s
spacecat
Warn Coinbase users that their ENTIRE HOT WALLET will be liquidated to USDC if you make the mistake of strictly following their docs and associate your DEFAULT portfolio with any API key for any strategy.
This basic pseudocode "for token in basket105_list, print % current CB portfolio + token_symbol + logger.info "Approve portfolio rebalancing plan?" + calculate_portfolio_rebalance()" doesn't exist.
Nope. They're still working on that.
Instead, the bot will SELL
EVERYTHING
FOR USDC, even if you have a ton of USDC already. Even if you have any of the strategy's tokens in CB already, in excess of the minimum investment, already.
Nope, we're going to incur a taxable event! Even if the bot is going to use ETH, yep, gotta sell that ETH for USDC first! Then buy the ETH again!! Wooo, short term capital gains field day!
Even if you stop the bot during initiation- too late! Your assets are sold before the bot UI even shows up! No need to push the backend debug logs to the UI, or pause for user approval - nope!
They are still working on all these things.
So sorry that the bot liquidated your entire 6-figure hot wallet and incurred a huge taxable event that was not whatsoever necessary.
On the first green day in WEEKS, no less.
Maybe tell CB users that. Would be nice.