The following is a direct excerpt from Marty’s Bent Issue #1212: “Rescue a friend, tell them to leave Coinbase Casino.” Sign up for the newsletter here.
You’ll often hear “Bitcoin maximalists” being taunted for being anti-free market when they warn newcomers to stay away from altcoins and the exchanges that push them. Those snake oil salesmen who snarl at Bitcoiners often say they are simply afraid of competition and don’t want to admit that “Bitcoin is stagnant” and “developers have gone elsewhere.” In reality, many bitcoiners are warning newcomers to stay away from shitcoins and the casinos that list them for trading because they have seen hordes of people being bullied by the siren calls of opportunists who don’t care about human liberty, sound money or decentralization, they do to be able to make as much money as possible were led to the slaughter. No matter how unethically it is acquired.
I urge you geeks – especially any of you who have fallen prey to the siren calls of “a better bitcoin” – to read through this thread by Sam Callahan, which addresses Coinbase’s patently predatory tactics and their penchant for listing pre – mined altcoins that are absolute garbage and automatically dumped on an unsuspecting retail market. Not only that, Coinbase tends to hide bitcoin deep within the app, so their customers overlook it or just never find it. They have far more incentive to siphon off shitcoin trading fees than they do to actually educate individuals about Bitcoin and help them acquire as much as possible.
I would call it a disgrace, but it really is worse than that. It’s actually pretty disgusting, and Coinbase and its supporters should be deeply ashamed of engaging in this type of bucket shop activity. A once reasonably respectable brand has completely morphed into a contemptible bad actor to be avoided at all costs.
Save yourself, your family and friends. Get your bitcoins from Coinbase and advise your network to do the same.