November 23, 2022

We need to talk about Coinbase

We know it's hard, but it's time to stop sending your business to companies that do not practice the values of bitcoin.

Dave Birnbaum
Dave Birnbaum

Director of Product

We need to talk about Coinbase

Table of contents

We need to talk about Coinbase

Dear Coinbase users,

We care about you. This may be hard to hear, but it’s important that we share our feelings openly. We’ve been worried about you for some time now. This comes from a place of love.

It’s time to stop using Coinbase.

Coinbase is one of the most popular “crypto exchanges” in the world. It was founded by a man who used to call himself a bitcoiner, but who has long since lost the plot.

Now, he’s worried about being undermined by FUD (fear, uncertainty, doubt) about his company’s financial health.

Brian Armstrong on Twitter: "If you see FUD out there - remember, our financials are public (we're a public company)"

The lady doth protest too much, methinks.

If Coinbase were a business run in the spirit of bitcoin, there would be no danger from FUD, because it wouldn’t matter to them whether their customers hold their funds on the platform. The fact that Coinbase executives are concerned about FUD indicates that their incentives may be misaligned with their users.

In the wake of the FTX disaster, we’re told we need to “come together.”

Brian Armstrong on Twitter: "We all need to come together to build this industry in a responsible way going forward. Be wary of false information."

The “we” seems to mean the “crypto community.” As my German-speaking friend likes to say, Ich don’t think so.

And all this coming from a grown man whose avatar looks like a child’s drawing, presumably to promote the worthless JPEGs he sells on his platform for thousands of dollars.

Mr. Armstrong – Bitcoin isn’t all fun and games and easy money. No, we are not going to come together with you to benefit you and your cronies.

If you understand bitcoin, like you say you do, you know it is a monetary revolution that is destined to change the human condition for the better. The stakes could not be higher. Delaying this process out of self-interest is harmful for children and other living things.

You may have built a successful business, and you may have even done some good in the process. But you have not taken responsibility for relentlessly promoting worthless tokens and NFTs and working tirelessly to inflate the crypto bubble for your own benefit.

Mr Armstrong, you cannot hide behind the concept “freedom,” when you say that you give people the freedom to buy and sell worthless digital tokens. It’s true that Coinbase’s customers are responsible for their choices, but Coinbase is also responsible for its choices. As an early entrant to the bitcoin industry, can you stand behind the choices you have made? Why or why not?

Coinbase users – I know it’s hard. I know that Coinbase feels like a comfortable old pair of shoes. But it’s time to move on. Stop sending your business to a company that does not live the values of bitcoin. You are only hurting yourself and the people you love — the bitcoin community.

Convert your lingering crypto holdings to bitcoin, withdraw it from Coinbase, close your account, and stop compromising on your values.

How to close your Coinbase account

Make sure all your crypto is moved out of your Coinbase account. Then click on your avatar and choose “Manage your profile”.

Scroll to the bottom of the page and click “Close account” to start the process.

Values matter

When you are looking to save in bitcoin, we hope you’ll choose Coinbits. We have low fees and industry-leading UX. But even if you choose someone else, that’s OK. Just take the time to research the company and make sure its values align with yours.

November 23, 2022

We need to talk about Coinbase

We know it's hard, but it's time to stop sending your business to companies that do not practice the values of bitcoin.

Dave Birnbaum
Dave Birnbaum

Director of Product

We need to talk about Coinbase

Dear Coinbase users,

We care about you. This may be hard to hear, but it’s important that we share our feelings openly. We’ve been worried about you for some time now. This comes from a place of love.

It’s time to stop using Coinbase.

Coinbase is one of the most popular “crypto exchanges” in the world. It was founded by a man who used to call himself a bitcoiner, but who has long since lost the plot.

Now, he’s worried about being undermined by FUD (fear, uncertainty, doubt) about his company’s financial health.

Brian Armstrong on Twitter: "If you see FUD out there - remember, our financials are public (we're a public company)"

The lady doth protest too much, methinks.

If Coinbase were a business run in the spirit of bitcoin, there would be no danger from FUD, because it wouldn’t matter to them whether their customers hold their funds on the platform. The fact that Coinbase executives are concerned about FUD indicates that their incentives may be misaligned with their users.

In the wake of the FTX disaster, we’re told we need to “come together.”

Brian Armstrong on Twitter: "We all need to come together to build this industry in a responsible way going forward. Be wary of false information."

The “we” seems to mean the “crypto community.” As my German-speaking friend likes to say, Ich don’t think so.

And all this coming from a grown man whose avatar looks like a child’s drawing, presumably to promote the worthless JPEGs he sells on his platform for thousands of dollars.

Mr. Armstrong – Bitcoin isn’t all fun and games and easy money. No, we are not going to come together with you to benefit you and your cronies.

If you understand bitcoin, like you say you do, you know it is a monetary revolution that is destined to change the human condition for the better. The stakes could not be higher. Delaying this process out of self-interest is harmful for children and other living things.

You may have built a successful business, and you may have even done some good in the process. But you have not taken responsibility for relentlessly promoting worthless tokens and NFTs and working tirelessly to inflate the crypto bubble for your own benefit.

Mr Armstrong, you cannot hide behind the concept “freedom,” when you say that you give people the freedom to buy and sell worthless digital tokens. It’s true that Coinbase’s customers are responsible for their choices, but Coinbase is also responsible for its choices. As an early entrant to the bitcoin industry, can you stand behind the choices you have made? Why or why not?

Coinbase users – I know it’s hard. I know that Coinbase feels like a comfortable old pair of shoes. But it’s time to move on. Stop sending your business to a company that does not live the values of bitcoin. You are only hurting yourself and the people you love — the bitcoin community.

Convert your lingering crypto holdings to bitcoin, withdraw it from Coinbase, close your account, and stop compromising on your values.

How to close your Coinbase account

Make sure all your crypto is moved out of your Coinbase account. Then click on your avatar and choose “Manage your profile”.

Scroll to the bottom of the page and click “Close account” to start the process.

Values matter

When you are looking to save in bitcoin, we hope you’ll choose Coinbits. We have low fees and industry-leading UX. But even if you choose someone else, that’s OK. Just take the time to research the company and make sure its values align with yours.