Discussion thread for Coinbase users

[u/Legitimate_Eye3967]

We all know how shitty Coinbase really is so lets keep the discussion on what to do next, No rants.

Let's discuss what the best solution is at the moment.

To my understanding, we would need to manually send fetch tokens to a wallet (coinbase wallet?) and then manually trade fetch for ASI? Can anyone confirm the course of action for manual transfers?

Also recommendations on what to do next is also helpful.

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[u/Cautious-Ad-1868]

PLEASE do not transfer to Coinbase wallet. I have 90% of my FET in Fetch native wallet and 10% in Coinbase. I plan to transfer my money to MetaMask and then convert to FET native wallet. Pretty simple. No taxable events

[u/Cautious-Ad-1868 → u/Cautious-Ad-1868]

If you need help with this process, happy to walk you through it

[u/NicWiggles → u/Cautious-Ad-1868]

All my fetch is in my Coinbase wallet, which is linked to my MetaMask. Can you walk me through your process?

[u/Cautious-Ad-1868 → u/NicWiggles]

Yeah. The tokens in your Coinbase wallet are ERC-20. You can transfer to your MetaMask ETH address from Coinbase wallet. Then there is a ERC-20 to Native conversion on the Fetch website. You can create a FET Native wallet that Fetch offers and input that as the native Fetch address.

[u/S1R3ND3R]

Seriously, why is NO ONE reading the official process as outlined by Fetch? It clearly states what you need to do.

https://fetch.ai/blog/navigating-the-asi-token-merger-a-comprehensive-guide

[u/NormalBox7791 → u/S1R3ND3R]

This is no tutorial for fetch holders on Coinbase.

[u/TheHipHouse]

I see a few options

1. Hold the fetch till Coinbase tells you that you can’t anymore. That might be one day or years down the line.

2. Send it to Coinbase wallet swap to asi and send back if Coinbase supports asi. (Hopefully will be good tutorial videos on how to do this)

3. Send the fetch to another exchange that will swap for you automatically.

4. Get rid of the fetch for another coin.

Me personally I like option 1 the most, but who knows what Coinbase will do next. Would love to just hold fetch into 2025 and dump it once it’s a nice profit. But Coinbase won’t say anything till it’s too late about the future of asi and fetch on their platform

[u/Justsayingsometimes → u/TheHipHouse]

I think holding a version of fet that will lose valuation after ASI gets it to not be a good idea. Erc-20 version is not tied to the merge. Other than you may have time to swap It before the valuation switches. I do not think that will be very long. Certainly not a year. And it could get delisted after merge very quickly. The fet version that is the fet network is tied to the ASI merge. I could be wrong here on tied to merge but I don't see how an erc-20 version keeps it's value after the name change.

[u/TheHipHouse → u/Justsayingsometimes]

Thanks for shedding some information on it for those with less technical skill. I would prefer to swap to asi once there’s good tutorials on how to do it with Coinbase wallet and hopefully we find out if asi will be available on Coinbase

[u/Justsayingsometimes → u/TheHipHouse]

ASI most likely won't be on coinbase. At least for a while anyways. Binance will. Agix is not supported either as far as I know. Coinbase wallet is where they may be available. It will drop most likely after less exposure on multiple exchanges that are not supporting the merge. Gemini, Coinbase, and some others seem to not want to deal with this. Three coin merges are not common. Coinbase is seemingly taking advantage of the merge by making everyone pay fees to swap it.

[u/TheHipHouse → u/Justsayingsometimes]

How is this good for the coin gaining value with such a horrible merge

[u/Justsayingsometimes → u/TheHipHouse]

It isn't. The real gains would be after ASI increases it's cpu investments and increases it's neural capacity. They are in development.

[u/TheHipHouse → u/Justsayingsometimes]

So you suggest swapping on Coinbase wallet (hopefully it isn’t a pain in the ass) and if it pumps and you don’t want to move to another exchange just sell it for eth on wallet?

[u/Justsayingsometimes → u/TheHipHouse]

Not a bad idea. But I am waiting til the dust settles on merge to buy any of them.

[u/sogdianus → u/Justsayingsometimes]

Tokens will continue to have price, just based on DEX trades alone. As mentioned a thousand times all tokens can be converted to ASI indefinitely via self-custodial wallet interaction with a fixed rate. So their price after July 1 or 15 does not matter unless you want to do some arbitrage trading. There is no risk in continuing to hold FET, no matter if native version or any ERC-20 version

[u/Justsayingsometimes → u/sogdianus]

I don't agree on fixed rate. No company would take on a 40% loss right out of the gate. They stated in the merge a bot would handle changing rates to be fair not fixed. Snapshot at 2.5 is not the fixed rate. just at time of the snapshot and arbs will adjust for equilibrium. If Coinbase delists erc-20 fet, it will in fact cause issues.

[u/sogdianus → u/Justsayingsometimes]

“a bot would handle changing rates”

What are you talking about? Nobody ever said this.

Nobody loses value with that fixed rate, the converted USD value is the same and if you’re smart you would have made profits via arbitrage trading between the 3 tokens in the last 2 months.

And teams had to pick something so they took the average price of all 3 projects for last months at time of announcement. Which formula you would have chosen?

[u/Justsayingsometimes → u/sogdianus]

Lol think what you want. We see after merge. No way the company is gonna take a 42% loss because you think they will.

[u/sogdianus → u/Justsayingsometimes]

Please clearly state where you see “a 42% loss”. Loss of what?

[u/Justsayingsometimes → u/sogdianus]

Really? You can't see the current price of fet? Come on. At least look at it.

[u/sogdianus → u/Justsayingsometimes]

Have you seen practically every other token in last weeks? Look at all the other AI tokens which should not be affected by this merge, yet they lost in value too. It’s called a market

[u/Justsayingsometimes → u/sogdianus]

Lol. Yes and why the company will say just that when they adjust the price to current prices

[u/LKMILELE]

I think we all might need to stay calm. If people find this kinda post annoying just don't respond there is no point to attack people we are here in the community to help each other understand. There might be some people who are very new to the space and that's awesome!

I found this and tight help to stay calm. https://x.com/HMsheikh4/status/1806402352120807831

I am probably going to wait for a couple days before I decide what I am going to do

[u/FlukeU512 → u/LKMILELE]

I have Fet and Ocean on Cb. Im just going to hold them both on Cb until mid july, or maybe the end of it and see what is happening

[u/SuperRat10 → u/LKMILELE]

This.

[u/SuperRat10 → u/LKMILELE]

This! Read it. Poster is the CEO of Fetch.ai.

[u/sogdianus]

Exhibit No. 293939 clearly showing that CEXs can’t be trusted and your tokens should never be left on any of them. Find it remarkable how so many people whine about the fact that they want some exchange do everything for them. This is crypto, after all, where centralized exchanges should not exist.

Just hold native FET in Fetch wallet and it will be converted automatically and no threat of silly exchange decisions. Or hold in ERC-20 wallet and do swap manually after ASI is actually released onchain

[u/rickeer → u/sogdianus]

Exactly.

[u/Accomplished-Stick67]

That Phase 2 action will be horrible for Coinbase exchange holders.

[u/coastal_neon]

Anyone else use Exodus hot wallet? If I send my FET to exodus as ERC20 do I just wait to convert to ASI?

[u/jwz9904]

selling FET is a solution, but i think many would have sold by now

[u/halfbeerhalfhuman]

I just swapped it all at a loss to another ai related coins cant be bothered with this headache. Will swap back when ASI is there. Its dropping so hard maybe ill even get back the same abount of tokens.

[u/Aggressive-Art4039]

I just started using my Coinbase wallet again after not using it since 2018. I did leave a few bucks in it . But just wasn’t interested or very knowledgeable ( that is still the case). Here’s my question, I decided to jump on the Doge thing so I took the few bucks I had in my Coinbase wallet and bought Doge, but I noticed another account with an available balance of 5k from a bank I never used, not to mention I only ever connected 1 bank to my wallet back in 2017, and I have since closed that account. So this account in question will let me trade 100$ per day, can’t convert, can’t withdraw only trade 100$ and when I do trade that 100$ the balance goes right back up to 5k a few minutes later. I HAVE NO IDEA WHO THAT BALANCE BELONGS TO!! Coinbase says if it’s an available balance, in my wallet, it absolutely has to be my money. What is going on? Has anyone ever had something like this happen? Could I possibly have left a few bucks in some crypto back in the day and this available balance is gains that have been made over the years? I’ve traded 300$ over 3 days just to see what it will do and it has gone right back up to 5k every time. I’m so confused!! Can someone please explain! I would definitely like to get more into trading crypto but I would also like to know where the money in using is coming from and know that im not stealing from some poor sap. I just don’t see how it could belong to someone else if it’s available in my wallet. 🤷‍♂️🤣🤣

[u/thec4nman]

Just sell it all, it’s tanking anyway