Coinbase has develop into the brand new Robinhood. They’re artificially withholding Algorand withdrawals due to liquidity points and don’t wish to lose out on their governance rewards. It has been over 24 hours now they usually’re pretending it is a technical problem.
My guess is Coinbase is operating on fractional reserves and doesn't wanna lose out on it's governance rewards so they’re artificially delaying withdrawals of ALGO. I don't learn about you guys however after I get my ALGO's withdrawn I'm discovering an alternative choice to CoinBase. They have formally misplaced my enterprise which is a disgrace as a result of I've used them since stepping into crypto.
They did this very same factor earlier than the first governance interval in September and folks misplaced out on signing up. This isn’t any totally different than what Robinhood did with GME inventory. It simply reveals that CEX's want regulation desperately and we're presently on the mercy of Coinbase assholes.
There have additionally been different unusual issues between Coinbase and Algorand. For the longest time that they had Algorand listed as an ERC-20 token. Additionally they generally don’t publish up to date/appropriate information for Algorand. A couple of days in the past they listed Securitizes Tokenization of Down Jones Index Funds as taking place on Ethereum as an alternative of Algorand, since then they've taken it down from Ethereum however haven't posted it to Algorand information.
This all smells a bit fishy. I’ve been having this sense for some time that coinbase is intentionally making an attempt to undermine Algorand.
Does anybody know of a great various to Coinbase and Binance within the US?
EDIT 1: They canceled my withdrawal after over 24 hours pending and mentioned "Blockchain transaction was compensated". I'm questioning if I ought to attempt to withdraw once more or convert to a different coin and switch off.
EDIT 2: Tried withdrawing once more and it canceled nearly instantly and mentioned the identical factor "Blockchain transaction was compensated." I'm fairly certain they nonetheless took my .002 ALGO transaction payment although. CB is fucking us over royally.
EDIT 3: Tried withdrawing as soon as extra, instantaneous withdrawal cancel with similar cause as earlier than. I'm performed making an attempt to withdraw tonight. Will strive once more tomorrow within the AM and replace the publish.
EDIT 4: I used to be lastly capable of withdraw my ALGO's in the present day. Look's like Coinbase probably noticed this publish and acquired extra ALGO. The quantity of ALGO in Coinbase 2 doubled and magically withdrawals have been reenabled. Which means this was 100% a liquidity problem, and never a technical problem. Thank you everybody for contributing, I'm proud to be part of this group. The elites get scared when all us little guys work collectively, always remember how highly effective we’re after we work collectively. This is the precise cause why we’re all right here, so large monolithic entities can't dictate and management our lives with none recourse.
EDIT 5: MAKE COINBASE SQUIRM. Withdraw every thing. Coinbase 1 is right down to 351 ALGO and Coinbase 2 is right down to <1 Million ALGO. Let's clear them out. Hopefully they’ll be taught not to do that once more.
EDIT 6: I've been studying some persons are nonetheless having issues withdrawing.
submitted by /u/gigabyteIO