Coinbase is known for selling users to the US government, which doesn't help with their PR. Also, Armstrong had some problems with their employees. He responded to their complaints by telling them to quit. That's not how you deal with employees and it shows how overconfident and rude he is. He also fired a lot of his staff, which could be a sign of trouble for people who hold a lot of money on Coinbase and closely monitor every tweet article about the site.
You reap what you sow Brian.
Topic: Binance Flips Coinbase, Now Has Highest BTC for Exchanges !! - page 2. (Read 325 times)
I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.
Sell it at a loss and make it up in volume :-)
But seriously, I'm guess that with all the other fees they figured to get more volume is better even if the BTC/USD is not generating cash flow at thins point the "I'm here and trading anyway happens" will get them some volume / money.
I'd assumed binance makes most of its money from futures, margin and other gimmicks it can sell to regular investors/traders - it could always find other ways to absorb fees too.
I think binance has better incentives to get users to keep funds on their exchange too though. They offer interest on btc held there and also make things fairly easy to find too (coinbase is really bad at that). It's really sold as the exchange to quickly deposit->trade->withdraw with and not much else seems to happen there.
all as a reaction of the luna drama, where that month binance stopped withdrawals for a bit, and pushed people to move value to coinbase via sidechains to then let coinbase take responsibility of the withdrawal of real coin.
then yea. offer free/cheaper trading to get more deposits of real coin back to binance.
then yea. offer free/cheaper trading to get more deposits of real coin back to binance.
I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.
Sell it at a loss and make it up in volume :-)
But seriously, I'm guess that with all the other fees they figured to get more volume is better even if the BTC/USD is not generating cash flow at thins point the "I'm here and trading anyway happens" will get them some volume / money.
Yeah, Coinex might have a slightly better rate on Dave's itchy testicle <-> BTC then Bianance, but I'm here and moving the BTC anyway might as well trade it here instead of having a withdraw fee and waiting.
-Dave
More money for CZ, he is taking over the crypto currency space, Binance is everywhere, their team is really working hard for marketing and their technical team is doing a great jobs ensuring that there are lesser glitches. It was highly expected though for binance, many people already see them as the best option these days. Now that they have achieved this feat, a new responsibility lies with them to be able to ensure that they can accommodate the many crowd that will be flocking their way.
I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.
That, and the fact that Coinbase is totally crap when competing in the shitcoin casino category. At least Binance lists coins/tokens that people are aware of; Coinbase on the other hand? Even with me being quite active in the broader cryptocurrency space, Coinbase sure loves listing unknown crap. I'm actually confident that I'd do a better job at picking coin/token listings that'll actually get trading volume compared to whoever handles Coinbase listings. They're THAT bad.
That, and the fact that Coinbase is totally crap when competing in the shitcoin casino category. At least Binance lists coins/tokens that people are aware of; Coinbase on the other hand? Even with me being quite active in the broader cryptocurrency space, Coinbase sure loves listing unknown crap. I'm actually confident that I'd do a better job at picking coin/token listings that'll actually get trading volume compared to whoever handles Coinbase listings. They're THAT bad.
According to Glassnode data shared by crypto analyst Will Clemente, Binance has overtaken Coinbase to rank as the largest exchange with the most BTC held.
This narrative seems to be well supported. A recent Glassnode Insights report noted that Coinbase has experienced net outflows of Bitcoin for the past two years, totaling over 450,000 BTC. It states that the Coinbase BTC balance decreased in a consistent 10K to 30K BTC step function and adds that the reduction was caused by the transfer of these coins to new wallets unrelated to the Coinbase entity. Given their size, Glassnode makes the speculative claim that it could serve as custodial solutions for institutions. On the other hand, over the same period, Binance's net balance increased by about 300,000 BTC. As a result, Binance has now flipped Coinbase as the exchange with the largest Bitcoin supply, as highlighted by Will Clemente. In its weekly on-chain newsletter, Glassnode noted that there are many indications that a deep and complete capitulation has taken place as Bitcoin prices have now been trading below the Realized Price for more than a month. Numerous signals, therefore, suggest that the genuine bottom formation could be taking place.
Read more on so visit U.Today
https://u.today/binance-flips-coinbase-now-has-highest-btc-for-exchanges
This narrative seems to be well supported. A recent Glassnode Insights report noted that Coinbase has experienced net outflows of Bitcoin for the past two years, totaling over 450,000 BTC. It states that the Coinbase BTC balance decreased in a consistent 10K to 30K BTC step function and adds that the reduction was caused by the transfer of these coins to new wallets unrelated to the Coinbase entity. Given their size, Glassnode makes the speculative claim that it could serve as custodial solutions for institutions. On the other hand, over the same period, Binance's net balance increased by about 300,000 BTC. As a result, Binance has now flipped Coinbase as the exchange with the largest Bitcoin supply, as highlighted by Will Clemente. In its weekly on-chain newsletter, Glassnode noted that there are many indications that a deep and complete capitulation has taken place as Bitcoin prices have now been trading below the Realized Price for more than a month. Numerous signals, therefore, suggest that the genuine bottom formation could be taking place.
Read more on so visit U.Today
https://u.today/binance-flips-coinbase-now-has-highest-btc-for-exchanges
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