Dr. Michael Moriarty says we should not trust Coinbase... Your thoughts?

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campycoin:

Have you read the interview with the owner of the Bitcoin Network of Sites Dr. Michael Moriarty? 

He owns
bitspeculate.com
bitplastic.com
coinchimp.com

and like 50 others

He has a lot to say in that interview read it here

 http://www.cryptocoinsnews.com/news/exclusive-interview-bitcoin-networks-dr-michael-moriarty-stanford-phd-becomes-bitcoins-doc-ock/2014/05/17

including that we should boycott Coinbase....

opinions?

franky1:

yet he himself does scam sites, runs off with the cash and shuts them down. then re-opens another site.

he tries to make people believe he has had atleast 50 businesses running non stop since 2011, and has 4 years worth of reputation.

his word is not even worth the pressure used for him to type a message. let alone being used to persuade people to avoid coinbase, purely to use his service.

the dude cant even have the courage to show his real face or name.. (his real name is not related to sherlock holmes in anyway)

as for his interview..

thats him with his propaganda machine asking his best friend who also runs a newsletter blog (both people pretending to be proper news media, yet failing) to publicize him and his "50 plus businesses"

im starting to think that Dr Michael Moriarty. is a trendon shavers like guy with a pseaudonym hinting at his lack of morals.
EG pirate. known scallywag that steals from others in the international waters
moriarty. known criminal mastermind with a network of criminal activity he can access at any time.

i think it calls time for a moriarty 'shoe on head' type of event to reveal himself publicly and self dox his identity. seeing as he supposedly has so much legit business.
does anyone of his customers know his true identity. and should we be trusting someone with 50 businesses to hide away?.. i think not

here is some of the doctors 'i have been hacked' excuses, kind of strange how only individuals accounts get hacked when a true hacker has access to it all. and how each hack happens on different days again only affecting individual people, not masses
http://www.reddit.com/r/Bitcoin/comments/1v9pzr/bitplastic_scam/
ill get into more detail about other scam attempts at the bottom

and as for his self publicity, this makes me laugh
(note the youtube uploader) http://www.youtube.com/watch?v=00q1U3xdXPM
ill get into more publicity attempts at the bottom

and as for the page loads (more so then actual visitors) bit plastic does not hav proof of 5000 customrs and 10k visitors per day
http://traffic.alexa.com/graph?&w=400&h=220&o=f&c=1&y=t&b=ffffff&n=666666&r=1y&u=bitplastic.com&flag=1

so a source self-publicity. read this. as it made me laugh
http://tedjonesweb.blogspot.co.uk/2014/01/bitplasticcom-scam-bitplastic-bitcoin.html

and someone else seems to have looked into the doctor too
https://bitcointalk.org/index.php?topic=601675.0

all-in-all
the doctor says he has been running sites since 2011 onwards yet apart from finding links that are quotes of him saying 2011, i can only find evidence of actual activity far later. including the lastest scam that is supposedly a debit-card scam, which is only ben running for a year... yet is his 'BitPlastic is our first and most popular site'.

yet visitor stats and domain registration show its more recent and not popular.

SO DO NOT USE ANY OF MORIARTIES SITES.

Sealed:

It sounds like he's flogging a competitor because he's trying to launch his own service. More power to him if he wants to try, but his claims still don't hold water.

Coinbase shares none of the characteristics of a Ponzi scheme. They make their money off of merchant and order fees, not user deposits. Unlike MtGox, they've never had restrictions on the amount or frequency of bitcoins you can withdraw, and even offer tools like paper wallets to make it easier.

If this doc guy wants to make his truly anonymous exchange, he's either going to be hit hard with fraud, shut down, or driven offshore for not complying with KYC/AML laws

DonnyMontana:

His comments are basically not about Coinbase itself, but rather companies like Coinbase that centralize keys. (e.g. almost every exchange, companies like Circle, lots of user-friendly wallets)

He mentions a number of things as to why
"US banning bitcoin and seizing Coinbase funds. I think this one is in the realm of 'not-gonna-happen'. Or perhaps more accurately 'if it happens, bitcoin is doomed anyway'."

I think people don't understand what a ban in the US would do. First of all, all 'public bitcoin activity' is out on day 1. That means banks won't service you, no ATMs, no deposits at exchanges, no payment processors like Bitpay or Coinbase. It means merchants will walk away and it means all VC investments leave.

It also means bitcoin drops to a near worthless price within hours. Miners stop mining, the network security breaks down and it becomes easy to do 51% attacks on the network. Trust is completely lost. Price volatility skyrockets. Most exchanges are effectively rendered unusable and shut down (example in China). You can trade on localbitcoins.com, but you never know if you're trading with an FBI agent.

There is no reputation or trust anymore. Bitcoin can still be used, but there's no point anymore. Because it's illegal, it's now risky, expensive, there is lots of friction in the system. It's no longer a better currency, and virtually nobody wants it and you can't find anywhere to spend it. Even on places like Silk Road, you don't know if you're buying from an FBI agent when you give them your address to have illicit goods, or hell, even completely licit goods (purchased with illegal bitcoins) sent to you.

In other words, this idea that bitcoin is made illegal in the US or bitcoin companies start to get shut down because they use bitcoin is not a reason for me to manage my own keys because in such a scenario, I wouldn't even want or care for bitcoin private keys any more than the least accepted unknown shitty altcoin there is.

DonnyMontana:

Apart from that he makes some points about hacking of Coinbase servers, and I think this makes sense to an extent. There is a risk bitcoins are stolen, and if you trust yourself more with the coin than Coinbase's security team, then do it yourself. But many of us are far safer with Coinbase than their windows xp computer, Coinbase is very explicitly a user-friendly service catering to an audience with little or no expertise in cryptography or security. And given how much Coinbase stores in cold storage, I'd frankly not worried.

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