Coinbase opens a department in NY | Bitcointalksearch.org

CryptoBull31

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Quote from: faceoff97 on November 01, 2018, 01:22:31 AM

Quote from: MadGamer on October 27, 2018, 09:30:06 AM

Most of the people would be excited by such a news but I'm not. I'm actually against everything that Coinbase does, they might be facilitating access to crypto and trading but from the way I see it, it seems like they are turning into a bank and that's something that shouldn't be found in the bitcoin scene.

Exchanges are exactly like banks. You don't own your private key and just depend on third trusted party, coinbase is a good exchange since they give good service for buying and selling. But it is not a good idea to store in exchanges since you don't have the full control over your fund. Even an exchange has a good reputation to trust with we are missing the point why Bitcoin is made which is to free us from thrid trusted party. It still best to choose a hardware wallet or an open source wallet like HODLER which also has retail feature to offer. Still, coinbase is good as exchange but not as a bank.

I also agree with this. Coinbase require you to subvert your privacy by enforcing KYC/AML. It goes against the principles of cryptocurrency, where the whole point is to provide sovereign, decentralized, censorship resistant money. With Coinbase, even if it is not compromised, your funds and account can be locked for any reason, and we've seen instances of it in the past. To ensure maximum security I would stick to using decentralized exchanges like Bisq or Localbitcoins and keeping your funds only in Open Source wallets like Bitcoin Qt for Bitcoin or HODLER for multiple coins and tokens.

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Quote from: ShadowBits on November 03, 2018, 12:34:28 PM

Quote from: iTradeBit on October 27, 2018, 09:25:51 AM

What do you think about the growth of the giant and on what exchange do you trade cryptocurrencies?

Still needs a lot of effort to have a good news to make cryptocurrencies go mainstream. By that, we have to again make the market to a bull run phase in order for people to notice crypto again.

We don't need good news to see the mass adoption, we need good solutions. For merchants and sellers and anything around. Fuck the news, turn off the TV and check the real life. We don't need Bitcoin on news, we need Bitcoin in real use. We need ATM, PoP, B2B, cards, neo-banks, Apps and so on. Everyone needs to be able to spend his bitcoins anywhere at any time as he does with fiat. Every merchant shall be able to accept cryptos (for cheaper than accepting Visa/MasterCard) and then convert it to fiat, and all with an easy process.

ShadowBits

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Quote from: iTradeBit on October 27, 2018, 09:25:51 AM

What do you think about the growth of the giant and on what exchange do you trade cryptocurrencies?

Still needs a lot of effort to have a good news to make cryptocurrencies go mainstream. By that, we have to again make the market to a bull run phase in order for people to notice crypto again.

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Crypto in my Blood

Quote from: MadGamer on October 27, 2018, 09:30:06 AM

Most of the people would be excited by such a news but I'm not. I'm actually against everything that Coinbase does, they might be facilitating access to crypto and trading but from the way I see it, it seems like they are turning into a bank and that's something that shouldn't be found in the bitcoin scene.

You are thinking not wrong. But it's also good for the whole market. Mostly when we can see like this top-rated exchange news. I know everyone has own opinion, so all will not be positive or negative. There will be both.

GregH37

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Quote from: MadGamer on October 27, 2018, 09:30:06 AM

Most of the people would be excited by such a news but I'm not. I'm actually against everything that Coinbase does, they might be facilitating access to crypto and trading but from the way I see it, it seems like they are turning into a bank and that's something that shouldn't be found in the bitcoin scene.

Well, every centralized exchange to me as far as I am concerned is like a bank because it is always going to be regulated and coinbase is not an exception right from the start. It is not a bad thing that they are opening department in NY or adding some coins and tokens, as they are pretty much just trying to widen their horizon just like any other business will want to expand, so there is really no need hating them for that. nonetheless, as long as you are on an exchange and you do not have full control of your private key, then you have involved a third party, so in a way, that is always a choice for everyone to make.

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Quote from: okala on November 01, 2018, 02:18:30 AM

Quote from: iTradeBit on October 27, 2018, 09:25:51 AM

What do you think about the growth of the giant and on what exchange do you trade cryptocurrencies?

The founder of this coinbase is really a visionary and coinbase is really opening the eyes of society to cryptocurrencies. I think opening of this new department is a sign that America is not against cryptocurrencies and blockchain technology and in future their are going to adopt it into their financial system. We are the time when more and more of this cryptocurrencies companies need to open more branch in other to spread more news about it.

Over the years, I have seen coinbase take their time to do everything appropriately and make sure it is done right which is one of the reasons why I have always been able to at least trust their services. Opening a department in NY, is not a bad idea, as every business will most definitely want to keep expanding and pretty much, they have a good and solid reasons for that and we all know that coinbase has been a very huge part of this space for a very long time, and seeing them grow in size is not a bad idea at all.

Someone after the OP said coinbase is acting like a bank, for heaven sake, this is a regulated exchange and every centralized exchanges are like that, so the whole acting like a bank thing is nothing new for a centralized exchange.

cjie

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Quote from: iTradeBit on October 27, 2018, 09:25:51 AM

What do you think about the growth of the giant and on what exchange do you trade cryptocurrencies?

They still need to do more. They still have a limitation in some countries that have embraced. Like my country, for example, they not operating. They still need to cover a lot of ground.

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Quote from: iTradeBit on October 27, 2018, 09:25:51 AM

What do you think about the growth of the giant and on what exchange do you trade cryptocurrencies?

They are really going for the exit don't they. They were doing really well in California but now they also have one in Ireland now and they went for New York which is like one of the capitals of finance world with London. I think Ireland was for the London part of it without getting into too much tax trouble (tax laws are easier in Ireland but still can work with British investors). This all tells me there could be two reason why they are doing any of this.

They are either working to get their customer base higher and make more money with it but more realistically they are probably going to make their valuation a lot higher soon and try to find a way to get acquired by one of the big companies and sell it for couple billion dollars and get out as rich people instead of keep running this company until it doesn't worth anything.

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A step at the right direction, on the news Sandler stated that "We want to partner with appropriate institutions to help the whole ecosystem grow," she told CoinDesk. "It's not 'institutional or retail,' because a lot of these institutions will be distributors" https://www.coindesk.com/coinbase-crypto-jobs-hiring/. This will give a face life/shift in the world of cryptocurrency and global attention is likely to be draw toward cryptocurrency (Digital Currency).

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Coinbase... the Paypal of Cryptos Cheesy

After the UK license, 2019 will be the year for Coinbase to open more offices across the continents to expand the company as a Limited Purpose Trust Company chartered. Be here in a year you will see. Better than nothing in regard of adoption, can't complain about it or Coinbase success either.

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Quote from: iTradeBit on October 27, 2018, 09:25:51 AM

What do you think about the growth of the giant and on what exchange do you trade cryptocurrencies?

I try to look on their blog regarding these so called "department in NY" that the OP says.

https://blog.coinbase.com/coinbase-custody-receives-trust-charter-from-the-new-york-department-of-financial-services-532c92797215

Quote

Today we’re proud to announce that Coinbase Custody has obtained a license under New York State Banking Law to operate as an independent Qualified Custodian. Coinbase Custody will operate as a Limited Purpose Trust Company chartered by the New York Department of Financial Services (NYDFS).

So they got a license under the New York State regulatory body to be a custodian. Anything that is related to crypto regulations, I consider it a good news and probably one step closer to the adoption that we all wanted. So let's see how it goes because we all know that NY is hostile against crypto but from what I understand they have given some sort of go signal for Coinbase to operate.

okala

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Quote from: iTradeBit on October 27, 2018, 09:25:51 AM

What do you think about the growth of the giant and on what exchange do you trade cryptocurrencies?

The founder of this coinbase is really a visionary and coinbase is really opening the eyes of society to cryptocurrencies. I think opening of this new department is a sign that America is not against cryptocurrencies and blockchain technology and in future their are going to adopt it into their financial system. We are the time when more and more of this cryptocurrencies companies need to open more branch in other to spread more news about it.

faceoff97

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Quote from: MadGamer on October 27, 2018, 09:30:06 AM

Most of the people would be excited by such a news but I'm not. I'm actually against everything that Coinbase does, they might be facilitating access to crypto and trading but from the way I see it, it seems like they are turning into a bank and that's something that shouldn't be found in the bitcoin scene.

Exchanges are exactly like banks. You don't own your private key and just depend on third trusted party, coinbase is a good exchange since they give good service for buying and selling. But it is not a good idea to store in exchanges since you don't have the full control over your fund. Even an exchange has a good reputation to trust with we are missing the point why Bitcoin is made which is to free us from thrid trusted party. It still best to choose a hardware wallet or an open source wallet like HODLER which also has retail feature to offer. Still, coinbase is good as exchange but not as a bank.

vit05

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Quote from: MadGamer on October 27, 2018, 09:30:06 AM

Most of the people would be excited by such a news but I'm not. I'm actually against everything that Coinbase does, they might be facilitating access to crypto and trading but from the way I see it, it seems like they are turning into a bank and that's something that shouldn't be found in the bitcoin scene.

Even if they start to offer a variety of services that only banks offer today, we would still have a choice with Bitcoin not to use them. It has several services that many people will still look for and that it is impossible to be offered using only the pure version of Bitcoin and its blockchain.

I believe that coinbase and several companies that were born with Bitcoin will have the ability to erode the entire traditional banks system. But that will not mean ending financial services. means that they will change from what it is today.

Awesomus Maximus

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On first glance, this expansion could be viewed as a good step toward a wider adoption of bitcoin and the other coins. However, if Coinbase is opening a department in NY, that means that they will be obliged to follow every single rule and regulation of this state, which we all know is heavily biased against crypto. All in all, I don't think this move will have any significance, unless it somehow promotes a better ecosystem for trading and help lift these heavy restrictions currently imposed on crypto.

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Quote from: MadGamer on October 27, 2018, 09:30:06 AM

Most of the people would be excited by such a news but I'm not. I'm actually against everything that Coinbase does, they might be facilitating access to crypto and trading but from the way I see it, it seems like they are turning into a bank and that's something that shouldn't be found in the bitcoin scene.

I try to see their expansion in a good light and the fact that they've contributed immensely to the accessibility of Bitcoin to a highly regulating market like the USA. More branches means more access and increased users, win-win for the space.

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Quote from: Huskarls on October 27, 2018, 11:17:22 AM

I don't think they intend to do that, it's not like most other exchanges, only Coinbase is superior in some ways.

Whether they intend to do any sort of banking activities or not, Coinbase is one of the only exchanges I actually trust and they provide a decent service to people who want to buy and sell bitcoin. If they're expanding, I think that's a good thing for bitcoin overall.

By the way, OP ought to provide a link when starting up a discussion like this that deal with news. I hadn't heard anything about Coinbase expanding to NY and I thought that state was pretty anti-crypto.

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Quote from: MadGamer on October 27, 2018, 09:30:06 AM

Most of the people would be excited by such a news but I'm not. I'm actually against everything that Coinbase does, they might be facilitating access to crypto and trading but from the way I see it, it seems like they are turning into a bank and that's something that shouldn't be found in the bitcoin scene.

I don't think they intend to do that, it's not like most other exchanges, only Coinbase is superior in some ways. so they can develop in a country that certainly supports crypto activities. Clients will also get a positive impact because access will be easier

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Quote from: MadGamer on October 27, 2018, 09:30:06 AM

Most of the people would be excited by such a news but I'm not. I'm actually against everything that Coinbase does, they might be facilitating access to crypto and trading but from the way I see it, it seems like they are turning into a bank and that's something that shouldn't be found in the bitcoin scene.

+1

We have seen the achievements of Coinbase after all these years. From small exchange service to a bigger one when they already becomes serious with the business but I do have the same feelings as yours
that they are gradually turning into a heavily regulated exchange that will really serve or oppose in other path. They are accepting already lots of tokens too.

MadGamer

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Most of the people would be excited by such a news but I'm not. I'm actually against everything that Coinbase does, they might be facilitating access to crypto and trading but from the way I see it, it seems like they are turning into a bank and that's something that shouldn't be found in the bitcoin scene.

Topic: Coinbase opens a department in NY (Read 347 times)