One more company off the shortlist of potential targets for the PSTH SPAC. Looking more and more like it’s going to be something like Subway.
Its gonna be WeWork
Coinbase announces proposed direct listing
101–110 of 222 posts
Re: Coinbase announces proposed direct listing
#102Given the hype, the most likely scenario is a > 2X price spike in the first few minutes of trading regardless of the initial market cap ($100B+?). For those of us who believe that, what is the best strategy for purchasing shares ? It's doubtful brokers will allow market orders the previous night since the ticker might not yet exist, and if one places a market order during the first few minutes the cynic in me predict…
What you probably want is a snap to market order meaning that if you're buying, it will snap to the ask, selling, to the bid. I use snap mid orders, usually get decent fills without getting retail'ed.
Re: Coinbase announces proposed direct listing
#103Given the hype, the most likely scenario is a > 2X price spike in the first few minutes of trading regardless of the initial market cap ($100B+?). For those of us who believe that, what is the best strategy for purchasing shares ? It's doubtful brokers will allow market orders the previous night since the ticker might not yet exist, and if one places a market order during the first few minutes the cynic in me predict…
I’m not sure there are big pops on OTC listings, as the pop on an institutional listing is the difference between what they sold shares at to raise money the previous night and what the market values them at in real life.
Since you’re not raising money in an OTC listing, trading should begin roughly at market price, no?
I could be wrong I don’t really play IPOs. Well, SPACs, haha.
Re: Coinbase announces proposed direct listing
#104Obviously this was planned well in advance, but what a day to make this announcement.
How long until Coinbase blocks the buying of popular tickers too because powerful hedge funds tell them?
They'll just block all users from logging in when they see fit, continue to claim it's because their servers can't handle the load, in fact it's a weak cover story of them trying to prevent impulse selling when Bitcoin et al start skyrocketing - e.g. market manipulation; it's what, happened at least 4 times now?
Re: Coinbase announces proposed direct listing
#105Given the hype, the most likely scenario is a > 2X price spike in the first few minutes of trading regardless of the initial market cap ($100B+?). For those of us who believe that, what is the best strategy for purchasing shares ? It's doubtful brokers will allow market orders the previous night since the ticker might not yet exist, and if one places a market order during the first few minutes the cynic in me predict…
You can trade Coinbase shared pre-IPO on FTX (unfortunately, not available to US users). The stock trading infra seems weird but makes sense under the hood and is reliable (happy to answer any questions people have).
https://ftx.com/trade/CBSE/USD
(this was mostly informational, but if anyone actually decides to use the platform and wants to get 5% off trading fees, also happy to share a referral link)
Re: Coinbase announces proposed direct listing
#106Earlier quoted context omitted.
Are you familiar with the work of Michael Hudson? I just learned of "...and forgive them their debts" [0], and looking forward to reading it. While I'm generally in favor of debt forgiveness for 2021 America, in his talks he's primarily described jubilees in the context of regime change: a new conquering emperor, or an aspiring revolutionary leader, cancels the debts to secure the loyalty of workers and soldiers, and…
I am aware-ish of that and (edit, forgot the "and") Graeber's book but haven't read either. The Geiger counter randomized debt jubilee is a bit of a play on the scheduling problem. I do agree debt jubilees only make sense as a emergency post-hoc fix. If you think about it, UBI + good confiscatory taxes at the margins is basically a nice smoothed amortized debt jubilee. That's much better.
Ha, Graeber's debt book is a different one [0]. I can vouch for its excellence, but I don't recall him discussing jubilees much.
A cursory search isn't turning up much, do you have any reading material for the Geiger counter idea? Or is that something you're spit-balling just now? :)
Agreed on UBI, etc. One thing I've been thinking a lot about is the Ultimatum Game [1], and what it would look like to scale up that concept to a society. In a sense, that's the realpolitik of every state: if the peasants are sufficiently unhappy, they show up with torches and pitchforks, even at the cost of their short-term interests. The modern peaceful version is "vote the bums out", but that's always been of dubious efficacy; and it feels especially toothless today, given the scope of regulatory capture and "manufactured consent" in the two-party system. The next closest thing (without resorting to violence) probably looks like a General Strike, but that's one hell of a coordination problem.
[0] https://en.wikipedia.org/wiki/Debt:_The_First_5000_Years
Re: Coinbase announces proposed direct listing
#107Earlier quoted context omitted.
I suspect the plan is to raise tons of fiat then pump their BTC holdings via grayscale.
My god, that would be amazing. 1. Coinbase raises money from the IPO. 2. Coinbase takes some of that money and gives it to Grayscale. 3. Grayscale uses the money to buy cryptocurrency... On Coinbase! Not only do Coinbase shares appreciate from the increased value of assets on their balance sheet, but they earn some of their money back from fees, too. Just make sure that steps #1 and #2 have some delay, after any lock…
So, just like a stock buy back, just a bit more complicated..
Re: Coinbase announces proposed direct listing
#108The AirBNB listing showed that banks favor their friends and clients in an IPO, when the price surged well before the debut allowed us Little People to buy. A direct listing would be cool and I hope they pursue that.
Re: Coinbase announces proposed direct listing
#109Earlier quoted context omitted.
If you lost your life savings on GME, you deserve to starve edit: the only way you could be losing your life savings on GME is with a dumb, arrogant short position. yes, you should starve...isn't this what a short sale is anyway? A bet that someone else will starve?
Personally I prefer to not be stabbed to death by a starving person who lost their life savings on GME so they can steal $10 from my wallet. Massive societal implosions tend to have a large blast radius.
So basically, “heads I win, tails you lose” for the institutional investors because you’re worried about the possible fall out?
Re: Coinbase announces proposed direct listing
#110Earlier quoted context omitted.
This is always how it works. Institutionals always get first dibs (and the middle, and the last)
Well not necessarily... didn't google use a dutch auction 15 years ago?
No, a Dutch auction a single product with the price ticking down. They used an OpenIPO auction format.