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Coinbase hits number 30 in the top free apps on Apple's mobile store
- agumonkey 6y agoA new metric emerges. There's still the good old https://duckduckgo.com/?t=ffab&q=%21gtrends+buying+ethereum https://duckduckgo.com/?t=ffab&q=%21gtrends+buying+ethereum
- bochoh 6y agoAnd they're now down! https://status.coinbase.com/ https://status.coinbase.com/ edit: added status page
- BryanBeshore 6y agoConsidering a pending IPO, you would think this would be addressed by now. Far too often they are they are down; especially when big swings are happening in the crypto-currency market.
- almost_usual 6y agoAt this point I don’t think the market will react negatively to anything except interest rates going up.
- justinzollars 6y agoEveryone is rushing to buy bitcoin at all time highs
- caoilte 6y agoCan't see what could possibly go wrong.
- tempsy 6y agoan entire unique asset class that is worth one Tesla. seems low, no?
- iso8859-1 6y agoDoesn't make any sense to compare X satoshis to Y Teslas and imply some natural exchange rate between the two.
- arcticbull 6y agoYou're comparing a speculative mania in fictional crime-bucks to a speculative mania in a car company worth more than Facebook while simultaneously selling just 4% as many cars as Toyota. Tesla's price to earnings ratio is 1500 meaning it would take until the year 3521 for it to earn back its market cap. The fact you're even making this assessment tells me this isn't going to end well for anyone. Heed my warning: The bubble pops when the last bear dies.
- tehlike 6y agoAs the money printing goes, assets will inflate and inflation will catch up, and it will be somewhat balanced....
- arcticbull 6y agoI'd love a citation on that if you have one, I have seen no evidence the two are connected. The money was printed to counter deflationary pressure. This succeeded, and the rate of inflation is tracking at 2% per expectations.
- tempsy 6y agoReplace Tesla with Facebook, or a fraction of one large tech company, or less than the $900B stimulus bill that was just passed. My point was only that it’s a currently a small fraction of the overall US equity market, and if it becomes increasingly widely accepted as a reserve currency comparable to the dollar or an inflation protected asset like gold then there’s no reason why it shouldn’t be worth trillions.
- arcticbull 6y ago
- ptruesdell 6y agoI guess I'll hold off selling then.
- mrits 6y agoIf you did last week you would have already doubled your investment
- frockington1 6y agoUS is also creating dollars at all time highs. As money supply increases, asset prices inflate
- arcticbull 6y agoNo. This is incorrect, and a misunderstanding of economics. CPI, price inflation, is tracking at 2% as expected. Housing is actually down. Stocks are up because some people have a bunch of extra cash and nothing to do during the day. These two are not connected.
- alphagrep12345 6y agoI'd like to know more about this. I always equated printing money to inflation. Why isn't this the case? Can you point me to some good books for the same? Thanks!
- arcticbull 6y agoThe value of the dollar in terms of a constant basket of goods is a function of both supply and of "velocity." Money is only worth something if it changes hands. Let's say the Fed prints 1 quintillion dollars, and then gives it to me. I then put it under my very big mattress. I will never spend a single one of those dollars. Has this quintillion dollar print changed the value of the dollars that are actually changing hands? It has not. Obviously that's a contrived example but it does demonstrate the principal. If economic environmental factors are causing people to spend less money, such as unemployment or a global pandemic, then the velocity of money goes down. This in turn causes merchants to lower prices to incentivize spend. This is how deflation materializes. If they cannot lower prices fast enough to actually incentivize a consistent level of spending you enter a deflationary spiral. Printing new money offsets the reduction in velocity, and staves off a deflationary spiral. It doesn't however guarantee a commensurate level of inflation. You can see this on a macro scale. Since the 1970s the M2 money supply has increased 15X however inflation has only increased 7X. Because the Fed, like most central banks, exercises a positive control mechanism, once velocity is restored, printing will slow or even go negative to ensure a consistent, predictable level of inflation. [1] https://www.investopedia.com/ask/answers/042015/how-does-money-supply-affect-inflation.asp https://www.investopedia.com/ask/answers/042015/how-does-mon...
- paxys 6y agoThe stock market has been at "all time highs" for most of its existence. Doesn't mean it is a bad time to invest.
- arcticbull 6y agoCrypto however has not. It has spent a comparatively tiny fraction of its time at ATH as one would expect for a speculative bubble. In fact, it spent the last 3 years way below its ATH.
- celticninja 6y agoBut the ATH increases often. Yes it crashes from these peaks, but never to below the starting point. Bitcoin bought anytime and held for a sufficient length of time would have always made money. If you can hold it for 5+ years you will make money.
- arcticbull 6y agoYou're immortal until you're not.
- turtlebits 6y agoHigh or low is just a relative term. Current price is "fair" value.
- deleted 6y ago[deleted]
- andirk 6y agoThere's Square's Cash App as well. Coinbase fees are through the roof now.
- BryanBeshore 6y ago...If you don't trade $50M+/month
- hn_throwaway_99 6y agoThis feels so much like the modern day equivalent of the shoeshine boy giving stock tips in the 1920s.
- bitstan 6y agoThe shoeshine boy is HN equating BTC to "tulip mania" for a decade. The day that stop.. SELL
- serial_dev 6y agoIt's interesting how regular people rush to buy cryptocurrencies when the valuation is at all-time-high. Then, in a month everybody will freak out that they can't buy a Lambo yet, even worse, they lost around 50% (based on past peaks). Of course, I can't predict the future, so maybe it's the first time a peak will never end? :)
- hmate9 6y ago~97% of retail trades lose money. When things dont immediately go they way they panic sell and when they do they never sell. Crypto is no different.
- wmf 6y agoIf only they had bought at the all-time high of $20K they would be happy now.
- serial_dev 6y agoI was not trying to imply that BTC's price will never go higher than the current price. I just find it interesting how regular people (including me, I'm not a big crypto enthusiast and I don't follow the prices and innovations in the field) are inclined to buy when they hear about the peak in the news and then expect that the price will continue to go up, then get frustrated when in about a month, the value of their acquired coins go down. I guess, hodl?
- encoderer 6y agoThere is such a negative emotional reaction to both BTC and TSLA. Sometime over the last 10 years or so we've found ourselves really moving forward from the old guard of the 20th century and we have real new beginnings. It's not that "this time it's different" it's "the times are different". Embrace it, buy a small amount of bitcoin, buy a small amount of tesla, be part of something big, if it pops it will not hurt you, if it continues to grow and evolve you will be part of it.
- lrossi 6y agoActually a lot of people like the tech behind cryptocurrencies. The blockchain has a lot in common with the inner workings of git, for example. What I don’t like is all the scams they have been used for.
- krrrh 6y agoIt’s not even negativity just incredulity. TSLA has a larger market cap than all other car companies combined. I’m tickled to see a new entrant in automotive succeed, but the frothiness around it is based less on fundamentals or realistic growth prospects and more on something approaching religious fervour. The sentiment about turning over the old guard has a very strong “new economy” 1999 feeling to it. All the above applies to Bitcoin as well, which has largely failed at all the practical uses that were proposed to justify its early rise.
- jo032 6y agoanother round of stimulus checks is going to set bitcoin off on another bull run imo. you could see a drastic effect as soon as the $600 started hitting people's checking accounts
- war1025 6y ago> you could see a drastic effect as soon as the $600 started hitting people's checking accounts I think it's interesting how true it is that some people just can't stand the feeling of money burning a hole in their pockets. Based on the furniture set sitting out on the curb at my neighbor's house, they decided a free $1800 was as good a reason as any to get some new furniture. I guess that's the theory behind stimulus checks, so I suppose it makes sense.
- lotsofpulp 6y agoIf my income was low enough to qualify for the $600, I wouldn't feel like a speculative bitcoin investment is the best use of the money.
- jo032 6y agoIf you make 75K that's more than double the US median personal income and you still qualify for the checks. It's a good living in the US outside of a handful of cities. Also I think a lot of buyers are young people living with parents
- fasteddie31003 6y agoThe pandemic is speeding up change in the world. The transition to crypto currencies is happening faster than ever. Lots of people who are resistant to change are going to miss the boat and are going to be stuck holding the anchor that is the massive over leveraged debt in the fiat currency world.
- war1025 6y ago> The transition to crypto currencies is happening faster than ever Except I have yet to see any convincing indicators that crypto currency is actually being used for day to day transactions. Everything I see suggests people are hoping it's the next gold rush and they'll strike it rich based on timing alone. (Which is not to say I don't sometimes think about how back in 2011 I toyed with the idea of buying 1000 bitcoins just for kicks when they were ~$1 each.)
- da02 6y agoHow did people buy bitcoins back in 2011? Did you have to send a check to the seller?
- kinghajj 6y agoMtGox and BitStamp were the two biggest exchanges back then.
- gruez 6y agopaypal worked, as long as you had a reputation (and therefore wouldn't chargeback).
- thinkmassive 6y agoIt was also trivial to mine it yourself back then, first with CPU then with GPU. Some miners dabbled with FPGAs in 2012-2013, but the difficulty adjustment wasn't hit hard until ASICs started being used in 2013. Since then it's only been profitable to use the latest few generations of ASICs.
- 6y ago
- bertobully 6y agoThey need to FIX the backend. It's crazy how slow it gets when crypto's start spiking. And they wanna ipo?? Come on fix the application! It is extremely frustrating. I think I read somewhere it was built on rails...at any rate a guess they're doing a bunch of microservices behind the scenes but its just a terrible user experience. I was on binance but had to leave due to the political bs. Anyways please fix coinbase!
- worik 6y agoAll the effort Apple goes to to maintain their walled garden, and yet they let such blatant ponzi scheme scams as crypto currencies in. What is going on in there?
- sqrt17 6y agodoes gold qualify as a ponzi scheme? Tesla stock? Google stock? 2000s dotcom stocks? There is a difference between overbought assets and scams, and it usually goes along the line of, the easier it is for a small group of people to walk away with all the winnings the more likely we are to call it a scam. Cryptoassets are a suitable vehicle for scams just as bits of paper with holograms on it or devices with touch screens can be - all it takes is a suspension of disbelief and caution which we also see with overbought assets. And there's a fair share of altcoins and ICOs that look quite scammy to educated people, while BTC/ETH/LTC and some others have survived a decade of people trying to poke holes into them.
- bitxbitxbitcoin 6y agoAs people wonder if maybe Coinbase app will work when Coinbase's website isn't working.
- SilasX 6y agoFree? Why doesn't Apple get to take a cut of Coinbase fees?
- gruez 6y agosame reason apple doesn't take a cut when you buy a jar of peanut butter using the amazon app, or get a ride using lyft.
- SilasX 6y agoAh, that explains why they take a cut of Netflix subscriptions.
- machello13 6y agoThe difference is clearly that with Netflix, the thing you're buying (access to TV shows and movies) is experienced virtually through the app. You may not disagree with that policy (I don't, and it's certainly applied inconsistently) but it's pretty cut-and-dry here.
- egman_ekki 6y agoI get your point, but for me at least, I use my Netflix app in 99.9% of cases as a remote control for my TV... I wouldn't call that experiencing content through an app.
- SilasX 6y agoIt's not that I don't agree, it's that it's inconsistent. That explanation doesn't explain Fortnite, for instance.
- joejohnson 6y agoApple should get a cut of every check deposited through the Chase mobile app.