This week we are having fun to shill #coinbase to add Steem along with @timcliff, @therealwolf and @whatsup. And, we are getting lots of enthusiasm from community in various social media.
I have made several posts as early as six monthly earlier that why should coinbase add Steem than other top coins. I think it is appropriate to shill it again with some modification:
Coinbase recently recently added support for 40 coins to display its support for them. In fact Coinbase announced that they are researching for custody and exchange services for those coins. In fact, you see Steem's price feed on Coinbase right now. Therefore, Steem is already in Coinbase's rudder!
Few months back Ripple (XRP) got a big pump on the rumor of its addition to the Coinbase. Source of rumor was CNBC's program with Ripple Chief Executive Officer Brad Garlinghouse and Coinbase Chief Operating Officer Asiff Hirji..
Ripple shoot to $4 and now grounded to $0.3. It was understood that XRP executives tried to buy into major exchanges such as Gdax, Coinbase etc through backdoor. However, Coinbase backed down due to SEC's ruling on unlicensed exchanges not to list tokens that could be deemed securities.
It is another problem with centralized coin like XRP or Stellar where founders try to buy in to major exchanges to pump it so that they can dump their major holding. It is understood that XRP developer hold billion of coins in their stash.
Similarly, EOS were pumped on news of Coinbase's support of ERC20 token. EOS being the most valued ERC20 token some naive investors may have speculated that EOS will be soon added to Coinbase.
However, coinbase has enabled custody service for ERC20 token, not necessarily trading option. Therefore, in near future EOS has little chance to be added to Coinbase due to ICO nature of EOS.
Recently, 0x, DASH, XMR, ZCash were also pumped on similar rumor.
Good thing about STEEM is that it is not an ICO but a mineable coin. There is no restriction for STEEM to be added in Coinbase. However, if you look in to the ranking DASH and XMR are holding the upper limit. However, Coinbase may not support them due to their feature of privacy.
However, STEEM has very good chance to overtake DASH and XMR if SMT becomes a notable success. Therefore, it could be next in line to be added in the Coinbase rather than some big names such as TRX, EOS, NEO.
Cheers and keep steeming!
@riseofth
Cryptominer since 2013, occasional trader and tech blogger
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Today's announcement of the addition of 0x (ZRX) is great news as it shows that Coinbase is really working to add new assets to the exchange. It took them about 3 month from the initial announcement of the consideration to today. STEEM has many advantages but also some constraints so we need to demonstrate as a community the demand for the assets and SMTs will be a key factor I believe. Another positive sign is that STEEM is not only on the app for price tracking but also on the list of assets that Coinbase will offer custodial service for on their institutional offerings.
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Really good points. In coming years if STEEM can manage 10s of millions of users, it will be lucrative for businesses to interact with STEEM.
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