The Wolf Den #326 - Exchanges Are Throwing Caution To The Wind
thewolfden.substack.com
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $1200 worth. I really encourage you to check them out.There used to be a time when vetting coins before an exchange listing was a serious process. XRP is a perfect example. Coinbase refused to list XRP for ages, despite the project's endless lobbying and willingness to do whatever it took to make it onto the exchange. Coinbase and other companies would take months to review coins before deciding to wait even longer for more information.This simply is no longer the case. Now anything goes.Coinbase Pro just listed Shiba Inu, a meme coin based on DOGE, another meme coin. I have likened the dog coin phenomenon to inception - memeception, if you will.This project sent half of its coin supply to Vitalik Buterin in the hopes that he would never sell. As you know, he did sell a portion of the coins, donating the proceeds to disaster relief in India and tanking the price of the coin. If you dig into the Shiba white paper, it reads, “we sent over 50% of the TOTAL supply to Vitalik. There is no greatness without a vulnerable point as a long as VB does not rug us, then SHIBA will grow and survive.” We are now seemingly at the point where exchanges will do whatever it takes to list an asset that brings in more volume, in an effort to beat their previous quarter's net profit. With exchanges gearing up to go public, caution has been thrown to the wind and profit is at the forefront of their decision making.Crypto exchanges aren't the only ones making poor decisions. Legacy financial institutions are offering crypto funds left and right, with the same 5 coins almost every time: Bitcoin, Ethereum, Litecoin, Ethereum Classic, and Bitcoin Cash. Two of these coins I can stand behind, one's popularity has dramatically diminished, and two of them are drowning in controversy. There are numerous viable coins to pick from, yet somehow the same few dinosaurs are always in the starting lineup for institutional adoption.The greed in listings reveals a lack of accountability and a disregard for consumers. In a world where people are responsible for their own financial decisions, this is not necessarily a bad thing. It just means that now, more than ever, it is our job to do our own research and make our own decisions. It used to be the case that a Coinbase listing meant that the project was vetted and safe. This is no longer necessarily the case.Yes, there is a good chance that even the crappiest exchange listed coins see parabolic price action on this run-up, as the rising tide will lift all boats. That said, their status as a listed coin does not guarantee safety or a smart investment.Choose wisely.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COIn This Issue:Exchanges Are Throwing Caution To The WindBitcoin Thoughts And AnalysisEl Salvador's Crypto Wallets Hurt Big Business's Actual WalletsMastercard Is Competing With VisaNFT Volume PlummetsSEC Kicks ETF Can Down The RoadMy Recommended Platforms And Tools
The Wolf Den #326 - Exchanges Are Throwing Caution To The Wind
The Wolf Den #326 - Exchanges Are Throwing…
The Wolf Den #326 - Exchanges Are Throwing Caution To The Wind
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $1200 worth. I really encourage you to check them out.There used to be a time when vetting coins before an exchange listing was a serious process. XRP is a perfect example. Coinbase refused to list XRP for ages, despite the project's endless lobbying and willingness to do whatever it took to make it onto the exchange. Coinbase and other companies would take months to review coins before deciding to wait even longer for more information.This simply is no longer the case. Now anything goes.Coinbase Pro just listed Shiba Inu, a meme coin based on DOGE, another meme coin. I have likened the dog coin phenomenon to inception - memeception, if you will.This project sent half of its coin supply to Vitalik Buterin in the hopes that he would never sell. As you know, he did sell a portion of the coins, donating the proceeds to disaster relief in India and tanking the price of the coin. If you dig into the Shiba white paper, it reads, “we sent over 50% of the TOTAL supply to Vitalik. There is no greatness without a vulnerable point as a long as VB does not rug us, then SHIBA will grow and survive.” We are now seemingly at the point where exchanges will do whatever it takes to list an asset that brings in more volume, in an effort to beat their previous quarter's net profit. With exchanges gearing up to go public, caution has been thrown to the wind and profit is at the forefront of their decision making.Crypto exchanges aren't the only ones making poor decisions. Legacy financial institutions are offering crypto funds left and right, with the same 5 coins almost every time: Bitcoin, Ethereum, Litecoin, Ethereum Classic, and Bitcoin Cash. Two of these coins I can stand behind, one's popularity has dramatically diminished, and two of them are drowning in controversy. There are numerous viable coins to pick from, yet somehow the same few dinosaurs are always in the starting lineup for institutional adoption.The greed in listings reveals a lack of accountability and a disregard for consumers. In a world where people are responsible for their own financial decisions, this is not necessarily a bad thing. It just means that now, more than ever, it is our job to do our own research and make our own decisions. It used to be the case that a Coinbase listing meant that the project was vetted and safe. This is no longer necessarily the case.Yes, there is a good chance that even the crappiest exchange listed coins see parabolic price action on this run-up, as the rising tide will lift all boats. That said, their status as a listed coin does not guarantee safety or a smart investment.Choose wisely.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COIn This Issue:Exchanges Are Throwing Caution To The WindBitcoin Thoughts And AnalysisEl Salvador's Crypto Wallets Hurt Big Business's Actual WalletsMastercard Is Competing With VisaNFT Volume PlummetsSEC Kicks ETF Can Down The RoadMy Recommended Platforms And Tools