Coinbase on the defensive about these bitcoin ordinal centralized meme coins

[rdbase]

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.

[1714758175]

1714758175

[Ucy]

Ofcourse, it's important to let them know that they are being used to power up the price of something that is considered a hate symbol. That should discourage the victims from patronizing things like pepe, which will consequently ruin the value.  Being a hate symbol makes it an evil product. Evil product should be worthless rather than worth more.

Things like that are basically Nazi things and the nazis operate in both the left and right but tend to be more open in the right. They typically adopt dual/multiple meanings for their hate symbols/terms to make them hard to catch. There is even the Ape NFT. The pureblood is probably another recent nonsense with dual meaning which they use for the unvacinated & inbreeders(pure race).

It's also important to let the community know that blockchain should be mostly for light data rather than for storing pictures, videos, songs or other heavy files.

[pawanjain]

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.

It basically means that people are here just to make a quick profit and are ready to throw their money at anything to get a short profit.
They are just gambling with their money by investing in meme coins and don't care if the coin is having any utility or any intrinsic value.

[rdbase]

Seems that Coinbase has backtracked on what they said and had apologized via a tweet to all their customers on what was stated in their latest newsletter:
"We screwed up and we are sorry. Yesterday we shared an overview of the $pepe meme coin to provide a fact-based picture of a trending topic. This did not provide the whole picture of the history of the meme and we apologize to the community."
10:51 AM · May 11, 2023 2M Views

One of the responses from a customer that is pretty spot on of why they redacted their stance:
"Translation: We’ve secured our position on the dip and are ready to list it shortly"
11:56 AM · May 11, 2023 759 Views

The gamble hadn't paid off for those who invested in pepe since it has receeded back down to levels before the huge pump last week.

[DaveF]

...
The gamble hadn't paid off for those who invested in pepe since it has receeded back down to levels before the huge pump last week.

Shocked I tell you, I'm totally shocked that a scam meme coin has been a pump and dump.
Next are you going to tell me that Santa Claus and the Easter Bunny are not real too?

Scammers are going to scam and people 'who know better then everyone else' are going to jump on the next get rich quick thing.

-Dave

[rdbase]

Hence why the usage of the word gamble was used with the previous statement about this token.
If it weren't on the same blockchain as bitcoin, all the maximalists wouldn't be so up in arms about just another sh*tcoin.
And will just wait until it dies off like so many other of those who were made for just such a purpose: pump and dump ponzi scheme.

Yet Dogecoin is in the exact same category as this one and is still being traded to this day.
The difference why there is not so much ire for it from those bitcoin maximalists is because it is not on the same blockchain.
It was a fork off of the litecoin network. So less of a direct connection to their beloved bitcoin.

But the reason for this topic are these ones are on the BRC-20 blockchain a fork off the BTC network.

[franky1]

stop believing the fake market cap and volume numbers

if i shuffled a bunch of bank notes from my own left hand to my own right hand. i can shw that $1m passed between my hands even if there are only $1000 in total

the MEME MARKET IS FAKE. its the creators selling to themselves to fix/rig/fake a price hoping idiots later on buy from them ..

[hsdjkahskjdh]

stop believing the fake market cap and volume numbers

if i shuffled a bunch of bank notes from my own left hand to my own right hand. i can shw that $1m passed between my hands even if there are only $1000 in total

the MEME MARKET IS FAKE. its the creators selling to themselves to fix/rig/fake a price hoping idiots later on buy from them ..

Yes chains do this to create fake transaction numbers like rogers coin and litecoin to make it look like people use their chains, they just send to their own addresses.

I would not be surprised if there is people spamming bitcoin dust as well to make it look more active, In recent years I have heard no 1 talk about bitcoin in person, it was a 2012-2017 fad.

Did I not get you to agree time coins are the better currency back in the day, well I have theory crafted something better, no currency and bots just do the work because AI is going to replace all the jobs anyways and currency is futile and promotes death and war.

[348Judah]

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

Memecoin which is alts cannot be a threat to bitcoin which the the legitimate cryptocurrency not to talk of the network of blockchain technology, the hype is what cause the overrated on the NFT and this is becoming a thing of past gradually because the transactions fee charged is becoming lower and back to usual gradually, why should bitcoin be a threat to the people wjen even he altcoins are more risky than as expected, should we loose focus on bitcoin because of transaction fee and let the altcoins we all are avoiding take place or stand against bitcoin.

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.

You can't expect exchanges not to have interest in this kind of scenario because of two things, first is for them to get avenue for making more money as the hype on the coin keep increasing, second is because they enlisting coins that they feels will give them more opportunities to get traffic of investors bidding for the coin on their website for an investment.

[rdbase]

stop believing the fake market cap and volume numbers

if i shuffled a bunch of bank notes from my own left hand to my own right hand. i can shw that $1m passed between my hands even if there are only $1000 in total

the MEME MARKET IS FAKE. its the creators selling to themselves to fix/rig/fake a price hoping idiots later on buy from them ..

Then why does Coinbase seem obligated to appease the masses by putting out such a statement?
Only after #DeleteCoinbase started trending of course.
They fear that the largest exchange in the United States will lose all the credibility of the crypto users in their marketed sector. That being the North American marketbase. They advertised for the Superbowl with just a QR code so to get a small amount of bitcoin to start millions of cryptocurrency customer accounts on their platform.
And it worked for them.

stop believing the fake market cap and volume numbers

if i shuffled a bunch of bank notes from my own left hand to my own right hand. i can shw that $1m passed between my hands even if there are only $1000 in total

the MEME MARKET IS FAKE. its the creators selling to themselves to fix/rig/fake a price hoping idiots later on buy from them ..

Yes chains do this to create fake transaction numbers like rogers coin and litecoin to make it look like people use their chains, they just send to their own addresses.

I would not be surprised if there is people spamming bitcoin dust as well to make it look more active, In recent years I have heard no 1 talk about bitcoin in person, it was a 2012-2017 fad.

Did I not get you to agree time coins are the better currency back in the day, well I have theory crafted something better, no currency and bots just do the work because AI is going to replace all the jobs anyways and currency is futile and promotes death and war.

Roger Ver's coin as in Bitcoin Cash BCH?
https://www.investopedia.com/tech/who-roger-ver-bitcoin-jesus

Not even Craig Wright's version of bitcoin BSV would be the true bitcoin.
https://craigwright.net

That title belongs to Satoshi Natamoto of course. Even if his title says so on the above website.

[SamReomo]

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.

That's the bitter truth which we must have to swallow because we have no other option at the moment. The BRC-20 tokens are the most useless tokens in the whole history of crypto-currencies and they will be remembered by the community even if the developers find a solution to stop their evil operations.

I know that those useless tokens have harmed the king badly but still king will always remain the king and it's army would definitely find a way to secure the crown of the king of cryptos. It should be far better to promote more news about the uselessness of the tokens so that the buyers will lose interest in those non-useful tokens that hold no good value for the the ones who hold it.

The ones who are holding those tokens might lose all of their savings if the developers manage to find a way to stop that crazy BRC-20 protocol. Till then we must have to be patient and accept the current situation without letting it to ruin of life and our emotions. 

[Edwardard]

Crypto traders community is so naive and arrogant that if someone says the truth but its against them, they start getting mad at them. I remember when coinbase said something wrong about pepe somedays back and #deletecoinbase or something like that started trending on twitter soon after, lol 
This is our reality lmao. Its better for these companies to stay silent with such matters.

[Antonas1]

Who's fast, will get it. It was gambling disguised as coin trading. Those who act faster then others will take profits, while those who slowness behind only lose and blow their anger in everywhere.
Many people are fanatical on exchange/marketplace and follow all their bullshit.

[rdbase]

Seems that their customers are still up in arms about the tweet sent out as a form of damage control.
There are some who have created a movement on twitter about it and some creating songs which are rather entertaining:
Pepe will delete coinbase song
https://www.youtube.com/watch?v=NJiRfAefF2w

[Reid]

They are forcing it and I don't think that's a good sign. The questions of a big "why?" comes out. IMO, they will just play with its market and make profits in like a quick rich scheme. Coinbase probably knows what will happen and trying to avoid it. It will be chaos.
We've known memecoins are just short-term investments and the victims will always be those who will try to love them and keep it. Thankfully, I have not been on that position yet, I always sell this type of coins like a week or two, just imagine if whales will be the one doing it in the comfort of using Coinbase as their exchange. It gives me chills on how much money will come out for a joke.
And then when it's done, what's next? TETE, KEKE, JEJE?

[NotATether]

Boycott Coinbase - LMFAO. These guys should've done that years ago when we were warning people about their shady privacy practices.

Hopefully, they both fight each other to death and other exchanges get involved with the brawl too.

None of them will be missed.


Investing in meme coins is not "gambling" - that's an insult to gamblers. It's suicide. Even Doge came back down to earth after its pump.

[rdbase]

Boycott Coinbase - LMFAO. These guys should've done that years ago when we were warning people about their shady privacy practices.

Hopefully, they both fight each other to death and other exchanges get involved with the brawl too.

None of them will be missed.


Investing in meme coins is not "gambling" - that's an insult to gamblers. It's suicide. Even Doge came back down to earth after its pump.

It certainly is a gamble to even put anything into these meme coins - if you can even call this investing that is.

Here is a podcast conducted during the total joke of the bitcoin industry last week which does say the exact same thing:
Part I: A New Crypto Enemy Emerges (ATB Bitcoin MIAMI Live)
https://www.youtube.com/watch?v=YPYiCHWzqcQ
Part II: Bitcoin MIAMI Live (Robert Kennedy Crypto Mission)
https://www.youtube.com/watch?v=mLN9923h-Vo

Last year was sponsored by Jack Dorsey's Cashapp which was much more extravagant to a point of having a 10-foot volcano on the convention floor to celebrate El Salvador taking bitcoin as legal tender late September 2021.
https://www.thedailybeast.com/inside-the-bitcoin-2022-conference-in-miami-beach

Atleast the bitcoin conference will be moving away from Miami which has had their mayor renounce it's adoption towards BTC recently in the media, to Nashville next year.
Will it not be a drain on everybodies hopeium of being a success?
Probably not.

[Darker45]

King of all crypto? These Pepe and other meme coins? No, they aren't the king. They're the jesters of crypto. They're memes. They're complete garbage. Other than disrupting on-chain activities and making money from gullible individuals, these tokens have no other purpose.

I applaud Coinbase for this, for making an unequivocal stand. And shame on Binance, Huobi, OKX, and others for riding on this utterly worthless hype, for acting as accessories in the clogging of the network by supporting this coin which the developers themselves consider as "completely useless." These exchanges do not stand with the ideals of Bitcoin. 

[rdbase]

^^
That is why Coinbase does not want pepe coin or another to dictate their own business practices.
They are just that, the jokes on the bitcoin blockchain. With these brc-20 ordinals.

Some informative insight upon viewing a recent interview at the bitcoin conference in Miami with Udi Wertheimer.
He is one of the self proclaimed Taproot Wizards and a bitcoin maximalist which is at the forefront of the group looking to change the minds of fellow maximalists.

Taproot was the upgrade to the blockchain which allowed for ordinals to be integrated into the bitcoin code.
Here is their website for a further explanation on what they are looking to accomplish in their goal:
https://www.taprootwizards.com

[rdbase]

Memecoins, characterized by their humorous and meme-based nature, have gained significant popularity in the cryptocurrency market. However, it is essential to approach these coins with caution, as they are often considered short-term investments with limited long-term sustainability. One should be aware of the potential risks associated with holding on to meme coins for extended periods. Investors who become emotionally attached to meme coins may find themselves in a precarious position. The market for meme coins is highly volatile, and sudden price fluctuations can result in significant losses. It is crucial to keep in mind that the value of meme coins is primarily driven by social media trends and speculative hype, rather than underlying fundamentals.

This thread isnt exclusively about memecoins and how their market was created. It is why Coinbase thought it was a good idea to segregate between their customers of what they choose to use and what authority they will allow them too.

They released a commercial which will be one of many they plan on releasing on cable television over the course of the next couple of months. You decide on what propaganda they are pushing on their customers with these and you be the judge for yourself:
"Money has come a long way since goats and teeth - And it still has a long way to go.
Thankfully, crypto helps moves money forward."

https://twitter.com/coinbase/status/1661406372897103873