Hey @therealwolf,
This initiative of yours is praiseworthy.
From the aforementioned Coinbase blog article:
"As we announced in September, Coinbase’s goal is to offer support for all assets that meet our standards and are fully compliant with local law. Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap. To make this vision a reality, we evaluate prospective assets against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world."
Does Steem not "meet Coinbase's standards", or is Steem not "compliant with local law"?
If Steem does and is, then perhaps those of us who know how can post on Coinbase's blog how Steem does "meet Coinbase's standards", and how Steem is "complaint with local law", along with mentioning important thing such as "security, compliance," and Coinbase's "mission of creating an open financial system for the world" and how those are also important to the Steem community.
From Lannie.
Great points and what many are discussing as far as the tokens already chosen and why steem was not.
Hey @eaglespirit, *smiles.
After having read your reply, and after having reflected upon the discussions of others who posted their replies in this thread, and then after having looked at https://coinmarketcap.com/ and https://www.coinbase.com/price, it seems to me that the most likely reason as to why Steem was not included is probably not because Steem is not compliant with legalities, but because Coinbase's standards probably focuses largely on the amount of volume traded, as fees on any cryptocurrency bought or sold is how Coinbase does earn its revenue.
Steem's trading volume is quite low in comparison to the other cryptocurrencies that Coinbase is considering adding to its exchange.
Because Steem Power requires 13 weeks to be withdrawn, that is a disincentive to Steem being sold which therefore reduces its trading volume—which therefore reduces the potential amount of revenue that Coinbase can earn from Steem trades.
Would Coinbase be interested in including Steem, if Coinbase's fees on Steem trades were doubled in order to compensate for most users of Steem only buying Steem and not selling Steem?
Should Steemit.com reduce its 13 weeks withdrawal waiting period, perhaps to 4 weeks, in order to provide an incentive for Steem users to sell their Steem, and thus to increase Steem's trading volume which can make it more likely to be listed at Coinbase and other exchanges?
Most users of Steem hodl or buy when the price is low; most users of Steem do not sell even when the price is high. That strategy seems to be hurting the price of Steem, because only hodling or only buying has resulted in Steem having a low trading volume which in turn makes Steem less likely to be available at exchanges.
Some have put forth the argument that without the 13 week withdrawal waiting period, that the price of Steem would have decreased to lower than its current price of around $0.25; however, if more Steemites had been buying AND selling Steem and thus increasing its trading volume, then perhaps Steem would have already been listed at Coinbase many months ago.
Perhaps Steem having been listed there and at other exchanges would have greatly increased Steem's market cap, thereby having increased the price of Steem—perhaps the price of Steem would have been closer to $2, rather than closer to $1 before the cryptocurrency market entered its recent bear phase; if so, perhaps the price of Steem might have decreased to $1 instead of its current $0.25 or thereabouts.
What is your opinion? Should the 13 weeks withdrawal waiting period on Steem Power be reduced if that can increase Steem's trading volume and thus help Steem to be listed at Coinbase and other exchanges?
From Lannie.
Hi Lannie,
We’ll heres the things we can go back and forth kf ehat is the past, that Is now over. The current prediction is total economic collapse. FED reserve, banks, everything. many are saying some tokens will pop up backed by surviving bank shares or thise that are already in place but not yet released. That said, I’ve a always agreed that IMO whales shoulda release more of their shares, there should be more, maybe by deleting dead accountable too, as well as decreasing that 13 week payout. However. The subject above is whether or not coinbase considered STEEM and it did not, they picked their “finalists” IMO and there is reasons more than just 13 weeks and supply. It’s connections too. My prior comments are based on that. It’s sort of like someone putting out the finalist list and the losers saying wait wait burn what about me? There are many ways to look at that but it will Be more intersting to see if a response is made. Don shoot for signing a proposal by allowing Steemians amd sending it to bittrex instead. Everything isn’t a matter of opinion and this isn’t just mine :)