Any idea what time COIN will start trading?
Just started! Immediately spiked to over $400 from the listing reference price of $250.
Coinbase from YC to DPO
131–140 of 883 posts
Re: Coinbase from YC to DPO
#132Earlier quoted context omitted.
PoS is yet to be proven, I'm really hoping eth2 shows that it actually works, because the other ones with PoS aren't that heavily used or tested in adversarial ways. When it comes to money and value, the utmost important thing is security, that's the tradeoff that Bitcoin makes and that's what people are buying into. Everything else is secondary.
cardano is completely distributed PoS 46 billion market cap (5th largest crypto) - I'm not sure what you mean by "yet to be proven" it also theoretically supports 1MM tx/second - to put that into perspective VISA does somewhere in the ballpark of 2k tx/second (but theoretically can do much more than that I'm sure)
No, Cardano is still centrally coordinated, with an intention to go actual PoS some day.
Re: Coinbase from YC to DPO
#133I'm horrendously worried about crypto gaining more marketshare as long as proof of work crypto remains mainstream. It has significantly worse externalities than just about any company I can think of (including defense contractors/vaping companies), and, if it grows larger before we have clean energy, then we virtually guarantee we won't be able to tackle global warming. We are going to bestow a world that will be sig…
Like a lot of bubbles, there is FOMO and lack of understanding of the technology. It is easy to compare crypto to the internet. When the internet first started out a lot of people didn't invest in GOOG because it was not obvious where the revenue would come from. People are afraid of making the same mistake here as well. "I don't know how BTC will generate cashflow outside of being a Ponzi scheme, but I assume the te…
GOOG was a good investment because nobody invested in it. If everyone had invested in GOOG, it would not have been as good an investment since its success would already be priced in.
If the number has already gone up, you are too late. If everyone is talking about it, you are too late.
Re: Coinbase from YC to DPO
#134Coinbase is definitely a success story in how to appeal to the masses. There were always alternatives, but coinbase always came out on top despite the high fees and poor customer service. I think Coinbase as a publicly traded company will be very interesting to follow. Not only is it a massively cyclical industry, but the supposed point of crypto is to reducing the reliance on, and grifting from, companies like Coinb…
> the supposed point of crypto is to reducing the reliance on, and grifting from, companies like Coinbase That was the pitch of crypto. In practice, people are buying it as a bet that it will go up. I suspect most people are only buying it because the value is going up. If bitcoin actually worked like a currency and traded between $8k and $12 for the past 5 years, no one would care.
Sadly this is true other than "no one would care". Many would care, just mostly not in countries with stable fiat.
But the success of BNB which is basically just a corporate database on a blockchain shows there is a big part of the community that doesn't care about decentralization at all.
Re: Coinbase from YC to DPO
#135Earlier quoted context omitted.
"Excess energy" is a myth. It's 2021, and transmitting energy across the power grid is easier and more efficient than ever before. No one is building hydroelectric dams in the middle of nowhere without a way to transmit that energy to somewhere else. It's still better to send the energy somewhere where they can replace coal-fired power plants than it is to burn it up mining cryptocurrency. > Bitcoin mining is a great…
> Miners do not really care about anything other than profit. As long as the profit out of their operations is greater than the cost of electricity going in, the machines will be running. Exactly my point. That's why they choose the global lowest cost of energy provider. And if you allow the price system to work, this would be the least valuable undesirable energy. Anything else would be uneconomical.
or they just bribe a local official and make profit on what would otherwise be 'desirable' energy.
Re: Coinbase from YC to DPO
#136Earlier quoted context omitted.
They did give 0.1 btc in the early days. Which if you did hold into them would be roughly $6500 by today's rate (you'd also have BCH, BCHN, BSV and BTG).
They also seem to have quietly closed early users' accounts and taken the holdings.
Can confirm that happened to me.
Re: Coinbase from YC to DPO
#137Unpopular opinion - Bitcoin would be better without Coinbase.
Were you in the space before Coinbase became big? Because I've had crypto exchanges get hacked and run away with my money. There was zero trust (for good reason) in any of the sites that let you buy crypto. Without Coinbase, this likely would still be a sketchy ecosystem that wasn't taken seriously. Coinbase was the first slick, trustworthy exchange based in the US. I personally am not very comfortable buying from foreign exchanges, and when I have to I move them out of those exchanges as fast as possible.
I think Coinbase was absolutely crucial in changing the public opinion of "buying bitcoin is for criminals" and "you just get hacked and lose it all".
Re: Coinbase from YC to DPO
#138I'm horrendously worried about crypto gaining more marketshare as long as proof of work crypto remains mainstream. It has significantly worse externalities than just about any company I can think of (including defense contractors/vaping companies), and, if it grows larger before we have clean energy, then we virtually guarantee we won't be able to tackle global warming. We are going to bestow a world that will be sig…
I'm skeptical of proof-of-stake, proof-of-work seems like the main innovation of cryptocurrencies that differentiates them from the standard financial industry?
If you swap out POW for POS (or worse clearing house type trust orgs like Stellar) then aren't you just putting trust into some incentive based system no different than existing financial systems? Just instead a government you're trusting some other entity. You get faster throughput and less energy waste, but you lose the mathematical guarantee that was kind of the entire point?
I think climate change is a serious issue that would lead to change (likely bad), but I'm not sure it's a true e-risk or that cryptocurrency POW changes the tide that much. Feels like an irrelevant (somewhat identity-ish/political) side debate to me? (see Matt Yglesias' comments in this: http://rationallyspeakingpodcast.org/show/episode-251-the-ca...)
Happy to think about arguments that would change my mind.
Re: Coinbase from YC to DPO
#139Coinbase is definitely a success story in how to appeal to the masses. There were always alternatives, but coinbase always came out on top despite the high fees and poor customer service. I think Coinbase as a publicly traded company will be very interesting to follow. Not only is it a massively cyclical industry, but the supposed point of crypto is to reducing the reliance on, and grifting from, companies like Coinb…
One factor of that appeal in the US is that you have to provide your SSN to the exchange you're using. There's a lot of intangibles that Coinbase brings that overcomes the activation energy required to punch in those numbers on a web form.
Just an anecdote but, much to my chagrin, I've had a largely dormant Coinbase account since 2013 and haven't received any notable spam or evidence that my contact info has been handled sloppily.
Recently I started the enrollment process for a couple other popular exchanges and almost immediately start getting some gnarly spam of topical relevance.
Re: Coinbase from YC to DPO
#140I'm horrendously worried about crypto gaining more marketshare as long as proof of work crypto remains mainstream. It has significantly worse externalities than just about any company I can think of (including defense contractors/vaping companies), and, if it grows larger before we have clean energy, then we virtually guarantee we won't be able to tackle global warming. We are going to bestow a world that will be sig…
Couldn't agree more. I struggle to comprehend how an energy obliterating and (relatively speaking) primitive technology like Bitcoin is the top dog in this space. Sure, first mover advantage counts for something, but come on - how has superior tech not yet left it in the rearview. In a space that moves at such rapid pace with heavy investment and buckets of innovation, at some point the crowd surely will migrate en m…
Bitcoin is the only cryptocurrency that is very hard to change. This property is critical for sound money, including for the emission schedule.
Other coins are easy to change and so cannot be relied upon to preserve any properties, including emission schedule.
Vast majority of coins is also not decentralized at all and being so prone to get effectively regulated.