Do not use Coinbase

[bbc.reporter]

This is not a call for a move out of the purpose of righteousness but a practical call that Coinbase might become better and better in tracking your coins and might intrude in your privacy.

I reckon, maybe Brian Armstrong wants to be the Facebook of blockchain analytics hehehe.  


Brian Armstrong, Coinbase CEO, the Zuck of the cryptospace

Coinbase, the largest US-based cryptocurrency exchange known for its ease of use and attractiveness to mainstream cryptocurrency users, has experienced some controversy as of late over their acquisition of Neutrino, a blockchain analysis startup that traces cryptocurrency transactions.

Neutrino was founded in 2016, and is a company based out of Italy that’s led by Giancarlo Russo, Marco Valleri, and Alberto Ornaghi.

The controversy surrounding Neutrino comes largely from the involvement of Valleri and Ornaghi, who before the establishment of Neutrino were executives of Hacking Team, an intelligence firm that sold spyware tools to government agencies around the world.

Hacking Team provided these tools to repressive regimes, including Sudan, Saudi Arabia, and Venezuela, who allegedly violated international laws and used those tools to monitor and endanger political dissidents, journalists, and activists. Essentially, the company put aside their morals and sold spyware and surveillance tools to regimes that perpetrated human rights abuses.

Read in full https://www.investinblockchain.com/will-coinbase-lose-users-controversial-acquisition-neutrino/

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[leonair]

Ambitions drives people to achieve something new and great but when too much could result to greed.

Brian Armstrong was a smart person and still is but I don't know why he just hastened everything, in just a short period of time he decided things that eventually resulted to angry users with #DeleteCoinbase boycott.

If he only just explain well his plans for the future of Coinbase before doing such things.

[pushups44]

Coinbase is exploiting the relatively few options consumers have even at this point. While there may be alternatives out there for buying cryptocurrency, I find Coinbase convenient, but ideally I'd use a service with lower fees. I agree their Neutrino acquisition should raise eyebrows.

[pooya87]

Coinbase is the new form of banks of the future and obviously like any bank it is also corrupted. but similar to banks we use them because they offer services that people need and want to use. in the end everyone has to realize what they are getting into. i wouldn't say "not to use" coinbase, just don't have any illusions about what you are using.

[boyptc]

I already stopped using coinbase.

But at the end of the day, it's still depending to the users to decide if they want to continue using them as their service is convenient for most. Some probably will just follow the trend.

[yazher]

Thankfully we have our own local Bitcoin wallet in our country that our trusted for so many years, it has a low transaction fee too. But when storing some huge amount of bitcoin I preferred for a hardware wallet instead of online wallet, you never know sometimes online wallets are very prone to hacks. like any other exchanges that we have seen in recent months.

[Kakmakr]

Coinbase will just become the next "Circle" or "Ripple", where they bend over to government pressure and greed to sacrifice their users. They hook you into their service with a bunch of empty promises in the beginning and over time greed cloud their basic principles and they completely change their business model to satisfy Banks and governments.  

People are slowly getting fed up with their poor customer support and "PayPal" type decision making, where accounts gets blocked for one sided decisions that are made by centralized organizations that are government puppets.  

[teilwalL05]

I am using Coinbase just for the purpose of storing and I haven't had any problem so far, But I never had a chance in using Coinbase Pro I thought I can have a problem in using it so I'd used Binance instead, But after seeing this news I had a second thought of really using Coinbase, But in my perspective I think all Exchange have a hidden agenda and we as humans surely have something that might come up in violating their authority over something or someone which that is a decision we as human make, And If Coinbase would turn to be that way then I think there is karma that will punish them in the End,

[Malam90]

I have already left coinbase for some problems. Coinbase is a third party wallet and i don't trust on any third party wallets. Neutrino's co founder previously worked in a hacking team, which is a matter of concern about security.

[eaLiTy]

If you are lazy enough and planning to store your coins in a third party wallet you might understand the risks as we have seen many hacks in this market and if they purchase something to track and monitor the movement of coins then each and every customer can decide whether to continue with them.

Neutrino's co founder previously worked in a hacking team, which is a matter of concern about security.

He might have worked in a hacking team but that does not make him a bad guy. Unless he has any legal  troubles in the name of hacking or exploiting for his benefit.

[pat4cryptoreal]

The good news about this ecosystem is that there is an ground for everyone. If coinbase is trying violate the set down consensus of cryptocurrency, there is no problem, We have some many other platforms that will soon perform better than them. Lets just make sure we are spreading the right information so that we will not misunderstand their motive.

[davis196]

I'm not using Coinbase since 2016,when I had issues with logging into my account and getting back my bitcoins.They are becoming more and more centralized and regulatory-frinedly(which ins't always a bad thing),but the regulations will become more and more strict,when it comes to tracking transactions and revealing your real identity.

[BlackPanda]

I am using Coinbase just for the purpose of storing and I haven't had any problem so far, But I never had a chance in using Coinbase Pro I thought I can have a problem in using it so I'd used Binance instead, But after seeing this news I had a second thought of really using Coinbase, But in my perspective I think all Exchange have a hidden agenda and we as humans surely have something that might come up in violating their authority over something or someone which that is a decision we as human make, And If Coinbase would turn to be that way then I think there is karma that will punish them in the End,

This is a vital thing because when we fail and are wrong in choosing an exchange, it will greatly affect the sustainability of the assets we have. Choose an exchange that does have a good reputation, with a good reputation, so it is possible for an exchange to experience a bad thing like hacking. So if there are already bad signs then we should move to a credible exchange and guarantee the assets we have.

[Tamilson]

Why settle for Coinbase if we already have other wallets that can be alternative to it, considering it isn't available for some country but some really choose to use this because of convenience that they're getting.

This is just undeniably that everyone is after in the vulnerability of the wallets and this step of Coinbase will worsen their image.

[mindrust]

I would use coinbase only if there wasn't any other alternative and even when i do that, I would only use coinbase to buy coins and withdraw immediately. Don't keep coins there, don't send coins there. Buy and withdraw only. And still, don't send more than a couple of hundreds.

[zityx23]

Coinbase use has restrictions so I dont think it is a good idea then. Besides, a cold wallet is better especially if you have large amounts of coins. If needed specifically, trade fast enough to withdraw yuour coins immediately. Anything could happen to any wallet so coinbase is not an exemption.

[mich]

Interesting article thanks for posting it mate.
I have been banned by Coinbase and not because I did anything wrong. 
I apparently failed my KYC so Coinbase thinks I was trying to scam them. 
Pure bologna and I hope no one uses their services. 

[vv181]

After all, it will end up just like Paypal 2.0 but in a form of the blockchain. Coinbase Indeed has a good UX design, many newcomers are having no difficulty setting up Bitcoin in Coinbase but that is not the point of Bitcoin.

The nature of Bitcoin is a pseudonym, and further technical advancement or third-app parties are required to regain anonymity. Bitcoin analysis and tracking tools will surely be having a hard time about it. and Also using web wallet is never recommended.

[Zalaster]

I stopped using Coinbase after problems with my account, they blocked me for several days.

[kenzawak]

Yep I heard about that.
Never was a big fan of Coinbase anyway. They've made successful investments and are doing very well but I don't trust them.
They're only useful for fiat transfers and for that we have other options now.