Coinbase from YC to DPO

Post by jedberg » Wed, Apr 14, 2021, 7:38 PM UTC

rawtxapp wrote: post #323

jedberg wrote: post #154

Earlier quoted context omitted.

Not sure about YC, but Andreessen-Horowitz seems to have made about $14B from their $2M investment? Assuming I'm reading this SEC filing correctly. And Union Square Ventures appears to have turned $13M into about $7B? https://www.sec.gov/Archives/edgar/data/1679788/000162828021...

I believe this is the proof why VCs chase those 10x numbers, I bet that that single investment has paid off all their failed investments and then some.

Post by dnr » Wed, Apr 14, 2021, 7:39 PM UTC

janandonly wrote: post #335

AlchemistCamp wrote: post #156

This is pretty amazing. Gary Tan made a YT video about his experience backing them very early and getting a 6000x return: https://www.youtube.com/watch?v=x5YApjnTG10 It's remarkable that Brian Armstrong gave up what would have been very valuable options in Airbnb—the most valuable YC company at the time—to found a new company that surpassed it.

And in Brian had simply bought bitcoins with his $10.000 in 2012, when the price was $4-$12 per piece? He could have bought 833-2500 bitcoins, with a current value of $5.2500.000 - $157.500.000. He choose to do more than "HODL" and go through the hard work of building a product and a company, which in my book, makes him a true hero. Even though he went the casino/shitcoin rout later...

Post by New_California » Wed, Apr 14, 2021, 7:39 PM UTC

rodiger wrote: post #309

New_California wrote: post #140

Earlier quoted context omitted.

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.

This is just plain incorrect. Every cryptocurrency's rules can be changed via hard fork. Bitcoin doesn't have any magic property that guarantees there won't be a hard fork affecting the emission schedule.

Post by bherms » Wed, Apr 14, 2021, 7:39 PM UTC

smeej wrote: post #331

seriousquestion wrote: post #305

Anyone know if the 60 employees, who didn't agree with the mission focused approach, kept their shares? https://blog.coinbase.com/a-follow-up-to-coinbase-as-a-missi...

They had the option to exercise whatever options they had vested, yes, subject to the company's normal rules. Employees who had been with the company two years or more would have seven years to exercise. Those who had been there between one and two years would have 90 days. Employees who had not yet been there a year would not have reached the vesting cliff, and would not have had vested options available to exercise…

Post by xadhominemx » Wed, Apr 14, 2021, 7:41 PM UTC

bglusman wrote: post #278

It's a tiny bit pedantic, but the Coinbase offering today was not actually an IPO, I learned, but a DPO (Direct Public Offering). It was not a fundraising event for Coinbase, only a liquidity event for shareholders, and unlike an IPO no explicit valuation process occurred to select an offering price.