keccers
@keccers.eth
Can someone please tell Brian Armstrong to STFU about all this as well and focus on IDK, general reliability, customer support, Solana? The street works both ways. I LIKED his original missive of apolitical workplaces and wish he would honor that, lock in, and focus on his primary business, not political activism/revenge and longevity goals “There’s no room for politics and religion in crypto. Focus on tech.” https://x.com/beaniemaxi/status/1881564853342773370
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Daniel Fernandes
@dfern.eth
Eh, he said we'll engage in politics when it affects crypto & not in broader social issues, that's what he's doing here. Also, I don't think investing in every new hot L1 just because ppl are loud on Twitter is a good idea. They built Lightning support after BTC maxis wanted it, and now *nobody* uses it. The casino will move from Sol to Aptos and SUI, the solution is to stop chasing casino customers.
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keccers
@keccers.eth
Is it necessary to be retributive and continue harping after you've won? Going out of your way to tell others not to hire X person because they were in the old admin, relentlessly hammering on the loser? Is that the way to be maximally appealing and onboard the next billion? Focusing on normies would be great except I am not a casino customer and I already feel unsafe with them, what now? Each continued example of failing to listen to customers and clear lack of focus erodes my trust further. THIS IS MY MONEY. I am PISSED OFF because for years these people expressed a certain type of mindset and values and said oh no oh no the only thing standing in our way is [the government][minorities][women][excuse][lack of grindset]. Now all those things are gone so why are they failing to meet the moment? I am PISSED OFF because I have stuck up for crypto among normies and time and time and time again the industry proves they are incapable of being serious. Not everything is some lame Pepe-ified JOKE.
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Daniel Fernandes
@dfern.eth
Disclosure: I am wearing my ARK Invest quarter zip today. 😈 (1) Re: the 'no hiring ex-SEC enforcement lawyers', this was a red line set out deep within Biden's term where it was not clear at all that Trump would win. Once you set out a red line, you have to enforce it, and it's a reasonable policy. You cannot let unaccountable lawyer-bureaucrats violate the APA & go on to be rewarded in private practice. It's the worst of the deepstate swamp revolving door and saying 'no more' is heroic. It's not revenge, it's saying what you mean, and then meaning what you say. 1/N
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Daniel Fernandes
@dfern.eth
(2) I agree it would be great if they could have white glove customer service like Fidelity, but the reality is that they are more like Western Union/Moneygram. It actually costs Coinbase money to custody crypto assets: it's the opposite of a bank! Coinbase gets all the downside if customers get phished, but none of the upside from making a spread on interest revenue. Then they get beat over the head with AML/KYC gaslighting from Elizabeth Warren. This is why they are so conservative with locking accounts. They don't have the bankroll to just eat every fraud claim like banks do for credit card purchases. The benefit? Lower fees & graft for all. The downside? Nil customer service. 2/N
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Daniel Fernandes
@dfern.eth
Now, I don't know how many people pay for Coinbase One, but I'm guessing not many: (you knew this was coming) it's another stated vs revealed preference example. People are not willing to pay for customer service, they would rather take lower fees 99% of the time than pay more to have fully staffed 1-800-number call center at the ready. You can't hide fees in crypto like you can in TradFi banking. The ideal endgame for Coinbase is that you go directly from bank account ACH transfer to USDC on Base, from which you can buy whatever you want self custodially, no customer service needed. & until we invert AML/KYC where user data collection becomes the crime, not warrantless dragnet surveillance w/ mandatory reporting requirements to the FBI, we will continue to see 'locked accounts' if you have a wallet 10 hops away from a Tornado cash transaction. 3/N
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