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0 sats \ 12 replies \ @grayruby 14 Aug 2024 \ parent \ on: Coinbase Wrapped Bitcoin Has Potential to Dominate Market, Say Experts bitcoin
Coinbase is an existential threat to Bitcoin.
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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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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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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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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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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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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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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IDK I can say though I took that BTC and during a run up to $68k swapped it for USDC but who knows cause you are right they generate a ton of money with being the custodian of BTC for major companies and the US government
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Coinbase makes their money on fees.
You have to remember that.
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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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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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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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