121–130 of 616 posts
This is sad. This was avoidable. There’s no recession as far as the eye can see. There’s a crypto recession. Let’s go back to building real tech.
> This was avoidable. There’s no recession as far as the eye can see. Can you elaborate on how the situation we're in was avoidable? Also curious why you think there's no signs of a recession.
Earlier quoted context omitted.
Coinbase has survived something like 4 downturns before, the previous ones on the same strategy that they are employing now. So not sure what lessons they are not applying, that others are?
In which prior downturn did the valuation of Coinbase (and other unicorns) get nuked -90%?
Earlier quoted context omitted.
Yeah. FTX people clearly know a lot more about market making and how exchanges work. Makes coinbase look like amateurs. Coinbase hired their CPO with a 650 million dollar pay package. They should have spent that money on 2 - 5 million a year hft programmers and traders
What do you make of Sam Bankman-Fried describing his business as a literal Ponzi scheme on Odd Lots podcast? The commentary isn’t necessary to see the insanity but here’s fastest way to get to the relevant content: https://youtu.be/C6nAxiym9oc Edit: To clarify, though not sure how much a mitigation this is, yes SBF is describing much of the underlying activity he takes commission on as a Ponzi scheme. Sure, he’s not…
As an aside, for those who like names as destiny, SBF’s is epic
I.e. Bernie Madoff made off with their money
Nuke Goldstein of Celsius nuked depositors money
You get:
Scam-Bankman Fried
Or also Sam Bank-Man Fried (if they go bust)
This sort of naming thing is more common than you’d think in frauds anyway and if you are placing your money with someone who could chuckle to themselves “hehe I made-off with their money” it is a material risk
It is fascinating just how quickly sentiments can change (both in the broader market but in crypto it seems to be exacerbated). That said, it's obvious that companies like these dramatically overhired and overspent on talent and were growing far beyond what the market could bear except in an extremely bull run subsidized by government largesse. Now that investors are losing their shirts on crypto and retail people wh…
“It is fascinating just how quickly sentiments can change” Sounds like a classic bubble that people have been warning about. Tulips all over again? https://www.cnbc.com/amp/2022/05/02/warren-buffett-wouldnt-s...
No-one learned their lesson after 2018, so they aren’t about to start now.
People like easy money. If you tell them the truth, they’ll just accuse you of trying to trick them into staying poor.
It’s a can’t lose business model!
Sarcasm aside, the total return of Bitcoin since the peak in 2017 is now approaching 0% ($20k peak). I suspect that alone will do more to break the spirit of the twitter hype mafia than anything else.
Even after everything that has happened lately, regular old S&P 500 index funds are up about 65% in that same time.
I assume that means Brian is part of the 18% then, right?
The old adage, store it on your own wallet, has its own disadvantages (like proving ownership more than 12 months and losing it).
> If you are affected, you will receive this notification in your personal email, because we made the decision to cut access to Coinbase systems for affected employees. I realize that removal of access will feel sudden and unexpected, and this is not the experience I wanted for you. Given the number of employees who have access to sensitive customer information, it was unfortunately the only practical choice, to ensu…
> "Given the number of employees who have access to sensitive customer information"
Surly they should have very very few employs that have access to that type of information?
It’s been pretty interesting watching YC backed Coinbase get absolutely crushed by FTX, which has a higher % of crypto trading volume despite having less than 10% of the headcount. Crypto is a zero sum game, and the old Paul Graham essays and other tired VC dogmas really only work in positive sum games. FTX was founded by traders which is valuable when the ultimate purpose of the crypto industry is to separate uninfo…
I have never heard of FTX until reading your comment just now. Is it really crushing Coinbase?
>If you are affected, you will receive this notification in your personal email, because we made the decision to cut access to Coinbase systems for affected employees. I realize that removal of access will feel sudden and unexpected, and this is not the experience I wanted for you. Given the number of employees who have access to sensitive customer information, it was unfortunately the only practical choice, to ensur…