Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Coinbase S-1

sec.gov

Post reply on HN
Print view View original

181–190 of 736 posts

Re: Coinbase S-1

#181

Post by Tenoke »

jki275 wrote: post #169
Tenoke wrote: post #118

Earlier quoted context omitted.

Yes, ETH 2.0 is coming in 2022 (unless it gets delayed). There's one proposal for July that might help a little and more transactions are moving to L2 chains (LRC, Matic) where you pay the high fees only on exit/entering the L2 but can do transactions there for cheap. Outside of ETH, BSC (Binance's smart chain, the exchange with 9x Coinbase's volume) already has lower fees but the chain is controlled by binance (its…

To be clear, ADA doesn't have a smart contract platform yet. I believe that's part of the update that is coming in a couple of days. They've been building towards that for several years and have done a lot of great work in the space. Tezos is quite a bit ahead of ADA in that particular respect as they have smart contracts already. I don't believe ETH2 will ever show up, but who knows. Full disclosure, I've got holdin…

>To be clear, ADA doesn't have a smart contract platform yet.

Yes, as I said it is planned to come in early Q2. What comes tomorrow is a necessary step in that direction - the introduction of tokens on the ADA network. For what is worth, I see little reason to doubt that their smart launch will go well - I used their playground and looked at the activity in the testnet and it all seems to be going as planned.

The bigger question is whether enough projects will move/launch there.

Re: Coinbase S-1

#182

Post by boh »

arnaudsm wrote: post #44

Many have forgotten why we used cryptocurrencies in the first place. The original promise of cryptocurrency was to become independent from banks. In the end CoinBase (like every exchange) is a great product, but just a bank. It's centralized, hackable, has economies of scale, etc.

A bank/exchange with far fewer regulations than a bank/exchange.

Re: Coinbase S-1

#183

Post by elwell »

> Hodl: A term used in the crypto community for holding a crypto asset through ups and downs, rather than selling it.

I appreciate the glossary

Re: Coinbase S-1

#184

Post by jki275 »

Tenoke wrote: post #181
jki275 wrote: post #169

Earlier quoted context omitted.

To be clear, ADA doesn't have a smart contract platform yet. I believe that's part of the update that is coming in a couple of days. They've been building towards that for several years and have done a lot of great work in the space. Tezos is quite a bit ahead of ADA in that particular respect as they have smart contracts already. I don't believe ETH2 will ever show up, but who knows. Full disclosure, I've got holdin…

>To be clear, ADA doesn't have a smart contract platform yet. Yes, as I said it is planned to come in early Q2. What comes tomorrow is a necessary step in that direction - the introduction of tokens on the ADA network. For what is worth, I see little reason to doubt that their smart launch will go well - I used their playground and looked at the activity in the testnet and it all seems to be going as planned. The big…

I'm pretty confident they'll do it right.

For those who don't know, the founder of IOHK (which created ADA) is one of the co-founders of ETH.

I'm confident in his ethics and his ability. I'm not so confident in the ethics of the ETH project anymore.

-edited above since I get rate limited every time I post more than two posts in a day, read the following as a response to the post calling me a liar below:

Ok, I edited to take out the reference to when he left since apparently I made a mistake on the dates -- I thought he was still in the ETH foundation when that happened.

However, he was one of the few voices calling for the ETH foundation not to hard fork to just roll back the DAO hack. The ETH foundation did what was expedient for them financially, and ignored the core tenet of cryptocurrency.

Fact remains, ETH was an immature cryptocurrency, run by immature people, who made immature mistakes. He was one of the few who called them out over it.

You can see what he has done over the years since with IOHK to bring maturity to the space. I think the results with ADA speak for themselves.

Re: Coinbase S-1

#185

Post by purple_ferret »

cirowrc wrote: post #175
purple_ferret wrote: post #144

43 million users yet the narrative is cryptocurrency is still in its 'infancy.' I wouldn't be surprised if at least 10% of all Americans have dabbled in buying crypto.

given how big the world is, _yes_, still infancy

Well Coinbase marketshare of crypto buying is small (like 3% volume of bitcoin) so unless you believe every person on the planet will wind up trading crypto, it really isn't.

Re: Coinbase S-1

#186

Post by virgilp »

koonsolo wrote: post #179
virgilp wrote: post #156

Earlier quoted context omitted.

You can't create more bitcoin but you can create more USDT and exchange it for bitcoin.

When banks use bitcoin instead of fiat, they could in fact create more 'bitcoin' in the same way. You wouldn't own the bitcoin, just as now you don't own the real fiat. There would just be a number on your bank account that says how many bitcoin you own, but it's multiplied the same way as they do now. It all comes down to the % of reserve they need to hold.

This might very well be what Revolut already does :D (you can 'purchase bitcoin' or sell it at the prices they determine; but you can't transfer it out of Revolut).

Re: Coinbase S-1

#187

Post by flixic »

Tenoke wrote: post #118
swiley wrote: post #89

Earlier quoted context omitted.

Is there a plan to deal with the high gas prices?

Yes, ETH 2.0 is coming in 2022 (unless it gets delayed). There's one proposal for July that might help a little and more transactions are moving to L2 chains (LRC, Matic) where you pay the high fees only on exit/entering the L2 but can do transactions there for cheap. Outside of ETH, BSC (Binance's smart chain, the exchange with 9x Coinbase's volume) already has lower fees but the chain is controlled by binance (its…

So I've been hearing this "being the most decentralized option" about Cardano in less reputable sources (aka YouTube comments) than HN. Can you expand on that? From what I'm seeing, Cardano has 1 912 pools[0] that can produce blocks, which is less than 11 586 on Ethereum[1] and much less than 100 000 validators on Ethereum 2.0[2]. Sure, many validators are controlled by same people, but there's a much easier barrier to entry for new validators.

[0]: https://adapools.org

[1]: https://www.ethernodes.org

[2]: https://launchpad.ethereum.org

Re: Coinbase S-1

#188

Post by kgwgk »

andy_ppp wrote: post #134
kgwgk wrote: post #126

Earlier quoted context omitted.

It's not like coinbase has not to worry about regulation anymore. And for the technical aspect, did you spend a few billion dollars when you tried? Potential coinbase competitors may. I don't think a valuation higher than NYSE and NASDAQ combined (or CME and CBOE combined) is reasonable.

They have a reasonable sized moat then no? I’ve no idea $77bn seems large, but they intend to be the world’s financial system in 10-20 years so could be worth even more.

> They have a reasonable sized moat then no?

Do they? I'd rather own a couple of major exchanges in today's financial system for the same price.

  ICE   net income $2.1bn  market cap $63bn
  NDAQ  net income $0.5bn  market cap $23bn
  CME   net income $2.1bn  market cap $72bn
  CBOE  net income $0.4bn  market cap $11bn

Re: Coinbase S-1

#189

Post by Tepix »

swiley wrote: post #89
Tenoke wrote: post #70

Earlier quoted context omitted.

>These are insane fees ripe for disruption. The disruption is already well underway. The only thing that slowed down DEX's eating of a bigger part of the market share is the current high fees on Ethereum.

Is there a plan to deal with the high gas prices?

You can use Pangolin, a Uniswap clone that runs on Avalanche (wich offers EVM compatibility so you can just use Metamask).

Re: Coinbase S-1

#190

Post by eurasiantiger »

spamalot159 wrote: post #177
Galanwe wrote: post #151

Earlier quoted context omitted.

> the evolution of the modern financial system is less and less friction for each transaction Still, buying shares of a company is much more "friction" than buying coins. > crypto: more friction Can you elaborate? > slower transactions Huh, even bitcoin will settle with 6 confirmations in an hour. Settlement to buy a share or FX is 2/3 days. > higher transaction costs Hmm, no. > And wicked exchange volatility. Volati…

You are comparing crypto currencies to stocks. In that case what you said is true. But I think the fairer comparison is crypto currency to a fiat currency. There is more friction involved in using crypto currency to make a purchase. It does take longer to processes a bitcoin transaction than it would for visa to processes a transaction in usd. And the transaction costs for a typical transaction are usually higher for…

One could get a crypto credit card and spend transparently in fiat. No friction involved.
Post reply on HN