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

[aysg76]

~snip~

The term privacy has been always a major concern for these government agencies and they come up with these stupid lame excuses always to shatter it down and gain the full control over it as they are having in all others monetary sectors like stocks,bonds and fiat undoubtedly.So now they want to surpess the exchanges to give them such details with complete information of users transactions to trace them.The whole damn law is some user tracking virus being injected in the people nerves.

Making your voice heard ahead of Thursday’s critical EU vote

By Paul Grewal, Chief Legal Officer

(1) digital assets like Bitcoin, Ethereum and others are a primary way criminals hide and move money

The same old and top priority excuse for them like they are used for illicit crimes and will link up the silk road dark web case here saying so many bitcoins were confiscated during that time but how much profits the government take by selling them after having control of it?

They believe like if bitcoin was not there people could not hide their money at all but in reality the swiss banks and other sources are way too easy for people to hide their so called legal inflationary papers known as fiat.They can easily be forged but can you make fake copy of bitcoin on the network? No but for them it's not concern and they have their own way of thinking.

(2) law enforcement has no way to track these movements

Only in words but if we also want we can track the transaction records on blockchain which is full transparent but is their any such ledger for fiat transactions which are made without banks involvement.If you use bitcoin or ETH each transaction goes online validated through nodes an d then accepted but no security in banks.

Only if we use mixing services for being anonymous that is different case but most of the transaction goes without it and users are filing returns over it like the taxation schemes but still they want to have the full record.

For example, all crypto transactions will be deemed “travel rule eligible”. This means crypto is treated differently to fiat (which has a 1,000 EUR threshold), which establishes a clear advantage for traditional financial service providers over new technology, with significant anti-competition and anti-innovation implications.

The worse fact is putting down the restrictions to as low as to 1000 Euros like the same 1000 CAD coinbase information requirements.People transferring such amounts have to disclose the information and coinbase have to report that to authorise also so they can monitor it under AML policy but even if no suspicious activity is carried out they can also track it with such laws.So where is the privacy barrier gone? Blown with single law only.

Among the worst of the proposed provisions are new obligations on exchanges to collect, verify and report information on non-customers using self-hosted wallets.

Sounds like NSA keeping the satellite track of each Individual and even listening to their conversations like in Movie Enemy of the State which seems to be true in this case also with such strict laws.The government thinks they can pressurize the people with such laws and can seek low investment in these crypto market so they can launch their own shit CDBC but that's not happening at all.Avoid using these centralised exchanges at any cost that will protect your funds and give you privacy.

See who's talking about privacy who are also don't know it's true meaning and selling the private information to the government agencies

Coinbase’s Chief Legal Officer added:

If you care about protecting the privacy of individuals, and focusing the law on solutions that actually address legitimate concerns about the illicit use of digital assets, now is the time to speak up and be heard. We must speak with one, strong voice against this proposal before it’s too late.

They have already shaken hands with them and now poilitcising it for personal advantage to retain the users but themselves also do the same thing.So not surprised they will comply with the laws if passed easily.

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[fillippone]

Just in case you forgot how evil this institution is:



Coinbase Is Reportedly Selling Geolocation Data to ICE

Crypto exchange Coinbase's (COIN) analytics program, Coinbase Tracer, will provide the U.S. Immigrations and Customs Enforcement agency (ICE) with data about crypto users, including “historical geo tracking data” and transaction history, according to a contract obtained by watchdog group Tech Inquiry.

Straight from the contract





This is bad, dystopian and useless.

[o_e_l_e_o]

So the blockchain analysis arm of Coinbase, which was originally a company known for aiding and abetting torture and other human rights abuse, is doing something shady!? Well, I never!

As with everything to do with Coinbase, this is awful but not in the least bit surprising. We have known for years that Coinbase collect every possible shred of data they can about you, and we have known for years that Coinbase will sell and share that data with absolutely anyone who will pay for it. Go and have a read of Section 3 at this link: https://www.coinbase.com/legal/privacy. Here is just some of the data Coinbase collects on you:

   Personal Identification Information: Full name, date of birth, nationality, gender, signature, utility bills, photographs, phone number, home address, and/or email.

    Formal Identification Information: Government issued identity document such as Passport, Driver's License, National Identity Card, State ID Card, Tax ID number, passport number, driver's license details, national identity card details, visa information, and/or any other information deemed necessary to comply with our legal obligations under financial or anti-money laundering laws.

    Institutional Information: Employer Identification number (or comparable number issued by a government), proof of legal formation (e.g. Articles of Incorporation), personal identification information for all material beneficial owners.

    Financial Information: Bank account information, payment card primary account number (PAN), transaction history, trading data, and/or tax identification.

    Transaction Information: Information about the transactions you make on our Services, such as the name of the recipient, your name, the amount, and/or timestamp.

    Employment Information: Office location, job title, and/or description of role.

    Correspondence: Survey responses, information provided to our support team or user research team.

    Audio, electronic, visual and similar information, such as call and video recordings.

    ...

    Online Identifiers: Geo location/tracking details, browser fingerprint, operating system, browser name and version, and/or personal IP addresses.

    Usage Data: Authentication data, security questions, click-stream data, public social networking posts, and other data collected via cookies and similar technologies. Please read our Cookie Policy for more information.

Then go and read Sections 5 and 7 to see just how many different entities they share all this data with. I would quote it all here but it would take up far too much space since the list is so long.

We have also known for years that various branches of the US government are some of Coinbase's biggest partners, with multi-million dollar contracts from the FBI, IRS, ICE, SEC, and others. If you are a Coinbase user, then all the information listed above will be being shared with all of these agencies (not to mention the dozens of other third parties who buy this information from Coinbase).

[fillippone]

It is one of the first things I have written in this thread. Coin base business plan is not providing you a venue to buy and sell bitcoins. It is provide the government data on the people who buy and sell crypto’s.
Government is the real client of coinbase.
I think this is more true everyday.

[Bitcoin_Arena]

Just in case you forgot how evil this institution is:

Coinbase Is Reportedly Selling Geolocation Data to ICE

The Irony 



I even laugh harder when I read their privacy policy. What a bunch of shameless twats they are. Anybody having a Coinbase app on their phones shouldn't think beyond deleting it

[o_e_l_e_o]

I even laugh harder when I read their privacy policy. What a bunch of shameless twats they are. Anybody having a Coinbase app on their phones shouldn't think beyond deleting it

They probably get around that legally because it isn't "Coinbase" which are selling your data, but rather "Coinbase Tracer" or some other subsidiary, which is of course a completely separate entity that just happens to have access to all of Coinbase's data. Still, it's difficult to know who to believe in this case - a legally binding contract with the US government, or a tweet.

This is exactly the same shit they pulled after filing with the SEC and stating that all their users are unsecured creditors who will get absolutely none of their coins back should Coinbase become insolvent, but then tweeted "Don't worry, nothing to see here".

Amazing that people still buy this nonsense and trust Coinbase with a single satoshi.

[fillippone]

Amazing that people still buy this nonsense and trust Coinbase with a single satoshi.

The absolute majority of users doesn’t give a sh*t about all of those things. They are just a heard of sheeps willing to become rich soon with “cryptos”. And coinbase is right there to make the best use of them: slaughter.
Oh the irony: bitcoin should be supposed to be the decentralisation of finance, and you use a centralised service at service of a centralised state. Bitcoin motto is “don’t trust, verify” and you don’t even bother to carefully read the TOC clauses.

Difficult lessons have to be learnt.
Hopefully who’s reading those pages will be saved a cycle earlier than others.

[ABCbits]

Just in case you forgot how evil this institution is:

Coinbase Is Reportedly Selling Geolocation Data to ICE

The Irony  

It's worse when you see their second statement. I'm not sure whether they imply that geolocation (and other personal data) is treated as public data or not part of "Coinbase user data".


Source: https://twitter.com/coinbase/status/1542605323382337537

Amazing that people still buy this nonsense and trust Coinbase with a single satoshi.

It's more likely many of Coinbase customer never research about service they use rather than blindly trust Coinbase.

[bbc.reporter]

Coinbase has been very much hated by the cryptospace community because of their behavior that has been considered anti-bitcoin, however, this initiative by Brian Armstrong should be supported and should also be given respect, I reckon.



Leading crypto exchange platform Coinbase on Thursday announced that it was funding a lawsuit filed against the U.S. Treasury Department to block sanctions barring Americans from the virtual currency mixer- Tornado Cash.

Commenting on the sanctions, Coinbase CEO Brian Armstrong said that the Treasury Department had gone too far “by sanctioning an entire technology instead of specific individuals.”

“There are legitimate applications for this type of technology, and as a result of these sanctions, many innocent users now have their funds trapped and have lost access to a critical privacy tool.”

Read in full https://coincodecap.com/coinbase-funds-lawsuit-against-the-us-treasury

[o_e_l_e_o]

They won't list any privacy coins, though. They will continue to enforce ridiculous KYC requirements. They will continue to run a blockchain analysis subsidiary to spy on all their users. They will continue to discriminate against certain coins, treat bitcoin as non-fungible, and arbitrarily freeze accounts. This has nothing to do with them standing for bitcoin, protecting their users, or fighting for privacy. This is self-preservation.

Brain Armstrong has already said that Coinbase could be forced to shut down all staking protocols if this kind of behavior from the government continues: https://cointelegraph.com/news/coinbase-would-rather-shut-down-staking-than-enable-on-chain-censorship-brian-armstrong. The money that Coinbase would lose from the millions of Ethereum and other coins/tokens users are staking with them far outweighs whatever they will spend on this lawsuit.

I won't deny it's a good thing the government are being challenged in this way, but don't think that Coinbase are doing it for any reason other than self interest.

[ABCbits]

Coinbase has been very much hated by the cryptospace community because of their behavior that has been considered anti-bitcoin, however, this initiative by Brian Armstrong should be supported and should also be given respect, I reckon.

--snip--

Read in full https://coincodecap.com/coinbase-funds-lawsuit-against-the-us-treasury

I pretty much agree with @o_e_l_e_o. While they did good thing this time, it's likely their reason isn't upholding privacy/decentralization. It's more believable it's part of PR campaign or don't want to be next government target. Their blog[1] good also mention good example of why people need privacy, although there are few hypocrisy.

[1] https://blog.coinbase.com/defending-privacy-in-crypto-e09db33dece8

[o_e_l_e_o]

although there are few hypocrisy.

Hahaha thanks for the laughs. Man, fuck Coinbase.

We believe law abiding citizens have a right to privacy, especially with some of their most sensitive data: their finances.

And that's why we ask the most ridiculously invasive KYC questions, share all your data with our in-house blockchain analysis firm, and sell your data to third parties.

making it possible for anyone to use privacy tools to protect themselves.

Except whenever any of our customers use privacy tools. Then we'll freeze your account, seize your coins, and demand even more KYC from you.

I'd have far more respect if Coinbase just came out and said the truth - this will affect our profits - instead of dressing themselves up as some shining savior of privacy when they've done nothing but invade users' privacy since their inception.

[NotATether]

The absolute majority of users doesnt give a sh*t about all of those things. They are just a heard of sheeps willing to become rich soon with cryptos. And coinbase is right there to make the best use of them: slaughter.

Difficult lessons have to be learnt.

How true.

The problem with their line of thinking is after they get rich they are going to waste all their money on extravagant parties until they become like that garbage man who won the lottery and blew all his money and then became a factory worker.

[JayJuanGee]

I'd have far more respect if Coinbase just came out and said the truth - this will affect our profits - instead of dressing themselves up as some shining savior of privacy when they've done nothing but invade users' privacy since their inception.

They have gone down the road of weirdness and internal contradictions for so long that they cannot tell (handle) the truth.  

Of course, Coinbase has not been the bad guy in every single development in bitcoin or in crypto, since they did quite a bit of early onboarding of people into bitcoin in the 2013s, 2014s, 2015s and even further along.  Also, there was a time that they were supposedly (allegedly) fighting the man  in regards to keeping user information from the govt. and then later publicly denouncing the SEC for being hypocrites.

Many of the regular bitcoiners have difficulties finding any kinds of alliances with such a company that seems to be lacking in values including their getting caught in outright lies and various kinds of manipulations involving bitcoin when they were siding with the BIG blockers and engaging in shenanigans to mislead the public in the ways that they pumped Bcash.. and their baloney technical flaws in terms of seeming to "coincidentally" shut down at various times, and gosh the list goes on because there are so many examples of their seeming to lack values while they are proclaiming to have values.. and what about that fucktwat's inability to say the word bitcoin.. that's pretty fucking annoying and even misleading to be unable to say the word "bitcoin".

So yeah they are continuously attempting to find some kind of balance that makes some kind of sense, and it is likely really difficult to come even close to telling the truth when they cannot eve n reconcile their own kinds of various involvement in shitcoins and cannot make up their minds regarding the criteria that they use to add them to the platform that gets them into another kind of dance in terms having difficulties to claim their innocence regarding likely blatant breaches of securities laws (and not really trying to defend the extent of those laws but some of Coinbase's inclusion of coins could hardly have any justification.. and desire to make money as their likely only motive would be an evil motivation - that would likely be illegal to admit).  

They got Blackrock involved in order to bring muscle to their historical lies and also so they can go forth with continuations in being able to lie better and with more force, influence, status (lawyers) behind the lies.. and the various ways to suck and blow at the same time.. no matter which constituency they are attempting to screw - governments, institutions, customers, workers, the general public or any other constituency that they can leech off of that I have left out.

I guess my main point for the reasons above and likely some other reasons as well is that "they cannot tell (handle) the truth."  they would need to have a lot of "come to Jesus" moments.. and the truth would likely get a lot of them into pretty BIG troubles from several directions... maybe it would have to be like an addict going to AA meetings... "Hi. My name is Coinbase (Brian Armstrong) and here are the many different ways that I have been a degenerate who has been evil to myself and evil to everyone in my surroundings."

So yeah coincidentally some of their actions might seem to be good for the public as a whole, if they are fighting back in regards to various ways that they (Coinbase) feels that they have been disadvantaged in some governmental actions that are too broadsweeping, so of course, framing the matter in terms of some of the broad principles of privacy is not necessarily a bad thing - even when we also know that when company make lawsuits against the government or even against other institutions they will have a variety of attorneys and consultants helping them to weigh the pros and cons of presenting certain kinds of arguments, and some of those arguments will be stronger than other arguments and some of the arguments might contradict other arguments.. but there does not tend to be any legal requirement that all of your arguments have to be consistent... and sometimes lawyers will purposefully choose not to make certain arguments because there might not be much if any upside to making the argument even if the argument could be a factor to consider in the theoretical sense.

[o_e_l_e_o]

engaging in shenanigans to mislead the public in the ways that they pumped Bcash

Oh yeah, I forgot about their illegal market manipulation and insider trading around their launching of support for BCash. Don't worry though, they investigated themselves and found they did nothing wrong. How lucky!

and what about that fucktwat's inability to say the word bitcoin.. that's pretty fucking annoying and even misleading to be unable to say the word "bitcoin".

I must have missed this. Who are you referring to here? Armstrong?

they cannot eve n reconcile their own kinds of various involvement in shitcoins and cannot make up their minds regarding the criteria that they use to add them to the platform that gets them into another kind of dance in terms having difficulties to claim their innocence regarding likely blatant breaches of securities laws

As I pointed out at the time, Coinbase had a Digital Asset Framework which clearly spelled out the criteria they would use when listing new coins (which has conveniently now disappeared entirely from their website but is still archived here: https://web.archive.org/web/20181209130406/https://listing.coinbase.com/policy). They completely and utterly ignored it in favor of launching support for a bunch of coins their big investors were bag holding and could then be dumped on Coinbase users.

[JayJuanGee]

and what about that fucktwat's inability to say the word bitcoin.. that's pretty fucking annoying and even misleading to be unable to say the word "bitcoin".

I must have missed this. Who are you referring to here? Armstrong?

Yes.. I was referring to B. Armstrong.

In the past 6 years or so (likely right prior to the BIG blocker wars), Brian has articles and interviews in which he either does not use the word bitcoin or he ONLY minimally uses the word bitcoin - and I believe he is one of the persons who was involved in pushing the BIG blocker bullshit in 2016/2017/2018 who never really admitted that he was on the wrong side in that fight.  Sure we are all stubborn, and sure Armstrong is not completely without redeeming values (he is not dumb person either), but he surely does not recall, recognize and appreciate how he got to the dance and what actually keeps him at the dance.

Maybe Armstrong believes that bitcoin is stronger when guys/institutions like him engage in behaviors to attack it and undermine it (and short-term opportunistically profit whenever he can from it)?

Many of us know that bitcoin is made to be resilient and can be used by anyone, whether friends or not, and Brian is likely not exactly a complete villain in the bitcoin story. so bitcoin will survive either way, even when there are various set backs along the way and whether there are shitcoiners who are pumping a variety of snake oil products.  We are not going to get rid of the shitcoiners, the shit products, the scammers, but we can still bad mouth them and we can still point out their various hypocrisies and even denigrate their various products as inferior.. and we can even continue to maintain certain levels of skepticisms in regards to how much Coinbase's/Armstrong's support of funding Tornado cash related lawsuit talking-points is sufficiently free from some of Coinbase's/Armstrong's inclinations towards not being bitcoin-friendly. 

[o_e_l_e_o]

and I believe he is one of the persons who was involved in pushing the BIG blocker bullshit in 2016/2017/2018 who never really admitted that he was on the wrong side in that fight.

Absolutely he was. As I've also pointed out before, Coinbase supported literally every major attack on bitcoin which would have resulted in more centralization and Coinbase having more control in this space. Literally every one. I'm sure they are ecstatic about the upcoming Ethereum merge given they will immediately become one of the largest centralized validators given how much Ethereum has been deposited to Coinbase by their users, and will be able to throw their weight around to influence the future development of the project.

and we can even continue to maintain certain levels of skepticisms in regards to how much Coinbase's/Armstrong's support of funding Tornado cash related lawsuit talking-points is sufficiently free from some of Coinbase's/Armstrong's inclinations towards not being bitcoin-friendly.

Despite both Coinbase and Armstrong being asked directly multiple times, they have both been completely silent when it came to supporting Hodlonaut's legal case against CSW. I guess there is no profit to be made by actually standing up for bitcoin though.

[NotATether]

I'm sure they are ecstatic about the upcoming Ethereum merge given they will immediately become one of the largest centralized validators given how much Ethereum has been deposited to Coinbase by their users, and will be able to throw their weight around to influence the future development of the project.

How ironic it will be if their interference in staking enforcements causes a permanent price stunt in Ethereum that they will lose money from (since they care only about its dollar value and not "innovation" proper).

Nope, don't want any of that crap in Bitcoin, thanks.

[2stout]

It sure seems that Coinbase and Armstrong have greatly overestimated their importance and in the process have shown who they really are- Coinchase, as if there was any doubt.  I can't see this ending well for the either company or shareholders.

[Bitcoin_Arena]

It sure seems that Coinbase and Armstrong have greatly overestimated their importance and in the process have shown who they really are- Coinchase, as if there was any doubt.  I can't see this ending well for the either company or shareholders.

Only time will tell and one thing I am sure about is, what goes up must come down. The inflate sense of self-importance can be blown up over night and before we know it, it will be no where to be seen.