Facebook's security director joins Bitcoin exchange Coinbase

Concern and uncertainty regarding the Bitcoin virtual currency has reached a peak over the past few months, following the bankruptcy of popular exchange MtGOX and a rapid price drop which left many investors wondering what happened. Many are looking to rebuild faith in the currency, including Facebook's former Director of Security Ryan McGeehan - who recently left his job at the social media site to work with Coinbase, a popular Bitcoin exchange startup headquartered in San Francisco.

McGeehan made his resignation public on a Facebook post, noting that he is "thankful for the experience". "I've decided that cryptocurrency is worth protecting," McGeehan said, "and I'd regret doing anything else right now." 

According to McGeehan, his work for Coinbase will include building a much-needed security program for the site. Many note that Bitcoin is plagued by a lack of security features and safety nets, which may be offputting to some. To some extent, the currency is held back by these safety issues, but major hires like this can go a long way to fix the problem. McGeehan's experience at Facebook could be just what Coinbase needs to get off the ground as a legitimate exchange, and hopefully encourage others to do the same.

Source: TechCrunch | Image via Google

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"7+ years ago I left Chicago, my friends and family to join Facebook"

Well... if that's what's required to get a Facebook account... :p

sinetheo said,
Financed licensed agents with FDIC insurance would be nice.


I doubt FDIC would ever insure cryptocurrency accounts for the same reason they don't insure accounts for currency, security, and commodity traders. There is no parity relationship between the currencies and volitility will always exist without parity. Some people will make money, some will loose money. Licensing on the other hand could be done but the legitimacy hurdle has to be cleared first. For licensing to occur, a conclusive decision has to be made as to whether bitcoin is truly a currency or if it is a commodity. At that point it would be determined if exchanges would fall under banking regulation or SEC regulation. Like anything else in life, there will always be inherent risks involved that people need to educate themselves about and determine if they are able to absorb that risk.

Torolol said,
Facebook and Security on same sentence? XD

always been curious about the actual real world experience when people say this. What happened with you and Facebook? I have been using Facebook now for 5 years and still problem free. I would love to hear your personal security story so I can avoid what happened to you. Please elaborate more in detail.

rippleman said,

always been curious about the actual real world experience when people say this. What happened with you and Facebook? I have been using Facebook now for 5 years and still problem free. I would love to hear your personal security story so I can avoid what happened to you. Please elaborate more in detail.

I've never had issues with fb itself. I have however seen countless issues with 3rd party apps on facebook.