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Coinbase S-1

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Re: Coinbase S-1

#201

Post by koonsolo »

fnord77 wrote: post #124
ceejayoz wrote: post #104

Earlier quoted context omitted.

I once saw crytpocurrency described as "speedrunning the evolution of the modern financial system".

in reverse. the evolution of the modern financial system is less and less friction for each transaction, lower costs. crypto: more friction, slower transactions, higher transaction costs. And wicked exchange volatility. Plus no way to expand or contract the supply to prevent economic shocks. I like my fiat and central banks, thank you very much.

I'm in EU, you in US? Send me $50.000 in the weekend through your bank. Let's see how fast it goes.

I'll send you any amount you want with Nano: Try to beat that!

Re: Coinbase S-1

#202

Post by Kye »

pjc50 wrote: post #158
bhupy wrote: post #148

Earlier quoted context omitted.

If it is, then that means Coinbase can create new "Bitcoin" on demand; which we both know that it cannot do. In your own source, the banks ability to increase money supply through the multiplier effect is capped by the capital adequacy ratios, which are defined by the Fed. It is also an inevitability of any currency that isn't backed by an asset. To be clear, I don't have problems with the concept of fiat currencies,…

It absolutely can, because all exchange users put their money in a big pot (the exchange's "cold wallet" and "hot wallet") rather than having individual wallets - this allows for instant trading. Exchange accounts aren't quite like banks but they are like brokerage accounts. Numerous exchanges have blown up when the wallet got stolen from underneath them - but in the gap between the theft and the discovery, the users…

This sounds like the gold/gold certificate distinction. A lot of people who think they own gold as a hedge against societal collapse only own it on paper.

Re: Coinbase S-1

#203

Post by Fjolsvith »

levosmetalo wrote: post #198
cactus2093 wrote: post #176

Earlier quoted context omitted.

Don’t speak for everyone there, “we” don’t all have the same reason. I like Bitcoin as a diversification for being a “better version of gold” - it has the scarcity and you can physically own it but it is much easier to store and send anywhere in the world if needed. These properties also mean that in a pinch, if you live in an unstable society or one facing high inflation it can work as an alternative financial syste…

> I like Bitcoin as a diversification for being a “better version of gold” - it has the scarcity ... Why do we repeat the claim of Bitcoin scarcity when we all know it's just a promise and nothing more, there is no technical limitation? All it takes to "print" more Bitcoins is for the majority of miners to agree to make a fork that will allow for more. And that will happen at one point. As for Gold, good luck trying…

> All it takes to "print" more Bitcoins is for the majority of miners to agree to make a fork that will allow for more. And that will happen at one point.

Why is this a bad thing? America's founders believed that the people could mint their own coins.

Re: Coinbase S-1

#204

Post by rawtxapp »

levosmetalo wrote: post #198
cactus2093 wrote: post #176

Earlier quoted context omitted.

Don’t speak for everyone there, “we” don’t all have the same reason. I like Bitcoin as a diversification for being a “better version of gold” - it has the scarcity and you can physically own it but it is much easier to store and send anywhere in the world if needed. These properties also mean that in a pinch, if you live in an unstable society or one facing high inflation it can work as an alternative financial syste…

> I like Bitcoin as a diversification for being a “better version of gold” - it has the scarcity ... Why do we repeat the claim of Bitcoin scarcity when we all know it's just a promise and nothing more, there is no technical limitation? All it takes to "print" more Bitcoins is for the majority of miners to agree to make a fork that will allow for more. And that will happen at one point. As for Gold, good luck trying…

Nothing stops you from changing the 21M cap in the code, but you need majority of the network nodes to agree to the new rules (aka a hard fork), the miners can't willy nilly change the rules of the network.

What you would have at that point isn't Bitcoin, it would be probably be called "Bitcoin infinite" or something, similar to "Bitcoin cash".

Re: Coinbase S-1

#205

Post by charcircuit »

gogopuppygogo wrote: post #171
charcircuit wrote: post #137

Earlier quoted context omitted.

>Especially with billions of tether issued without any fiat Do you have any proof of this? Tether is over collateralized by $164M. https://wallet.tether.to/transparency

https://ag.ny.gov/press-release/2021/attorney-general-james-... https://crypto-anonymous-2021.medium.com/the-bit-short-insid...

Neither of these links support your claim. The first link says there was a period years ago where it wasn't true, but nothing about the current state. Your second link just shows that people and businesses prefer Tether over USD. It's also surprising that the author did not know that bitcoin is a very common half of a trading pair.

Re: Coinbase S-1

#206

Post by zulln »

levosmetalo wrote: post #198
cactus2093 wrote: post #176

Earlier quoted context omitted.

Don’t speak for everyone there, “we” don’t all have the same reason. I like Bitcoin as a diversification for being a “better version of gold” - it has the scarcity and you can physically own it but it is much easier to store and send anywhere in the world if needed. These properties also mean that in a pinch, if you live in an unstable society or one facing high inflation it can work as an alternative financial syste…

> I like Bitcoin as a diversification for being a “better version of gold” - it has the scarcity ... Why do we repeat the claim of Bitcoin scarcity when we all know it's just a promise and nothing more, there is no technical limitation? All it takes to "print" more Bitcoins is for the majority of miners to agree to make a fork that will allow for more. And that will happen at one point. As for Gold, good luck trying…

> And that will happen at one point.

Why?

Re: Coinbase S-1

#207

Post by Ekaros »

candiddevmike wrote: post #4
hestefisk wrote: post #2

Good for them. But am I the only one who finds it slightly ironic that the brainchild of distributed ledger tech and crypto currency capitalism is now filing for IPO in what is the hallmark of old capitalism (regulated markets)?

It's always better to sell shovels

This is not even selling the shovels... This renting a room to cash for gold traders...

Re: Coinbase S-1

#208

Post by saberdancer »

jcims wrote: post #93
XorNot wrote: post #71

Earlier quoted context omitted.

It's actually a lot worse then that: if anyone gets access to Satoshi's private wallets (i.e. via finding the keys printed out on paper in a personal effects safe or something) then those coins could move. There's no way to absolutely sure that the keys are gone and inaccessible permanently.

I'm a complete n00b so this is coming from a place of ignorance, why is that such a factor in the current price? Someone is sitting on $50B in a $1T market, who cares?

Unlike stocks where price is usually influenced by future dividend you can extract from the stock (profit), Bitcoin is more like gold.

Imagine if suddenly someone found 100 000 metric tons of gold and wanted to sell fast. It would saturate the market and the price would plummet.

Same would happen if Satoshi wanted to quickly sell 50 billion of coins.

Re: Coinbase S-1

#210

Post by maxia »

waheoo wrote: post #77
rawtxapp wrote: post #53

Earlier quoted context omitted.

It's an exchange, as soon as you're done trading, you can and should withdraw your coins to your personal wallet.

This is such a trope. Do you pull your funds from interactive brokers after you're done trading? What about vanguard? 401k?

Would you ever want a paper stock certificate? https://www.giveashare.com/stock.asp?buy=google-stock
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