Quote from: Potato Chips on September 27, 2024, 09:51:15 PM

Honestly, I would expect a big company like coinbase to have several backups of user data otherwise it's gonna be a tricky situation if shit happens.

Um, backups of the data won't prevent it from being stolen. And the more places you spread the data around to, the more places need to be secured.

I'm not saying it's impossible to secure it, but it's not as simple as making backups.

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And the bottomline is still cryptocurrencies are not insured. I guess they have taken steps in case shit happens but you could tell they're not confident about it.

Based on that wording, I think they are clearly covering their butts here. If they were really insured such that it would protect their depositors, they would say so.

So.... while we're at it here, does anybody know: is Binance insured? Is there such a thing as an insured store of crypto anywhere?