Coinbase Global Inc.’s trading debut ushered in a new era for cryptocurrencies on Wall Street, bringing the oft-mocked asset class closer to mainstream acceptance. But that’s just the sort of attention that generates outrage among a small, disgruntled cohort of the Bitcoin community.
For the most ardent Bitcoiners, the so-called maximalists who regard other cryptocurrencies as schemes to part neophytes from their money, talk of Coinbase raises hackles. To them, the idea of a centralised exchange dominating trading in what they see as a decentralised alternative to the current financial system is abhorrent.
The less extremist reasons are varied, with sentiments ranging from “there are better places to trade” to “do you know what they did,” but the tone is unmistakable.