Hacker News Reader

Coinbase was never about the original cryptocurrency vision anyway. They always wanted to be the crypto ‘bank’ and be the middleman collecting fees. Even the name ‘Coinbase’ [0] was deliberately chosen to confuse people and make them think that they are somehow core to Bitcoin.

0: In the Bitcoin protocol a transaction which generates new coins and issues them to the miner of a block is called a coinbase transaction.

View on HN

Yes, it was quite devious of them to name themselves in a manner that would confuse some tiny fraction of the cryptocurrency geeks [1] that know what a coinbase is, but don't know what Coinbase is.

[1] Which constitute some tiny fraction of the user-base of cryptocurrencies - which is predominantly a gaggle of day-traders, conmen, and the occasional normie who needs to pay a ransomware operator in Belarus.

Reply on news.ycombinator.com