Coinbase on the defensive about these bitcoin ordinal centralized meme coins

[CODE200]

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 ..

As much as we like to believe that, there's a lot of people that don't believe that and they still think that these meme coins are their way of making something big for themselves, a lot of these people are so ingrained with the FOMO from Dogecoin that they're going to buy all the other meme coins out there in hopes that it's going to be the next Dogecoin without any regard from the fact that it's probably just some small group that are creating these meme coins from time to time to entice those suckers for more of their money, definitely there's a rigging in meme coins but people don't learn or they're ignoring it altogether because they want to believe in the impossible.

[rdbase]

Ordinals/NFTs are just a waste of time and space.

Never got into them and never will
If theres anything thats a rugpull scam in this world, its NFT's

The way people have been perceiving this recent massive pump have made those same individuals to make a 180.
Anything to do with cryptocurrency has been pumping along with bitcoin, including NFTs and memecoins.

Just have a look at this post on X which makes sense of the recent increase of the cryptocurrency market:

[Reid]

@rdbase You are right, this NFT's and Ordinals are really the beneficiaries of this Bitcoin surge and it's a fact. Altcoins have also experienced it so why not with Ordinals too. I am not a big supporter of such projects because it creates heavy traffic in the blockchain but we cannot deny that they will also be pulled up by the recent market surge of Bitcoin.

Here is some news about another Ordinal.
Bitcoin Dogs set to make history with first ever ICO on Bitcoin blockchain
https://cointelegraph.com/press-releases/bitcoin-dogs-set-to-make-history-with-first-ever-ico-on-bitcoin-blockchain?fbclid=IwAR3T0f_X_zlCTAUaACEuuedDVWZYuu5Am8L33ZAnoal1Sno-9l5wOuw0O28

Bitcoin Dogs is set to be part of cryptocurrency history with the first ever ICO on the Bitcoin blockchain, launching on February 14th, 2024.

An ICO in the Bitcoin blockchain. I am amazed despite being against it. There's so much happening in the Bitcoin market today that most investors would rather just buy Bitcoin and be lazy.
But an ICO in this era? It could work since maybe investors did miss this kind of projects but there will still be doubts just like how the ICO's in the Ethereum chain was challenged due to the fact that it became a home of scammers.

[rdbase]

@Reid
As I see it, better to have an active blockchain than one which is not used and so forth a dead one.
Have seen this happen where there is absolutely no traffic and this would mean the project to be viewed as dead.
Interesting how bitcoindogs would be running an ICO as these would be very much outlawed from what happened during that era with ethereum projects, as you had mentioned.
If they think this would bring more attention to what their offering is, then we will just have to see what transpires from having them run one.

[rdbase]

Also talking about dogs in the cryptocurrency markets, there was a sudden increase to most of the popular memecoins which came from the somewhat successful of it's predecessor dogecoin yesterday of upto 440%.

Noteable of such a pump up in it's price was Shiba Inu.
Before it came crashing down by 50% during Asia trading commenced ahead of America's rally up passing 360% the day prior.

Here is the article from CoinDesk about the coin which stood out from it's counterparts in this 24 hour pump:

"Shiba Inu (SHIB) prices briefly fell 50% on U.S. exchange Coinbase (COIN) in early Asia morning hours on Tuesday before returning to normal in an unusual move.
SHIB slipped from $0.000044 to $0.000022 on Coinbase amid a bitcoin (BTC)-led sell-off among major tokens. Prices fell to an average of $0.000036 on other exchanges, such as Bybit and Kraken, marking the Coinbase drop as an anomaly.
Such drops usually occur when a sell order exceeds the available market depth – or liquidity at any given point on a certain exchange. As of European morning hours, SHIB has a market depth of $1.2 million on Coinbase."
source:  https://www.coindesk.com/markets/2024/03/05/shiba-inu-prices-briefly-dropped-50-on-coinbase

[rdbase]

After listings on the exchange platform, these memecoins and gaming coins see an increase of their market price shoot-up considerably:
https://www.fxstreet.com/cryptocurrencies/news/dogecoin-soars-nearly-20-after-coinbase-announces-listing-of-doge-derivatives-202403211237
https://dailyhodl.com/2024/03/21/ethereum-based-gaming-altcoin-leaps-after-coinbase-listing-announcement

For those who believe in serious cryptocurrencies you would be hearing about a Dogecoin Futures market.
But here we are.

[Reid]

Holy crap!
Base TVL doubles in a month as pundits tip memecoins to drive adoption
https://cointelegraph.com/news/coinbase-network-base-tvl-doubles-month-memecoins-drive-adoption?fbclid=IwAR2vNWi9eNfPr2WKP4bv2vIGbsF8WBJPzDvE7gPtkk369s4S8a7e90LQuy0

It took 203 days for Coinbase’s Base network to notch $1 billion in total value locked but only 25 days to reach $2 billion

What the heck did I just read.

Ethereum layer-2 network Base’s total value locked (TVL) has doubled in less than a month, reaching $2.13 billion, while commentators say it could become the next epicenter for memecoins.

“There are going to be several billion dollar memecoins on base that will get an easy listing on Coinbase and goto all the normies,” said X user Wizard Of SoHo to his 97,000 followers.

Is this really the thing now? Memecoins?
It's a crazy year and I think they are messing in the wrong side. Just my two cents.

[rdbase]

^^
You know the top is in when the cat memecoins are outdoing the dog ones!
Think I saw catbatman coin so you knew the top of the market has already been met then the cryptomarket dumped hard yesterday.

As for bitcoin ordinals after this announcement today it would seem Coinbase will have no other choice but to give in to the memecoin craze on the bitcoin blockchain now:

https://twitter.com/BitcoinMagazine/status/1775807593954398615

[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 ..

As much as we like to believe that, there's a lot of people that don't believe that and they still think that these meme coins are their way of making something big for themselves, a lot of these people are so ingrained with the FOMO from Dogecoin that they're going to buy all the other meme coins out there in hopes that it's going to be the next Dogecoin without any regard from the fact that it's probably just some small group that are creating these meme coins from time to time to entice those suckers for more of their money, definitely there's a rigging in meme coins but people don't learn or they're ignoring it altogether because they want to believe in the impossible.

Would you believe this now over a month later from you assumption of this market?
Bitcoin is coming to it's all time high once again at $73,700. Reaching $72,500 this morning from the weekend.

There is the biggest increase for a dog meme coin which has been pumped from it's announcement for it to be on the sphere in Las Vegas three weeks ago from a crowd funded project just at the beginning of the year:
https://cointelegraph.com/news/dogwifhat-price-hits-record-high-las-vegas-sphere-crowdfund
Even Cryptobanter had a feature on their cryptochannel when it was crowdfunding.
https://www.youtube.com/watch?v=RRcc-MHVrNo

It's price has reached $4.20usd as it's all time high this morning:


The bitcoin halving is scheduled to drop on 4/20 of this month.
So see this as you will. If it does, you will certainly see the former ceo of X post about it like he has in the past.

[rdbase]

Some news on the lawsuit from the SEC on Coinbase was released the other day so it would be interesting to see how this affects their business structure going forward as this won't be any issue towards their own blockchain project and actually would bolster it's use case:
https://cointelegraph.com/news/coinbase-cleared-in-lawsuit-over-crypto-transactions

[rdbase]

Some rather interesting news concerning the halving and ordinals on the bitcoin blockchain.

source: https://www.coindesk.com/consensus-magazine/2024/04/15/bitcoin-halving-has-crypto-miners-racing-for-epic-sat-potentially-worth-millions

$50 million dollars for this sat? Even if they call it the epic sat I can not see it being worth this much.
Now the genesis block. Well that is another matter since bitcoin's value increased several thousand fold since it's inception.

[Reid]

Coinbase maintains a bullish in the first quarter of 2024 performance
https://www.msn.com/en-us/money/markets/coinbase-maintains-a-bullish-in-the-first-quarter-of-2024-performance/ar-AA1o6p7P?ocid=BingNewsSerp

The highest reported revenue of the US-operating cryptocurrency exchange of 1.638 billion US dollars for the fourth quarter is much more than the predicted figure of 1.321 billion US dollars. This performance reveals a 72% jump from the last quarter showing the company’s determination and capability to take the most out of the digital assets’ varying popularity.

https://x.com/W3Vibes/status/1786346436587630637

Taking advantage of the volatility. Well, they did their homework and I cannot say it's stolen funds, those came mostly from transaction fees which users do agree with the terms and conditions which means it's all legal.
I have not used this service and I don't know how much their fees are but due it's high popularity, I bet many customers are using it if they can gain this huge amount in a year. That may be the reason why SEC's eyes is always in them. 

[rdbase]

One of the Wall Observer's regular residents had this question up on that board:

WTF, Is it believable for a low amount transaction of this fee.

4 may 2024, someone paid $100,608 fees for their $6 amount Bitcoin transfer.

Hmm. No change address. Weird. I don't think any legit wallet would miss that.

Looks like they mixed up the fee and the output fields, ie meant to send the ~1.6 btc

There is no fee field. Any fund not allocated is the fee. Usually you have the target and the change address (though you can't necessarily tell which is which) but you can have more target addresses if you want.

 Somebody really wanted that sat.  Why? I do not understand.

https://ord.link/70623833

The block was worth so much due to the auction for it because of the rune within it was worth alot more to most.
And the thing is, the ones who bid on it DO NOT get it back if they lose to be a holder of this ordinal.
So the potential winner just keeps bidding til they actually win it or they just wasted their time and obviously their bitcoin bid!
Sounds only for the crypto rich style auction house type bidders to be a part of.

[tread93]

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.

Ah yes, the allure of the meme coins has gripped all the generations, even my father! I wonder if many of the younger teens have figured this stuff out. The exchanges that embrace these changes are right for doing so I think, it surely brings more volume to their exchange no doubt I might add. I think there are so many different ordinal protocols that do the insciptions better and use the space in a much more efficient way so I don't know if BRC-20 will end up being adopted as the standard. As far as meme coins are concerned tho its incredible the gains you see from folks on social media, etc, sometimes you wonder if its real but then again it is crypto and anything is possible lol

[rdbase]

^^
So you say your father has caught the bug of memecoins aswell?
Thought it was the teens and those who are older who want to get rich quick in buying as many of these memecoins as possible in hopes of their bags to inflate beyond their wildest dreams.

Uniswap I believe were sued by the SEC awhile ago. So they are attacking every corner of the cryptocurrency hemisphere.
Including memecoins and probably brc-20 tokens and then ordinals, inscriptions on the bitcoin blockchain.

[NotATether]

The block was worth so much due to the auction for it because of the rune within it was worth alot more to most.
And the thing is, the ones who bid on it DO NOT get it back if they lose to be a holder of this ordinal.
So the potential winner just keeps bidding til they actually win it or they just wasted their time and obviously their bitcoin bid!
Sounds only for the crypto rich style auction house type bidders to be a part of.

Man you won't believe all the ridiculous stuff that crypto bros would do with their money only to blow most of it.   

I mean, what's the auction holder gonna do now? Buy a Lambo?

Makes you kind of glad that you are posting on the sane part of the crypto internet, where people actually make calculated decisions with their money before spending it.

Ah yes, the allure of the meme coins has gripped all the generations, even my father! I wonder if many of the younger teens have figured this stuff out. The exchanges that embrace these changes are right for doing so I think, it surely brings more volume to their exchange no doubt I might add. I think there are so many different ordinal protocols that do the insciptions better and use the space in a much more efficient way so I don't know if BRC-20 will end up being adopted as the standard. As far as meme coins are concerned tho its incredible the gains you see from folks on social media, etc, sometimes you wonder if its real but then again it is crypto and anything is possible lol

I think that memecoins are like buying lottery tickets nowadays. Most likely you are not going to win anything.

[Reid]

I think that memecoins are like buying lottery tickets nowadays. Most likely you are not going to win anything.

That was the best way to define it.
Coinbase Resumes Normal Operations Following Major Outage.
https://www.techopedia.com/news/coinbase-resumes-normal-operations-following-major-outage

They got their users all worried with what happened.
Why is it always like this? We apologize for the inconvenience? And that should fix everything? What about the mental effect to the people who are holding a lot of money in their website? Did they even care what they felt when they are down for 3 long hours?
Things like this should not happen in a multi-billion business like them because there had been a lot of traumatizing events happened before in big trading business names and it makes a lot of investors worried that it might happen again.

Especially those who just bought their memecoins.

[BADecker]

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.

'Ordinal' sounds like 'Cardinal'. Do you think that the Roman Church controls Bitcoin?