Beware of CoinBase

[cryptosky]

I have never had any reason not to trust coinbase, I think it is one of the most reliable bitcoin companies

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[kingcrypto]

I think their very objective is to avoid legal problems unless the things they do doesn't like to its customers

[Ron~Popeil]

I use circle or local bit coins. Coinbase is the paypal of bitcoin. I use bitpay for business transactions.

[Lexi Price]

I use circle or local bit coins. Coinbase is the paypal of bitcoin. I use bitpay for business transactions.

I want to be done with coinbase and circle but not sure what the options would be. Granted, this is the first real issue I've had and I'm not a trader so I'm not dealing in high volume transactions...my issue is when I'm ready to move my money, I have to wait on them to get around to it.

My question is if there's an option with bitpay, say I set up an option on my own website, my merchant account, and just 'buy' some widget thing for whatever the amount is I want to buy bitcoin, do it through bitpay and then move it to a wallet from bitpay. Would that work or would they pitch a hissy fit? Or would it even be worthwhile to do?

I need options

[EternalWingsofGod]

So this is the price users have to pay for using their "regulated" exchange/wallet? Welcome to the "paypal" of bitcoin

It's the power of concentration it is a tad concerning
However as long as their is sufficient choice and competition developed to compete against Bitpay their is a good chance of avoiding the monopoly trap.

[Lexi Price]

So this is the price users have to pay for using their "regulated" exchange/wallet? Welcome to the "paypal" of bitcoin

It's the power of concentration it is a tad concerning
However as long as their is sufficient choice and competition developed to complete against Bitpay their is a good chance of avoiding the monopoly trap.

I prefer the "they can't regulate bitcoin" option that lured me to it to begin with. So where are options for 100% privacy?

[EternalWingsofGod]

So this is the price users have to pay for using their "regulated" exchange/wallet? Welcome to the "paypal" of bitcoin

It's the power of concentration it is a tad concerning
However as long as their is sufficient choice and competition developed to complete against Bitpay their is a good chance of avoiding the monopoly trap.

I prefer the "they can't regulate bitcoin" option that lured me to it to begin with. So where are options for 100% privacy?

Coinmixers or localbitcoins I guess, that or a Bitcoin ATM that is not KYC/AML if you can find one operating.
Initially the main issue is getting a signifcant amount of coins, guess if your Canadian could use a service like quickbt, get a few dumb phones with dispoable numbers and load up that way, might be a bit hard to use interac though.

[kpitti]

Anyone can choose what service to use. Another fact is when there is "easy" way then most people will use it without thinking about different service or option. But it`s good to know.

[silkylove]

I use coinbase so I obviously trust them.  Haven't had any problems yet.  If they get too restrictive and are no longer consumer friendly then they'll go the way of Blockbuster.

[Kprawn]

Well KYC/AML regulations killed widespread use of their services. That is just the way these regulations are built to decrease "crime" and hiding places for terrorists.

They also offer huge opportunities for governments to intrude on public privacy. We demand less crime and we demand safety, but we also demand privacy... where do we compromise the most?

Use the other alternatives and live with the risks and pay the premium, if privacy is important to you.  

[Lexi Price]

Well KYC/AML regulations killed widespread use of their services. That is just the way these regulations are built to decrease "crime" and hiding places for terrorists.

They also offer huge opportunities for governments to intrude on public privacy. We demand less crime and we demand safety, but we also demand privacy... where do we compromise the most?

Use the other alternatives and live with the risks and pay the premium, if privacy is important to you.  

I call bullshit on that presumption. This isn't about crime and fraud...the feds don't even put this much heat on cash deals or tracking them down. This is just bleeding out bitcoin and getting up in peoples' business...and no doubt to steal bitcoins like they did in these big busts. They're not cracking down on crime - they are the criminals.

I hope the ones out there with the skills are actively working on real solutions so we don't even need shit like coinbase and circle or any exchange and we can buy, sell, trade more p2p like it was intended.

[XCASH]

Well KYC/AML regulations killed widespread use of their services. That is just the way these regulations are built to decrease "crime" and hiding places for terrorists.

They also offer huge opportunities for governments to intrude on public privacy. We demand less crime and we demand safety, but we also demand privacy... where do we compromise the most?

Use the other alternatives and live with the risks and pay the premium, if privacy is important to you.  

I call bullshit on that presumption. This isn't about crime and fraud...the feds don't even put this much heat on cash deals or tracking them down. This is just bleeding out bitcoin and getting up in peoples' business...and no doubt to steal bitcoins like they did in these big busts. They're not cracking down on crime - they are the criminals.

I hope the ones out there with the skills are actively working on real solutions so we don't even need shit like coinbase and circle or any exchange and we can buy, sell, trade more p2p like it was intended.

None of the other exchanges who abide by KYC/AML regulations sound as strict as CoinBase. The CoinBase rules go way beyond any KYC/AML regulations.

[Come-from-Beyond]

None of the other exchanges who abide by KYC/AML regulations sound as strict as CoinBase. The CoinBase rules go way beyond any KYC/AML regulations.

Coinbase wants to be ready when time to lick big official asses in the Senate comes.

[Xiaoxiao]

Coinbase basically has a monopoly over the US bitcoin market. There may be 1 or 2 other options like Circle and CampBX but their volume is limited to a fraction of Coinbase volume. I wonder if an antitrust lawsuit could be filed against them, why is there no real competition in the US?

Circle will catch up.

[ChuckBuck]

Don't see any issue with the disclaimer.  Coinbase is just protecting their operations, and making sure their customers operate within a correct regulatory framework from a Money transmitter standpoint.

Coinbase has done more to mainstream and legitimize Bitcoin, then any of those jerks in the bankrupt and corrupt Bitcoin Foundation.

[SpanishSoldier]

Coinbase basically has a monopoly over the US bitcoin market. There may be 1 or 2 other options like Circle and CampBX but their volume is limited to a fraction of Coinbase volume. I wonder if an antitrust lawsuit could be filed against them, why is there no real competition in the US?

Circle will catch up.

I call bullshit. That's a completely trivial statement that does not respond in any meaningful way to my claim that Coinbase IS a monopoly. I'm not claiming that they'll be a monopoly for all future time. In any case, what makes you think Circle will catch up? Their $2500 per week limit has not changed for a very long time (in crypto time) and as far as I know there is no indication that it will be changing. Do you have some info that you're basing your claim on or are you just pulling it out of your ass?

I'm saying that (right now) Coinbase has a de facto monopoly over the US bitcoin market. Maybe that will change in the future, I don't know, but I'm talking about the present. I'm citing facts to back my claim, everyone who has disagreed with me in this thread has either mentioned non-entity exchanges or said something nonsensical.

Can you sue Google for having De-facto monopoly over US search market ?

[thejaytiesto]

Coinbase basically has a monopoly over the US bitcoin market. There may be 1 or 2 other options like Circle and CampBX but their volume is limited to a fraction of Coinbase volume. I wonder if an antitrust lawsuit could be filed against them, why is there no real competition in the US?

Circle will catch up.

I call bullshit. That's a completely trivial statement that does not respond in any meaningful way to my claim that Coinbase IS a monopoly. I'm not claiming that they'll be a monopoly for all future time. In any case, what makes you think Circle will catch up? Their $2500 per week limit has not changed for a very long time (in crypto time) and as far as I know there is no indication that it will be changing. Do you have some info that you're basing your claim on or are you just pulling it out of your ass?

I'm saying that (right now) Coinbase has a de facto monopoly over the US bitcoin market. Maybe that will change in the future, I don't know, but I'm talking about the present. I'm citing facts to back my claim, everyone who has disagreed with me in this thread has either mentioned non-entity exchanges or said something nonsensical.

Can you sue Google for having De-facto monopoly over US search market ?

Exactly. Whats the point of complaining about that?
Solve it by providing a better service, or better yet, use other ways if you don't like Coinbase. The beauty of Bitcoin is there is always other ways to do things, and no one has a monopoly on BTC thyself.

[AllTheBitz]

CoinBase collecting informations about bitcoin users , its building another database like google , tracking users ,,,
Bewarer of it , it stuying you , you can be anonymous with CoinBase , anonymousity didn't mean you are thief
this is your right , yep have to feel free 

[TippingPoint]

Some users may prefer the convenience of a regulated online exchange.  If it gets them into Bitcoin, while giving them a feeling confidence and security, that would be beneficial.

Many of us prefer to use other methods that do not require sharing personal financial information.

This is the internet.  No one has a monopoly.

[ashour]

bitcoin needs this kind of service but you always have a choice - use or not use that service.

I have to agree, why use coinbase if you don't agree with their terms ? Just don't use their services if you don't want. There are hundreds if not thousands of coinbase alternatives, try circle or bit-x. Coin base will adjust to the agreements of their investors, investors fund them and force coinbase to implement more features.