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Crypto Comics – What is Coinbase

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I tried to explain what Coinbase is in comic strips.

TL;DR

I explained what Coinbase does mean and how Coinbase reflects the idea in the crypto space.

Some Takeaway

Coinbase is a cryptocurrency online trading platform that becomes a crypto banking company. They provide crypto services particularly on security to help users to secure their crypto assets. However, Coinbase has another meaning that many people are less likely to know. It is the first transaction in the block and it is also called the coinbase transaction.

Coinbase Transaction

The blockchain is a public record of transactions that happened between two parties. However, not all transactions are the same. There is one transaction that particularly records rewards to miners. This type of transaction is called coinbase transaction. 

How Coinbase Transaction Works

This type of transaction starts with a blank transaction since there has never been a spending transaction prior to this transaction. This single blank input is called the Coinbase. When the new block has been created, the reward will be generated for miners. However, such rewards in the coinbase transactions cannot be spent until they reach special thresholds such as 100 confirmations in the Bitcoin blockchain.

Why 100

The idea is that in order to protect the blockchain from the fork, miners will have to receive a certain number of confirmations before spending the reward. It is called coinbase maturity. If there is no maturity period, miners can create as many coins as they want to and spend as quickly as they can before others catch up through the validation process. Such miners can create another blockchain by themselves without further confirmation from others. 

Coinbase Company

The company is named Coinbase mainly because they want to have a symbolic idea that they are the first one-of-a-kind crypto company (which they are) and lead the crypto industry (which they are not).

In conclusion

Coinbase has another deeper meaning in crypto. I hope you now know that.

Check out my another article Crypto Comics – What is HODL

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Starbucks Launches Beta of Web3 ‘Odyssey’ Loyalty Program

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Starbucks Launches Beta of Web3 'Odyssey' Loyalty Program



The popular coffee chain opened up the Web3 extension to its Starbucks Rewards program to a “small group of waitlist members,” including employees and customers, allowing them to engage in interactive “Journeys” that earn “Journey Stamps” in the form of Polygon-based NFTs. In addition, users also get “Odyssey Points” that will open access to new benefits and experiences in the future, including virtual espresso martini-making classes, exclusive events and trips to Starbucks roasteries and coffee farms.



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Sam Bankman-Fried misses deadline to respond to testimony request, now what?

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Sam Bankman-Fried misses deadline to respond to testimony request, now what?



Crypto’s public enemy number one, Sam Bankman-Fried has missed a crucial deadline to confirm his appearance at an upcoming Senate Committee hearing.

The former FTX CEO missed a Thursday 5pm ET on Dec. 8, deadline for responding to a Senate Banking Committee request that he testify at the Committee meeting on Dec. 14. This has set up the possibility of a congressional subpoena.

On Dec. 8, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, Sherrod Brown, and ranking member of the Committee Senator Pat Toomey released a statement on the request.

“FTX’s collapse has caused real financial harm to consumers, and effects have spilled over into other parts of the crypto industry. The American people need answers about Sam Bankman-Fried’s misconduct at FTX,” they stated before adding:

“The Committee has requested that he testify at our upcoming hearing on FTX’s collapse, and will consider further action if he does not comply.”

According to the official Committee website, the hearing titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers” will be webcast on Dec. 14.

So far, two witnesses have been confirmed to attend the hearing — including American University Washington College of Law Professor Hilary J. Allen, and, Actor and Author Ben McKenzie Schenkkan.

Professor Allen is an academic whose research focuses on the impact of new financial technologies on the stability of the financial system. Ben McKenzie is an anti-crypto actor-turned-commentator who played a troubled teenager on a U.S. television series called “The O.C.”

Messari founder Ryan Selkis commented on the futility of the witness selection:

Meanwhile, Cointelegraph has reached out to Ben McKenzie for comment.

Related: Texas enforcers want Sam Bankman-Fried to attend the hearing in February

Other than the Dec. 14 Senate Banking Committee hearing, Bankman-Fried has also been requested to attend a separate hearing called “Investigating the Collapse of FTX” on Dec. 13 with the U.S. House Financial Services Committee.

Bankman-Fried was first requested to attend the hearing via a Twitter post from Congresswoman Maxine Waters, but seemingly declined the invitation on Dec. 5 stating that he wasn’t sure what would happen by the hearing date, “but when it does, I will testify.”

Waters responded on Dec. 8 stating “a subpoena is definitely on the table” should Bankman-Fried fail to voluntarily testify at the hearing.

The collapse of SBF’s FTX empire has initiated a tsunami of backlash from U.S. lawmakers and regulators threatening to drown the fledgling crypto asset industry.



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Binance CEO ‘CZ’ Will Teach You About Crypto And The Web3 on MasterClass

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Binance CEO 'CZ' Will Teach You About Crypto And The Web3 on MasterClass


On December 8, Binance, the world’s largest cryptocurrency exchange, announced its partnership with Master Class, an online education platform, to launch a course on cryptocurrencies and blockchain for the “crypto-curious” audience. The class will be led by Binance’s CEO and founder, Changpeng Zhao (CZ), and is a joint effort between both entities to build a better ecosystem —and prevent new users from losing their money.

The master class, called “Crypto and the Blockchain,” will last for 3 hours and 40 minutes and will provide participants with the opportunity to learn about blockchain technology, Web3, DeFi, DAOs, and more from leading experts in both the crypto and mainstream finance industries. These experts include Changpeng Zhao (CZ), Emilie Choi, President and COO of Coinbase, Chris Dixon, Founder and Managing Partner of a16z Crypto, and Paul Krugman, author, NYT columnist, and Nobel Prize-winning economist.

Promotional Banner for the masterclass “Crypto and The Blockchain,” Image: Masterclass

Crypto and Blockchain 101 —But Experts Are Welcomed

The master class will cover essential topics on cryptocurrencies that will give newcomers a balanced view of the ecosystem and help them understand the industry’s current state and where it is headed. However, more experienced individuals can also benefit from the class and find valuable insights in each lesson.

Each participant will also have access to a downloadable crypto primer packed with explainers, activities, and illustrations to help them better understand the topics covered in the class.

To join the class, participants must pay a MasterClass membership fee of $15 per month (billed annually) that unlocks access to multiple courses and sessions taught by more than 180 instructors, so users will benefit from a wide spectrum of courses that go beyond the scope of crypto and the Web3, ranging from modeling to gardening with everything in between.

Binance Bets on Education To Improve The Crypto Scene

Changpeng Zhao said that as civilization advances, it is necessary to understand new technologies in order to build business models that would be impossible using the outdated traditional financial system. On the announcement, he said there are new business models that can be built using the novel blockchain technology, which cannot be built using the methods and tools from the legacy financial system.

In addition to the master class, Binance has also announced the launch of six courses and 29 modules through Binance Academy to teach basic knowledge about cryptocurrencies and blockchain. Upon completing the six free courses, users will receive an NFT certificate as proof of learning.

Binance also launched new courses and quizzes on December 7 to allow users to earn rewards in BNB, BUSD, POLYX, and ALGO as Christmas gifts.

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Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



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