Buy high and sell low. That seems to be the MO of 2020+ investors. People are taking losses on these sales.
A lot of these are probably margin calls, not a reasoned investing decision.
Coinbase stock lost over 75% value
91–100 of 466 posts
Re: Coinbase stock lost over 75% value
#92I’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…
Worth recalling there are >5 rate hikes priced in for the remainder of the year, and that the problem with CloudFlare isn't just the speculation, but for their legitimate business, the credit fuelling many of their customers, which are significantly concentrated in the tech sector. The coming tightening of hiring will also inevitably mean the tightening of infrastructure budgets. What built CloudFlare's excellent sales pipeline can just as easily obliterate it, but in any case will certainly leave at least a major dent.
It's probably a great time to be getting into finops, and I don't think CloudFlare's fair value is anywhere remotely near $18bn.
I think we'll discover before the end of this year just how many of the tech darlings were largely side effects of the poisonous sandbox constructed by the US fed.
Re: Coinbase stock lost over 75% value
#93I 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
Your warning was wrong though. The price went up to over $300, so buying on the IPO would've been the correct decision if you also sold them at the beginning of the year. It's just a high risk high reward gamble as everything related to crypto
> The price went up to over $300,
Initially it was 'reported' and estimated at $200 - $250 for the IPO price, but actually started trading at over $400 a share [0], which is the near top where the majority of retail entered and bought in at those prices.
After the first day of trading, it went down to $328.28 a share. [0]
So my warning was correct to not buy on IPO day or even anywhere near those prices.
[0] https://www.cbsnews.com/news/coinbase-direct-listing-100-bil...
Re: Coinbase stock lost over 75% value
#94Cloudflare 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.
Down 71% from the recent peak, still up 264% in the past 2.5 years.
Small consolation for all of those people with big equity packages on recent prices.
Re: Coinbase stock lost over 75% value
#95So 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.…
Wouldn't it be a problem for Coinbase if the crypto market all but evaporates?
In the short term? Sure. That's why it's 75% off the peak. If you think the entire crypto market is going to go under then (again) yes. But as ridiculous as I think crypto generally is, I don't think it's going anywhere. YMMV.
Re: Coinbase stock lost over 75% value
#96I'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.
You're basically gambling on monetary policy at the end of the day. If QT is steadfast, this market is at best going to be L shaped and volume will shrink for Coinbase. If QE remains, might see a reflation of the bubble.
Re: Coinbase stock lost over 75% value
#97I’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…
> 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 If you think this, you should be happy and buy more of the stock. I don't know enough to say if I think it's a good idea, but if you do, don't be sad, buy more of it.
You can think they are a good company while also being fearful they won't survive the macro.
Re: Coinbase stock lost over 75% value
#98i don't see why anyone would want to buy coinbase stock. it's extremely correlated to the broader crypto market with less upside. In a bull market, you could buy bitcoin or maybe be a bit more risky and buy some of the higher tier alt-coins and it would probably give you a 1.00 correlation in bull and bear cycles, but during the bull cycles the coins would skyrocket because they are tied to any major fundamental metr…
Because Bitcoin & Co can go sideways in a range for years while Coinbase prints an operating profit from the market-leading service they provide.
Bitcoin doesn't produce anything, Coinbase does.
What you're describing is speculating / gambling, betting on some kind of soaring event happening.
Re: Coinbase stock lost over 75% value
#99I'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.
P/Es are irrelevant here I think. $COIN is a transaction-based business. Transactions are correlated with the price of BTCUSD. BTCUSD is down 50% in 6 months. The r/wsb crowd and others just wont be as enthused to trade something that isn't going to the moon.
Thus, transactions will continue to trend down and $COIN will suffer.
Re: Coinbase stock lost over 75% value
#100Earlier quoted context omitted.
Don’t try to catch a falling knife.
Catchy phrase, but what is actually wrong with dollar cost averaging through a downturn? It seems to be the only effective way to invest for the long term.