****Official Crypto Degen Thread****

THE_DEVIL

HR King
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Aug 16, 2005
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www.livecoinwatch.com
I just paid 80 dollars in fees to get my money out of Coinbase and send it back to the bank. It was an instant transfer and the funds are already showing in my bank account.

I only have XLM and Algo on it.

XLM because 4% debit card rebate in XLM. (using it for paying subscription services)
ALGO because I am weird. :) Before the change in the ALGO daily payout Coinbase used to keep a 24/7 running counter of the payout out to about 8 places that I found kind of zenish.
 
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IAHawk2011

HR All-American
Mar 18, 2010
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As a general rule of thumb, it is always best to use a hardware wallet. But the tweets I have seen about this disclosure (including the ones you posted) are a massive overreaction. Coinbase’s CEO is correct - this disclosure is being made pursuant to guidance that was issued by the SEC, effective as of April 11, 2022. The bulletin says in relevant part:

“The interpretations in this SAB express views of the staff regarding the accounting for entities that have obligations to safeguard crypto-assets held for their platform users…

Due to the unique characteristics of the assets and the lack of legal precedent, there are significant legal questions surrounding how such arrangements would be treated in a court proceeding arising from an adverse event (e.g., fraud, loss, theft, or bankruptcy)…

Disclosures regarding the significant risks and uncertainties associated with the entity holding crypto-assets for its platform users may also be required…A discussion of the analysis of the legal ownership of the crypto-assets held for platform users, including whether they would be available to satisfy general creditor claims in the event of a bankruptcy should be considered.”


The takeaway is that no one knows what would happen to coins being held on an exchange that files for bankruptcy. It doesn’t mean anything with respect to Coinbase’s financial condition or solvency.
 

Moral

HR Legend
Sep 29, 2017
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As a general rule of thumb, it is always best to use a hardware wallet. But the tweets I have seen about this disclosure (including the ones you posted) are a massive overreaction. Coinbase’s CEO is correct - this disclosure is being made pursuant to guidance that was issued by the SEC, effective as of April 11, 2022. The bulletin says in relevant part:

“The interpretations in this SAB express views of the staff regarding the accounting for entities that have obligations to safeguard crypto-assets held for their platform users…

Due to the unique characteristics of the assets and the lack of legal precedent, there are significant legal questions surrounding how such arrangements would be treated in a court proceeding arising from an adverse event (e.g., fraud, loss, theft, or bankruptcy)…

Disclosures regarding the significant risks and uncertainties associated with the entity holding crypto-assets for its platform users may also be required…A discussion of the analysis of the legal ownership of the crypto-assets held for platform users, including whether they would be available to satisfy general creditor claims in the event of a bankruptcy should be considered.”


The takeaway is that no one knows what would happen to coins being held on an exchange that files for bankruptcy. It doesn’t mean anything with respect to Coinbase’s financial condition or solvency.

Hardware wallets seem like a single point of failure to me. Anyway to back them up?
 

GlenHawk

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Sep 30, 2002
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Denver
So...

After the Coinbase kerfluffle the other day I decided to move the stuff I have on the platform to my Ledger. I can't. Two examples-

1) "to complete trade you must top off by buying a fractional amount of coin to complete transaction". So I do and then the process repeats itself with no end.
2) Will not recognize receiving address as valid.

Oh and btw if you try to transfer from Coinbase to the separate Coinbase Wallet you actually have to pay a gas fee.
I transferred funds off CB to my ledger this morning without any issues.
 

IAHawk2011

HR All-American
Mar 18, 2010
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Hardware wallets seem like a single point of failure to me. Anyway to back them up?
As long as you have your recovery phrase you can access the funds on a new hardware wallet if something happens to the original.
 
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Chuck C

HR Heisman
Mar 6, 2011
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Luna was down to .0001 cents. If you had $10,000 dollars in last week when it was 80ish dollars, you would have had about 125 Luna. Just think if you went on vacation for a week with no access to a phone, and come back to see your 125 Luna is worth 1 cent now.
 

Moral

HR Legend
Sep 29, 2017
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My investing just got much more professional.

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