5 ms·
No security is perfect of course, but Coinbase has over 98% of the funds in cold-storage. See: http://antonopoulos.com/2014/02/25/coinbase-review/ http://anton
by singularityyy 13y ago
No security is perfect of course, but Coinbase has over 98% of the funds in cold-storage.
See: http://antonopoulos.com/2014/02/25/coinbase-review/ http://antonopoulos.com/2014/02/25/coinbase-review/
- waterlesscloud 13y agoGox claimed 95% of their coins were in cold storage. Unproven claims aren't worth much.
- jonknee 13y agoTechnically that still appears accurate. The inaccurate portion was that they didn't have anywhere near the correct number of coins (cold or hot).
- grey-area 13y agoThat's what mtgox said too, I believe their figure was 98%: On average 98% of customer bitcoins are held in cold storage...Offline wallets are generated from an offline system and kept in paper format in three separate locations, using a technology based on raid. https://bitcointalk.org/index.php?topic=23938.40 https://bitcointalk.org/index.php?topic=23938.40 http://www.managementtoday.co.uk/bulletin/mtdailybulletin/article/1282210/this-end-bitcoin-mtgox-goes-offline/ http://www.managementtoday.co.uk/bulletin/mtdailybulletin/ar... But of course, they weren't really in cold storage or offline after all, because somehow they all disappeared... Not that I mistrust coinbase specifically, but without insurance, audits and regulation (i.e. without a banking license), I'm not sure I'd trust anyone to store significant amounts of money.
- patmcc 13y agoBanks that hold large amounts of cash either insure it against fire/flood/theft or self-insure with other assets - what is Coinbase's plan if these cold-storage coins are destroyed, either by malicious attempt or disaster? That link shows the coins are locked away, are apparently not accessible, but how safe are they against actual loss?