Obviously money laundering
My girlfriend's @coinbase account just got shutdown. She has never funded her account with fiat because she is unbanked. How is that possible?
She made a shapeshift swap from BCH to BTC yesterday, that's the only explanation.
Crypto needs fungibility. @CoinbaseSupport
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She gets paid directly in crypto from another Coinbase account. My suspicion is that she got tainted coins from Shapeshift. A bitcoin isn't worth a bitcoin it seems.
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@CoinbaseSupport What recourse does she have in this case? Why are you guys shutting down her account? If she got bad coins from Shapeshift that you guys are not willing to host, then please state so in your User Agreement. We don't get to decide which unspent outputs we get. -
Another question: Does Coinbase consider these coins "washed"? Are these UTXOs now clean since Coinbase holds them? What if I request a payout in BTC and then another exchange says my coins are tainted but I got them directly from Coinbase?
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Why do they get the privilege of accepting "tainted" coins? Who's to say that aren't accepting bribes for accepting "tainted" coins because they can get away with it? Who's marking them as tainted? Who's on that panel? What are the qualifications for "taint"? Or for "washed"?
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Should this information be public or private? Are they sharing this knowledge with other exchanges? Do they have the right to retain this information and keep it secret from their customers who may unknowingly accept these coins? Do these customers get put on a list?
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Curious, why does she use Coinbase if she has no need to fund it with fiat?
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Free transactions between accounts. Every bit/dollar count.
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You realise you can send transactions for a few cents these days? Whoever trusts their money to centralized exchanges will lose money to them sooner or later.
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This is true. It’s 1 Satoshi per byte to get a transaction on the blockchain processed. And as Nick Szabo reminds us, trusted third parties are security holes. I’d hate to think what your govt might do if it forced Coinbase to hand over data.
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How would fungibility fix this? They still control the account unless you are insinuating the Bitcoin came from illicit sources.
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What if you get paid as a contractor and someone sends you BTC linked with the dark web? You see the problem? Newly minted coins are more valuable because they don't have a history. That's not right! $1 in cash is worth $1. Not so much with BTC
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You are choosing to use a centralized service. These are the tradeoffs. I can’t speak towards Coinbase’s policy on blacklisting wallets. If you want to be paid in BTC, use cold storage and try to buy with it.
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But you are not answering his question directly.
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Fungibility is only issue for centralized services. You don’t have to use them.
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So in the future if bitcoin is a huge currency you gonna buy your groceries at a decentralized store? Get real mate
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Bazaars are pretty common outside of the US :-)
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Especially in nations that could see the biggest impact from new economic structure.
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