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Transcript
Hi guys. This will be a quick rant video. Based on the title I think you guys will know what I will be talking about in this video. Okay so I will start out with all the exciting things that Coinbase has done this year which is absolutely nothing to the majority of people in the Cryptocurrency space like me. Yes they did list Bitcoin Cash this year for those of you who follow and like Roger Vier. They also mentioned creating a cryptocurrency ETF and also offering Custody services for institutional investors only. And they also mentioned listing ERC-20 tokens.
But the problem will Coinbase still remains. I am going to go over several issues and to be fair I am also going to list some suggestions.
The first problem with Coinbase is that their customer service is terrible from a company that boasts about making almost close to a billion dollars in profit last year. My solution for Coinbase is to fix your customer service if you guys want to remain relevant in this space. Decentralized platforms even have better customer service by assigning moderators and having real-time active chat sessions within their community. If you, Coinbase do not fix this, you will be irrelevant soon.
My second problem with Coinbase is that you are offering services to the filthy rich or institutional investors. You Coinbase have forgotten that people working for these same institutional investors know that your platform is slow, it sucks, and your customer service is terrible because they already have a personal account with you. So I recommend that you Coinbase cater first to your millions of customers before you offer any type of institutional products and services. Do not follow the path of Uber. Uber suffered and lost market share to Lyft because it did not take care of its drivers. So what happened was that drivers who also drove for Lyft where bad mouthing Uber to their passengers at the same time.
My third problem with Coinbase is that they are slow at listing coins. I know you guys want to be the Apple of the cryptocurrency market, but I hate to the break news to you guys that there is only one Apple. Its too late to be like Apple. There are also a handful of companies out there that are twice as better than your platform. And I do understand that you guys want to follow US regulations carefully. Good for you. My suggestion is do not following US regulations. The US government is way too slow. List all the coins that you can list of your platform and vet them with overall community like what the Nasdaq will be doing soon. So Coinbase use common sense. If the US government comes down on a coin, then go ahead and de-list it. It is that simple.
My forth problem with Coinbase is that they are not offering anything new to the market. There are exchanges out there that are already listing Bitcoin Cash, that offer ETFs, and the Custody offering that you guys are advertising at Consensus is a really big joke especially when wallets and private insurance are already available to the public.
Alright guys that is all for my rant on this one. I know the title of this video says 10, and I have already covered four. I will let you guys list some of the issues you have with Coinbase within the comments section below starting at # 5.
Have a great day!
Nick is a content creator for Sobuka with a background in programming, information technology, finance and digital forensics. He shares interest in cryptocurrencies by reporting on International Affairs. You can find myself, B, and Laura here from time to time.
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Disclaimer
The information on this blog is not financial advice for Coinbase. Before you, Coinbase invest in cryptocurrencies, please speak to a financial advisor.
Well put. I think Uber got beaten by the competition (Taxify) and same will follow Coinbase. They had the right timing and all but the service quality just isn't good enough + too high fees.
thank you. agree. it's just really amazing.