The quest for decentralization in the cryptocurrency space is a noble but convoluted pursuit. So, when a suggestion arises that one of the world’s most prominent exchanges, Coinbase, is holding as much as 25% of all Litecoin, questions start to be asked.
Coinbase is regarded as one of the biggest, and most influential, cryptocurrency businesses in the world. It has made it to the Forbes Blockchain 50 list, and it has its infamous ‘Coinbase effect’ that sees coins pump when added to the exchange. But does this exchange pack enough power to influence a coin like Litecoin? Can Coinbase Be That in Control?
It was suggested on Twitter by @TruthRaiderHQ that Coinbase holds 25% of all Litecoin and even a substantial 5% of Bitcoin. Coinbase holds 25% of all litecoin and 5% of all bitcoin. — ₿ TruthRaider (@TruthRaiderHQ) December 2, 2019 This was followed up by a stab at John Kim , who brands himself as an ‘LTC evangelist.’ The suggestion being that if one company does hold as much as 25% of one coin that promotes itself as decentralized, then the level of its decentralization deserves to be questioned. If you listen to the fanboy john Kim, who parades around like a cheerleader from high school, you’d miss the fact that litecoin is centralized af. 25%-30% + of this shitcoin is owned by one company. — ₿ TruthRaider (@TruthRaiderHQ) December 2, 2019 The scope of Coinbase’s prominence in the cryptocurrency space is tough to determine, as is its […]
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