Tether has printed $600 million worth of tokens since, so either: 1) Local Taiwanese have deposited $600 million to buy Bitcoins through domestic wires, OR 2) Tether is lying and printing tokens out of thin air.
Place your bets gentlemen.
People with real money would instead wire the funds to Gemini or ItBit or even a terribly managed company like Coinbase.
KISS
For context, I reported couple of bugs to MtGox back in the day, and even MtGox fixed them in under a month which is more than what I can say for Coinbase. I guess this is what happens when Coinbase speed-hired 100 people in one year with no proper team-building exercises.
Correction, there is no support. I have a bit of money permanently locked in a coinbase account because their support does not reply at all.
At some point I will just have to convert it all to BTC and send it elsewhere. Caveat Emptor.
On the account draining -- well, there's a latency in setting up new bank accounts there. So I'm surprised it's that easy to just yank money out.
Although I did notice there's no account verification. For example, on Vanguard or other platforms they do a small deposit of a few cents and ask you to verify the payment amounts, a process which has a latency of a day or two.
Are there any ways to make coinbase safer other than a very secure password?
It worked fine, but had to go into the bank in person with ID to get the funds approved.
Not sure what it'd be like if I moved $100ks.
$600 million bet — literally.
They don't need to do that on that many exchanges to have effective peg to USD. However they of course still need traditional bank accounts, and they need to trade the BTC on OTC markets or somewhere else.