http://www.cnbc.com/id/101727171
Nice that a Bitcoin company (one I have found to be very reliable) is recognized, but leave it to BubbleVision (CNBC) to make a reference to a central bank where there is no connection whatsoever.
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Coinbase – The Central Bank of Bitcoin
http://www.cnbc.com/id/101727171
Nice that a Bitcoin company (one I have found to be very reliable) is recognized, but leave it to BubbleVision (CNBC) to make a reference to a central bank where there is no connection whatsoever.
Because your account in Coinbase is tied to a bank in the domain of the Federal Reserve, ther is a central banking connection, albeit somewhat distant.
Point taken, but while a Coinbase account is linked to an account at a Fed Reserve influenced institution, it is mainly used as an on-ramp and off-ramp to the Bitcoin ecosystem. Once in that system, Coinbase has no more connection to your bitcoins, except the ones you leave with them.
As that system grows, I believe their will be little need to convert bitcoin back to fiat currency, except to pay taxes and a few other things.
I thought the article gave the impression that Coinbase had some type of central bank like control over bitcoin, which is ludicrous.
yes, it’s a ridiculous comparison but good fodder for the shallow of mind.
Maybe that’s what they’re selling.
What do you make of the recent gaining of 51 percent of the hashing power by the GHASH pool?
I’m reluctant to go through Coinbase because they seem to want a lot of information from me; however, I understand it is probably necessary for them to stay out of trouble with the government. On the other hand, I have yet to find other services that seem as legit.
The GNASH situation is a bit unnerving, though the pool has a lot to lose by compromising the entire currency. Let’s hope their actions aren’t being channelled by any nefarious intent.
I understand your hesitance with Coinbase Bob. Understand that they are trying to be very legitimate and they have major backing and bank cooperation so they are complying with the KYC (Know Your Customer) regulations put in effect after 9/11.
Once you have some bitcoin and are in that world you can transact in a number of ways without ever leaving that world.
I am honestly not too worried about a 51% attack. Andreas Antonopolous has addressed this possibility a number of times…
This entire video is worth watching because this guy knows his sh$@, but I digress. He addresses 51% attacks at 1:07:00.
To me this is another Bitcoin crisis du jour. About a bi-weekly occurrence.
A great comparison to early Bitcoin is all the horror headlines around the new fangle railroad industry in the 1800’s. Railroads worked out pretty well.
John, you seem to understand that CNBC was looking for a provocative byline when they wrote “Coinbase – Closest thing bitcoin has to a central bank”.
So why did you title this topic with a headline that’s even more sensational and wrong? (“Coinbase – The Central Bank of Bitcoin”).
For the same reason, so that folks would participate in the discussion.
The difference is I had no intention of supporting that title, only to discuss it’s inaccuracy.
