Coinbase Cloud
coinbase.com
coinbase.com
This is an early release from us and I would expect there to be a few quirks. Please keep sharing any feedback.
Non-techie Family member got scammed with this last month and lost $4k ETH while using coinbase. Thought I would let you know since it seems very common at the moment, might be worth having an alert to users not to send ETH to anyone who says they will 2x their coins. Cheers,
What should a founder do? Focus on their product, the better they become more scamers will attract, but is for the user to use some basic logic.
Otherwise, should they tell people that there is no such thing as Nigerian Prince? Because Nigeria is a Republic but some people don't even check the basics, they tend to just refuse their responsibility.
People here forget that the average person (especially as they age) will at some point fall for a scam. Insurance companies are starting to recognize that, because as you approach old age and death, apparently the mind gets more trusting of strangers to reduce mental load.
Crypto trading being secure, reliable, engaging etc is important to coinbase. Not people being scammed in ye olde isk doubling trick.
Not sure where you found that other link but sort of embarrassing to have that publicly exposed.
Custodial cryptocurrency services therefore don’t consume meaningfully more or less power than non-custodial services. They both rely on the underlying protocol remaining functional, which is where the bulk of power consumption occurs.
Reading through the entire Coinbase Cloud page and even going into the Coinbase Cloud Exchange docs (https://docs.cloud.coinbase.com/exchange/docs) doesn't make it clear what this offers over Coinbase's current API.
These new docs replace the previous pro/prime API docs and extend it into new products.
Importantly, this will go well beyond interacting with Coinbase existing products and provide tooling needed to make it easier for developers to build new web3 applications.
"Upon careful review, we believe your account has engaged in prohibited use in violation of our Terms of Service and we regret to inform you that we can no longer provide you with access to our service."
The problem is that they can't handle the large volume of users while also dealing with fraud & law compliance. So they basically have fraud detection algos that flag anything remotely suspicious with many false positives and they don't have the support staff to deal with the aftermath.
Mine was their screwed up identification process - I had completed it but their app wouldn’t let me view their tiny videos for the rewards. I was stuck in a support loop for months of “you need to identify yourself”, “I have”, “oh yeah you have, try the videos again” - repeat
I can totally see coin base becoming the de facto platform for this sort of stuff. Not ideal centralisation wise but oh well
[1] https://www.siliconrepublic.com/enterprise/microsoft-azure-b...
"While blockchain is best known for its association with cryptocurrencies, it has applications beyond this field."
This sentiment is just thrown around without evidence. Either a blockchain has an internal reward mechanism to account for the increased costs associated with it's execution or it is simply a more complicated and expensive database looking for a problem to solve...and also is likely not decentralized.
I personally would reach for this tech stack before the permissionless variety, I just don't have anything that needs blockchain.
https://www.hyperledger.org/learn/case-studies
Understand connecting IRL to BCL (blockchain ledger) is where provenance breaks down. Just because a blockchain says something, does not mean it is true. Just that the data onchain hasn't changed.
https://en.wikipedia.org/wiki/Embrace,_extend,_and_extinguis...
Notably, https://bisontrails.co/participate/ (this is linked from the above and is owned by Coinbase as a subsidiary)
I guess the "hosted validators" thing is reasonable to call Coinbase Cloud though.
Suppose you are a company, with a myriad of shareholders, do you: (a) Setup a crypto wallet and give Frank and Bill the keys, or (b) Outsource to reputable 3rd party.
I can tell you which your shareholders would prefer.
I'm setting up a node as soon as my ssd arrives.
Yes.
> For?
To learn, and for myself and friends to use. Vague question.
I want the Lightning network to be the BTC solution to transaction throughput and privacy, but I don't know that it is. Figure best way to find out is to get my hands dirty.
Embrace, extend...
We absolutely live in a time where you can engineer things well, especially at the scale of a publicly traded company. They aren't some scrappy startup desperately trying to get their first users.
Make of that what you will.
Until that is the case, I think it's very fair to say, that crypto currency is hard to pay with.
With an internet-connected smartphone with the app installed and whose neighbourhood stores are following the law. Which isn’t that many people.
Even if we call his numbers inflated and cut his number in half, it is still 1m people.
I can't imagine having a dependency on a coinbase api.
Unfortunately, I don't see the API where I get $90 million accidentally transferred to my wallet. :(
of course, letting the actual sim swapping attack work is an issue they should be required to solve. but for entirely different reasons. once you are authenticated to their network you can cause substantial costs for the real owner of the contract for example and those costs would definitely be compensated to their clients if this happens without their involvement. but if your assumptions break because of this issue your assumptions are wrong in my opinion and you would be the one to blame.
a simple analogy here could be you park your car in front of a police station, because nobody would dare to steal your car right in front of the police right? but then your car still gets stolen and you think you should try to sue the police because that just happened.
on the other hand coinbase did made that assumption and has been proven wrong in this way. they did bet on using the telcos messaging systems being secure enough to be used for authentication. that did not work out and this caused people to lose money which should be compensated for, by coinbase, because they decided to do that and not the telecoms.
Consumer complaints against ISPs/telecoms have been notoriously slow, unresolved with no real improvements - even before the creature Ajit Pai crawled out from under his rock, shockingly enough.
SMS 2fa isn’t great but there are lots of places that use it.
Next up, Coinbase NFT verification services (Sotheby's of the future!). My sides are sore.
What does this even mean? Are you trying to say I don't have enough money for the offering? Maybe so :)
I am indicting Coinbase for what they are - their lack of support, lack of useful options even for well-moneyed players in the market, lack of useful crypto products. Their API is fine, but that is standard.
And now they want to be the new Infura/Alchemy? I mean, why? They already don't provide a great product. My Uber driver yesterday was asking me if they should buy Avalanche after I casually mentioned crypto. Yeah, democratizing finance for sure.
Use it if you want, you seem axed on the product. Hope it works out for you!
Imo future is more expressive rust-like languages.