Excuse Me... What? Why Coinbase? Crypto CeFi Sucks... Long Live DeFi!
Well, this is awkward.
I thought the whole point of blockchain was that we were gonna get ourselves out of this centralized mess of interminable wait times and insane fees.
But I just tried to send the equivalent of $465 to another account that I control (that I have incidentally also KYC'ed into. It's my BlockFi account actually. Sign up to get crypto rewards! 😝) and Coinbase (Keep staking my Tezos though, bros!) blocked the sending of my ETH to myself for 72 hours for no real reason.
This is frustrating as fuck. It didn't happen because somebody looked at my account, it happened instantly and automatically without any human review. If I have my private keys and Google 2FA's and proper log/pass and all that, I should be able to freaking have access to my money, and do with it what I please. That's like the whole point of blockchain-based digital assets, ain't it?
Ain't it!?!
Anyways, another day, another time crypto's CeFi infrastructure disappoints the fuck out of me.
DeFi forever!
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Having gone through KYC with Coinbase in the UK they returned my last fiat deposit with no explanation (fortunately that didn't cost me any fees). They never responded to a support request. I sent another support request last week, no response. They're over. Won't be bothering with them any more.
Maybe I misunderstood, but if you are using Coinbase, you don't have control of your private keys?
No, but that's kind of my point. Coinbase is just like a bank that holds crypto.
It is not a perfect world but thing improve overtime. :)
Correct! Exchanges aren't blockchain.
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Bummer! This is why we need decentralized exchanges or just keep your crypto in your own wallet. This is the price of connivence, it’s frustrating as hell.