Imagine in 2 years, Coinbase gets hacked
They hold all the ETF coins
Investors lose 100B+ worth of BTC
No problem, just fork and reverse the txn, just like eTheReUm did and what eth classic is
And while you're at it, build some functionality for special cases to reverse other txns, like North Koreas and Hamas.
And btw, if you're an American public mining company, you are only allowed to mine this new fork.
Coinbase custody is a lot more secure of a solution than you think.
I sure hope so, they don't seem to be even capable of handling trading so I wouldn't risk it
ok, I trust you. I trust Coinbase.
You also trust your hardware device’s secure element. And you trust its generating a seed phrase with *actual* randomness. And you also trust someone else’s node. And you also trust your not being MITM attacked on a deposit.
And this may not all apply to you and we are all learning. But believe it or not, there’s a lot of trust still existing in the hold your own keys camp.
Coinbase Custody offers a really secure institutional product, but yeah these funds should absolutely be looking at where there are still gaps in that security and how they can improve. Solely holding their own keys would scare the absolute shit out of me though.
Trusting hardware secure elements keeps me up at night lol. HOW DID YOU KNOW??
100% reproducible seedsigner without a secure element ftw
Good. Mining will become more profitable for the rest of us.
The Lord giveth and The Lord taketh away.
Regardless I'm here for it and chaos is stimulating 🔥
I can see the "hack" being done on purpose specifically to gain control over bitcoin.
Please double my bags with your airdrop, conbase
