631–640 of 883 posts
Earlier quoted context omitted.
Wow. Assuming he put in just $10,000 (and I imagine it was probably more than that), 6000x return would be 60 million dollars. Any early companies out there right now seem like it could potentially offer even a 10th of that in ~5-10 years?
Well I bought BTC at $1 and so did many others, now it trades at $60k...
The NYSEs parent company Intercontinental Exchange Inc (ICE) is worth 66.40B. Today's IPO puts Coinbase at 100B+. The NYSE has been in operation since 1817. Coinbase has been in operation since 2012. The value of all crypto is Trading fees in the crypto-world are getting more competitive as more established players support crypto. I don't see a defensible market position here, let alone established track record or st…
>This is all feeling very dotcom bubble 2.0. How many dotcom era companies had net income of $800mil in a single quarter?
Coinbase is very profitable and has huge cash reserves for a company of its size. I don't see any reason why they would feel the need to IPO if not to take advantage of people's FOMO.
The NYSEs parent company Intercontinental Exchange Inc (ICE) is worth 66.40B. Today's IPO puts Coinbase at 100B+. The NYSE has been in operation since 1817. Coinbase has been in operation since 2012. The value of all crypto is Trading fees in the crypto-world are getting more competitive as more established players support crypto. I don't see a defensible market position here, let alone established track record or st…
Earlier quoted context omitted.
What do you mean? How is that any better than the 2.4 billion worth of Coinbase shares he has now? You phrase it like he made a mistake and lost out on a huge profit but the ROI is exactly the same so really don't understand your comment.
Actually at one point Bitcoin had an equal fork, so that number should be double for Bitcoin.
The NYSEs parent company Intercontinental Exchange Inc (ICE) is worth 66.40B. Today's IPO puts Coinbase at 100B+. The NYSE has been in operation since 1817. Coinbase has been in operation since 2012. The value of all crypto is Trading fees in the crypto-world are getting more competitive as more established players support crypto. I don't see a defensible market position here, let alone established track record or st…
No retail investor has accounts directly with the NYSE. Coinbase directly holds the customer relationship and if more government regulation comes down on crypto it will be a better moat for them against competitors. I think Coinbase may still be overvalued but don't think it is directly comparable to NYSE or other major exchanges.
I would agree; Coinbase is competing against traditional brokerages and fintech (PayPal, Cash app), who can run their own nodes and key/wallet infra (as the network is the global exchange). Traditional brokerages can even identity proof their customers IRL with their branches and provide an appropriate level of customer service.
Alternatively, it would be somewhat humorous if Coinbase becomes the DTC and Cede & Co of digital assets (for brokerages who would rather pay and plug in vs build their own custody systems). What is old is new again.
The NYSEs parent company Intercontinental Exchange Inc (ICE) is worth 66.40B. Today's IPO puts Coinbase at 100B+. The NYSE has been in operation since 1817. Coinbase has been in operation since 2012. The value of all crypto is Trading fees in the crypto-world are getting more competitive as more established players support crypto. I don't see a defensible market position here, let alone established track record or st…
I was an early user of coinbase. I only bought a fraction of a coin because of Paul Graham and YC's reputation. Well .. I was wrong. I was not an active trader. It seems they have closed by account and liquidated the btc within (if there were actually btc in my name). I am deeply disappointed that they don't have a telephone number I can call to help figure out the situation. Pretty disappointed.
Eh, maybe a month ago I found a Coinbase account from 2013 that I had forgotten about, and it still had everything in it. Your story makes no sense. Coinbase support has always been pretty good for every problem I've ever had. Why talk to someone on the phone when you can click a button and have a live chat with a support agent instantly? https://help.coinbase.com/en/contact-us
Fun trivia: Brian Armstrong was looking for a co-founder on HN back in 2012: https://news.ycombinator.com/item?id=3754664
I didn't launch mine, nor participate in his (obviously). I suggested that a business in that space, if successful, would result in a similar outcome as happened to other founders of international money transmission systems that weren't under direct government control: i.e. swatting.
He was not dissuaded, to his credit. Score one for the "founders must have grit" camp.
To be honest, I'm still not sure why the hammer hasn't come down on something like Coinbase by now. It seems that cryptocurrencies in general are the exact opposite of the regime outlined by the BSA, PATRIOT, et c. My unsubstantiated theory is that it has something to do with pmarca, but that's just a guess. The founder of Kraken has expressed his feelings that it's coming soon.
I'm glad that Coinbase has permitted so many to participate in the ecosystem, but I wonder about how much of a benefit heavily regulated, custodial wallets bring to the ecosystem as a whole. It seems to me that Bitcoin existed to replace banks, and here we have a bank serving as the Bitcoin equivalent of gmail, re-centralizing everything in a place that is easily and instantly censored by the exact system it was built to replace. The fact that they're listed on a stock exchange and not as an ERC-20 or other permissionless token tells the whole story, in my view.
I have a special respect for those who can function in heavily regulated, guilty-until-proven-innocent style markets like financial services in the USA. I personally would not be able to handle it.