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RE: Stop Using Coinbase for Bitcoin and Ethereum Purchases!
I agree with you. Coinbase has been trending in the wrong direction. I first used them years ago and bought a decent amount of BTC (they were only selling BTC at the time). Fast forward a few years later, they send me an email asking me what I use my Bitcoins for. I ignored the email and didn't give them any info (I felt that was an invasion or privacy). As a result, they froze my account without notifying me. I couldn't buy/sell BTC. It took about a week of email exchanges for them to unfreeze my account. If our privacy keeps getting infringed, we are going to be living in an Orwellian world.
Agreed, that is an extremely intrusive question, but wasn't it on an optional questionnaire? I started to take a "Customer Satisfaction Survey" type of form but seeing it was full of intrusive questions, just abandoned it. Those kinds of questions come from the banks that are under severe regulation, not free-market institutions at all.
Certainly CB comes under pressure from the "know your customer" type of bank regulation. But they would not willingly offend their clients without that external pressure. Someone out there doesn't want the middle (peasant) class to have any kind of independence at all. It's an undeclared, asymmetrical war on freedom.
And take note, the sage advice is to get your assets off of the exchanges for the long haul.
Wise words. I got into cryptocurrencies (BTC/LTC especially) because I love what they stand for. Decentralized, finite amount, deflationary, anonymity, "be your own bank currency" that puts the power back into the people's hands...away from the central bankers. And yes, it is the banks/IRS that is forcing the hand of Coinbase, so I can't blame Coinbase entirely, but the info they were asking for is completely contradictory to what I believe is the message of cryptos. And yes, I have most of money off the exchanges...around 95%. The other 5% I'm short term trading with.
They are now working for the wrong team in so many ways. Unlike Coinapult they decided to stay in the USA.
Now they are paying for it.
I do not think that you should blame it on Coinbase. They pretty much just follow the rules. It is all about systems and regulations.