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Coinbase S-1

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Re: Coinbase S-1

#481

Post by baby »

atomicnumber3 wrote: post #451
ttul wrote: post #447

Earlier quoted context omitted.

Their growth rate is staggering, and they are enormously profitable. I was most stunned by the gross margins. They spend so little to make so much. It illustrates how feverish the crypto investing world is.

I worked for a prop firm that briefly did a foray into coin trading. Coinbase's trading fees are * outrageous** compared to what we're used to in the world of normal equity/option/future/fx trading. Literally 100x+ what we're used to paying. You have to do absolutely enormous volume before they'll give you anywhere near a sane rate. I'm not surprised they're printing money.

Yeah their rates are outrageous.

Re: Coinbase S-1

#482

Post by ojr »

arcticbull wrote: post #383
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.

So just to recap the current Crypto situation. - Scaling solution: Visa. - Custody: BNY Mellon. - Trading: Centralized, trustful exchanges. - Unlimited money printer: Tether. - The same insane unregulated over-leveraged garbage derivatives products that triggered this whole horror show in 2008: DeFi. - Volatility: Unbelievable. What exactly has been achieved? This is the first IPO I plan to short on day one.

money transfer on the internet that enables online sports gambling and prediction markets to levels that would make me nervous to place a short

Re: Coinbase S-1

#483

Post by Bedon292 »

Tenoke wrote: post #334
Bedon292 wrote: post #316

Earlier quoted context omitted.

Yes Binance.us has better fees, but CB has the benefit of scale $1.3B in BTC/USD vs just $55M on Binance.us. And I think CB is riding on that a lot. There is still tons of room for disruption there, just think a large number of folks trust CB for now. More so than any other exchange available in the US. And its way simpler to use it then going a lot deeper, so at least its a gateway for people to get started. The mai…

I was more comparing it to Binance.com which has 9x more volume than Coinbase, not the Binance.us gimped version. For what is worth, Kraken (available in the US) also has smaller fees, more parings at 55% of Coinbase's volume. Hopefully the US loosens up and doesn't continue paving everything for Coinbase while the major options available elsewhere are closed off. >And same with Ripple They had XRP, they just removed…

Right, I was just focusing on US access where Coinbase focuses on. And sadly Binance.com is not (easily) accessible from the US. And yeah, Kraken seems to be a better option from that standpoint, just have not built the level of trust that Coinbase has yet. Certainly can get there. And that extra liquidity helps with order execution at times.

US definitely has a long way to go with crypto in general, on both the access and tax side of things. I hope things will improve, but honestly not sure they will any time soon.

And yeah, the XRP side of things was definitely to cover themselves, and not want to be in that potential mess. I think that is a reason for not having Tether too, it comes with historic baggage even if those issues aren't present anymore. USDC makes sense to limit their own risks, even though Tether is still more popular overall.

What sucks is how much influence they have on overall markets. When they back something and have financial interest in it, and add it to their exchange but not its competitors. I would love to see it more open to other ones faster, but not sure it will be.

Re: Coinbase S-1

#485

Post by RestlessMind »

arcticbull wrote: post #383
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.

So just to recap the current Crypto situation. - Scaling solution: Visa. - Custody: BNY Mellon. - Trading: Centralized, trustful exchanges. - Unlimited money printer: Tether. - The same insane unregulated over-leveraged garbage derivatives products that triggered this whole horror show in 2008: DeFi. - Volatility: Unbelievable. What exactly has been achieved? This is the first IPO I plan to short on day one.

> What exactly has been achieved?

A new asset class (like Gold) which everyone wants to invest in because they think everyone else values it (just like Gold). And with a few benefits over Gold like it can be transferred easily.

That this has sustained for 12 years is amazing and the longer it stays, the longer it will further stay.

Re: Coinbase S-1

#486

Post by uncletammy »

elif wrote: post #243
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…

Your theory is fantasy, and your conclusion that it is inevitable is hilarious. Please do a 2 minute read of the BCH wikipedia page and correct your comment.

Just read the BCH wikipedia page. What does BCH have to do with increasing the total number of coins?

Re: Coinbase S-1

#487

Post by ayewo »

atomicnumber3 wrote: post #451
ttul wrote: post #447

Earlier quoted context omitted.

Their growth rate is staggering, and they are enormously profitable. I was most stunned by the gross margins. They spend so little to make so much. It illustrates how feverish the crypto investing world is.

I worked for a prop firm that briefly did a foray into coin trading. Coinbase's trading fees are * outrageous** compared to what we're used to in the world of normal equity/option/future/fx trading. Literally 100x+ what we're used to paying. You have to do absolutely enormous volume before they'll give you anywhere near a sane rate. I'm not surprised they're printing money.

> Coinbase's trading fees are outrageous compared to what we're used to in the world of normal equity/option/future/fx trading.

I'm guessing their fees draw heavy inspiration from price skimming [0] (which is used heavily by AWS), as it allows them to maximize revenue while consumer demand is high in cryptocurrencies.

0: https://www.investopedia.com/terms/p/priceskimming.asp

Re: Coinbase S-1

#488

Post by ldbooth »

uncletammy wrote: post #475
ldbooth wrote: post #466

Earlier quoted context omitted.

regarding the transaction cost, wells fargo charges me $15 to receive a wired payment. If the use case is only large gold like transactions, the BTC use case makes more sense. Tbd.. shake it out.

I'm not arguing that BTC isn't better than Wells Fargo. I'm arguing that you can't build a "financial network" on it. BTC is a great alternative to Wells Fargo although almost ANY OTHER COIN is a better one.

Can you anchor a financial network on BTC stability? (If it achieves stability). IDK.. Total aside..I imagine this utopian energy-financial system future where we overbuild our renewable grid and instead of storing energy we discharge the (green energy) overproduction into crypto mining operations. There are some dudes already on it, it's a new angle to grid power flow modeling.

Re: Coinbase S-1

#489

Post by mancerayder »

Is BTC still a hedge if it's 50k+? I don't know whether it's a good speculation or one to hedge against. I've avoided it all this time and with banks and corps getting on board, I feel left out.

Re: Coinbase S-1

#490

Post by Aunche »

trident5000 wrote: post #392
dgellow wrote: post #327

Earlier quoted context omitted.

Where do you get this from? Statista data show way more than 10% of demand from the Jewelry and tech industries: https://www.statista.com/statistics/274684/global-demand-for...

Jewelry is just an extension of speculating on the metal. You can make a necklace out of many materials and it will function the same. Cobalt is used more in electronics than gold. The MC is not close to the same. Almost 100% of golds value is from speculation.

Cobalt is also thousands of times of abundant than gold...

https://en.wikipedia.org/wiki/Abundance_of_elements_in_Earth...

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