Dfalt on Nostr: Coinbase cannot be fully trusted. The first reason is its lack of regulation. ...
Coinbase cannot be fully trusted.
The first reason is its lack of regulation. Coinbase is not a regulated exchange, meaning that it is not subject to the same laws and regulations that traditional financial institutions are. This means that Coinbase can operate without any oversight, and it is difficult to know if the exchange is acting in the best interests of its users.
Second, Coinbase lacks transparency. They do NOT not provide its users with detailed information about its operations or its fees. As a result, users are unable to make informed decisions about their investments. Furthermore, Coinbase has been known to make sudden changes to its policies without informing its users, which can lead to unexpected losses.
Third, Coinbase has major security flaws. They’ve been the target of numerous hacking attempts, and its security measures have not always been up to par. Furthermore, they were known to store its users’ funds in custodial wallets, which are not as secure as private wallets. This means that users’ funds are at risk of being stolen or lost.
The first reason is its lack of regulation. Coinbase is not a regulated exchange, meaning that it is not subject to the same laws and regulations that traditional financial institutions are. This means that Coinbase can operate without any oversight, and it is difficult to know if the exchange is acting in the best interests of its users.
Second, Coinbase lacks transparency. They do NOT not provide its users with detailed information about its operations or its fees. As a result, users are unable to make informed decisions about their investments. Furthermore, Coinbase has been known to make sudden changes to its policies without informing its users, which can lead to unexpected losses.
Third, Coinbase has major security flaws. They’ve been the target of numerous hacking attempts, and its security measures have not always been up to par. Furthermore, they were known to store its users’ funds in custodial wallets, which are not as secure as private wallets. This means that users’ funds are at risk of being stolen or lost.