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> You convert your dollars to USDT/WBTC/Ethereum at Coinbase, transfer to your wallet, then do 99% of trading/gambling on Uniswap. That's not a future where Coinbase is very valuable.

But then Coinbase would just charge high fees for doing so and draw those down over time if/when competitors enter the market.

Most "regular people" are going to use trusted and established brands and companies. They don't want to see their money go poof.



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