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
Coinbase fiendishly doesn’t carry Dogecoin in the first place.
Coinbase announces proposed direct listing
191–200 of 222 posts
Re: Coinbase announces proposed direct listing
#192What does this mean for people investing small amounts (~1k) in crypto with Coinbase?
Is there additional risk (beyond crypto prices dropping) like Coinbase deciding to simply close accounts in order to get funds in times of trouble due to the stock market acting up?
Would private wallets become more advisable?
Re: Coinbase announces proposed direct listing
#193Coinbase can be the next Robinhood. It will be much better if the crypto community moved to decentralized exchanges like Bisq.
Can you really call Bisq decentralized when they've pulled moves like this: https://github.com/bisq-network/proposals/issues/61
Umm, yes? BCH is a shitcoin, and if you disagree, you can always fork Bisq. That is the whole point.
Re: Coinbase announces proposed direct listing
#194Earlier quoted context omitted.
Coinbase isn’t the only game in town fortunately. Arbitrage and the decentralized nature of crypto makes it impossible to stop. RobinHood just removing the buy button hopefully opened some eyes today to how rigged the traditional system is. It is free market when it benefits the powers that be. When it goes awry, they are always bailed out. Bernie put it best today- “The business model of Wall Street is fraud.” Anyon…
I want cryptocurrency to succeed long-term, and it has some genuine advantages (and some wrinkles to be ironed-out long-term), but protection from the puppet master cabal secretly pulling the strings of high finance isn't one of them. There are much more mundane explanations for Robinhood's actions[0][1] than a high-finance cabal hiding in plain sight. Is there some institutional conspiracy theory version of Hanlon's…
Hanlon's Electric Shaver: Never attribute to conspiracy what can be attributed to locally bad incentives.
Re: Coinbase announces proposed direct listing
#195My 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.
I was with a group of Coinbase employees that did the math on this in about 2018. Even then, Coinbase was a bit ahead.
Which has gone up in value faster since 2018?
Re: Coinbase announces proposed direct listing
#196Earlier quoted context omitted.
Can you really call Bisq decentralized when they've pulled moves like this: https://github.com/bisq-network/proposals/issues/61
Umm, yes? BCH is a shitcoin, and if you disagree, you can always fork Bisq. That is the whole point.
So if coinbase was open source, and you had forked it to add BSV support, that’d mean coinbase was decentralized?! Open source/forkability != decentralization. The whole point of decentralization is no particular entity gets to decide something for everybody, and that’s precisely why it’ll take a long long time for regulators to be okay with it.
Re: Coinbase announces proposed direct listing
#197Given 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)
Do you work for FTX? If so, best way to contact you?
Re: Coinbase announces proposed direct listing
#198Earlier 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…
We invented BTC for not having a central bank, now the Central Bank could be Coinbase.
Re: Coinbase announces proposed direct listing
#199Earlier quoted context omitted.
If you're willing to buy 300 shares at 60, but only 100 shares at $100 you can enter two bids: 100 shares at $100 200 shares at $60 This will satisfy your demand position.
If the person has only 18000 though (300 at 60) then if they put in 100 at $100, they'll only be able to buy 133 at 60. I would still enter two bids; it's just a matter of adjusting how many at each level.
No, this is not how it works.
All the shares in the auction are sold at the same price. If the market clears at 60, a person entering the bids I described would buy 300 shares at 60.
Re: Coinbase announces proposed direct listing
#200Earlier quoted context omitted.
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…
This is complete bullshit, you can enter your entire demand curve into the market with various bids.
No, you’re wrong. You’re not taking a bidders budget into account. If I enter 20 points on my demand curve ans they’re all above the clearing price, I’ll end up being forced to buy the quantities of all my bids. That may totally bust my budget. There are no stop limit orders in these auctions...there’s only a buy order with a quantity and a price.