August 10, 2022

Coinbase hijacks Bitcoin users

The following is a direct extract from Marty’s Bent number 1212: “Save a friend, tell him to get out of Coinbase casino. Subscribe to the newsletter here.

(Source)

You will often hear “Bitcoin Maximalists” scoff at being anti-free market when they warn newcomers to stay away from altcoins and the exchanges that push them. These snake oil salesmen who whistle on Bitcoiners often say that they are simply afraid of competition and don’t want to admit that “Bitcoin has stagnated” and “developers have gone elsewhere”. In fact, many Bitcoiners are warning newcomers to stay away from shitcoins and casinos that list them for trading because they’ve seen hordes of people being driven to slaughter by the sirens of opportunists who don’t care. not human freedom, sound money or decentralization, but being able to make as much money as possible. It doesn’t matter how unethically acquired it is.

I highly recommend you freaks – especially any of you who have fallen prey to the siren calls of a “better Bitcoin” – read this thread by Sam Callahan, which delves into the openly predatory tactics of Coinbase and their penchant for pre-mining listing altcoins that are absolute rubbish and automatically dumped on an unsuspecting retail market. Not only that, but Coinbase tends to hide bitcoin deep within the app so that its customers either ignore it or simply never find it. They have much more incentive to siphon off shitcoin trading fees than to educate individuals about bitcoin and help them acquire as much as possible.

I would say that’s a shame, but it’s really worse than that. This is actually quite disgusting and Coinbase and its backers should be ashamed of themselves for engaging in this type of bucket store activity. A once somewhat respectable brand has completely turned into a despicable bad actor that should be avoided at all costs.

Save yourself, your family and your friends. Remove your bitcoin from Coinbase and advise your network to do the same.