Call me paranoid but having your wallet on someone else's cloud (Coinbase) is an opportunity waiting to be exploited. All it takes is some network admin or developer to transfer all of the clouds bitcoins to a personal wallet and nobody, especially you, can do anything about it.
A cloud wallet in and of itself is not a bad idea; it just needs to be secured appropriately. Multi-sig support is probably key here. You could have the best of both convenience and security with a 2-of-3 setup, where you keep one key in cold storage, one in a native app on your devices, and one with the cloud provider.
The problem with that is that the app on your device is usually developed by the same entity, meaning they could take your key and steal your coins.
What we need is to decouple the online service from the app on your device. Maybe someone could develop a secure app with a nice API or protocol that users can securely connect to 3rd party services without fearing that the key in their device could be stolen.
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Call me paranoid but having your wallet on someone else's cloud (Coinbase) is an opportunity waiting to be exploited. All it takes is some network admin or developer to transfer all of the clouds bitcoins to a personal wallet and nobody, especially you, can do anything about it.
A cloud wallet in and of itself is not a bad idea; it just needs to be secured appropriately. Multi-sig support is probably key here. You could have the best of both convenience and security with a 2-of-3 setup, where you keep one key in cold storage, one in a native app on your devices, and one with the cloud provider.
The problem with that is that the app on your device is usually developed by the same entity, meaning they could take your key and steal your coins.
What we need is to decouple the online service from the app on your device. Maybe someone could develop a secure app with a nice API or protocol that users can securely connect to 3rd party services without fearing that the key in their device could be stolen.
Yes, that's a fair point. I agree with you.
PS: Ugh, not sure what I said that was so controversial. Always annoying to get downvoted for no reason. Oh HN.
Nothing, we are all being downvoted. I guess it's the usual Bitcoin haters.