Topic: Coinbase Holds a Whopping 966,230 Bitcoin ($7B) in Cold Wallet - page 3. (Read 776 times)
December 06, 2019, 07:50:11 AM
I am not surprised to see that coinbase is holding this huge amount of bitcoins. The users of coinbase has nothing to worry about because their bitcoins are in a cold wallet so even though there will be a lot of cyber attacks directly to coinbase then there is nothing they can get from coinbase because the funds are already in a safe place.
December 06, 2019, 07:46:29 AM
Hackers are working on every exchange but since coinbase is good, they can't easily hack the system so I'm confident that investors are still safe in Coinbase despite of this advertisement. They hold a huge fund at a col wallet, and if you have bitcoin in coinbase you must still need to protect it and don't rely on coinbase system itself. I hope this numbers can help the market to survive, by that numbers we should start pumping.
Hah! Famous last words.
Coinbase says they are safe, and they probably believe that. But all the exchanges believe they're safe till someone manages to break through. They just need one super-smart hacker to do it.
The whole point of decentralised cryptocurrency is that there isn't a single point of failure that can wreck the whole project. By centralising coins in an exchange like Coinbase, you bring the single point of failure back into play. Maybe we can trust coinbase, but what if we can't?
December 06, 2019, 06:17:10 AM
Just imagine how deep can coinbase drop btc
Control and ownership are rather different things. Coinbase don't own any of it. It belongs to their customers. If all of those coins were their personal holdings this thread would probably set your computer on fire just by perusing it.
All the same you can't get those coins out without their permission and cooperation which is not a healthy state of affairs.
December 06, 2019, 06:15:58 AM
Just imagine how deep can coinbase drop btc
yes they can if that is thier own coin but coinbase is only a wallet and also an exchange now so all of those funds are only came from thier costumers . only costumers can decide if they will sell or dump the market or if they will buy more and up the market . those numbers of btc is huge but im not shock whatsoever because this was not the only time i saw that kind of amount but other wallet/exchange company owns double or even tripple than that .
December 06, 2019, 05:57:06 AM
Just imagine how deep can coinbase drop btc
December 06, 2019, 12:58:53 AM
They are actually holding large amounts of money and this is really lucky for the crypto community. Because I have known Coinbase for a long time, they are a reputable organization and have a great level of security. so hackers can't get into their cold wallets or security systems to steal coins or anything. If you have a lot of money, I recommend you send some at Coinbase to ensure safety, in addition, the transaction fee is 10 times cheaper than other wallets.
But is there advantage of the disclosure of how much they are holding? This is a good target for those hackers in case. Remember, the softwares are now getting sophisticated. Or if they have really great security, inside job would be hard to beat. If someone from those trusted personnel will change his mind and be driven by greed, such possible loss will always be imminent. So for those holding their coins in that exchange, don't be too confident that your coins are truly safe. Better store it in your own hardware wallet.
December 06, 2019, 12:48:14 AM
They are actually holding large amounts of money and this is really lucky for the crypto community. Because I have known Coinbase for a long time, they are a reputable organization and have a great level of security. so hackers can't get into their cold wallets or security systems to steal coins or anything. If you have a lot of money, I recommend you send some at Coinbase to ensure safety, in addition, the transaction fee is 10 times cheaper than other wallets.
December 05, 2019, 07:44:23 AM
Hackers are working on every exchange but since coinbase is good, they can't easily hack the system so I'm confident that investors are still safe in Coinbase despite of this advertisement. They hold a huge fund at a col wallet, and if you have bitcoin in coinbase you must still need to protect it and don't rely on coinbase system itself. I hope this numbers can help the market to survive, by that numbers we should start pumping.
Even though coinbase is holding their bitcoin at their own cold wallet. Its users still need to pull out their own cryptocurrencies there and try to store it by their own so even there will be an unexpected event in coinbase like hacking then there is no chance for them to lose money as they already stored their cryptocurrency safely. 
December 05, 2019, 02:53:28 AM
Hackers are working on every exchange but since coinbase is good, they can't easily hack the system so I'm confident that investors are still safe in Coinbase despite of this advertisement. They hold a huge fund at a col wallet, and if you have bitcoin in coinbase you must still need to protect it and don't rely on coinbase system itself. I hope this numbers can help the market to survive, by that numbers we should start pumping.
December 05, 2019, 02:30:14 AM
This is a very high number. Coinbase is a reliable exchange and can compete with most banks with their assets.
The amount of Bitcoin they hold is equal to 1/21 of the total supply.
I hope this exchange never comes across a hacking case.
The amount of Bitcoin they hold is equal to 1/21 of the total supply.
I hope this exchange never comes across a hacking case.
How are they able to compete with the banks, both are two different asset class altogether and coinbase needs the help of banks to have a smooth transactions for their customer but the banking sector does not need a crypto company other than having more business, so you need to think about the difference in their business model and yes they are holding majority of the coins and i am sure they have taken steps to secure their assets and not like some shitty exchanges. Despite saying that i am not comfortable to see majority of the coins being held in one place.
December 04, 2019, 03:34:58 PM
This is a very high number. Coinbase is a reliable exchange and can compete with most banks with their assets.
The amount of Bitcoin they hold is equal to 1/21 of the total supply.
I hope this exchange never comes across a hacking case. Btw, I didn't aware of beincrypto.com; it seems an excellent news platform.
The amount of Bitcoin they hold is equal to 1/21 of the total supply.
I hope this exchange never comes across a hacking case. Btw, I didn't aware of beincrypto.com; it seems an excellent news platform.
December 04, 2019, 06:53:28 AM
They should really not be advertising it.
Who the hell did leak this numbers to those bloggers or Coinbase transparent about this numbers?
Now, it could be the reason for more attacks in their website. Although they might have a better security than other exchanges they could still be holes where hackers could get in.
Just one wrong move could risk every coin they hold.
really brave, but if we logically it seems like Coinbase won't leak it, maybe their workers are there or they are manipulating that number, Who the hell did leak this numbers to those bloggers or Coinbase transparent about this numbers?
Now, it could be the reason for more attacks in their website. Although they might have a better security than other exchanges they could still be holes where hackers could get in.
Just one wrong move could risk every coin they hold.
if all the bitcoin is sold at a low price I'm sure the panic sell will come
December 04, 2019, 05:12:10 AM
They should really not be advertising it.
Who the hell did leak this numbers to those bloggers or Coinbase transparent about this numbers?
Now, it could be the reason for more attacks in their website. Although they might have a better security than other exchanges they could still be holes where hackers could get in.
Just one wrong move could risk every coin they hold.
Who the hell did leak this numbers to those bloggers or Coinbase transparent about this numbers?
Now, it could be the reason for more attacks in their website. Although they might have a better security than other exchanges they could still be holes where hackers could get in.
Just one wrong move could risk every coin they hold.
December 04, 2019, 03:31:44 AM
It is hoped that Coinbase will be a reputable exchange and will always hold speculative assets safely. because after announcing this information, it was a move that helped Coinbase be peeked at by money-loving hackers. Now they will find ways to attack Coinbase to get more bitcoins. I think exchanges should not publish such information, they should only send notification emails to accounts registered on their exchange.
December 03, 2019, 10:42:04 AM
all digital currency that Coinbase holds online is insured' so that means hot wallets only which is 2% of all funds. For all the rest you're in their hands entirely.
And I wonder whether their policy would actually pay out for any of that 2%.
If all the coins held by Coinbase is insured then it is a great idea that the rest of the exchanges should follow as the security of exchanges are a major concern and when the government legalize these exchange i expect them to insure all the assets and all the exchanges should be forced to enforce that rule and if that happens then the traders can trust keeping the funds in the exchanges even if we are not trading.And I wonder whether their policy would actually pay out for any of that 2%.
Pay closer attention. 98% of their coins are not insured and it'll probably be impossible to obtain insurance for the cold stuff. If they could they no doubt would.
December 03, 2019, 09:08:23 AM
That’s pretty amazing that they hold 5% of all Bitcoins mined at this point. They are one of the better exchanges and possibly the best.
December 03, 2019, 07:49:06 AM
I'm astonished that users are storing so many coins with them. People keep trusting these online providers of wallets and then cry afterwards when they lose their coins.
It's easier and more secure to make a Coinbase account, then to install BitcoinCore or download Electrum. Although owning private keys is something that every user should do, inexperience can sometimes cost too much. Electrum wallet users know it best, a phishing attack that is still ongoing caused thousands of lost/stolen BTC.
So in some cases, using Coinbase makes sense - because if you can't trust yourself, you have to trust someone else. Still the concentration of millions of Bitcoins at several exchanges it's nothing positive, far from it, it poses a major security risk.
December 03, 2019, 07:13:09 AM
all digital currency that Coinbase holds online is insured' so that means hot wallets only which is 2% of all funds. For all the rest you're in their hands entirely.
And I wonder whether their policy would actually pay out for any of that 2%.
If all the coins held by Coinbase is insured then it is a great idea that the rest of the exchanges should follow as the security of exchanges are a major concern and when the government legalize these exchange i expect them to insure all the assets and all the exchanges should be forced to enforce that rule and if that happens then the traders can trust keeping the funds in the exchanges even if we are not trading. And I wonder whether their policy would actually pay out for any of that 2%.
December 03, 2019, 06:12:45 AM
That's a pretty big amount of money in equivalent, if that assets were deposited in a bank, it will have an insurance that deposits will get a certain maximum amount in case something happen to the money. I wonder what would be coinbase approach to ensured that big funds, Binance have a SAFU funds, how bout coinbase?
I am just concern about this a lot because of the trends that big exchanges are being hack, we have upbit recently.
https://www.theblockcrypto.com/post/48578/south-korean-crypto-exchange-upbit-gets-hacked-loses-nearly-50m-worth-of-ether
I am just concern about this a lot because of the trends that big exchanges are being hack, we have upbit recently.
https://www.theblockcrypto.com/post/48578/south-korean-crypto-exchange-upbit-gets-hacked-loses-nearly-50m-worth-of-ether
Coinbase have insurance for their hot wallets but not their cold wallets.
I'm astonished that users are storing so many coins with them. People keep trusting these online providers of wallets and then cry afterwards when they lose their coins.
December 03, 2019, 05:54:16 AM
Likely they are boasting their holdings and prove to other exchanges that they are the mammoth in the space. No wonder since they operated early and maintain good liquidity during their early operations. For sure its a nightmare for them to secure that accounts.
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