421–430 of 533 posts
The one thing that surprises me in all this is that the BTC price has stayed at a stable 16k since mid October.
Yeah, and transaction volume hasn't changed either https://ycharts.com/indicators/bitcoin_transactions_per_day#... .
Despite numerous wrong turns and silly mistakes, Coinbase is looking more and more as the lonely survivor positioned to dominate crypto trading in the West. The company has lots of cash on hand in excess of corporate debt, almost no short-term corporate debt, customer assets backing all customer deposits, and as far as I can tell from a quick read of the latest quarterly report, a clean balance sheet with no red flag…
Because it feels like they're the only ones that stay legit while also seeming to take security quite seriously.
Everyone else is either a scammer or gets hacked, and I'm convinced at least half of the "hacks" are inside jobs.
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> You hire a ton of people for these projects but end up letting them all go when they realized those projects weren't going to pan out. Which is weird, because they're not especially difficult projects. OpenSea was built by like five people.
I agree with your sentiment and I think you would agree with this, just wanted to get it out there. I've seen teams of 10-15 people that do absolutely nothing. Have 10 meetings about specs but space them out over a year, so that by the time the next meeting happens, everyone forgets the entire context of the project... so you have to cover everything again. By the end of year, its gone absolutely no where due to 2-3…
This dude cost them millions, for no benefit whatsoever, by causing morale-crushing slowdowns on every project. It was crazy. Wouldn't be surprised if he's running the tech-side of that whole place by now, either. They seemed to love the guy.
Despite numerous wrong turns and silly mistakes, Coinbase is looking more and more as the lonely survivor positioned to dominate crypto trading in the West. The company has lots of cash on hand in excess of corporate debt, almost no short-term corporate debt, customer assets backing all customer deposits, and as far as I can tell from a quick read of the latest quarterly report, a clean balance sheet with no red flag…
They've already survived two crypto winters as well before this one, so they've already had experience and gotten to see what works and what doesn't, and have structured their company accordingly. I think if any crypto company deserves to survive this crypto winter, they're probably the most deserving.
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I doubt their past experience applies. This is far more than a winter.
I didn't literally mean that past crypto winters lasted only as long as a physical winter. Past crypto winters have lasted as much as two years. If this lasts longer than that, sure, it can be considered worse than past ones. Currently we're just barely over a year from bitcoin's all-time-high, though. As the other comment said, we're somewhat in uncharted territory with higher interest rates, but I don't think it wi…
The types of people reaching out to me to explain crypto during the last boom makes me think the wells are running dry.
“ All Coinbase personnel will be given proper notice and terminated. But make no mistake. Though they're the ones leaving, it is I who must remain and bear the heavy burden of their failure.”
..."and as a result I have decided to step down and hand the company over to someone more capable of navigating today's challenges" /s I think we'd all like to imagine a world where company's are run like sea faring ships- the captain gets paid the most to be accountable for the whole operation, and when things go wrong must be the last one off the ship. To the point where any selfish behavior by the captain in an em…
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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.
To be clear, this is the thread we're in: > > 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…
You know who didn't drink the koolaid? Cumberland/DRW and Jump.
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Absolutely everyone was surprised by the pace of the tech meltdown. It's not everyday that "blue chip" companies like Netflix and Meta and Tesla drop 60-70% within months. Meta crashed 73%. Tesla crashed 70%. Netflix crashed 72%. Everyone knew it was always going to come down, but if I were to tell you in September 2021 that Meta was going to trade 70% down within a year, you wouldn't have believed me
The overall tech meltdown, sure. The crypto meltdown, no, that was not surprising.
In real terms, Bitcoin and Ethereum didn't perform any worse than most major tech stocks, and outperformed many pandemic tech stocks (Zoom, Peloton).
Anyone else notice that Coinbase changed its price trend in your assets from “beginning of time period to now” to “lowest point to now”? I haven’t been able to find a view that shows a downward trend since…
On the web app I see options for viewing performance over reasonable periods like 1d, 5d, 1w, 1y, all
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I interviewed with them last year and while I didn't get the job, looking back now I'm kind of thankful it turned out how it did. From my limited perspective interviewing there, it seems like they started branching out into all things crypto. One manager I interviewed with explained that they wanted to become the "Amazon of Crypto" where any service related to crypto such as wallets, NFT's, etc are all on Coinbase. I…
Reminds me of when I worked at Altavista (the "original Google") for all of two months in late 1999. They had rolled up many companies and I was assigned to work in one of the recent acquisitions, and the manager and I met twice in that time. They asked me to get some insight into how the search operation worked. I played a lot of pool. Found out they hadn't successfully indexed the web for a while. Altavista was try…
https://twitter.com/danluu/status/1117859464793583616
Do you have any insight into why that happened?