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LOL Isn't the whole point of cryptocurrency to produce an alternative to the current financial system? Coinbase entering the traditional stock-market is a flat

LOL Isn't the whole point of cryptocurrency to produce an alternative to the current financial system? Coinbase entering the traditional stock-market is a flat-out rejection of that; They're just another bank, except they trade in ponzi schemes rather than government-backed currency. Awful

slickrick216 6y ago
Yup but coinbase and binance regularly stop trading to stop pumps in the crypto market. The thing is in crypto there’s DEXs and DEFI. Coinbase and binance are doomed long term. If you haven’t look into uniswap and 1inch.
- nelsonmandela 6y ago
  Can you use uniswap or 1inch as a fiat onramp?
  - meowkit 6y ago
    I do not believe there are currently any dencentralized onramps for exchanging fiat for any crypto directly. Though I would wager this is an issue with banks not supporting smart contracts in a way that would allow automated withdrawals and deposits from/to the crypto networks.
  - slickrick216 6y ago
    No and this is a problem. My own personal opinion is that once enough value is ramped then it grows and grows. I think once you see payroll in crypto at a Fortune 500 it’ll be a truly transitory moment.
- gogopuppygogo 6y ago
  Coinbase is the future of finance. Monero (and other privacy coins) are the future of DeFi.
  - slickrick216 6y ago
    Coinbases only future is irrelevance then acquisition.
xiphias2 6y ago
The big difference is that you are able to deliver Bitcoin and other cryptocurrencies to your own wallet, after which Coinbase loses control of it.
- martin1975 6y ago
  Who controls your money after you withdraw it from a traditional bank?
  - xiphias2 6y ago
    Traditional banks have lots restrictions _when_ you want to withdraw cash. Try moving more than $10000 between borders of countries that are not friendly with eachother, and you'll find those restrictions. You can travel with a hundred million dollars of BTC in your head (or a hardware wallet) and meet up random people if you want to buy something with it. As an example Michael Saylor could change aegentin peso to USD in an argentin bank ($1M), but the surprise came when he wanted to move it to US.
    - martin1975 6y ago
      Got it. You didn't clarify in your OP. The only issue w/BTC is its volatility, usability and its (in)ability to liquidate it as widely as other currencies... other than that, it's great ;)
      - xiphias2 6y ago
        It's right now great as a long term store of value. To get to other functions, it needs to grow up first...it's still just a teenager.
olalonde 6y ago
> LOL Isn't the whole point of cryptocurrency to produce an alternative to the current financial system? Coinbase is basically a bridge between traditional and decentralized finance. > Coinbase entering the traditional stock-market is a flat-out rejection of that; They're just another bank, except they trade in ponzi schemes rather than government-backed currency. Awful My guess is they debated internally whether to do an IEO but ultimately decided it was not worth the regulatory risk.
chrisshroba 6y ago
I mean, Coinbase offers a service to customers. Sure the service is selling cryptocurrency but that's beside the point. Just because Levi's sold jeans to gold-rushers doesn't mean they had to believe there was gold. Just selling a service/product to those who do believe.
drawkbox 6y ago
Coinbase customers aren't just the consumers, but the investors that expected a market entry for return. They are adding more of those customers as well. Cryptocurrency is more an alternative to banking, Coinbase is like a bank but more like a wallet collection and connector from currency to other digital currency. Some see it as securities/speculation as well including the IRS. Part of the reason they are going into the market is big money returns but another is normalizing digital currency as part of the overall market, it also helps with marketing to new users that would never trust it previously, new channels. No doubt it will affect some of what happens as regulations come down, they are inevitable as money/market caps grow in anything.

slickrick216 6y ago

Yup but coinbase and binance regularly stop trading to stop pumps in the crypto market. The thing is in crypto there’s DEXs and DEFI. Coinbase and binance are doomed long term. If you haven’t look into uniswap and 1inch.

nelsonmandela 6y ago
Can you use uniswap or 1inch as a fiat onramp?
- meowkit 6y ago
  I do not believe there are currently any dencentralized onramps for exchanging fiat for any crypto directly. Though I would wager this is an issue with banks not supporting smart contracts in a way that would allow automated withdrawals and deposits from/to the crypto networks.
- slickrick216 6y ago
  No and this is a problem. My own personal opinion is that once enough value is ramped then it grows and grows. I think once you see payroll in crypto at a Fortune 500 it’ll be a truly transitory moment.
gogopuppygogo 6y ago
Coinbase is the future of finance. Monero (and other privacy coins) are the future of DeFi.
- slickrick216 6y ago
  Coinbases only future is irrelevance then acquisition.

xiphias2 6y ago

The big difference is that you are able to deliver Bitcoin and other cryptocurrencies to your own wallet, after which Coinbase loses control of it.

martin1975 6y ago
Who controls your money after you withdraw it from a traditional bank?
- xiphias2 6y ago
  Traditional banks have lots restrictions _when_ you want to withdraw cash. Try moving more than $10000 between borders of countries that are not friendly with eachother, and you'll find those restrictions. You can travel with a hundred million dollars of BTC in your head (or a hardware wallet) and meet up random people if you want to buy something with it. As an example Michael Saylor could change aegentin peso to USD in an argentin bank ($1M), but the surprise came when he wanted to move it to US.
  - martin1975 6y ago
    Got it. You didn't clarify in your OP. The only issue w/BTC is its volatility, usability and its (in)ability to liquidate it as widely as other currencies... other than that, it's great ;)
    - xiphias2 6y ago
      It's right now great as a long term store of value. To get to other functions, it needs to grow up first...it's still just a teenager.

olalonde 6y ago

> LOL Isn't the whole point of cryptocurrency to produce an alternative to the current financial system? Coinbase is basically a bridge between traditional and decentralized finance. > Coinbase entering the traditional stock-market is a flat-out rejection of that; They're just another bank, except they trade in ponzi schemes rather than government-backed currency. Awful My guess is they debated internally whether to do an IEO but ultimately decided it was not worth the regulatory risk.

chrisshroba 6y ago

I mean, Coinbase offers a service to customers. Sure the service is selling cryptocurrency but that's beside the point. Just because Levi's sold jeans to gold-rushers doesn't mean they had to believe there was gold. Just selling a service/product to those who do believe.

drawkbox 6y ago

Coinbase customers aren't just the consumers, but the investors that expected a market entry for return. They are adding more of those customers as well. Cryptocurrency is more an alternative to banking, Coinbase is like a bank but more like a wallet collection and connector from currency to other digital currency. Some see it as securities/speculation as well including the IRS. Part of the reason they are going into the market is big money returns but another is normalizing digital currency as part of the overall market, it also helps with marketing to new users that would never trust it previously, new channels. No doubt it will affect some of what happens as regulations come down, they are inevitable as money/market caps grow in anything.