Coinbase Seeks 'Invasive' Details on US Bitcoin Mining Operations

[ensurance982]

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.

[chmod755]

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.

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.

[Totaldice]

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.

[silkylove]

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.

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.

[ensurance982]

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.

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!