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0 sats \ 38 replies \ @Satosora 6 Oct 2024 \ on: Coinbase's Talks With TradFi Firms Pick Up as Crypto Becomes More Bipartisan Politics_And_Law
Why is everyone choosing to use Coinbase?
If companies would just store their own bitcoin...
Because of the paperwork and that for these companies it isn't as easy as it is with individuals. Coinbase has all the compliance and paperwork stuff down to a T so it is much easier to outsource it to them.
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Just wait until a big hack happens.
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Imma give Coinbase some credit in that they seem to have an absurd security practice that I am not saying is impenetrable but crypto doesn't seem to just freely move between it without a ton of levels of protection.
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They can't even keep the site up when Bitcoin gets any sort of volume. They are an embarrassment and that's because they spend all their time on shitcoins and how to bribe regulators instead of supporting bitcoin and the bitcoin ecosystem.
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This is another bothersome ordeal.
I always felt they didnt want to sell at a loss, so they only processed the orders they wanted.
But I could be 100% wrong.
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They get paid huge sums by the Government and other companies like BlackRock to custody BTC that I am not sure they really care about the profit or loss in BTC because these other services more than make up for it.
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This is a misunderstanding. They make very little of their overall revenue on custody services. Most of their revenue now comes from shitcoins.
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I thought so.
They make their profit by selling the margins and fees, right?
I would need to come back and check since I’m getting ready for bed but Coinbase is one of the only people in town that can provide the custodial service at a level that these companies expect. Maybe the fees are low now but that doesn’t mean it will be the case for long once the others are gone.
Also they are making a killing on Base but honestly Base is simple to use, has low fees, I mean it’s a good product for people that want to play with shitcoins. I only have it because you can do the wallet earns and then send either the crypto or the USD to another wallet to convert into BTC
Does the government have any bitcoin?
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The US government is one of the largest holders lol
I have to take the other side though and say it shows responsibility by not allowing everything to just fly around. They continue to follow the rules that they were given and that means they have to keep track of what is going where. Thats no simple process esp because they want it done in an old school way as issue we have heard raised on the hill.
Given the tens of thousands of coins Coinbase the app is relatively restrictive. I guess you could go after their Wallet App that allows more but I think Base has helped bring people into the blockchain space.
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Tell me friend. What is the difference between a 'blockchain' technology and Bitcoin?
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Honestly with BTC’s singular use not much. Sure you can use it to pay people, purchase things, etc. but it’s distributed ledger aka it’s blockchain are not very different. Not sure what you are expecting me to say lol
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'Blockchain' has been the excuse for VCs and 'crypto companies' (ie scammers) to fraudulently sell tokens to retail investors, in a common enterprise, with the expectation of profit, based on the efforts of others. In other words, in an investment contract violating US securities laws. (That's why the SEC is suing them all).
'Blockchain' and 'crypto' is literally about creating endless supplies of tokens - worthless, often centrally-controlled useless tokens to sell to retail noobs... promising them that they can 'strike it rich' if they just buy at the right time.
These endless tokens on a 'blockchain' accomplish nothing and produce absolutely nothing... they aren't 'money' they aren't 'creating new technologies' they just 'go up'. They're not used even tangentially in 'real transactions'... sending, receiving, and holding... they're just traded to get more dollars on exchanges. Nobody really wants these things they're just excuses to trade to 'strike it rich' at the right time... while providing ZERO investor protections or transparencies, violating US securities laws.
These tokens and 'blockchains' have confused the public, given ammunition to regulators, and distracted people from proof of work and decentralization - Bitcoin's most important attributes. They've helped delay Bitcoin's MoE revolution, while promising investors huge returns actually resulting in... gargantuan losses. 'Crypto' is 99% worthless and goes to zero in Bitcoin terms over a long enough time period.
'Crypto' and 'Blockchain' have plenty of regulatory clarity - these tokens need to be delisted and kicked out of the United States by the SEC for securities violations. THEN and only then can the Bitcoin/sound money/decentralized proof-of work revolution really catch on with the public.
The 'blockchain'/'crypto' scam following Bitcoin should never have happened.
It just hasnt happened yet.
Just a matter of time.
And I wonder if they actually have all the bitcoin they are selling.
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