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Author Topic: Coinbase safest marketplace online!(but I'm still not convinced)  (Read 516 times)
LordSonjai (OP)
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December 21, 2014, 06:18:49 PM
 #1

Had a little discussion with the employees on coinbase. It went smoothly,I questioned him on the security of the trade.
He said they were insured and than posted this link for me to check out.

https://static.olark.com/jsclient-bucket3/follow.html

Says 97%of the coin are held offline and in bank vaults. The employee said they were insured by one of the largest global insurers,but didnt give the name of the insurance agency. Didn't want to pry,I just kept my opinion to myself. I'm skeptical.

I than asked,but by insured how? I didn't really understand bitcoin could be insured but it does make sense that a company would give them the money to purchase new bitcoin. The Employee than said

We would be refunded the amount of money necessary to repurchases new coins elsewhere. That's my understanding.

Key words at the end,That's my understanding. Secondly I was curious on what company would take on so much liability,would all the coins be purchased?Probably not. I feel this is definitely the most secure marketplace but. I guess I'm just paranoid,or am I?

Do you feel like just storing your coins on a paper wallet is more secure than keeping them on coinbase?Because if I were to use common sense i would say the coins are ultimately theirs until we release them to another wallet.

Anyway I really wanted to know your take on this,I found a list of services that were hacked,I am sure they said that their security was A1 as well(http://www.theguardian.com/technology/2014/mar/18/history-of-bitcoin-hacks-alternative-currency). Of course they would,could you imagine a company telling us that the truth of the matter is that they don't know?
slacknation
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December 22, 2014, 12:54:55 AM
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In terms of securing your coins, coinbase certainly ranks in the top few. They have a free multi-sig vault in which only you own enough keys to move the coins out. But as a marketplace, you are paying a high premium for their service to buy/sell coins.
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