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’ll usually hear “Bitcoin maximalists” derided for being anti-free market when cautioning newcomers to avoid altcoins and the exchanges that push them. Those snake oil salesmen who hiss at Bitcoiners usually 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 avoid 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. No matter how unethically it’s acquired.
I extremely advocate you freaks — particularly any of you who’ve fallen prey to the siren calls of “a greater Bitcoin” — to learn by this thread from Sam Callahan, which dives into the overtly predatory ways 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 clients overlook it or just by no means discover it. They are way more 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, nevertheless it’s actually worse than that. It’s fairly disgusting truly and Coinbase and its backers ought to be completely ashamed of themselves for participating in this sort of bucket store exercise. A as soon as considerably respectable model has utterly turned itself right into a contemptible unhealthy actor that ought to be averted in any respect prices.
Save your self, your loved ones and pals. Get your bitcoin off Coinbase and advise your community to do the identical.