Coinbase on the defensive about these bitcoin ordinal centralized meme coins

[franky1]

i laugh at the big mouths that say "we need to build on layer 2 and 3" to solve congestion.. while in the same breath being happy to congest bitcoin and not solve the congestion on bitcoin

in short they are saying "abandon bitcoin, we want it to be useless, use another network instead"

the reason they say this is becasue corporations cannot claim tx fee's on bitcoin mainnet. becasue bitcoins monetary policy does not use middle men claiming fees for relaying payments between peers. only mining pools do.

they dont want the expense of starting up asic farms and creating pools to claim those bitcoin fee's so instad they want to make silly altnets and try to recruit people away from bitcoin and over to their altnets that do require middlemen(federations, factories, routers) to process transactions and grab fees for it

ofcourse they will initially have low fee's but once they recruit enough idiots they will raise the fees once enough people are locked in. and ofcourse they will want bitcoin to be super expensive so that people are afraid to unlock and leave the altnet. .. thats the business plan.. so dont fall for it

this junk data of nonsense no intrinsic value json data they want to call tokens. is not about getting rich from tokenisation. its about bloating bitcoin and causing a fee mania to sucker people into leaving bitcoin to use another network which pretends to be a better bitcoin.. but these altnets are not. they have flaws in of themselves. dont fall for it

[rdbase]

source: https://cryptoslate.com/saylor-advocates-ordinals-protocol-eyes-global-bitcoin-adoption

After reading the above article - You make the call if Michael Saylor is triggering a causation for destroying the bitcoin network with these ordinals or is it just assimilating to what other chains are offering.

[Reid]

i laugh at the big mouths that say "we need to build on layer 2 and 3" to solve congestion.. while in the same breath being happy to congest bitcoin and not solve the congestion on bitcoin

in short they are saying "abandon bitcoin, we want it to be useless, use another network instead"

the reason they say this is becasue corporations cannot claim tx fee's on bitcoin mainnet. becasue bitcoins monetary policy does not use middle men claiming fees for relaying payments between peers. only mining pools do.

they dont want the expense of starting up asic farms and creating pools to claim those bitcoin fee's so instad they want to make silly altnets and try to recruit people away from bitcoin and over to their altnets that do require middlemen(federations, factories, routers) to process transactions and grab fees for it

ofcourse they will initially have low fee's but once they recruit enough idiots they will raise the fees once enough people are locked in. and ofcourse they will want bitcoin to be super expensive so that people are afraid to unlock and leave the altnet. .. thats the business plan.. so dont fall for it

this junk data of nonsense no intrinsic value json data they want to call tokens. is not about getting rich from tokenisation. its about bloating bitcoin and causing a fee mania to sucker people into leaving bitcoin to use another network which pretends to be a better bitcoin.. but these altnets are not. they have flaws in of themselves. dont fall for it

I don't know much about these deep things of Bitcoin but upon reading your explanation, I do agree.
They are putting us back to the norm from the last decade when Bitcoin was not adopted yet. The "Middleman" dilemma. No more DIY and just let the miners do the fees but they want something blocking that transaction first and be paid for the entry fee. If the sudden increase in fees happens exaggeratedly, who knows how many Bitcoin supporters will stop using the King of all coins.
First, there's nothing wrong about Bitcoin, why fix it? It was not congested 3-4 weeks ago (iirc) until these memecoins popped out. It's so cheap that I won't even hesitate to use the fastest transaction available.

I bet there's another purpose on why he is doing it but of course he won't just shout it out to look like the devil of the crypto world.

[rdbase]

Do see this featured subject here inline with what signatures are to identifying someone's ownership of that transaction.
Since they are both inscripted on the blockchain forever.
https://www.thecoinrepublic.com/2022/12/04/anonymous-bitcoin-miner-shows-off-the-oldest-signature

[rdbase]

There is a clip from a financial media outlet that questions about cryptocurrency if these layer 2 advancements are needed since if you are denying it's existence you might as well block Web3 from your life aswell.

[Reid]

There is a clip from a financial media outlet that questions about cryptocurrency if these layer 2 advancements are needed since if you are denying it's existence you might as well block Web3 from your life aswell.

^I tried reading more to understand this and Layer 2. Thank you.

There are projects that came out from Layer 3 but uses a separate chain. CakeDefi is one.
IMO, all Bitcoin needs is the Layer 2 but only targets to make the transactions faster and cheaper and it will survive as the highest marketcap in the cryptocurrency industry. Bitcoin is designed to lessen the burden of those who pays more in their transactions due to middlemen. i.e. Western Union charges 5-10 percent of every transaction you make while in Bitcoin it's way lesser than that. I will even take the $1 fee for a $100 transaction and it's still cheap, way cheap.
A test of $100 transaction using WU.

I say Bitcoin chain doesn't need them, these tweaking of the Layer 3 just so they could be the same as what is happening on other chains like Ethereum.
Didn't we already learn something about how expensive Ethereum transaction are? A year ago, I tried sending Ethereum to a ERC20 wallet and it cost me an astonishing $5 just to do that, worst, it failed twice which took $10 from me.
Is it innovation or an addition to the suffering of those who really uses the service.

[rdbase]

Completely agree with everything you have stated above @Reid

As this video I suggested in my earlier post outlines where bitcoin is headed if they put to play these instances you have mentioned with the layer 2 network and the introduction of Web3 as it can serve to lessen the transactions fees that puts the blockchain at such an underpass compared to other blockchains.

What's the future of crypto? - from TheEconomist
The financial revolution once promised by cryptocurrencies has been knocked off course by regulators and allegations of fraud.
So what does the future hold for crypto?

Cypherpunk stills and Eric Hughes interview under creative commons licence: https://econ.st/3Iijagn

00:00 - The crypto party is over
01:06 - The history
03:30 - What is crypto?
04:38 - Uses around the world
06:07 - Layer 2 solutions
07:12 - Web3
08:51 - Data and privacy
10:04 - What is the future of crypto?

Video: https://www.youtube.com/watch?v=5-rCKo4CBgM

[Outhue]

It's crazy how something useless as pepe is doing so well than projects that have good meaning in this crypto space, what is Pepe solving? Yeah it's a meme coin but is it pumping so hard?

The congestion on Bitcoin is a big problem, if Ordinals existed to solve that it would have been a big success and someone like myself would have invested a lot in this project, but that's not the case here, Ordinals hard more to the problem of Bitcoin congestion.

Ordinals and BRC-20 makes no sense to me and this will likely drag Bitcoin down in it's transaction fee in 2024-2025 when a new ATH comes. Ordinals and BRC-20 is a big abominations that shouldn't have taken place on Bitcoin.

[rdbase]

It's crazy how something useless as pepe is doing so well than projects that have good meaning in this crypto space, what is Pepe solving? Yeah it's a meme coin but is it pumping so hard?

The congestion on Bitcoin is a big problem, if Ordinals existed to solve that it would have been a big success and someone like myself would have invested a lot in this project, but that's not the case here, Ordinals hard more to the problem of Bitcoin congestion.

Ordinals and BRC-20 makes no sense to me and this will likely drag Bitcoin down in it's transaction fee in 2024-2025 when a new ATH comes. Ordinals and BRC-20 is a big abominations that shouldn't have taken place on Bitcoin.

There seems to be two camps on this subject:
Those who are bitcoin maximalists and do not ever want to see it defiled in this manner with having ordinals ruining it's ecosystem.
Then there are those who want to see innovation and just purely accepting it can bring it that much closer to global acceptance thus adoption.

But many say: At what price?

[Reid]

Ordinals and BRC-20 makes no sense to me and this will likely drag Bitcoin down in it's transaction fee in 2024-2025 when a new ATH comes. Ordinals and BRC-20 is a big abominations that shouldn't have taken place on Bitcoin.

Abomination. Dude, you hit the right word for it. But I am not sure about other people and there's a ton of supporters who are really hyping it despite the fact that it hurts those who are affected by the heavy traffic and expensive fees today. It really sucks just to see the prices and the time it will take.
And if they will add more, it will be chaos.

A friend shared me this clip, so I watched.
https://www.youtube.com/watch?v=b5wFLkvK_uw


I am not done watching it yet, but I heard him say in the first part "The paradigm shift happens every decade." My question is, "Is it the right time for a paradigm shift under Bitcoin?" (even if it's here for over a decade)
It also came from him that Bitcoin is still young. People are just starting to realize how good cryptocurrencies are especially Bitcoin when it comes to keeping their assets. But, when they start breaking it at this early stage, will the investors still see Bitcoin as a good investment considering the high fees and traffic? Bitcoin is his reserves, did he even think about that far before supporting the ordinals. I wish he is not making a big mistake here. I know he takes high risk but isn't this a bit far?

[rdbase]

^^
Don't know how old that video interview was but it probably was well within the timeframe of when Saylor stated he was in favor of these abominations. He was documented on numerous podcasts and livestreams on mainstream media announcing his vote on having them on the bitcoin blockchain. For reasons of keeping miners receiving those enormous payouts.
So all about the money from a capitalist: https://www.mythofcapitalism.com/guides/michael-saylor-net-worth

If Microstrategy wanted to, they could dump all of Saylor's holdings in bitcoin and completely decimate the cryptocurreny market and have $1000 bitcoin prices of the cryptowinter we all remember from 2017.
source from The Motley Fool investors website: https://www.fool.com/investing/2023/02/08/invested-in-bitcoin-in-2017-youd-now-have

[rdbase]

This video I had for a nearly a month on these memecoin trader's evolution.

A.I. David Attenborough on memecoin trading.
https://twitter.com/0xSnailMoon/status/1657016895726395397

[goldkingcoiner]

With the BRC-20 tokens taking up the majority of the block size on transactions sent to the bitcoin blockchain in the past three weeks causing chaos and having users of bitcoin paying enormous fees, one of the first exchanges in the US have had enough.
They sent their customer base newsletter out in an email late yesterday about a certain token known as pepe.
The email entails and describing the Pepe meme as a hate symbol co-opted by alt-right groups has drawn significant ire from the PEPE memecoin community.
source: https://cointelegraph.com/news/coinbase-calls-pepe-a-hate-symbol-prompting-calls-to-boycott-the-exchange
Only 24 hours ago the pepecoin backers with the community on twitter were asking Coinbase to list the BRC-20 token on their exchange with screen captures of the symbol on their own webpage, either real or photoshopped on several of crypto influencers twitter feeds.
But now they are all up in arms against the American exchange with these mass emails being sent out with no hope in sight for their beloved green frogfaced meme which was created back in 2005 and made the rounds on huge online media sites such as reddit and 4chan.
https://www.coindesk.com/business/2023/05/11/coinbase-newsletter-flags-rise-of-pepecoin-and-brc-20-tokens-irks-crypto-twitter

Since then, there was some news about pepe & memecoins topping Coinbase in trading volume just today.
Uniswap Volume Leapfrogs Coinbase Thanks to Pepe and Meme Coins
https://decrypt.co/139594/uniswap-volume-leapfrogs-coinbase-pepe-meme-coins
"Uniswap still looks to be slightly ahead of Coinbase, with $1.2 billion volume compared to the San Francisco-based exchange’s $948 million."

Very interesting how these tokens which have no utility or intrinsic value except to the one's holding it, has up ended the king of all crypto and has caused a flurry of problems for the over 14 year cryptocurrency.

What happened here is quite easy to deduce, actually. BRC-20 Tokens (Bitcoin NFTs) became extremely popular and very easy to make profit from,especially considering how much money laundering must have been going on behind the scenes, from big players and exchanges. And some exchanges wanted a piece of the pie, as well. I am sure exchanges understood completely that they were basically scamming their users into buying these tokens but money is money.

Coinbase knows better than to step into a gray regulation zones which might make them look suspicious, which I am sure is the reason why they decided to distance themselves as far as possible from Pepe and other trashcoins.

[rdbase]

Coinbase is in enough hotwater now with all these filings from the SEC against them. So maybe it was better of them not to get into something that is causing controversy within the crypto community at the moment.
They have been releasing several commercials on their socials trying to rally their customers behind them, not segregate them at this time of uncertainty.

[dansus021]

"Uniswap still looks to be slightly ahead of Coinbase, with $1.2 billion volume compared to the San Francisco-based exchange’s $948 million."

Uniswap when comes to memecoin and the other token mostly will lot ahead of the Centralized Exchange it is simply because they get listed first and born in ETH or other evm chains

Very interesting how these tokens which have no utility or intrinsic value except to the one's holding it, has up ended the king of all crypto and has caused a flurry of problems for the over 14 year cryptocurrency.

Hahahha It is very very interesting but I am just very sad when comes to Twitter that some user buy at the top and blaming or just started done with crypto industry.

For some reason, people fell into this no-utility token and hoping the price is to the moon because listed on big centralized Exchange

[rdbase]

"Uniswap still looks to be slightly ahead of Coinbase, with $1.2 billion volume compared to the San Francisco-based exchange’s $948 million."

Uniswap when comes to memecoin and the other token mostly will lot ahead of the Centralized Exchange it is simply because they get listed first and born in ETH or other evm chains

Very interesting how these tokens which have no utility or intrinsic value except to the one's holding it, has up ended the king of all crypto and has caused a flurry of problems for the over 14 year cryptocurrency.

Hahahha It is very very interesting but I am just very sad when comes to Twitter that some user buy at the top and blaming or just started done with crypto industry.
For some reason, people fell into this no-utility token and hoping the price is to the moon because listed on big centralized Exchange

The thing that is being done on twitter is they want to create an ecosystem with what they refer to as having users being able to send each other micropayments on the platform fluidly.
Now the speculation occurs when you stat to question, which cryptocurrency they will involve in their new system.
Many have stated they will just create their own and so to not have any others suddenly increase in it's value with a huge surge as we have already seen whenever he mentions doge or shiba inu.

[Ico.best]

Stop believing the bogus market cap and volume numbers they do.

if you continue to try your luck and take a lot of your pocket paper money. Maybe the hope of getting that $1 million has passed between those bogus volume parts even though there was only a $1000 total.

THE MEME MARKET IS FAKE. they do it the sneaky way by using the system the creators sell themselves to fix/fix/fake the price hoping some idiot will buy from them later.

[dansus021]

The thing that is being done on twitter is they want to create an ecosystem with what they refer to as having users being able to send each other micropayments on the platform fluidly.
Now the speculation occurs when you stat to question, which cryptocurrency they will involve in their new system.
Many have stated they will just create their own and so to not have any others suddenly increase in it's value with a huge surge as we have already seen whenever he mentions doge or shiba inu.

My real question is whenever a new memecoin or shitcoin arrives/newly deployed in some chain why there are some people who believe and buy it.

and yes some developer are only copy paste code deploy and using twitter for marketing and boom you gained tons of a new user.

I don't know if the twitter want to create an ecosystem like that But elonmusk had the twitter maybe there is memecoin involved

[rdbase]

The thing that is being done on twitter is they want to create an ecosystem with what they refer to as having users being able to send each other micropayments on the platform fluidly.
Now the speculation occurs when you stat to question, which cryptocurrency they will involve in their new system.
Many have stated they will just create their own and so to not have any others suddenly increase in it's value with a huge surge as we have already seen whenever he mentions doge or shiba inu.

My real question is whenever a new memecoin or shitcoin arrives/newly deployed in some chain why there are some people who believe and buy it.

and yes some developer are only copy paste code deploy and using twitter for marketing and boom you gained tons of a new user.

I don't know if the twitter want to create an ecosystem like that But elonmusk had the twitter maybe there is memecoin involved

It is still a new ecosystem that is why people believe in such blatant scams in the first place.
Being inexperienced in the cryptocurrency scene that is the sole reason why.

Some big news was released about Black Rock Capital wanting to open a spot ETF and having the Coinbase holding those bitcoin:
"BlackRock, the world's biggest asset manager, is close to filing an application for a Bitcoin ETF (exchange traded fund), according to a person familiar with the matter.
BlackRock will be using Coinbase (COIN) Custody for the ETF and the crypto exchange’s spot market data for pricing, the person said. Coinbase declined to comment.
BlackRock began working with Coinbase to make crypto directly available to institutional investors midway through last year."
source: https://www.coindesk.com/business/2023/06/15/blackrock-close-to-filing-bitcoin-etf-source

[Reid]

Live now. Michael Saylor.
https://www.youtube.com/watch?v=Zx186WuAnaQ

Let's hear that his take on this things. If you cannot get a hold of the live stream, I think they will have a copy of that interview so might as well just use that as you can also browse where you want to go or what you want to hear.

It's mostly like the first vid, but now there's the discussion about latest ideas about cryptocurrencies but I really want to hear from him what his take about the ordinal and Pepe. But I doubt he will in a serious talk like this.