I think its nice of Coinbase to learn from there previous mistake's. Previously Coinbase added an Altcoin called BCH to there exchange. In very controversial fashion. Being the number one, on ramp of fiat into the Crypto World. I think they really need to be impartial. Many people saw the unannounced adding of an alt coin as fraudulent.
Many argue 99.9% of Alt coins are fraudulent to begin with and yet Coinbase went against there road map by announcing a new coin and managed to crash there own exchange for a number of hours.
Coinbase is supposed to be a professional outfit & yet to make such a schoolboy error is either incompetent or smells of dark arts.
Surely they cannot be accused of doing this again?
12 hours ago ETC started pumping out of nowhere on a few exchanges around the globe and 9 hours ago a tweet emanated from Coinbase announcing 'We are pleased to announce our intention to add support for Ethereum Classic (ETC) on Coinbase in the coming months.'
Admittedly this is only a statement of intent. Cynics know this level fraud or dark arts happen all the time in Crypto. Will they go through with it? who knows. Let's see what the SEC says about securities in this space. This is a bold announcement by coinbase considering IF the SEC rule that these centralised tokens are securities what then for coinbase? No-one knows what is around the corner.
No-one saw Ethereum Classic being the next 'Alt Coin' to be added to the on ramp of Coinbase. Favourite were banking coin XRP and 0x. I am very active in this space and didn't see one person talk about ETC as the next to be added. ETC is an alt coin, ETC is the original chain of Ethereum. An ethical ETC?
'A premine is where a developer allocates a certain amount of currency credit to a particular address before releasing the source code to the open community. This is often done based on the reasoning that they need to pay for certain features such as listing on exchanges and development of core features such as block explorers.'
or it can be when they roll back the chain as in the case of Ethereum.
Or unscrupulous coins pre mine in order to manipulate the price of the token. With huge reserves of coins they can dump on unsuspecting investors at any moment. This unfair distribution of coins means you should be very careful in which coin or token you invest in.
Other Pre Mined coins such as XRP, XLM, EOS, ADA aren't even mineable. At least Ethereum / Classic can a least be secured by a network. I digress ultimately whatever way you look at it. Any premine for any reason means they are completely centralised.
Unlike Bitcoin. Bitcoin exists without a pre mine with a mining network which ultimately secures the entire network.
Next time you look into investing in Crypto. Maybe you should ask yourself a question. Did this coin get pre mined or is this coin mineable? This is important. Very Important.
Did you know? last year as many as 63% of coins on Coinmarketcap.com were pre mined. Last year you could check such a thing.
Now you can only filter Non Mineable coins. Hmmm. What do you think this means? That premining no longer a concern? I beg to differ.
comment below.
just check for yourselves coinmarketcap 2018
