Coinbase at risk, transfer my crypto currencies elsewhere?

Malthusian

Type_45 said:

"Buy when there is fear".

This is exactly when people should buy crypto. 


I won't be because I've put too much in already and it's all down!

The problem with "buy when there is fear" is that most people who would be interested in buying on fear are in exactly the same position as you - already loaded up on crypto which they bought at pump prices.

User232002

sebtomato said:

My current conclusion is that Coinbase is at risk

Pretty bad conclusion there.

sebtomato said:

anything could happen (I have seen banks going under because of people panicking)

Coinbase isn't a bank. It doesnt engage in under-collateralised lending and/or directional trading. Because its business model is different it is not subject to sustained losses and/or a bank run.

The only way it could possibly go bankrupt is if its burn rate of real world costs ate up any cash it had on hand or could raise. However, $6BN in cash, and the fact that its a profit making business (whilst non-profit making entities like Uber seem to do just fine raising cash anyway) would seem to suggest this is not a concern. 

The true purpose of Bitcoin is to self custody your assets, and you can take control of your own wealth by taking money off exchanges. I would also recommend Binance and FTX nowadays over Coinbase. However, for many people the probability of losing their keys is far higher than the probability of Coinbase going bankrupt.

Type_45 said:

Why Blue Wallet?  And, indeed, why Ledger/Trezor?  Any of them could go bust.

Its like buying a Nike football, and then worrying about Nike going out of business.

Exodi

Type_45 said:

"Buy when there is fear".

This is exactly when people should buy crypto. 

I won't be because I've put too much in already and it's all down!

The more cynical among us could think that this rhetoric is spread to allow people who bought at higher prices an exit route...

darren232002 said:

The only way it could possibly go bankrupt is if its burn rate of real world costs ate up any cash it had on hand or could raise. However, $6BN in cash, and the fact that its a profit making business (whilst non-profit making entities like Uber seem to do just fine raising cash anyway) would seem to suggest this is not a concern.

After watching the recent collapse of 'too big to fail' Celsius, 3AC, Voyager, Three Arrows, etc, I'm amazed that you maintain your unwavering faith in crypto organisations.

It's like crypto enthusiasts are desperate to lose money. I have a bonfire bin in my backyard...  it's probably not as quick to destroy your money as some cryptos, but it at least keeps you warm while it does it.

Type_45

darren232002 said:

sebtomato said:

My current conclusion is that Coinbase is at risk

Pretty bad conclusion there.

sebtomato said:

anything could happen (I have seen banks going under because of people panicking)

Coinbase isn't a bank. It doesnt engage in under-collateralised lending and/or directional trading. Because its business model is different it is not subject to sustained losses and/or a bank run.

The only way it could possibly go bankrupt is if its burn rate of real world costs ate up any cash it had on hand or could raise. However, $6BN in cash, and the fact that its a profit making business (whilst non-profit making entities like Uber seem to do just fine raising cash anyway) would seem to suggest this is not a concern. 

The true purpose of Bitcoin is to self custody your assets, and you can take control of your own wealth by taking money off exchanges. I would also recommend Binance and FTX nowadays over Coinbase. However, for many people the probability of losing their keys is far higher than the probability of Coinbase going bankrupt.

Type_45 said:

Why Blue Wallet?  And, indeed, why Ledger/Trezor?  Any of them could go bust.

Its like buying a Nike football, and then worrying about Nike going out of business.

If Ledger go out of business their app/website could disappear.   How do you get your assets out then?

Type_45

Exodi said:

Type_45 said:

"Buy when there is fear".

This is exactly when people should buy crypto. 

I won't be because I've put too much in already and it's all down!

The more cynical among us could think that this rhetoric is spread to allow people who bought at higher prices an exit route...

OK, "buy when there is greed and prices are high".

Better?

TimSynths

I use Metamask

The crypto wallet for Defi, Web3 Dapps and NFTs | MetaMask

Have it on my desktop and also as an app on my phone.

Did have a small bit on Coinbase and also a few £k staked on Block Fi, its all in the wallet now as I hunker down for the crypto winter now.

Type_45

I would expect a Fed pivot to lead to a crypto pump.

Olinda99

Can you also buy hardware dongle thingys that store your crypto - are these a solution?

Zola.

Yes - Cold card for bitcoin. 

Type_45

Olinda99 said:

Can you also buy hardware dongle thingys that store your crypto - are these a solution?

Yes.  A Ledger or Trezor (and there are others, I think).

But what if Ledger or Trezor goes bust and their websites are down? How do you get at your crypto?