Topic: Coinbase Learn And Earn (Read 290 times)

The users. Users post buy or sell offers for bitcoin against whatever pair they are interested in. Other users come along and accept those offers. Whoever is selling the bitcoin then sends it to a (preferably) non-custodial escrow, while whoever is buying the bitcoin makes the payment in fiat, altcoin, gift card, whatever. Once the payment is received, the bitcoin is released from escrow.

In a real DEX then at no point does the DEX have control over your coins.

But if DEX don't hold money, where the liquidity come from?

I've never considered withdrawing, nor buying more of the coins from Coinbase learn. I always immediately transferred the coin to Coinbase Pro and sold them for bitcoin.

The videos are ads, but they are not good ads.

If you don't have access to Coinbase Pro, there is really no reason to use CB earn. The fees on Pro are negligible, while the fees on CB proper are quite high on smaller transactions (they are high in general, but are very high on small txs).

I appreciate your point, but there are a few caveats worth pointing out.

Firstly, if you are planning on using Coinbase and don't already have an account there, then you should absolutely change your mind and find a different exchange. They are easily the most immoral and anti-bitcoin exchange in existence, caring only about their profits at the complete expense of all their users.

Secondly, recognize these "learn and earn" activities for what they really are - ways for Coinbase to make profit. You complete the activity and earn a few bucks of a shitcoin. Great. You decide to buy a bit more of that shitcoin - Coinbase profits, and you lose out because the shitcoin loses value against bitcoin long term. You decide to withdraw that shitcoin - Coinbase now links your shitcoin wallet to your real identity and sells that to third parties. You simply hold the shitcoin in your Coinbase wallet - well, you haven't actually earned anything at all.

So, if and only if you already have a fully KYCed Coinbase account and you plan to immediately sell the shitcoin you earn for bitcoin (and of course pay the trading and withdrawal fees), then completing these activities might not be a complete waste of time. For everyone else, they should steer clear.

I haven't tried it, but I'm thinking of a similar thing that we have here in the country. So the one you are earning is the one you are studying, right? Like the details of the project or something? Maybe how many coins will be in existence? What blockchain does it have or will be operating in? What kind of reward system will they have?

Anyway, I think it would be better if the Learn part would be that the users can understand basic knowledge, preferably the basic things we see here in the Beginners & Help section.

Fair point, you might as well as get the most of Coinbase if you already use their service. But some people would recommend you to seek different exchange since Coinbase has very strict rule and has some controversy.

Yes, a real DEX never hold any money or coins on a centralized pool/hot wallet, if those DEX do that, then it's a fake DEX. Since real DEX doesn't hold any money or coins, any hack on the sites wouldn't suffer any losses to any customers except the hack can gain access of the site and ask anyone to send Bitcoin in scammer address or asking a private key. Take a look with this case [1] [2] [3] as you can see those self pro claimed DEX got hacked and suffer big losses.

Currently the real DEX until now is BISQ [4] they didn't hold any coins or money from customers account and you can use Tor network, this is what truly DEX it is.

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[1] https://chaindebrief.com/uniswap-users-hacked-for-7-million/
[2] https://halborn.com/explained-the-dodo-dex-hack-march-2021/
[3] https://cryptonews.com/news/osmosis-dex-hacked-for-usd-5m-team-denies-liquidity-pools-being-completely-drained.htm
[4] https://bisq.network/

So you wanna say, that PCS and Uniswap are fake DEXes? So what is the normal DEX in your opinion?


It depends on whether you are trading or just buying, or your style in general. I wrote above that DEX will not replace CEX at this stage, not because it is somehow worse. Just in my vision, each of them is better suited for certain tasks. On CEX, it is much more convenient for me to conduct several transactions, set stop losses and takes. Especially if you trade through the terminal.


In conclusion, it seems to me that our conversation went in an inappropriate direction. I just want to briefly summarize my thoughts, if someone has a different vision on this matter - this is his right, just like mine.
1. I'm not saying that you need to pass KYC just for the sake of earning a couple of bucks on quizzes. But if you are planning or already trading on Coinbase - I think this is a pretty cool option, which ideally will give you a little knowledge about this or that project. Yes, I was corrected earlier about Coinbase is only available in 39 countries. Still, it's an interesting addition. ( NOT THE MAIN REASON FOR KYC )

2. DEX will not replace CEX. Yes, at this stage I think so. Of course, you can also swap everything on DEX.
But if you are a beginner, you need to understand the principle of operation, create different wallets (or add networks in the case of Metamask), learn how to use a bridge, have gas for transactions on different blockchains. Conciliator, if you started to figure it out yesterday, it would be harder for you than just creating an account on the stock exchange. Also you are right, for day trading CEX is the only option. But if you are a trader, not just a holder, then from time to time you have to trade intraday when it is the only option the market gives right now.

3.I think both options are good and I use both CEX and DEX. There are pros and cons everywhere. If depending on your activity, you see only DEX for yourself - cool, then this functionality is enough for you.

That's for sure, but what I mean is that if you're going to trade on Coinbase, you'll pass KYC anyway. I'm not saying that you should do it just to pass quizzes.

Of course, if you want to buy a small amount of coins, you can go to DEX, this is not a problem. But I'm not sure that many beginners will immediately go to DEX, except perhaps those to whom colleagues or friends will explain this.
A person who is new to cryptocurrency will be much more comfortable making their first purchases on a reliable exchange. Fake addresses, slippage, and additional purchase of coins for gas, depending on the blockchain. All this to an inexperienced user may seem dubious and a bit complicated at the beginning.

This is something I see often. People who have never actually used a DEX talking about how there is too low volume or it is too risky to trade with other people. Meanwhile I've been using DEXs exclusively for years and have never once been scammed and never once struggled to find a trading partner (although maybe that's because I only trade in fiat/Bitcoin/Monero and not a bunch of useless shitcoins).

If you are day trading to try to make profits, then sure, a centralized exchange is probably going to be your only option. But for everyone else, there is no good reason to use a centralized exchange. As you say, you don't need bitcoin now, and a DEX will work just fine. You will spend just as long (if not longer) waiting for your fiat deposit to be credited by a centralized exchange than you will waiting for the same fiat deposit to be confirmed by a peer-to-peer trading partner.

I believe he didn't even use that DEX or instead using a fake DEX e.g. pancakeswap, uniswap, shitswap etc lol.

Actually I wonder why people really need Bitcoin ASAP, like they didn't have many times to wait even for few hours or a day, if you're trading with BTC/USD or Euro pair your orders on Bisq would be completed for few hours or a day. I think when you're want to start invest on Bitcoin, you're only use your extra money, not all of your money including your emergency money.

Personally I prefer to wait more longer to complete my transactions rather than waiting my coins will be unfrozen after I submit my KYC, the another thing is waiting to be completed KYC is long too.

A DEX will replace them for you if you want it to. I've never so much as registered on any centralized exchange and I've certainly never completed KYC at one, yet I would bet that I buy, sell, trade, and spend bitcoin more than ~99% of the user on this forum. I certainly wouldn't be giving up all privacy for the sake of $20 worth of some shitcoins (never mind the fees I would pay to the centralized exchange just to be allowed to swap that shitcoin in to bitcoin and withdraw the bitcoin), and I'm certainly not letting Coinbase sell my data to a data broker and risk identity theft for $20 of some shitcoins.

Of course I understand that. But don't you pass KYC in order to trade on Coinbase or Binance? It's the same thing, after all. Today, these are the two largest exchanges with huge liquidity, DEX will not replace them, which means you will pass KYC anyway.

Yes, that's good money but in the modern world today, the KYC that you'll pass to them is that you'll never know if it will also be passed on to other companies that will market.
If you haven't noticed it yet, just you sign up to a website and then eventually, you'll receive various marketing spams that you have never reached out to them or even signed up for. Also, those identity that are passed onto them, they could be stolen and be on sale in the dark market.

I don't think it's too strict, but because everyone has different concerns from you, if you think making money even in small amounts is more important than personal data, then go ahead but if someone thinks otherwise then you can't complain about it, maybe you think revelead personal data is not a problem because you have not faced difficult things because of that then you are wrong because when your personal data is exposed on the internet then it can be used by other people for bad things that can harm you.

I don't know guys, I think you are very strict on this topic. Yes, you will not earn much money there, yes, you may expose your addresses and KYC. But let's not forget that this is still made for beginners and those for whom even $20-30 is important. Study coins like GRT a bit, provide graph quiz answers, and get a couple of bucks, for someone looks good. We are talking about cryptocurrency as a world currency, and in many regions of our planet (unfortunately) even $20 is good money. And almost everyone can do it.

A summary of all of those explanations, are you willing to sell your data to them just for the sake of that $3-$5 of those tokens? I don't think that you'll like it.
Aside from that, it's availability is depending on the location of the user and there are others that don't really have an access on it. And whether you like it or not, you're subject to kyc.

And this "Learn and Earn" nonsense provides them with even more data, as I pointed out to OP previously: https://bitcointalksearch.org/topic/m.60247776. You start withdrawing these "free" coins and now you are linking more and more of your addresses and wallets to all the KYC data Coinbase holds about you, which will be monetized, sold, and shared endlessly with dozens of third parties.

Almost certainly; that's just good business sense. If someone is mindlessly lapping up some stupid trash you are showing them and making you a profit by doing so, then of course you will show them more of said stupid trash.

It's really a win-win-win for Coinbase. Shitcoin creators pay them to show these ads, users then pay them trading and withdrawal fees to access these shitcoins, and in the process they collect ever more of your data to sell to third parties.

Very targeted ads with all the kyc information behind them.

Makes you wonder if the more you view the more learn and earn things are shown to you.
I watched a couple while waiting for a deposit to confirm and never looked again.
Would be interesting to see if people who watched and got their free coins and then bought more coins get more of these ads then people like me who watched them, got some coins and never went back.

-Dave

Coinbase mentioned they are receiving fees for this so it's highly likely that they are receiving funds for the rewards as well making this one of their source of income that could also bring users to their exchange. I wouldn't be surprised if this promo will last for a long time or stay for good.


Essentially, coinbase users are just viewing ads.