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Author Topic: Coinbase Called Out on Twitter for Working with IRS and DEA  (Read 621 times)
hatshepsut93
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June 14, 2020, 09:32:11 PM
 #21

This community outrage due to this controversy has almost nothing to do with self custody of your funds. It's that Coinbase is handing over your information to the authorities. How is withdrawing your funds any different in this case? It's your privacy that's getting slaughtered, not the ownership of your coins itself. It's harmful even if you literally withdraw your coins the moment you bought them.

Yeah, I phrased my words a bit poorly, what I wanted to say is that Coinbase was never a good place to do any operations with crypto, be it storing, buying or trading, because of their long history of doing anti-consumer moves. Coinbase and other exchanges that have similar track record should be avoided like a plague. I recommend that people try to find some decent local exchange if possible, they'll likely be much more user-friendly than those giants.

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CaVO32
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June 14, 2020, 10:53:43 PM
 #22

I think Coinbase is no longer a good place to hold bitcoin.

nothing has changed! Coinbase has never been a good place to hold bitcoin from the day it started.

which is what i find absurd about these temporary social media storms. every now and then (similar to proof-of-coins time each year) people take to the social media and start complaining then after a very short time they go back to whatever they were doing before and forget about all of that.

the worst part is that ALL centralized exchanges are more or less alike. singling out one seems more like having an agenda against that particular company. otherwise they are all working with 3 letter agencies and worse. if they weren't then they would have been shut down a long time ago just like how btc-e was.

most centralized exchanges are of course working for the government as they are getting licensed under their Central Bank. So it is actually not a surprise that they are working with those agencies. Even your local crypto exchange is under the government's supervision because they need to get their license before they can operate. but coinbase is really showing a lot of cons lately, like the shutting down of their site when bitcoin starts to rise and many others. anyway, as a crypto user, you have a lot of choices not to use such exchange. there are a lot better than them and like BNB, they don't require KYC if you are dealing with 2btc below. So that's a good deal already for a small-medium crypto user.
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June 14, 2020, 11:07:04 PM
 #23

From the start, any centralized wallet that has KYC is not really good wallet to hodl coins. Better choose a wallet that you have control over your private keys or much better a hardware wallet. I guess the majority is using Coinbase because of its convenient feature, you can cash in and withdraw in selected countries through banks and that's it but their coins are not staying there for a long time, it is just a gateway for me.
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June 14, 2020, 11:37:44 PM
 #24

Why do people use coinbase in the first place? It goes against everything crypto stands for. You taking decentralized money and making it centralized giving it to these guys. Why would you want to do that it beyond me.
I never have and never will use coinbase or any exchange that asks for KYC. They can KYC my ass. Also, America is obsessed with drugs and punishing people for using them. DEA is an insane organisation just like the IRS thugs. God, I count my blessings not to live in such a horrible place.
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June 15, 2020, 12:06:22 AM
 #25

Coinbase has been the subject of a lot of issues even in the past years where it unknowingly freezes accounts and the balances of its users strangely disappears.
This site should be avoided by Bitcoin users because if the US government decides to regulate it and conduct investigation then all assets will be handed over to the authority.

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DarkDays
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June 15, 2020, 01:05:45 AM
 #26

It's true, but it's no different to any other platform that's licensed in the United States as a money transmitter.

That's why you should only store cryptocurrencies on reputable platforms that are hosted in countries that can't be touched by the IRS or FCA.

There's plenty of countries like this, e.g. Bermuda, Panama, Swizerland, Malta etc.

I personally keep all my money on a hardware wallet, but when I trade, I make sure to stay well away from platforms that serve US users.
BuNga_cute
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June 15, 2020, 01:33:21 AM
 #27

The wrong decision made by Coinbase in working with the IRS and DEA. Because coinbase users will definitely move to other exchanges.
But from the beginning I had never trusted exchanges, I only used exchanges for trading. For investment or save coins I prefer hardware
wallet. Actually I am really disappointed with Coinbase's decision, even though I have been more than 2 years use coinbase. And now must
move to other exchanges.

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