Coinbase: The Heart of the Bitcoin Frenzy • Hacker News Board

Re: Coinbase: The Heart of the Bitcoin Frenzy

#31

Post by drawkbox » Thu, Dec 07, 2017, 2:36 AM UTC

pishpash wrote: post #25

drawkbox wrote: post #18

With the frenzy out there, Coinbase makes crypto currencies trading/investing/purchasing as robust and seemingly as safe as possible. This could be a signal, now that we have some reputable market players that crypto currencies are really just starting and there is a very high ceiling. Getting in before coinbase you had to mine your own (that party ended quickly - Butterfly Labs, cex.io for cloud mining etc) or be pa…

Pretty sure forex markets are 24/7

Yeah I guess currency exchanges / futures have always been 24/7 as there is always an open market somewhere in the world. Crypto currencies are close to that I guess.

I wonder if equity markets will one day move to always on, I hope they do.

With more investment options such as crypto currencies, I wonder if they will eventually do it to stay competitive to investment cash.

Nothing worse than pre-market and after hours shenanigans in equity markets, can't pull that in an always on market.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#32

Post by eqmvii » Thu, Dec 07, 2017, 2:37 AM UTC

If the bubble bursts, this will be a delightful pull quote in the postmortem:

"Correction: December 6, 2017 An earlier version of a photo caption with this article misidentified the place where Coinbase employees were gathered for lunch. It was the gaming room, not the cafeteria."

Re: Coinbase: The Heart of the Bitcoin Frenzy

#33

Post by CamelCaseName » Thu, Dec 07, 2017, 2:37 AM UTC

wslh wrote: post #29

pishpash wrote: post #25

Earlier quoted context omitted.

Pretty sure forex markets are 24/7

Not for retail trading and holidays can affect pairs.

Retail trading in Forex markets is miniscule. Source: https://www.bis.org/publ/qtrpdf/r_qt1312z.htm

Re: Coinbase: The Heart of the Bitcoin Frenzy

#34

Post by ganeshkrishnan » Thu, Dec 07, 2017, 2:39 AM UTC

malloryerik wrote: post #26

drawkbox wrote: post #18

With the frenzy out there, Coinbase makes crypto currencies trading/investing/purchasing as robust and seemingly as safe as possible. This could be a signal, now that we have some reputable market players that crypto currencies are really just starting and there is a very high ceiling. Getting in before coinbase you had to mine your own (that party ended quickly - Butterfly Labs, cex.io for cloud mining etc) or be pa…

Most foreign exchange and derivatives exchanges are on 23.5 hours a day, except weekends.

Only derivatives and forex. Stock is still office hours and out of regular hours (+-1 hour I think) is reserved for the big boys.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#35

Post by yellow_postit » Thu, Dec 07, 2017, 2:42 AM UTC

stephengillie wrote: post #9

Cookingboy wrote: post #4

Coinbase has a key difference from traditional brokers such as Charles Schwab, Scottrade, etc. It doesn't charge a flat fee for buy/sell crypto currency, but a 2-3% fee based on the transaction value. So even though I'm sure they've been making cash hand over fist this past 12 months, it makes any sort of future prediction extremely difficult. They not only have to predict customer growth (which leads to transaction…

Experimenting with the low-end shows a $0.99 floor on their fee.

Use GDAX and a limit order and you can purchase for free. Easy to transfer between gdax and Coinbase.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#36

Post by stephengillie » Thu, Dec 07, 2017, 2:43 AM UTC

zkms wrote: post #24

I used to use coinbase but some godawful KYC/AML thing kicked in and asked me to send them a "selfie" of myself, which creeped me the hell out. I'm a US citizen, am not on any sort of list of prohibited people, and had already given them a photo of my driver's licence and my SSN -- and have had no issues with opening other bank/bitcoin-exchange accounts online previously. I thus switched to Gemini because I do not wa…

You had to provide your bank user/pass to Coinbase? I only had to provide routing and account numbers, then verify the ACH amounts (edit: and driver's license photo). But I'm only in the shallow end of the kiddie pool here.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#37

Post by zzxxddere333 » Thu, Dec 07, 2017, 2:44 AM UTC

stephengillie wrote: post #7

40acres wrote: post #2

Coinbase seems to be the quintessential "sell shovels during a gold rush" company. Definitely provides a good case study about how to create a successful business during new industry booms.

The giant balance up top is an incredible FOMO machine. In the best findom/gamification, you can increase your "score" simply by giving them more money. The volatility makes the game more difficult to predict than most free-to-play games, but the daily graphs going up so fast make it hard to resist.

you mean... like most banking apps?

god forbid they make obvious what most users are using the app for.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#38

Post by stephengillie » Thu, Dec 07, 2017, 2:46 AM UTC

yellow_postit wrote: post #35

stephengillie wrote: post #9

Earlier quoted context omitted.

Experimenting with the low-end shows a $0.99 floor on their fee.

Use GDAX and a limit order and you can purchase for free. Easy to transfer between gdax and Coinbase.

If GDAX is better why use Coinbase?

Re: Coinbase: The Heart of the Bitcoin Frenzy

#39

Post by g09980 » Thu, Dec 07, 2017, 2:47 AM UTC

Cookingboy wrote: post #4

Coinbase has a key difference from traditional brokers such as Charles Schwab, Scottrade, etc. It doesn't charge a flat fee for buy/sell crypto currency, but a 2-3% fee based on the transaction value. So even though I'm sure they've been making cash hand over fist this past 12 months, it makes any sort of future prediction extremely difficult. They not only have to predict customer growth (which leads to transaction…

Limit orders are free on GDAX.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#40

Post by travisjungroth » Thu, Dec 07, 2017, 2:48 AM UTC

eqmvii wrote: post #32

If the bubble bursts, this will be a delightful pull quote in the postmortem: "Correction: December 6, 2017 An earlier version of a photo caption with this article misidentified the place where Coinbase employees were gathered for lunch. It was the gaming room, not the cafeteria."

I work at Coinbase. If you want the inside scoop: "game room" is a bit of a misnomer for that room. It's a large room with a big theater screen. All day it's full of meetings and presentations. There are a bunch of games on shelves as well, and some people play them after hours.