What happens if Coinbase gets hacked?


#1

Do they guarantee our Bitcoin positions?


#2

According to Coinbase, they are insured. I’m not worried. Been using Coinbase since 2012.


#3

You don’t have to worry about it if you store your BTC on a ledger. My ? is, why in the hell would you leave your BTC on an exchange, maybe 1 for liquidity for quick trades…


#4

Why would you even bet on it? Just stack your money safe and use a hardware wallet.


#5

What happen if your Ledger is broken and the seed is missing?


#6

uh-oh-youre-screwed-damn-sooner-or-later-2566663


#7

Your taking a loss, buy a new ledger and make a shit ton of copies of the seed phrases. Start over and be SAFE, in other words “Stay Frosty”.


#8

Have more copies of the seed phrases is good for redundancy, but now you have to secure each copy of the seeds. If you have too many copies and just one falls into the wrong hand by accident, then your fund may be gone.

You can have passphrases to protect the seed; but if you don’t write it down, you may forget after a long period of time, or hit by a bus and your family can’t recover the fund.

If you manage your fund and it is gone, it is gone.
If an institution manages your fund and it is insured; there is a chance to get it back if the institution is hacked.

Average folks are just not capable to keep the crypto fund secured themselves.


#9

Thats a really good point, thank you. Do you have any recommendations to look into it?


#10

Securing xtra copies of your seed phrase is a lot better than not having your seed phrase at all. Well thats why average folks are average, they bump around like blind sheep getting screwed by this brutal world.