Coinbase now supports Etherium; Is this a threat to Bitcoin dominance

[commandrix]

I don't see it as being a threat at all. It's just another option in the Coinbase system. Kinda like complaining because some multiwallets support a lot of cryptocurrencies and maybe some they shouldn't. It doesn't mean a thing if people just don't use it.

[romani245]

coinbase is just like other exchanger, bittrex, poloniex etc nothing to worry about it. Adding etherum on their list because etherum is one of the popullar alttcoin like other exchanger did, I dont think that it will threat bitcoin at this moment, it might be, once the etherum's price same or higher than bitcoin's price.

Coinbase is different than those exchanges -- it has far larger overheads and has burned through many millions more in VC money. Their recent moves smell of desperation; I believe they are losing considerable money on their operation and are desperately looking for a solution.

[gentlemand]

coinbase is just like other exchanger, bittrex, poloniex etc nothing to worry about it. Adding etherum on their list because etherum is one of the popullar alttcoin like other exchanger did, I dont think that it will threat bitcoin at this moment, it might be, once the etherum's price same or higher than bitcoin's price.

I'm not sold on that viewpoint.  Coinbase is the first port of call for many people getting into cryptocurrencies and their fiat links make it more important and 'legit' in the eyes of customers.

They also have serious marketing muscle compared to alt only operations as their remit is to pull fresh meat in. Ethereum being pushed by them is a big deal however you want to look at it but I think it's a pretty reckless move on their part. I sure as shit wouldn't be adding a freshly forked coin that may or may not become pos sometime soon.

Do you really think enough people want ETH ? I don't think so.People should actually start giving up on their shit coin ideas because the market is just not ready to accept change.I'm talking about general merchants here,they're still trying to promote the use of bitcoins and accept it's mass adaptability.

Deep down I don't think most people care what they buy if it makes them Rich. Right now it's the alts where the action is.  Greed will cream anything else every single time even if it kills the entire scene off.

[pooya87]

people should really learn to stop associating a service with bitcoin and its future. coinbase and all those exchanges or services and many other things that i sometimes see like HYIPs, scams, cloudmining scams, Ponzis,... these are all just people trying to make some money from bitcoin. and what they do whether it is good or bad can only have a small effect on bitcoin.

and it is highly possible that coinbase would remove ethereum just as fast as they added it.

[FlipBit]

Deep down I don't think most people care what they buy if it makes them Rich. Right now it's the alts where the action is.  Greed will cream anything else every single time even if it kills the entire scene off.

True. Returns on Alts are more than Bitcoin at the moment which means Alts have the attention of traders. Bitcoin is the most established digital currency by far and is proven. It's here for the long haul.

[Xester]

I don't see it as being a threat at all. It's just another option in the Coinbase system. Kinda like complaining because some multiwallets support a lot of cryptocurrencies and maybe some they shouldn't. It doesn't mean a thing if people just don't use it.

You are right. I' support and I will add that ethereum will complement bitcoins. They are not competing and they are both cryptocurrencies that can be used online. But there is no need to fear because even though many cryptocurrency are existing it will increase bitcoin users. At the end of the day they will exchange their other coins to bitcoins.

[lionheart78]

I don't see ethereum  being a threat to bitcoin actually even as a competitor. Bitcoin had already established his fortress and ethereum have long way to go before he even has his foundation set.  Coinbase have nothing to do with this threat things.  They are just there adding ethereum to reap some profit from high trading volume of it.

[Pursuer]

these type of news will always create hype and panic of missing out in the market so the only effect this can ever have on prices would be ethereum price and the fact that it will contribute to its pump. and it will not have any effect on the bitcoin and its price whatsoever.

actually I find it interesting that Coinbase added etherum at this point, right before the pump and eth supporters surely milked the news to their advantage as much as they could to push the price as high as possible.

[groll]

these type of news will always create hype and panic of missing out in the market so the only effect this can ever have on prices would be ethereum price and the fact that it will contribute to its pump. and it will not have any effect on the bitcoin and its price whatsoever.



actually I find it interesting that Coinbase added etherum at this point, right before the pump and eth supporters surely milked the news to their advantage as much as they could to push the price as high as possible.

This is a very good explanation and it clears out the definition between the fact and fiction between the ethereum matter. Ethereum is not a threat to bitcoin but rather it will help bitcoins to increase additional members and users of bitcoin. This in fact a good news to bitcoin and is never a threat.

[ObscureBean]

There really isn't any need for Bitcoin to "dominate" anything, that Bitcoin is growing and doing well should be good enough for us. Progress/innovation can only be maximized by allowing anyone to take a shot at being the best. Bitcoin is not without flaws, if another coin manage to improve on it, it would be obtuse of us to renounce objectivity in favor of emotions (I'm not saying Ethereum is necessarily that coin).

[ChrisPop]

I don't see Ethereum as a thread to Bitcoin dominance. More like a very small competitor. Bitcoin has been used for many years and more and more businesses and people adopt it while ETH has a very long road ahead until they can even catch bitcoin.

[ivanst776]

Coinbase have announced that they have started supporting Ethereum on their system, this is an excerpt from their Coinbase bloq 'We are pleased to announce that Coinbase is adding support for Ethereum. Consumers can now easily buy, sell, send, and store Ether in their Coinbase account. To get started, visit the “Trade” page on Coinbase.com or tap on “Buy” or “Sell” options in our iOS or Android apps".

I was just wondering whether this could be a threat to Bitcoin dominance. Your views

I just noticed today that coinbase is supporting Ethereum, unfortunately I get this error: "Sorry! Buys not available in Ukraine" but one thing I don't understand, why coinbase hasn't made the feature to trade ETH/BTC or BTC/ETH directly without the fiat and without these specific countries limits?

[Red-Apple]

bitcoin will always stay the dominant coin and will always stay on top because there is nothing else in the world (i mean in the crypto-currencies-world) that can do what bitcoin does for us.
all these new altcoins will remain alive and hot for a little while before people start to lose interest and move to the new hot coin for pump and dumping.

[JeffBrad12]

coinbase is just like other exchanger, bittrex, poloniex etc nothing to worry about it. Adding etherum on their list because etherum is one of the popullar alttcoin like other exchanger did, I dont think that it will threat bitcoin at this moment, it might be, once the etherum's price same or higher than bitcoin's price.

But some people is over to giving a respond about that, I sure about your statement coin base is like another exchange site, they just adding a new feature to giving a lot of choice for their members and there are something can make you worried about it. the worst chance is there become a small competitor for bitcoin.

[marky89]

I think ETH holders at the time of the fork on GDAX/Coinbase should demand their Ethereum Classic. It has value, there is clearly demand for it, and it is rightfully the holders' and not Coinbase's property. I saw a lawyer on Twitter opine that if it isn't otherwise specified in the T&Cs, the exchange has an obligation to return it.

[European Central Bank]

if coinbase had added eth a few months ago they'd look like champs. adding it round about now, when no one knows what the hell is gonna happen to eth of whatever strain, makes them look like dumb opportunists.

would the nyse list a stock when a duplicate had just popped up and there was a civil war on the horizon? no way. alot of their customers don't know much about crypto and they won't be happy if eth goes schizo.

[chennan]

Coinbase have announced that they have started supporting Ethereum on their system, this is an excerpt from their Coinbase bloq 'We are pleased to announce that Coinbase is adding support for Ethereum. Consumers can now easily buy, sell, send, and store Ether in their Coinbase account. To get started, visit the “Trade” page on Coinbase.com or tap on “Buy” or “Sell” options in our iOS or Android apps".

I was just wondering whether this could be a threat to Bitcoin dominance. Your views

Coinbase has been moving this direction for a while. They already moved into ETH with GDAX. I think the reality is that their business model is failing, and they have burned through millions in funding only to bring in pathetic returns for their investors. They flushed endless money down the toilet on a useless affiliate program that brought in no liquidity.

Their solutions were 1) push Bitcoin Classic, hoping that a hard fork in furtherance of the "cheap/free/instant bitcoin" would be a boon for their payment processing division, and perhaps to adoption. And when that failed, 2) push Ethereum to attain higher overall trading volumes and general interest in their platform.

All said, I think they are going down in flames, and their ringing endorsements of the Ethereum developers look all the more pathetic throughout this DAO/hard fork fiasco. Brian Armstrong makes me sick.

I'll say it once, and I'll say it again. Boycott this company. Fred and Brian have been FUDing bitcoin hard for the better part of a year. Talking incessant shit about Core devs, pushing Bitcoin Classic, spreading nonsense about Classic sybils being representative of the bitcoin community, and pumping Ethereum nonstop for months.

More than that, these guys will blacklist you, or worse, turn you in to law enforcement. So be very careful about what coins you send them, and where you send coins from their platform. That is if you are bold enough to use their service. Coinbase recently helped the US government arrest the alleged owner of KickassTorrents; he is being extradited from Poland to face criminal copyright infringement charges.

I think this represents one of the main problems of Bitcoin... that Coinbase could even have the option to do something like this.

If we all protest Coinbase, I'm sure another "Coinbase" will pop up again to fill their shoes... Coinbase fills a niche that enables people who don't know much about Bitcoin to buy and store their coins in their wallet, kind of like Xapo and other web wallets.  It's just the fact that the government will continue to pressure the exchanges to track peoples every move; just like the government wants to force Apple to allow the government to spy on their users...

It just seems Bitcoin, and any other cryptocurrency for that matter, should be a little more resistant to these types of motivations.

[will_k]

Any increase in the number of fiat <-> cryptocurrency gateway is good for cryptocurrencies in general

[Pursuer]

these type of news will always create hype and panic of missing out in the market so the only effect this can ever have on prices would be ethereum price and the fact that it will contribute to its pump. and it will not have any effect on the bitcoin and its price whatsoever.

actually I find it interesting that Coinbase added etherum at this point, right before the pump and eth supporters surely milked the news to their advantage as much as they could to push the price as high as possible.

This is a very good explanation and it clears out the definition between the fact and fiction between the ethereum matter. Ethereum is not a threat to bitcoin but rather it will help bitcoins to increase additional members and users of bitcoin. This in fact a good news to bitcoin and is never a threat.

that is not what I wanted to say and that is definitely not what ethereum can do.
it doesn't matter how big eth pump gets or which site adds it to their list of coins, eth is not gonna bring more people to bitcoin because nobody outside of crypto currency world hears about eth except anybody who already knows about bitcoin and is trading altcoins to make more bitcoin.

[Roboabhishek]

I don't think that bitcoin dominance is in danger because people are buying ETH of its high price and they believe that its price will go even higher than its current price.