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Coinbase S-1

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Re: Coinbase S-1

#281

Post by backtoyoujim »

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 pro version of coinbase is a tool to exchange crypto directly with other people with smaller fees.

I thought that coinbase is more of a store that buys a stock of crypto then resells it with huge fee mark up.

Re: Coinbase S-1

#282

Post by pcthrowaway »

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.

> more friction, slower transactions, higher transaction costs.

Bitcoin, sure. Plenty of other cryptocurrencies which don't have these issues.

Cardano has faster transactions than any monetary transfer method (besides cash), with low fees. You also get

Bitcoin cash has negligible transactions fees with 10-20 minute transactions.

Nano has fee-less, near-instant transactions (could actually compete with cash for p2p transactions)

Re: Coinbase S-1

#283

Post by dgellow »

cactus2093 wrote: post #176
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.

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…

Why not buy gold if that's what you want? What is better than gold about bitcoin? I never really understood this argument. I see some value in bitcoin but it doesn't have the same properties as precious metals: bitcoin value is only based on faith (so from this point of view it's not too different from so-called fiat currencies), there is no natural demand.

If you have gold, silver, platinum, you will always have at least some demand from the industry. Even if the majority of the current market price is due to speculation you still have an actual need for the metal. That's not the case for bitcoin. You could have the market losing faith tomorrow and it's done, your coins have zero value.

Crypto assets are their own things, it's not helpful to associate them to something that has different properties such as gold.

Re: Coinbase S-1

#284

Post by koonsolo »

ceejayoz wrote: post #279
koonsolo wrote: post #251

Earlier quoted context omitted.

Ok, then send me a $0.001 micro transaction. Same deal.

How are you going to convert $0.001 to Euros? Why is receiving $0.001 a matter of urgency that can't wait until tomorrow?

Funny how this conversation started how crypto is slow and expensive, and now turned into slow and expensive is OK :P.

In a crypto world, you don't need to convert to Euros. Are we in a crypto world yet? No. Will we live in crypto world in the future? Maybe, when it's faster and cheaper ;).

Re: Coinbase S-1

#285

Post by PragmaticPulp »

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.

Coinbase is the retail on and off ramp for crypto. DEXs don’t solve that.

Re: Coinbase S-1

#286

Post by mindcandy »

fasicle wrote: post #8

Could Coinbase have done an Initial Coin Offering (ICO) to raise money for their investors and employees instead, where the coin tracks revenue or something?

That was attempted by many companies during the ICO craze a couple years ago. It took quite a while for the FTC to issue guidance on just how they expect such offerings to work and remain on the FTC’s good side. What they eventually came up with was useless. Basically, you could pre-sell coupons for service discounts. Pretty much anything else would get you in trouble. And, so we don’t hear so much about ICOs any more.

Re: Coinbase S-1

#287

Post by Kye »

lucasverra wrote: post #22

I do ask myself if a 100B valuation on public listing is the start of mainstream crypto. Plus the direct listing is a giant middle finger to traditional banking and overall establishment, right? Like : Here are the new rules this new internet will be playing by. Direct, decentralized. Adapt or die?

If history is any guide, the start will come from the ruins when this boom crashes. First movers almost always get swept up in and crushed under the early part of the adoption curve.

Re: Coinbase S-1

#288

Post by temp8964 »

cactus2093 wrote: post #176
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.

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…

Can you "physically own" Bitcoin? Or what does "physically own" mean exactly? I kind of understand what "physically own" gold means, but not sure it means the same as "physically own" Bitcoin.

Getting downvoted on this. I am not complaining about the downvotes, but seriously, please enlighten me...

Re: Coinbase S-1

#289

Post by personjerry »

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.

What's wrong with banks?

Re: Coinbase S-1

#290

Post by Cthulhu_ »

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 few want crypto for that. Most people just want to surf on the waves of profit from a highly unstable and unregulated investment market.
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