I recently switched from regular banner advertisements on my site ( http://www.spaceindustrynews.com ) - cheap plug - to taking BTC donations. The BTC community has been amazingly supportive throughout the whole thing.
I recently switched from regular banner advertisements on my site ( http://www.spaceindustrynews.com ) - cheap plug - to taking BTC donations. The BTC community has been amazingly supportive throughout the whole thing.
Please transfer your BTC to a wallet under your control immediately. Run, don't walk. Take it from me: it's a terrible feeling to lose your money because someone else lost it on your behalf.
If I had followed the above advice, then I wouldn't have lost a lot of money.
Given the nature of human greed, what do you think the chances are that someone who has access to >10% of a currency will simply let it sit there and do nothing with it?
Given the nature of computer security, what do you think the chances are that Coinbase is impregnable under every imaginable circumstance? What about a rogue employee? What if the founder himself steals?
Now, the question is, what's the best way to accomplish the goal of "Don't let anyone else have access to your bitcoin, ever"? There are solutions. Find one, use it. Please. Don't make my mistake.
I don't run my own mail servers. Nor do I run my own DNS, generate my own power of, gasp, keep my money stashed in a jar in my back yard.
And neither should you.
Pay somebody else to do the awesome things that coinbase is doing to keep your coins safe.
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(This advice is void for people holding HUGE sums of coins. For people holding <10 coins or so, I don't see a problem using coinbase. At all.)
Is it, even after MtGox?
As far as I know (IANAL) there is no law or precedent which takes the value of stolen bitcoins into consideration while sentencing. There is also no history (AFAIK) of prosecution, of serious prosecution which takes the effort to follow up on stolen coins may have been "mixed" etc., in cases of BTC theft.
Given this, does not an online service (like Coinbase) which holds a large amount of bitcoin in "stealable" form present, to potential criminals, a lot of incentive to break in and take it all away? I, for one, wouldn't keep up to 5000 USD in such a place, at least till the time there has been some serious prosecution and proportionate sentencing of BTC thieves. But of course to each their own.
Awesome things like what MtGox did?