Coinbase on the defensive about these bitcoin ordinal centralized meme coins

[rdbase]

It seemed the SEC setup Coinbase to fail from the very beginning when they allowed to the company to go public with their IPO having months later filing a lawsuit against them.
https://cointelegraph.com/news/allowing-coinbase-to-go-public-was-not-a-blessing-of-the-business-sec

Having the courts ruling against the SEC in their biggest case to date against cryptocurrency last week, there shouldn't be any chance for them to win this one.

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[Volgastallion]

It seemed the SEC setup Coinbase to fail from the very beginning when they allowed to the company to go public with their IPO having months later filing a lawsuit against them.
https://cointelegraph.com/news/allowing-coinbase-to-go-public-was-not-a-blessing-of-the-business-sec

Having the courts ruling against the SEC in their biggest case to date against cryptocurrency last week, there shouldn't be any chance for them to win this one.

Im starting to think there is something more behind the lines between SEC and Coinbase and we cant see that. Im thinking about some political fight between democrats and republicans, but i really dont know, because WHY SEC keep trying to destroy the now only big exchange from USA.

Somebody can say to me, its because SEC its afraid of the movements and danger of bankrupcy of coinbase, but i dont think so. Maybe other big players wants to take the bussines so they want to put the Coinbase owners in a difficult position so they were forced to sell to Blackrock or whatever?.

[rdbase]

It seemed the SEC setup Coinbase to fail from the very beginning when they allowed to the company to go public with their IPO having months later filing a lawsuit against them.
https://cointelegraph.com/news/allowing-coinbase-to-go-public-was-not-a-blessing-of-the-business-sec

Having the courts ruling against the SEC in their biggest case to date against cryptocurrency last week, there shouldn't be any chance for them to win this one.

Im starting to think there is something more behind the lines between SEC and Coinbase and we cant see that. Im thinking about some political fight between democrats and republicans, but i really dont know, because WHY SEC keep trying to destroy the now only big exchange from USA.

Somebody can say to me, its because SEC its afraid of the movements and danger of bankrupcy of coinbase, but i dont think so. Maybe other big players wants to take the bussines so they want to put the Coinbase owners in a difficult position so they were forced to sell to Blackrock or whatever?

Someone looking in from the outside might agree with you on it's actions are all politically motivated and are in the interests of the government and hence the SEC.
If one were to see beyond the veil of deceit covered over everybodies eyes, then you can come to the conclusion that the SEC are in full control of what is going on and what is to come when it comes to all of cryptocurreny regulations still to be determined.
There was a victory by them announced today on such rulings.

[Volgastallion]

Yes i think you have plenty of reason indeed, but im marking one thing about the SEC and the Bitcoin in general are waiting for the next year elections on USA, i think most of the issue can be disipated there, i dont know if it gonna be good or bad for us.

I know the theorically its "indepent" like other things in our world like central banks, or the federal reserve in USA, but the politics have deep roots. And they move their threads in any organization.

So for me we are gonna se a much more clear panorama after USA elections with new, or not so new names and decissions.

[rdbase]

Yes i think you have plenty of reason indeed, but im marking one thing about the SEC and the Bitcoin in general are waiting for the next year elections on USA, i think most of the issue can be disipated there, i dont know if it gonna be good or bad for us.

I know the theorically its "indepent" like other things in our world like central banks, or the federal reserve in USA, but the politics have deep roots. And they move their threads in any organization.

So for me we are gonna se a much more clear panorama after USA elections with new, or not so new names and decissions.

This will change your view on what the SEC exactly are and how they operate:
The SEC has asked for more funding essentially a raise by the body of government who funds their operation.
The head of the SEC Gensler requested an additional $350million. The reasoning he gave of such a enormous request?
Because the need of more compliance in the financial sector of where they operate.
Just guess what sector he is talking about?
The cryptocurrency sector no doubt.

[Reid]

Gensler.

Garlinghouse called out Gensler for what he perceives as inconsistent crypto regulation.

He also said that the SEC had not provided clear guidance to the industry, which has led to uncertainty and confusion.

In a tweet on July 23, Garlinghouse argued that relying on enforcement actions rather than legislative clarity only adds to the confusion plaguing web3 market participants and fails to protect retail investors.

https://crypto.news/ripple-ceo-questions-secs-crypto-jurisdiction-as-gensler-requests-more-funding/
"Political Power Play" yes, obviously. They want control, they want to know how much money is coming in, and they want some of it.

Then, an update about the Coinbase versus SEC case.
Coinbase vs SEC court dates confirmed for initial case arguments

https://cointelegraph.com/news/coinbase-vs-sec-court-dates-confirmed

https://twitter.com/iampaulgrewal/status/1683121175893889025?s=20

In response to the lawsuit, Coinbase announced on July 14 that it will be pausing the ability of customers in California, New Jersey, South Carolina and Wisconsin to staking additional assets until “further notice.”

And to those who are living in the places said, pleased be warned.
This is going to be a long journey for Coinbase, but I know they can settle things out. It's just a matter of time before they can clear this sh*t out.

[rdbase]

Gensler.

Garlinghouse called out Gensler for what he perceives as inconsistent crypto regulation.

He also said that the SEC had not provided clear guidance to the industry, which has led to uncertainty and confusion.

In a tweet on July 23, Garlinghouse argued that relying on enforcement actions rather than legislative clarity only adds to the confusion plaguing web3 market participants and fails to protect retail investors.

https://crypto.news/ripple-ceo-questions-secs-crypto-jurisdiction-as-gensler-requests-more-funding/
"Political Power Play" yes, obviously. They want control, they want to know how much money is coming in, and they want some of it.

Then, an update about the Coinbase versus SEC case.
Coinbase vs SEC court dates confirmed for initial case arguments
https://cointelegraph.com/news/coinbase-vs-sec-court-dates-confirmed

https://twitter.com/iampaulgrewal/status/1683121175893889025?s=20

In response to the lawsuit, Coinbase announced on July 14 that it will be pausing the ability of customers in California, New Jersey, South Carolina and Wisconsin to staking additional assets until “further notice.”

And to those who are living in the places said, pleased be warned.
This is going to be a long journey for Coinbase, but I know they can settle things out. It's just a matter of time before they can clear this sh*t out.

This is is as close as the SEC will come to getting the court case ruling overturned in it's favor.

They had an appeal a few days ago citing that the secondary markets are in violation of the regulation they had imposed when it came to securities as the now Terra Luna case had closed with the founder found guilty and jailed.

[Volgastallion]

The common law its based on jurisprudenci, so they need o stop to "lose" this kind of case, or start to win some of this case, so the justice can have more and more jurisprudence to based their court ruling.

I dont know what to thing on how this its gonna develop, SEC have a lot of power, so we cant shut victory.

[rdbase]

The common law its based on jurisprudenci, so they need o stop to "lose" this kind of case, or start to win some of this case, so the justice can have more and more jurisprudence to based their court ruling.

I dont know what to thing on how this its gonna develop, SEC have a lot of power, so we cant shut victory.

By the word jurisprudence you mean jurisdiction, then yes. When it comes to Coinbase who is a cryptocurrency company based out of the United States then they have to follow certain sort of rules because of their location.
You can see this with the recent announcement they will cease allowing staking of assets to only certain states in their own country.

[rdbase]

Coinbase has a blockchain that developers have been producing these memecoins instead of using the bitcoin blockchain for these ordinals.
The latest one was called bald I think due to the owner of Coinbase being this so they created a meme out of it and named the token. But since it was released last Friday the project had rug pulled their members and from what I heard the devs stole $22mln in only two/three days.
https://decrypt.co/150780/bald-token-liquidity-rug-pull-linked-to-sam-bankman-fried

The thing that is baffling is the blockchain was in testnet mode and not to released until later in the year according to this article:
"All of this drama occurred with one humorous caveat: the Base blockchain isn't even officially open to the public yet, with a proper launch expected later this year.
Base, built by crypto exchange Coinbase on OP Stack, launched its testnet in January and opened to builders in mid-July basis the submission of applications to Base. Traction has been scant, so far, except for Sunday when the likes of BALD led to a sudden rush in capital - and users - to the blockchain."
source: https://www.coindesk.com/markets/2023/08/01/bald-token-rugpull-may-have-links-to-sam-bankman-frieds-alameda-data-shows

[Reid]

Coinbase has a blockchain that developers have been producing these memecoins instead of using the bitcoin blockchain for these ordinals.
The latest one was called bald I think due to the owner of Coinbase being this so they created a meme out of it and named the token. But since it was released last Friday the project had rug pulled their members and from what I heard the devs stole $22mln in only two/three days.
https://decrypt.co/150780/bald-token-liquidity-rug-pull-linked-to-sam-bankman-fried

The thing that is baffling is the blockchain was in testnet mode and not to released until later in the year according to this article:
"All of this drama occurred with one humorous caveat: the Base blockchain isn't even officially open to the public yet, with a proper launch expected later this year.
Base, built by crypto exchange Coinbase on OP Stack, launched its testnet in January and opened to builders in mid-July basis the submission of applications to Base. Traction has been scant, so far, except for Sunday when the likes of BALD led to a sudden rush in capital - and users - to the blockchain."
source: https://www.coindesk.com/markets/2023/08/01/bald-token-rugpull-may-have-links-to-sam-bankman-frieds-alameda-data-shows

You mean this one?
https://www.coindesk.com/markets/2023/07/31/bald-token-plunges-90-as-developer-pulls-liquidity/

Newly-launched bald (BALD) tokens on the Base blockchain fell as much as 90% after peaking on Monday as the token's deployer removed millions of dollars worth of liquidity, data shows.

I don't see the inception date, but I think this was created just recently and they really hyped it up at a high level but then it dropped to become a trash token.
Investors sentiment is also bearish, even in the lowest price, no one is buying it. This should be the time where we see the type of investors who likes to take advantage of the bear market of one token and yet nothing is going on.
They are busted obviously, and I don't think recovery will be soon, worst case scenario it will not happen. I am really sad for those who put their money here.
Gary Gensler takes some rest with cryptocurrencies, but that doesn't mean he forgets about the SEC cases especially with Coinbase.
Where his eyes at? AI technology.

Gary Gensler, the chairman of the S.E.C., has been studying the potential consequences of artificial intelligence for years. The recent proliferation of generative A.I. tools like ChatGPT has demonstrated that the technology is set to transform business and society.

https://www.nytimes.com/2023/08/07/business/dealbook/sec-gensler-ai.html
But Coinbase is not stopping despite that.

https://dailyhodl.com/2023/08/05/top-us-crypto-exchange-coinbase-asks-court-to-toss-sec-lawsuit-accuses-the-regulator-of-violating-due-process/

Coinbase is asking a court to dismiss the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the top US-based crypto exchange.

In a new thread, Paul Grewal, Coinbase’s chief legal officer, says that the crypto firm is seeking to discard the lawsuit because they believe the regulatory agency is violating due process.

[rdbase]

^^
Yes that one. It was so brief it only was available for less than 96 hours then the developers scammed all their investors and rug pulled the project.

Not a good start for a blockchain's reputation of any potential innovations to come from serious projects in the future. Since it was still in it's testnet phase.

Today is the official start date of the blockchain since there was alot of activity starting with the increase in traffic.

Coinbase Layer 2 Base to Open Access for all Users on August 9 - The Defiant
https://thedefiant.io/coinbase-layer-2-base-to-open-access-for-all-users-on-august-9

Base Opens Mainnet To All Users - The Defiant
https://thedefiant.io/base-opens-mainnet-to-all-users

[Reid]

You mean they still started it despite what they have done? Not good.

Here is the latest news that I have seen about Coinbase.

Coinbase’s Base rallies thanks to BitClout copycat Friend.tech

These numbers instantly made Friend.tech the most popular use case for Base. Coinbase’s Ethereum layer 2 now has an impressive $110 million in total value locked (TVL) — 10 times higher than Base’s launch day.

https://protos.com/coinbases-base-rallies-thanks-to-bitclout-copycat-friend-tech/
Impressive and its all because of this.

All thanks to a well-known crypto launch strategy: buying shares in people. Literally.

Hmm. So, they used the airdrop strategy to get more attention, but I wish this will not backfire to them. Most airdrop seekers are there to just take, sell, and run and that leaves the coin to be valued like a dust. The question is, where will the money come from when airdrop receivers try to sell what they got.
Old school but I doubt it will work in this era. We will see.

So many users tried to sign up for the airdrop on August 10 that the app crashed entirely. As of August 11, it had intermittent issues with loading, and new users were searching for any referral code they could find. Referral codes posted on Twitter exhausted within seconds.

Over 21,000 wallets have now transacted over 270,000 times on Friend.tech.

[Volgastallion]

Mmmm what its this last news you bring?

Its Coinbase seeking for a change in thei thinking and cosmovision and make a lie to avoid a trial, or somethin related?

I dont know if im clear, but when they said they no longer see crypto as the future of finance, its a way to not official publicy something and avoid a trial for fraud in their claims or something?

[rdbase]

Friend.tech surpasses 100k users in the latest craze comparable to the ICO tokenization of 2016. But only difference is it is using the BASE layer-2 network and uses alot of ethereum to run the protocol of Coinbase's newest project.

Also gaining major attention after having NBA players and co-founder of well known eSports clubs FaZe clan jumping onto the hype train.
https://www.coindesk.com/tech/2023/08/21/friendtech-becomes-massive-ether-money-machine-as-nba-players-faze-clan-join-in

[Reid]

Still, I am not yet convinced.
And I don't know why but I do believe in the negative views of the people in this link about that friendtech.
https://cointelegraph.com/news/friendtech-social-media-app-how-long-will-it-last

‘I give it six to eight weeks’ — Critics warn Friend​.tech hype won’t last

https://twitter.com/YazanXBT/status/1693086023058694222?s=20

"The price goes up too fast."
We've seen this before and we all know where it is going afterwards.
I get it, it's a bear market and most of us are looking for a way to make money the easy way. Sure friend.tech could be the answer for that, but it will also be the one reason of their fall.
I won't be surprised if SEC comes and knocking on their door again.

[rdbase]

Coinbase still has a gripe with the SEC with hit pieces like this coming out in the last few days and has timed it perfectly with the head of the organization Gary Gensler taking a seat infront of a hearing committee during their testify against recent actions they have imposed on securities and other financial holdings such as bitcoin and cryptocurrencies:
"According to Coinbase, the SEC is pursuing an enforcement-only approach despite its chair Gary Gensler testifying to the U.S. House Committee on Financial Services in May of 2021 that domestic crypto exchanges do not have a regulatory framework either at the SEC or our sister agency, the U.S. Commodity Futures Trading Commission (CFTC).”
https://dailyhodl.com/2023/09/13/coinbase-says-sec-is-costing-the-us-millions-of-jobs-and-pushing-opportunities-offshore

[Reid]

^The statement of Coinbase is true and they must listen. Not only hear it.

If SEC keeps on doing this not only against Coinbase but every crypto exchange or local exchange, then it gives opportunity to other countries to be on front as early as possible while the US will be on back. What they are doing is destroying the entry of the new technology in their own country to boost their economic stability and to create more jobs. Well, Gary Gensler is a supporter of the AI technology, so I think he doesn't need manpower for it. Just kidding.

But let's be real, the cryptocurrency industry is so big now and many people actually have cryptocurrencies in their wallets, so I don't know they still keep on attacking Coinbase despite that reality. Regulate it, no problem. But don't destroy it by keeping this case long.

Coinbase CEO Brian Armstrong said one way his company’s dispute with the Securities and Exchange Commission could get resolved is if someone else replaces Gary Gensler as chair of the agency.

Source

[Reid]

Gary Gensler is a hot topic.

SEC Chair Gensler faces bipartisan backlash over strict crypto regulations

https://forkast.news/sec-chair-gensler-bipartisan-backlash-crypto-regulations/

Top blockchain and crypto news: U.S. lawmakers berate SEC over ETF applications. NFTs down but not dead. Hong Kong sees year’s biggest crypto heist so far.

Having distinguished himself for leading a crusade against crypto companies of all shapes and sizes, Mr. Gensler can now add the epithet “peace broker” to his résumé.

I think Coinbase was the first one to spot what Gary Gensler is doing behind the scenes or behind SEC's name and now most cryptocurrency supporters both Republican and Democrats are in agreement with that. (correct me if I am wrong) Because they are the one who are attacked first by SEC filing the lawsuit months ago. But it was highlighted way farther when Grayscale is applying for the Bitcoin Spot ETF.
We could say Gary Gensler helped out getting peace to both parties in an unusual way.

[rdbase]

Bitcoin Ordinals becomes a hotbed of NFT trading, will the trend sustain?

"After a slow start, the Ordinals ecosystem exploded in March, with nearly 35 million inscriptions getting minted until September."
source: https://ambcrypto.com/bitcoin-ordinals-becomes-a-hotbed-of-nft-trading-will-the-trend-sustain

Bitcoin maximalists still see ordinals as heresy and an abomination to the blockchain.