Coinbase Slammed For Listing Several High Risk "Shitcoins".
Coinbase is currently in the news for their involvement with shitcoins mostly at the listing level. Like of many of the users who complained about how the exchange lists cryptos regarded as shitcoins, I've also realised that Coinbase lists some cryptos which actually have no use/utility and whose success so far has been built around hypes and marketing.
Their users worry that the exchange promotes shitcoins by listing them and I can feel their pain to some level. I remember when I saw a crypto named $XYO on coinbase trading at a 0.08, and now it trades for 0.009, in just about 7months of its listing ( I was tempted to invest in it but I didnt). While we may put the blame of this crash in price on the bear market, the token itself has been regarded as a shitcoin by most people and it offers no utility of any sort. There have been several cases of cryptos like this and it appears Coinbase just lists any crypto so long they are offered their price.
As one of the world's leading crypto exchange platform, people seem to expect alot from them when it comes to their listings. People expect them to list only projects with great potentials and massive utility but in reality, Coinbase is just another profit seeking venture.
My thought on this action though is that Coinbase is an exchange and the job of an exchange is strictly to offer a platform where certain cryptos can be exchanged by their holders. Regardless of how much they have been paid or how much publicity they seem to offer the project, I believe investors should also do their own research before investing. It's not enough reason to invest in a crypto because it got listed by an exchange and as a matter of fact, it's really not an important factor to me these days since anyone with a bag of money can pay for the listing of their cryptos.
I also believe actions comes with consequences and if Coinbase continues holding on to the reputation of listing shitcoins, there'll probably be a reaction to that in the future as many users may not take them and their affairs so seriously.
