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Coinbase opens at $380, up 60% seconds after opening
- sombremesa 6y agoAnd now it's far lower than it opened. Is there even a point to reporting on IPO secondary markets like this?
- SketchySeaBeast 6y agoDoesn't seem at the very open. Have to let the chaos shake out for a bit before any of that means anything.
- penagwin 6y agoIt takes time for price discovery - A simplification would be to imagine a simple moving average of say N, Sure it looks very smooth, but if you look at the very beginning where there was less then N datapoints it'll be all jagged because there's not enough data yet.
- SketchySeaBeast 6y agoYeah, which means that reporting the value of a security seconds after opening is an act of advertising, not one that evaluates the securities actual value.
- penagwin 6y ago> Yeah, which means that reporting the value of a security seconds after opening is an act of advertising, not one that evaluates the securities actual value. Do you have any other way of evaluating it's value? You have to evaluate it somehow because it's worth more than 0, your broker can't give it to you for free. There is a real bid/ask spread, and I'm guessing you don't want to buy with no idea what price you're buying for. The pricing is inefficient after opening but it's still real. Also who's to say it'll be over priced? It could just as well be underpriced immediately after listing. I'm not sure how this counts as "advertising"
- anupamchugh 6y agoIsn't this a direct listing and not an IPO?
- atat7024 6y agoYes, further the pump. Fill whitespace. Both, if lucky.
- EdwinLarkin 6y agoI wonder about volatility of these crypto exchanges. Cant a single government of a large nation deal a serious blow to such a company?
- aent 6y agoI wonder what the collapse of the 46 billion fake tether dollars will do to it too. These exchanges could be a good way to short it for when it eventually happens, the only question is how to predict the timing.
- alienalp 6y agoTether most of the time slightly valuable than real dolar which strongly indicate nobody printing tether to pump BTC. It is well debated yet i havent seen any solid argument about fake tethers. I also think cryptos will eventually crash but stable coins are real deal. They will be around even if people stop trading shitcoins.
- aent 6y agoThat would be trivially easy to prove with a simple audit, which they have not done, so the default assumption must be that there is something fishy with them.
- hellcow 6y agoIt's actually worse than that. They fired their auditor, presumably when that auditor uncovered the fraud and refused to produce a positive report.
- pjc50 6y agoThey claim to have 46 billion dollars but are very shady about which bank it's supposed to be in. That's quite a large amount of money to hide, it's like claiming I have the Ever Given in my bathtub. Someone would notice.
- pbrb 6y agoReally kicking myself for not joining in 2018.
- KoftaBob 6y agoThat's how many IPOs are, especially tech ones. Not unique to Coinbase.
- asdev 6y agowhole market dumped shortly after btw before any FUDsters come in saying "it crashed"
- dahdum 6y agoIt wasn't up 60%, $250 was a nonsense bottom of the range number they use because they have to pick something. Nobody could buy at that price.
- svachalek 6y agoExactly. The last sale before it hit the market was... can't find the number but I think $340. So $250 was clearly a number invented just to create hype.
- legerdemain 6y agoPretty similar to Palantir's public open, which started at $9, jumped to a high of $45 before the employee blackout ended, and then settled into a stable rut around $23 it's been in since February.
- cheshireoctopus 6y agoWhat is an employee blackout?
- svachalek 6y agoWhen employees are not allowed to sell shares. I think in the case of Palantir though they allowed them to sell up to 20% of their shares.
- i_call_solo 6y agoIt's a policy that prevents employees that have been awarded shares or options to immediately sell their shares once the company goes public to avoid it flooding the market and lowering the price.
- dingaling 6y agoSo the company could have generated over twice as much revenue from the listing had their financial advisers prices the shares at $20. Why is that not considered gross incompetence?
- legerdemain 6y agoBecause Palantir went public through a direct listing to sell existing shares, not issue more.
- edhelas 6y agoSo we have a company that is making money on a virtual money that is basically mostly based on no real value at all. I'm wondering where this will go.
- 88840-8855 6y agowhere should it go? coins are like collectables. no real value, but limited supply. where should the unlimited dollar spam go? collectables, stocks and cryptos.
- rawrmaan 6y agoHa, I thought you were criticizing Coinbase for now being denominated in a long-term worthless US dollar. Funny what happens once you realize that crypto is real money and fiat is imaginary...
- dumpsterdiver 6y ago> Ha, I thought you were criticizing Coinbase for now being denominated in a long-term worthless US dollar. Funny what happens once you realize that crypto is real money and fiat is imaginary... On a long enough timescale all money becomes worthless. The currency of the universe, for instance, is entropy. Eventually the universe will succumb to heat death, at which point there will be no currency left to spend. Entropy is the only true currency. All other currency is imaginary.
- diego 6y ago"Virtual money" is an oxymoron. Is a dollar in a bank account more virtual than a dollar bill or less virtual than a bitcoin?
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- aqme28 6y agoThis makes me really wonder how much some of the other exchanges should be valued. Coinbase has less than 10x the volume of Binance. It's not even in the top 3 by volume.
- ur-whale 6y ago>Coinbase has less than 10x the volume of Binance You're assuming the volume on Binance is real. Given that they have no reporting requirement (do they even have an actual jurisdiction they're based in?), it's rather unlikely.
- JohnWhigham 6y agoWhen is Coinbase going to start working on the Portfolio section? It's been ass for years. A basic unfilterable list of transactions without the years is embarrassing.
- atat7024 6y agoThey want you to pay (more) for Pro
- whomst 6y agoAm I the only one who finds it funny that Bernie Madoff died within hours of Coinbase going public?