[2014-07-02] CoinDesk: Coinbase Announces High-Security ‘Vault’ Bitcoin Accounts

[scribbles]

http://www.coindesk.com/coinbase-announces-high-security-vault-bitcoin-accounts/

Coinbase is launching a new account that offers additional security features for storing large amounts of bitcoin.

I do think this is a positive thing for moving in the direction of mass adoption. Although I use a paper wallet for cold storage, most people wouldn't want to or know how to go through the steps I did (bitaddress downloaded from GitHub, checksum, Linux liveCD on USB, delete print spool, etc.).

But, the verification method once a transaction is started doesn't make me feel safe. Once a transaction is initiated from your 'vault' account, they text you and email you to verify, then wait 48 hours. However, if my phone is compromised then a hacker has access to both text and email. If they do implement multisig as stated, I'd feel better.

Thoughts?

[1715471232]

1715471232

[1715471232]

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[BitDreams]

What is their definition of large amount?

[grue]

Absolutely useless. Remember inputs.io? It had two factor authentication, gpg authentication and a bunch of other security features. but it still got "hacked".

[Chef Ramsay]

Absolutely useless. Remember inputs.io? It had two factor authentication, gpg authentication and a bunch of other security features. but it still got "hacked".

It seems to me that Coinbase and their subsidiaries have been leading the way trying to make mass adoption happen in a smoother transition so I'd have to think they'd have all these things in mind when developing this vault wallet. If they added an insurance guarantee at some point that should solidify this as a great service to the community for grandma and grandpa. Cold storage w/ a guarantee would do wonders for those looking to park their savings out of fiat w/o knowing how to.

[Ron~Popeil]

Absolutely useless. Remember inputs.io? It had two factor authentication, gpg authentication and a bunch of other security features. but it still got "hacked".

It seems to me that Coinbase and their subsidiaries have been leading the way trying to make mass adoption happen in a smoother transition so I'd have to think they'd have all these things in mind when developing this vault wallet. If they added an insurance guarantee at some point that should solidify this as a great service to the community for grandma and grandpa. Cold storage w/ a guarantee would do wonders for those looking to park their savings out of fiat w/o knowing how to.

Agreed. They are a stable company with a good reputation but insurance would be a big help to people that are afraid of anything other than FDIC backed accounts.