Coinbase Cloud

https://www.coinbase.com/cloud

by hasheddan • 5 years ago

200 162 5 years ago

coinbase.com

ohashi2• 5 years ago

99% uptime guarantee is embarrassingly low.

judge2020• 5 years ago

That's nearly 4 days out of service a year with no recourse. This should be unacceptable for any financial service.

knownjorbist10• 5 years ago

4 whole days! They'll never recover from this, right?

Andys• 5 years ago

_Should_ be, yeah. Australian banks are this bad and worse.

TheDudeMan• 5 years ago

They were probably faced with decision: Release now and improve over time, or don't release now. We don't live in the time of option B. Option B is the path of ruin.

ohashi2• 5 years ago

That's the attitude you want from a financial service, YOLO BUILD FAST AND BREAK THINGS.

We absolutely live in a time where you can engineer things well, especially at the scale of a publicly traded company. They aren't some scrappy startup desperately trying to get their first users.

root-z• 5 years ago

considering my experience with their product, it's probably the best they could do in a realistic timeframe.

chrisked3• 5 years ago

Compared to what? I believe it’s a great starting point compared to legacy systems in tradfi.

lugged• 5 years ago

Nothing I like more than a cookie accept button covering half the screen that doesn't work when you click it.

weddpros• 5 years ago

I always thank Europe for this, makes me feel so safe. I don't risk anything when I can't even accept the cookie.

neither_color2• 5 years ago

The "i dont care about cookies" extension is really good on desktop https://www.i-dont-care-about-cookies.eu/

arthurcolle9• 5 years ago

The audacity of announcing a cloud on the same day a major breach is made public lmao

knownjorbist10• 5 years ago

Don't we already know it wasn't actually a breach?

arthurcolle9• 5 years ago

If all your customers get sim swapped because you offered 2FA over SMS then it's your fault as a service provider.

renewiltord• 5 years ago

Then don’t use it haha. There’s always so many HN users talking up these so-called breaches and acting like they matter when they probably have a grand total combined spend authority of $100 for snacks at the weekly happy hour.

arthurcolle9• 5 years ago

I was a pre-sale investor in Ethereum, have been in Bitcoin since it was < $2 per BTC. Your casual dismissal of my statement indicates you have no idea what you are talking about - no one is going to seriously use this. Just like no one serious keeps their balances on Coinbase Pro/Prime. They are a fine trading desk if you face them OTC, but to think they are going to become a state of the art "crypto cloud provider" is hilarious.

Next up, Coinbase NFT verification services (Sotheby's of the future!). My sides are sore.

teruakohatu• 5 years ago

Didn't Microsoft Azure's blockchain platform fail? It was shutdown earlier this month [1]. How is this different and/or better?

[1] https://www.siliconrepublic.com/enterprise/microsoft-azure-b...

knownjorbist10• 5 years ago

This appears to be only managed blockchain infrastructure, not all of the other concerns that emerge when actually building an application on top of such a thing.

programmarchy• 5 years ago

I think Microsoft and others like IBM failed to “get it”. They tried to adopt blockchain tech without the cryptocurrency aspect, failing to realize there needs to be a built-in incentive structure for people to participate on any blockchain network. Mining, staking, and other proof / reward systems are required for any blockchain tech to get off the ground.

toomuchtodo2• 5 years ago

IBM and Microsoft cater to enterprises. Enterprises whose entrenched positions are challenged by decentralized systems. Centralizing a decentralized system is done either to bootstrap it (optimistic) or embrace, extend, and extinguish it (pessimistic). A corporation alone might not need a blockchain, but has no choice but to participate if that’s where the market is, and a consensus of participants (no pun intended) is who determines that technology (not corporate procurement).

https://en.wikipedia.org/wiki/Embrace,_extend,_and_extinguis...

verdverm2• 5 years ago

Hyperledger Fabric uses Proof of Authority and is still being used for projects. Being antithetical to the crypto crowd it doesn't get the same fanfare. The target user base is very different.

I personally would reach for this tech stack before the permissionless variety, I just don't have anything that needs blockchain.

PKop2• 5 years ago

Agree, and this quote from the OP's link is humorous in that regard:

"While blockchain is best known for its association with cryptocurrencies, it has applications beyond this field."

This sentiment is just thrown around without evidence. Either a blockchain has an internal reward mechanism to account for the increased costs associated with it's execution or it is simply a more complicated and expensive database looking for a problem to solve...and also is likely not decentralized.

snotrockets2• 5 years ago

Considering the prevailing incentives are all criminal, no wonder they failed to "get it" [sic]

mbesto• 5 years ago

Isn't Coinbase Cloud vastly different? Azure was for building any application blockchain technology (could be crypto, smart contracts, supply chain, blah blah) whereas CB Cloud is for building applications on top of Coinbase's crypto exchange.

LurkingPenguin• 5 years ago

Coinbase Cloud has it all.

Unfortunately, I don't see the API where I get $90 million accidentally transferred to my wallet. :(

bubersson• 5 years ago

The API doesn't even have support for Lightning.

lallouz8• 5 years ago

....yet.

qualudeheart2• 5 years ago

Will this service be using Rust?

exdsq6• 5 years ago

I think they’re a Go/Typescript shop, but crypto does love Rust!

qualudeheart2• 5 years ago

Cardano ecosystem used to use Rust a lot. Currently moving to Haskell. Few other big ecosystems using Rust too.

Imo future is more expressive rust-like languages.

Havoc• 5 years ago

Looks interesting. Or at least one step closer to improving access to tooling.

I can totally see coin base becoming the de facto platform for this sort of stuff. Not ideal centralisation wise but oh well

knownjorbist10• 5 years ago

Fleek is basically Vercel or Heroku, but for Web3. For those with more at stake, it's probably better to go with a big player like Coinbase.

Underphil• 5 years ago

Unrelated, but nothing reminds me I'm getting old more than an entire sentence of words I don't understand.

lallouz8• 5 years ago

Thanks. Appreciate any feedback from this community and hoping to make the product better as we go.

neither_color2• 5 years ago

Some of the docs are coming up blank on mobile safari, what I want to know is if its possible to hack together a payment flow a la stripe with dummy data without creating a paid account first.

westoque• 5 years ago

Isn't it ironic to use a REST API to send BTC vs say using what any cryptocurrency is intended for? To use their native APIs to transfer value. The aim of decentralization is to eliminate that third party but this puts it back. We've come full circle.

base698• 5 years ago

Haven't used it directly in forever but bitcoind had a rest API early on.

ed25519FUUU• 5 years ago

The Bitcoin network supports a theoretical maximum of 7 transactions per second, so they’re probably eager to do it some other way.

reedjosh3• 5 years ago

Lightning though... Amiright!?

I'm setting up a node as soon as my ssd arrives.

davedx• 5 years ago

I don't this is ironic. I think this is a pretty cynical attempt at wrapping the "Coinbase platform" around more layers of crypto than they already had.

Embrace, extend...

davuinci• 5 years ago

A better wording would be that the aim of decentralization is the option to eliminate the third party. If someone wants to use a third party to transact then he should have the freedom to do so. Similarly, if someone wants to transact with another party directly then this should also be allowed.

_red• 5 years ago

The idea "everyone should be their own bank" is a great idea, and most should endeavor to do that, but it fails often for a variety of legal and regulatory reasons.

Suppose you are a company, with a myriad of shareholders, do you: (a) Setup a crypto wallet and give Frank and Bill the keys, or (b) Outsource to reputable 3rd party.

I can tell you which your shareholders would prefer.

notyourwork3• 5 years ago

Middlemen have to middle, that’s the model of a middleman. As long as they provide some perceived value over the same without middlemen they will be profitable. In this case, coinbase abstracts crypto away from technically illiterate who want to ride the crypto wave without learning the technicals.

chrisked3• 5 years ago

People who understand technicals might use AWS which provides tremendous value for many. I believe Coinbase wants to build AWS for crypto.

H8crilA2• 5 years ago

Why isn't this just called Coinbase API? What am I missing?

eganist• 5 years ago

its closer to a PaaS offering than just a bundle of APIs, which gives it some basis to claim the Cloud marketing moniker.

Notably, https://bisontrails.co/participate/ (this is linked from the above and is owned by Coinbase as a subsidiary)

H8crilA2• 5 years ago

Uh, ok, the front/linked page confused me. Thanks.

anonymoushn• 5 years ago

If my fund uses a thing for order entry, deposits, and withdrawals, but not for hosting (and indeed hosting for trading servers is not even for sale?), normally we would call that thing an API.

I guess the "hosted validators" thing is reasonable to call Coinbase Cloud though.

Kranar• 5 years ago

Coinbase API is something else [1] and would be utterly confusing to use that name for this:

[1] https://developers.coinbase.com/api/v2

ionwake3• 5 years ago

No one else find it super weird there is an announcement the same day coinbase got hacked?

z0xz0xz0x2• 5 years ago

fact check: coinbase did not get hacked

brokensegue• 5 years ago

A bug in Coinbase software allowed hackers to steal Coinbase users' money and private information. What else would you call this?

ssss112• 5 years ago

Given their lack of competence resolving basic user account issues, it would be a hard no from me

NGRhodes• 5 years ago

Agreed, I was locked out of access to my funds for months, not one human response until my complaint escalated to the Financial Ombudsman (UK), got compensation, then tried to delete my account after withdrawing all my money, raised a support ticket, then last week my account was closed with the following message:

"Upon careful review, we believe your account has engaged in prohibited use in violation of our Terms of Service and we regret to inform you that we can no longer provide you with access to our service."

ssss112• 5 years ago

Oh wow that’s bad.

Mine was their screwed up identification process - I had completed it but their app wouldn’t let me view their tiny videos for the rewards. I was stuck in a support loop for months of “you need to identify yourself”, “I have”, “oh yeah you have, try the videos again” - repeat

arthur_sav3• 5 years ago

That's not just Coinbase. It's every neobank type app or service.

The problem is that they can't handle the large volume of users while also dealing with fraud & law compliance. So they basically have fraud detection algos that flag anything remotely suspicious with many false positives and they don't have the support staff to deal with the aftermath.

starclerk• 5 years ago

I was locked out of my account for 3.5 years before they worked through the queue far enough to get to me. I stopped using Coinbase long before then though.

notyourwork3• 5 years ago

Sounds like the Robinhood model. Collect as much finances as you can and do as little as possible to support those providing the funds while sucking up to investors.

exdsq6• 5 years ago

There goes my side project

sillysaurusx• 5 years ago

I raised $2,200 in donations thanks to Coinbase making it easy for people to donate crypto. It sounds like they want to do the same for every aspect of a business. There’s probably a lot of value in that.

Fnoord• 5 years ago

How much energy was wasted this way? Why would PayPal, IBAN, or Flattr not have worked?

dustymcp• 5 years ago

because they dont receive crypto..

coralreef• 5 years ago

If it was a custodial service, then the amount of "energy wasted" was basically equal to any of the above.

collegeburner• 5 years ago

I use crypto because the financial system does not allow me to make a transaction anonymously unless I use cash, that I can't use on the internet. Make the government remove its retarded KYC and anti money laundering laws that create state mandated invasion of privacy and I will stop. Crypto exists only because there is a demand not met by "real money". The answer is not to ban crypto but to make "real money" competitive again.

babgev2• 5 years ago

That's great to hear. We are working on something to simplify accepting crypto, would be great to chat with you about your experience.

paulpauper• 5 years ago

future headline: Coinbase Cloud Breach Notification

shp0ngle2• 5 years ago

Cryptocurrencies are horrible as currencies because it’s hard and expensive to pay with them.

Make of that what you will.

latchkey4• 5 years ago

"In my opinion..."

0xdeadb00f2• 5 years ago

I still can't go down to my grocery store, or pretty much any outlet in the city, and pay with crypto.

Until that is the case, I think it's very fair to say, that crypto currency is hard to pay with.

latchkey4• 5 years ago

When twitter was younger, people would implement against their api and eventually get shut down.

I can't imagine having a dependency on a coinbase api.

x3sphere• 5 years ago

This seems more of a product to keep their investors happy than it does actually improving the crypto ecosystem. Feels like you lose the decentralization benefits of crypto when you are doing everything over a centralized service. I don't know how much Coinbase have abstracted things, but there's probably a fair amount of lock-in here too.

lallouz8• 5 years ago

The idea is to make it easier to build products without having to build the entire stack. We'll still leverage decentralized protocols.

asjfj9• 5 years ago

Can someone ELI5 how this is any different to what the current Coinbase API offers? https://developers.coinbase.com/api/v2

Reading through the entire Coinbase Cloud page and even going into the Coinbase Cloud Exchange docs (https://docs.cloud.coinbase.com/exchange/docs) doesn't make it clear what this offers over Coinbase's current API.

nerdwaller• 5 years ago

The difference of those two docs is one is coinbase.com, their more retail oriented option (picture robinhood), and pro.coinbase.com which is a more advanced trading platform (think or swim or other more mature investor platforms). The fee structures are different, order types, visualizations, etc (even though they likely use the same infrastructure for both) and they segregate a user’s accounts between the two (though you can freely transfer between the two). Another major difference is on the retail platform you’re not going to see an orderbook - just a price. All that to say, I think the main difference is access to more information about the overall market, more advanced orders, better pair selection (that usually eventually ends up on the retail platform), and the more mature financial platform.

These new docs replace the previous pro/prime API docs and extend it into new products.

adventured• 5 years ago

The cloud product/label is where they intend to build out a suite of service offerings. API wasn't broad enough to encompass what they intend to do next.

lallouz8• 5 years ago

Hi, Joe here, heading up Coinbase Cloud. tldr; this is our first step in providing a full set of API based services to build crypto applications and unifying the existing APIs that exist.

Importantly, this will go well beyond interacting with Coinbase existing products and provide tooling needed to make it easier for developers to build new web3 applications.

sergiotapia• 5 years ago

Coinbase Cloud

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