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>> Coinbase made everyone whole

No, I don't think they have. The document says they will, not that they have. I personally know someone who was had 2FA and tends to be security knowledgeable and was struck by this on 6/7, which is well past their claimed date, so either they are lying or the hacking continues undetected. He has had no ability to get anyone on the phone who will help with the issue. He lost less than $2,000, but it is ridiculous how crypto currency combines the worst of the wild west with the worst of banking with the worst of crappy customer service.


Some exchanges have good customer service, but Coinbase isn't one of them. They went the route of minimizing customer support staff that many tech companies do.


Big difference! I have personal experience of Coinbase emailing me (in writing!) that I’d get a bank overdraft fee refunded from their system-wide mistake of double-charging cryptocurrency orders. This happened right before their IPO.

Long story short, I was never refunded despite raising two support tickets. :(


> but it is ridiculous how crypto currency combines the worst of the wild west with the worst of banking with the worst of crappy customer service.

Crypto's value is because it is the wild west. Otherwise, it'd be gold: custodians holding the commodity for owners, most of it locked in cold storage, fully regulated, and governments pursuing theft whenever reported.

Eventually, the end state desired will be reached (regulation, customer service, insurance, pursuit of value theft, etc), it's just taking time for governments and Big Finance to catch up.

EDIT: https://www.cnbc.com/2021/10/01/defi-protocol-compound-mista... (DeFi bug accidentally gives $90 million to users, founder begs them to return it)

https://en.wikipedia.org/wiki/Cryptocurrency_and_crime


Bitcoin is a self custody asset just like gold, and IMHO that and it's de-centralized exchange is actually where all the value comes from if it has any. People do own gold and store it on their own property as well.

Gold owners also use responsible custodians when they don't store the gold themselves. I think bitcoin owners do not do the same because they want to have easy access to trading and there aren’t companies that both operate trading and are either responsible custodians or make it easy to use a different custodian for storage.


We already have all of those things.


So if its value is in it not being regulated and you think governments will catch up, you're saying that it will eventually become worthless.

If so, I agree. I'm just surprised to see it stated so baldly.


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