Withdrawing Bitcoin from Coinbase does not mean not using Coinbase as a marketplace to trade Bitcoin or Altcoin. The negative information about Coinbase recently has been very sensational and detrimental to Coinbase, I am sure that Coinbase will not do anything that will harm it.
For me, all exchanges have the same uses and benefits, it's just that if you want your Bitcoin and Altcoin to be safe, it is better to move all coins to a personal wallet that we have after doing various activities on a centralized exchange.
Topic: Take your Bitcoin off Coinbase (Read 465 times)
How about take your Bitcoin off any exchange? Not alone Coinbase. 
It's always said, not your keys, not your coins. So I am sure those who are holding their Crypto on an exchange needs to understand this that until and unless you withdraw them in your hardware wallet or even wallets like Metamask, the money isn't yours. It's owned by an exchange and they can lock you out anytime for any reason.
It's always said, not your keys, not your coins. So I am sure those who are holding their Crypto on an exchange needs to understand this that until and unless you withdraw them in your hardware wallet or even wallets like Metamask, the money isn't yours. It's owned by an exchange and they can lock you out anytime for any reason.
The reason is that many are not capable of being their own bank, and that is why it is much easier for them to transfer that responsibility to someone else, regardless of the fact that there is a great risk behind this transfer of responsibility. In addition, the large following of the great crypto messiah who is just getting out of prison obviously believes in what he claims...
Quote from: https://decrypt.co/117214/99-people-will-lose-crypto-storing-self-custody-binance-ceo-changpeng-zhao
“For most people, for 99% of people today, asking them to hold crypto on their own, they will end up losing it,”
If you are asked which company or any organisation fits market manipulation the most I bet many people will say its BlackRock, including myself.
Today it seems I might not be completely right, BlackRock now requires Coin base to deposit Bitcoin directly on-chain within 12hrs of instruction after concerns were been raised that Coinbase is selling "paper BTC" to ETFs.
https://x.com/BTC_Archive/status/1838227189835108862
This is shocking, isn't it? Feels more like BlackRock wants more transparency and assurance, if BlackRock is really pushing this then they don't like the way that Coinbase have been acting.
Guys I think we should all be focused on Coinbase from now on, something could really go bad with Coinbase, if you have some BTC on this exchange it might be a good idea to move them out especially if you are not actively trading on the platform.
My advice doesn't end with Coinbase only though, stop leaving your coins on any centralised exchanges in general.
Today it seems I might not be completely right, BlackRock now requires Coin base to deposit Bitcoin directly on-chain within 12hrs of instruction after concerns were been raised that Coinbase is selling "paper BTC" to ETFs.
https://x.com/BTC_Archive/status/1838227189835108862
This is shocking, isn't it? Feels more like BlackRock wants more transparency and assurance, if BlackRock is really pushing this then they don't like the way that Coinbase have been acting.
Guys I think we should all be focused on Coinbase from now on, something could really go bad with Coinbase, if you have some BTC on this exchange it might be a good idea to move them out especially if you are not actively trading on the platform.
My advice doesn't end with Coinbase only though, stop leaving your coins on any centralised exchanges in general.
I’ve never liked coin base as a platform anyways nor have I used it in years. They are the number one custodian for black rock and the US government tho so they will definitely be shaping up even more so I’m sure of it.
The claims of Coinbase selling paper BTC to BlackRock was completely made up by influencers looking for clout. BlackRock didn’t want their investors panicking over this FUD so they amended their agreement with Coinbase so that on-chain settlement happens more frequently.
still, if people are concerned about this, coinbase can just prove it that this just nothing but clout and the BTC per agreement exists on-chain.doesn't hurt to prove credibility and reliability of a company knowing such concerns arise.
this is also why I just avoid using wrapped BTC in altcoin chain, the centralized custodian of the underlying BTC just putting some additional layer of risk and is subject to depeg.
The claims of Coinbase selling paper BTC to BlackRock was completely made up by influencers looking for clout. BlackRock didn’t want their investors panicking over this FUD so they amended their agreement with Coinbase so that on-chain settlement happens more frequently.
I perceive it is just a FUD. Be it paper BTC or not, it will only be confirmed BTC in the chain. Whether they hold and share it in any form, what we should look out is the on-chain settlement.Keeping your Bitcoin off of custodial exchanges should be standard practice by now for most people so there is nothing to really be concerned about if you were being responsible and holding your own private keys.
When BTC is in Coinbase or with BlackRock, is it still called BTC or only considered BTC when it hits the BTC network. 
Regardless though, one should not store his funds for a long period of time in any exchange.
All exchanges also do not guarantee that the coins we have will be safe for a long time, some bad things can happen like some exchanges that have disappeared from the cryptocurrency world. Since the beginning of my acquaintance with Bitcoin, I have never left my Bitcoin or Altcoin on a cryptocurrency exchange because there was once someone who put his coins on a crypto exchange for a long time, but after that he tried to check his coins and it turned out that his coins were no longer on the crypto exchange.
Do remember most coins are getting abandoned and delisted from crypto-exchanges, so it should never be an option to store your coins in them for long period of time. There have been so many victims of this particular case, and yet, people are not learning their lessons. If you have so many coins in your wallet, make sure, you can still keep up with their updates so you won't be left with worthless coins.
If anyone argues against this, they are a damned fool. Coinbase has been one corrupt shitty exchange every since I "got in to" bitcoin. They were sorta the really only player in town for quite some time. I used them back in the day when their exchange would freeze seemingly every single time there was any sort of sell off, didn't even have to be all that big. They have locked up accounts and stolen bitcoin from friends of mine and I've heard countless stories of people get fucked by them. SO yes, f Conbase.
Nice one! This exchange may be popular these days, but we can't deny the fact that they are doing business and only a third party trading platform. At the end of the day, it is their welfare they are concerned about. So even a trusted crypto-exchange, can have their flaws and so trust only yourself when it comes to storage of your coins.
My advice doesn't end with Coinbase only though, stop leaving your coins on any centralised exchanges in general.
Regardless though, one should not store his funds for a long period of time in any exchange.
All exchanges also do not guarantee that the coins we have will be safe for a long time, some bad things can happen like some exchanges that have disappeared from the cryptocurrency world. Since the beginning of my acquaintance with Bitcoin, I have never left my Bitcoin or Altcoin on a cryptocurrency exchange because there was once someone who put his coins on a crypto exchange for a long time, but after that he tried to check his coins and it turned out that his coins were no longer on the crypto exchange.
For some reason, I'm not that worried. I would be worried if this was concerning normal users but not in this case. With the Blackrock, and SEC involved into all of this. I can't imagine them even trying to pull such a move.
Regardless though, one should not store his funds for a long period of time in any exchange.
This has always been the main golden rule here in crypto space. It might sounds basic and repetitive but this is something that will really be saving up your ass on losing up your coins.Regardless though, one should not store his funds for a long period of time in any exchange.
"Not your keys, not your coins" this is really that a line that often heard about and this is where newbies should really be thinking off when it comes into this aspect.
As for those events talking or involving those institutions then just like you then im not really that having any concerns nor really that being mindful on whats happening around.
We do know that there are really that tons of drams thats happening into that area on which it would really be that obviously shows that they are really just doing those casual stuffs around.
As for security of coins then better always choose on storing up on non-custodial ones on which this is really the most basic thing that you do learn on crypto space.
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Ever since I realized the risk of storing my crypto asset on centralized exchange, I stopped saving crypto on exchange and I always discourage my friends from doing so.
Great effort on the warning, OP, but there’s no need to panic since the CEO of Coinbase has already denied that rumor.
Quote from: https://cryptopotato.com/coinbase-ceo-denies-selling-paper-bitcoin-to-blackrock-and-cbbtc-claims/
Coinbase founder and CEO Brian Armstrong has denied speculations that the company has sold paper Bitcoin to BlackRock without maintaining a 1:1 backing.
The allegations have caused debate in the crypto community, with some accusing Coinbase of lacking transparency in its Bitcoin reserves.
The allegations have caused debate in the crypto community, with some accusing Coinbase of lacking transparency in its Bitcoin reserves.
The rumor was probably started by people working at a different exchange that is about to go under and they figured they could cause other people some doubt.
its been long known that coinbase didnt want to reveal its security of its custody trust/cold wallets specific to the custody service. and even in blackrocks ETF applications reveals coinbase dont reveal critical details to blackrock. however now that blackrock has a substantial hoard, they want more transparency and accountability. because they noticed when they done coinbase OTC deal to buy coin, and then move coin to custody to then treat as locked coins to then do their ETF stuff, the coinbase transactions on the blockchain didnt completely match up to movements from the trade to the custody services.
this meant they only had the coinbase database/platform account balance to rely on.
its the reliance of the coinbase platform database and not having reliance of blockchain utxo proofs that raised the alarm of "paper btc"
..
with $23b (363k btc) held in coinbase just for blackrock alone, im pretty sure new relations, negotiations of proof policies have been handled before this news got public attention
If anyone argues against this, they are a damned fool. Coinbase has been one corrupt shitty exchange every since I "got in to" bitcoin. They were sorta the really only player in town for quite some time. I used them back in the day when their exchange would freeze seemingly every single time there was any sort of sell off, didn't even have to be all that big. They have locked up accounts and stolen bitcoin from friends of mine and I've heard countless stories of people get fucked by them. SO yes, f Conbase.
I loan money to the broke ass US Government by purchasing Treasury Bills that are maintained in the custody of my broke ass government regulated brokerage accounts.
I own shares of Blackrock that are maintained in the custody of my broke ass government regulated brokerage accounts.
I own shares of Coinbase that are maintained in the custody of my broke ass government regulated brokerage accounts.
I own shares of the available crypto ETFs and MSTR that are maintained in the custody of my broke ass government regulated brokerage accounts.
I own free and clear my home that the broke ass government taxes me on every year.
I own precious metals, crypto, and other tangible assets that I maintain custody of since I don't have enough faith in my financially irresponsible broke ass government to trust them with all of my assets.
Don't keep all of your eggs in one basket.
I own shares of Blackrock that are maintained in the custody of my broke ass government regulated brokerage accounts.
I own shares of Coinbase that are maintained in the custody of my broke ass government regulated brokerage accounts.
I own shares of the available crypto ETFs and MSTR that are maintained in the custody of my broke ass government regulated brokerage accounts.
I own free and clear my home that the broke ass government taxes me on every year.
I own precious metals, crypto, and other tangible assets that I maintain custody of since I don't have enough faith in my financially irresponsible broke ass government to trust them with all of my assets.
Don't keep all of your eggs in one basket.
I think everyone is aware of the risks of storing assets on centralized exchanges after their collapses.
Those who keep themselves informed about such affairs know about it. People on this forum and other communities who understand the benefits of self-custody and have found the right sources of information to warn them of custodial exchanges are also aware of it. I was surprised to read the information in this article. If the data from June of this year is true, around 11.5% of bitcoin's overall supply is kept at addresses held in exchanges. I expected this number to be higher and closer to the 25-30%. It's worth pointing out that the data can only consider wallet addresses they know belong to exchanges. Surely, there are those they aren't aware of, which would increase that given percentage.
Not just Coinbase but CEX entirely. It is not a safe place to store bitcoin because any mistake will lead to lose. The drama happening in Coinbase lately is already a signal that people should have used to protect their asset by taking them to their personal wallets but it seems some people are still ignorant of the dangers of storing assets in CEX. It is popular thing here that wallets that one have the private keys are the only safe place to store assets so people should act accordingly.
The source of this news was not given, it just came from a random tweet that has gotten over a million views and many reposts. But there is some level of truth in some rumours. I know that Coinbase will refute this claim and tell investors that their funds are safe. But these CEX can do anything to make a profit so I don't doubt the claim that Coinbase might be deceiving BlackRock. People forget easily and want to always learn the hard way just like in the FTX case. The money you keep in centralised exchanges is not yours, you can lose it at any time. As many as 10 out of 11 bitcoin ETFs use Coinbase as their bitcoin custodian , and BlackRock is not a small or easily bullied institution in the financial markets. If CB really cheated with BR and other funds, do you think they will let CB off easy?
As you said , it's all just a rumor from a random unverified tweet, why are so many of us exaggerating the issue so unnecessarily? Bitcoin ETF is an agreement between investment funds and Coinbase and is approved by the SEC . I don't think CB will do anything stupid, they can cheat or take bitcoins from regular users but with bitcoin ETFs it's a completely different case .
I think this is FUDs and we should stop spreading it .
For some reason, I'm not that worried. I would be worried if this was concerning normal users but not in this case. With the Blackrock, and SEC involved into all of this. I can't imagine them even trying to pull such a move.
Regardless though, one should not store his funds for a long period of time in any exchange.
Regardless though, one should not store his funds for a long period of time in any exchange.
It sounds like a non-event to me. Big enterprises require many kinds of special stuff from their providers all the time, so it doesn't really make sense to me that someone would pull all their BTC from Coinbase simply because someone thinks that they are depositing paper money.
That being said, I do not support Coinbase at all.
How about take your Bitcoin off any exchange? Not alone Coinbase.
It's always said, not your keys, not your coins. So I am sure those who are holding their Crypto on an exchange needs to understand this that until and unless you withdraw them in your hardware wallet or even wallets like Metamask, the money isn't yours. It's owned by an exchange and they can lock you out anytime for any reason.
It's always said, not your keys, not your coins. So I am sure those who are holding their Crypto on an exchange needs to understand this that until and unless you withdraw them in your hardware wallet or even wallets like Metamask, the money isn't yours. It's owned by an exchange and they can lock you out anytime for any reason.
It's always only a rumor until it becomes true.
Either way, I make it a habit to hold all my Bitcoin in my own private wallet so that no third party can "de-decentralize" my money against my will.
I mean, when your Bitcoin is laying on some third party wallet, like that of a crypto exchange, is it not technically just fiat under a different name?
Either way, I make it a habit to hold all my Bitcoin in my own private wallet so that no third party can "de-decentralize" my money against my will.
I mean, when your Bitcoin is laying on some third party wallet, like that of a crypto exchange, is it not technically just fiat under a different name?
The thing that a lot of people are missing is the size of BlackRock and the way they are regulated and what they have to go though.
IF this was true AND they did not tell their investors within a short period of time that they thought there was an issue and something happened the lawsuits would be epic.
As in they would be studied in law schools for years to come.
We are not talking about some unregulated off shore company like FTX.
-Dave
It's always only a rumor until it becomes true.
Either way, I make it a habit to hold all my Bitcoin in my own private wallet so that no third party can "de-decentralize" my money against my will.
I mean, when your Bitcoin is laying on some third party wallet, like that of a crypto exchange, is it not technically just fiat under a different name?
Either way, I make it a habit to hold all my Bitcoin in my own private wallet so that no third party can "de-decentralize" my money against my will.
I mean, when your Bitcoin is laying on some third party wallet, like that of a crypto exchange, is it not technically just fiat under a different name?
I suppose OP is right that BlackRock wants more transparency, ensuring that when Bitcoin is purchased with its ETF, the ownership is directly on-chain. Given the reputation of BlackRock, it is expected from them to set higher standards in how Coinbase handles custody. That may be a signal that the practice by Coinbase is getting more scrutiny, especially with their plan to launch "Coinbase WBTC," which raised even more concerns  .
I totally agree that we should avoid leaving funds on centralized exchanges like Coinbase. All this push for faster on-chain settlement does seem to come together with the greater crypto philosophy of self-custody. If BlackRock is concerned, that could indicate much larger issues later on for Coinbase. In all probability, yes, moving assets off exchanges into personal wallets where we got full custody, especially when one is not trading actively, it is the only best way.
I totally agree that we should avoid leaving funds on centralized exchanges like Coinbase. All this push for faster on-chain settlement does seem to come together with the greater crypto philosophy of self-custody. If BlackRock is concerned, that could indicate much larger issues later on for Coinbase. In all probability, yes, moving assets off exchanges into personal wallets where we got full custody, especially when one is not trading actively, it is the only best way.
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