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Coinbase Wrapped Bitcoin Has Potential to Dominate Market, Say Expertsdecrypt.co/244619/coinbase-wrapped-bitcoin-market-experts
51 sats \ 15 comments \ @Cje95 14 Aug 2024 bitcoin
I only started using Base because of Coinbase's quests on them and the ability to stack crypto faster. I have been super impressed with how much cheaper Base seems to be compared to other L2's out there I mean when the max cost is going to be $0.004 that's what we have all been wanting to see with blockchains!
Adding BTC could really help supercharge Base and entice people to leverage this chain!
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0 sats \ 0 replies \ @Satosora 15 Aug 2024
Im not sure coinbase is ever the way to go. They seem really shady.
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0 sats \ 13 replies \ @grayruby 14 Aug 2024
cbBTC is not BTC. Coinbase holds millions of Bitcoin. They can easily rehypothecate and artificially inflate bitcoin supply by creating these vapourware proxy tokens so they can give some validity to their centralized CBDC rails on centralized ethereum.
This is terrible for Bitcoin.
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0 sats \ 12 replies \ @grayruby 14 Aug 2024
Coinbase is an existential threat to Bitcoin.
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10 sats \ 11 replies \ @Cje95 OP 14 Aug 2024
I have to disagree. It would be different if they also owned all the miners and bankrolled the devs but that isn't the case. Even if they did they would then become a monopoly and be broken up by the government.
Coinbase serves as a good easy to understand albeit expensive entrance ramp for the common person to get in on the BTC/crypto grind. They also serve as a good custodial place for companies who for dumb reasons don't care to hold their bitcoin themselves or are required to be held by a third party like Coinbase.
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41 sats \ 7 replies \ @ChrisS 14 Aug 2024
How do you justify coinbase shilling shitcoins to unsuspecting newcomers looking to buy bitcoin. Many of them of lost 99 percent of their value while coinbase make billions.
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20 sats \ 5 replies \ @Cje95 OP 14 Aug 2024
Honestly I dont think they do. With the coins they give away in Earn often are projects they are invested in and if you cash them out you can use that $. They have high fees for sure but they state the top movers on their platform that isn't shrilling that is just what is moving the most.
If you think about it if they did shrill don't you think they would have been hung out to dry by the SEC?
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10 sats \ 4 replies \ @grayruby 14 Aug 2024
They took years to integrate lightning and have a VC arm of the company that doesn’t invest in the bitcoin ecosystem at all. They have investments in two companies that were previously Bitcoin only. Coinbase gets involved and suddenly those companies are supporting ETH as well. Bitcoin is larger than all the other cryptos combined and Coinbase does no promotion for it and no investment in the ecosystem. Don’t you find that odd?
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20 sats \ 0 replies \ @Satosora 15 Aug 2024
I never looked at it in this way. Didnt they take a risk in the beginning to make an exchange, though? Their risk is finally paying off.
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20 sats \ 2 replies \ @Cje95 OP 14 Aug 2024
I dont know about you but they actually hit me with BTC promotions all the time. The most recent one is earning up to $100 in BTC with referrals.
They also had an Earn at least for me a few months ago that was for a couple of $ in BTC!
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0 sats \ 1 reply \ @grayruby 14 Aug 2024
Probably because you are a BTC holder. Almost all their external promotion now is base, ETH or usdc even though Bitcoin is the largest revenue generator for them. Kind of odd. Unless you are intentionally trying to direct users away from Bitcoin and to other assets.
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20 sats \ 0 replies \ @Satosora 15 Aug 2024
Coinbase makes their money on fees. You have to remember that.
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0 sats \ 2 replies \ @grayruby 14 Aug 2024
Coinbase hates Bitcoin. They aren’t good for Bitcoin. They only use Bitcoin to profiteer of its name and try to sell uneducated investors countless worthless tokens.
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10 sats \ 1 reply \ @grayruby 14 Aug 2024
Just to be clear. I know I harp on you with all this "crypto" stuff. Don't take it personally. I like and respect you. You have a great comeback story. You are a baseball and dog fan.
For me, I just think "crypto" is the biggest grift and waste of capital and human capital in history. I have been in bitcoin since 2016. I was once a "crypto" believer too.
Anyways, I just want to make sure you aren't taking my disdain for crypto and crypto entities as a personal attack on you because I don't mean it that way.
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20 sats \ 0 replies \ @Cje95 OP 14 Aug 2024
Oh I dont take it personally at all I respect you and your opinion!
A lot of projects I think you are right about there are some that I feel will rise above the rest. Kind of like the beginning of any industry it takes a crash and burn cycle to get consolidation
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