Coinbase Seeks 'Invasive' Details on US Bitcoin Mining Operations

ensurance982

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Trust me!

Quote from: chmod755 on April 03, 2015, 03:24:52 PM

Quote from: ensurance982 on April 03, 2015, 03:15:01 PM

Yeah but even if they used an online service, their coins would't be safe. If their computer is compromised, their coins are gone.

In many cases Coinbase restored BTC balances of compromised wallets. You don't get that if you manage the keys on your own.

Quote from: ensurance982 on April 03, 2015, 03:15:01 PM

We need hardware wallets built into mobile phones. That's the way to go.

Maybe, but that's not available. The best wallets we have are devices like Trezor.

Yeah, but you can't just rely on those services to reimburse you. If you messed up your computer and effectively granted an attacker control over your coins, there's no way for Coinbase to know that you didn't actually stole the coins yourself. As to the mobile phone wallets, yeah they're not there - yet. But we just need a secret element embedded into the phones' SoC!

silkylove

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Quote from: chmod755 on April 03, 2015, 03:11:31 PM

Quote from: silkylove on April 03, 2015, 02:57:58 PM

I guess people are always suspicious of new users if they don't parrot "down with the man" and "use paper wallets or you're an idiot." I am not some guy who has been in bitcoin for years. I'm new, coinbase is simple to use, it was recommended to me by a friend I trust, and since they've raised a lot of money they seem safe.

Activate 2-Step Verification and put your money in the Coinbase Vault if you don't plan to spend it for a while. Learn how to keep your computer / mobile device secure if you're planning to move the coins to your own wallet.

Quote from: silkylove on April 03, 2015, 03:07:45 PM

Now I see why these forums are so robust. You really roll out the welcome mat for new users and respect people's opinions.

Just use the Ignore button. Haters gonna hate.

That's what I did. All my coins are in the vault, which is fine since I don't spend, sell or trade. Paper wallets scare me because I could lose it unless I get a safe deposit box. Keeping a wallet on a usb drive or computer or something also scares me because I'm not tech savy.

Totaldice

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Ah, I just really dislike Coinbase. I think they are asking too much of users and it kind of defeats the purpose of Bitcoin. I know someone who had their account locked because they deposited "A suspiciously large amount of Bitcoin", and they had to spend hours trying to get their coins unlocked. It honestly kind of defeats the purpose of Bitcoin having a middle man that takes all of your personal information and can lock your funds at any time on a whim.

chmod755

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Quote from: ensurance982 on April 03, 2015, 03:15:01 PM

Yeah but even if they used an online service, their coins would't be safe. If their computer is compromised, their coins are gone.

In many cases Coinbase restored BTC balances of compromised wallets. You don't get that if you manage the keys on your own.

Quote from: ensurance982 on April 03, 2015, 03:15:01 PM

We need hardware wallets built into mobile phones. That's the way to go.

Maybe, but that's not available. The best wallets we have are devices like Trezor.

ensurance982

hero member

Activity: 518

Merit: 500

Trust me!

Quote from: chmod755 on April 03, 2015, 02:53:43 PM

Quote from: Denker on April 03, 2015, 02:43:44 PM

If you are really hanging around here for quite some time you would know the best place to keep your coins is your own damn wallet!

Most people are unable to keep their computer clean - using a service like Coinbase or Xapo might be better for them. Just like most people don't have 10k USD at home.

Yeah but even if they used an online service, their coins would't be safe. If their computer is compromised, their coins are gone. We need hardware wallets built into mobile phones. That's the way to go.

NyeFe

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Activity: 699

Merit: 501

Quote from: silkylove on April 03, 2015, 03:07:45 PM

Now I see why these forums are so robust. You really roll out the welcome mat for new users and respect people's opinions.

The community respects peoples opinion. Not corporate opinion. I like the guilty tactics though Wink

QuestionAuthority

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Quote from: silkylove on April 03, 2015, 03:07:45 PM

Now I see why these forums are so robust. You really roll out the welcome mat for new users and respect people's opinions.

I'll give you the benefit of the doubt. Maybe your very first post was just an untimely accident. Welcome to Bitcoin and please take the advise of the older users and keep your Bitcoins in a wallet you control. I know it seems easy to use online wallets but it's not as safe.

chmod755

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Quote from: silkylove on April 03, 2015, 02:57:58 PM

I guess people are always suspicious of new users if they don't parrot "down with the man" and "use paper wallets or you're an idiot." I am not some guy who has been in bitcoin for years. I'm new, coinbase is simple to use, it was recommended to me by a friend I trust, and since they've raised a lot of money they seem safe.

Activate 2-Step Verification and put your money in the Coinbase Vault if you don't plan to spend it for a while. Learn how to keep your computer / mobile device secure if you're planning to move the coins to your own wallet.

Quote from: silkylove on April 03, 2015, 03:07:45 PM

Now I see why these forums are so robust. You really roll out the welcome mat for new users and respect people's opinions.

Just use the Ignore button. Haters gonna hate.

silkylove

newbie

Activity: 40

Merit: 0

Now I see why these forums are so robust. You really roll out the welcome mat for new users and respect people's opinions.

QuestionAuthority

legendary

Activity: 2156

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You lead and I'll watch you walk away.

Quote from: silkylove on April 03, 2015, 02:38:17 PM

It's hard to believe that I don't work for coinbase or that I keep my coin there? Seems like you also don't think that this info gathering is shady, so I'm confused.

What I think is that you're a shill. You're not even a good shill because you're not following the thrust of the conversation. The governments request for more info is suspicious or the investigative request by Coinbase for more info is suspicious not shady. It's understandable if someone in the reporting chain thinks a mining company is laundering money. I don't believe a company would irritate what has to be a large customer without needing to do it. That leads me to believe the government is requesting more info based on the filing of a CTR.

silkylove

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I guess people are always suspicious of new users if they don't parrot "down with the man" and "use paper wallets or you're an idiot." I am not some guy who has been in bitcoin for years. I'm new, coinbase is simple to use, it was recommended to me by a friend I trust, and since they've raised a lot of money they seem safe.

chmod755

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Quote from: Denker on April 03, 2015, 02:43:44 PM

If you are really hanging around here for quite some time you would know the best place to keep your coins is your own damn wallet!

Most people are unable to keep their computer clean - using a service like Coinbase or Xapo might be better for them. Just like most people don't have 10k USD at home.

NyeFe

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Activity: 699

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Quote from: silkylove on April 03, 2015, 02:38:17 PM

It's hard to believe that I don't work for coinbase or that I keep my coin there? Seems like you also don't think that this info gathering is shady, so I'm confused.

I actually think that they all agreed to drop whether your working for coinbase or not. I'm just trying to understand why you would use a cloud wallet to secure your precious bitcoins or why you would try to convince us that you're not related to coinbase in anyway. For one think, your account is freshly created today, 2.5 hrs ago to be precise.

Denker

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Quote from: silkylove on April 03, 2015, 02:12:20 PM

Been lurking here for a while. I don't work for coinbase. I just think there tends to be a lot of paranoia in the bitcoin community, but coinbase has been pretty trustworthy for a while now. I keep my coin there.

Completely wrong buddy! If you are really hanging around here for quite some time you would know the best place to keep your coins is your own damn wallet! Wink

silkylove

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It's hard to believe that I don't work for coinbase or that I keep my coin there? Seems like you also don't think that this info gathering is shady, so I'm confused.

QuestionAuthority

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Quote from: silkylove on April 03, 2015, 02:12:20 PM

Been lurking here for a while. I don't work for coinbase. I just think there tends to be a lot of paranoia in the bitcoin community, but coinbase has been pretty trustworthy for a while now. I keep my coin there.

That's hard to believe but it doesn't matter because Coinbase isn't on trial here. They are doing what they must do as a financial services business. They must report large transactions using a CTR form and an SAR for suspicious transactions. Failure to turn in the forms or notifying the customer about intent to file a form or helping to change transactions is called structuring, and is punishable by federal law against both the customer and the employee. The info they requested could only be used to determine if the large deposits are possible by mining Bitcoins alone. This means they will likely file an SAR with the info they receive from the mining companies. It's odd for companies to initiate an SAR without a very big red flag being discovered or more info being requested by the government. But none of this is the fault of Coinbase. They are doing what Charlie Shrem should have done but didn't - their legally required job duties.

majeis

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Quote from: silkylove on April 03, 2015, 02:12:20 PM

Been lurking here for a while. I don't work for coinbase. I just think there tends to be a lot of paranoia in the bitcoin community, but coinbase has been pretty trustworthy for a while now. I keep my coin there.

If you've been lurking, then you should know to keep your coin in your own wallet. You know... the one entirely under your control and not easily accessible from the internet or subject to the whims of hackers.

My interpretation is either they're covering their asses for current or upcoming regulation, or they're being pressured by a third-party.

silkylove

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Been lurking here for a while. I don't work for coinbase. I just think there tends to be a lot of paranoia in the bitcoin community, but coinbase has been pretty trustworthy for a while now. I keep my coin there.

NyeFe

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Activity: 699

Merit: 501

Quote from: QuestionAuthority on April 03, 2015, 01:55:28 PM

Quote from: silkylove on April 03, 2015, 01:49:27 PM

I don't see what the big deal is. Seems like they just want to vet the mining companies they do business with. If miners don't like it they're free to do business elsewhere. That's fine with me and I'll continue to use coinbase.

THIS is your first post? You probably work for Coinbase. LOL

Its a shame that coinbase would try and manipulate the bitcoin community itself, in an attempt to try and justify its actions. Why don't they just fully explain the current situation to their consumers? At least it wouldn't cost them their reputation, which may start to decline

QuestionAuthority

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Quote from: silkylove on April 03, 2015, 01:49:27 PM

I don't see what the big deal is. Seems like they just want to vet the mining companies they do business with. If miners don't like it they're free to do business elsewhere. That's fine with me and I'll continue to use coinbase.

THIS is your first post? You probably work for Coinbase. LOL

Topic: Coinbase Seeks 'Invasive' Details on US Bitcoin Mining Operations (Read 2096 times)