This thread is also useful to understand the key changes that have happened at @Coinbase in relation to new asset introduction, since $BCH was introduced in December of last year... It's also my first tweetstorm.
1) After the BCH fiasco, and strong evidence of insider trading based on (likely) leaked information from @coinbase employees, CEO @brian_armstrong has demonstrated a clear desire to fix this problem and address the intense criticism his company came in for.
2) This can be seen in @brian_armstrong's tweets in January (and beyond). For example and
3) By examining @Coinbase’s own public statement on the BCH introduction, and subsequent blog posts from them on their new system for introducing new digital assets, there are a few key takeaways we can infer... (BCH statement link - blog.gdax.com/bitcoin-cash-l…)
4) The old system (pre BCH) involved all employees being aware of new coin introductions in advance. “On November 13th, 2017, employees were notified of the decision to support BCH trading and were explicitly prohibited from buying and selling BCH”. This was obviously a mistake.
5) In the new system (post BCH), only a handful of people, the Asset Selection Committee members, and executive management know about new coin introductions, before the public do. Crucially other staff and engineering staff do not. See steps 3 & 4 of blog.coinbase.com/our-process-fo…
6) Just because BCH and other assets beforehand were launched without warning, or during @coinbase maintenance windows, does NOT mean future assets will be. In fact, this is clearly detailed and explained to the contrary in the new process.
7) Part of the problem is that @Coinbase did not specify this was a new process & inferred it was the same process all along. They use the present tense in their post… “We want to share additional information about how we manage the process of adding new assets to our platform”.
8) There are 3 clear steps in the new process that have not yet happened… Step 3 - "If approved by the executive team, the asset selection committee promptly announces which new asset will be added to our platform. This decision is announced both internally and to the public”
9) Step 5 - "An announcement is made via our blog and Twitter when we begin final testing of the technical integration.” This has not happened.
10) Step 6 - “An announcement is made via our blog and Twitter when the integration is complete and we are ready to allow deposits of the asset. We will always allow at least 24 hours of deposits before opening an order book for a new asset.” This has not happened either.
In summary, there is not a chance that new assets will be added to @GDAX this evening but there is clear evidence to suggest that ERC20 tokens like $ZRX and others will be added in the future. Good luck out there, and please consider a follow if you found this post useful.
