Coinbase at risk, transfer my crypto currencies elsewhere?

User232002

Exodi said:

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.

The entities mentioned were engaging in directional trading. Different business functions have different risk profiles. You are comparing hedge fund activities to something like Travelex and claiming they have the same probability of financial issues.

Not sure why you are mentioning 3AC twice here. Are you attempting to inflate your point by mentioning more names? Or are you just simply unaware that you have mentioned them twice because 3AC and Three Arrows are one & the same? Probably not someone whose opinion we should be placing much weight on if you don't know the basics....

Type_45 said:

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?

Ledger and Trezor don't hold your crypto, nor do they control the blockchain. Your money can be accessed so long as you have the keys whether they are in business or not.

Hence why I made the comment about the Nike football - its still yours and it can still be used even if Nike go bankrupt.

Type_45

darren232002 said:

Exodi said:

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.

The entities mentioned were engaging in directional trading. Different business functions have different risk profiles. You are comparing hedge fund activities to something like Travelex and claiming they have the same probability of financial issues.

Not sure why you are mentioning 3AC twice here. Are you attempting to inflate your point by mentioning more names? Or are you just simply unaware that you have mentioned them twice because 3AC and Three Arrows are one & the same? Probably not someone whose opinion we should be placing much weight on if you don't know the basics....

Type_45 said:

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?

Ledger and Trezor don't hold your crypto, nor do they control the blockchain. Your money can be accessed so long as you have the keys whether they are in business or not.

Hence why I made the comment about the Nike football - its still yours and it can still be used even if Nike go bankrupt.

By "keys" you mean 12 or 24 word phrase?

Zola.

The only thing these companies are selling is essentially a seed phrase generator which is air gapped and secure. I.e. Never connects to the Internet. So any coins you send it are offline hence the term cold storage.

A hot wallet on the other hand is an app connected to the Internet at all times and holds your seed phrase within the application .. Which brings some more risk into the equation.. 

Futuristic

sebtomato said:

Futuristic said:

What BS have you been reading? They have several $bn in cash and do not hold substational crypto unlike other exchanges 

You could say all exchanges are at risk so trade on one of them and withdraw whatever your holding so to hardware/cold wallet

Will having several $bn in cash prevent them from going bankrupt?

If they go bankrupt, will the wallet they are holding on behalf of their customers be part of their assets and frozen?

What BS have YOU been reading? I am not talking about the exchange and trading, I am talking about my cryptocurrencies stored on Coinbase wallet...

If you have Coinbase wallet and asking why one should use X wallet instead of Y where you are the custodial then you need to go back to the drawing board and figure out what you're even doing in crypto.

All the custodial apps have a seed phrase which you can take with you anywhere, the apps (ledger, trezor, cb wallet) are mere front ends. 

You did note it down right when it probably warned on the UI a gazillion times at creation? And no storing it online or your PC is not backing it up. Paper written down or  something like cryptosteel

Futuristic

Type_45 said:

darren232002 said:

Exodi said:

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.

The entities mentioned were engaging in directional trading. Different business functions have different risk profiles. You are comparing hedge fund activities to something like Travelex and claiming they have the same probability of financial issues.

Not sure why you are mentioning 3AC twice here. Are you attempting to inflate your point by mentioning more names? Or are you just simply unaware that you have mentioned them twice because 3AC and Three Arrows are one & the same? Probably not someone whose opinion we should be placing much weight on if you don't know the basics....

Type_45 said:

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?

Ledger and Trezor don't hold your crypto, nor do they control the blockchain. Your money can be accessed so long as you have the keys whether they are in business or not.

Hence why I made the comment about the Nike football - its still yours and it can still be used even if Nike go bankrupt.

By "keys" you mean 12 or 24 word phrase?

Yes.

Hardware wallets/custodial apps generate the seed phrase (the 12/24 words). The app/developers do NOT see it, can not control your wallet assets from it. You need to write it down and save it somewhere safe (phsyciall), do NOT store it online anywhere like google drive etc. 

You can recover your assets if ledger or CB wallet app goes down by importing the seed phrase to another hardware wallet/app. 

mooneysaver

Futuristic said:

Type_45 said:

darren232002 said:

Exodi said:

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.

The entities mentioned were engaging in directional trading. Different business functions have different risk profiles. You are comparing hedge fund activities to something like Travelex and claiming they have the same probability of financial issues.

Not sure why you are mentioning 3AC twice here. Are you attempting to inflate your point by mentioning more names? Or are you just simply unaware that you have mentioned them twice because 3AC and Three Arrows are one & the same? Probably not someone whose opinion we should be placing much weight on if you don't know the basics....

Type_45 said:

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?

Ledger and Trezor don't hold your crypto, nor do they control the blockchain. Your money can be accessed so long as you have the keys whether they are in business or not.

Hence why I made the comment about the Nike football - its still yours and it can still be used even if Nike go bankrupt.

By "keys" you mean 12 or 24 word phrase?

Yes.

Hardware wallets/custodial apps generate the seed phrase (the 12/24 words). The app/developers do NOT see it, can not control your wallet assets from it. You need to write it down and save it somewhere safe (phsyciall), do NOT store it online anywhere like google drive etc. 

You can recover your assets if ledger or CB wallet app goes down by importing the seed phrase to another hardware wallet/app. 

Currency of the future ladies and gentlemen 

User232002

mooneysaver said:

Currency of the future ladies and gentlemen 

Money. Not currency.

Type_45

darren232002 said:

mooneysaver said:

Currency of the future ladies and gentlemen 

Money. Not currency.

I disagree.  

Money is gold and silver.

Currency is fiat.

Crypto is digits on a screen.

sebtomato

Futuristic said:

sebtomato said:

Futuristic said:

What BS have you been reading? They have several $bn in cash and do not hold substational crypto unlike other exchanges 

You could say all exchanges are at risk so trade on one of them and withdraw whatever your holding so to hardware/cold wallet

Will having several $bn in cash prevent them from going bankrupt?

If they go bankrupt, will the wallet they are holding on behalf of their customers be part of their assets and frozen?

What BS have YOU been reading? I am not talking about the exchange and trading, I am talking about my cryptocurrencies stored on Coinbase wallet...

If you have Coinbase wallet and asking why one should use X wallet instead of Y where you are the custodial then you need to go back to the drawing board and figure out what you're even doing in crypto.

All the custodial apps have a seed phrase which you can take with you anywhere, the apps (ledger, trezor, cb wallet) are mere front ends. 

You did note it down right when it probably warned on the UI a gazillion times at creation? And no storing it online or your PC is not backing it up. Paper written down or  something like cryptosteel

Thanks for the patronising reply.

I meant the wallet which is part of the Coinbase trading app... which is going to be the wallet most people would use.

Storing the seed phrase encrypted online is the best backup possible, BTW, as opposed to a piece of paper. What could go wrong with that...

Type_45

sebtomato said:

Futuristic said:

sebtomato said:

Futuristic said:

What BS have you been reading? They have several $bn in cash and do not hold substational crypto unlike other exchanges 

You could say all exchanges are at risk so trade on one of them and withdraw whatever your holding so to hardware/cold wallet

Will having several $bn in cash prevent them from going bankrupt?

If they go bankrupt, will the wallet they are holding on behalf of their customers be part of their assets and frozen?

What BS have YOU been reading? I am not talking about the exchange and trading, I am talking about my cryptocurrencies stored on Coinbase wallet...

If you have Coinbase wallet and asking why one should use X wallet instead of Y where you are the custodial then you need to go back to the drawing board and figure out what you're even doing in crypto.

All the custodial apps have a seed phrase which you can take with you anywhere, the apps (ledger, trezor, cb wallet) are mere front ends. 

You did note it down right when it probably warned on the UI a gazillion times at creation? And no storing it online or your PC is not backing it up. Paper written down or  something like cryptosteel

Thanks for the patronising reply.

I meant the wallet which is part of the Coinbase trading app... which is going to be the wallet most people would use.

Storing the seed phrase encrypted online is the best backup possible, BTW, as opposed to a piece of paper. What could go wrong with that...

Storing online on an app such as Lastpass, you mean?

I'm a Lastpass user. But what if it goes down, or gets hacked?