Coinbase Exchange Explain How They Saved Their Users From Twitter Hackers

[Gozie51]

While coinbase has done great in this particular incident, but you have to look at the flipside as well. A central business authority prevented users to use their own money for whatsoever reasons. For this incident, Coinbase deserves a thumbs up, but in general, someone else controlling your money in a nutshell and they have the power to decide when and where you can spend your own money!

Not being pessimistic but that's the reality.

You have your point regarding the control of your money because of certain restrictions or limitations embedded in the coinbase accounts but it is a matter of which is the greater devil. Now, some users have been saved from losing their btc.

I think it is even better to keep certain amount of btc with coinbase if they can't be in private and secured wallets.

[qory]

How ever hacker or not coinbase team and other exchange have responsibility for all member become victim or twitter exchange hack, they are not reason with their official twitter hacked because they have good team how to manage their social media platform, they have ask many people to invest to their wallet after giving announcement on twitter.

[fillippone]

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I think it is even better to keep certain amount of btc with coinbase if they can't be in private and secured wallets.

Wrong.
Not your keys, not your bitcoins.
Your bitcoins held at Coinbase , thay are not yours, but theirs.

Personal financial sovereignity requires being capable of holding your private key, so it's better to study and hold your coins in a "private and secured wallet". There's plenty of options for doing that ordes of magnitude more secure and private than Coinbase.

[LogitechMouse]

Since when I'm starting to get involved in crypto, I didn't ever tried to create an account at Coinbase. Probably because I prefer to use other wallet that I have my keys on like Electrum. I have read also here the famous quote "Not your keys, not your Bitcoins" and that is always in my mind whenever I choose a wallet.

What Coinbase did is a good move if you are an investor because they've prevented you from getting scammed yes but on the other hand, this is just a proof that they can control your transactions whenever they want too. It would be better if they experienced getting scammed than the wallet/company controlling your transaction.

[thesmallgod]

While coinbase has done great in this particular incident, but you have to look at the flipside as well. A central business authority prevented users to use their own money for whatsoever reasons. For this incident, Coinbase deserves a thumbs up, but in general, someone else controlling your money in a nutshell and they have the power to decide when and where you can spend your own money!

Not being pessimistic but that's the reality.

Whoever open accounts on coinbase and other CEX platform already know the platform also have control over their account. If they don't know, it is their responsible to the ToS. They could have allowed the transaction to go through but they didn't which they are fully taking responsibility for in case anyone think otherwise that they should have allow people to be able to spend their currency the way they like