Coinbase Goes Social by Letting Users Tout Crypto Allocations

Coinbase Global is adding a slew of social-networking capabilities, one of which will make it easier for traders to share information about their allocations on platforms such as Instagram and Twitter. From a report: The biggest U.S. cryptocurrency exchange said Friday it's adding a Share button that will let traders detail what coins they own on social networks. More ways of sharing data about trades are in the works as well, the company said in a blog. The effort is likely aimed at harnessing word of mouth about crypto investing to attract more users. Coinbase said this week that its monthly transacting users had decreased sequentially in the third quarter. At the same time, the firm boosted its recurring-user forecast for the full year.

Why would you do this?

[Whateverthisis]

This sounds to me like sharing on social media the balance in my bank account; why would someone do this? Feels like you're just making yourself a target for hackers and scammers, and it certainly eliminates a lot of the so-called anonymity of crypto.

Maybe I'm just too old, but I don't understand you crytpokids. Excuse me while I go get my abacus to balance my checkbook.

Re:

[Aighearach]

Probably so the exchange can send you an email saying your account was "hacked."

It helps if the money you lose was held by people who were irresponsible in their security hygiene.

Re:

[Admiral Krunch]

What better place to find the greater fools to on sell your cryptos.

And why should only famous people get to pump and dump?

Re:

[Lisandro]

It caters to gambling behavior, which is well in line for crypto.

Some people won't resist turning this into a competition.

Re:

[leonbev]

It seems extra stupid to brag about your crypto balance on social media, considering that the transactions can't be reversed and there is no insurance covering you from losses. If the bad dudes get into your account, it's Game Over.

This really doesn't seem like progress... at least you could make an insurance claim on the Lambo that you bought with your crypto profits after it gets stolen because you posted photos of it on Instagram in a bad neighborhood.

Re:

[ayesnymous]

The same people who kept the default setting on Venmo to broadcast to the entire world how much they sent/received using the app.

Capitalizing on FOMO to get rich(er)

[Anonymous Coward]

That sounds like the perfect plan: capitalize on people's FOMO to drive up the price of your pump-and-dump scheme. Brilliant!

this is designed

[etash]

to make people trade more and lose more. If you read their latest earnings report they say it themselves: our business depends on how often people transact (because their MAIN business model is the FEES). Socializing it, it's a sort of gambling and gamification, with the intention of making people want to trade more. They also say: our earnings depend on volatility, the less there is the less our income, because people trade less. They want volatile assets. citation: https://s27.q4cdn.com/39745099... [q4cdn.com]

Re:

[Aighearach]

Better link: https://www.sec.gov/ix?doc=/Ar... [sec.gov]

Coinbase zombie company

[regyfrancis]

Don't even consider it! CoinBase is a Zombie company. Thousands of customers have had their finds stolen- with not even a real reply to complaints. Locked out of their accounts with no way of getting a response. No support not even a head office to go to!

Basic OpSec

[haggie]

Why not post your mother's maiden name and your birthday along with it?