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Author Topic: Coinbase - Funded by Paul Graham  (Read 9450 times)
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June 30, 2012, 02:19:12 AM
 #21

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In the end, he paid one Bitcoin for one beer — roughly $6.50 for a beer that normally costs less than five dollars (without a tip).

Brian has his priorities straight. He (and Coinbase) has my vote.
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June 30, 2012, 02:33:42 AM
 #22

@ Brian,

Hi, could you please shed some light on this:

- Why should I use coinbase over bitcoin directly?
   - in that relation: Why would I lay the fate of my funds into your hands, where they can be stolen, frozen, lost, delayed... any time?

- What fees apply to use your services?

- Do I need to have a coinbase account to receive/send payments with you? Do you also send to BTC adresses?


Thx

Sure, good questions:

1. I definitely wouldn't ask anyone to trust me with their funds at the moment.  Especially if you are tech savvy and confortable with the existing tools out there.  As a technical user myself, I find them to be quite good and trustworthy.  Coinbase is built more for the mass market (think your mother), and non technical people.  We're making a long term bet that for bitcoin to go mainstream, regular consumers will need an easy cloud solution like this, and we'd like to be that trusted offering.  But while we're still in beta I wouldn't recommend anyone keep larges balances there.  By all means feel free to try it out with a few cents if you want to though, we could use the feedback.

2. 0.5% to exchange into/out of bitcoin (once we launch bank integration) is the current plan.  Once you have bitcoins transactions are free.

3. No, you can still send to BTC addresses on coinbase (everything is using bitcoin underneath).  We just don't default to using addresses in most of the UI since I think non technical users find them confusing/intimidating, so we usually show emails instead as what you're sending to.
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June 30, 2012, 02:35:17 AM
 #23

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You should get a  bitcoin security professional like Vladamir on board. Also setup cold storage for the coins you dont need to have in a hot wallet to run the site. And get a dedicated server in a locked cage Smiley

Edit: and dont keep your backups on the same server your site is on.

Vladamir is some serious security backing behind him get him on board make us all feel good.

edit: oh and welcome Brian was just chatting w/ you Tongue thanks for taking the time to chat with us!

Would love to chat with him, how can I get in touch with Vladamir?  Anyone have a link to his profile? 
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June 30, 2012, 02:37:40 AM
 #24

2. 0.5% to exchange into/out of bitcoin (once we launch bank integration) is the current plan.  Once you have bitcoins transactions are free.

So, in this respect Coinbase will be operating as an exchange, like MtGox?  Do I understand you correctly?
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June 30, 2012, 02:38:27 AM
 #25

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You should get a  bitcoin security professional like Vladamir on board. Also setup cold storage for the coins you dont need to have in a hot wallet to run the site. And get a dedicated server in a locked cage Smiley

Edit: and dont keep your backups on the same server your site is on.

Vladamir is some serious security backing behind him get him on board make us all feel good.

edit: oh and welcome Brian was just chatting w/ you Tongue thanks for taking the time to chat with us!

Would love to chat with him, how can I get in touch with Vladamir?  Anyone have a link to his profile? 

https://bitcointalk.org/index.php?action=profile;u=3380   thanks for taking advice Brian Smiley

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June 30, 2012, 04:05:35 AM
 #26

@ brain armstrong

"We're making a long term bet that for bitcoin to go mainstream, regular consumers will need an easy cloud solution like this, and we'd like to be that trusted offering."

How do you define 'mainstream'? do you define it in terms of market capitalization or user base or both?

Does ycombinator have any plans beyond coinbase to to facilitate mainstream adoption?

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June 30, 2012, 10:24:45 AM
 #27

2. 0.5% to exchange into/out of bitcoin (once we launch bank integration) is the current plan.  Once you have bitcoins transactions are free.

So, in this respect Coinbase will be operating as an exchange, like MtGox?  Do I understand you correctly?


No.. He is saying they want to operate as does Paypal on top of the traditional banking system. Coinbase users will be able to fill up their "bitcoin" balance with either bitcoins or another currency and then they'd hold only representations of bitcoins which they could send to each other for free or send outside of Coinbase to an actual Bitcoin address for a 0.5% fee. I might have misunderstood about the fee part but the rest I'm pretty sure off.

It's what paypal does but for bitcoin.. which I believe is the expected natural progression that layers on top of Bitcoin will take.

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If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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June 30, 2012, 10:25:59 AM
 #28

2. 0.5% to exchange into/out of bitcoin (once we launch bank integration) is the current plan.  Once you have bitcoins transactions are free.

So, in this respect Coinbase will be operating as an exchange, like MtGox?  Do I understand you correctly?


No.. He is saying they want to operate as does Paypal on top of the traditional banking system. Coinbase users will be able to fill up their "bitcoin" balance with either bitcoins or another currency and then they'd hold only representations of bitcoins which they could send to each other for free or send outside of Coinbase to an actual Bitcoin address for a 0.5% fee. I might have misunderstood about the fee part but the rest I'm pretty sure off.

It's what paypal does but for bitcoin..

It makes sense to create an internal database coin.

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June 30, 2012, 10:27:46 AM
 #29

Right, and they simplify the use by offering sending stuff around between their users by simply using an email (like paypal).

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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June 30, 2012, 10:31:02 AM
 #30

Right, and they simplify the use by offering sending stuff around between their users by simply using an email (like paypal).

Plus you can keep coins off the actual site unless depositing or withdrawing, which can be stored on a different server altogether.

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June 30, 2012, 10:34:45 AM
 #31

2. 0.5% to exchange into/out of bitcoin (once we launch bank integration) is the current plan.  Once you have bitcoins transactions are free.

So, in this respect Coinbase will be operating as an exchange, like MtGox?  Do I understand you correctly?


You could say that, but I don't think users will think of it as an exchange.  The focus will be on easy payments, and one side benefit of the site will be easy adding/withdrawing of bitcoins to their bank account.  At least that is how I imagine it Smiley
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June 30, 2012, 10:44:29 AM
 #32

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You should get a  bitcoin security professional like Vladamir on board. Also setup cold storage for the coins you dont need to have in a hot wallet to run the site. And get a dedicated server in a locked cage Smiley

Edit: and dont keep your backups on the same server your site is on.

Vladamir is some serious security backing behind him get him on board make us all feel good.

edit: oh and welcome Brian was just chatting w/ you Tongue thanks for taking the time to chat with us!

Would love to chat with him, how can I get in touch with Vladamir?  Anyone have a link to his profile? 

https://bitcointalk.org/index.php?action=profile;u=3380   thanks for taking advice Brian Smiley

Messaged!  Would love to get his experience/advice.
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June 30, 2012, 10:47:10 AM
 #33

@ brain armstrong

"We're making a long term bet that for bitcoin to go mainstream, regular consumers will need an easy cloud solution like this, and we'd like to be that trusted offering."

How do you define 'mainstream'? do you define it in terms of market capitalization or user base or both?

Does ycombinator have any plans beyond coinbase to to facilitate mainstream adoption?

When I say mainstream I mean non-technical users.  (Bitcoin still feels too nerdy to me.  And by the way, I consider myself a nerd!)
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June 30, 2012, 05:16:21 PM
 #34

@brian_armstrong
First off congratulations on funding! Second how you plan on taking on this mainstream, is it thru widgets to make payments easier or just have a websites badges people can put up? I understand you can't talk about it probably. Also are you going to still make some features that appeal to the advance users, like blockcoin.info's wallet allows you to dump the wallet out, and give it private keys? I also be curious of your funding will go into buying bitcoins to stock your currency exchange part of the site? Good Luck!

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July 01, 2012, 11:10:13 PM
 #35

Hmm, I dont like paypal for a number of reasons, especially for their power over users funds and the despotic and in many cases unnecessary use of that power.

@ Brian:

- How are you trying to avoid bad service like paypal (if at all)?

- You have mentioned, the advantage of coinbase use over bitcoin use by the simplicity of its user experience. What will you do once the available bitcoin clients catch up?

- Concerning the exchange topic: Will I be able to fund my coinbase account with currency XY and withdraw currency YZ from it?

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August 03, 2012, 12:04:30 PM
 #36

isn't this the same as Flexcoin?
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August 03, 2012, 04:03:44 PM
 #37

isn't this the same as Flexcoin?

Now that you mention it...it sort of does seem like flexcoin.
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December 28, 2012, 09:12:19 PM
 #38

I gave them all my bank account information. Seems legit.

edit: and yeah, 5 days later, got my coins. Nice.
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December 28, 2012, 09:34:51 PM
 #39

Works for me...2 factor auth. They deposit to your bank to verify.

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January 02, 2013, 01:39:07 AM
 #40

Necro thread Smiley - but hey, I actually came here today to see if Coinbase's reputation was holding up.
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