#DeleteCoinbase - what is going on with Coinbase?

[wwzsocki]

From few days users of the Coinbase cryptocurrency exchange are closing their accounts in protest and sharing screenshots.

This is driven by a growing sense that the largest crypto exchange in the U.S. has lost its moral compass and can’t be trusted to be a responsible steward of customer funds and data.

The idea and hashtag began picking up steam more than a week ago when early spotters voiced concerns about Coinbase’s acquisition of the analytics company Neutrino.
But it truly went viral yesterday, largely at the urging of bitcoin developer Udi Wertheimer.

But why all the anger? Three controversial moves this month helped bring distrust of Coinbase to a head.

1. On February 12, Coinbase announced that its Coinbase Wallet would allow users to store their private cryptocurrency keys to Google Drive and iCloud.
2. On February 25, Coinbase announced that it would allow users of its Coinbase Pro service to buy XRP, the cryptocurrency behind aspiring bank-transmission provider Ripple.
3. The biggest impetus behind #DeleteCoinbase, though, was the announcement on February 19 that Coinbase had acquired a blockchain analytics firm called Neutrino.

Neutrino shares most of its leadership with Hacking Team, an Italian spyware firm that helped oppressive regimes worldwide monitor political dissidents and journalists. In several cases, Hacking Team’s work appears to have led to the imprisonment and even murder of pro-democracy activists—and some of its leaders seem to have had no moral qualms about silencing dissent.

For now, it’s hard to gauge how many users are actually leaving Coinbase. The exchange has tens of millions of users, so it’s tempting to dismiss the outrage of a few thousand insiders on Twitter as irrelevant. But recent history shows that ignoring #DeleteCoinbase would be a mistake.

You can read detailed article about #DeleteCoinbase here: https://breakermag.com/why-crypto-twitter-is-on-fire-with-deletecoinbase/

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[Slow death]

I did not understand, if  Coinbase bought this company called Neutrino, it means that coinbase is going to put people of your confidence to run this company and this company followed the philosophy of the coinbase. So why are people panicking and coming out of the coinbase?

[clover12]

I have a Coinbase account.  How can I protect myself?

All I used Coinbase for is buying coins and sending them out of there.

[BitMaxz]

I have a Coinbase account.  How can I protect myself?

All I used Coinbase for is buying coins and sending them out of there.

Don't use Coinbase as a wallet if you are planning to hold a huge amount of bitcoin and your account can be ban if your source of bitcoin comes from gambling you must use mixer first before you send it to your Coinbase account.

It is fine to use as buying bitcoin but it is not a good wallet because you don't have any access to back up your own wallet and keys/seeds. It's not the same as other wallets that you can fully control over the private keys and seeds.

[leonair]

I did not understand, if  Coinbase bought this company called Neutrino, it means that coinbase is going to put people of your confidence to run this company and this company followed the philosophy of the coinbase. So why are people panicking and coming out of the coinbase?

You did understood it, I see it more of a momentum by people who brought the issue regarding about the 'storage of cryptocurrency keys to Google Drive and iCloud', 'XRP supported by Coinbase Pro' and 'acquistion of Neutrino' as in fact do have a big impact as this three move by Coinbase just happened in just a short period of time. Coinbase is a big player when it comes to crypto exchange that when it do something like this, media will surely create stories out of it.

Coinbase must say something about their plans as they are in the hot seat or else #DeleteCoinbase will succeed.

I have a Coinbase account.  How can I protect myself?

All I used Coinbase for is buying coins and sending them out of there.

You can protect yourself from Coinbase if you withdraw it now. 

[shield132]

I have a Coinbase account.  How can I protect myself?

All I used Coinbase for is buying coins and sending them out of there.

Do you have something to hide? If not and all of your actions are legal, then I wouldn't worry, there is nothing which will affect you and they won't leak/sell information about you.

BitMaxz
To be fair a lot of people don't care about private keys and etc, all they want is as easy place as internet/mobile banking is. That's why they have so much customers, on another hand you know people who take care of it use their own wallet and better exchange service.

[clover12]

For buying new fresh coins: What is a better option than COINBASE?  (with Fees and other things calculated in there)

[harizen]

For buying new fresh coins: What is a better option than COINBASE?  (with Fees and other things calculated in there)

Coinbase is fine if it's an easy access for you to buy btc thru them. For other options, you can may search for those reputable ones and check their deposit methods if it's comfortable to you. After buying coins, up to you if you will transfer it on your own standalone wallet or play with the risks at any trading platforms.

Disregarding fees, I preferred those methods that is easy and less hassle for me.


Following the Coinbase story... What's next....

[BitcoinGirl.Club]

What do people expect from a company which offer centralized services such as wallet and exchange which is "against" cryptocurrency goal/point rather than offer decentralized wallet/exchange?

People should've done it years ago/limit using Coinbase only to buy/sell Bitcoin and start using real wallet and DEX.

The fools even accepted XRP LOL.
I can not remember when was the last time I used it. I think I will also need to close my account too if I manage to find my credentials. #CoinbaseByeBye 🙂

For buying new fresh coins: What is a better option than COINBASE?  (with Fees and other things calculated in there)

Use peer to peer facilities. There are ATMs which I understand not many. There are some exchanges who allows you to buy bitcoin using the fiat. Binance added it recently.

[Lionel]

What do people expect from a company which offer centralized services such as wallet and exchange which is "against" cryptocurrency goal/point rather than offer decentralized wallet/exchange?

People should've done it years ago/limit using Coinbase only to buy/sell Bitcoin and start using real wallet and DEX.

The fools even accepted XRP LOL.
I can not remember when was the last time I used it. I think I will also need to close my account too if I manage to find my credentials. #CoinbaseByeBye 🙂

For buying new fresh coins: What is a better option than COINBASE?  (with Fees and other things calculated in there)

Use peer to peer facilities. There are ATMs which I understand not many. There are some exchanges who allows you to buy bitcoin using the fiat. Binance added it recently.

With "new fresh" he means buying them with FIAT, not with  other crypto , right?

ATMs can be found only in a few cities in the world  for now, so it's not an option for 99.9% of the people.

There are 3 other valid exchanges i know where you can buy coins with FIAT :
- Bitstamp ( i've been using it for years )
- Binance ( but i've tried buying with credit card there and  did not work for me )
- Bitfinex ( i have never tried it though )

About buying with FIAT on DEXes, the problem is trusting the other peers and eventual escrows , for example if you are going to buy coins with EUR/SEPA from another DEX user.

[pixie85]

Coinbase is becoming more and more centralized. They are trying to track users and support tokens that aren't even cryptocurrencies like XRP while denying people the right to claim some of their Bitcoin forks like BTG. It took months before they gave people BSV and they announced their support for the project before the fork.
My guess is they were trying to gather up as many people as possible to have as much BSV as possible and traded it for a month. They are doing the same thing with other forks.

[wwzsocki]

I did not understand, if  Coinbase bought this company called Neutrino, it means that coinbase is going to put people of your confidence to run this company and this company followed the philosophy of the coinbase. So why are people panicking and coming out of the coinbase?

They haven't bought Neutrino only use them as a service and this is a very bad move because they are very closely connected to the infamous Hacking Team. In other words, Neutrino is a Hacking team. Maybe they made smaller companies to hide identity in this burning times but people will find everything. Especially when it goes about such a controversial company like HT.

Personally, I like to use Coinbase to quickly buy and sell my BTC, ETH, and Litecoins. They are fast, cheap compared to others and I never had problems with them.

I don't think using any online third-party, closed or open source wallet is a good idea. Only hardware wallets and keys on paper (even better if memorized)are safe in my opinion.

[clover12]

Coin Base served it's original purpsoe.   Now, it totally sucks.  period

[clover12]

What do people expect from a company which offer centralized services such as wallet and exchange which is "against" cryptocurrency goal/point rather than offer decentralized wallet/exchange?

People should've done it years ago/limit using Coinbase only to buy/sell Bitcoin and start using real wallet and DEX.

The fools even accepted XRP LOL.
I can not remember when was the last time I used it. I think I will also need to close my account too if I manage to find my credentials. #CoinbaseByeBye 🙂

For buying new fresh coins: What is a better option than COINBASE?  (with Fees and other things calculated in there)

Use peer to peer facilities. There are ATMs which I understand not many. There are some exchanges who allows you to buy bitcoin using the fiat. Binance added it recently.

ATMs can be found only in a few cities in the world  for now, so it's not an option for 99.9% of the people.

you are trying to tell this forum that the ATM's are super anonymous and Un Traceable??? YEAH. RIGHT.

[avikz]

Coinbase is becoming more and more centralized. They are trying to track users and support tokens that aren't even cryptocurrencies like XRP while denying people the right to claim some of their Bitcoin forks like BTG. It took months before they gave people BSV and they announced their support for the project before the fork.
My guess is they were trying to gather up as many people as possible to have as much BSV as possible and traded it for a month. They are doing the same thing with other forks.

Coinbase was always centralized so it's nothing new they are doing. They have stolen millions of dollars from the forked public money  which should have been distributed among the rightful owners. However, this time the case is little different. The acquisition of Neutrino is a serious concern because a majority of the team members of this company are the former leader of a hacking team infamous for monitoring prominent personalities.

I too agree with the view of OP as the unethical practice of Coinbase has now come into broad daylight. Alone we can't make much impact because Coinbase has over 10 millions of clients in their pocket. But at least we can save ourselves from being tracker by a group of hackers by closing our accounts. I had been using their service since last two years without any issue but I think it's time to move on to something more robust!

[franky1]

not really new news.

just check out the owners portfolio
https://dcg.co/portfolio

cambridge blockchain
Chainalysis
civic
cognito
Elliptic
norbloc

[ozeraykut]

I hope they will find out how to solve this problem. Many people can suffer from that. 

[evanescence]

What do people expect from a company which offer centralized services such as wallet and exchange which is "against" cryptocurrency goal/point rather than offer decentralized wallet/exchange?

People should've done it years ago/limit using Coinbase only to buy/sell Bitcoin and start using real wallet and DEX.

This. Coinbase has done more for crypto adoption than pretty much any other platform, but they've done so by being centralized and easy to use.
I thank them for introducing so many to cryptocurrency, but recommend everyone to stop using them as soon as they know what they're doing.

[franky1]

What do people expect from a company which offer centralized services such as wallet and exchange which is "against" cryptocurrency goal/point rather than offer decentralized wallet/exchange?

People should've done it years ago/limit using Coinbase only to buy/sell Bitcoin and start using real wallet and DEX.

This. Coinbase has done more for crypto adoption than pretty much any other platform, but they've done so by being centralized and easy to use.
I thank them for introducing so many to cryptocurrency, but recommend everyone to stop using them as soon as they know what they're doing.

they done alot 2012~2015
much like bitpay 2011-2015
but then the whole regulations KYC, tax reporting, transaction limitations. policing its own customers became a big deal

people need to learn they are only gateway services in and out of currencies. and not to be viewed as the asset/crypto system itself

[BitcoinFani]

Great misfortune for coinbase users! And using Coinbase website and App is becoming an even greater security risk then before.. Now they have the knowledge and expierence inhouse to hack you!   I have no confidence in any stock market! Physical Wallets that are the best.