Andreas Antonopoulos: "Coinbase is a bank"

24 Mar, 2019 | Updated: 24 Mar, 2019
by Richard Allen
Opinion
Andreas Antonopoulos: Coinbase is a bank

On the latest episode of Let's Talk Bitcoin!, Adam B. Levine, Andreas Antonopoulos, Stephanie Murphy, and Jonathan Mohan discuss, among other things, Coinbase’s Neutrino debacle.

Jonathan Mohan, the co-founder of Layer2 Labs, began discussing privacy and banks. He explains that a prosecutor from the Southern District of New York saw Bitcoin as email for money with a very promising future. Companies like Coinbase are willing to feed that narrative, he adds.

Read more: Coinbase responds to criticism surrounding the acquisition of Neutrino

Adam B. Levine, host of the show as well as founder and CEO of Tokenly.com added that if you pick a centralized exchange like Coinbase, it’s safe to assume that you have no privacy within Coinbase “and further than that, beyond Coinbase.” He then asked if there is a use case for decentralized exchanges or if we need a different type of centralized exchange. 

Andreas Antonopoulos, fellow host of Lets Talk Bitcoin! and best-selling author explains that we’re heading towards a future where “digital cash will be the only cash available.” It will be at this point where we have to choose between that or cryptocurrency. He explains that exchanges are “only doing a subset of what is happening across the financial world.” Having less visibility into crypto means exchanges can be thwarted allowing for the creation of better privacy.

“Coinbase is a bank,” Antonopoulos states. “They’re a crypto-friendly bank, but they’re a bank. Once you accept that Coinbase is a bank, you accept that means compromising your privacy. Their business model is fundamentally at odds with many cryptocurrency values.”

Read more: "People who delete Coinbase don't actually use it," says Charlie Lee

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Poll

Do you agree with Andreas Antonopoulos?

(6 votes)

Add a comment

coinbase is a bank stealing money of clients
24 Mar, 2019 - 20:08
coinbase is very unreliable place. i think that they do a lot of illegal activities and has to be banned as soon as possible
25 Mar, 2019 - 10:01
more users understood it and already left coinbase. me as well
27 Mar, 2019 - 00:08
Coinbase is just a place with spoiled reputation.
25 Mar, 2019 - 23:36
coinbase is not a bank because it's a scam
25 Mar, 2019 - 23:48
nono, coinbase is a shit, everyone should understand it
26 Mar, 2019 - 05:14
nah, coinbase took the worst things from the bank. these are huge fees and awful support.
I don't like such banks
26 Mar, 2019 - 08:14
I wanted to choose something different from bank, because it's not confidential so why should I use coinbase if it is the same?
26 Mar, 2019 - 19:10
coinbase is s scam only. scam can't be the bank
26 Mar, 2019 - 21:57
coinbase is not a bank, it's crypto-friendly scam
26 Mar, 2019 - 22:31
what is an absurd!
coinbase can't be called as the exchange
26 Mar, 2019 - 23:02
"Coinbase is a bank, you accept that means compromising your privacy." I understand this in time and deleted my account on this exchange
26 Mar, 2019 - 23:06
coinbase and privacy are the separate things
26 Mar, 2019 - 23:33
Coinbase shares personal information of users to third parties. What kind of privacy can we talk about?
27 Mar, 2019 - 20:14
I haven't used Coinbase for a long time and don't advise anyone to do it.
27 Mar, 2019 - 21:31
Moreover coinbase communicates information about the money in your accounts to the government
27 Mar, 2019 - 21:56
coinbase talks only that it's crypto exchange but it's a business which bring money to it owner!
27 Mar, 2019 - 22:56
such frauder as coinbase can't be a bank. it can't be even the exchange
29 Mar, 2019 - 00:10
I don’t see any progress in Coinbase service, why do they have a right to raise the fees so highly then?
30 Mar, 2019 - 12:59
i can say even more, coinbase is a fraudulent bank that is trying to scam around almost each client
02 Apr, 2019 - 07:48

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