641–650 of 883 posts
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…
The value of all crypto is above 2t https://coinmarketcap.com/
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It depends on the scale of shit hitting the fan. If the global internet goes down and stays down, then I think it's safe to say that global civilization is permanently collapsing, in which case billions of people are going to die in the resulting famine and the survivors probably won't be able to maintain enough technology to survive long term as climate change continues to snowball. In this scenario, yeah bitcoin is…
it wouldn't even take a global internet shortage, just your country to go offline, how you gonna pay someone to get you out(keep you safe, etc) if you cant transfer your crypto to them? A few ounces of gold on the other hand will take you anywhere you want to go. Crypto is far from a safe hedge in any type of crazy event. you see, gold can still be traded without power and internet, as could cash or really anything p…
People keep using that argument about gold, but is it really realistic? If the SHTF and the USA goes dark for whatever reason, how good is gold really going to be?
First, how does someone know you're really giving them pure gold and not some worthless alloy that looks and feels like gold?
Second, how much is gold going to be worth? Will a gold bar buy you a house, or a loaf of bread? (probably not a good example, after a month or so, houses will probably be less valuable than food)
And without any government to enforce a stable market, how will you even trade safely when the guy who has all the stuff you want can just hit you over the head and take your gold and whatever other possessions you may have with you?
Eventually these things would be sorted out by forming some sort of communal groups for protection and resource gathering, and barter prices will eventually be set, but will the guy with the most gold be valuable, or the guy with real survival skills (or at least some more immediately usable possessions like weapons, farming tools, etc)?
For the short term disruptions that are far more likely (like a regional power outage), cash is probably going to be just as good or better than gold because it's got an accepted value and everyone knows what it is (product values may rise, but in a society that's not used to using gold as currency with infrastructure to do so, it's a lot easier to sell a loaf of bread for $60 than for a gram of gold)
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…
you should be able to understand that even the possibility of that becoming the new ICE has to be priced in, of course you are free not to do it though.
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They also seem to have quietly closed early users' accounts and taken the holdings.
I have an account from early on when they first launched. Got some small BTC in it and never touched it again. Still there. Odd why some got closed. I log into it once every couple of years.
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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...
If they wanted to realize those gains, they would have to sell right? causing the price to plummet?
But that's true of pretty much any IPO. All the biggest winners are winners mostly on paper, they can't really dump it all on day one.
My understanding is that there are firms that specialize in buying up assets from VCs that need to close out their funds, so things like this or private companies that they've held for 10+ years already, stuff like that.
There are probably ways to sell all the shares from one entity to another all at once that won't tank the shares, but I'm not totally sure.
As many other recent IPO, this valuation is just out of this world. Also, Coinbase is not the only player in the space. Many also use Binance.us; it offers stacking, cheaper fees and usually lists more alt coins. I must admin that I bought my first cryptos on Coinbase but soon realized how expensive it was and looked for alternatives. I don't understand what is so unique about Coinbase and why this insane valuation.…
Remember how cryptocurrencies were supposed to eliminate the need for intermediaries who added cost to transactions?
I mean, you can swap without a centralized exchange. In fact, for my PA account I would never use a CEX to swap coins.
So this pretty much legitimizes Bitcoin right? I can't imagine the US government deciding to crack down on it after such a high-profile IPO.
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.
Coinbase customer service has always been tragic. I remember my BTC being locked up until I could "verify" my identity by submitting a photo of my passport, but their site kept glitching out and zero response from customer service. This went on for months. Pulled all my coins out and will never use this scummy product again.