Need another reason why not to store Bitcoins on Coinbase? United States secret service (USSS) announces that they have confiscated 25.0001538 BTC ($13,138.12) from a Coinbase account. DO NOT STORE COINS OR MONEY ON COINBASE!!!
SOUCE: http://www.forfeiture.gov/pdf/USSS/OfficialNotification.pdf (page 6)
USSS OFFICIAL NOTIFICATION POSTED ON JULY 29, 2016
NORTHERN DISTRICT OF CALIFORNIA
330-2016-017-0001, $13,138.12 in U.S. Currency in Lieu of 25.0001538 Bitcoins from Coinbase Inc. Account in the Name of Richard P. Underwood valued at $13,138.12 seized on June 03, 2016 in San Francisco, CA from Richard
Paul Underwood
My two cents:
I try to warn every single Crypto user about using Coinbase as a wallet. This is a BAD idea for more reason than one. Coinbase gets away with their pump and dumps because they work directly with questionable federal agents and a large percent of their employees are exfeds. This is an extremely dangerous situation for many n00b crypto users that are looking for a safe place to hold funds and they have blind trust in Coinbase.
Crypto rule #1 He/She who holds the keys... owns the bitcoins ... If you don't have the private keys to the address... those aren't your coins!
If you aren't the ONLY person who has the private key to the cryptocurrency address, then the chances of your coins being confiscated, stolen or something in between are EXTREMELY high!
If you have bought Bitcoins from Coinbase it is very important as well to understand they are tracking their every movement! It is easy enough to lose a Bitcoin "tracker"... but that is for a different post on another day ;)
Be safe out there people!
And this is why you should use a peer-to-peer decentralized exchange, and consider using steemit, at least partially, as your online savings account
You sign away your financial privacy and the control of your funds the moment you use a centralized exchange. We can do better than that. If you have questions, let me know!
Is Kraken safe?
This is messed up!!
IMO no centralized exchange is safe as all are maintaining the privkeys for their user! (Pls correct me if i'm wrong)
There are some alternatives out there
except bittrex i believe because when you sign up there they don't ask you for personal information like other sites do
N-O!
Move your Bitcoins to a address that only YOU control.
F M L
It's really easy don't worry!
Make sure your computer is clean and download https://bitcoin.org/en/download.
Another option is Electrum
Cold storage. Just keep them offline.
more generally, don't store your btc anywhere where you don't get to keep your private key.
Ya but especially fucking Coinbase!
Coinbase is an informant... that's why they get away with everything they do!
Coinbase is basically the Whitey Bulger of crypto... they get away with all their dirty shit because they are rats. It will work till the USA Government doesn't need their snitch anymore and then Coinbase will be done.
Nice post bb. Glad you're posting awesome stuff like this.
@calva upvote bb on top of my other vote please.
I wondered about coin base . Thanks for the info. I have a wallet ther with a little bit o coin but I will be withdrawing and refusing to support them.
nice post @bayareacoins
thank you
Coinbase is a place to purchase Bitcoin or Ethereum. And then get the hell out of dodge with those coins. NEVER store anything there. It is like storing your cryptocurrency in a bank.
What are good wallets to use?
https://bitcoin.org/en/download