrstrong, he did a good job with his exchange. but in addition it won't bring anything else unless another new capital inflows into the crypto market once again. We really need real products and they can help the economy, not just promises.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18775

This looks terrible.

More centralization, more loss of privacy, more risk, and more letting Coinbase hold your coins for you - this is everything that bitcoin is against. Emails are poorly secure and people use terrible passwords.

This is also no different to how an exchange works or how "free transfers" between different users of the same web wallet platform work. All they are doing is updating an internal ledger as they move bitcoin around between email accounts. You still need to pay a withdrawal fee and wait for the usual confirmations if you want to actual take your bitcoin out of their system and use it for anything. No doubt it will be subject to the same ridiculous KYC, and also exposed to all the risks of letting someone else own your coins.

hugeblack

legendary

Activity: 2772

Merit: 4110

The CEO of Coinbase "Brian Amstrong" has received a revolutionary patent that permits the transaction of Bitcoin through emails.
The idea seems similar to the banks in converting Bitcoin to assets held by the bank and then hear you conduct transactions through the central platform systems.
So that users can make payments in bitcoin using their email addresses, these email addresses are associated with Coinbase addresses that contain the wallets.

Quote

the patent now allows for the coupling of the Bitcoin management module and wallet creation technology with a correlating email module on a provided host computer system.

“Hot wallet functionality is provided that transfers values of some Bitcoin addresses to a vault for purposes of security. A private key of a Bitcoin address of the vault is split and distributed to keep the vault secure […] A vault has multiple email addresses to authorize a transfer of bitcoin out of the vault.”

Does this "revolutionary patent" be the beginning of the global adaptation of cryptocurrencies in the world economy?

Read more and source ----> https://cryptothenews.com/coinbase-ceo-gets-patent-for-bitcoin-transactions-through-email/

Topic: Coinbase CEO Gets Patent for Bitcoin Transactions Through Email (Read 177 times)