Coinbase Is Not Out of the Woods Yet
March 06 2019 - 12:41PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
March 06, 2019 -- ADVFN Crypto NewsWire -- After Coinbase laid
off the former Hacking Team employees, you may have thought that
the controversy surrounding the company would die down. Today,
unfortunately, that does not seem to be the case.
Reportedly, after statements
Coinbase made last week to the effect that they had been selling
customer data, they have attempted to clear up the situation by
stating that said data was never “personally
identifiable.”
What this exactly means is anyone’s
guess. On a foundational level, selling customer data is selling
customer data. Coinbase did however, admit that they had
third-party vendors which bought data from them. More specifically,
the company that had been their previous data analytics provider
seems to have been acting like a mini-Facebook.
To make matters worse, little
details have come to light on the subject beyond these general
facts. Because of this, CoinDesk quoted one particular Coinbase
user as saying that he has quit the service due to their “lack of
transparency.” In truth, it is hard to argue with his reasoning,
though beyond his testimony, there does not seem to be much
information that has been made public on how many users Coinbase
has lost recently.
Yes, there has been a Twitter
movement calling for users to help each other cancel their Coinbase
accounts. Still, overall, the effect of this movement appears to
have been quite small beyond a large amount of tweets from a small
group of people and a single dedicated Reddit thread.
Coinbase is and always will be the
first exchange that rode the ups and downs of the crypto market to
an impressive amount of success, even if it experiences serious
difficulties in the future. Especially due to the high level of
trust it seems to have gained with regulators and its’ direct line
to fiat-based banks, users may need to give the service a chance
for the foreseeable future.
By: BGN Editorial Staff
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