3. Keeping Coinbase on their toes - Robinhood adds no-fee crypto trading!

Keeping Coinbase on their toes - Robinhood adds no-fee crypto trading!

This is absolutely terrible for bitcoin, because they won't be selling any bitcoin, and you won't be able to withdraw or deposit or use the bitcoins to pay with or transfer to anyone. They will be selling some sort of virtual certificate that promise you that they are holding a certain amount of bitcoin for you.

Worst part of it is that people in here are cheering for this because it might nudge the price up a percent for a few days. Not taking into account that if these bullshit certificate becomes the way people "buy" "bitcoin" it will slow adoption and make people think bitcoin is just a number in their Robinhood app (which, in their case, it will be) that they can turn back into fiat (but only using Robinhood app).

/r/Bitcoin Thread Parent Link - techcrunch.com
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