Topic: Coinbase the most anti-Bitcoin organisation. Make #DeleteCoinbase great again (Read 2339 times)

The thing about this big companies like coinbase is just how there look so good in the front and have bad plans, who would have thought that they had plans on Cooperating with the US government. You give them your trust they break it, you keep your coin with them your at risk, and what hurts the most is that many big exchanges have failed in the past and people still trust this bunch of business men that think all about themselves, just see the numbers of bitcoin they are holding with such little safety for the users, and despite all the warnings people still see the red flags and they don't move back. I'm beginning to wonder is any of them have read about the disadvantages of keeping your assets in these exchanges 😒

I very much agree! However, what type of customers? Small minnows' and retail investors? I reckon small minnows might own only a small percentage of those funds in Coinbase. They might also be being used as a custody provider for institutional investors.

That means if anything happens to Coinbase, we gonna go back to the dark days of Mt.Gox. I don't really want Bitcoin critics to be right .

Sometimes I do wonder how long it's gonna take for people to learn! Does it mean people don't look at history? The case of FTX would have been enough to make people understand the dangers of storing their fortune in another persons house.

Even when I agree with you that there is so much work to do in educating people, there is still the possibility that many of the people that have those funds are well aware of the dangers of storing their funds there but chose to be adamant.

I hope their customers will use non custodial wallets and avoid storing bitcoins in online accounts.

Reminder: do not keep your money in online accounts

I hope that Coinbase will not have such bugs to cause Bitcoin drops from $30,000 to few cents like in 2017 Ethereum had such a drop.

Ethereum briefly crashed from $319 to 10 cents in seconds on one exchange after ‘multimillion dollar’ trade

It used to be Coinbase exchange, rebranded to GDAX, and rebranded again to Coinbase Pro. [1]

[1] https://www.investopedia.com/terms/g/gdax.asp

1) We really don't know how accurate that number is.
2) If it is, how many of those coins belong to 'people' and how many belong to 'institutions'
3) Yes, not your keys not your coins.
4) Still not your keys not your coins
5) Coinbase also partners with people doing the back end work. So how much of that number, once again if accurate, are from people or businesses that don't even know they are dealing with Coinbase.

-Dave

Repeat it with me:

Not
Your
Keys
Not
Your
Coins.

Repeat it 1million times!




There is so much left to do out there as educators and orange pillers.
Those are not Coinbase's funds. Those are Coinbase customer's funds!

Only time will tell and one thing I am sure about is, what goes up must come down. The inflate sense of self-importance can be blown up over night and before we know it, it will be no where to be seen.

It sure seems that Coinbase and Armstrong have greatly overestimated their importance and in the process have shown who they really are- Coinchase, as if there was any doubt.  I can't see this ending well for the either company or shareholders.

How ironic it will be if their interference in staking enforcements causes a permanent price stunt in Ethereum that they will lose money from (since they care only about its dollar value and not "innovation" proper).

Nope, don't want any of that crap in Bitcoin, thanks.

Absolutely he was. As I've also pointed out before, Coinbase supported literally every major attack on bitcoin which would have resulted in more centralization and Coinbase having more control in this space. Literally every one. I'm sure they are ecstatic about the upcoming Ethereum merge given they will immediately become one of the largest centralized validators given how much Ethereum has been deposited to Coinbase by their users, and will be able to throw their weight around to influence the future development of the project.

Despite both Coinbase and Armstrong being asked directly multiple times, they have both been completely silent when it came to supporting Hodlonaut's legal case against CSW. I guess there is no profit to be made by actually standing up for bitcoin though.

Yes.. I was referring to B. Armstrong.

In the past 6 years or so (likely right prior to the BIG blocker wars), Brian has articles and interviews in which he either does not use the word bitcoin or he ONLY minimally uses the word bitcoin - and I believe he is one of the persons who was involved in pushing the BIG blocker bullshit in 2016/2017/2018 who never really admitted that he was on the wrong side in that fight.  Sure we are all stubborn, and sure Armstrong is not completely without redeeming values (he is not dumb person either), but he surely does not recall, recognize and appreciate how he got to the dance and what actually keeps him at the dance.

Maybe Armstrong believes that bitcoin is stronger when guys/institutions like him engage in behaviors to attack it and undermine it (and short-term opportunistically profit whenever he can from it)?

Many of us know that bitcoin is made to be resilient and can be used by anyone, whether friends or not, and Brian is likely not exactly a complete villain in the bitcoin story. so bitcoin will survive either way, even when there are various set backs along the way and whether there are shitcoiners who are pumping a variety of snake oil products.  We are not going to get rid of the shitcoiners, the shit products, the scammers, but we can still bad mouth them and we can still point out their various hypocrisies and even denigrate their various products as inferior.. and we can even continue to maintain certain levels of skepticisms in regards to how much Coinbase's/Armstrong's support of funding Tornado cash related lawsuit talking-points is sufficiently free from some of Coinbase's/Armstrong's inclinations towards not being bitcoin-friendly. 

Oh yeah, I forgot about their illegal market manipulation and insider trading around their launching of support for BCash. Don't worry though, they investigated themselves and found they did nothing wrong. How lucky!

I must have missed this. Who are you referring to here? Armstrong?

As I pointed out at the time, Coinbase had a Digital Asset Framework which clearly spelled out the criteria they would use when listing new coins (which has conveniently now disappeared entirely from their website but is still archived here: https://web.archive.org/web/20181209130406/https://listing.coinbase.com/policy). They completely and utterly ignored it in favor of launching support for a bunch of coins their big investors were bag holding and could then be dumped on Coinbase users.

They have gone down the road of weirdness and internal contradictions for so long that they cannot tell (handle) the truth.  

Of course, Coinbase has not been the bad guy in every single development in bitcoin or in crypto, since they did quite a bit of early onboarding of people into bitcoin in the 2013s, 2014s, 2015s and even further along.  Also, there was a time that they were supposedly (allegedly) fighting the man  in regards to keeping user information from the govt. and then later publicly denouncing the SEC for being hypocrites.

Many of the regular bitcoiners have difficulties finding any kinds of alliances with such a company that seems to be lacking in values including their getting caught in outright lies and various kinds of manipulations involving bitcoin when they were siding with the BIG blockers and engaging in shenanigans to mislead the public in the ways that they pumped Bcash.. and their baloney technical flaws in terms of seeming to "coincidentally" shut down at various times, and gosh the list goes on because there are so many examples of their seeming to lack values while they are proclaiming to have values.. and what about that fucktwat's inability to say the word bitcoin.. that's pretty fucking annoying and even misleading to be unable to say the word "bitcoin".

So yeah they are continuously attempting to find some kind of balance that makes some kind of sense, and it is likely really difficult to come even close to telling the truth when they cannot eve n reconcile their own kinds of various involvement in shitcoins and cannot make up their minds regarding the criteria that they use to add them to the platform that gets them into another kind of dance in terms having difficulties to claim their innocence regarding likely blatant breaches of securities laws (and not really trying to defend the extent of those laws but some of Coinbase's inclusion of coins could hardly have any justification.. and desire to make money as their likely only motive would be an evil motivation - that would likely be illegal to admit).  

They got Blackrock involved in order to bring muscle to their historical lies and also so they can go forth with continuations in being able to lie better and with more force, influence, status (lawyers) behind the lies.. and the various ways to suck and blow at the same time.. no matter which constituency they are attempting to screw - governments, institutions, customers, workers, the general public or any other constituency that they can leech off of that I have left out.

I guess my main point for the reasons above and likely some other reasons as well is that "they cannot tell (handle) the truth."  they would need to have a lot of "come to Jesus" moments.. and the truth would likely get a lot of them into pretty BIG troubles from several directions... maybe it would have to be like an addict going to AA meetings... "Hi. My name is Coinbase (Brian Armstrong) and here are the many different ways that I have been a degenerate who has been evil to myself and evil to everyone in my surroundings."

So yeah coincidentally some of their actions might seem to be good for the public as a whole, if they are fighting back in regards to various ways that they (Coinbase) feels that they have been disadvantaged in some governmental actions that are too broadsweeping, so of course, framing the matter in terms of some of the broad principles of privacy is not necessarily a bad thing - even when we also know that when company make lawsuits against the government or even against other institutions they will have a variety of attorneys and consultants helping them to weigh the pros and cons of presenting certain kinds of arguments, and some of those arguments will be stronger than other arguments and some of the arguments might contradict other arguments.. but there does not tend to be any legal requirement that all of your arguments have to be consistent... and sometimes lawyers will purposefully choose not to make certain arguments because there might not be much if any upside to making the argument even if the argument could be a factor to consider in the theoretical sense.

How true.

The problem with their line of thinking is after they get rich they are going to waste all their money on extravagant parties until they become like that garbage man who won the lottery and blew all his money and then became a factory worker.

Hahaha thanks for the laughs. Man, fuck Coinbase.

And that's why we ask the most ridiculously invasive KYC questions, share all your data with our in-house blockchain analysis firm, and sell your data to third parties.

Except whenever any of our customers use privacy tools. Then we'll freeze your account, seize your coins, and demand even more KYC from you.

I'd have far more respect if Coinbase just came out and said the truth - this will affect our profits - instead of dressing themselves up as some shining savior of privacy when they've done nothing but invade users' privacy since their inception.

I pretty much agree with @o_e_l_e_o. While they did good thing this time, it's likely their reason isn't upholding privacy/decentralization. It's more believable it's part of PR campaign or don't want to be next government target. Their blog[1] good also mention good example of why people need privacy, although there are few hypocrisy.

[1] https://blog.coinbase.com/defending-privacy-in-crypto-e09db33dece8

They won't list any privacy coins, though. They will continue to enforce ridiculous KYC requirements. They will continue to run a blockchain analysis subsidiary to spy on all their users. They will continue to discriminate against certain coins, treat bitcoin as non-fungible, and arbitrarily freeze accounts. This has nothing to do with them standing for bitcoin, protecting their users, or fighting for privacy. This is self-preservation.

Brain Armstrong has already said that Coinbase could be forced to shut down all staking protocols if this kind of behavior from the government continues: https://cointelegraph.com/news/coinbase-would-rather-shut-down-staking-than-enable-on-chain-censorship-brian-armstrong. The money that Coinbase would lose from the millions of Ethereum and other coins/tokens users are staking with them far outweighs whatever they will spend on this lawsuit.

I won't deny it's a good thing the government are being challenged in this way, but don't think that Coinbase are doing it for any reason other than self interest.

Coinbase has been very much hated by the cryptospace community because of their behavior that has been considered anti-bitcoin, however, this initiative by Brian Armstrong should be supported and should also be given respect, I reckon.



Leading crypto exchange platform Coinbase on Thursday announced that it was funding a lawsuit filed against the U.S. Treasury Department to block sanctions barring Americans from the virtual currency mixer- Tornado Cash.

Commenting on the sanctions, Coinbase CEO Brian Armstrong said that the Treasury Department had gone too far “by sanctioning an entire technology instead of specific individuals.”

“There are legitimate applications for this type of technology, and as a result of these sanctions, many innocent users now have their funds trapped and have lost access to a critical privacy tool.”

Read in full https://coincodecap.com/coinbase-funds-lawsuit-against-the-us-treasury

It's worse when you see their second statement. I'm not sure whether they imply that geolocation (and other personal data) is treated as public data or not part of "Coinbase user data".


Source: https://twitter.com/coinbase/status/1542605323382337537


It's more likely many of Coinbase customer never research about service they use rather than blindly trust Coinbase.

The absolute majority of users doesn’t give a sh*t about all of those things. They are just a heard of sheeps willing to become rich soon with “cryptos”. And coinbase is right there to make the best use of them: slaughter.
Oh the irony: bitcoin should be supposed to be the decentralisation of finance, and you use a centralised service at service of a centralised state. Bitcoin motto is “don’t trust, verify” and you don’t even bother to carefully read the TOC clauses.

Difficult lessons have to be learnt.
Hopefully who’s reading those pages will be saved a cycle earlier than others.