Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds

[Hunch]

don[t have any and never will or do. Can't buy a big mac with crypto

Agree, and why would anyone want to buy anything with it, and be charged fees for every transaction?

As soon as I get any BTC it goes straight into a fiat book or cashed out. Use it for funding gambling sites only.

The only time I held $50 in BTC to try my luck, it tanked just like it is now.

I completely get why people are buying it for an investment though.

 

[BobbyFK]

Well if BTC drop hasn't caused people to pull out of Coinbase, the statement that their BTC is subject to bankruptcy proceedings should as hell will.

You would definitely think so. Lots of other options out there

 

[gaykirkham]

So, if I use Coinbase, I cannot be protected from losses in case of bankruptcy of this company? I don't like this prospect in any way. I think now you can find decent alternatives to this service. But then I'll have to move all my projects to another blockchain. I've been planning to do this for a long time but have not yet dared to set a date. My friend moved his projects and developments through bhero.com, staying on Coinbase service. I trust his experience, but I'm starting to wonder what risks he's still ready to take. Should I talk him into insuring his NFTs and other extras of modern life?

 

[Tanko]

So, if I use Coinbase, I cannot be protected from losses in case of bankruptcy of this company?

In their recent SEC filing Coinbase indicated customer accounts are at risk should a bankruptcy occur.
So, you are not protected.

 

[rolandcorts]

If you're using BTC to fund books, you should basically never have any money on any exchange at any point in time.

 

[parrothead]

Might be time to pull money out

 

[carolinakid]

i did that some time ago and it was one pain for sure after that news hit

 

[Pimike]

If you're using BTC to fund books, you should basically never have any money on any exchange at any point in time.

Then how are you supposed to make money?

 

[rolandcorts]

Then how are you supposed to make money?

Find a local guy who deals in cash and avoid the exchange altogether. If not possible, then you'll ultimately have to use an exchange and your funds will be at risk while they're on it, but that should be for a very short duration.

 

[iag]

Even Gemini getting some bad press last couple days. Might have to finally use the ledger I bought 5 years ago.