the same systemic risk as Mt Gox. It’s not going to kill Bitcoin but it’s enough to put you off your cornflakes.
If Coinbase gets hacked, all hell will break loose.
i wouldn't care/mind too much if Coinbase got hacked tbh. after all the shit they've dished up on bitcoin community it would be a good lesson in decentralisation and a well-deserved kick in the pants for the hubris of Brian A. etc.
and it would be graphic demonstration that no amount of regulation AML/KYC, etc, consumer protection racketeering guvmint fuckery backing up a big, fat target like Coinbase beats decentralised redundancy ...
in fact, Coinbase is probably overdue for a systemic-level hack just going on bitcoin history of exchanges and adoption wave cycles ...