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The CEO of Coinbase says that a million new crypto coins are created on the platform every week, and it’s becoming hard to evaluate them all.
Coinbase is a popular cryptocurrency trading platform that has allowed users to trade cryptocurrencies like bitcoin and dogecoin since 2012. The company has seen enormous growth since going public in 2022 and is now worth $74 billion.
Coinbase, like all cryptocurrency exchanges, uses an application process for new currency listings that evaluates the coin based on the company’s own digital asset framework.
“High-quality problem to have, but evaluating each one by one is no longer feasible,” Coinbase CEO Brian Armstrong wrote in a post on X on Sunday. “And regulators need to understand that applying for approval for each one is totally infeasible at this point as well (they can’t do 1m a week).”
Coinbase and other leading crypto companies have urged the federal government to clarify cryptocurrency regulations to ensure they can stay compliant.
The industry is optimistic, however, with the arrival of President Donald Trump, who has made promoting crypto a central part of his agenda. Trump even launched his own meme coin shortly before his inauguration. His wife, Melania Trump, quickly followed suit.
The number of circulating meme coins has risen in recent years. These are cryptocurrencies that are sometimes based on an internet meme or the result of a joke but are always designed to go viral in the hope of increasing their value.
Anyone can create a meme coin online. If it does go viral, it could earn the creator, who is often the largest investor, a windfall. Influencers have caught on and now often leverage their followings to capitalize. Hailey Welch, known to most online as the “Hawk Tuah Girl,” made headlines in December after she launched her own meme coin, $HAWK. The coin’s total market value shot up to almost $500 million before it collapsed after just hours. Welch told Fortune at the time that the coin was not meant to be a “cash grab.” In a post on X, Welch said her team did not sell any coins.
Armstrong said it’s time to “rethink” the listing process at Coinbase, advocating for regulation of the crypto listing process to move from an “add list” to a “block list” that utilizes customer reviews and automated scans of blockchain data to help with the process.
According to the company’s website, Coinbase’s current listing procedure is a six-step process that requires a review request, an initial review, an additional “due diligence” analysis, and a notice to complete the analysis, listing, and post-listing support.
Justin Sun, former representative for Grenada at the World Trade Organization and founder of the cryptocurrency Tron, said in a post on X that his cryptocurrency has been under review at Coinbase for seven years. Sun said that Tron is one of the world’s top 10 cryptocurrencies and has performed well in other markets, but never passed through the Coinbase listing process.
“Will Coinbase ultimately list TRX after it debuts on the NYSE and Nasdaq, or will it never list it at all?” Sun wrote. “This has nothing to do with TRX itself but rather reflects Coinbase’s loss of the most basic fairness and industry judgment when it comes to new listings.”
Whenever I watch a bazinga bubble, I think back to this documentary series about the lead-up to the Great Depression. They filmed this guy in 1929 who would absolutely be a crypto demon today. He was ecstatic watching penny stock prices print out on a ticker tape, explaining that he doesn’t even know what the companies do except make money. Like with the Bored Ape clones at the height of the NFT bubble, I love that they’re now investing in 4th stage simulacra. There’s no pretense of meaning or use-value. It’s 143k new chances to gamble on word recognition each day and each is as useful as the most prestigious cryptocurrencies.
Baudrillard doesn’t get enough recognition nowadays.
It’s insane that The System of Objects and Simulacra and simulation were written in the 60s and 80s. Today, he would be a prophet.
I go back to Baudrillard and Debord so often. They had a perfect understanding of how mass psychology, consumerism, and semiotics intersect.
Surely this is a sustainable technology that will be used for the betterment of eCommerce and worldwide trading.
But seriously though it’s such a fuckin’ waste of time, effort, resources, and general computation (both human and machine) that crytocurrency is even a thing. It’s the definition of “a solution looking for a problem” in my book. It just seems like computer wizards would be better served doing just about anything else. Though it sucks to know that it’s either crypto scum, writing code for the panopticon, or working on the T-800s to bomb to deploy overseas and eventually in poor neighborhoods at home.
Justin Sun, former representative for Grenada at the World Trade Organization and founder of the cryptocurrency Tron, said in a post on X that his cryptocurrency has been under review at Coinbase for seven years. Sun said that Tron is one of the world’s top 10 cryptocurrencies and has performed well in other markets, but never passed through the Coinbase listing process.
I don’t think many use Tron itself. The main reason why Tron is so large is because there is USDT-TRC (Tether on Tron blockchain) which creates some demand for Tron coin itself.
USDT-TRC is used by everyone from money launderers, people in sanctioned countries or where money transfers are difficult or banks can’t be trusted. Eg. Gaza. It has a stable price (Dollar peg) and Tron blockchain is pretty cheap transfer fees wise.
If it does go viral, it could earn the creator, who is often the largest investor, a windfall.
“investor”, where are the Dollars coming from? No one wants these shitcoins for what they are, they want to turn Dollars into more Dollars.
evaluating each one by one is no longer feasible
they’re all worthless, in fact, they’re all of negative value, there, done.
Did you know you can stack coins inside a shotgun shell and use them as ammunition?
Now you know 1 more thing crypto coins can’t do.
That was literally an antagonist’s weapon of choice in an episode of Ghost in the Shell SAC. She had a cybernetic arm, and there was a kind of shotgun/railgun thing built in to it that used rolls of coins as ammo. It didn’t fire one at a time, it scatter-blasted them all at once.
deleted by creator
a CEO named Brian, you say? interesting
“High-quality problem to have, but evaluating each one by one is no longer feasible,” Coinbase CEO Brian Armstrong wrote in a post on X on Sunday. “And regulators need to understand that applying for approval for each one is totally infeasible at this point as well (they can’t do 1m a week).”
“high quality problems” what a turdburger! We launch a million MLM scams a week, regulators need to “understand” that we absolutely won’t regulate because then we couldn’t print free money off the backs of scam victims!
Wait what? If I understand correctly he wants to deregulate crypto so that these millions of shit coins can be launched on their platform with no hassle? What the fuck is the point man…
The podcast-ification of cryptocurrency, The West has truly fallen. You hate to see it.
Who cares? It costs nothing for people to launch their own cryptos. If people want to buy some random shitcoin, that’s on them. It’s like complaining that a poster store prints too many low-quality posters, etc. If people want to sell worthless bullshit to other people, that’s now a problem limited to crypto. It’s a foundation of this garbage capitalist system.
It’s reflective of the irrationality of the market. 42069DogeElonCoin is just as legitimate as bitcoin, and crypto demons have distilled their market to its purest form of compulsive gambling. The largest crypto market is just a collection of millions of Ponzi schemes growing more cancerous by the day. It’s not that I care. I’m just happy to see bad people get hurt.
let a million flowers bloom
I got to figure out how to get in on this grift.
Hmmmm
Putincoin
HerCoinHerr Coin and its just a Reichsmark
I found a YouTube link in your comment. Here are links to the same video on alternative frontends that protect your privacy:
