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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