Coinbase the most anti-Bitcoin organisation. Make #DeleteCoinbase great again

[tsaroz]

Though coinbase was the first wallet for me and the first bitcoin I ever got was from bitcoin, coinbase is no longer a recommended option by me even for a newbie. Even for a simple user, they charge a huge transaction fees while sends the actual transaction in bulk with a minimum fees taking hours to get confirmation.
Using third party wallet always would have privacy issues. They need to profit from users as well comply with the government as a profit oriented business.

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[SARA ISLAM]

Coinbase is working against the slogan of cryptocurrency If they sell user information and analysis software to a government agency, Then all the data of the users will be provided to the government. Everyone should stop using Coinbase to protect their privacy. #deletecoinbase needs to be trending again.

[mariah.sadio]

Coinbase is a big point of centralization, they like to ban accs without reason and now they want to track everything. Too many reasons to NOT use it

[KonstantinosM]

I've used coinbase and I've had a positive experience so far. Using coinbase pro the fees are negligible and I've gotten some crumbs with coinbase earn.

But I'm glad I've read through this thread here, and I'll dig a lot deeper into the subject.

I've always been wary about any company that asks for KYC. I remember it was the same with Mt.Gox. Giving them my name is the same thing as giving the government my name and history.

That's why I never traded in a way that would incur taxes using coinbase. I know they'll sell me out. I don't want to discourage anyone from using coinbase responsibly however.

If you have dollar tokens in your centralized bank cartel account, it may still be beneficial to trade them for actual money using coinbase to get the bitcoin to your possession. Then if you want privacy you just have to jump through extra steps.

Or not do business with coinbase. It's still your keys your bitcoin at the end of the day, whether you get it from coinbase or from someone off the street or a bitcoin atm.


Don't forget that for bigger amounts bitcoin atms also have KYC requirements.

[buwaytress]

I thought the IRS already had Chainalysis on their books -- via the FBI? Or is Coinbase developing something that actually works (if you believe the Chainalysis whistleblower who basically said their software actually can't even work on simple CoinJoin tech).

Not sure who would win if Coinbase really entered into a competition to find the most anti-Bitcoin organisation ever, I've never had any love for them, but since I'm neither American nor British (mainly Coinbase customers), I've never had the opportunity to profess my love for it;)

[kryptqnick]

First they regularly engage in suspicious behavior with closing when Bitcoin's on the rise (at the very least it means they don't care enough about their customers to make necessary upgrades and ensure that such sudden interruptions don't happen again). Now this idea of selling software to the government...
I am just happy that a few years ago when I was just exploring my first exchanges I registered and wanted to use Coinbase, but turned out it didn't allow users from my country to use it (I just checked, it still doesn't). So I've never used it, and never will.

[Upgrade00]

I have always avoided coinbase and as much as possible centralized exchanges.
Using centralized exchanges to facilitate a decentralized network defeats the purpose. Also, deleting your account on coinbase would not get your personal information and data deleted, and if you still submit your data to other regulated websites you risk that data being sold at any time in the future to federal agencies.

[figmentofmyass]

I wonder how many of you who made comments here are still with coinbase ?

i made an account with them several years ago. being that i also avoid KYC wherever possible and loathe the idea of giving another exchange my docs, i feel to some extent stuck with them. i use them infrequently for USDC conversion-->fiat withdrawal. i'm extremely careful about what coins i deposit with them, and i also make sure to stay under their tax reporting threshold. i'm aware of the risks and try to mitigate them the best i can.

unfortunately the p2p market really sucks at this point.

Every centralised service will end up like this eventually. The difference is that most yield to it with some reluctance rather than running towards it like they are.

honorable mention for gemini:

[gentlemand]

honorable mention for gemini:

Well, I think I was probably being more generous than I should've been. The only ones I can think of off the top of my head who aren't totally cock a hoop at the cock bearing down on them are Shapeshift and Kraken, but they'll still toe the line.

[AB de Royse777]

unfortunately the p2p market really sucks at this point.

It's been only 10 years we started. We still have a long way to go and I am pretty sure 10 years from now we will have better exchanging facilities. Not only in exchange but in every aspects I guess.

[Tipstar]

I recently dumped the coninbase address that I was using for over 2 years and now moved to segwit native address.
It's really sad that a lot of new people are still being attracted to coinbase, mostly due to their aggressive advertising and non availability of bank integration services in many countries. Coinbase seems to be earning a lot to pay for both the advertisement and the banks and authorities.

[o_e_l_e_o]

do you think coinbase is angling to integrate their own user data into their analytics software? i assume that would violate various privacy laws.

100% they will do this. Selling your users' data without their consent to private third party companies also definitely violates privacy laws. Didn't stop Coinbase doing it, and they suffered essentially no punishment for doing so. There is zero chance in my mind they won't do the same thing here, except now it will be state sanctioned and therefore totally fine. Remember that Coinbase previously handed over some 13,000 users' data to the IRS. Why wouldn't they do it again?

Remember, of course, that "Coinbase Analytics" is simply a rebrand of "Neutrino", which was simply a rebrand of "Hacking Team". These are the same people that manufactured and sold surveillance software to human rights abusing dictators and have been complicit in violence, torture, and murder. Expecting them to have a shred of decency, a shred of morals, or care even the slightest about you as a customer, is somewhere between naive and stupid. They want your data, and they want to sell it.

Coinbase isn't just anti-bitcoin. It's anti-privacy, and it's anti-freedom.

Delete Coinbase.

[Aveatrex]

Using centralized exchanges to facilitate a decentralized network defeats the purpose. Also, deleting your account on coinbase would not get your personal information and data deleted, and if you still submit your data to other regulated websites you risk that data being sold at any time in the future to federal agencies.

Now with the recent european GDPR law I think you can ask exporting your personal data and have them delete it, not guaranteed they will do it however.

Remember that Coinbase previously handed over some 13,000 users' data to the IRS. Why wouldn't they do it again?

The real question here is why they did it in the first place? Were they pressured to do it? Maybe they have legally no other choice? It doesn't make sense that they would deliberatly hand out their users info unless they were forced to, there is no company that would do that abecause they know it will ruin their reputation. They didn't even get money for it.

In short, did they really had the choice to say "No" to IRS? I don't know

[o_e_l_e_o]

Now with the recent european GDPR law I think you can ask exporting your personal data and have them delete it, not guaranteed they will do it however.

Someone European can correct me if I'm wrong, but I thought there was a "get out" clause when it came to financial transactions and dealings, which permits companies to continue to hold the details of their European customers even if they request deletion.

there is no company that would do that abecause they know it will ruin their reputation.

But it didn't, though. Coinbase handed this information to the IRS over 2 years ago. Since then, it's been obvious that they will hand over more when the IRS asks for it, if they aren't already. And yet since then, Coinbase continues to grow and now holds a staggering 1 million bitcoin in their wallets. Unfortunately, the majority of people don't care about the privacy, and are happy to keep using exchanges which sell them out for their own gain.

[gentlemand]

Someone European can correct me if I'm wrong, but I thought there was a "get out" clause when it came to financial transactions and dealings, which permits companies to continue to hold the details of their European customers even if they request deletion.

https://www.consultancy.uk/news/14478/the-top-five-impacts-of-gdpr-on-the-financial-services-industry

"Financial institutions may keep some data to ensure compliance with other regulations, but in all other circumstances where there is no valid justification, the individual’s right to be forgotten applies."

Which sounds like a free for all by any other name.

Each nation had to pass it into their own law via their own parliament so no doubt they dropped in their own exemptions too. And I can imagine financial dealing data is a separate and ring fenced area to the privacy of your general data.

[Jet Cash]

I used Coinbase pro for a bit of Bitcoin scalping, but they made it difficult for UK customers to fund their accounts, and now I have to jump through hoops and send various images to continue. I'm not too worried about the tax man, but I think Coinbase has gone too far with KYC. Couple this with their down time at critical trading moments, and I no longer believe that it is a suitable trading site for me, It's a great shame, as it was an inexpensive, fun site for me to try a bit of scalping.

[AB de Royse777]

I used Coinbase pro for a bit of Bitcoin scalping, but they made it difficult for UK customers to fund their accounts, and now I have to jump through hoops and send various images to continue. I'm not too worried about the tax man, but I think Coinbase has gone too far with KYC. Couple this with their down time at critical trading moments, and I no longer believe that it is a suitable trading site for me, It's a great shame, as it was an inexpensive, fun site for me to try a bit of scalping.

I have a friend who is old school, 67 years old. He wanted to buy Bitcoin and their this complicated KYC thing eventually lost him LOL
In a sense it was good though.

Crypto should be hassle free peer to peer even if peer to peer is not possible then the agencies or exchanges should not go too much with this KYC things.

[Jet Cash]

67 isn't old, it's only middle age.

For HODLing, I think buying from other members in this forum may be the easiest option, but scalping with a trading account is fun, and it can reduce the cost of acquiring Bitcoun. I need to find an alternative, and I looked at Gemini, but that seems to be US dollar only.

[AB de Royse777]

67 isn't old, it's only middle age.

This reminds me a friend of mine who passed away few years ago, and he was 73. RIP buddy. Yeah, I get your point :-D

For HODLing, I think buying from other members in this forum may be the easiest option, but scalping with a trading account is fun, and it can reduce the cost of acquiring Bitcoun. I need to find an alternative, and I looked at Gemini, but that seems to be US dollar only.

Long ago I used to buy using some exchanges but now I have some of my internal private networks where I find people easily to buy bitcoin when I need, I also do selling when I need with them. Peer to peer of course.

[fillippone]

A tweet nicely written:

A common misconception is that Coinbase is a Bitcoin company

 - supported hostile forks (XT, Unlimited, Classic, BCH, S2X)
 - CEO revealed he holds more ETH than BTC
 - promotes blockchain surveillance
 - encourages users to "actually use" bitcoin by buy altcoins

Drop Coinbase.

https://twitter.com/sthenc/status/1269007583303528448?s=20

Coinbase is not a Bitcoin company
#deletecoinbase