From Matthew Kratter's Bitcoin University
Video Description
In this video, I discuss the many different ways that the giant honeypot of BTC at Coinbase could become lost, stolen, or compromised-- and the resulting effects on the Bitcoin ecosystem, including MicroStrategy and the US spot Bitcoin ETFs.
The best mitigations are:
- Withdraw your BTC from Coinbase to a hardware wallet like the Coldcard
- Encourage US regulators to allow more banks to custody BTC
How many times I have to post this warning?
#78930
Do you think people should stop making additional warnings?
No. More CONbase warning is good.
Something is going to happen with Coinbase. Not sure what it will be or when but I am highly skeptical of that company. I never recommend Coinbase to anyone. Had an account with them for years and they were my primary source for purchasing Bitcoin for awhile. Had accumulated quite a few sats in that account but withdrew it all and cancelled my account 3 years ago.
They seem the most likely, but I definitely expect one of these huge troves of bitcoin to be lost, one way or another.
This would send me back to the Stone Age if all my BTC was gone from Coinbase
If that is the case you should probably at least get the majority of your sats off Coinbase.
Me too. ;)
Not your keys, not your coins.
Knowledge to live by.