Bitcoin.com reports that Coinbase provided documents helpful to the FBI in the takedown of popular torrent indexing site Kick-Ass Torrents (KAT), including identifying the addresses that Coinbase received BTC donations at. The loss of KAT is no small blow to the torrenting community, and several friends of mine are already bemoaning its loss.
The fact that Coinbase was helpful to this 'investigation' did come as some surprise to me. Though they've been going dark-side for some time now, it's disappointing to see them abandon principles altogether and bite the hand that feeds. I closed my Coinbase account yesterday, and I encourage all who read this to do the same.
Why is everyone surprised when Coinbase follows the laws and helps law enforcement? Their whole company is based on following the rules and getting people from FIAT to BTC/ETH and from BTC/ETH to FIAT. Why would they jeopardize their whole business by not assisting the FBI or following the rules? They are providing a service that is easy for anyone to use. If you don't like it don't use it!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I appreciate your perspective, and you make a valid point. I'd just like to point out that I don't use it. I closed my account with them. :D
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks! We NEED companies like them if BTC ever has a chance at going mainstream. Most people don't want to meet in a parking lot to do a Localbitcoins exchange.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Not anymore, we don't. Steem effectively fixed that. Now rather than submitting yourself to a criminal interrogation and week-long delay while they get past the guilty until proven innocent stage, people can just start earning Steem and trade to BTC or any other crypto from there.
The mainstream is not going to suddenly start going through Coinbase (which treats them like criminals) to buy BTC with their hard-earned fiat. They aren't going to spend a cent on it, much less waste hours and days of their lives doing absurd verification procedures. I do blockchains professionally and I won't go through those absurd verification procedures (admittedly for a much different reason). But when people can post on social media, get paid in crypto, then trade that crypto on an altcoin exchange (which treats them like a customer), and buy something on Amazon with it (thanks, Purse.io, for not going darkside), then you've created an experience a soccer mom can handle.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I just think non crypto folks are more likely to go through coinbase than to trade on an altcoin exchange.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That happens? not online?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Why Jeopardize? Because people will wake up and boycott you. {ay attention to what is happening in Social media. Giving in to criminals is just as bad as committing the crime yourself. I send my money overseas if I have to just to avoid coin-base. I have done this for some time now.
You have a great point though on the other part: I'm not surprised...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This reminds me of a story I just heard about where a burglar just had to stop and check his facebook notifications from a house he was robbing. Not comparing what they do to burglary, just think, if you're going to use a bitcoin account to receive funds for torrents, maybe it shouldn't be with the account Coinbase hands to you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You mean use basic privacy measures while profiting off gray area websites? That seems really hard. /s
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I am with you my friend. Like he say don't use it
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Coinbase is regulated, US based, centralised service that is trying to be the next Paypal. The majority of it's employees are in compliance so no complaining when you get rinsed.
Stop away, there are so many better options out there for the end user.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Coinbase has been conducting shady practices lately. Charging customers when they aren't buying anything. Do not leave your bank account information in their system. I'm sure they are preying on people that don't check their accounts often.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Do you have any sources or documentation on that?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Sure do. They did it to my account. And here is what they sent me. I would also like to note, this is after days of being ignored and finally having to dispute the charges via my bank.
"We are aware of duplicate authorization charges for recent Coinbase purchases or card verification. This is an ongoing issue that is affecting a major payment processor which handles the transactions for Coinbase and several other merchants. For many users, these charges are temporary and will remain in “Pending” status. They should disappear from your statement within a week. We apologize for any inconvenience this may have caused. If you think the charges have posted to your account instead of remaining pending, please let me know as soon as possible.
You may also have seen duplicate or delayed verification charges from when you added a payment method recently. Unlike the duplicate authorization charge from any Coinbase purchase, these amounts do appear to be posting (or becoming permanent) for some users. We will of course reimburse you for these if that is the case.
If you need to be reimbursed for any of these charges, please provide a copy or screenshot of your bank statement showing that these charges have posted to your account and are no longer pending. I can provide a link to our secure file transfer service if you wish. Once I have confirmed their status and amount, I will credit your account to make up for these charges"
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Obnoxious to be sure, but it sounds more like incompetence than malice. If it were malice, they'd be much more eager to respond to you and immediately credit you for the trouble to keep you quiet while they continue skimming off the ones who simply don't notice.
Also, Hanlon's razor...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Any company that would charge your account and then deny that it is going on, which they did multiple times when reaching out, is questionable in my opinion.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
....Coinbase.....1% of fee for buy and 1% for sell, i see them like the old way to make bussines
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
in this case people who closed they account in coinbase because they want coinbase break the rule :(
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The whole point of coinbase is to introduce noobies into the blockchain universe. In order for them to do this they need to abide to state laws.
They are helping to spread the word that benefits all of us. Surely some drawbacks are included in the package such as cooperating with the state.
You can't have your cake and eat it too.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I've learned to stay away from Coinbase as much as possible.
It's is just like a bank ... and that scares me.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I wouldn't go an close my account, why? Because I don't do anything illegal, I have nothing to be afraid of... and I'm shocked, 1st tpb now kat..... Btw check this out!
Share it!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit