Coinbase the most anti-Bitcoin organisation. Make #DeleteCoinbase great again - page 3.

o_e_l_e_o

legendary

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Quote from: Jating on November 30, 2020, 03:37:02 AM

Don't forget Brian's Armstrong tweet as well

I had not seen those tweets - thanks for sharing. They are particularly eye opening when it comes to Coinbase's CEO attitude. Even when pretending to care about his customers and users, he can't let slip his real motivations.

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but it is a bad idea in practice because it is often impractical to collect identifying information on a recipient in the cryptoeconomy.

No. It is a bad idea in practice because it is fundamentally antithetical to the very purpose of bitcoin to require a third party to demand KYC before any transaction can be made. He doesn't care about that though. He doesn't care about undermining bitcoin or indeed about bitcoin at all - he only cares about how much it will cost his company to enforce these rules.

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Finally, many recipients (in the U.S. or abroad) who value their financial privacy, may simply not want to upload more identifying documents to various companies, which could be hacked or stolen.

Haha, hypocrite much? Give us all your personal details, which we will happily hand over to your government, as well as giving them technology to spy on you, but make sure you value your financial privacy! Roll Eyes

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This would be bad for America because it would force U.S. consumers to use foreign unregulated crypto companies to get access to these services.

Read between the lines. "This would be bad for Coinbase because it would mean our customers use different exchanges."

Jating

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Don't forget Brian's Armstrong tweet as well, pure FUD that causes the flash crash in recent days.

Good thing though that we have bounce back to $18k already. But I consider his tweet FUD that triggers the sell-off.

https://twitter.com/brian_armstrong/status/1331744884856741888

pepeepe

newbie

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Quote from: LFC_Bitcoin on June 06, 2020, 04:57:01 AM

Coinbase is too simple to use for the noobs so I don’t think they’re ever going to get truly boycotted en masse.
Brian Armstrong is an asshole but assholes rule the world.

There are many good exchanges in cryptocurrency. I think Coinbase is one of the best exchanges. It is very easy to exchange in this coinbase and you can exchange with confidence without any hesitation.

KIZILAGA

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cex are most weak side of crypto..

o_e_l_e_o

legendary

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Quote from: Sparrow96 on November 27, 2020, 11:34:33 PM

-snip-

None of what you say is incorrect, but they don't constitute the reasons behind the Delete Coinbase campaign.

Every centralized exchange demands private information for KYC purposes. Exchanges which offer unverified accounts often lock those accounts at a later date and demand verification. You never hold your private keys with any centralized exchange. Now, if you ask me, these reasons are enough to not use any centralized exchange, and I profoundly disagree with KYC in all its forms. However, most centralized exchanges do these things as they are necessary to comply with the laws and regulations placed upon them.

Coinbase takes things to a whole new level with their production and leasing of blockchain analysis technology to a whole host of government agencies and third parties. While other exchanges invade your privacy as means to abide by regulations, Coinbase invades your privacy as a means to generate profit. While other exchanges just invade the privacy of their customers, Coinbase attempts to invade the privacy of every bitcoin user in the world. And the whole time they tell blatant lies about "respecting privacy" and "financial freedom".

Sparrow96

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No wonder! Joining Coinbase, you will need to compromise with your identity. They are collecting your email. Then you need to submit your Identity Cards(National ID card, Passport, Driving License, etc). Without verification, you can't use their service. Once they let users use their service without verification. As of now, Coinbase is requiring all users to verify their identity. Also, you are not holding any private keys. They can freeze your account at any time with any excuse. You will have nothing to do without waiting for the result of the investigation. So, leave Coinbase and use a non-custodial wallet.

o_e_l_e_o

legendary

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You are confusing handing over customer data to the IRS and building blockchain analytic technology from scratch and then leasing that to the IRS (and DEA, and FBI, and CIA, and othet governments, and anyone and everyone who will pay them for it).

Yes, the government can go to Coinbase and demand they hand over customer data for tax purposes, and Coinbase either have to comply or fight it and expect retaliatory action, as you put it. However, the government can't go to Coinbase and demand that they buy out another company and take on board a number of new employees (morally bankrupt ones at that) and use those acquisitions to develop some new technology to then lease back to them. Coinbase did all that completely voluntarily.

bryant.coleman

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Quote from: o_e_l_e_o on November 27, 2020, 10:03:19 PM

Quote from: bryant.coleman on November 26, 2020, 10:43:26 PM

If Coinbase refuses to help them, then they will get the necessary help from somewhere else.

I don't buy that logic at all. What about the Electrum scammers? "Well, if we hadn't scammed these users and stolen their bitcoin, someone else would have, therefore it absolves us of all responsibility." I don't think so. Maybe the IRS would have looked elsewhere to find blockchain analysis technology, and maybe it would have been as good as Coinbase's, but that doesn't mean Coinbase can do what they like without any repercussions. And it certainly doesn't mean Coinbase can act all high and mighty about it like they are doing the community a favor by selling them out to the IRS.

Not only can we blame Coinbase here, but we should blame Coinbase. They went out of their way to acquire the necessary companies and individuals to develop this technology for their own profit. They are selling out their customers and the entire bitcoin world to line their own pockets.

Delete Coinbase.

Here you are assuming that the conversation between the IRS and Coinbase was civil and voluntary. I am not sure about that. Given the reputation of the IRS, I wouldn't be surprised if they have used unfair tactics in their dealings with Coinbase. If you ask me whether Coinbase had the option to refuse the request from the IRS, then yes. They had that option. But if they do that, they can expect some retaliatory action from the other side. And in this case Coinbase probably gave in to the pressure, instead of creating a fight.

These are just my assumptions. Can be wrong.

o_e_l_e_o

legendary

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Quote from: bryant.coleman on November 26, 2020, 10:43:26 PM

If Coinbase refuses to help them, then they will get the necessary help from somewhere else.

I don't buy that logic at all. What about the Electrum scammers? "Well, if we hadn't scammed these users and stolen their bitcoin, someone else would have, therefore it absolves us of all responsibility." I don't think so. Maybe the IRS would have looked elsewhere to find blockchain analysis technology, and maybe it would have been as good as Coinbase's, but that doesn't mean Coinbase can do what they like without any repercussions. And it certainly doesn't mean Coinbase can act all high and mighty about it like they are doing the community a favor by selling them out to the IRS.

Not only can we blame Coinbase here, but we should blame Coinbase. They went out of their way to acquire the necessary companies and individuals to develop this technology for their own profit. They are selling out their customers and the entire bitcoin world to line their own pockets.

Delete Coinbase.

bryant.coleman

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I am not sure whether we can blame Coinbase here. There is no doubt that their move will negatively impact a lot of cryptocurrency users. But even if they refuse to sell this Blockchain analysis software to IRS and DEA, don't you guys think that the authorities will get a better version from somewhere else? If Coinbase refuses to help them, then they will get the necessary help from somewhere else. How long does it takes, to create such a software if the technical expertise and funds are available?

TravelMug

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Ah the magic of Coinbase, when we thought that they are just going down during a massive spike, think again, during the bitcoin dump, it also went down.

https://status.coinbase.com/incidents/spb19yyvks8y

Let me quote one of their customer,

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“The outage prevented me from submitting a buy limit order which would’ve been executed as the limit price was met. At this time the order finally went through but I missed the price for now.”

https://www.cnbc.com/2020/11/26/coinbase-hit-by-connection-latency-problems-as-bitcoin-plummets.html

o_e_l_e_o

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Quote from: TravelMug on November 17, 2020, 07:48:42 PM

Are you surprised that Coinbase went down again with bitcoin was about to go to $17k and above?

There are only three things certain in life: Death, taxes, and Coinbase going down whenever bitcoin moves by >5%. I've lost track of just how many times I see people complaining about Coinbase crashing when there is a bullrun. As much as I dislike all centralized exchanges, I don't ever remember seeing a post about the same thing from Binance, or Kraken, or Kucoin, or so on. Coinbase have had billions of dollars and years of time to fix these crashes. The fact that they are still happening means they are either 100% intentional, or they could not give a single fuck about any of their customers. I'm not sure which is worse. With all the unethical and shady shit that Coinbase pulls, I'm pretty much convinced that 90% of Coinbase users have Stockholm Syndrome at this point.

Quote from: Lorence.xD on November 18, 2020, 09:33:07 PM

I do not get the point of selling the data to a government especially US.

Money. The US government pays Coinbase for details of their customers and for their de-anonymizing technology. Coinbase are more than happy to provide it. They do not care about their customers. They care about their profits, and only their profits.

Quote from: Lorence.xD on November 18, 2020, 09:33:07 PM

If the reason US wants to crackdown on tax evasion and money laundering, they could have asked for a cooperation.

The US government wants control, and the easiest way to achieve that is through mass surveillance.

Lorence.xD

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Leading Crypto Sports Betting & Casino Platform

This shouldn't be taken lightly, this could spell doom for the community. I do not get the point of selling the data to a government especially US. If the reason US wants to crackdown on tax evasion and money laundering, they could have asked for a cooperation. If drugs is involved then it will be a futile effort because it is proven that war on drugs is not an effective solution to destroy narcotics epidemic.

fillippone

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Quote from: TravelMug on November 17, 2020, 07:48:42 PM

Are you surprised that Coinbase went down again with bitcoin was about to go to $17k and above? LMAO,

https://status.coinbase.com/incidents/85j21s852sv2

And the recent outage really show that either is not really equip to handle large volumes (I doubt), or they intentionally goes into un-announce downtime or maintenance or whatever during bitcoin's upsurge.

This is another symptom for the real unconvenient truth: the real Coinbase client it's not the user. The real client is the government, who is little interested in trading bitcoin when the price is moving.

TravelMug

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Are you surprised that Coinbase went down again with bitcoin was about to go to $17k and above? LMAO,

https://status.coinbase.com/incidents/85j21s852sv2

And the recent outage really show that either is not really equip to handle large volumes (I doubt), or they intentionally goes into un-announce downtime or maintenance or whatever during bitcoin's upsurge.

larus

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Paypal can be the most anti-bitcoin orgranization #2. I hope that they will sell real bitcoins and will not ban accounts without reasons

o_e_l_e_o

legendary

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The "Transparency Report" is very light on actual details and very heavy on superfluous nonsense about how great Coinbase are at protecting privacy. I would encourage people to apply some critical thinking and not take it at face value.

Quote from: https://blog.coinbase.com/transparency-at-coinbase-c8edf6dce4d6

Coinbase believes that trust is built through transparency and honesty.

Hahaha, good one. Straight off the bat with the biggest lie of the document. Transparency and honesty? That's why you insider traded the BCH launch to dump on your customers? Why you listed a bunch of shitcoins your investors owned so they could dump on your customers? Why you sold your customers' data without their knowledge or consent? Why you lock accounts and seize coins without explanation?

Quote from: https://blog.coinbase.com/transparency-at-coinbase-c8edf6dce4d6

Coinbase believes in protecting the financial privacy of our customers.

Coinbase must honestly think the average crypto user has the attention span of a goldfish, or is just too stupid to notice. They are so interested in protecting your financial privacy that they employ human rights abusers to build technology to spy on you, and then rent that technology to the FBI, CIA, IRS, DEA, and others. So private!

This so called "report" seems to be the next piece of Coinbase's ongoing attempt to rewrite their history and hope people forget what a truly awful company they are.

Delete Coinbase for your own safety.

fillippone

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Quote from: BTCappu on November 13, 2020, 07:17:15 AM

What else do you expect from a platform that is centralized? Centralized exchanges will always require you to do KYC and give your information to them, and then they will have all your information and know everything about you. When they have this kind of opportunity they are able to do whatever they want to do, as it pleases them.

If you’re the type of person that cares much about your privacy, by making use of Coinbase you have already given up on that privacy, because you’re going to give them those information about you.

The difference between Coinbase and other centralised organisations is the unprecedented skew toward the central authority against the customer. The real Coinbase client is the government, not the user. This is a differentiating point, that i also reminded in the first quote of my last post.

BTCappu

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What else do you expect from a platform that is centralized? Centralized exchanges will always require you to do KYC and give your information to them, and then they will have all your information and know everything about you. When they have this kind of opportunity they are able to do whatever they want to do, as it pleases them.

If you’re the type of person that cares much about your privacy, by making use of Coinbase you have already given up on that privacy, because you’re going to give them those information about you.

fillippone

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Quote from: fillippone on July 29, 2020, 12:58:46 AM

<...>
Most US companies, or rather most companies having US citizens as customers, are forced to disclose some kind of data to the US government when asked with a by law request.
Coinbase instead has made the "disclose your customer data" their core business, masked behind the "crypto exchange" business

Proof of the above statement:

From the Tax Law Offices of David W. Klasing - The IRS is Coming After Coinbase Users That do not Report Their Profits for Tax Purposes

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In October 2020, Coinbase released its first-ever transparency report, and some of the information contained in this report should serve as a major wake-up call to taxpayers who have failed to report virtual currency held in this or another exchange in years past. The data shows that the IRS, and its Criminal Investigation Unit, has been one of the top receivers of information from Coinbase, alongside the FBI and CIA. This data makes it clear that the IRS is requesting information from Coinbase for the express purpose of checking it against its own taxpayer data and looking for discrepancies where holdings on Coinbase have not been reported on taxpayers' returns.

The above article is borderline with clickbait, but for sure if you have a coinbase account brace yourself for some question asked by IRS:

Topic: Coinbase the most anti-Bitcoin organisation. Make #DeleteCoinbase great again - page 3. (Read 2339 times)