Base Faces Criticism as Coinbase Scales Back in Argentina

• Base’s shift toward memecoins risks alienating serious builders and undermines its original utility-focused mission.

• Coinbase halts peso-based USDC trades in Argentina, but crypto-to-crypto activity remains fully operational.

• Community debates highlight the need to distinguish cultural memecoins from speculative gambling tokens.

Crypto platforms are facing renewed scrutiny as Coinbase pauses local fiat operations in Argentina, while Base receives growing criticism from its early community. Miyamoto, a day-one Base user, publicly warned that Base is drifting away from its original mission of supporting real utility and builders.

He stated, “Base was thriving when it positioned itself as a hub for serious tech, a home for utility projects, real innovation, and builders creating things people could actually invest in and hold long term.”

Besides Base’s identity shift, Coinbase’s recent move highlights operational challenges in emerging markets. Starting January 31, 2026, Argentine users cannot buy or sell USDC with pesos or withdraw to local bank accounts.

The exchange provided a 30-day window to complete peso-based trades. Crypto-to-crypto activity, however, continues unaffected, ensuring users can still send, receive, buy, or sell digital assets freely.

Community Reactions Highlight Base’s Strategic Dilemma

Criticism of Base isn’t isolated. Dani commented bluntly, “Base fucking drinks and will never ever come close to Solana in any way, shape or form.” Users argue that Base’s recent focus on memecoins and low-quality launches undermines its early credibility. JAstra observed, “Inevitably, some kind of pump fun model attracts attention but at some point, it needs to align with why builders are here in the first place.”

Moreover, ZK noted a subtle nuance in the memecoin ecosystem, explaining that some memes, like Doge and Pepe, persist culturally, while “vapid picture + ticker coins” serve merely as gambling vehicles. He added, “They’ve heavily diluted the memecoin space, so making the distinction between the real memes and those vehicles for gambling is important.”

Consequently, Base faces tension between short-term hype and long-term innovation. The platform initially gained traction by hosting projects like $mamo, $giza, $aixbt, and $virtuals, which offered real-world utility and investment potential. However, the drift toward speculative assets risk alienating serious builders, pushing some users back to Solana for perceived stability and opportunity.