this post was submitted on 28 Nov 2023
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Coinbase is safe
How can you be so sure of that?
Blackrock.
Nobody can, but if you had to pick an exchange then Coinbase would probably be one of the safest.
Luckily you don’t have to pick an exchange, you are free to custody your own funds (which is the whole reason crypto exists). So if you don’t want to take any chances on the solvency of a centralized entity just get yourself a Trezor and self custody.
Bizarrely enough, being a publicly traded company makes me feel a bit secure. However, it's best not to leave all your money in one spot. I keep 1/3 on coinbase and 2/3 on a ledger. Hell, i Might lose the ledger! My kid thought it was a USB drive and was trying to use it to store some kind of 3d printer file!
I'm like....dude, that's not for you.
Losing the ledger itself is not a problem.
No it's not. Coinbase doesn't allow users to own the keys to their wallets, which means if you store with them they own your coins.
Absolutely NO exchange is safe to store funds.
Get a hardware wallet or use MetaMask or another digital wallet that provides you with your keys.
Lord, have you seen the dusted metamask posts here every single day? Coinbase with TOTP or yubikey 2fa is much better
I'm not saying MetaMask is the best option. Hardware is. I'm saying the issue lies with the fact that if you don't own the keys to where the coins are stored, you don't own those coins.
So eas mt Gox