Coinbase S-1 • Hacker News Board

Re: Coinbase S-1

#41

Post by 0xy » Thu, Feb 25, 2021, 1:13 PM UTC

atian wrote: post #16

harporoeder wrote: post #9

Coinbase is currently trading on private markets at a 77 billion dollar valuation: "Those shares in the largest crypto exchange in the U.S. are changing hands on the Nasdaq Private Market at $303 a piece, according to two people with knowledge of the auction. That implies a total company value of about $77 billion – greater than Intercontinental Exchange Inc., the owner of the New York Stock Exchange." (1). It will b…

Secondaries on Bitfinex are trading at $17 a pop equating to a $3.7B valuation for Bitfinex. This seems a bit low compared to Coinbase's for running the hodgepodge operation that is Tether.

It seems low because Bitfinex has a literal money printing machine that the New York AG doesn't care about as long as they get their kickbacks in the form of fines.

Re: Coinbase S-1

#42

Post by [deleted] » Thu, Feb 25, 2021, 1:15 PM UTC

ceejayoz wrote: post #21

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?

Why?

[deleted]

Re: Coinbase S-1

#43

Post by whoisjohnkid » Thu, Feb 25, 2021, 1:15 PM UTC

rvz wrote: post #17

mensetmanusman wrote: post #12

Do you think BTC is worth $500k? If so buy Coinbase.

Before you do that, wait for the bear market and when the financial system 'goes back to normal'.

keep in mind bear market could be hovering around 100-200k after this cycle tops. tough to time the market unless you have a ton of experience in the field.

Re: Coinbase S-1

#44

Post by arnaudsm » Thu, Feb 25, 2021, 1:16 PM UTC

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.

Re: Coinbase S-1

#45

Post by snicksnak » Thu, Feb 25, 2021, 1:16 PM UTC

Didn't know that Mark Andreessen/a16z own that huge chunk of coinbase.

Re: Coinbase S-1

#46

Post by nunchuck » Thu, Feb 25, 2021, 1:17 PM UTC

pmurt7 wrote: post #23

I have tried to use Coinbase this past month to buy some ETH. Worst customer support I have ever seen in my life. Have a look at Reddit to see what's going on with this company: https://www.reddit.com/r/CoinBase/new/ It's not ok to brag about your business when many of your customers are in deep emotional stress because you mess with their money.

Long time customer of CB. I had a great experience thus far, but haven't been active on them in the last 18 months. Tried to get a family member signed up, their account funded, and some trading accomplished. Phew! The customer support has gone down hill in the form of 4 to 5 days to respond, and when the response finally arrived it was wholly inadequate to solve the issue, which would require a us to reply, triggering another 5 day wait. They were also not very friendly/human in their communications.

Tried Gemini, and it was night and day. Same day or next day responses. Friendly communication. Concise answers. Quickly established account, got it funded within 24 hours, and executed a trade. Family member is pleased.

Re: Coinbase S-1

#47

Post by CamelCaseName » Thu, Feb 25, 2021, 1:17 PM UTC

ketamine__ wrote: post #35

u678u wrote: post #32

I thought that the point of crypto is low fees? Nice that crypto has a $~1T market cap. But just one broker is going to have a market cap of one tenth of that. Makes no sense.

The market cap of crypto is much larger than 1B. It's at least 1 trillion.

Clearly a typo given the following sentence...

Re: Coinbase S-1

#48

Post by ignoramous » Thu, Feb 25, 2021, 1:18 PM UTC

snicksnak wrote: post #45

Didn't know that Mark Andreessen/a16z own that huge chunk of coinbase.

a16z are one of the biggest institutional investors in the cryptocurrency space: https://a16z.com/crypto/#vertical-landing-investment-thesis

Re: Coinbase S-1

#49

Post by [deleted] » Thu, Feb 25, 2021, 1:19 PM UTC

pmurt7 wrote: post #23

I have tried to use Coinbase this past month to buy some ETH. Worst customer support I have ever seen in my life. Have a look at Reddit to see what's going on with this company: https://www.reddit.com/r/CoinBase/new/ It's not ok to brag about your business when many of your customers are in deep emotional stress because you mess with their money.

[deleted]

Re: Coinbase S-1

#50

Post by hn8788 » Thu, Feb 25, 2021, 1:19 PM UTC

Created a coinbase account recently and found that there's no way to verify your identity if you have an expired ID. Because of covid, Maryland let expired drivers licenses still be valid for the forseeable future, but Coinbase automatically declines them.