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Coinbase S-1

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Re: Coinbase S-1

#211

Post by user-the-name »

rawtxapp wrote: post #204
levosmetalo wrote: post #198

Earlier quoted context omitted.

> 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".

You don't need the nodes to agree on anything. If they don't agree, they drop off the network, and form their own chain with little to no hashing power, that will stagnate and die in short order.

Re: Coinbase S-1

#212

Post by blhack »

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 all it takes to "print" more gold is for a majority of people using gold to decide that lead painted yellow is, in actual fact, gold.

Re: Coinbase S-1

#213

Post by blhack »

It's so weird to me that here, on hacker news people have such a hatred of coinbase.

Coinbase is a YC company, and if some of the predictions are accurate, will be the highest valued YC company so far.

Re: Coinbase S-1

#215

Post by kolinko »

dd36 wrote: post #122
kolinko wrote: post #96

Earlier quoted context omitted.

By „fraction” you mean a quarter of revenue - Coinbase having around 1B in revenue, Nasdaq having 4B in 2020. Then, Coinbase grew 300% in the last year, Nasdaq just 33%. It’s like asking how Amazon can be worth more than Barnes and Noble in 2004 (or what year that was).

Except Amazon had opportunity to move beyond books. Coinbase should be valued nearly as much as Wells Fargo because maybe it will become Wells Fargo?!? Coinbase is tied to crypto inflation. That bubble can keep going but it’s a fraction of the volumes of the large players and I don’t see any long-term competitive advantage if crypto actually becomes useful to daily commerce. EDIT: And fraction was less than 1/10th of…

1/10 or 1/4 doesn’t really matter if they manage to keep up 300% growth for a year or two. And there is still a lot of room for growth.

As for where Coinbase can go - it can take the Wallstreet on in terms of trading securities (security tokens) and derivatives - the whole DeFi market which is what Internet was to publishing companies.

Re: Coinbase S-1

#216

Post by seibelj »

blhack wrote: post #213

It's so weird to me that here, on hacker news people have such a hatred of coinbase. Coinbase is a YC company, and if some of the predictions are accurate, will be the highest valued YC company so far.

This is standard operating procedure for HN. Even when the market proves you wrong, continue parroting the same bullshit about tech you know absolutely nothing about.

Re: Coinbase S-1

#217

Post by hanniabu »

blhack wrote: post #213

It's so weird to me that here, on hacker news people have such a hatred of coinbase. Coinbase is a YC company, and if some of the predictions are accurate, will be the highest valued YC company so far.

It's because they view crypto like people viewed the internet/computers back in the day. "It'll never work it's too complicated. No need for it, mail workers just fine. It's just used for illegal activity. Why do I need a productivity boost when I have my assistant to do everything. "

Re: Coinbase S-1

#218

Post by helsinkiandrew »

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.

The trouble with Cryptocurrencies is that very few people seem to be using it for exchange of goods, where it could be used independently from banks.

It seems that the vast majority of retail sales is into and out of USD and other fiat currency for speculation/investment. Here central markets will always have the advantage that you'll get a 'fair' price due to the mass of buyers and sellers (ignoring market manipulation) over finding someone to trade with you.

Re: Coinbase S-1

#219

Post by Spivak »

user-the-name wrote: post #211
rawtxapp wrote: post #204

Earlier quoted context omitted.

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".

You don't need the nodes to agree on anything. If they don't agree, they drop off the network, and form their own chain with little to no hashing power, that will stagnate and die in short order.

You need a majority of computing power on the network to agree to actually do this which is what the parent means.

Re: Coinbase S-1

#220

Post by Bedon292 »

Tenoke wrote: post #70
anonu wrote: post #37

Love reading the risk factors section. First thought: how can a lay person possibly understood the risks as laid out here? Also they view this as a major risk: •the identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins; Second thought, what an incredible business and growth. 1.14bn in revenue on 193bn in trading volume: thats 60bps on every…

>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.

DEX's are certainly nice, but at least for the time being if you have any significant volume of trading the the actual swap fees on the DEX will eat more of your gains than a centralized exchange will. Before factoring in Ethereum gas prices. Somewhere like Uniswap (most popular DEX on Ethereum) takes 0.3% of every trade plus price impact issues. At $50k volume, maker fees on Coinbase Pro are 0.15%, and your limit order may not fill but it won't have a huge slippage either.

I think ETH2.0 or some other network certainly might make DEX's even more popular, but if those swap fees don't come down the centralized exchanges still have a financial benefit to some users. I imagine if they do come down and volume goes up, it lowers the low volume fees on places like Coinbase, which would be nice.

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