“You Don't Own Web3”: A Coinbase Curse and How VCs Sell Crypto to Retail
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“You Don't Own Web3”: A Coinbase Curse and How VCs Sell Crypto to Retail
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Re: “You Don't Own Web3”: A Coinbase Curse and How VCs Sell Crypto to Retail
#2> Is the game rigged.
In a way, yes. the VCs know it is a scam, which is why they are doing it.
> The never listed coin is the best; the listed, non-VC coin is better; and the listed, VC-backed coin is the worst.
Precisely.
It is exactly what happened to Internet Computer when that launched on Coinbase and Binance, as the author in this article describes, as well as I did [0][1]. The same happened especially with ENS [2][3][4] and the same happened with DESO. [5] These tokens listed out of no where on Coinbase or Binance, so that means that insiders who bought in at private token sales are using these exchanges to unload their holdings on to the retail buyers on the exchanges when they list.
By the time that has happened, it is too late and expect a pump and dump on the token price, hence why all these tokens are 'under performing'. As for the ENS token, they are doing it all over again via another airdrop [6], just look at how much ENS they can 'airdrop' and gift just to pump the price again.
That is the hype of 'web3' illusion and scam.
[0] https://news.ycombinator.com/item?id=27492858
[1] https://www.binance.com/en/support/announcement/33b6e8116ce5...
[2] https://coinmarketcap.com/currencies/ethereum-name-service/
[3] https://www.binance.com/en/support/announcement/6dcf651bba03...
[4] https://twitter.com/coinbase/status/1457857919068737543?lang...
[5] https://coinmarketcap.com/currencies/deso/
[6] https://decrypt.co/87505/coinbase-votes-favor-another-ethere...
Re: “You Don't Own Web3”: A Coinbase Curse and How VCs Sell Crypto to Retail
#3Seems like a pretty reasonable analysis of what is going on. I'd be interested in hearing any rebuttals.
Re: “You Don't Own Web3”: A Coinbase Curse and How VCs Sell Crypto to Retail
#4> Is the game rigged. In a way, yes. the VCs know it is a scam, which is why they are doing it. > The never listed coin is the best; the listed, non-VC coin is better; and the listed, VC-backed coin is the worst. Precisely. It is exactly what happened to Internet Computer when that launched on Coinbase and Binance, as the author in this article describes, as well as I did [0][1]. The same happened especially with ENS…
In what way does an airdrop pump the price? If anything it should be the opposite. Now Coinbase voting at all and showing involvement with a project might pump it but that wouldn't be because there's an airdrop.
Re: “You Don't Own Web3”: A Coinbase Curse and How VCs Sell Crypto to Retail
#5> Those insiders include venture capital firms like a16z and, incredibly, Coinbase’s own venture arm, which has a number of investments listed on Coinbase.
As someone who is not as familiar with the day-to-day machinations of this field, this really surprised me. Does anyone at Coinbase care that there might be this massive conflict of interest? How can this be legal/ethical?
At a more basic level, don't they at least feel kinda slimy about it? I thought there would at least be some kind of hamfisted "we keep these departments separate" statement w.r.t who gets listed, but I don't even think they claim that. In fact at the launch for Coinbase Ventures, they said "You can expect that we’ll enthusiastically invest in ideas from our own alumni network."
Re: “You Don't Own Web3”: A Coinbase Curse and How VCs Sell Crypto to Retail
#6> Those insiders include venture capital firms like a16z and, incredibly, Coinbase’s own venture arm, which has a number of investments listed on Coinbase. As someone who is not as familiar with the day-to-day machinations of this field, this really surprised me. Does anyone at Coinbase care that there might be this massive conflict of interest? How can this be legal/ethical? At a more basic level, don't they at leas…
I would imagine that slimy-ness feeling might wash away, at least a little bit, after you buy your $133 million (cash deal) Bel Air mansion:
https://archive.fo/UugwG
Re: “You Don't Own Web3”: A Coinbase Curse and How VCs Sell Crypto to Retail
#7> Those insiders include venture capital firms like a16z and, incredibly, Coinbase’s own venture arm, which has a number of investments listed on Coinbase. As someone who is not as familiar with the day-to-day machinations of this field, this really surprised me. Does anyone at Coinbase care that there might be this massive conflict of interest? How can this be legal/ethical? At a more basic level, don't they at leas…
Basically all of crypto is strategems that would be illegal in conventional finance, but all participants pretend they’re legal due to crypto
Re: “You Don't Own Web3”: A Coinbase Curse and How VCs Sell Crypto to Retail
#8> Those insiders include venture capital firms like a16z and, incredibly, Coinbase’s own venture arm, which has a number of investments listed on Coinbase. As someone who is not as familiar with the day-to-day machinations of this field, this really surprised me. Does anyone at Coinbase care that there might be this massive conflict of interest? How can this be legal/ethical? At a more basic level, don't they at leas…
Basically all of crypto is strategems that would be illegal in conventional finance, but all participants pretend they’re legal due to crypto
I can't keep standing by as this continues to be parroted here.
You see the same machinations by some percentage of bad actors to take advantage of regulation not existing yet in any and every industry, from fruit, to paper manufacturing.
Yes, in many cases Coinbase doesn't list coins they don't like, and rushes to list ones it does.
This just further highlights the important of knowing, to every depth possible, whose code you're running and who you're doing business with, because the buck stops with you,
and governments can only continue to try to protect from an after-the-fact, further-harm-reduction viewpoint.
Re: “You Don't Own Web3”: A Coinbase Curse and How VCs Sell Crypto to Retail
#9It is interesting, that most crypto businesses have investment from Digital Currency Group and DCG belongs mostly to Mastercard.
Re: “You Don't Own Web3”: A Coinbase Curse and How VCs Sell Crypto to Retail
#10> Those insiders include venture capital firms like a16z and, incredibly, Coinbase’s own venture arm, which has a number of investments listed on Coinbase. As someone who is not as familiar with the day-to-day machinations of this field, this really surprised me. Does anyone at Coinbase care that there might be this massive conflict of interest? How can this be legal/ethical? At a more basic level, don't they at leas…
Usually during a bull market no one squeals. When the party ends, everyone looks for someone to blame.