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konovalets (OP)
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August 18, 2016, 02:39:38 PM |
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Like Coinbase. It's like paypal for bitcoin, they can block your account at any time or just vanish into thin air.
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The forum strives to allow free discussion of any ideas. All policies are built around this principle. This doesn't mean you can post garbage, though: posts should actually contain ideas, and these ideas should be argued reasonably.
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OmegaStarScream
Staff
Legendary
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Activity: 3458
Merit: 6106
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August 18, 2016, 02:44:47 PM |
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I will tell you why . It's pretty simple , people like to lose their coins (It took me some time to get this but It's confirmed). Not only , they can freeze your funds but there is a chance of getting hacked as well since they are "online" .
The rule is simple and exists since the creation of Bitcoin "You control your keys , you control your bitcoins - you don't control your keys , you don't control your bitcoins" , now If people wants to continue using these wallets then they should take responsibility in the future for whatever happens to their BTC.
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BTCLovingDude
Legendary
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Activity: 1134
Merit: 1010
BTC to the moon is inevitable...
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August 18, 2016, 04:44:04 PM |
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Like Coinbase. It's like paypal for bitcoin, they can block your account at any time or just vanish into thin air.
it is simple: coinbase or any other service like it is newbie friendly. you just sign up there and you can buy/sell/hold/spend/receive bitcoin all in one place without even knowing what bitcoin is, and how it works. and since people are lazy, they choose these wallets. in comparison bitcoin core is a big pain in the ass for them because you have to download the whole blockchain (70-80GB) and it takes a very long time and you need to understand what bitcoin is how to send a transaction, how to secure your wallet. besides not everybody is aware of the dangers of using these web wallets, they see a pretty website and pretty promises of security and they believe them until they get hacked like bitfinex and poof all the money is gone. |
--looking for signature--
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franky1
Legendary
Offline
Activity: 4200
Merit: 4453
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August 18, 2016, 05:34:10 PM |
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reasons:
noobs dont know better (still have the fiat mindset that banks are easier)
people dont trust themselves (worry of accidently getting a virus or house fire/floods wrecking their computer)
running a full client is not the same as a two tap smart phone app
backing up the privkeys is not as simple as 'File -> save as'
re-backing up the privkeys after every 'change address' is not an 'autosave' function
though there are alot of people consider running a full bitcoin client as being straight forward (i do as do many others) but we atleast have to admit it to ourselves that to average joe, its not actually straight forward.
even if these custodian wallets put on disclaimers such as
"we manage the funds for you meaning the funds are stored using our private keys, but we follow your requests as to what you want to do with your balance. but please be aware we do not insure your balance against loss, theft or accidents"
or less subtle
"we own the funds on our private keys, we can follow your requests as to what you want to do with the balance. but we are not insured in any way"
people would still use custodian services, for a mixture of reasons
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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Piladeer
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August 18, 2016, 05:36:21 PM |
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Well that is a good question that many of the people who use it must ask themselves. Why do they trust in these services with their bitcoins? I am dammed sure that I will not ever trust paypal with my money.  |
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amacar2
Legendary
Offline
Activity: 1120
Merit: 1007
CryptoTalk.Org - Get Paid for every Post!
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August 18, 2016, 05:42:20 PM |
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Like Coinbase. It's like paypal for bitcoin, they can block your account at any time or just vanish into thin air.
Some get attracted due to 0 fee internal bitcoin transfer, someone with no knowledge about how bitcoin actually works find coinbase to be easy to use with just signing up as other epayment sites, they support most of the bank deposits so it has become easier for many americans/europeans to buy bitcoin easily with their bank account etc. But all of them will come to know at one end that coinbase is just like paypal which keep blocking accounts without any real reason. I have heard even they don't respond to support tickets as well as they moniter bitcoin transactions which don't comply with real meaning of anonymous bitcoin transaction. |
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Yakamoto
Legendary
Offline
Activity: 1218
Merit: 1007
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August 18, 2016, 05:44:43 PM |
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Like Coinbase. It's like paypal for bitcoin, they can block your account at any time or just vanish into thin air.
They can freeze your account or disappear, but the question becomes whether or not they want to. As long as they're generating money from the exchange they have which has increased volume due to people using their wallet, they are happy. Closing an account is something I've only ever heard of a few times from people, and while unsavoury, it might have been justified in some cases. And they won't vanish because they want to generate as much revenue as they can before they vanish. There's no point cutting your profits early. |
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onlinedragon
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August 18, 2016, 05:48:25 PM |
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I will tell you why . It's pretty simple , people like to lose their coins (It took me some time to get this but It's confirmed). Not only , they can freeze your funds but there is a chance of getting hacked as well since they are "online" .
The rule is simple and exists since the creation of Bitcoin "You control your keys , you control your bitcoins - you don't control your keys , you don't control your bitcoins" , now If people wants to continue using these wallets then they should take responsibility in the future for whatever happens to their BTC.
Don't think that peole like to lose there coins but only are ignorant, negligent and complacent. I also started with an online wallet (XAPO)because it was required by some websites and it was easily accessible from you mobile device. Ordered also a debitcard and did already some successful transactions. If you keep the amount low in your online wallet the damage will be low when they will run or get hacked. |
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michelle1845
Member
Offline
Activity: 70
Merit: 10
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August 18, 2016, 05:49:34 PM |
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wow There are people who actually go into high risk areas in the cryptospace. But I also believe that some people are not fully aware of such risks.
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The Sceptical Chymist
Legendary
Offline
Activity: 3318
Merit: 6809
Cashback 15%
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August 18, 2016, 05:56:48 PM |
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reasons:
noobs dont know better (still have the fiat mindset that banks are easier)
people dont trust themselves (worry of accidently getting a virus or house fire/floods wrecking their computer)
running a full client is not the same as a two tap smart phone app
backing up the privkeys is not as simple as 'File -> save as'
re-backing up the privkeys after every 'change address' is not an 'autosave' function
though there are alot of people consider running a full bitcoin client as being straight forward (i do as do many others) but we atleast have to admit it to ourselves that to average joe, its not actually straight forward.
even if these custodian wallets put on disclaimers such as
"we manage the funds for you meaning the funds are stored using our private keys, but we follow your requests as to what you want to do with your balance. but please be aware we do not insure your balance against loss, theft or accidents"
or less subtle
"we own the funds on our private keys, we can follow your requests as to what you want to do with the balance. but we are not insured in any way"
people would still use custodian services, for a mixture of reasons
I agree, I think it's a noob mistake mostly. Coinbase is in the U.S. and is regulated, so it might be a little safer than other places. They can freeze your account but it's more likely they'd close it. I don't think we've had any real horror stories from them yet. Still no excuse to keep coins there or on any exchange. |
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konovalets (OP)
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August 19, 2016, 12:08:08 PM |
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Like Coinbase. It's like paypal for bitcoin, they can block your account at any time or just vanish into thin air.
it is simple: coinbase or any other service like it is newbie friendly. you just sign up there and you can buy/sell/hold/spend/receive bitcoin all in one place without even knowing what bitcoin is, and how it works. and since people are lazy, they choose these wallets. in comparison bitcoin core is a big pain in the ass for them because you have to download the whole blockchain (70-80GB) and it takes a very long time and you need to understand what bitcoin is how to send a transaction, how to secure your wallet. besides not everybody is aware of the dangers of using these web wallets, they see a pretty website and pretty promises of security and they believe them until they get hacked like bitfinex and poof all the money is gone. There are a lot of newbie friendly SPV wallets or API wallets which at least don't control your keys. For example Blockchain.Info wallet, MyCelium or Jaxx. It's very stupid to use custodial services like Coinbase. |
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calkob
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August 19, 2016, 01:10:49 PM |
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I think most people trust a company more than they trust themselves sometimes, which can lead to a loss of there bitcoin, but it can be hard for a newcomer to the bitcoin scene to put their bitcoin on to paper wallet or hardware wallets.
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Denker
Legendary
Offline
Activity: 1442
Merit: 1014
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August 19, 2016, 01:38:41 PM |
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Like Coinbase. It's like paypal for bitcoin, they can block your account at any time or just vanish into thin air.
Mostly because they are lazy and still used to banks. Believe it or not but many people don't want to take responsibility for their own money as well. Sounds crazy right?! |
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beamforming2
Newbie
Offline
Activity: 42
Merit: 0
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August 19, 2016, 02:09:09 PM |
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sometime,the new don't know the risk!
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tee-rex
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August 19, 2016, 02:22:18 PM |
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It may also happen that most people are not that tech-savvy, but wise enough not to trust themselves to store their coins locally, in their own desktop wallet, where the coins will be prone to theft by viruses, trojans, etc. I mean these people are not sure that they can provide the required level of security themselves.
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StarofBTC
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August 19, 2016, 02:45:01 PM |
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Well that is a good question that many of the people who use it must ask themselves. Why do they trust in these services with their bitcoins? I am dammed sure that I will not ever trust paypal with my money. do you think the millions of online users are wrong or doing mistake by trusting bitcoin? you are doing nothing but just spreading bullshit here. paypal is the number 1 payment source of the web with no doubt. and it is trusted of course. if paypal banned someone's account or frozen somone's money then they have valid reasons too. don't accuse paypal with no reason guys. |
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2legit2
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August 19, 2016, 11:05:10 PM |
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Like Coinbase. It's like paypal for bitcoin, they can block your account at any time or just vanish into thin air.
i never use it because of that, in my opinion its not worth using it, i definitely like to have my bitcoins in my own wallet where no one can take it |
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pooya87
Legendary
Offline
Activity: 3444
Merit: 10521
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August 20, 2016, 03:24:50 AM |
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Well that is a good question that many of the people who use it must ask themselves. Why do they trust in these services with their bitcoins? I am dammed sure that I will not ever trust paypal with my money. do you think the millions of online users are wrong or doing mistake by trusting bitcoin? you are doing nothing but just spreading bullshit here. paypal is the number 1 payment source of the web with no doubt. and it is trusted of course. if paypal banned someone's account or frozen somone's money then they have valid reasons too. don't accuse paypal with no reason guys. millions of users use many different services that are trusted, do you know how many people thought like you and used MtGox+Cryptsy+bitfinex+Bter+many more exchanges that scammed them and they lost their money? and yes paypal is the number 1 payment processor but it is also number 1 for scams and customer un-satisfaction. the charge-back is the nightmare of the merchants. |
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Strongkored
Legendary
Offline
Activity: 2758
Merit: 1112
Leading Crypto Sports Betting & Casino Platform
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August 20, 2016, 03:31:10 AM |
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Like Coinbase. It's like paypal for bitcoin, they can block your account at any time or just vanish into thin air.
Finally, many are aware of this. I think it is too risky if you have a wallet but did not have the private key from the wallet. Because anytime something bad could happen. I want to add the above example. This applies also for the wallet exchangers, and we know many cases exchangers which carry off the money their customers or hacked. IMO |
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Leonard2016
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August 20, 2016, 05:46:05 AM |
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Like Coinbase. It's like paypal for bitcoin, they can block your account at any time or just vanish into thin air.
it is the choice between an easy platform like coinbase where you can store bitcoin as your wallet and also trade it there too and choosing a wallet, installing it, sync wit the network and keeping it safe and secure. so most people ignore the risks of using web wallets and use them because it is easy. |
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