Topic: Coinbase wallet stops support for XRP, ETC, XLM and BCH (Read 392 times)

Well, we all have our preference of what we think is a good and a bad coin. And on your end, it's XRP that's good on you and you're an investor on it. Anyway, it seems not a problematic thing to you and to the others that owns the delisted coins because they're listed in other more exchanges.

Looking at the overall volume of most of them, they're considerably good and doing well. But if Coinbase has its own basis, they can do what they think should be done for the good of their business. Likewise, many think that it's not that really true that these cryptos do have a low usage on their platform.

I do agree about ETC, after the transition of ETH, most miners went through ETC as it's still mineable. But can't do anything with that if they have to remove it just for the same reasons as the others.

Yeah, I've already corrected that on the original post. Thanks!

That's right we can import our wallet to any other wallet. By seed phrase or with private key.
There in other wallet we can see or handle our coins/tokens easily if this wallet support these coins/tokens.
And the Coinbase users should not panic in this situation.

There is a reason for all of them but not sure about ETC one. XRP is a company, it's called Ripple, and removing that makes sense because they are being investigated at all times, and XLM looks like it's not going to pick up, and BCH as well, those are two that has gone down too much and will not recover by the looks of it.

On the other hand ETC is still strong, and since ETH going the staking route, ETC has been a safe harbour for many miners as well, so it is a weird decision to lump these together there. I feel like there needs to be something that could change it all together, I wish that they were all very low ones, and not high level ones like ETC.

Yes, because of the citing low usage but it doesn't mean you can't use these 4 coins once delisted.
It's only on the Coinbase wallet but still you can purchase it on Coinbase pro.  Just only removing support, doesn't mean you can't access it.

Sometimes this really happens on exchange when there's low usage or has minimal trading volume on that coins.

Another reason could be these.

• XRP - SEC issue
• BCH, XLM and ETC --fork coin issue

this is obvious decision coming from big platform like coinbase these coins that gets delisted are quite literally just losing their volume slowly but sure, I think eventually the other platform like kucoin and binance gonna do the same if they listed the coin in the first place, it's certainly better that someone should ditch this coin and invest in newer coins that's basically guarantees more return instead of holding the coin that just losing its fame and popularity.

I don't think Ripple will bear good profit at this time. At the time of listing on Coinbase, I bought a huge number of Ripple but after some days, I almost lost my capital. There is no strong reason behind investment of Ripple. Only community support isn't enough to grow Ripple. Team should focus on the development of Ripple in different aspects.

Out of all these delisted tokens, its only Ripple which is worthwhile and incidentally I have a good amount of it stashed in my Atomic wallet. Though Ripple has started gaining some greens after the predictable red candles gotten after this announcement

Yes, the last few statement is true. It's their business. Changes in rules are their options and capabilities. You might find something is that not favorable to you, so much better to move as quick as you can to avoid it. In this case, finding your own wallet or looking for other place to store your assets is your best option not to find yourself being stuck and having difficulty.

If you can have your own safe wallet the better, keeping it inside exchange always has a risk, even how established the business/exchange we can't predict what the future will bring.

Well, it's not all about any fraudulent activities or anything close to that. The main reason of Coinbase is about the low usage of all of it thus, they've decided to cut their support and operation for these coins.

As per Coinbase's statement, even if the date passes by it is still possible for those that have missed the announcement to take and still gain access to their assets through the recovery phrases. And as our concern about exchanges, when we have no intention of trading the assets we've got there, it's better to keep it to our own wallets where we have the private keys.

Good for you that your assets are still there. I guess majority of the people in the community on the early years weren't aware of the risk of keeping assets in exchanges until we've learned the lessons through major hacks and exit scams of some other exchanges.
And it has given us a valuable lesson that even if they're considered safe and good, still, trust no one when it's come to your crypto assets.

Even before the FTX debacle, there's the Mt.GOX and other exchanges fiascos that has been marked and added in the history.

That's already bind to the idea that we should always remember that when it's about the exchanges, they've got the power to change any rules they have or terms of service. And this is the same as the support for the cryptos that they want to list or delist from their services.

Yes, lack of adoption or usage. I guess that the team knows what they're doing and it's just hard to accept those that owns those coins sees a news like this that it's been delisted from one of the known exchanges worldwide. But whether we like it or not, there's nothing we can do about it but just to go somewhere else where these coins are listed if ever you've got them.

Well, every beginning of these projects were good because they're like free money to those that have received them like an airdrop on its early days. So, most likely the demand was quite high and that's not seem to be a problem of them because usage is high. But as the years passess by, we've seen that there's some projects that turned into shit and hated by the community, I know you know what I'm saying, still they've given free money but change is constant and this is part of it.

Yeah, they're not the other exchanges that have been adding almost everything that they can see in the market. I think that they're back on track and we're going to see more from them to delist those that have low usage based on their stats from their users.

I don't see any connection of the delisting to the fall of the market. The market is quite stable lately and even with this news came out, still, it's good as it was. Well, these delistings doesn't have to do with bitcoin or ETH so it doesn't make sense whether they get a price up or down.

There's the recovery phrase and that's based on their blog, it's the wallet itself and not the exchange account.

Possible, I'm not fond of technicalities but I understand your explanation. It's true and very likely that there's the other reasons that they don't want to disclose but I'll leave that to those that are good technicality and maybe they'll open about it soon.

You're right, as vv has explained. It's very possible but as long as they're not disclosing it, we'll just have to get into their words about the certain reason about having low usage unless they'll be vulgar with it and admits that there's something else besides that reason.

I also see a lot of supporters for XRP and usage on it but if they've got basis on it and they're only relying on their own records, we can't do much with that as it's been decided by them and they'll be leaning towards to their own metrics which ended up saying of having low usage even it seems unlikely.

I'm worried that the team from the coin is manipulating and deceiving, as we know that Coinbase is an exchange that has a high and strong reputation, it is very difficult to get registered on Coinbase, when they find indications of fraud then immediately stop the deposit process, hopefully this is due to maintenance reasons .

It's better that they say this early because if they don't, people will rush to withdraw their coins and others might find their XRPs stuck there. Now they really need to consider finding or looking for something to keep their coins easily and withdraw conveniently. Right now everyone is obliged to have a hard wallet to keep their coins because these exchanges keep updating their features and rules because of what happened on FTX. We need to know that they're exchanges, their rules, and not our wallet, it's not our coins at all.

Coinbase is an exchanges that I have used since 2014 together with Bittrex, I always keep assets in Coinbase because everything is safe, even when I stopped since 2018 then login again at the end of 2021 all assets are still safe, and if the coinbase is currently stopping a few Coins for deposits of course this is a negative sign that makes us have to be aware of the coin.

After the FTX case, it is better to store assets in the own wallet, too risky storing assets in Exchanges, they provide convenience for deposits but when we want to withdraw, we are like a thief who has to take a few steps to be able to take our own money.

Yes. Exchanges are businesses, and they are selling a service. You never know when any centralized entity will decide to change the rules. Just because something is a certain way today, that doesn't mean it will be tomorrow. People should be aware of their own risk when dealing with third party services and take whatever measures they deem appropriate to protect themselves.

That is the risk people accept to take when they put their trust in centralized projects, it is clear to me that for coinbase and any other exchange  making money is the number one reason they do anything, if they think that some coins they are supporting in their wallet are not giving to them the volume and the profits they are looking for then they are going to stop the support of those coins, even if the community does not agree with this move at all.

The reason behind the delist of these coins is because of lack of adoption from coinbase wallet users, thats what I read online, I think the coinbase team don't understand that doing this is like trying to be in control of what coinbase wallet users should be buying.

This is another reason why centralized projects sucks, because still buy lots of XRP, ETC and BCH but just because people are not storing these coins using coinbase wallet they decide to delist. This is lame.

All of them are old coins but not common to this day, I find the reason they give is reasonable. These altcoins don't seem to be much used or invested anymore, they are barely mentioned in the altcoin market anymore.

Although all of them are very cheap as we are still in a bear market but I don't think investing in these altcoins is a wise choice. We have more potential altcoins than these 4 older coins.

This is something I thought was going to happen long ago because of XRP issues with the SEC.  I only HODL not too many XRP and they are safe on my Trust Wallet.

I have sold all of my ETC which I got for free from the fork and also my BCH from the fork.  Coinbase did give me some XLM for answering questions on the site so I find it strange they are not going to support XLM no more.

I feel like adding more and more coins doesn't matter, because even though it would be great to have one big exchange with ALL coins and tokens, like coinmarketcap but exchange, that would actually hurt the market more than it helps it.

Reality is that we shouldn't really have a centralized exchange with all of the coins and tokens in. Coinbase did the right thing and took it slow, because they wanted to make sure that they perfect the thing they had on their hands before they move towards adding more. Now they have idiotic things like apecoin involved, just because they know they could have made some profit from the trading fee's, and of course when those shitcoins go down in volume, they will delist them all.

The coin is the top ranking coins, and if a bad case is found, it is certain to make the market fall even more, maybe the price of the ETH will drop below $ 100 and the price of Bitcoin drops below $ 1000, many will panic and feel that cryptocurrencies store bombs that can explode any time.