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Author Topic: Are you a fan of coinbase? why or why not?  (Read 2011 times)
Jamie_Boulder
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October 02, 2014, 01:58:39 PM
 #21

Fees are to high however promotion is making up for it and at the end of the day they aren't putting a gun to anyone's head

Thumbs up here.

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October 02, 2014, 02:05:20 PM
 #22

Their decision to throw Toshi open to developers was a fantastic decision and should hopefully drive a plethora of real innovation really soon

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October 02, 2014, 02:17:38 PM
 #23

Im sometimes paranoid that if you have large purchases with Coinbase, Chase will eventually close your account, no questions asked.
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October 02, 2014, 02:39:33 PM
 #24

As a newcomer to the community I find coin base intuitive to use and theUI is very pretty and so I am very much a fan

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October 02, 2014, 02:44:32 PM
 #25

They're basically a bank and have full control over your money. Including whom you exchange it with and how fast. If they don't like you, they can steal your money without recourse.

I thought we are building Bitcoin to avoid giving control of our money to third parties that fail and fuck us over every time. And bare minimal fees.

Also because they transfer funds off-chain, they increase coin velocity and create paper coins without paying miner fees, thus lowering the price and utility of Bitcoin.

This shit is repeating itself over and over. Satoshi gave you guys DIGITAL GOLD and instead you guys prefer to give it away for IOUs... the opposite of "smart" and "intelligent", if you know what I mean. Shame on you.
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October 02, 2014, 02:51:27 PM
 #26

They're basically a bank and have full control over your money. Including whom you exchange it with and how fast. If they don't like you, they can steal your money without recourse.

I thought we are building Bitcoin to avoid giving control of our money to third parties that fail and fuck us over every time. And bare minimal fees.

Also because they transfer funds off-chain, they increase coin velocity and create paper coins without paying miner fees, thus lowering the price and utility of Bitcoin.

This shit is repeating itself over and over. Satoshi gave you guys DIGITAL GOLD and instead you guys prefer to give it away for IOUs... the opposite of "smart" and "intelligent", if you know what I mean. Shame on you.

I agree with you completely.

But the fact remains that it is difficult to find a way to buy in at market price. Coinbase makes it easy, despite having to wait 4 days.

The only other option is to wire $ to an exchange (pain in the ass) and it is pretty much impossible to get coins at market rate on localbitcoin.
BombaUcigasa
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October 02, 2014, 02:57:18 PM
 #27

The only other option is to wire $ to an exchange (pain in the ass) and it is pretty much impossible to get coins at market rate on localbitcoin.
I agree with you, sometimes options are limited.

I live in a third world country (2.5 maybe) and I have the following options in a small 150k population city:
- Circle - 1 minute
- friend transfers over phone or chat to transfer cash later - 5 minutes
- face2face through phone contacts or local communities (one of which I built) - 4 hours
- localbitcoins.com - 4 hours
- national exchange - 26 hours
- international exchange - 50 hours

You can get coins on localbitcoins BELOW market rate if you can wait (1-2 days), and AT market rate if you are smart (negociation).
cdog
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October 02, 2014, 04:12:35 PM
 #28

I am not a fan of coinbase but I think it is a trust worthy site. I have my wallet on coinbse.

If you dont have your coins in a local wallet that you and only you control, you actually dont own any Bitcoin.

fryarminer
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October 02, 2014, 04:17:21 PM
 #29

It's good to have the competition between the two. Maybe by trying to compete against each other they will promote Bitcoin more to people who are new to it.
Keyser Soze
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October 02, 2014, 04:43:03 PM
 #30

Circle's bank-linked account has a slight price advantage over Coinbase's bank-linked account. I've tested this many times including the latest instance...

It is even better when you sell, since there is no buy/sell spread like Coinbase.
bornil267645
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October 02, 2014, 05:06:01 PM
 #31

I like them doesn't mean I trust them. It's true that they have more user friendly options but I certainly don't trust any online wallet to store my Bitcoin...

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October 02, 2014, 05:11:22 PM
 #32

I am not a fan of coinbase but I think it is a trust worthy site. I have my wallet on coinbse.

If you dont have your coins in a local wallet that you and only you control, you actually dont own any Bitcoin.

Ok I get it.  There is nothing like an off line paper wallet for security, but the hassle for the non familiar is a major detriment to using Bitcoin.   That is why I believe Circle and Coinbase have started the insurance of their accounts to make Bitcoin more usable.  And If people were losing their bitcoins from their coinbase or circle accounts it would be made known far and wide, and Mt Gox is already the example to avoid for these companies.

I know the paper wallet is the ultimate, but I am more likely to lose my bitcoins by losing the key or a hard drive crash or screwing up the process to create the paper wallet.  It looks complicated to the uninitiated.

There will have to be trust in these institutions in order for the average idiot like me to have trust in Bitcoin.

hyphymikey
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October 02, 2014, 05:16:54 PM
 #33

With Coinbase if I buy during a dip, it usually gets cancelled.

With Circle I can buy anytime and get my coins instantly.
llanillo
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October 02, 2014, 05:18:32 PM
 #34

i have a wallet there and my bitcoins  and is really trusty... idk why but is my favorite

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October 03, 2014, 01:31:36 AM
 #35

I'm a fan of Coinbase, and will continue to use their service.

I have no doubt that they'll raise their daily buying limits now that Circle's service launched.

If I buy some BTC off of Coinbase, usually I withdraw it to my cold wallet the same day.  Not sure where the 4 day purchase period for Coinbase came from, as I've always bought same day and able to transfer or send the same day.  Maybe it was like that in the beginning, but Coinbase limitation for same day purchase is $1000, so maybe that's why.

If you only link a bank account it is at least a 4 day wait before the coins are walleted.  If you link a bank account and credit card, you can do it the same day. 

The reason is they have to make sure the money they withdrew from your account actually clears and the money is really their money now.  With a credit card linked, they feel confident that if your bank account comes up short of funds, then they will just charge your card. 

toleng
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October 03, 2014, 04:11:40 AM
 #36

I'm a fan of Coinbase, and will continue to use their service.

I have no doubt that they'll raise their daily buying limits now that Circle's service launched.

If I buy some BTC off of Coinbase, usually I withdraw it to my cold wallet the same day.  Not sure where the 4 day purchase period for Coinbase came from, as I've always bought same day and able to transfer or send the same day.  Maybe it was like that in the beginning, but Coinbase limitation for same day purchase is $1000, so maybe that's why.

If you only link a bank account it is at least a 4 day wait before the coins are walleted.  If you link a bank account and credit card, you can do it the same day. 

The reason is they have to make sure the money they withdrew from your account actually clears and the money is really their money now.  With a credit card linked, they feel confident that if your bank account comes up short of funds, then they will just charge your card. 
The limits to do an "instant transfer" as you describe are much lower then buying with a "4 day hold" because they are still taking a huge risk.

From what I can tell Coinbase seems to do a very good job at risk management and not allowing "unauthorized" transfers to be processed
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October 03, 2014, 11:58:58 AM
Last edit: October 03, 2014, 12:15:54 PM by abercrombie
 #37

Not a fan, tho I've bought a ton of bitcoins from Coinbase.

They are a broker (or middleman) for the exchanges.  I've since gone straight to the source. With wiring fees, it's about the same cost as Coinbase (depending on how much you wire) but I prefer the instant gratification of coins over a 4 day hold.
Minnlo
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October 03, 2014, 05:56:06 PM
 #38

No for 2 reasons.
1. As an exchange, the service is still not available in my country.
2. As a wallet, I don't have the private key of my bitcoin.

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