The beneath is a direct excerpt of Marty’s Bent Issue #1212: “Save a friend, tell them to get out of the Coinbase casino.” Sign up for the newsletter here.
You may typically hear “Bitcoin maximalists” derided for being anti-free market when cautioning newcomers to steer clear of altcoins and the exchanges that push them. These snake oil salesmen who hiss at Bitcoiners typically say that they’re merely afraid of competitors and do not need to admit that “Bitcoin has stagnated” and “the devs have gone elsewhere.” In actuality, many Bitcoiners warn newcomers to steer clear of shitcoins and the casinos that listing them for buying and selling as a result of they’ve seen hoards of individuals led to slaughter by the siren calls of opportunists who care not about human freedom, sound cash or decentralization, however with the ability to make as a lot cash as doable. Irrespective of how unethically it’s acquired.
I extremely suggest you freaks — particularly any of you who’ve fallen prey to the siren calls of “a greater Bitcoin” — to learn by way of this thread from Sam Callahan, which dives into the overtly predatory techniques of Coinbase and their penchant for itemizing pre-mined altcoins which can be utter trash and get auto-dumped on an unsuspecting retail market. Not solely that, however Coinbase tends to cover bitcoin deep within the app so their prospects overlook it or just by no means discover it. They’re much extra incentivized to siphon off charges from shitcoin buying and selling than truly educating people about bitcoin and serving to them purchase as a lot as doable.
I’d name it a disgrace, but it surely’s actually worse than that. It is fairly disgusting truly and Coinbase and its backers must be completely ashamed of themselves for participating in this kind of bucket store exercise. A as soon as considerably respectable model has utterly turned itself right into a contemptible unhealthy actor that must be prevented in any respect prices.
Save your self, your loved ones and buddies. Get your bitcoin off Coinbase and advise your community to do the identical.