I'm worried that the team from the coin is manipulating and deceiving, as we know that Coinbase is an exchange that has a high and strong reputation, it is very difficult to get registered on Coinbase, when they find indications of fraud then immediately stop the deposit process, hopefully this is due to maintenance reasons .
Well, it's not all about any fraudulent activities or anything close to that. The main reason of Coinbase is about the low usage of all of it thus, they've decided to cut their support and operation for these coins.
It's better that they say this early because if they don't, people will rush to withdraw their coins and others might find their XRPs stuck there. Now they really need to consider finding or looking for something to keep their coins easily and withdraw conveniently. Right now everyone is obliged to have a hard wallet to keep their coins because these exchanges keep updating their features and rules because of what happened on FTX. We need to know that they're exchanges, their rules, and not our wallet, it's not our coins at all.
As per Coinbase's statement, even if the date passes by it is still possible for those that have missed the announcement to take and still gain access to their assets through the recovery phrases. And as our concern about exchanges, when we have no intention of trading the assets we've got there, it's better to keep it to our own wallets where we have the private keys.
Coinbase is an exchanges that I have used since 2014 together with Bittrex, I always keep assets in Coinbase because everything is safe, even when I stopped since 2018 then login again at the end of 2021 all assets are still safe, and if the coinbase is currently stopping a few Coins for deposits of course this is a negative sign that makes us have to be aware of the coin.
Good for you that your assets are still there. I guess majority of the people in the community on the early years weren't aware of the risk of keeping assets in exchanges until we've learned the lessons through major hacks and exit scams of some other exchanges.
And it has given us a valuable lesson that even if they're considered safe and good, still, trust no one when it's come to your crypto assets.
After the FTX case, it is better to store assets in the own wallet, too risky storing assets in Exchanges, they provide convenience for deposits but when we want to withdraw, we are like a thief who has to take a few steps to be able to take our own money.
Even before the FTX debacle, there's the Mt.GOX and other exchanges fiascos that has been marked and added in the history.
Yes. Exchanges are businesses, and they are selling a service. You never know when any centralized entity will decide to change the rules. Just because something is a certain way today, that doesn't mean it will be tomorrow. People should be aware of their own risk when dealing with third party services and take whatever measures they deem appropriate to protect themselves.
That's already bind to the idea that we should always remember that when it's about the exchanges, they've got the power to change any rules they have or terms of service. And this is the same as the support for the cryptos that they want to list or delist from their services.
The reason behind the delist of these coins is because of lack of adoption from coinbase wallet users, thats what I read online, I think the coinbase team don't understand that doing this is like trying to be in control of what coinbase wallet users should be buying.
This is another reason why centralized projects sucks, because still buy lots of XRP, ETC and BCH but just because people are not storing these coins using coinbase wallet they decide to delist. This is lame.
Yes, lack of adoption or usage. I guess that the team knows what they're doing and it's just hard to accept those that owns those coins sees a news like this that it's been delisted from one of the known exchanges worldwide. But whether we like it or not, there's nothing we can do about it but just to go somewhere else where these coins are listed if ever you've got them.
This is something I thought was going to happen long ago because of XRP issues with the SEC. I only HODL not too many XRP and they are safe on my Trust Wallet.
I have sold all of my ETC which I got for free from the fork and also my BCH from the fork. Coinbase did give me some XLM for answering questions on the site so I find it strange they are not going to support XLM no more.
Well, every beginning of these projects were good because they're like free money to those that have received them like an airdrop on its early days. So, most likely the demand was quite high and that's not seem to be a problem of them because usage is high. But as the years passess by, we've seen that there's some projects that turned into shit and hated by the community, I know you know what I'm saying, still they've given free money but change is constant and this is part of it.
I feel like adding more and more coins doesn't matter, because even though it would be great to have one big exchange with ALL coins and tokens, like coinmarketcap but exchange, that would actually hurt the market more than it helps it.
Reality is that we shouldn't really have a centralized exchange with all of the coins and tokens in. Coinbase did the right thing and took it slow, because they wanted to make sure that they perfect the thing they had on their hands before they move towards adding more. Now they have idiotic things like apecoin involved, just because they know they could have made some profit from the trading fee's, and of course when those shitcoins go down in volume, they will delist them all.
Yeah, they're not the other exchanges that have been adding almost everything that they can see in the market. I think that they're back on track and we're going to see more from them to delist those that have low usage based on their stats from their users.
The coin is the top ranking coins, and if a bad case is found, it is certain to make the market fall even more, maybe the price of the ETH will drop below $ 100 and the price of Bitcoin drops below $ 1000, many will panic and feel that cryptocurrencies store bombs that can explode any time.
I don't see any connection of the delisting to the fall of the market. The market is quite stable lately and even with this news came out, still, it's good as it was. Well, these delistings doesn't have to do with bitcoin or ETH so it doesn't make sense whether they get a price up or down.
Coinbase wallet doesn't provide recovery seed if I am not wrong so there is no way to recover the assets if you didn't move to another wallet on or before time. Coinbase exchange and wallet are different things so don't get confused but you never get the recovery seeds on any of these so if you have any assets there then just withdraw it as soon as possible.
There's the recovery phrase and that's based on their blog, it's the wallet itself and not the exchange account.
I believe there is another factor besides low usage within the application. Truth be told, we don't know any percentage of the wallet active users and the coin usage itself, so I can only speculate.
One thing for sure specifically for XLM is this specific wallet is not designed to fully support the XLM ecosystem, as in result, XLM userbase preferably choosing other wallet who has more better integration with the ecosystem. I can not mention for other coin since I did not know deeply how the ecosystem develop, but, I believe there will be a similarity.
Another logical factor is the bear to maintain those specific coins codes. If any particular coin that is not EVM-compatible, are having few user bases, the cost to maintain it exceeds the benefit of the wallet itself.
Possible, I'm not fond of technicalities but I understand your explanation. It's true and very likely that there's the other reasons that they don't want to disclose but I'll leave that to those that are good technicality and maybe they'll open about it soon.
- What coinbase wants to convey is simple, they are reminding all coinbase users that if you have the coins they mentioned, starting from Dec. 5, 2022, they no longer support it due to low usage. these these.
In this regard, I am a bit doubtful and disagree, I think they have other reasons. Why did I say? For example XRP, they announced that it is one of the low usages, how will that happen if XRP is still included in the top 10 altcoins in this industry?
So for those who still have the coins mentioned in coinbase, it is better that they can withdraw them before December 5, I just advise its users.
You're right, as vv has explained. It's very possible but as long as they're not disclosing it, we'll just have to get into their words about the certain reason about having low usage unless they'll be vulgar with it and admits that there's something else besides that reason.
BCH had its issues. I think more crypto enthusiasts will like this move.
XLM had not been heard for a long time so yes, the trade volume might be getting lower as time passes by.
With XRP though I have doubts. It almost sounds like an attack because I can still see many supporters of the said coin despite their problem with SEC which had been going on for a long time.
And because of this, they might be pushed down harder to make investors pull their investments, those who are still expecting good news when everything clears out.
I also see a lot of supporters for XRP and usage on it but if they've got basis on it and they're only relying on their own records, we can't do much with that as it's been decided by them and they'll be leaning towards to their own metrics which ended up saying of having low usage even it seems unlikely.
