701–710 of 883 posts
The NYSEs parent company Intercontinental Exchange Inc (ICE) is worth 66.40B. Today's IPO puts Coinbase at 100B+. The NYSE has been in operation since 1817. Coinbase has been in operation since 2012. The value of all crypto is Trading fees in the crypto-world are getting more competitive as more established players support crypto. I don't see a defensible market position here, let alone established track record or st…
where can I buy things with my beenz and flooz?
And down bitcoin goes. $3k off the highs. If given a choice between 1 million to invest in in a large cap growth stock portfolio vs. Bitcoin, I would choose the stock portfolio every time. Crypto too volatile relative to upside. Airbnb and other big tech growth stocks have much smoother returns which can be magnified with some leverage strategies.
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I'm not so sure. Western governments could had intervened and banned or heavily regulated crypto currencies at any time over the past several years. In particular, the Silk Road and Alpha Bay take-downs would have been the perfect opportunities - but they didn't take them. Now we have crypto currency companies floating as public companies, and others (e.g. Tesla) heavily invested, speculatively, in Bitcoin - maybe cr…
Bitcoin is perfect for mass surveillance and privacy invasion. It's as if all transactions, of any size, can be perpetually tracked, with a courtroom-ready digital signature reducing evidence doubt about who made a transaction.
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Yeah, capital > labor as Thomas Piketty pointed out quite nicely.
Just FYI, that's just a theory, and in the decade since his book was published, there have been several rebuttals and refutations pointing out that this theoretical mechanism doesn't match the empirical data. https://www.imf.org/external/pubs/ft/wp/2016/wp16160.pdf > Using a sample of 19 advanced economies spanning over 30 years, I find no empirical evidence that dynamics move in the way Piketty suggests. Results are…
Capital > labor, still. But I guess not as badly as I thought.
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Bitcoin is worthless without dollars backing it. It’s because you can turn Bitcoin into dollars that anyone wants it.
You can make the same argument about any asset class. The path from Bitcoin/gold/real estate/crops to other goods or assets goes through dollars out of convenience (because your destination is purchasable in dollars). Don't confuse convenience with necessity.
In this case convenience is necessity, for practical, real-world definitions. Sure, in a theoretical sense, there is no reason why I couldn't use Bitcoin to buy food and clothing, make rent/mortgage payments, buy plane/train/bus tickets, buy furniture, tools, electronics, etc. But the reality is that I can't do it (with some narrow exceptions), and I don't see that materially changing within my lifetime, not to the point where using Bitcoin (or any other up-and-coming cryptocurrency) is more convenient that using fiat currency.
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Yeah, I wonder if this will become a trend. I always thought the underwriting agency in an IPO was a form institutional gate keeping / toll booth on the road to going public.
It will be a trend for heavy VC funded companies that are not really profitable (not speaking about Coinbase specifically). DPO's allow VC to recoup investments at around the 10 year mark for company's that do not make financial sense on paper.
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also airbnb is not dependent on the value of a speculative asset. There will always be demand for rentals.
Bold assertion immediately following a pandemic in which the demand for rentals fell to... zero. It took a significant pivot for AirBnB to recover and maintain revenues.
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Obviously both of those possibilities are priced in. Investors aren't stupid, Gamestop notwithstanding.
I think severe regulation is more likely than Coinbase becoming the next NYSE, but the valuation suggests investors think the opposite.
Fun trivia: Brian Armstrong was looking for a co-founder on HN back in 2012: https://news.ycombinator.com/item?id=3754664
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>also airbnb is not dependent on the value of a speculative asset. What do you think US real estate is?
people need shelter, they do not need crypto . There is huge demand for housing in metro areas even in spite of Covid, and regulation and other restrictions make it hard to increase supply, and landlords generally want to lock-in long-term rents with good credit scores due to difficulty of evicting, meaning more demand for short-term rentals. .