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30 sats \ 33 replies \ @grayruby 6 Oct 2024 \ parent \ on: Coinbase's Talks With TradFi Firms Pick Up as Crypto Becomes More Bipartisan Politics_And_Law
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.
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?
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I am speculating I don't know. But I would imagine they make their money on trades.
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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
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Does the government have any bitcoin?
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The US government is one of the largest holders lol
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Are you sure?
I think they sold all of their bitcoin.
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No, the German gov sold. US sold very little of their bitcoin holdings.
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I thought the government sold their silk road bitcoin?
To that John draper guy?
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Yes but they still have other confiscated Bitcoin.
Nope they have sold some over the years but they never got rid of all the silk road.
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.
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I mean… if it’s so simple like you say then Gary Gensler has done a terrible job wouldn’t you say? His win rate is poor his settlements don’t come close to the damage he claims so the SEC is just inefficient with what you say.
I also would like to point out that in the US you get the freedom to do whatever you want with your money. When something is called a memecoin and when Coinbase for instance tells you it’s experimental and volatile then if you want to sink money into that you were warned and still hit buy. The government should tell you what to buy or not when there are labels which Coinbase does provide.
Most of the scams now though are in BTC and ETH in pig butchering scams. They aren’t using these other crotons except for sometimes Monero but that’s a different story. Pig butcher is thriving in Southeast Asia and they have learned that if you use BTC since everyone believes in it people don’t think they will be scammed in it lol
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I believe that the SEC has not been aggressive enough going after tokens and unregistered securities. In fact they have been generally 'hands off'... and it has been a disaster.
They are appealing the XRP decision and hopefully they are successful this time.
With regard to the lawsuits... the SEC cannot sue every little token and token-VC... but they can go after the big players and the exchanges. Including some larger or better-known companies that are creating NFTs to sell as investments to retail.
The SEC has really beat around the bush, and imo not been aggressive enough in their lawsuits and the outcome has not been good. It would be better if the vast majority of this stuff was just delisted and then it could go 'overseas' where the tokens can 'innovate' or whatever they do. Just my opinion.
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Going overseas still leaves US customers exposed just look at FTX. Even if all the centralized exchanges delist then DeFi just fills the place.
Talking to people on The Hill the SEC is screwed with Ripple and isn’t going to win. I will throw you a bone and say they do win… well they have spent more money on that then they could recover so they wasted tax payer dollars by being bad at their jobs.
There internal notes made them an embarrassment and let’s not forget when the 5 SEC Commissioners testified and they themselves said that there isn’t a clear and concise message from the Chair. I might be a Republican but Richie Torres’s D-NY made Gensler a fool with his Pokémon card question and went it became a security.
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Personally I have no issue if all the centralized exchanges de-list them all. Then people can do their 'defi' and their 'dexes'... and get the tokens that way. My guess however is that they overwhelmingly won't and they disappear.
The fact that the names XRP and Ripple are synonymous is just absurd - they are basically interchangeable.
Great then they are overseas... they cannot legally serve US customers then. If they do so anyway then that's a different issue, but they cannot legally do so (binance comes to mind).
At the end of the day if people want to buy the ripple coin then ok well then good luck to them. But then why not the walmart coin, the microsoft coin, the intel coin, the dog store coin... because THOSE ARE STOCKS. LOL