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RE: Coinbase Offering "Asset Management" with their Incredibly Pointless Index Fund
I am becoming more and more concerned about Coinbase and their decision making process. Look, I know it's not easy being a big company in such a new asset class but they preach about how they care so much about integrity in this market, yet their marketing and actions come off as very amateur and headline grabbing.
I totally agree, one other thing that concerns me is even if Coinbase were a great company who cared about it's customers, at the end of the day it's not good for the market to have so much power centralized with one company.
The reason Coinbase got away with offering such crappy customer service and such long downtimes of Coinbase and GDAx and trading is because ther'es really no other option for people to go elsewhere.
One thing I really respected about Bittrex and Binance is they shut down new registrations to make sure the service was good as opposed to just doing a money grab and letting service suffer while they continued to make money. Coinbase knew they were the only game in town so they knew service would suffer but said whatever where else are they gonna go.
It's cool to see Robinhood offering crypto and I see a lot of people excited but it's not really an exchange, when you buy through them my understanding is that you can't move your coins off of there, so you essentially have an IOU for Bitcoin. The other thing they don't have their own market, they are basically just using GDAX from what I understand of it. I have however heard that as it grows it should improve and they will have their own marketplace. I still however find the fact your crypto is trapped on there to be troubling.
That's a good point re; not accepting new users. They seemed to be making some big hires to address things but again not just sure of it's marketing rather than a change of philosophy. I guess we will see in time.