Coinbase (popular cryptocurrency wallet) reminds users to invest responsibly, then tweets policy regarding process for addings assets to the application.Prices of the token Ripple (XRP) shot up on the internet hype about it being added to Coinbase, then ate a face-full of humble pie when Coinbase released the above memo.
XRP is a token that represents membership in the social payment network of Ripple Labs, Inc. Holders of the utility token have clearly not decided yet if they are a majority of speculators or investors.
The current assets on Coinbase are: Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. All are mineable digital currency coins, and were purpose-built to help transfer value over the internet. (Ethereum is an exception, but more on that another time.) While XRP excels in moving data fast and cheap, it is highly centralized and governed by its parent company Ripple Labs, Inc. A partnership with a wallet such as Coinbase would certainly help with increasing volume, but holders of XRP tokens should be aware that its function as a tool for the banking industry overshadows any current uses as a peer-to-peer coin. Peer-to-peer networking via a mobile app such as Coinbase would allow consumers to access and hold XRP tokens purchased with fiat USD, which would facilitate more growth.The most likely assets to be added to a wallet app like Coinbase would be, in my opinion, the other two mineable coins available in the top 50 choices sorted according to data on CoinMarketCap.com.Dash (#10, 8.3 Billion USD market cap) is already being used in Venezuela (link) to combat unstable fiat currency inflation. And it's working. Consumers love how fast and easy it is. It is not, however, the most secure or private coin. Monero (XMR, #13, 6 Billion USD market cap) is a coin that is purpose-built to be completely untraceable and anonymous.
With the slow transition to "cashless" in full swing this year, expect privacy to become more commoditized. XMR provides that valuable service that we took so for granted in the "cash-is-king" era. Cash was always the most anonymous and discreet way to exchange value securely. Those days are numbered...
Disclosure: This is not financial advice. I charge money for that! This is my opinion and it is free. Do your diligence and seek professional financial advice when investing in digital assets. I am not affiliated with Coinbase, Ripple Labs, Inc or anyone other than myself and FrostGate Capital LP. I do trade digital assets including BTC, ETH, BCH and LTC, however of this writing I have no stake in XRP, Dash, or XMR.Keep Calm and HODL On,JG
