Is Coinbase trying to become the new Binance?
The competition between crypto exchanges has always been cut-throat. Despite having been red-flagged by NY AG just a couple days ago, Coinbase shows no sign of slowing down. Today, the company announced that they will streamline the token listing process, making it easier for new projects to access Coinbase's broad customer base. Coinbase has been one of the fastest growing startups in Silicon Valley, but its growth has been utterly eclipsed by the aggressive expansion of Binance. The Malta-based exchange has no fixed office, and lists projects for a handsome fee. With over 300 trading pairs, Binance has been an enormous success by any measure, despite its reputation for fast-and-loose internal policies. Can the US-based Coinbase compete with this off-shore shape-shifter?
"The new process begins with a form for issuers to submit assets for listing at Coinbase, which we will evaluate against our digital asset framework. The application form and the digital asset framework will be regularly updated, and our form will indicate the latest version of the framework we are evaluating against."
With this shift in process, our customers can expect us to list most high-quality assets over time. If you’ve developed a new digital asset, and it has passed an independent legal and security review, apply to list your asset on Coinbase today: https://t.co/sIXzqXAuiu pic.twitter.com/YoTDkWtt3E— Coinbase (@coinbase) September 25, 2018
"In theory, more listings could also translate into more trading revenues. But Srinivasan told The Block that the exchange operator has not ironed out the details on listing fees."
1/ Bitcoin as Digital Gold: Information Theory of Money @GeorgeGilder— Dan Hedl (@danheld) September 25, 2018
This tweet storm is my distillation/tweak of his narrative. A thread 👇
NEW: The Monero Malware Response workgroup has created a dedicated website to help those who are infected with mining malware, have come across unwanted in-browser mining, or have hit Monero ransomware. Community support for those affected is coming soon!https://t.co/rqFeVFrjU0— Riccardo Spagni (@fluffypony) September 25, 2018
"Braiins OS is the very first fully open-source, Linux based system for cryptocurrency embedded devices. This initial release is targeted on mining devices, however since we used OpenWrt as a base, its features can be extended in many directions."
I suspect that audio/visual deep fakes will become so good that there will need to be a "green lock" icon for video and audio broadcasts. Perhaps there would be a standard way to store signatures in container formats.— William Casarin (@jb55) September 25, 2018
News & Commentary
"One of the co-founders of crypto startup Ripple holds billions of dollars worth of the company’s digital token, but his continuing sales of the token have dramatically risen over the past few weeks."
1/ let's talk about today's @MakerDAO / @a16z announcement. for those who missed it, A16Z's crypto fund bought 6% of Maker tokens for $15M, at a 25% implied discount to the current price of $MKR. https://t.co/8FnLNXWG9b— Meltem Demirors (@Melt_Dem) September 24, 2018
"The logical next step for the New York Attorney General is to request the data: a complete list of all trades conducted on those exchanges. With this data, they can analyze the behavior of the investors and the management of exchange and determine the legality of the operation."
"Circulating supply is more than a mere input into a vanity metric like 'market cap', it’s the denominator you need to understand crypto’s hidden inflation. As new supply gets added to the mix, you can’t measure inflation/dilution if you don’t know what supply is already liquid. Moreover, you can’t monitor when an insider is 'dumping' on the market unless you know which liquid balances move and they make the attestation."
Bond markets are now more important than banks in the transmission of global liquidity https://t.co/6MawsXz9Zg— Hyun Song Shin (@HyunSongShin) September 24, 2018
Couple of charts from Bank of America Merrill Lynch on wealth inequality in the decade since Lehman.— Jamie McGeever (@ReutersJamie) September 25, 2018
The richest 1% now own over $100 trillion, having had twice the income growth of the poorest 50% (the top 0.1% even more). pic.twitter.com/dbSXEeCR50