Coinbase Custody is exploring a range of new assets | Hacker News Reader

Coinbase Custody is exploring a range of new assets

blog.coinbase.com

62 pointswyldfire26 comments

Glad to see Tron did not make this list. With its whitepaper fiasco it shouldn't be a trusted Token.

I have some friends that are invested in Tron and I can't stop trolling them whenever it doesn't make a list. That being said, Coinbase is not even a top 5 global exchange. All Tron needs to do is become successful in China (where most of the top 5 exchanges by volume are) and it will be fine.

I'm a developer on one of these projects (Nano). I normally refrain from posting about it on Hacker News, since it's almost never actually on-topic, but if there are any questions I am happy to answer them.

Remember when you got a piece of technology that felt like magic? Like 'this is what the future feels like'?

I had that feeling again when I first used Nano. A friend of mine and me, we got the wallets and kept sending Nanos back and forth, just because. 2s per transaction, no fees. It blew our minds.

Not to shill Nano. It might well be the case that Nano won't be occupying this space of near-instant and feeless transactions. But _something_ definitely will, and it will happen rather soon.

> A friend of mine and me, we got the wallets and kept sending Nanos back and forth, just because. 2s per transaction, no fees.

LINE Pay (a local service trying to recreate the success of WeChat Pay) used that as an ad campaign. "Just flick 10 cents back and forth between your friend to see how quick and seamless the service is" [and get free stuff because of course it's an ad campaign] https://www.youtube.com/watch?v=OwDM0oKCgbE

Both Line Pay and WeChat Pay are centralized systems, nothing magical about them.

To the end user, what difference does it make?

In a decentralized system no goverment or private entity can freeze your money. Your financial status cannot be used against you from getting financial services.

A decentralized system is more likely to continue for a long time where if run by a single company, it could be shut down or changed very quickly.

I know this is literally the first sentence in the article but just thought it worth repeating for anyone coming straight to the comments:

> Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading.

TLDR - assets in Custody != assets in Trading

Glad Monero made the list.

Sad to see XLM is not included.

XLM was "premined" (instantly generated for free) and distributed to the established "wealthy" userbase in an effort to get them to tell outsiders to buy in.

It's like some evolution of Multi-Level-Marketing meets penny stock.

Could you share sources? I would love to know more

https://www.stellar.org/blog/bitcoin-claim-lumens-2/

https://www.stellar.org/about/mandate/

  Lumen Distribution

>At the genesis of the Stellar Network, 100 billion lumens (XLM) were created as specified in the protocol. As part of its custodial mandate, SDF is entrusted to oversee that the vast majority, 95 billion, of the lumens are distributed to the world.

>SDF manages the execution of lumen distribution, with oversight and direction provided by SDF’s Expansion Board. The initial lumens held by SDF are required to be distributed to the world in the following manner:

    50% for distribution via the Direct Sign-up Program
    25% for distribution via the Partnership Program
    20% for distribution via the Bitcoin Program
    5% held by SDF to support operational costs

Funny part of the protocol is that the voting power goes to the rich, and they just vote themselves all the new money that's generated:

>The Stellar Network has a built-in, fixed, nominal inflation mechanism. New lumens are added to the network at the rate of 1% each year. Each week, the protocol distributes these lumens to any account that gets over .05% of the “votes” from other accounts in the network.

The cryptocoin community has an established Modus operandi.

Write a piece of software that generates a supply of database tokens, and write the rules in such a way that they gain majority ownership and distribute a large portion of the supply to a few early "whales". These early users then act in every way they can to spread promotional promises and propaganda to the public in an attempt to convince people they too can become an oligarch of this token system that will surely be the future (as they sell their tokens for fiat) and all they need to do is "hodl" the supply and wait of course.

These are the newly considered coins. If you look at the "full list" at the bottom of the post you will see XLM (and ADA) are shown.

It is strange that XLM isn't included when it was included in the release of 5 coins that they may support in the future.

This is interesting to me in the following way: it seem that there now is a business case for hyper-secure storage (both in terms of it not being destroyed and in terms of not being copied) of rather small bits information where I don't think one existed before.

The fact that this idea has finally gained traction because of crypto-currencies is - I think - largely irrelevant: there are now real information "vaults" in the world that you can rent.

Key storage, eg HSM market etc has existed for a while. There are variations in how often you want to access different types of keys.

« Secular market » A secular market trend is a long-term trend that lasts 5 to 25 years and consists of a series of primary trends. A secular bear market consists of smaller bull markets and larger bear markets; a secular bull market consists of larger bull markets and smaller bear markets.

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