Coinbase Pro, formerly GDAX, the advanced trading platform by the American cryptocurrency exchange, Coinbase, is the latest to be labeled a scam by the outspoken co-owner of Bitcoin.org and Bitcointalk.org Cobra, in his latest tweet.
His tweet stated,
“If you read “Coinbase Pro” backwards it spells “scammers””
Forever a Bitcoin proponent, Cobra lashed out at the exchange following Coinbase Pro’s recent announcement of providing support to XRP, the second largest altcoin in the market. The exchange announced, on 25 February, that it would be accepting XRP deposits for a minimum of 12 hours prior to trading. Furthermore, the pairs that the cryptocurrency would be rolling out would be XRP/BTC, XRP/USD, and XRP/EUR respectively.
The Coinbase Pro tweet that Cobra replied to stated,
“When XRP?? Now! XRP/USD, XRP/EUR, and XRP/BTC order books will soon enter transfer-only mode, accepting inbound transfers of XRP in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours.”
Cobra has long been known within the community as a major proponent of the top cryptocurrency, Bitcoin. According to him, a centralized currency like XRP, trading on a major exchange like Coinbase will only lead to the devaluation of BTC.
Several cryptocurrency proponents oppose the XRP camp because it is not decentralized. The centrality of authority and supply power is centralized with another San Francisco giant, Ripple. Cobra is aligned with the Bitcoin camp, and he believes that any promotion of a centralized currency from a major exchange would deter decentralized options. This led him to label the exchange as “scammers.”
John Carvalho, the CCO of Bitrefill and known within the community as BitcoinErrorLog, also lambasted Coinbase recently. Following Coinbase’s announcement that BTC can be converted to Ethereum [ETH], Ethereum Classic [ETC], 0x [ZRX], Litecoin [LTC], and Bitcoin Cash [BCH], Carvalho stated that those whose allegiance lies with Bitcoin should automatically be against Coinbase.
“Fu*k Coinbase. They aren’t any easier than other exchanges, they are just louder… And more evil.”
Earlier this month, Cobra and Carvalho clashed on the subject of Bitcoin’s block size. The debate began with a proposition by Bitcoin developer, Dashjr, to reduce the block size to 300KB. Both Cobra and Carvalho were on the opposite sides of the debate.
People on Twitter had their own diverse reactions to Cobra’s tweets however. Mo replied to Cobra’s tweet,
“Give people the freedom to trade shitcoins! How else will they learn?”
Filly West opposed Cobra and the entire BTC camp and stated,
“When you read “bitcoin maximalist” backwards it says retard”
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.