What happened to the "delete Coinbase" that has been hotly discussed recently on foreign social platforms?

In the past few weeks, the world-renowned cryptocurrency exchange Coinbase has been surrounded by negativity, which triggered a round of activities called "DeleteCoinbase".

While initial blockchain data makes it seem like social media hashtags have had an effect, deeper research shows that cryptocurrency users are not exiting Coinbase in as large a quantity as initially suspected.

Coinbase became synonymous with bitcoin and cryptocurrencies in late 2017, ranking first in the Apple App Store for iPhones and iPads.

Since then, however, its reputation has been mired due to the inability of the popular cryptocurrency exchange to keep afloat amidst extreme market volatility.

In the last 30 minutes, the contract market liquidated 11.99 million US dollars and BTC liquidated 9.81 million US dollars: According to the contract market statistics report, the contract market in the last 30 minutes has a total liquidation of 11.99 million US dollars, including 9.81 million US dollars of BTC liquidation and ETH liquidation $1.19 million. [2020/12/15 15:14:49]

Charts comparing data show that the San Francisco-based giant’s platform experienced an outage for every increase in bitcoin’s price of $500 or more.

In the last 30 minutes, the contract market liquidated 7.62 million US dollars and BTC liquidated 7.46 million US dollars: According to the contract market statistics report, in the last 30 minutes, the total network liquidation of the contract market totaled 7.62 million US dollars, of which BTC liquidated 7.46 million US dollars. [2020/11/19 21:16:15]

The inability to buy and sell cryptocurrencies during the most lucrative market volatility defeats the purpose of keeping cryptocurrencies on exchanges, so frustrated crypto traders and investors take to social media all over the place to vent their emotions.

But while it did irritate users, and analysts were quick to point out the exchange's shortcomings, there has yet to be widespread outrage.

The liquidation of the contract market in the last 5 minutes exceeded 30.54 million US dollars: According to the contract market statistics report, the total liquidation of the contract market in the last 5 minutes was 30.54 million US dollars, of which BTC liquidation was 29.88 million US dollars, and ETH liquidation was 616,400 US dollars. [2020/4/29]

However, news broke last week that Coinbase will soon provide blockchain and cryptocurrency analysis and traceability tools to many government entities, such as the IRS.

Many cryptocurrency investors and traders want to use the technology to achieve digital privacy, and Coinbase's public cooperation with entities like the IRS has already left a bad impression on its users.

Dozens of online comments indicate that users are ready to move their cryptocurrencies off the platform, and preliminary data shows that 31,000 bitcoins were withdrawn from Coinbase in a single day.

Glassnode data compiled by Arcane Research shows that, in a real sense, most of the Bitcoin is Coinbase "creating new cold wallets and re-moving funds." The 20,000 BTC out of the 31,000 BTC move did not reflect the impact of the “DeleteCoinbase” campaign on Twitter and elsewhere.

Lebanese-American author Nassim Nicholas Taleb has been in a public feud with Coinbase via Twitter, revealing that he closed his account due to poor customer service response, a move that many are copying.

However, before that, just a few months ago, Taleb advocated for the citizens of Lebanon, who are currently going through a currency crisis, to buy cryptocurrencies.

Word of mouth is a powerful tool, as is a social media campaign. If Coinbase wants to continue growing its user base ahead of the next bull run, it needs to find a balance that better caters to cryptocurrency users rather than more regulatory partners.

The original text comes from bitcoinist, compiled by the Bluemountain Labs team, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.

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