You obviously do not know understand DEFI and do not understand what is an Exchange.
DEFI stands for Decentralized Finance.
***NEWS FLASH****. UniSwap is an Exchange....It is a DECENTRALIZED Exchange with high gas fees.
When you did a swap from Ethereum to Rocket Bunny that is an Exchange! You did it on a decentralized Exchange.
The story is still FAKE NEWS. In order to cash back at Coinbase the guy would have to swap Rocket Bunny back to Ethereum on Uniswap first.....
The current Ethereum price is still over 2k a token. So he would not lose this trillions in Rocket Bunny like the story claims. Furthermore, if he did a swap, then you would see the spike in price of Ethereum sky. The price of Ethereum has been falling for a while now.
I have big crypto bags. I’ve watched my purchases move coin prices, including Ethereum, and they were not even 10k.
So if this guy really swapped his “Rocket Bunny” back into Ethereum on Uniswap the world would have saw it. Moreover, it is a taxable event, moved it back to Coinbase, and then tried to cash out in a Centralized Exchange? That would be a taxable event.
Coinbase would see a huge supply of Ethereum come into their Exchange, and it would get noticed world wide. The market cap on Ethereum would dramatically change and become the number 1 coin. This dude would have more Ethereum than the founders combined. Everyone would see it.
For the record, I have the highest level you can get on Coinbase, and it still has limits.
Let’s play make believe like this happen. Why would this guy go to 1 Exchange too? There are many other Exchanges that have cash you can swap Ethereum. They all have limits though.
If you really been in crypto a long time, then you clearly do not understand and do not know how it works.
Lol.
Just stop. You stated in how many posts that you cannot buy it? I showed you it could be bought. In fact, before I bought it I showed you how to buy it and you still insisted you couldn't. You're not an "expert". You're a guy with a coinbase account. Do you even buy and sell on pro?
What I meant by Uniswap not being an exchange, was that it is not what most people think of in a traditional exchange because it isn't.
It is a DECENTRALIZED Exchange with high gas fees.
Once again, you're showing your ignorance of this. Uniswap does not have high gas fees, their own fees are quite modest. When you buy it on Uniswap, you're buying it on the Eth blockchain. Ethereum (does/did) has had some really high gas fees recently and when you buy DEFI, you're paying Eth gas fees to the blockchain because you're buying it on the Eth block chain via Uniswap. Uniswap does have liquidity pools though, but just to make trades available. You're not paying the Uniswap transaction gas fees to Uniswap, you're paying transaction gas fees to the miners to confirm the transaction. You do pay a small fee to Uniswap in Eth, which is why I said you need to have Eth in your wallet. You seemed to think I somehow got the symbol wrong for Rocket bunny when I mentioned needing Eth in your wallet, lol.
All the non Defi exchanges pay exactly the same Eth fee when they interact with the Eth blockchain. The difference is a centralized exchange holds their own liquidity pools and do not reach out to the Eth blockchain for liquidity unless the trade is greater than their liquidity pool. Once they have a bunch of trades that need confirmed, They bundle a whole bunch of transactions together and submit them to the blockchain and pay a pittance of the gas fee. This is why it can take longer on exchanges to get all the confirmations. During the peak hours when gwei(go google that one now) reached all time highs, you did pay more for Eth trades. The exchanges probably ate a little of the gas fee though.
Finally, what is happening in this story is that coinbase's wallet looks up how much each coin, or token is worth, calculates that value and shows it to you in the wallet app. Do you even know the difference between a coin and a token? Run out to google and learn that one now so the next time you present yourself as a crypto expert, you won't look as foolish.
As to your point about exchanging the value back to Eth, clearly he didn't. A Trillion dollar swap would show up everywhere. He probably tried to swap it back or to send it off the coinbase wallet to a different wallet that supports ERC20 and didn't have enough eth to allow the transaction to happen. It would have wound up in a different wallet, worth about the same as it was in his coinbase wallet; $20ish and it would have cost him about $6 to move it. All this was was a bug in coinbase showing the wrong value for a shittoken.