Dai on coinbase! Just wow
Holy smokes, ccoinbase has always been a leader but also lagging behind.
They were the first good exchange. Ever since coinbase buying btc was easy in the US.
But they missed the boat on alt oins and become a true crypto exchange vs just a gateway into btc.
It appears they are changing their trategy slowly but forcefully.
Adding DAI to coinbase is a huge step.
It is the only decentralized currency that is stable and works.
BitUSD, SBD and all the backed stable coins have inherent flaws.
DAI on coinbase will be a game changer.
Coinbase is the first and only real exchange that allows trading of DAI. This will make it easy for people to buy dai. That in turn will allow dapps to use dai more effectively and allow better use experience.
mission over profit
What is great is that coinbase seems to understand that their mission is more important than supporting their own stablecoin.
As a dapp user i would not want to hold usdc. But dai is much more secure. That will enable apps to deal in dollars vs ethereum enabling a true currency that is digital.
I would not say that DAI is fundamentally better than bitUSD. I think they made some bad design choices in bitUSD but the idea of the implementation is very solid. Easy fixes exists and could be implemented. post on bitUSD The problem seems to be more the bitshares community than anything else. (Also bitEUR is still doing fine even in the bear market showing that it can work)
No need to talk about SBD, that is not really a stablecoin :)
DAI also has some problems, mostly that they collect fees without any fundamental reason. Right now that may be an option but soon we will have the same utility on ethereum without artificial fees. I am also not so sure they could survive a massive cash out, but I need to look at the details much more before making such claims.
It is true that DAI is very expensive to create. But they have shown:
What do u mean with same utility on ethereum without artificial fees?
I think that you can build a stablecoin without having a governance token (MAKER) associated to it. This seems to be just overhead so that the creators can make money. Of course this is legitimate as they put in the work.
But a stablecoin smart contract can be realised without governance. There is no incentive to build that as there is no money to be made, but eventually somebody will realise this and as a user the question then is why pay fees for something that is available for free. Right now the marketcap of maker is 6 times higher than of DAI. That does not seem healthy to me in the long run.
This is some unexpectedly great news. It seems Coinbase is finally trying t catch upto the Asian Exchanges that are doing really well.
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Seems like Coinbase is afraid of falling behind Binance and started adding more and more tokens.
They have done a lot for the community and made it easy for an average person to get into crypto, so this is of course good news!
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Yes I agree. It feels like they are growing as a conpany and have a strong mission.
I think their strategy is a result of the volumes coming down on the assets they had listed. Therefore to raise revenue, they are accelerating their listings. The good news is that this could signal some regulatory clarity on some of these assets as they would not risk listing assets deemed not compliant.
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Hello friend. Looks like we think the same thing!
https://steemit.com/coinbase/@edicted/breaking-news-coinbase-lists-my-three-favorite-erc-20-tokens
I saw you on the coinbase trending tab (#3) I was number 2. We've now switched spots because I upvoted you :D
The Dai listing on Coinbase is absolutely 1000 times a bigger deal than most people realize. You should read my thoughts on it... if you like.
Coinbase can now act as a proxy for Dai and give people the option of taking out a Dai loan using any of the collateral available on Coinbase. I wouldn't expect something like this to happen for a few years but soon™ Coinbase will be a full on bank giving out decentralized collateral loans.
The liquidity added to Dai by this Coinbase listing is going to be insane... x100 for sure.