Obviously this was planned well in advance, but what a day to make this announcement.
I wonder if they would have blocked the purchase of Dog coin
Doge Coin?
Coinbase announces proposed direct listing
131–140 of 222 posts
Re: Coinbase announces proposed direct listing
#132Earlier quoted context omitted.
https://xkcd.com/1053/
umm I am actually genuinly trying to understand what changed... I thought they already told us they are planning to do an IPO.
If you thought they were doing an IPO then this post will tell you they are planning a direct listing.
They sent a draft in December for this, so yes we knew, but now its official.
Re: Coinbase announces proposed direct listing
#133LOL Isn't the whole point of cryptocurrency to produce an alternative to the current financial system? Coinbase entering the traditional stock-market is a flat-out rejection of that; They're just another bank, except they trade in ponzi schemes rather than government-backed currency. Awful
I mean, Coinbase offers a service to customers. Sure the service is selling cryptocurrency but that's beside the point. Just because Levi's sold jeans to gold-rushers doesn't mean they had to believe there was gold. Just selling a service/product to those who do believe.
Re: Coinbase announces proposed direct listing
#134My shower thought the other day: How much money would Coinbase have, if instead of building the company they had just bought Bitcoin back in 2012 with their seed money? I think it had dropped to about $7.50 around then.
Would bitcoin be where it is today without Coinbase?
Not to say it's impossible, but their work and approach definitely helped bring Bitcoin to the masses.
Re: Coinbase announces proposed direct listing
#135Earlier quoted context omitted.
The big difference is that you are able to deliver Bitcoin and other cryptocurrencies to your own wallet, after which Coinbase loses control of it.
Who controls your money after you withdraw it from a traditional bank?
Traditional banks have lots restrictions _when_ you want to withdraw cash. Try moving more than $10000 between borders of countries that are not friendly with eachother, and you'll find those restrictions. You can travel with a hundred million dollars of BTC in your head (or a hardware wallet) and meet up random people if you want to buy something with it.
As an example Michael Saylor could change aegentin peso to USD in an argentin bank ($1M), but the surprise came when he wanted to move it to US.
Re: Coinbase announces proposed direct listing
#136Earlier quoted context omitted.
They have already paused trading during periods of high turmoil. When bcash was announced, for instance. I think that actually set their standard for "open the market in 'post only' mode for a period before actually starting trading".
The term "Bcash" is a social engineering attack against big blocks[0]. This attack has been so successful, the name still shows on Wikipedia[1]. [0] https://medium.com/@jonaldfyookball/why-some-people-call-bit... [1] https://en.wikipedia.org/wiki/Bitcoin_Cash
Is it? Or is trying to call it """bitcoin"" cash an attempt to confuse potential users?
Re: Coinbase announces proposed direct listing
#137Coinbase can be the next Robinhood. It will be much better if the crypto community moved to decentralized exchanges like Bisq.
Uniswap is already huge. For Bisq to succeed governments needs to clamp down on central exchanges, but so far that is not happening.
Uniswap can only trade ERC-20 tokens, though.
Re: Coinbase announces proposed direct listing
#138My shower thought the other day: How much money would Coinbase have, if instead of building the company they had just bought Bitcoin back in 2012 with their seed money? I think it had dropped to about $7.50 around then.
Would bitcoin be where it is today without Coinbase? Not to say it's impossible, but their work and approach definitely helped bring Bitcoin to the masses.
Yeah true.
My point is more that I find it a bit sad that 'just buying bitcoin' rather than doing work paid better than basically any work anyone has done since 2012, even building insanely successful startups.
Re: Coinbase announces proposed direct listing
#139Earlier quoted context omitted.
I think generally you can place an order before the market opens, maybe even the day before, but that doesn't really give you any pricing power. It will still pop at the open and your order may not clear until it does. But that may still put you ahead of the Robinhood masses. Better option might be to try a pre-IPO trading platform like EquityZen.
From EquitZen's knowledge center: "Shares that are the subject of investment through EquityZen are generally subject to a lock-up period of up to 180 days after the effectiveness of a company's IPO filing, during which time shareholders are restricted from selling their shares."[1] The 180day lock-up period could EquityZen poorly suited for investors with a short time horizon.
That only applies to IPOs. In a direct listing the shares start trading at the published reference price. There is no underwriting or other ceremony around it.
Re: Coinbase announces proposed direct listing
#140Earlier quoted context omitted.
Not with a direct listing. Coinbase shares would be subject to an auction and the market for them will open at the price where supply meets demand.
Not entirely true - since people had to enter a single point on their demand curve as a price and quantity of shares (instead of their entire demand curve) the market clearing price was artificially low. Hence the price pop on day one. To think about it more in depth - assume I enter a bid of 100 shares at $100. If the market clearing price is $50, I’ll be awarded 100 shares at $50. However, I was willing to buy far…
But the point is that everyone with a bid >=$50 got filled.