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Coinbase S-1

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Re: Coinbase S-1

#731

Post by jki275 »

Tenoke wrote: post #181
jki275 wrote: post #169

Earlier quoted context omitted.

To be clear, ADA doesn't have a smart contract platform yet. I believe that's part of the update that is coming in a couple of days. They've been building towards that for several years and have done a lot of great work in the space. Tezos is quite a bit ahead of ADA in that particular respect as they have smart contracts already. I don't believe ETH2 will ever show up, but who knows. Full disclosure, I've got holdin…

>To be clear, ADA doesn't have a smart contract platform yet. Yes, as I said it is planned to come in early Q2. What comes tomorrow is a necessary step in that direction - the introduction of tokens on the ADA network. For what is worth, I see little reason to doubt that their smart launch will go well - I used their playground and looked at the activity in the testnet and it all seems to be going as planned. The big…

They have one now, the fork launched a couple of hours ago.

Re: Coinbase S-1

#732

Post by PKop »

thedudeabides5 wrote: post #301
PKop wrote: post #223

Earlier quoted context omitted.

>All it takes Oh just that huh? The market wouldn't value that new fork on par with finite BTC, so those miners would be hurting themselves, and burning energy for a worth-less coin. This action is trivial to consider, so what makes you think it has bearing on BTC value? When these miners leave old network, hash power & difficulty go down so other miners who prefer finite protocol can come in to mine. What's the actu…

Actually this isn’t the only way. If financial intermediaries like Coinbase start extending credit or engaging in fractional reserve banking, then yes, you can “create more Bitcoin.” Just like how in the gold standard, you could still create more gold backed dollars by making a mortgage loan... Kind of funny how all these new monetary wizards miss out on this simple fact.

Except a bank run on this sort of endeavor would bankrupt Coinbase in a few hours. The "threat" of taking delivery of actual BTC will strongly push against entities that want to fractionally reserve BTC.

"not your keys not your Bitcoin" has been a mantra from the beginning. You can track BTC withdrawals from exchanges. Ability to possess your own BTC quickly and easily is a primary feature of Bitcoin that separates it from gold and fractionally reserved fiat.

Fractionally reserved Gold happens because gold is heavy, hard to transport, store, and secure. This leads to centralized storage and then fractional reserve. You do see how the lack of physical properties, especially in contrast to gold, make the comparison much different in regards to willingness and ability to withdraw BTC and self store?

Again, a physical gold bank run, vs a BTC bank run are so massively different due to fundamental properties that this is a comically absurd threat comparison.

Re: Coinbase S-1

#733

Post by RestlessMind »

thinkmassive wrote: post #560
RestlessMind wrote: post #473

Earlier quoted context omitted.

And how do you move your money to/from a DEX? It still needs a regulated exchange like Coinbase to interface with Fiat money, no?

You can sell goods and services locally and accept Bitcoin as payment. Craigslist even added a “cryptocurrency ok” flag you can set on your posts. LocalBitcoins enables face to face transfers. Bisq is a DEX that enables remote exchanges using any form of payment, including most centralized payment services, and even cash through snail mail.

But then, the seller has to pay taxes - either business taxes if it is a merchant or capital gains taxes in case they sold an asset. And taxes are paid only in Fiat. So you still need Fiat integration somewhere.

Re: Coinbase S-1

#734

Post by culopatin »

kgwgk wrote: post #542
culopatin wrote: post #474

Earlier quoted context omitted.

I’m always surprised when my tiny (in population) and insignificant country shows up in HN. I’m now in the US and the power of going there with dollars in your pocket is incredible. I’m not an economist or even a very well versed person in the matter, but it is my understanding that Argentina is always almost out of dollars in its reserves and the local currency has been devaluated steadily since 2001. People figured…

#31 by population is not “tiny”. It has more population than California.

Comparing a country to a state makes it look even smaller to me lol

Re: Coinbase S-1

#735

Post by kgwgk »

culopatin wrote: post #734
kgwgk wrote: post #542

Earlier quoted context omitted.

#31 by population is not “tiny”. It has more population than California.

Comparing a country to a state makes it look even smaller to me lol

That was mostly for the benefit of people who may be more familiar with US geography. Most people don't consider California or Texas tiny.

But you can also compare Argentina to the 150+ countries with less population.

Including four of its five neighbouring countries.

Re: Coinbase S-1

#736

Post by wenutz »

Tenoke wrote: post #118
swiley wrote: post #89

Earlier quoted context omitted.

Is there a plan to deal with the high gas prices?

Yes, ETH 2.0 is coming in 2022 (unless it gets delayed). There's one proposal for July that might help a little and more transactions are moving to L2 chains (LRC, Matic) where you pay the high fees only on exit/entering the L2 but can do transactions there for cheap. Outside of ETH, BSC (Binance's smart chain, the exchange with 9x Coinbase's volume) already has lower fees but the chain is controlled by binance (its…

Tomochain should be considered as an alternative to BSC. Its a pos network, evm compatible, 2000 tps and 100 times cheaper than eth. You can also issue gasless tokens for your own project on the chain. Price wise we are not far from price discovery. Its really flying under the radar.
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