401–410 of 533 posts
Coinbase is a weird company, because it's got such an obvious comparable: CME Group. CME Group has about 3500 employees, did 1.2bn in revenue last quarter with 680m net income. Then you have coinbase now trimmming to about the same number 3500, 590m revenue and a net income loss of 550m. That's right, as far as I can see, Coinbase loses $1 for every $1 of revenue. Firstly, I don't see how Coinbase needs as many peopl…
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Right. In a situation where people may die, the leader must risk his own life to protect the lives of those under him. In a situation where people may lose their livelihoods, the leader should risk his own livelihood to protect the livelihoods of those under him. How is this analogy inappropriate?
Lives and employment work very differently: * People understandably put a very high value on their life continuing, and really don't want to trade it against other things. * People vary a lot in how much value they put on their job continuing, and how much they are willing to trade off against it. For example, many people would consider taking a 2x raise even if it increased their chances of losing their job in the n…
Coinbase is a weird company, because it's got such an obvious comparable: CME Group. CME Group has about 3500 employees, did 1.2bn in revenue last quarter with 680m net income. Then you have coinbase now trimmming to about the same number 3500, 590m revenue and a net income loss of 550m. That's right, as far as I can see, Coinbase loses $1 for every $1 of revenue. Firstly, I don't see how Coinbase needs as many peopl…
There was a lot of hype and an expectation (IMO wishful thinking) that NFTs would have a very broad penetration in the society, for example replace physical collectibles. If that did turn out to be true, most people would require a lot of handholding for taxes, complex global regulation, etc. which the Coinbase would provide, as well as collecting the exchange fees. Under this premise it is reasonable to hire up to b…
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I've seen hatred of crypto, constant insistence that it's 100% fraud, and claims that it's worthless and will collapse for many years now. In 2019, no one was saying it would crash in 2022; they were saying it would crash in 2019 or just "it will crash eventually" In 2020, they weren't saying it would crash in 2022, they were saying it would crash in 2020 or just "it will crash eventually" In 2021, they weren't sayin…
You are intentionally mixing up 2 types of prediction and belittling the one that's a more powerful driver than "it will crash on X date". "it will crash eventually" is more important, it results in people staying away/getting out of this market, for good. It's much more powerful than oh it's gonna crash on this or that date.
> > I think everyone was completely caught off-guard by the ferocity and pace of the crypto drawdown.
> If you were caught off-guard then you've been sitting in a massive bubble.
OP is saying people were caught off-guard by the specifics of the crash. That doesn't require being in a bubble, because there weren't any specific correct predictions that were distinguishable from the specific incorrect predictions.
Non-specific predictions may be useful, but they don't prevent you from being surprised by the specifics.
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Counterpoint. After cobbling together a bunch of Coinbase products, we successfully use Coinbase to receive and send payments for our online marketplace in much the same way you would use a PayPal type service. The user experience is great and technologically there is no match. We literally could not do what we do with any other service. If Coinbase focused on payments they could dethrone the kings of the internation…
Fair enough. I was criticizing their consumer side and the exchange specifically. I don't know anything about their business products.
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> They haven't even adopted bech32 What? They’ve been supporting segwit addresses for years
Afaik they support the backwards-compatible parts, but nothing new. I'm talking specifically about "Receive to P2WPKH/P2WSH" in this chart: https://en.bitcoin.it/wiki/Bech32_adoption#Exchanges
https://blockstream.info/tx/62c16aeb80944ed8e6d4c896dbd88661...
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> They haven't even adopted bech32 What? They’ve been supporting segwit addresses for years
You can do a Segwit transaction with an “old” Pay-to-Script-Hash (P2SH) transaction. That is an address that starts with "3". You only get the transaction size discount with “native” segwit transactions that are BECH32. https://www.ledger.com/academy/difference-between-segwit-and...
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Your surprise over a £3 fee strikes me as a perfect illustration of crypto: profoundly naive, inexperienced investors getting a hard lesson in how unregulated markets work. I hope, some years down the line, you take the broader life lesson that anyone promising you money for nothing does not have your best interests at heart.
You make it sound like a £3 transaction fee is evidence of some kind of scamminess or preying on naivety but most normal, regulated investment platforms, crypto or not, come with transaction fees, account fees, fund management fees and so on. Usually they are taking a lot more than £3 from you too. That's even before we get into the world of professional financial "advice" and the commissions they just happen to earn…
On another note, one thing about Coinbase that struck me, was that on the app/website it doesn't actually show you how much money you put in / what the return on your investment is (I used a spreadsheet to track my own investment "success").
I suspect Coinbase does not do this deliberately - as many, many people who invest in Crypto lose money and it doesn't want to highlight this point too much.
They literally had people with 1-2 years of experience conducting interviews last I remember. They were on an unhinged hiring spree before they ipo’d, so this was coming no matter what.
(They didn't offer me a position for a given reason that was also weird. Strange place.)
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I doubt their past experience applies. This is far more than a winter.
"Crypto winter" doesn't refer to the fact that half of the world is in the "winter season" climate currently but rather a time-period (traditionally lasting longer than a climate "season") when cryptocurrencies prices are at a downturn.