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Understanding Coinbase

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Re: Understanding Coinbase

#81

Post by dannyw »

granzymes wrote: post #17
eruleman wrote: post #2

The biggest threat to Coinbase are decentralized exchanges like Uniswap & Sushiswap. During the peak of DeFi summer, Uniswap handled more trading volume than Coinbase. [0] Uniswap airdropped its token $UNI to all users on Sept 17, 2020. Uniswap is already at a $17 billion market cap. Coinbase is expected to IPO at ~$100 billion. [0] https://www.theblockcrypto.com/data/decentralized-finance/de...

Correct me if I am wrong, but those decentralized exchanges don't seem to allow converting a token to dollars/euros/other currencies or vice versa. At some point the ecosystem needs to interact with banks for on and off ramps, and that is where Coinbase excels.

You can convert to USD stablecoins, which is still an off ramp, but has the benefit of no AML on decentralised exchanges.

Re: Understanding Coinbase

#82

Post by dannyw »

benreesman wrote: post #15
eruleman wrote: post #2

The biggest threat to Coinbase are decentralized exchanges like Uniswap & Sushiswap. During the peak of DeFi summer, Uniswap handled more trading volume than Coinbase. [0] Uniswap airdropped its token $UNI to all users on Sept 17, 2020. Uniswap is already at a $17 billion market cap. Coinbase is expected to IPO at ~$100 billion. [0] https://www.theblockcrypto.com/data/decentralized-finance/de...

Without personally taking a position one way or the other I think it’s fair to point out that perspectives on DeFi in general and AMMs in range from “the future of finance” to “scammy ICOs with Solidity code and a whitepaper”, even among people who are into crypto.

Uniswap isn't a scammy ICO. They launched with no tokens, but were forced to by SushiSwap.

Re: Understanding Coinbase

#83

Post by dannyw »

agumonkey wrote: post #14
eruleman wrote: post #2

The biggest threat to Coinbase are decentralized exchanges like Uniswap & Sushiswap. During the peak of DeFi summer, Uniswap handled more trading volume than Coinbase. [0] Uniswap airdropped its token $UNI to all users on Sept 17, 2020. Uniswap is already at a $17 billion market cap. Coinbase is expected to IPO at ~$100 billion. [0] https://www.theblockcrypto.com/data/decentralized-finance/de...

One thing with the eth/uni world.. it seems like fluffy unicorn land. It's full of new lingo and bits to assemble (metamask etc) to maybe get something working. The crowd for this might be very small.

Metamask is an app and browser extension. It's basically a crypto browser. The same way the internet needs a browser.

Your argument can easily be used to dismiss the early internet.

Re: Understanding Coinbase

#84

Post by howdydoo »

helsinki wrote: post #67

Too tired to read the article, but please, everyone, buy your crypto via Coinbase Pro. The fees are only a fraction of what Coinbase charges.

Also, don't link your bank account using Plaid. Use deposit verification (or old fashioned bank wire) instead.

Re: Understanding Coinbase

#85

Post by granzymes »

dannyw wrote: post #81
granzymes wrote: post #17

Earlier quoted context omitted.

Correct me if I am wrong, but those decentralized exchanges don't seem to allow converting a token to dollars/euros/other currencies or vice versa. At some point the ecosystem needs to interact with banks for on and off ramps, and that is where Coinbase excels.

You can convert to USD stablecoins, which is still an off ramp, but has the benefit of no AML on decentralised exchanges.

I can't pay my mortgage with stablecoins, though. They also aren't an on ramp.

Re: Understanding Coinbase

#86

Post by [deleted] »

geniium wrote: post #18
gbasin wrote: post #3

Earlier quoted context omitted.

I would argue the biggest threat to coinbase is another crypto winter where volumes fall by 90%! And eventually the asset class becoming mature, so fees also fall by another 90%

That’s what we call a strong correction. Or even a « capitulation ». It’s pretty healthy if u ask me. Market cycles. It will happen again. The question is when? After what BTCUSD price? We’ll probably run the bull a few more months and then crash. And then start all again.

[deleted]

Re: Understanding Coinbase

#88

Post by cachvico »

tyrust wrote: post #65
cachvico wrote: post #59

Earlier quoted context omitted.

Until you can't.

Uh that'd be stealing and would make them immediately lose credibility. But if you're really concerned about it, move funds to your wallet as soon as you buy.

Because that's never happened (see: QuadrigaCX, Cryptopia, ...)

Re: Understanding Coinbase

#89

Post by ca98am79 »

mdoms wrote: post #74
noman-land wrote: post #12

Earlier quoted context omitted.

Don't forget working for it by doing stuff and receiving payment in them. That's my personal philosophical favorite.

No one wants to pay you for legal above-board work in bitcoin[0] because bitcoin is not a useful currency (for reasons that have been rehashed plenty of times in HN comments. [0] within margin of error

I don’t understand why people think this is true. I use it often with my business and it works great.

Re: Understanding Coinbase

#90

Post by de6u99er »

littlestymaar wrote: post #31
noman-land wrote: post #12

Earlier quoted context omitted.

Don't forget working for it by doing stuff and receiving payment in them. That's my personal philosophical favorite.

True, though in practice “stuff” means “drug dealing”. \s

Coffeeshops here in NL only accept either cash or plastic.
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