NuBits VS USD Wallet on Coinbase

mange 2015-01-20 18:06:45 UTC #1

"If you own a lot of bitcoin and are concerned about price volatility, you might consider putting it in a dollar denominated account on Coinbase"
http://avc.com/2015/01/feature-friday-us-dollar-wallet/

NuBits vs Coinbase’s US dollar wallet, who wins?

I say that Nubit has the advantage of being decentralized and that you hold your keys, but Coinbase is more secure because Nubit’s peg may fall. If Coinbase goes bankrupt you will probably receive your money (I think?).

Edit: The existence of Coinbase’s US dollar account also shows that there is a demand for holding a non-volatile currency and seamlessly use Bitcoin’s distributed network to transport the value. Just like shapeshift.io and NuBits.

desrever 2015-01-20 18:31:26 UTC #2

Well, not quite. Coinbase is a private company and can be seized, hacked, banned, broke and your money can go down the path without you even noticing. Especially if you had them into the “USD” account, you are not in control.

seki 2015-01-20 18:38:42 UTC #3

and from their investors, i wouldn’t trust it

cryptog 2015-01-20 23:53:09 UTC #4

What would be the difference with Coinbase’s USD and Paypal?
The goal is to be able to have a currency which is as universal as email, meaning you can store it locally.
With Coinbase’s USD you cannot do that.
Bitcoin is failing at being a currency but at least you can store it locally.

You can store NuBits locally because it is Satoshi protocol based but it is also a currency…

mange 2015-01-21 06:26:56 UTC #5

Is there any company of this size or bigger that lost it’s fiat money? What happened to the USD on mt gox?

Hyena 2015-01-21 20:52:38 UTC #6

Who on Earth would still be stupid enough to let some company hold their wealth for them? Will Coinbase be MtGox 2? Transaction malleability 2.0 I don’t even use Bitstamp any more, I can get out of BTC with the help of NBT any time I want.