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Coinbase stock lost over 75% value

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Re: Coinbase stock lost over 75% value

#41

Post by worlds1066 »

cj wrote: post #31

I’m particularly sad to see Cloudflare’s stock having plummeted. Out of all the tech companies that IPO’d in the past few years, Cloudflare is one that the most potential to excel long term. Developer sentiment towards Cloudflare is comparable to Apple fanboys of the previous decade, and their products are legitimately good, backed with tangible assets (datacenters). They also have consistent growth quarter over quar…

Agree, Cloudflare is doing some great stuff and always trying new things. Remember the Cloudflare TV Channel (if that still is around). I hope the loss in market cap doesn't hurt their innovation.

(Disclosure also, I own NET)

Re: Coinbase stock lost over 75% value

#42

Post by ethbr0 »

joering2 wrote: post #6
rvz wrote: post #5

I did warn you, 1 year ago against buying the top. [0][1] Oh well. We'll see what happens in earnings today. [0] https://news.ycombinator.com/item?id=26789822 [1] https://news.ycombinator.com/item?id=26673100

what is your opinion re: the whole thing being extremely over-valuated at the getgo? We had already some solid competitors and Coinbase business model is they only make money if customers buy or sell crypto.

IMHO, companies that IPO and stay stable, or IPO and drop, are doing their early employees a favor at the market and institutional investors' expenses.

I can't fault that.

If the market's willing to overpay, and the money goes the people who actually built a company, where's the harm?

Re: Coinbase stock lost over 75% value

#43

Post by alephnan »

thematrixturtle wrote: post #33
alephnan wrote: post #16

Why is Coinbase specifically being singled out? Google went down from $3000 to $2270 in recent months. Affirm is down 27% ... today. Is this because HN was cynical and hating on Coinbase that it would go no where and then it did?

I think you answered your own question there: Google is down 25%, Coinbase is down 3x that at 75%.

Google is in the S&P500.

Re: Coinbase stock lost over 75% value

#44

Post by adventured »

hardwaresofton wrote: post #7
wallawe wrote: post #4

I'm a buyer at this point. We'll see how earnings turn out tomorrow, but no matter how bad the macro environment, I think $COIN at 7 P/E is a good buy long-term.

Same -- there are actually a bunch of tech stocks that are think are similarly a good bet right now, for example $NET (Cloudflare). Any other things that look like good buys under the market crush?

NET is massively overvalued here, given the selling and repricing context. It could drop by another 50% and still be very richly priced. It's trading for 28 times sales, which is absurd. I say that as a big fan of the company's long-term prospects. Wait a while yet, it can be had for below $45 at least.

Re: Coinbase stock lost over 75% value

#46

Post by STRiDEX »

ferdowsi wrote: post #11

Cloudflare is down 71% in that same period. Zoom is down 60%. Speculative pandemic tech darlings are no longer darlings and are being hammered across the board. It's going to be a rough time for anyone who had high hopes for their equity compensation.

I sold enough to pay off double my initial investment, so i'm not too mad about cloudflare, but i agree and will be buying more.

Re: Coinbase stock lost over 75% value

#47

Post by mmaunder »

ferdowsi wrote: post #11

Cloudflare is down 71% in that same period. Zoom is down 60%. Speculative pandemic tech darlings are no longer darlings and are being hammered across the board. It's going to be a rough time for anyone who had high hopes for their equity compensation.

P/E is back. Funny how irrational exuberance is seen as a normal market and a return to fundamentals is a financial crisis.

Re: Coinbase stock lost over 75% value

#48

Post by stockboss »

mjhay wrote: post #10
wallawe wrote: post #4

I'm a buyer at this point. We'll see how earnings turn out tomorrow, but no matter how bad the macro environment, I think $COIN at 7 P/E is a good buy long-term.

Keep in mind that you might get burned - you are betting against many with better information.

be greedy when others are fearful, be fearful when others are greedy. - someone pretty damn smart

Re: Coinbase stock lost over 75% value

#49

Post by TuringNYC »

Apocryphon wrote: post #38
vmception wrote: post #22

Earlier quoted context omitted.

exactly, the market mooned on the same information after Jerome Powell's speech than the ongoing decline the day after

The market will stay irrational for longer!

Which is OK as long as you arent leveraged and dont need the money in the near term.

Re: Coinbase stock lost over 75% value

#50

Post by jmyeet »

So I'm a crypto non-believer. I see it as the ultimate solution looking for a problem.

But that doesn't apply to Coinbase because, at its core, Coinbase should be a transactional business that is a proxy for the size of the crypto market (or, more specifically, the crypto trading volume).

I don't know enough about the financials of Coinbase however. It could be they have risks unrelated to their transaction business. For example, Robinhood was almost made insolvent by excessive exposure to GameStop. Does Coinbase engage in some weird margin business where they're exposing themselves to proprietary risk? If no, it seems like a good buy.

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